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Report 02/2018

The expected correction of the market  has finally arrived, important in percentage terms.

But we will talk about this in the usual "Sentiment" section.

The securities portfolio recorded an overall loss of 1.38%, compared to the 3.32% loss of the MSCW world index, 4% of the ESX and 3.97% of the SP500.

Let's analyze the changes occurred for the most important macro areas:

- Bank + 6.5

- Basic +1.69

- Chemical +4.4

- Construction -0.5

- Financial -11.66

- H.Tech -1.54

- Industrial +4.4

- Pers.goods +10.47

- Travel -24.16

- Cross € / $ +1.7

Furthermore :

- greater exposure to the US dollar allowed for containing losses for the strong recovery of the dollar vs. euro;

- the constant adjustment of the trailing stops has allowed progressively to decrease some positions increasing the share of liquidity;

- the achievement of 2.90 / 3%, as yield on 10 yrs Tbond, has been profitable to  buy  the stock that has, as suggested in previous reports, a good risk / rew ratio.

We attach schedule of the portfolio.

Giorgio Giovannoni

03/08/2018

Attachments:
Download this file (Portfolio 02-18.pdf)Portfolio 02-18.pdf[ ]74 kB

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