Report 03/2018

Markets  correction also continued in March with new lows on the indices.

We can still frame the market movements  as necessary to get  back  quotations to more interesting and attractive levels for new entries on the stock market.

While still having a positive view on the stock market, considering  cheap  valuations for many stocks, other analyzes lead us to reflect on the future of the markets.

But we will talk about this in the usual "Sentiment" section, with both technical and qualitative insights.

The securities portfolio and hedges, realized with  ETFs  and derivatives, made it possible to close the month unchanged despite the negative performance of the markets.

We attach schedule of the portfolio.

Giorgio Giovannoni

04/11/2018