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Report 04/2018

Past month has been mark from  two events : the unexpected performance of  FTSEMIB index and the strong recovery of the dollar.

The Italian index, with a considerable delay compared to other equity indices,  has recovered important levels even under  the highs marked at the beginning of the sub-prime crisis.

The strength of FTSEMIB index  finds no motivation both for the fundamentals and  from the technical point of view. However, considering the weight of Italian securities, equal to 48% of our portfolio, we have appreciated this positivity. To this we add the additional positivity offered by trading on domestic derivatives.

The recovery of the dollar, initially victim of the duties war, did not surprise us, so that, with an exposure to 29% of the currency, the portfolio benefited further.

 

We attach schedule of the portfolio.

 

Giorgio Giovannoni

 

05/15/2018

Attachments:
Download this file (Report 2018-04.pdf)Report 2018-04.pdf[ ]118 kB

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