Last month we were surprised by the unusual strength of the Italian index compared to other equity indices. We know how it ended. Also in this case we are surprised by the strength and the steadiness of retracement that has practically canceled all 2018 gains.
We could suppose, but this is our bad thought, the powerful pre-electoral climb was attracting many investors “the weak hands” punished after election result that was granted.
A film we have already seen in 2011.
However, the diversification on various indices and high percentage on dollar currency, allowed us a better performance than last month and which compares with - 1.49% of the Flexible Fideuram Benchmark.
The assets have been rebalanced during month without modifying the mainstay of the portfolio decided at the start of year.
We attach schedule of the portfolio.