Month was going under the worst expectations for the usual tensions on tariffs and on the European policy.
Therefore we started with all the negative markets, then concluding last week with the indices on cliff. The expectations were not the best so let was thought in a continuous negative trend; moreover on many indices, particularly the emerging markets, significant losses have been recorded, at the bear market limit.
In such negative context, the SP500 index has held, once again, to be a guide to follow without arriving at hasty conclusions.
Even no exceed 3% yield threshold Tbond USA contributed to improving the climate on the American markets.
But we will talk about this in the Sentiment section.
In this context, only the securities recorded the loss of 0.99%, lower than the losses recorded by the MSCW, for the securities that held up well in this market’ phase and for the € / $ exchange rate.
The overall loss, including the derivatives component, has been instead 1.75% due to the "mark to market" valuation of derivatives position.
We attach schedule of the portfolio.