After a negative June, at least on the European markets, we have seen a momentary inversion
with SP500 index back in contact the highs but the European indexes, although recovering, did not improve the trend .
The derivatives in our portfolio, which had suffered the congestion of the FTSEMIB index, so accentuating the loss of the last month, could overturn the situation by break of range in which it was confined.
The overall performance was + 2.48% against +0.80 of Fideuram Flexible index and in line with the MSCW. Even the result of the equity component alone achieved a 2% round.
During the month, we worked at portfolio arrangement, returning to defensive securities, reducing the Gold component and maintaining a higher level of liquidity than the average of last months.
In the Sentiment section we will see the state of investments considering that the political and economic tensions have not failed.
We attach schedule of the portfolio.