Report 8/2018

Let’s start publication of our portfolio management, highlighting the average results of a typically balanced management.

Some questions are appropriate:

- The management does not have a reference benchmark.  Indication  Flexible BMK has a purely indicative purpose but it is the one faithful to our management strategy;

- The final result  is got  the average of the management for each line (reference Springlet website / Products);

- The performance shown does not constitute a guarantee of future results;

- The representation of the portfolio asset (areas, markets, sectors, currencies and securities) is the result of the average of the management. As these are management on an individual basis, the final composition will be influenced by the limits indicated by each client / investor.

With the closing of September we will resume our usual Sentiment and Report headings.

We attach schedule of the portfolio.

Giorgio Giovannoni

9/6/2018