New highs SP500 index have been the opportunity, by traders, to monetize part of the gains achieved in recent years.
We have thus witnessed, in particular in the last week, greater volatility on the European markets; while on the US indices everything continued without jolts.
Our portfolio although positioned on defensive stocks - we remember here our current vision "Neutral" – resisted sales well , but has been penalized by euro recovery on all currencies and by some minor biotech shares.
Considering the above strategy still valid, we not change the portfolio asset and continue to favor the US market although exposed to exchange rate risk.
We attach schedule of the portfolio.