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Report 10/2018

Horrible month that just departed; undoubtedly one of the worse months after that recorded in 2008, always in October.

As  information purpose  the losses have been of  7% on SP500 index, of 2% on US BONDS, while raw materials  and ESX50 index closed with a -6%. Practically any investment has suffered a notable downsizing. In the general sell-off  Dollar Index, Gold and, obviously, the short positions on the indices were distinguished for the positive result.

The average of our managements, among stock and balanced, has suffered a 5% loss with the best result achieved by the balanced line with a -1,88%.  The strategy, for a long time declared  in this column, was rewarding for overweighting the US market, no covered change, and the meaningful exposure on Biotech  stocks. Besides the increase of the positions short and in gold has allowed the containment of the losses.

Among the sectors  underperformed, we find the High tech on which we boasted a 13% exposure. In the index book "Sentiment" we will deepen the matter of the technological stocks.

We attach schedule of the portfolio.


Giorgio Giovannoni


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