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
11/8/2018
 Report 2018-10 gpm tutte.pdf | [ ] | 115 kB |
