Report 11/2018

Continued downtrend stock  markets   and also affected the commodities, with greater involvement for Brent.

The escalation between USA-CHINA-EU on custom duties, the Italian dispute with European Commission and the signs of economic slowdown in the euro area have been a devastating mix with volatility peaks  we did not remember  since February .

The quality bond market benefited from this, with a strong appreciation by the US government, which we have recommended several times.

Overall our portfolio management absorbed the rebates filled  0.47% on average positive.

Giorgio Giovannoni

12/6/2018

We attach schedule of the portfolio.

Attachments:

Report 2018-11 gpm tutte.pdf

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