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.
We attach schedule of the portfolio.