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Report 12-2018

At the end  bear market also hit the US indexes  recording a truly ruinous month with a loss of just over 20% from the September highs on the SP500.

Such a fast change in the trend  is due to already known trade events between USA and China and the slowdown in the economies ( China included), but also by technical reasons. The high reading in the "Sentiment" index, as repeatedly remarked in our rubrics, required the achievement of more "acceptable" values ??as well as  breaking  of 2600 points, important support  of SP500, has triggered the stop loss  places to safeguard positions.

Even  on our management stops have been taken that,  sometimes, led to losses on securities. But this is part of the equity market risk.

However, we close the year with a reasonable -1.43% on balanced management, while the complex of equity and balanced management, as per the attached form, recorded a greater loss of 12.86%.


Giorgio Giovannoni


We attach schedule of the portfolio.

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