LucaMeer @LucaMeer: "MESSAGE FOR COPIERS AND INTERESTED..."

Italy

MESSAGE FOR COPIERS AND INTERESTED PARTIES Dear investors, Today I would like to see with you how the portfolio has behaved over the past month and a half, in the midst of the turmoil caused by the policy of the new American administration, which has shaken stock markets around the world. I am not usual, as you can see from my posts, to write posts on portfolio performance, except towards the end of the year to make a summary of the past year. This time I will do so with the aim of understanding how the portfolio has behaved compared to some major indices and to observe how it has reacted to the turbulence still underway. March: • Portfolio: +0.76% • $SPX500 (SPX500 Index (Non Expiry)) : 5862.55 - 5597.69 (-4.52%); • $EUSTX50 (EUSTX50 Index (Non Expiry)) : 5499.30 - 5265 (-4.26%); • $CHINA50 (ChinaA50 Index (Non Expiry)) : 13076.95 -13338.15 (+2%); • $JPN225 (JPN225 Index (Non Expiry)) : 37320.10 - 35957.40 (-3.65%); • $BTC (Bitcoin) : 85133.64 - 81588.02 (-4.16%). From 1 to 15 April: • Portfolio: +1.77% • S&P500: 5626.48 - 5389.55 (-4.21%); • EUSTXX50: 5304.40 - 4948.10 (-6.72%); • China50: 13256.15 - 12978.45 (-2.09%); • Nikkei: 35661.10 - 34435.70 (-3.44%); • Bitcoin: 84366.42 - 83204.25 (-1.38%). March + first fortnight of April: • Portfolio: +2.53%; • S&P500: 5862.55 - 5389.55 (-8.07%); • EUSTXX50: 5499.30 - 4948.10 (-10.02%); • China50: 13076.95 - 12978.45 (-0.75%); • Nikkei: 37320.10 - 34435.70 (-7.73%); • Bitcoin: 85133.64 - 83204.25 (-2.27%). NOTE: it is not enough to simply add the percentage result of March with that of the first fortnight of April, but for a correct calculation I used the direct method, therefore starting from the initial value of the individual indices on March 1st and taking the closing value on April 15th. In the first case, it would be wrong because the effect of compunding would not be taken into account. By checking the performance, we can be satisfied with how the portfolio has reacted in this moment of very strong turbulence and, with yesterday, we have recovered everything we had lost during the sharp declines. Keeping our positions firm without closing them out of panic has rewarded us. If, on the other hand, we had closed during the declines and bought back later, with the first rises, we would now find ourselves with much higher average prices on assets and this would have significantly worsened the situation, perhaps even making it negative. Obviously, past results are not guaranteed for the future, but we can say that the portfolio is well structured and we have taken advantage thanks to some resilient assets and the good momentum of the Italian birsa, to which we are exposed with Hera and Intesa San Paolo. Stay tuned!

5 Mentioned

SPX500

EUSTX50

CHINA50

JPN225

BTC

Bitcoin

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