MARKETIMING ALLOCATION weekly evolution |
This Report is a rappresentative study of markets stance and does not constitute an investment advisory service. |
MarkeTiming Allocation |
|
Tactical Adjustment (delta last week) |
14/giu |
07/giu |
31/mag |
24/mag |
17/mag |
10/mag |
03/mag |
26/apr |
19/apr |
12/apr |
05/apr |
29/mar |
22/mar |
15/mar |
08/mar |
01/mar |
22/feb |
15/feb |
08/feb |
01/feb |
25/gen |
18/gen |
11/gen |
04/gen |
28/dic |
18/dic |
14/dic |
07/dic |
30/nov |
23/nov |
16/nov |
09/nov |
02/nov |
26/ott |
19/ott |
12/ott |
05/ott |
28/set |
21/set |
14/set |
07/set |
31/ago |
24/ago |
17/ago |
10/ago |
03/ago |
27/lug |
20/lug |
13/lug |
06/lug |
29/giu |
22/giu |
15/giu |
08/giu |
01/giu |
25/mag |
18/mag |
11/mag |
04/mag |
27/apr |
20/apr |
13/apr |
06/apr |
30/mar |
23/mar |
16/mar |
09/mar |
02/mar |
24/feb |
17/feb |
10/feb |
03/feb |
27/gen |
20/gen |
13/gen |
06/gen |
Stocks |
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FTSE_MIB_(ITALY) |
Trend |
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13% |
15% |
9% |
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-7% |
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19% |
19% |
11% |
6% |
-2% |
17% |
19% |
13% |
5% |
-5% |
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16% |
23% |
19% |
14% |
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-15% |
10% |
-2% |
-4% |
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-11% |
-3% |
-4% |
-2% |
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-5% |
-5% |
-5% |
-8% |
11% |
12% |
9% |
-5% |
12% |
16% |
12% |
15% |
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-5% |
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13% |
-16% |
-16% |
-13% |
-17% |
-18% |
-11% |
29% |
27% |
18% |
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5% |
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Stability |
Long Position to increase about 0,5%. |
11% |
10% |
11% |
14% |
14% |
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12% |
16% |
20% |
27% |
16% |
15% |
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8% |
10% |
13% |
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8% |
9% |
11% |
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9% |
10% |
13% |
11% |
9% |
-4% |
-20% |
-3% |
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-6% |
-12% |
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-25% |
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-45% |
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-16% |
-13% |
-17% |
-18% |
-11% |
29% |
27% |
18% |
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5% |
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Volatility |
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11% |
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-17% |
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-17% |
-30% |
11% |
-18% |
6% |
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16% |
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-9% |
-11% |
40% |
27% |
-15% |
-13% |
-23% |
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-9% |
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23% |
17% |
16% |
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-10% |
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12% |
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-17% |
-11% |
-10% |
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7% |
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-10% |
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16% |
10% |
6% |
11% |
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-43% |
7% |
-9% |
-19% |
-9% |
-16% |
-13% |
-17% |
-18% |
-11% |
29% |
27% |
18% |
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5% |
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CAC_40_(FRANCE) |
Trend |
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12% |
7% |
6% |
13% |
9% |
14% |
15% |
7% |
14% |
14% |
9% |
13% |
8% |
16% |
15% |
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-3% |
-4% |
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17% |
20% |
18% |
16% |
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-12% |
12% |
-3% |
-6% |
-9% |
-11% |
7% |
6% |
6% |
9% |
-3% |
-5% |
-7% |
-10% |
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-8% |
10% |
14% |
13% |
13% |
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-22% |
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12% |
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12% |
-14% |
-11% |
-13% |
-14% |
-15% |
-12% |
11% |
9% |
7% |
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Stability |
Long Position to reduce about -0,3%. |
11% |
12% |
13% |
17% |
18% |
24% |
18% |
18% |
15% |
15% |
17% |
21% |
14% |
14% |
39% |
13% |
7% |
7% |
10% |
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7% |
8% |
9% |
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9% |
10% |
12% |
12% |
12% |
-3% |
-17% |
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-6% |
-12% |
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-22% |
-36% |
-50% |
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-11% |
-13% |
-14% |
-15% |
-12% |
11% |
9% |
7% |
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Volatility |
Long Position to increase about 9,2%. |
9% |
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42% |
-14% |
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10% |
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-29% |
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10% |
-17% |
9% |
-13% |
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-12% |
-10% |
-13% |
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-10% |
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-8% |
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21% |
34% |
24% |
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10% |
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-21% |
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-9% |
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-14% |
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25% |
-22% |
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10% |
11% |
14% |
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4% |
-7% |
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-11% |
-13% |
-14% |
-15% |
-12% |
11% |
9% |
7% |
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DAX_(GERMANY) |
Trend |
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-1% |
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11% |
18% |
16% |
22% |
20% |
10% |
7% |
-4% |
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13% |
13% |
8% |
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-17% |
-23% |
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-5% |
-4% |
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10% |
10% |
5% |
11% |
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-4% |
14% |
14% |
11% |
-5% |
10% |
14% |
14% |
16% |
7% |
19% |
-7% |
13% |
16% |
14% |
17% |
18% |
-13% |
-11% |
-14% |
-14% |
-16% |
-12% |
12% |
16% |
10% |
|
19% |
|
20% |
-8% |
Stability |
Long Position to reduce about -0,6%. |
8% |
9% |
11% |
14% |
|
|
14% |
16% |
14% |
15% |
17% |
20% |
11% |
12% |
26% |
|
5% |
6% |
10% |
6% |
6% |
6% |
7% |
8% |
10% |
7% |
5% |
6% |
6% |
6% |
7% |
|
-18% |
|
7% |
7% |
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28% |
27% |
10% |
10% |
8% |
10% |
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18% |
18% |
15% |
13% |
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14% |
11% |
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-11% |
-14% |
-14% |
-16% |
-12% |
12% |
16% |
10% |
|
19% |
|
20% |
-8% |
Volatility |
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15% |
-9% |
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10% |
-31% |
-9% |
31% |
-8% |
12% |
17% |
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29% |
-16% |
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-15% |
|
-15% |
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-16% |
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22% |
-15% |
-12% |
20% |
22% |
-15% |
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-13% |
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-26% |
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14% |
-23% |
20% |
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12% |
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-20% |
-14% |
4% |
|
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-11% |
-14% |
-14% |
-16% |
-12% |
12% |
16% |
10% |
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19% |
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20% |
-8% |
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FTSE_100_(UK) |
Trend |
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4% |
1% |
12% |
11% |
9% |
14% |
7% |
|
11% |
3% |
6% |
8% |
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-21% |
5% |
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8% |
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14% |
|
12% |
12% |
-7% |
-14% |
|
-4% |
-1% |
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-4% |
-15% |
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-5% |
-8% |
-4% |
-10% |
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-11% |
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6% |
11% |
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11% |
-12% |
-14% |
|
-13% |
-11% |
-12% |
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|
-35% |
-12% |
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|
12% |
Stability |
Long Position to reduce about -0,3%. |
6% |
6% |
7% |
10% |
12% |
14% |
10% |
10% |
9% |
8% |
7% |
|
7% |
7% |
|
7% |
5% |
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|
7% |
6% |
6% |
7% |
|
|
8% |
7% |
5% |
6% |
7% |
6% |
-9% |
-19% |
-9% |
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-8% |
-14% |
|
-19% |
-10% |
-5% |
-4% |
|
-8% |
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|
-14% |
|
-13% |
-11% |
-12% |
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|
-35% |
-12% |
|
|
12% |
Volatility |
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-15% |
-31% |
27% |
|
-12% |
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|
-23% |
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|
23% |
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-19% |
21% |
31% |
-21% |
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|
30% |
13% |
-35% |
|
-20% |
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|
-18% |
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-9% |
|
-11% |
|
16% |
-27% |
|
13% |
|
24% |
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|
29% |
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22% |
18% |
|
7% |
-4% |
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-14% |
|
-13% |
-11% |
-12% |
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-35% |
-12% |
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12% |
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Dow_ Jones_Ind_Av_(USA) |
Trend |
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3% |
11% |
7% |
9% |
15% |
9% |
14% |
20% |
8% |
9% |
4% |
9% |
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-11% |
14% |
9% |
11% |
|
-10% |
-3% |
-4% |
10% |
18% |
15% |
12% |
22% |
4% |
13% |
|
|
-10% |
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|
8% |
10% |
8% |
|
-10% |
10% |
15% |
20% |
24% |
|
-14% |
|
-16% |
|
|
-14% |
|
10% |
7% |
|
|
16% |
|
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Stability |
Long Position to reduce about -1,1%. |
8% |
9% |
10% |
|
17% |
21% |
14% |
16% |
14% |
14% |
16% |
22% |
14% |
12% |
|
12% |
6% |
7% |
|
8% |
7% |
6% |
7% |
8% |
12% |
9% |
8% |
7% |
9% |
9% |
10% |
|
|
11% |
14% |
10% |
6% |
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13% |
12% |
9% |
12% |
8% |
|
9% |
11% |
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|
9% |
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-18% |
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-16% |
|
|
-14% |
|
10% |
7% |
|
|
16% |
|
|
Volatility |
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|
27% |
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|
10% |
|
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|
-14% |
|
-11% |
|
25% |
|
|
-14% |
-9% |
-14% |
-14% |
-13% |
|
-7% |
|
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|
24% |
-15% |
-16% |
|
-32% |
|
|
-10% |
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|
-9% |
|
-12% |
-21% |
14% |
-11% |
|
-13% |
8% |
-22% |
5% |
20% |
|
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|
-4% |
1% |
-9% |
1% |
|
-16% |
|
|
-14% |
|
10% |
7% |
|
|
16% |
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Nasdaq_100_(USA) |
Trend |
Long Position to increase about 13,2%. |
13% |
|
|
-14% |
-17% |
|
12% |
23% |
28% |
22% |
13% |
|
-12% |
-13% |
-26% |
|
|
22% |
13% |
9% |
13% |
|
16% |
13% |
17% |
17% |
|
|
|
|
|
12% |
|
15% |
25% |
19% |
-10% |
-14% |
-21% |
-3% |
17% |
21% |
28% |
12% |
12% |
12% |
14% |
19% |
23% |
12% |
|
|
|
|
11% |
19% |
17% |
48% |
19% |
31% |
24% |
|
|
|
|
|
|
|
16% |
33% |
21% |
|
24% |
23% |
24% |
12% |
Stability |
Long Position to increase about 1,1%. |
6% |
5% |
7% |
|
|
|
14% |
14% |
14% |
13% |
8% |
10% |
6% |
|
|
|
9% |
11% |
21% |
13% |
11% |
8% |
9% |
13% |
18% |
13% |
10% |
11% |
10% |
10% |
11% |
|
|
22% |
28% |
19% |
17% |
|
|
|
33% |
29% |
23% |
23% |
30% |
|
28% |
32% |
33% |
29% |
34% |
33% |
21% |
19% |
18% |
18% |
18% |
23% |
100% |
10% |
|
|
|
|
|
|
|
|
16% |
33% |
21% |
|
24% |
23% |
24% |
12% |
Volatility |
|
|
|
|
12% |
|
|
-21% |
-8% |
-14% |
11% |
|
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|
-17% |
|
|
-21% |
|
|
-26% |
-19% |
|
-14% |
11% |
|
|
|
-31% |
-16% |
-35% |
-42% |
|
-18% |
-31% |
-14% |
|
10% |
-8% |
|
|
|
|
|
|
-10% |
|
-12% |
|
|
-8% |
|
|
|
-17% |
5% |
-1% |
|
|
|
|
|
|
16% |
33% |
21% |
|
24% |
23% |
24% |
12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nikkei_225_(JAPAN) |
Trend |
|
|
|
|
-9% |
-21% |
|
-11% |
|
|
|
9% |
|
-2% |
1% |
|
13% |
19% |
10% |
8% |
16% |
18% |
23% |
12% |
|
|
11% |
11% |
13% |
15% |
13% |
15% |
11% |
|
|
|
3% |
|
|
8% |
|
15% |
11% |
|
7% |
|
-6% |
|
|
|
-5% |
|
12% |
11% |
12% |
13% |
15% |
3% |
14% |
12% |
|
19% |
15% |
|
|
-12% |
-13% |
-12% |
-11% |
|
-6% |
5% |
|
-4% |
|
|
|
Stability |
|
|
|
|
|
|
|
|
|
11% |
14% |
15% |
|
16% |
|
|
25% |
13% |
13% |
|
15% |
13% |
11% |
11% |
12% |
|
13% |
12% |
13% |
13% |
13% |
13% |
11% |
|
10% |
9% |
8% |
6% |
|
23% |
18% |
8% |
8% |
7% |
7% |
|
|
10% |
12% |
11% |
|
|
|
14% |
14% |
|
|
|
|
|
|
|
|
|
|
-12% |
-13% |
-12% |
-11% |
|
-6% |
5% |
|
-4% |
|
|
|
Volatility |
Short Position to increase about -5,1%. |
-5% |
|
|
|
-15% |
|
|
|
|
-21% |
|
-13% |
|
|
|
-12% |
23% |
|
|
|
|
|
|
37% |
|
|
|
-11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
-48% |
|
|
|
|
|
|
20% |
-24% |
-29% |
-9% |
|
-6% |
16% |
-10% |
-33% |
-30% |
|
-9% |
8% |
6% |
-152% |
|
-12% |
-13% |
-12% |
-11% |
|
-6% |
5% |
|
-4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hang_Seng_(HONG KONG) |
Trend |
|
|
|
|
-8% |
-13% |
|
-3% |
|
|
|
|
|
-12% |
-10% |
-3% |
|
16% |
16% |
19% |
31% |
29% |
27% |
13% |
|
|
|
|
|
|
|
13% |
25% |
7% |
22% |
|
-5% |
-16% |
-17% |
-11% |
-11% |
3% |
|
5% |
|
-20% |
-7% |
|
|
11% |
5% |
16% |
|
|
|
-8% |
-10% |
-11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-65% |
|
15% |
13% |
17% |
Stability |
|
|
4% |
|
|
|
|
7% |
6% |
5% |
6% |
|
|
|
|
|
20% |
11% |
10% |
18% |
15% |
13% |
8% |
7% |
|
|
|
|
5% |
7% |
7% |
7% |
4% |
|
|
|
|
-10% |
-14% |
-10% |
-13% |
|
|
|
|
|
|
|
|
11% |
|
|
|
|
|
-17% |
-10% |
|
-27% |
|
|
|
|
-28% |
|
|
|
|
|
|
|
|
-65% |
|
15% |
13% |
17% |
Volatility |
|
|
|
15% |
-11% |
|
-17% |
|
|
|
|
|
-29% |
-20% |
-7% |
11% |
-10% |
|
|
36% |
16% |
27% |
|
11% |
20% |
|
|
-26% |
-29% |
-14% |
|
|
|
|
|
-26% |
|
|
-17% |
-38% |
-16% |
-26% |
16% |
|
10% |
-16% |
|
-12% |
-21% |
15% |
|
|
|
|
39% |
25% |
-10% |
|
|
|
-1% |
-15% |
9% |
3% |
|
|
|
|
|
|
|
|
-65% |
|
15% |
13% |
17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shanghai_Comp_(CHINA) |
Trend |
|
|
17% |
15% |
|
7% |
|
-3% |
|
|
|
|
-7% |
-18% |
-12% |
|
|
|
7% |
-8% |
14% |
18% |
17% |
15% |
|
|
|
|
|
|
|
|
|
|
|
|
1% |
-13% |
-11% |
-5% |
-12% |
|
|
16% |
12% |
-4% |
12% |
16% |
25% |
30% |
16% |
10% |
|
|
|
|
|
5% |
14% |
|
|
|
|
|
|
|
|
|
|
32% |
|
-32% |
|
|
|
12% |
23% |
Stability |
Long Position to reduce about -1%. |
4% |
5% |
5% |
3% |
|
|
|
|
|
|
|
|
|
|
|
10% |
6% |
6% |
|
8% |
7% |
6% |
7% |
|
|
|
4% |
5% |
5% |
4% |
5% |
|
|
10% |
11% |
|
|
|
|
|
15% |
|
16% |
15% |
20% |
|
18% |
27% |
30% |
9% |
6% |
3% |
3% |
|
-4% |
|
|
|
|
|
|
|
-15% |
|
|
|
|
|
32% |
|
-32% |
|
|
|
12% |
23% |
Volatility |
Short Position to increase about -8,8%. |
-9% |
|
20% |
-21% |
20% |
|
-16% |
13% |
-15% |
|
|
-9% |
|
-10% |
|
-16% |
|
26% |
|
|
|
|
|
|
|
21% |
-11% |
|
10% |
|
|
|
|
-19% |
|
|
-17% |
|
14% |
-27% |
|
|
16% |
|
|
|
-10% |
|
44% |
|
|
27% |
|
15% |
|
-13% |
|
22% |
-29% |
-5% |
14% |
-36% |
|
|
|
|
|
|
32% |
|
-32% |
|
|
|
12% |
23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BSE_Sensex_(INDIA) |
Trend |
Long Position to increase about 3,5%. |
23% |
19% |
19% |
20% |
-1% |
|
-8% |
|
|
-8% |
|
|
-5% |
-3% |
-2% |
17% |
16% |
14% |
15% |
5% |
10% |
15% |
14% |
31% |
22% |
17% |
14% |
|
|
12% |
15% |
13% |
|
27% |
9% |
14% |
|
-10% |
4% |
11% |
3% |
10% |
|
6% |
17% |
10% |
19% |
19% |
16% |
11% |
19% |
16% |
9% |
|
-4% |
|
-7% |
|
26% |
10% |
|
-11% |
-20% |
-20% |
-16% |
-13% |
-11% |
|
|
|
|
|
-10% |
9% |
|
|
Stability |
Long Position to reduce about -0,7%. |
9% |
10% |
10% |
9% |
|
|
|
|
|
|
|
|
|
18% |
|
|
14% |
16% |
28% |
16% |
15% |
14% |
15% |
18% |
25% |
19% |
15% |
13% |
14% |
15% |
16% |
19% |
|
20% |
18% |
15% |
|
|
30% |
|
12% |
12% |
10% |
11% |
11% |
100% |
17% |
|
|
|
|
|
|
|
|
-25% |
-28% |
|
|
|
|
|
-58% |
-20% |
-16% |
-13% |
-11% |
|
|
|
|
|
-10% |
9% |
|
|
Volatility |
Short Position to increase about -35,1%. |
-35% |
|
|
|
-21% |
|
|
|
|
-26% |
21% |
-12% |
|
-28% |
-18% |
-12% |
-17% |
-7% |
|
|
|
-16% |
|
|
-28% |
|
12% |
|
-10% |
|
|
|
|
-12% |
-26% |
|
|
|
-20% |
|
-30% |
|
|
-45% |
|
|
|
-22% |
|
11% |
-14% |
-13% |
|
|
17% |
-30% |
-45% |
-30% |
9% |
16% |
-19% |
6% |
-8% |
-20% |
-16% |
-13% |
-11% |
|
|
|
|
|
-10% |
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RTSI_(RUSSIA) |
Trend |
Long Position to increase about 10,5%. |
25% |
15% |
28% |
14% |
13% |
42% |
4% |
13% |
|
-21% |
|
8% |
|
8% |
4% |
9% |
15% |
|
-9% |
|
|
18% |
17% |
17% |
20% |
26% |
33% |
20% |
21% |
13% |
15% |
|
-18% |
|
-23% |
-16% |
-19% |
-16% |
-11% |
-32% |
-16% |
|
|
22% |
9% |
|
|
|
|
-9% |
|
|
12% |
12% |
9% |
26% |
12% |
|
|
26% |
15% |
19% |
-12% |
-26% |
-17% |
-16% |
-18% |
-14% |
|
|
|
|
11% |
25% |
31% |
17% |
Stability |
Long Position to increase about 1,6%. |
16% |
14% |
15% |
18% |
20% |
20% |
14% |
12% |
7% |
|
|
|
16% |
14% |
|
15% |
10% |
10% |
|
13% |
13% |
12% |
12% |
11% |
16% |
16% |
12% |
8% |
7% |
6% |
4% |
-19% |
-26% |
-14% |
-12% |
-13% |
-12% |
-14% |
-9% |
-24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-45% |
|
|
|
-26% |
-17% |
-16% |
-18% |
-14% |
|
|
|
|
11% |
25% |
31% |
17% |
Volatility |
|
|
10% |
14% |
|
|
-13% |
-15% |
|
16% |
-8% |
-31% |
|
-26% |
|
12% |
|
|
27% |
|
-11% |
-22% |
|
15% |
|
-18% |
-7% |
13% |
16% |
-12% |
|
|
|
-20% |
|
|
|
|
|
|
|
|
|
-19% |
9% |
12% |
-15% |
10% |
|
|
-41% |
-24% |
|
|
-18% |
|
15% |
|
|
|
16% |
-14% |
14% |
65% |
-26% |
-17% |
-16% |
-18% |
-14% |
|
|
|
|
11% |
25% |
31% |
17% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ibovespa_(BRAZIL) |
Trend |
Long Position to increase about 2,3%. |
39% |
36% |
11% |
15% |
15% |
21% |
26% |
20% |
11% |
10% |
9% |
|
-10% |
-11% |
-38% |
-18% |
|
-18% |
|
-10% |
-12% |
|
|
25% |
25% |
29% |
42% |
21% |
21% |
15% |
|
15% |
|
|
-20% |
-18% |
-33% |
|
17% |
-3% |
-8% |
-21% |
-24% |
-11% |
|
17% |
13% |
11% |
|
-3% |
23% |
-28% |
-20% |
-21% |
-34% |
|
|
|
|
|
|
|
|
|
|
|
|
-14% |
|
|
|
|
16% |
-13% |
|
12% |
Stability |
Long Position to increase about 5,2%. |
21% |
15% |
11% |
16% |
19% |
21% |
10% |
8% |
|
|
|
|
|
-8% |
-35% |
|
5% |
6% |
|
|
8% |
7% |
|
11% |
19% |
14% |
10% |
6% |
|
|
|
-31% |
|
|
|
-28% |
-28% |
-34% |
|
|
|
-24% |
-23% |
-22% |
-24% |
|
|
|
|
-48% |
-60% |
-64% |
-39% |
-56% |
-61% |
|
|
|
|
|
|
|
|
|
|
|
|
-14% |
|
|
|
|
16% |
-13% |
|
12% |
Volatility |
Long Position to increase about 3,8%. |
41% |
38% |
|
-10% |
13% |
13% |
|
|
-12% |
-8% |
-29% |
-10% |
|
|
19% |
-42% |
|
|
37% |
|
-20% |
|
-18% |
|
-17% |
28% |
10% |
15% |
25% |
33% |
|
|
-14% |
11% |
|
11% |
-41% |
-18% |
|
-10% |
|
27% |
-29% |
-12% |
-17% |
|
26% |
-30% |
|
|
11% |
15% |
27% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-14% |
|
|
|
|
16% |
-13% |
|
12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency & Comodity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
EUR/USD |
Trend |
|
|
|
|
|
|
|
|
|
|
|
|
-24% |
-6% |
-4% |
|
|
|
|
|
|
|
-11% |
|
6% |
8% |
15% |
7% |
5% |
5% |
|
7% |
3% |
|
4% |
-3% |
|
|
|
|
|
|
|
|
|
|
23% |
|
|
|
|
|
9% |
12% |
6% |
|
|
|
|
|
-7% |
|
|
|
13% |
|
|
|
|
-10% |
-18% |
-8% |
|
-4% |
|
|
|
Stability |
|
|
3% |
6% |
11% |
2% |
1% |
2% |
|
|
|
-23% |
-100% |
|
|
|
4% |
3% |
4% |
|
|
|
|
10% |
15% |
11% |
15% |
17% |
17% |
12% |
18% |
21% |
|
|
5% |
5% |
8% |
|
|
|
|
11% |
|
12% |
14% |
14% |
27% |
18% |
27% |
17% |
|
|
9% |
31% |
100% |
|
|
-6% |
-34% |
-2% |
-2% |
-1% |
-12% |
-1% |
13% |
|
|
|
|
-10% |
-18% |
-8% |
|
-4% |
|
|
|
Volatility |
Short Position to reduce about -50,5%. |
-15% |
36% |
|
|
-49% |
11% |
-35% |
|
|
|
|
-19% |
|
|
|
|
-73% |
|
|
|
|
|
|
|
-27% |
47% |
-16% |
36% |
-39% |
|
|
47% |
-34% |
27% |
-22% |
|
27% |
-22% |
|
20% |
-11% |
23% |
|
59% |
|
8% |
39% |
|
33% |
-45% |
19% |
-39% |
-19% |
21% |
26% |
34% |
16% |
|
39% |
-2% |
-10% |
10% |
-7% |
13% |
|
|
|
|
-10% |
-18% |
-8% |
|
-4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
Gold |
Trend |
|
|
22% |
61% |
48% |
|
|
|
|
|
8% |
16% |
|
-8% |
-16% |
-20% |
-17% |
|
|
|
|
-12% |
-24% |
|
13% |
14% |
|
-6% |
-14% |
-10% |
-9% |
-6% |
7% |
-3% |
5% |
-8% |
|
|
-17% |
|
|
-19% |
|
6% |
17% |
34% |
47% |
21% |
57% |
20% |
52% |
11% |
4% |
|
-2% |
|
|
5% |
|
6% |
15% |
27% |
28% |
|
-87% |
|
|
|
|
24% |
14% |
2% |
|
5% |
14% |
61% |
28% |
Stability |
Long Position to reduce about -1,9%. |
8% |
10% |
16% |
26% |
|
|
|
|
|
|
-77% |
|
-12% |
-14% |
-16% |
-7% |
-6% |
-3% |
-4% |
|
-5% |
-4% |
8% |
|
|
|
|
|
|
|
|
|
|
8% |
10% |
|
|
|
80% |
|
22% |
|
|
34% |
43% |
67% |
43% |
73% |
67% |
80% |
38% |
25% |
|
|
|
37% |
26% |
|
|
12% |
15% |
88% |
8% |
-87% |
|
|
|
|
24% |
14% |
2% |
|
5% |
14% |
61% |
28% |
Volatility |
|
|
-20% |
26% |
-44% |
|
16% |
-36% |
|
|
|
|
-33% |
-10% |
|
|
-49% |
-27% |
|
-26% |
|
11% |
-42% |
-43% |
|
-27% |
26% |
-45% |
64% |
-36% |
-27% |
-49% |
|
|
|
-24% |
|
|
-42% |
-43% |
|
-12% |
30% |
54% |
-26% |
|
51% |
61% |
|
|
-28% |
|
|
|
-48% |
-22% |
-47% |
20% |
42% |
-31% |
-6% |
-6% |
-7% |
7% |
-87% |
|
|
|
|
24% |
14% |
2% |
|
5% |
14% |
61% |
28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude_Oil_WTI |
Trend |
Long Position to reduce about -2,9%. |
44% |
47% |
39% |
|
|
|
|
|
34% |
-67% |
-61% |
|
15% |
31% |
50% |
49% |
35% |
71% |
56% |
50% |
62% |
46% |
58% |
26% |
24% |
69% |
44% |
54% |
53% |
33% |
-11% |
-56% |
-7% |
-3% |
-1% |
28% |
-58% |
-20% |
-17% |
-75% |
-20% |
12% |
6% |
|
|
|
27% |
43% |
60% |
21% |
32% |
67% |
69% |
90% |
94% |
97% |
83% |
38% |
-59% |
-50% |
-49% |
-58% |
-100% |
|
-76% |
-100% |
-100% |
-54% |
21% |
-15% |
-65% |
-41% |
-49% |
|
|
15% |
Stability |
Long Position to increase about 0,5%. |
40% |
40% |
54% |
|
36% |
36% |
35% |
45% |
63% |
|
|
|
58% |
60% |
55% |
59% |
53% |
63% |
61% |
100% |
95% |
69% |
54% |
77% |
56% |
76% |
80% |
83% |
83% |
74% |
70% |
|
|
9% |
|
|
|
100% |
-20% |
-100% |
|
21% |
25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-95% |
-83% |
-65% |
|
-73% |
|
-76% |
-100% |
-100% |
-54% |
21% |
-15% |
-65% |
-41% |
-49% |
|
|
15% |
Volatility |
Long Position to increase about 18,2%. |
18% |
|
|
-56% |
|
26% |
|
-32% |
100% |
-25% |
|
|
-58% |
-24% |
27% |
24% |
|
64% |
22% |
-71% |
-71% |
-29% |
-13% |
44% |
|
|
12% |
|
|
21% |
37% |
53% |
-42% |
|
-17% |
50% |
-34% |
-36% |
|
-13% |
-35% |
|
|
|
14% |
-41% |
|
|
|
|
-34% |
36% |
-39% |
31% |
22% |
|
40% |
|
30% |
-74% |
-21% |
-38% |
96% |
|
-76% |
-100% |
-100% |
-54% |
21% |
-15% |
-65% |
-41% |
-49% |
|
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural_Gas |
Trend |
Long Position to increase about 24,9%. |
56% |
31% |
|
52% |
53% |
54% |
52% |
41% |
66% |
-19% |
-23% |
-76% |
-63% |
-34% |
-19% |
22% |
65% |
29% |
44% |
50% |
-26% |
12% |
42% |
-46% |
-45% |
|
-36% |
-27% |
-31% |
-49% |
74% |
35% |
89% |
88% |
85% |
72% |
-42% |
-63% |
-83% |
-25% |
61% |
88% |
88% |
83% |
66% |
15% |
52% |
|
21% |
-27% |
-57% |
-13% |
18% |
-2% |
-3% |
|
-9% |
31% |
26% |
7% |
24% |
-14% |
|
|
|
|
|
-46% |
26% |
-44% |
-25% |
-40% |
-42% |
-74% |
-39% |
-57% |
Stability |
Long Position to increase about 3,2%. |
25% |
22% |
25% |
63% |
19% |
21% |
23% |
13% |
|
-100% |
|
|
|
|
|
|
36% |
30% |
34% |
|
|
27% |
22% |
|
26% |
|
|
|
|
|
|
99% |
100% |
77% |
83% |
91% |
100% |
|
|
|
65% |
79% |
61% |
53% |
43% |
|
-38% |
|
|
|
-62% |
-66% |
-69% |
|
|
-46% |
-55% |
|
|
|
-19% |
|
-29% |
|
|
|
|
-46% |
26% |
-44% |
-25% |
-40% |
-42% |
-74% |
-39% |
-57% |
Volatility |
Long Position to increase about 14,5%. |
42% |
28% |
-35% |
|
|
|
|
35% |
|
-45% |
-51% |
26% |
|
-28% |
|
|
|
5% |
24% |
-17% |
-18% |
29% |
20% |
|
|
-27% |
27% |
|
|
-52% |
|
|
25% |
-24% |
|
50% |
-19% |
|
-57% |
-11% |
|
|
46% |
8% |
86% |
|
|
-12% |
31% |
27% |
-46% |
-26% |
42% |
|
|
|
-24% |
34% |
|
17% |
25% |
10% |
-3% |
|
|
|
|
-46% |
26% |
-44% |
-25% |
-40% |
-42% |
-74% |
-39% |
-57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricolture |
Trend |
|
|
|
|
|
47% |
46% |
48% |
59% |
|
7% |
|
|
8% |
14% |
12% |
13% |
|
|
|
|
|
7% |
|
-9% |
-10% |
-16% |
-7% |
|
2% |
8% |
2% |
|
|
|
3% |
|
|
|
|
|
|
|
|
|
|
-15% |
|
|
|
|
|
-6% |
|
|
3% |
3% |
4% |
31% |
8% |
21% |
|
|
|
|
-24% |
|
|
|
19% |
9% |
|
-19% |
|
-13% |
|
|
Stability |
Long Position to increase about 0,8%. |
27% |
26% |
|
|
43% |
42% |
39% |
42% |
37% |
|
|
|
30% |
27% |
29% |
30% |
-1% |
|
|
|
|
|
-6% |
-8% |
-6% |
-9% |
-3% |
|
6% |
8% |
10% |
1% |
0% |
-1% |
1% |
-1% |
|
|
|
|
-2% |
|
-2% |
|
|
-6% |
|
|
16% |
20% |
|
|
|
|
100% |
17% |
13% |
66% |
3% |
3% |
|
|
-6% |
|
-24% |
|
|
|
19% |
9% |
|
-19% |
|
-13% |
|
|
Volatility |
Short Position to increase about -41,6%. |
-25% |
17% |
39% |
|
-51% |
-46% |
28% |
33% |
|
-30% |
-49% |
-22% |
31% |
48% |
73% |
-27% |
|
-31% |
-28% |
12% |
|
|
24% |
56% |
-45% |
|
|
|
25% |
|
14% |
|
|
-49% |
37% |
|
-20% |
|
|
-55% |
42% |
47% |
|
-8% |
|
|
|
-88% |
-37% |
|
|
|
|
|
-30% |
-20% |
|
-24% |
|
-1% |
38% |
-35% |
|
|
-24% |
|
|
|
19% |
9% |
|
-19% |
|
-13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGOV_ITA_BTP |
Trend |
Long Position to increase about 0,2%. |
27% |
26% |
|
-23% |
-32% |
-23% |
-25% |
-27% |
-13% |
-13% |
15% |
16% |
|
|
|
|
6% |
9% |
|
-8% |
-8% |
-2% |
|
|
-4% |
|
4% |
3% |
|
|
|
14% |
8% |
6% |
22% |
17% |
20% |
13% |
2% |
|
-4% |
|
6% |
14% |
13% |
11% |
23% |
14% |
27% |
6% |
17% |
16% |
16% |
11% |
13% |
15% |
|
-11% |
|
-12% |
|
|
|
|
|
|
|
|
|
17% |
18% |
|
|
|
|
|
Stability |
|
|
|
|
-14% |
-14% |
-22% |
-10% |
-13% |
-14% |
|
|
|
|
|
|
|
4% |
7% |
0% |
|
|
|
8% |
|
|
22% |
21% |
38% |
15% |
15% |
13% |
22% |
17% |
16% |
28% |
18% |
22% |
19% |
38% |
|
|
|
22% |
16% |
14% |
14% |
15% |
12% |
17% |
24% |
8% |
|
|
|
|
|
|
|
|
-18% |
-13% |
|
|
|
|
|
|
|
|
17% |
18% |
|
|
|
|
|
Volatility |
|
|
|
|
-10% |
|
|
|
-17% |
|
-22% |
-38% |
-43% |
-58% |
26% |
-34% |
-14% |
-37% |
-33% |
-12% |
-22% |
-18% |
-24% |
13% |
|
|
30% |
30% |
-29% |
|
-11% |
-26% |
-8% |
15% |
-7% |
|
|
28% |
16% |
|
|
-19% |
-26% |
|
-23% |
|
-24% |
|
9% |
|
-29% |
|
|
8% |
13% |
15% |
|
30% |
|
|
-10% |
1% |
|
|
|
|
|
|
|
|
17% |
18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGOV_GERM_BUND |
Trend |
|
|
|
-8% |
-20% |
-18% |
-10% |
-13% |
-13% |
|
|
|
|
|
|
|
-13% |
-11% |
-15% |
0% |
|
|
|
-3% |
|
-4% |
|
7% |
-8% |
|
|
-6% |
|
10% |
3% |
10% |
3% |
4% |
8% |
-2% |
5% |
|
-8% |
|
|
|
5% |
|
2% |
|
12% |
7% |
-4% |
-6% |
-10% |
-10% |
|
|
12% |
|
|
|
|
|
|
|
|
|
|
|
|
5% |
|
|
|
|
|
Stability |
|
|
|
-22% |
-13% |
-15% |
-29% |
-14% |
-26% |
-29% |
-40% |
-10% |
|
-9% |
-9% |
-8% |
-10% |
-6% |
-4% |
0% |
|
|
|
|
|
2% |
4% |
4% |
|
2% |
|
|
7% |
6% |
6% |
6% |
2% |
4% |
3% |
6% |
4% |
|
|
|
|
4% |
4% |
2% |
2% |
|
|
|
|
-13% |
-14% |
-5% |
|
7% |
4% |
3% |
1% |
|
-2% |
|
|
|
|
|
|
|
|
5% |
|
|
|
|
|
Volatility |
Long Position to increase about 18%. |
18% |
|
14% |
|
-27% |
-11% |
-13% |
|
-22% |
|
-13% |
-13% |
|
-22% |
-30% |
23% |
|
-17% |
-16% |
-31% |
-17% |
|
|
-32% |
-20% |
-30% |
|
|
9% |
-34% |
-26% |
-21% |
|
|
|
|
14% |
28% |
|
-6% |
9% |
-33% |
12% |
-16% |
8% |
15% |
10% |
-11% |
|
|
40% |
10% |
13% |
|
-21% |
-43% |
|
12% |
41% |
3% |
10% |
7% |
|
|
|
|
|
|
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGOV_UK_GILT |
Trend |
Long Position to increase about 40,6%. |
21% |
-20% |
|
-33% |
-28% |
|
|
|
15% |
13% |
-11% |
19% |
-14% |
-25% |
-21% |
-38% |
-26% |
-30% |
0% |
|
-5% |
-3% |
-3% |
15% |
4% |
14% |
24% |
-14% |
|
|
-24% |
|
|
-9% |
|
-9% |
|
16% |
4% |
12% |
-12% |
-22% |
-17% |
-12% |
|
5% |
|
6% |
|
14% |
-9% |
-14% |
|
-14% |
|
|
|
12% |
|
7% |
|
14% |
|
-100% |
|
|
|
|
|
|
5% |
|
23% |
100% |
|
|
Stability |
|
|
|
|
-21% |
-25% |
-46% |
-23% |
|
|
|
-29% |
|
-26% |
-23% |
-26% |
-27% |
-15% |
-12% |
0% |
-5% |
-5% |
-5% |
|
-3% |
|
|
|
|
-6% |
-9% |
-12% |
-2% |
|
|
|
-6% |
|
|
|
|
|
|
|
|
7% |
9% |
9% |
|
21% |
|
14% |
20% |
|
|
|
|
60% |
21% |
21% |
16% |
18% |
27% |
55% |
-100% |
|
|
|
|
|
|
5% |
|
23% |
100% |
|
|
Volatility |
|
|
|
-54% |
21% |
|
|
-13% |
35% |
|
|
|
|
-18% |
-8% |
13% |
-14% |
|
-11% |
-10% |
|
-12% |
|
-23% |
-31% |
|
-7% |
26% |
-24% |
|
-10% |
-13% |
|
|
|
37% |
-21% |
|
|
29% |
|
|
|
|
|
-11% |
|
18% |
-17% |
-15% |
22% |
13% |
-27% |
|
-20% |
|
|
-26% |
61% |
|
34% |
7% |
22% |
|
-100% |
|
|
|
|
|
|
5% |
|
23% |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGOV_USA_Treasury |
Trend |
|
|
|
|
|
|
9% |
|
12% |
15% |
|
-7% |
-20% |
-21% |
-20% |
-18% |
-12% |
-10% |
-8% |
|
-5% |
-6% |
-4% |
-5% |
|
-15% |
-20% |
-6% |
-19% |
|
|
-7% |
|
-13% |
-8% |
|
-6% |
|
|
-3% |
|
-8% |
-11% |
-7% |
|
|
5% |
8% |
8% |
|
14% |
|
-5% |
-4% |
-6% |
-2% |
|
|
1% |
|
|
|
11% |
|
|
|
|
|
|
|
|
7% |
|
14% |
|
|
|
Stability |
|
|
|
|
-11% |
-15% |
|
|
|
|
|
-23% |
-46% |
-23% |
-22% |
-19% |
-17% |
-9% |
-8% |
0% |
-9% |
-9% |
-9% |
-7% |
-8% |
-9% |
-13% |
-13% |
-22% |
|
|
-6% |
-4% |
-2% |
-4% |
|
|
|
5% |
|
|
|
|
|
|
10% |
11% |
12% |
15% |
19% |
33% |
14% |
15% |
|
|
|
|
|
|
20% |
19% |
19% |
32% |
79% |
|
|
|
|
|
|
|
7% |
|
14% |
|
|
|
Volatility |
Long Position to increase about 17,6%. |
39% |
22% |
|
-48% |
|
-19% |
|
|
43% |
|
-21% |
|
|
|
|
-12% |
|
|
-11% |
17% |
|
|
|
12% |
|
|
|
-32% |
-10% |
|
|
|
-31% |
|
-13% |
32% |
|
|
-34% |
|
|
-12% |
|
-10% |
-13% |
|
|
|
|
25% |
10% |
|
|
|
|
-26% |
-14% |
11% |
-19% |
-3% |
-28% |
37% |
|
|
|
|
|
|
|
|
7% |
|
14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BGOV_Emerg_Mrkt |
Trend |
Long Position to reduce about -14,1%. |
23% |
37% |
26% |
|
|
|
|
8% |
|
|
10% |
-8% |
-20% |
-28% |
-36% |
-19% |
|
|
|
-21% |
-20% |
-10% |
-3% |
10% |
4% |
10% |
12% |
21% |
31% |
33% |
22% |
27% |
|
2% |
|
-1% |
-8% |
|
9% |
|
|
-8% |
-32% |
-24% |
-32% |
-29% |
-35% |
-41% |
|
-12% |
-12% |
|
18% |
16% |
33% |
46% |
26% |
23% |
20% |
10% |
9% |
|
-31% |
|
|
|
|
|
|
13% |
|
|
|
|
|
|
Stability |
Long Position to increase about 61,8%. |
62% |
|
-18% |
-9% |
|
|
-18% |
|
|
|
-19% |
-45% |
-15% |
-22% |
-18% |
-14% |
-1% |
1% |
0% |
|
|
|
|
10% |
11% |
20% |
17% |
|
10% |
10% |
10% |
|
-14% |
|
|
-19% |
-34% |
-26% |
|
|
|
-66% |
-45% |
-31% |
-26% |
-22% |
-21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-165% |
|
|
|
|
|
|
13% |
|
|
|
|
|
|
Volatility |
Long Position to reduce about 0%. |
16% |
16% |
|
|
|
|
-10% |
-17% |
13% |
-26% |
|
|
|
-12% |
|
-24% |
-12% |
-25% |
|
|
|
|
-19% |
-11% |
20% |
-19% |
|
|
-16% |
21% |
12% |
20% |
|
-21% |
|
|
|
-16% |
|
|
|
|
|
|
-20% |
|
|
|
|
|
-7% |
20% |
-9% |
|
|
9% |
|
10% |
-11% |
-11% |
5% |
|
|
|
|
|
|
|
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOND_Corp_Europa |
Trend |
|
|
|
|
|
|
|
|
|
7% |
|
8% |
|
|
|
|
|
-3% |
|
0% |
-4% |
|
-2% |
|
|
|
|
7% |
8% |
|
|
4% |
|
7% |
6% |
|
4% |
3% |
|
1% |
|
|
|
8% |
|
5% |
4% |
13% |
6% |
|
|
14% |
20% |
17% |
11% |
2% |
|
|
3% |
15% |
9% |
|
|
-19% |
|
|
|
|
|
|
|
4% |
|
|
|
|
|
Stability |
|
|
|
-6% |
-4% |
-3% |
-4% |
-2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6% |
|
10% |
16% |
16% |
26% |
10% |
9% |
9% |
11% |
|
9% |
11% |
7% |
|
|
20% |
36% |
34% |
|
10% |
9% |
7% |
7% |
9% |
10% |
14% |
|
|
|
|
|
|
-17% |
-32% |
|
|
|
|
|
-68% |
|
|
|
|
|
|
|
4% |
|
|
|
|
|
Volatility |
|
|
|
|
-10% |
-24% |
|
8% |
|
|
|
|
-27% |
|
15% |
|
|
-13% |
|
-11% |
-15% |
-13% |
-20% |
|
-14% |
-25% |
|
-31% |
|
-12% |
10% |
-11% |
14% |
16% |
|
13% |
|
36% |
-24% |
15% |
|
|
|
11% |
-13% |
9% |
|
16% |
13% |
-11% |
13% |
|
|
46% |
34% |
|
|
-9% |
-6% |
-15% |
8% |
16% |
|
|
|
|
|
|
|
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOND_Corp_Usa |
Trend |
Long Position to increase about 29,1%. |
29% |
|
-23% |
-24% |
-22% |
-22% |
-26% |
-9% |
29% |
38% |
27% |
11% |
-25% |
-27% |
-25% |
-18% |
-6% |
-10% |
0% |
-3% |
-5% |
1% |
-14% |
-11% |
-39% |
-40% |
-17% |
-16% |
|
17% |
-4% |
|
|
-9% |
10% |
-5% |
-4% |
11% |
-10% |
|
-19% |
-21% |
-30% |
-37% |
-11% |
-15% |
|
6% |
52% |
15% |
7% |
-8% |
-11% |
|
-6% |
6% |
-22% |
-15% |
24% |
27% |
47% |
50% |
-16% |
|
-43% |
|
|
|
40% |
27% |
27% |
|
31% |
|
|
|
Stability |
|
|
|
-34% |
-20% |
-21% |
|
-24% |
-46% |
-42% |
|
|
|
-28% |
-24% |
-20% |
-24% |
-10% |
-8% |
|
|
|
-10% |
-14% |
-14% |
-16% |
-24% |
-17% |
-15% |
|
|
|
|
|
-13% |
|
-12% |
-13% |
|
|
-60% |
-66% |
-34% |
-23% |
-6% |
|
|
|
18% |
30% |
44% |
12% |
12% |
|
|
24% |
20% |
|
|
13% |
15% |
21% |
|
|
|
-43% |
|
|
|
40% |
27% |
27% |
|
31% |
|
|
|
Volatility |
Long Position to increase about 26,6%. |
27% |
|
12% |
|
|
-54% |
17% |
-12% |
|
-15% |
10% |
|
|
|
|
|
|
|
|
|
-9% |
11% |
|
|
-17% |
|
|
-15% |
30% |
|
|
|
-15% |
-13% |
16% |
|
|
15% |
12% |
-13% |
14% |
-13% |
12% |
-11% |
|
-16% |
|
|
|
11% |
-21% |
30% |
-11% |
-23% |
-18% |
|
|
|
-14% |
-9% |
11% |
|
|
|
-43% |
|
|
|
40% |
27% |
27% |
|
31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOND_Corp_Emerg |
Trend |
|
|
7% |
-24% |
|
|
-24% |
-23% |
-30% |
|
15% |
20% |
27% |
|
|
|
|
8% |
9% |
99% |
3% |
4% |
5% |
3% |
|
-3% |
|
6% |
11% |
25% |
19% |
8% |
18% |
6% |
7% |
9% |
-12% |
-24% |
-22% |
-16% |
6% |
|
|
|
|
6% |
|
10% |
-13% |
|
-17% |
6% |
26% |
15% |
18% |
17% |
19% |
-25% |
|
24% |
18% |
34% |
25% |
-34% |
-34% |
-57% |
|
-100% |
|
40% |
24% |
22% |
|
25% |
|
|
|
Stability |
|
|
|
-20% |
-9% |
-8% |
|
-10% |
-16% |
|
17% |
9% |
9% |
|
|
|
-8% |
7% |
9% |
94% |
10% |
10% |
7% |
5% |
7% |
|
|
12% |
|
7% |
5% |
6% |
|
-12% |
|
|
|
-26% |
-25% |
-37% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-42% |
|
|
|
|
|
-34% |
-57% |
|
-100% |
|
40% |
24% |
22% |
|
25% |
|
|
|
Volatility |
|
|
31% |
|
-11% |
|
-16% |
40% |
|
22% |
-12% |
|
-17% |
|
-17% |
-23% |
-13% |
-17% |
|
39% |
|
|
-19% |
30% |
|
|
-14% |
-13% |
|
|
-14% |
11% |
|
-24% |
-8% |
|
|
|
|
-10% |
9% |
-15% |
|
33% |
|
-8% |
-34% |
|
-11% |
-17% |
|
|
|
|
10% |
|
12% |
|
|
|
-13% |
17% |
|
|
-34% |
-57% |
|
-100% |
|
40% |
24% |
22% |
|
25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
BOND_High_Yeld_GL |
Trend |
|
|
10% |
-19% |
|
|
-12% |
-13% |
|
22% |
20% |
|
|
-20% |
|
|
|
29% |
-19% |
-1% |
57% |
51% |
72% |
69% |
65% |
27% |
-16% |
-18% |
|
45% |
31% |
25% |
41% |
57% |
51% |
49% |
44% |
36% |
30% |
52% |
76% |
56% |
30% |
|
-12% |
-33% |
-25% |
12% |
-4% |
22% |
10% |
-28% |
-7% |
-14% |
-14% |
-17% |
-15% |
-27% |
-24% |
-16% |
-17% |
-11% |
|
|
|
|
|
|
|
20% |
20% |
13% |
|
6% |
|
|
|
Stability |
Long Position to increase about 38,1%. |
38% |
|
|
|
|
|
|
|
14% |
43% |
10% |
|
|
|
9% |
|
48% |
52% |
-6% |
76% |
77% |
68% |
60% |
59% |
52% |
|
|
|
49% |
51% |
44% |
53% |
49% |
52% |
54% |
35% |
|
21% |
|
|
|
|
|
-38% |
-32% |
-34% |
-33% |
-43% |
|
|
-52% |
-54% |
-87% |
-86% |
-71% |
-63% |
|
-34% |
-43% |
-30% |
-28% |
-39% |
|
|
|
|
|
|
20% |
20% |
13% |
|
6% |
|
|
|
Volatility |
|
|
31% |
-20% |
|
-49% |
|
|
-19% |
|
-24% |
-18% |
|
-25% |
|
|
|
-22% |
-14% |
|
16% |
32% |
26% |
15% |
|
18% |
|
|
|
-23% |
|
|
37% |
|
52% |
21% |
47% |
22% |
|
|
-71% |
-43% |
16% |
31% |
27% |
30% |
11% |
-56% |
-39% |
-56% |
|
-9% |
-13% |
-13% |
|
-45% |
-10% |
-21% |
|
|
-8% |
-6% |
-34% |
-100% |
|
|
|
|
|
20% |
20% |
13% |
|
6% |
|
|
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|
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