right markets everytime MarkeTiming Allocation MarkeTiming Selection weekly evolution current week MarkeTiming Reports are independent and sample studies that represent specific financial market situations. They do not constitute consultancy or solicitation for investment or public savings. The MarkeTiming Allocation is summary report derived by MarkeTiming Selection where we can observe the weekly evolution of the Optimal Market Portfolio Allocation. Below we expose three Allocation Reports 1) TrendAllocation: processed on current trend detectors 2) StabilityAllocation: processed on stability indicators 3) VolatilityAllocation: processed on volatility factors In this way, each investor can choise the better report more colosed to his own attitude. By the weekly evolution of those reports we can derive the comparative tactical adjustments, week by week, on each market. For a full market information see the Master Report of MarkeTiming Selection TREND ALLOCATION weekly evolution This Report is a rappresentative study of markets stance and does not constitute an investment advisory service. TREND Tactical Adjustment last week 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 ALLOCATION Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Trend Stocks FTSE_MIB_(ITALY) 16% 23% 19% 14% -15% 10% -2% -4% -11% -3% -4% -2% -5% -5% -5% -8% 11% 12% 9% -5% 12% 16% 12% 15% -5% 13% -16% -16% -13% -17% -18% -11% 29% 27% 18% 5% CAC_40_(FRANCE) 17% 20% 18% 16% -12% 12% -3% -6% -9% -11% 7% 6% 6% 9% -3% -5% -7% -10% -8% 10% 14% 13% 13% -22% 12% 12% -14% -11% -13% -14% -15% -12% 11% 9% 7% DAX_(GERMANY) 13% 13% 8% -17% -23% -5% -4% 10% 10% 5% 11% -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% FTSE_100_(UK) 8% 14% 12% 12% -7% -14% -4% -1% -4% -15% -5% -8% -4% -10% -11% 6% 11% 11% -12% -14% -13% -11% -12% -35% -12% 12% Dow_ Jones_Ind_Av_(USA) -11% 14% 9% 11% -10% -3% -4% 10% 18% 15% 12% 22% 4% 13% -10% 8% 10% 8% -10% 10% 15% 20% 24% -14% -16% -14% 10% 7% 16% Nasdaq_100_(USA) 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% Nikkei_225_(JAPAN) Take/Hold Long Position and increase portfolio composition about 10,4%. 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% Hang_Seng_(HONG KONG) Take/Hold Long Position and increase portfolio composition about 14,1%. 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% Shanghai_Comp_(CHINA) Take/Hold Long Position and increase portfolio composition about 2,8%. 18% 17% 15% 1% -13% -11% -5% -12% 16% 12% -4% 12% 16% 25% 30% 16% 10% 5% 14% 32% -32% 12% 23% BSE_Sensex_(INDIA) Take/Hold Long Position and increase portfolio composition about 0,8%. 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% RTSI_(RUSSIA) Take/Hold Long Position and increase portfolio composition about 0,6%. 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% Ibovespa_(BRAZIL) -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% Currency & Comodity EUR/USD Take/Hold Short Position and increase portfolio composition about -10,6%. -11% 6% 8% 15% 7% 5% 5% 7% 3% 4% -3% 23% 9% 12% 6% -7% 13% -10% -18% -8% -4% Gold Take/Hold Short Position and increase portfolio composition about -24%. -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% Crude_Oil_WTI Take/Hold Long Position and reduce portfolio composition about -11,3%. 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% Natural_Gas Take/Hold Long Position and reduce portfolio composition about -30,1%. -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% Agricolture Take/Hold Long Position and increase portfolio composition about 6,7%. 7% -9% -10% -16% -7% 2% 8% 2% 3% -15% -6% 3% 3% 4% 31% 8% 21% -24% 19% 9% -19% -13% Bond BGOV_ITA_BTP Take/Hold Short Position and increase portfolio composition about -1,9%. -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% BGOV_GERM_BUND -3% -4% 7% -8% -6% 10% 3% 10% 3% 4% 8% -2% 5% -8% 5% 2% 12% 7% -4% -6% -10% -10% 12% 5% BGOV_UK_GILT Take/Hold Short Position and increase portfolio composition about -0,3%. -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% BGOV_USA_Treasury Take/Hold Short Position and reduce portfolio composition about 1,5%. -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% BGOV_Emerg_Mrkt_Loc Take/Hold Short Position and increase portfolio composition about -6,5%. -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% BOND_Corp_Europa Take/Hold Short Position and increase portfolio composition about -2,3%. -2% 7% 8% 4% 7% 6% 4% 3% 1% 8% 5% 4% 13% 6% 14% 20% 17% 11% 2% 3% 15% 9% -19% 4% BOND_Corp_Usa Take/Hold Long Position and reduce portfolio composition about 15,7%. -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% BOND_Corp_Emerg Take/Hold Long Position and increase portfolio composition about 2,1%. 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% BOND_High_Yeld_GL Take/Hold Long Position and increase portfolio composition about 3,6%. 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% © MarkeTiming Research (ALL RIGHTS REDERVED) STABILITY ALLOCATION weekly evolution This Report is a rappresentative study of markets stance and does not constitute an investment advisory service. STABILITY Tactical Adjustment last week 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 ALLOCATION Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stability Stocks FTSE_MIB_(ITALY) Take/Hold Long Position and reduce portfolio composition about -1,6%. 8% 9% 11% 9% 10% 13% 11% 9% -4% -20% -3% -6% -12% -25% -45% -16% -13% -17% -18% -11% 29% 27% 18% 5% CAC_40_(FRANCE) Take/Hold Long Position and reduce portfolio composition about -1,2%. 7% 8% 9% 9% 10% 12% 12% 12% -3% -17% -6% -12% -22% -36% -50% -11% -13% -14% -15% -12% 11% 9% 7% DAX_(GERMANY) Take/Hold Long Position and reduce portfolio composition about -1,2%. 6% 6% 7% 8% 10% 7% 5% 6% 6% 6% 7% -18% 7% 7% 28% 27% 10% 10% 8% 10% 18% 18% 15% 13% 14% 11% -11% -14% -14% -16% -12% 12% 16% 10% 19% 20% -8% FTSE_100_(UK) Take/Hold Long Position and reduce portfolio composition about -0,8%. 6% 6% 7% 8% 7% 5% 6% 7% 6% -9% -19% -9% -8% -14% -19% -10% -5% -4% -8% -14% -13% -11% -12% -35% -12% 12% Dow_ Jones_Ind_Av_(USA) Take/Hold Long Position and reduce portfolio composition about -0,6%. 7% 6% 7% 8% 12% 9% 8% 7% 9% 9% 10% 11% 14% 10% 6% 13% 12% 9% 12% 8% 9% 11% 9% -18% -16% -14% 10% 7% 16% Nasdaq_100_(USA) Take/Hold Long Position and reduce portfolio composition about -1,4%. 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% Nikkei_225_(JAPAN) Take/Hold Long Position and increase portfolio composition about 0,5%. 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% Hang_Seng_(HONG KONG) Take/Hold Long Position and increase portfolio composition about 0,4%. 13% 8% 7% 5% 7% 7% 7% 4% -10% -14% -10% -13% 11% -17% -10% -27% -28% -65% 15% 13% 17% Shanghai_Comp_(CHINA) Take/Hold Long Position and reduce portfolio composition about -0,6%. 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% BSE_Sensex_(INDIA) Take/Hold Long Position and reduce portfolio composition about -1,4%. 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% RTSI_(RUSSIA) Take/Hold Long Position and increase portfolio composition about 0,6%. 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% Ibovespa_(BRAZIL) Take/Hold Long Position and increase portfolio composition about 7,4%. 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% Currency & Comodity EUR/USD 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% Gold Take/Hold Short Position and reduce portfolio composition about -12,4%. -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% Crude_Oil_WTI Take/Hold Long Position and increase portfolio composition about 14,5%. 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% Natural_Gas Take/Hold Long Position and increase portfolio composition about 4,9%. 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% Agricolture -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% Bond BGOV_ITA_BTP 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% BGOV_GERM_BUND 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% BGOV_UK_GILT Take/Hold Short Position and increase portfolio composition about -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% BGOV_USA_Treasury Take/Hold Short Position and increase portfolio composition about -1,7%. -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% BGOV_Emerg_Mrkt_Loc 10% 11% 20% 17% 10% 10% 10% -14% -19% -34% -26% -66% -45% -31% -26% -22% -21% -165% 13% BOND_Corp_Europa 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% BOND_Corp_Usa Take/Hold Short Position and reduce portfolio composition about 3,2%. -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% BOND_Corp_Emerg Take/Hold Long Position and increase portfolio composition about 2,3%. 10% 7% 5% 7% 12% 7% 5% 6% -12% -26% -25% -37% -42% -34% -57% -100% 40% 24% 22% 25% BOND_High_Yeld_GL Take/Hold Long Position and increase portfolio composition about 8,6%. 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% © MarkeTiming Research (ALL RIGHTS REDERVED) VOLATILITY ALLOCATION weekly evolution This Report is a rappresentative study of markets stance and does not constitute an investment advisory service. VOLATILITY Tactical Adjustment last week 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 ALLOCATION Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Volatility Stocks FTSE_MIB_(ITALY) Take/Hold Short Position and increase portfolio composition about -22,6%. -13% -23% -9% 23% 17% 16% -10% 12% -17% -11% -10% 7% -10% 16% 10% 6% 11% -43% 7% -9% -19% -9% -16% -13% -17% -18% -11% 29% 27% 18% 5% CAC_40_(FRANCE) Take/Hold Short Position and increase portfolio composition about -13,1%. -10% -13% -10% -8% 21% 34% 24% 10% -21% -9% -14% 25% -22% 10% 11% 14% 4% -7% -11% -13% -14% -15% -12% 11% 9% 7% DAX_(GERMANY) Take/Hold Short Position and increase portfolio composition about -14,9%. -15% -16% 22% -15% -12% 20% 22% -15% -13% -26% 14% -23% 20% 12% -20% -14% 4% -11% -14% -14% -16% -12% 12% 16% 10% 19% 20% -8% FTSE_100_(UK) Take/Hold Short Position and reduce portfolio composition about -39,9%. -19% 21% 31% -21% 30% 13% -35% -20% -18% -9% -11% 16% -27% 13% 24% 29% 22% 18% 7% -4% -14% -13% -11% -12% -35% -12% 12% Dow_ Jones_Ind_Av_(USA) Take/Hold Short Position and increase portfolio composition about -0,3%. -9% -14% -14% -13% -7% 24% -15% -16% -32% -10% -9% -12% -21% 14% -11% -13% 8% -22% 5% 20% -4% 1% -9% 1% -16% -14% 10% 7% 16% Nasdaq_100_(USA) -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) 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) 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) 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) Take/Hold Short Position and increase portfolio composition about -15,9%. -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) -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) -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 EUR/USD -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% Gold Take/Hold Short Position and reduce portfolio composition about 0,7%. 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% Crude_Oil_WTI Take/Hold Short Position and increase portfolio composition about -15,3%. -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 Take/Hold Long Position and increase portfolio composition about 9,2%. -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 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 Take/Hold Short Position and increase portfolio composition about -36,8%. -18% -24% 13% 30% 30% -29% -11% -26% -8% 15% -7% 28% 16% -19% -26% -23% -24% 9%