ESTATE COME LE ALTRE

Transcript

1 edizione del 17 agosto 2015 NON UNA ESTATE COME LE ALTRE di Emilio Tomasini Per gli USA e l'europa il quadro macro è sempre lo stesso: crescita forte per la prima, tale da provocare un rialzo dei tassi a breve, e crescita strisciante verso l'alto per la seconda. La Cina ha introdotto una complessità a livello globale che fino a 2 settimane fa non esisteva. Avevamo commentato che se la Borsa cinese guadagna il 120% ci sta un drawdown del 30%. Ma ora i contorni stanno diventando diversi e proprio ora Goldman Sachs commentava: "I mercati usa sono più sensibili ai dati negativi che a quelli positivi" come dire che il pendolo dell'ottimismo sta girando. Fino a quando non sappiamo... Il nostro portafoglio tutto sommato si sta stabilizzando e posizioni che sembravano destinate a sbriciolarsi hanno trovato un fondoo e hanno arrestato la corsa ribassista. Alcuni fondi hanno uncinato in maniera positiva al rialzo. In conclusione possiamo dire che agosto è stato un mese interlocutorioo e dobbiamo aspettare settembre per tirare delle conclusioni operative. Pensare che ad agosto non succedeva mai niente... non è stata una estate come le altre. 1

2 Obbligazionari monetari Isin LU AZ Fund AZ F.1 Cash 12 mesi A-AZ FUND Cap EUR 1,02 5,55 278,14 IT AcomeA AcomeA Liquidita' A2 0,28 11,56 210,49 LU AZ Fund AZ F.1 Cash Overnight A-AZ FUND Cap EUR 0,76 4,14 137,20 IE00B570LF99 Anima Anima Short Term Corporate Bond I EUR 0,84 11,29 92,66 LU Deutsche Bank Deutsche I.I Short Duration Credit NC EUR 0,63 10,18 37,33 IT Zenit Zenit MC Breve Termine I 2,73 7,99 21,21 LU BlackRock BGF Euro Short Duration Bond E2 EUR 0,68 6,58 18,26 LU AXA AXA WF Euro Credit Short Duration A Cap EUR 0,57 6,85 18,04 LU New Millennium New Millennium Euro Bonds Short Term A Cap EUR 0,52 6,31 17,19 LU Pictet Pictet-EUR Short Mid-Term Bonds-R 0,18 5,32 15,48 Obbligazionari governativi Isin IT AcomeA AcomeA Eurobbligazionario A1 2,67 32,72 15,29 FR Lyxor Lyxor Ucits ETF EuroMTS 5-7Y Investment Grade DR 3,82 21,86 14,56 LU Deutsche Bank db x-trackers II iboxx Sover.Euro 5-7 Ucits ETF 3,57 21,01 12,86 IT Epsilon Epsilon QIncome 3,35 26,55 11,79 FR Lyxor Lyxor Ucits ETF EuroMTS 7-10Y Investment Grade DR 5,93 27,32 10,58 IE00B3VTML14 ishares ishares EU Gov. Bond 3-7 yr Ucits ETF (Acc) 2,56 15,75 9,89 IT Eurizon Capital Eurizon Obbligazioni Euro 5,87 22,91 8,03 IT Aletti Gestielle MT Euro A 1,56 13,49 7,66 IT Amundi Amundi Obbligazionario Breve Termine C 1,65 14,10 7,53 FR Lyxor Lyxor Ucits ETF EuroMTS 3-5Y Investment Grade DR 1,96 12,53 7,37 Obbligazionari corporate LU Deutsche Bank db x-trackers II Itraxx Crossover Ucits ETF 6,02 45,21 34,48 FR Rothschild R Euro Credit C EUR 1,97 25,64 32,95 IT Aletti Gestielle Obbligazionario Corporate A 2,81 27,78 29,40 IT Anima Anima Obbligazionario Corporate A EUR 2,02 25,34 12,67 LU Oyster Oyster European Corporate Bonds EUR 2,46 25,49 12,18 LU New Millennium New Millennium Augustum Corporate Bond A Cap EUR 2,04 24,26 10,62 LU Morgan Stanley MSIF Euro Corporate Bond A EUR 2,03 21,14 5,94 LU Invesco Invesco Euro Corporate Bond A Cap EUR 2,24 21,73 5,84 LU Vontobel Vontobel EUR Corporate Bond Mid Yield C EUR 3,96 21,19 5,40 LU Invesco Invesco Euro Corporate Bond E Cap EUR 1,99 20,82 4,89 Obbligazionari emergenti 2

3 LU Fidelity Fidelity Asian High Yield A Cap $ 24,69 32,30 20,23 LU Pioneer Pion. F. Emerging Markets Bond F EUR 17,68 23,77 11,03 LU Credit Suisse CS (Lux) Emerging Market Corporate Bond B 21,96 25,54 9,57 LU Aberdeen Aberd. Global Em. Mkts Corporate Bond A2 $ 20,36 23,03 8,70 LU NN Sicav NN (L) Renta Em.Markets Corp.Debt X Cap $ 20,61 23,62 8,39 LU BlackRock BGF Asian Tiger Bond A2 $ 27,13 26,91 8,13 LU NN Sicav NN (L) Renta Asian Debt Hard Currency X Cap. $ 23,79 25,42 6,98 LU Credit Suisse CS (Lux) Emerging Market Corporate IG Bond B 22,71 22,80 6,23 LU Morgan Stanley MSIF Emerg. Markets Corp. Debt C Cap EUR 18,86 21,42 6,02 LU BlackRock BGF Asian Tiger Bond E2 EUR 25,07 23,57 5,79 Obbligazionari high yield LU Morgan Stanley MSIF Global High Yield Bond A EUR 15,01 37,17 15,12 LU Lemanik China Southern Rmb High Yield Bond R Dis EUR 25,36 33,12 12,21 LU Schroders SISF Global High Yield B Cap. $ 21,50 32,00 7,09 IE00B414SQ08 Janus Janus Global High Yield A Cap $ 18,52 29,45 6,97 LU BlackRock BGF Global High Yield Bond E2 $ 21,02 31,22 6,61 LU Fidelity Fidelity Global High Yield E Cap EUR 18,99 28,75 6,52 LU Fidelity Fidelity Us High Yield A Cap EUR 22,87 30,29 5,98 LU Credit Suisse CS BF (Lux) High Yield Usd B $ 21,03 28,57 5,29 IE00B2417W30 Legg Mason Legg Mason WA Global High Yield Pr $ 15,32 26,54 3,21 LU BNY Mellon BNY Mellon Compass Global High Yield Bond C EUR 13,87 24,89 2,64 Obbligazionari altri GB M&G M&G Corporate Bond A EUR 17,21 26,72 28,56 LU Amundi Amundi F. Convertible Global SE Cap EUR 5,56 27,17 21,63 LU Deutsche Bank Deutsche I.I Convertibles NC EUR 4,34 28,95 19,91 LU NEF NEF Obbl.Convertibile R Cap EUR 4,67 25,34 18,38 LU Fidelity Fidelity China RMB Bond A Cap EUR 24,83 25,28 17,23 LU Lombard Odier LO Funds Convertible Bond R EUR 5,66 22,30 14,24 LU Nordea Nordea Euro Bond BP EUR 4,92 19,26 10,22 LU Duemme Sicav Duemme C-Quadrat Global Convertible Plus C Dis EUR 3,99 18,43 7,74 IE00B2R9B880 Muzinich MUZ BondYield ESG Inst Cap EUR Hdg 2,96 17,14 7,73 LU Julius Baer JB Multibond Global Convert Bond B EUR 3,69 17,91 7,71 Absolute returns IT Azimut Azimut Strategic Trend 11,12 34,04 54,53 LU Henderson Hend. Gart. UK Abs. Ret. R Cap EUR Hdg 7,51 31,31 43,75 3

4 LU BNP Paribas BNPP Plan Target Click Fund 2030 Clas EUR 14,56 27,68 41,83 IT Anthilia Anthilia Yellow 3,81 27,19 41,74 LU AZ Fund AZ F.1 CGM Opport. Global A-AZ FUND Cap EUR 15,06 31,77 35,98 IT Aletti Gestielle Absolute Return 3,86 26,03 34,83 IT Investitori Sgr Investitori Flessibile 6,68 23,57 22,35 LU AZ Fund AZ F.1 Formula Macro Dyn. Trading A-AZ EUR 6,37 18,60 17,19 LU DWS DWS Concept Kaldemorgen NC Cap EUR 7,12 19,83 15,88 LU BNP Paribas BNPP Plan Target Click Fund 2025 Clas EUR 6,14 16,00 10,92 Bilanciati LU Invesco Invesco Pan European High Income C Cap. EUR 7,57 44,87 35,41 LU Fideuram Fonditalia Global T 14,99 42,55 26,31 LU Invesco Invesco Pan European High Income E Cap. EUR 6,38 40,38 25,56 LU UBS UBS Lux KSS Global Allocation (EUR) P Cap EUR 6,55 33,14 19,60 LU ETHENEA Ethna Dynamisch T EUR 7,89 32,65 15,11 IT Nextam Partners Nextam Partners Obbligazionario Misto 6,56 29,36 13,30 IE00B3BF0S24 Mediolanum Mediolanum BB Dynamic Collection L coperta A EUR 10,17 30,09 13,28 LU Morgan Stanley MSIF Global Balanced Risk Control FoF A EUR 11,59 28,69 13,01 IT Symphonia Symphonia Patrimonio Attivo 7,56 25,91 9,98 Financiere de FR L'Echiquier Fin. Ech. ARTY EUR 6,27 26,45 8,21 Azionari settoriali LU SEB SEB Medical D $ 49,49 116,69 45,70 LU Parvest Sicav Parvest Eq. World Health Care Clas EUR 55,97 125,52 34,70 LU AXA AXA WF Framlington Health F Cap EUR 56,10 125,78 34,27 LU NN Sicav NN (L) Invest Health Care X $ 46,94 115,72 32,27 LU Pictet Pictet-Health-R EUR 53,64 120,39 31,00 FR Lyxor Lyxor Ucits ETF STOXX Europe 600 Media - EUR 36,55 105,18 27,78 LU Lyxor Lyxor Ucits ETF MSCI World Health Care TR Net EUR 48,31 114,84 27,57 LU Lyxor Lyxor Ucits ETF MSCI World Cons. Discretionary EUR 39,66 97,62 19,94 IE00B53SZB19 ishares ishares Nasdaq 100 Ucits ETF EUR 43,71 97,79 17,75 LU Fidelity Fidelity Global Technology E Cap EUR 36,71 86,56 15,02 Azionari geografici LU Parvest Sicav Parvest Eq Japan Small Cap ClasH EUR 29,18 140,01 350,44 IE Janus Janus Global Life Sciences A Cap EUR Hdg 43,06 161,60 135,39 4

5 LU Morgan Stanley MSIF Global Opportunity C EUR 40,21 100,70 121,77 LU BlackRock BSF European Opportunities Extension E Cap EUR 41,95 138,24 62,27 LU Aberdeen Aberd. Global Japanese Equity S2 EUR Hdg 27,08 113,81 56,35 LU Oyster Oyster Japan Opport. EUR 33,35 117,31 45,70 LU Pictet Pictet-Health-HR EUR 26,63 95,78 29,02 LU Henderson Henderson Hor. Japanese Smaller Co. A2 Cap $ 33,40 85,11 17,77 LU Invesco Invesco Global Smaller Companies Equity R Cap $ 26,56 88,63 17,14 LU Nordea Nordea Senior Generations Equity E $ 41,82 85,99 14,53 Azionari emerging markets LU Lemanik Lemanik Sicav Asian Opport. Cap. Retail EUR 29,56 106,60 190,78 LU CB-Accent CB-Accent Lux Far East Equity B $ 34,75 83,42 52,07 IE00B3BM9X16 Atlante Funds Plc Atlante Greater Asia A EUR 22,33 77,57 35,81 IT AcomeA AcomeA Asia Pacifico A1 19,86 77,55 26,28 LU Fidelity Fidelity Pacific A Cap EUR 21,87 75,26 26,10 LU Franklin Templeton Templeton Asian Smaller Companies A EUR 25,10 63,72 15,53 LU Franklin Templeton Templeton Emerging Markets Smaller Co A EUR 25,45 57,30 10,98 LU JP Morgan JPM Pacific Equity A Acc EUR 22,15 46,69 4,57 LU Invesco Invesco Asia Opportunities Eq. A $ 25,93 45,23 4,51 IT Fideuram Fideuram Master Sel. Equity Asia 18,56 45,72 4,22 Azionari settoriali ENERGY ISIN LU BlackRock BGF New Energy E2 EUR 12,63 46,99 20,07 LU BlackRock BGF New Energy C2 $ 13,12 45,33 18,24 LU Pictet Pictet-Clean Energy-R $ 17,28 52,70 18,03 LU Pictet Pictet-Clean Energy-R EUR 16,41 51,89 17,96 LU Deutsche Bank Deutsche I.I New Resources NC EUR 21,10 40,04 16,34 IE00B1XNHC34 ishares ishares Global Clean Energy Ucits ETF EUR 13,51 84,33 13,55 LU Vontobel Vontobel New Power C EUR 7,49 38,80 9,98 FR Lyxor Lyxor Ucits ETF New Energy D-EUR 10,34 37,55 5,13 LU Julius Baer JB Multipartner RobecoSam Smart Energy B EUR 10,34 17,90 2,82 LU Julius Baer JB Multistock Energy Transition Fund B $ -8,83 23,89 1,47 Azionari settoriali FINANZIARI ISIN Lyxor Ucits ETF STOXX Europe 600 Fin.Services FR Lyxor NR 36,28 121,97 20,60 Lyxor Ucits ETF STOXX Europe 600 Insurance - FR Lyxor EUR 30,30 115,70 12,62 LU Deutsche Bank db x-trackers Stoxx600 Insurance Ucits ETF 30,23 114,69 12,11 LU Parvest Sicav Parvest Eq. World Finance Clas EUR 28,99 71,93 0,00 5

6 IT Eurizon Capital Eurizon Azioni Finanza 25,22 72,70 0,00 LU BlackRock BGF World Financials A2 EUR 27,76 74,14 0,00 LU JP Morgan JPM Global Financials A Acc EUR 26,76 75,92 0,00 LU JP Morgan JPM Global Financials A Acc $ 28,15 77,84 0,00 LU BlackRock BGF World Financials A2 $ 29,26 76,12 0,00 LU Lyxor Lyxor Ucits ETF MSCI World Financials TR- Net EUR 26,41 77,05 0,00 Azionari Settoriali INDUSTRIALI ISIN LU NN Sicav NN (L) Invest Industrial X EUR 17,61 44,52 30,03 FR Lyxor Lyxor Ucits ETF STOXX EU 600 Chemicals - NR EUR 26,44 65,74 28,82 FR Lyxor Lyxor Ucits ETF STOXX Europe 600 Ind.Good&Serv.EUR 18,81 60,86 25,08 LU Deutsche Bank db x-trackers Stoxx600 Ind.Goods Ucits ETF 18,73 60,12 24,72 LU Pictet Pictet-Timber-R EUR 24,30 46,84 19,03 LU Pictet Pictet-Timber-R $ 25,23 47,64 18,83 LU Fidelity Fidelity Global Industrials E EUR 2,78 22,55 13,63 LU Parvest Sicav Parvest Eq. World Materials Clas EUR 6,36 17,97 12,73 LU NN Sicav NN (L) Invest Materials X $ 3,88 12,86 10,36 LU NN Sicav NN (L) Invest Materials X EUR 3,10 12,29 10,17 Azionari Settoriali REAL ESTATE ISIN Henderson Hor. Pan Eur. Property Eqs A2 Cap LU Henderson EUR 34,77 88,07 28,42 LU Aviva AI European Real Estate Securities B EUR 30,65 67,16 19,56 LU Morgan Stanley MSIF European Property A EUR 27,80 73,29 17,92 LU AXA AXA WF Framlington Europe R.E. Sec. A Cap EUR 29,83 78,61 15,23 db x-trackers FTSE/Epra Dev.Europe Ucits ETF LU Deutsche Bank (DR) 29,13 72,59 13,53 FR Oddo Oddo Immobilier A EUR 22,75 61,89 5,95 FR Lyxor Lyxor Ucits ETF Ftse Epra/Nareit Dev. Europe - EUR 24,52 55,30 5,64 IE Janus Janus Global Real Estate A Cap $ 22,44 48,27 3,38 LU NN Sicav NN (L) Invest European Real Estate X EUR 22,09 52,40 3,07 LU AXA AXA WF Framlington Global R.E. Sec. F Cap EUR 24,63 45,41 1,23 Azionari Settoriali TECH & COMM ISIN FR Lyxor Lyxor Ucits ETF STOXX Europe 600 Media - EUR 36,55 105,18 31,13 IE00B53SZB19 ishares ishares Nasdaq 100 Ucits ETF EUR 43,71 97,79 20,55 LU Fidelity Fidelity Global Technology E Cap EUR 36,71 86,56 19,51 IE PowerShares PowerShares EQQQ Nasdaq-100 Ucits ETF EUR 42,60 92,92 16,38 FR Lyxor Lyxor Ucits ETF NASDAQ D EUR 41,76 90,73 15,23 LU Pictet Pictet-Digital Communication-R EUR 31,63 77,97 13,72 6

7 LU Pictet Pictet-Digital Communication-R $ 32,60 78,95 13,12 Franklin LU Templeton Franklin Technology A EUR 43,09 82,87 8,18 FR Lyxor Lyxor UCITS ETF STOXX Europe 600 Telecom. NR EUR 34,50 78,10 7,92 Franklin LU Templeton Franklin Technology A $ 43,22 83,01 7,68 Azionari Settoriali ALTRI ISIN LU Julius Baer JB Multistock Health Innovation E $ 69,36 188,73 68,51 LU JP Morgan JPM Global Healthcare D Acc $ 51,97 149,06 44,69 LU SEB SEB Medical D $ 49,49 116,69 42,02 LU BlackRock BGF World Healthscience A2 EUR 53,17 136,86 37,67 LU BlackRock BGF World Healthscience A2 $ 54,96 139,59 36,65 LU Parvest Sicav Parvest Eq. World Health Care Clas EUR 55,97 125,52 32,38 LU AXA AXA WF Framlington Health F Cap EUR 56,10 125,78 31,99 LU NN Sicav NN (L) Invest Health Care X $ 46,94 115,72 29,61 LU Pictet Pictet-Health-R $ 54,77 121,59 28,75 LU Pictet Pictet-Health-R EUR 53,64 120,39 28,71 Azionari geografici EURO ISIN IE Janus Janus Global Life Sciences A Cap EUR Hdg 43,06 161,60 142,78 LU Pictet Pictet-Health-HR EUR 26,63 95,78 34,66 LU Aviva AI European Eq. B EUR 33,42 84,01 10,86 LU JP Morgan JPM Euroland Dynamic D (perf) Acc EUR 21,02 87,69 7,96 LU JP Morgan JPM Euroland Equity D Acc EUR 20,84 75,55 3,73 IE AXA AXA ROS. Eurobloc Equity Alpha B EUR 19,42 75,55 3,50 IE00B53QG562 ishares ishares Msci EMU Ucits ETF 21,29 73,32 3,28 FR Amundi Amundi Etf Msci Emu Ucits ETF 21,16 72,82 3,06 IE State Street Amundi Etf S&P Euro Ucits ETF (C) 20,57 72,26 2,88 LU Schroders SISF EURO Equity B Cap. EUR 22,47 70,48 2,84 Azionari geografici USA LU Franklin Templeton Franklin U.S. Focus A $ 42,03 107,78 27,69 LU AllianceBernstein AB US Thematic Research Ptf. A EUR 43,45 99,61 22,53 LU Morgan Stanley MSIF Us Growth C EUR 38,84 96,99 19,39 LU Fidelity Fidelity America A Cap EUR 36,80 92,96 17,89 IE Janus Janus US Twenty A Cap $ 45,15 93,97 17,10 LU Fidelity Fidelity America A Cap $ 37,48 93,73 16,20 LU Fidelity Fidelity American Growth A Cap EUR 36,71 87,53 14,33 LU Schroders SISF US Small & Mid Cap Equity A Cap $ 39,62 83,84 9,56 LU Natixis NAT Harris Ass. Us Equity Fund R Cap. $ 29,57 82,86 9,45 LU BlackRock BGF US Growth A2 EUR 42,07 79,69 8,01 7

8 Azionari geografici GIAPPONE ISIN LU Parvest Sicav Parvest Eq Japan Small Cap ClasH EUR 29,18 140,01 319,49 LU Oyster Oyster Japan Opport. EUR 33,35 117,31 39,73 IE00B42Z5J44 ishares ishares MSCI Japan EUR Hedged Ucits ETF 28,53 124,43 38,77 LU Pictet Pictet-Japanese Equity Selection-HR EUR 28,47 114,59 21,13 LU Eurizon Capital EEF Equity Japan LTE IH EUR 28,55 113,20 16,76 LU Eurizon Capital EEF Equity Japan LTE RH EUR 28,45 112,65 16,31 LU Henderson Henderson Hor. Japanese Smaller Co. A2 Cap $ 33,40 85,11 10,47 GB M&G M&G Japan Smaller Companies A EUR 30,62 84,96 4,66 GB M&G M&G Japan A EUR 34,21 83,23 4,41 LU JP Morgan JPM Japan Equity A Dis $ 42,96 79,25 1,50 Azionari geografici EUROPE BSF European Opportunities Extension E LU BlackRock Cap EUR 41,95 138,24 64,21 LU Parvest Sicav Parvest Eq Europe Small Cap N EUR 36,64 98,29 22,73 GAM Fund LU Management GAM Star (Lux) European Momentum C Cap EUR 33,31 98,29 20,37 LU JP Morgan JPM Europe Strategic Growth D Acc EUR 29,40 86,14 11,83 LU Henderson Hend. Gart. Pan European I Cap EUR 24,31 82,25 10,11 MFS Meridian European Smaller Comp. A1 LU MFS $ 33,18 79,45 9,98 LU UBS UBS Lux Eq. Sicav Eur. Opp. Unconstr.P Cap EUR 29,45 80,41 9,04 LU Capital Group CI European Growth and Income B Cap EUR 27,21 79,55 8,44 JPM Highbridge Europe STEEP D (perf) Cap LU JP Morgan EUR 29,74 79,48 7,59 LU Parvest Sicav Parvest Eq. Europe Mid Cap N EUR 31,67 74,18 6,64 Azionari Settoriali PAESE IE00B1V6R242 Atlante Funds Plc Atlante Target Italy A EUR 30,21 157,57 16,09 LU Lemanik Lemanik Sicav High Growth Cap. Ret. EUR 23,04 128,84 11,84 LU Credit Suisse CS EF (Lux) Italy B EUR 27,33 108,67 9,92 IT Fideuram Fideuram Italia 24,59 114,91 9,26 LU Fideuram Fonditalia Eq. Italy R 22,00 101,93 5,71 IE00B0H1QC91 Invesco Invesco UK Equity E EUR 20,57 78,07 5,33 IT UBI UBI Pramerica Azioni Italia 23,09 90,38 4,90 LU Credit Suisse CS EF (Lux) Small and Mid Cap Germany B EUR 26,59 89,94 3,73 IT Anima Anima Italia A EUR 19,52 86,81 3,67 IT Sella Gestnord Azioni Italia A 20,26 90,18 3,64 8

9 Azionari Settoriali INTERNAZIONALI LU Morgan Stanley MSIF Global Opportunity C EUR 40,21 100,70 157,04 LU Eurizon Capital EEF Equity Pharma LTE IH EUR 25,78 88,19 29,37 LU Nordea Nordea Senior Generations Equity BI EUR 44,15 95,04 28,13 LU Invesco Invesco Global Smaller Companies Equity R Cap $ 26,56 88,63 25,34 LU Nordea Nordea Senior Generations Equity E $ 41,82 85,99 22,62 LU Fidelity Fidelity World E Cap EUR 35,32 82,55 22,03 LU AXA AXA WF Framlington Talents Global F Cap EUR 31,46 76,35 15,45 Rg Capital Growth LU Sicav Robeco Global Value Eq. D EUR 28,05 75,89 14,77 LU Schroders SISF Global Smaller Companies A1 Cap. $ 31,12 75,92 14,30 LU Goldman Sachs GS Global Eq. Partner E Cap EUR 30,30 73,80 11,24 9