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Equity - Global & Regional Funds > Willerequity Italy p
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Latest NAV (17/06/13) : EUR 12.63 Subscription
Chart - Outlook - Performance - Allocation
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Outlook
Fund Manager's Comment

 
We think that even with more volatility, Italian markets will stay in a positive mood in the next months. There is nothing really exciting over there, especially on the macro front (which is still depressed by very slow growth and unemployment) but almost all the potential “risk off” factors are under the Central Banks control.
We believe that the FED and the BOJ will continue their efforts to fuel their respective economies, and we continue to see steps suggesting a shift from “only austerity” to “growth and austerity” in Europe. Only the ECB, in our opinion, can actually be a real game changer for the Eurozone: we wait for other measures coming from Frankfurt to completely adopt a bull attitude, reducing eventually our over exposure to some defensive sectors (particularly Utilities) and adding some beta to our portfolio, increasing again our exposure to financials. Of course, if downside risks will emerge, we will act consequently.

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Performance
Cumulative
1 month 1 year 3 years 5 years since launch
W-Italy -4.2% 23.3% -5.6% -15.7% 26.3%
MSCI Italy -9.0% 17.7% -21.9% -47.9% -47.0%

Calendar year
Ytd 2013 2012 2011 2010 2009
W-Italy 5.2% 11.9% -19.3% -2.3% 22.9%
MSCI Italy -4.1% 6.9% -23.3% -11.9% 18.8%

Over 36 months
Volatility Annualized Return Sharpe Ratio
W-Italy 4.41 % -1.91 % -0.13
MSCI Italy 6.47 % -7.90 % -0.30

The fund performance data does not take into account any commission or costs incurred upon issue or redemption of units.

Allocation
10 largest holdings
INTESA SANPAOLO SPA 6.7%
UNICREDIT SPA 5.7%
PARMALAT SPA 5.6%
LUXOTTICA GROUP SPA 5.3%
AUTOGRILL SPA 5.0%
MEDIOBANCA SPA 5.0%
TERNA SPA 4.6%
RECORDATI SPAUSTRIA 4.0%
ENI SPA 4.0%
ASSICURAZIONI GENERA 3.8%
Sector Allocation
Financials 30.0%
Cons. discretionary 18.1%
Industrials, trading 13.2%
Utilities 10.0%
Materials 6.3%
Cash 3.5%
Country Allocation
Italia 90.2%
Luxemburg 3.1%
France 2.8%
Cash 3.5%