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Equity - Global & Regional Funds > Willerequity Italy p
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Latest NAV (16/05/13) : EUR 13.16 Subscription
Chart - Outlook - Performance - Allocation
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Outlook
Fund Manager's Comment

 
With Italy’s new government, and if we overlook that the cost of Cyprus bailout seems to be increased by 6bn (we actually do not know where those funds will be found), markets are in risk off mode again.
Corporate results were mixed, with more negative news than positive. Biggest disappointments came from staples, especially from food.
We stick to our prudent attitude, but we have to recognise that the market is really stable. Without bad news, we will add to our equity exposure during the month, giving our preference to those sectors that are sending interesting signs of renewed interest from investors: telecoms, utilities and financials.

 

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Performance
Cumulative
1 month 1 year 3 years 5 years since launch
W-Italy 8.9% 27.8% 2.5% -15.5% 31.6%
MSCI Italy 12.0% 25.8% -11.5% -48.7% -41.9%

Calendar year
Ytd 2013 2012 2011 2010 2009
W-Italy 9.6% 11.9% -19.3% -2.3% 22.9%
MSCI Italy 5.0% 6.9% -23.3% -11.9% 18.8%

Over 36 months
Volatility Annualized Return Sharpe Ratio
W-Italy 4.48 % 0.82 % -0.30
MSCI Italy 6.64 % -3.99 % -0.45

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

Allocation
10 largest holdings
LUXOTTICA GROUP SPA 5.4%
MEDIOBANCA SPA 5.1%
PARMALAT SPA 5.0%
UNICREDIT SPA 4.8%
AUTOGRILL SPA 4.7%
TERNA SPA 4.7%
INTESA SANPAOLO SPA 4.3%
ENI SPA 4.2%
CREDITO EMILIANO SPA 4.1%
ASSICURAZIONI GENERA 3.9%
Sector Allocation
Financials 26.1%
Cons. discretionary 18.0%
Industrials, trading 13.6%
Utilities 10.3%
Materials 5.6%
Cash 8.2%
Country Allocation
Italia 86.3%
Luxemburg 2.7%
France 2.5%
Cash 8.2%