In the first few months of the year, we reduced the equity risk of the portfolios. As expected, in fact – due to the "trade war" undertaken by the United States – we saw a sudden rise in volatility. The uncertainty related to the macroeconomic landscape has increased, and for the next few months, we would prefer to maintain a neutral position regarding the riskier main investment categories. Having said that, we are reasonably positive about investment-grade credit, despite some interest rate volatility... Read more >>
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