Alessandro Costa

“Despite the expectations of slower economic growth, the market continued to deliver positive returns. A high level of stock buybacks and corporate deal activity helped stocks to surge in April. These positive returns pushed the year-to-date results of the main indexes to more than five per cent in local currency. In April we have not changed our portfolios. However, we are waiting for newcomers in order to enhance the quality of our portfolios. In fact we are moving away from large and fat organisations towards small and hungry ones.”