The wide gap that has opened between Italian large and small caps since the second half of 2022 has taken an increasingly heavy toll on our absolute and relative performance. Remember that most funds in the Italian equity universe are benchmarked against the MIB index and that even Ordinary PIR funds are preponderantly invested in large caps, whereas our Fund is an Alternative PIR mostly invested in small caps.
It has been increasingly evident in the course of this year that the ongoing market dislocations are indicative of a systemic problem that requires a top-down intervention at the institutional level. We have therefore taken the initiative of carrying two proposals aimed at directing Italian savings towards listed SMEs and expanding the size and liquidity of the Italian stock market.
There follows the document that illustrates the proposals, which we have recently had the opportunity of presenting to the Ministry of Enterprises and Made in Italy (MIMIT).
Here is the original wider document, which has been condensed in the former:
Similar proposals are contained in the recent Manifesto Mercati Capitali promoted by Borsa Italiana and signed by a panel of experts and professionals.
Our goal is to make sure that these and other initiatives converge into a common set of proposals.