'In Italy, Moltiply is a fast-growing mid cap'

This market phase could represent an opportunity to increase equity exposure, but with selectivity and without forgetting the risks of a critical moment with uncertain visibility. This is explained by Andrea Cecchini, head of the private and wealth division of the Bcc Iccrea group and general manager of Bcc Risparmio&Previdenza Sgr.

From the point of view of investors, many of whom still have low exposure to the stock market, the current phase of volatility may represent an interesting opportunity for a gradual entry into the markets, taking advantage of price retracements and maintaining an approach consistent with long-term objectives. From a planning perspective and with the support of structured advice, these correction moments can be read as opportunities to selectively increase equity exposure. From a different perspective, I believe we are in a phase where market visibility is severely reduced: geopolitical dynamics, evolving monetary policies and global trade tensions generate a framework of structural uncertainty. In recent years, the US stock market has driven global growth thanks to the dynamism of the economy and the weight of large technology companies. However, today that American exceptionalism seems to be coming into question: the Trump administration's policies, perceived as aggressive and fiscally unsustainable, have begun to wear down investor confidence. In this context, the direction of the markets will depend on the credibility of political, economic and institutional responses. It is a phase that requires lucidity, global reading skills and, above all, active and flexible portfolio management.

Our approach is one of prudence and selectivity. Against a backdrop of global geopolitical and economic instability, we believe the key is to carefully assess the room for manoeuvre of the various economies. In the US, fiscal policy is already highly expansionary and the Fed's room for manoeuvre is limited, not least because of the inflationary pressures generated by tariffs. By contrast, in Europe and Asia, there are wider margins for coordinated and targeted stimulus policies. We have already begun to reorient portfolios, gradually reducing exposure to the US market and increasing exposure to European and Asian assets, which are now more defensive.

We favour those sectors that are less exposed to global trade tensions and have more stable demand. In particular, we believe that telecommunications and transport can offer good protection. Similarly, regulated sectors such as utilities and high value-added segments such as software, especially if they have recurring business models, are attractive refuge areas.

The Italian market outperformed the European market in the first part of the year, also supported by low valuations. However, the sector structure of the list, which is highly dependent on the banking sector, exposes the market to greater volatility in the event of a worsening macroeconomic scenario.