Position closed on Swisscom

The primarily domestic Swiss telco has been a remarkable performer whatever investors sentiment about the CHF, about Swiss growth, about Telcos at large and about the hard to decipher situation in Italy. Its domestic top line has actually declined over the first 9 months of 2017 with only a slight erosion to exceptionally high domestic Ebit margins (24%). The stock has served its purpose which was to protect the performance in dull markets and now seems less in fashion momentum wise. Trade Performance +12.2% since June 12th, 2017 (232 days). AlphaValue Active Portfolio's outperformance YTD : 3.2% vs 2.7% for STOXX600.