1、ITALY INVESTMENT REPORT CONTENTSITALY MARKET SUMMARY 3CULT WINE INVESTMENT PERFORMANCE 6CULT WINE INVESTMENT ITALY OUTLOOK 8 Piedmont summary 10 Tuscany summary 13 Brunello di Montalcino summary 15 Emerging Italian regions 17CULT WINES|WINEINVESTMENT.COM3FIGURE 1 Italy outperformance over the long t

2、ermLiv-ex 1000,Liv-ex 100 and Italy 100 index 10-year performanceSource:Pricing data from Liv-ex as of 31 July 2022.Past performance is not a guarantee of future returns.1yr 3yr 10yr Italy 100 15.8%33.1%97.1%Liv-ex 1000 24.3%32.4%95.0%Source:Pricing data from Liv-ex as of 31 July 2022.Past performan

3、ce is not a guarantee of future returns.Jul-12Jul-13Jul-14Jul-15Jul-16Jul-17Jul-18Jul-19Jul-20Jul-21Jul-2280160140120100180200220Index levels rebased at 100 on 31 July 2012Italy 100Liv-ex 100Liv-ex 1000ITALY MARKET SUMMARY KEY TAKEAWAYItalian wines remain a source of long-term growth and stability d

4、espite recent rates of return lagging the soaring Burgundy and Champagne regions.The Italian fine wine market remains solid,with the Liv-ex Italy 100 index posting a 15.8%12-month gain(as of 31 July 2022)and a 30.7%rise going back to the beginning of 2020.However,compared to 2020 when Italy was the

5、top performing Liv-ex sub-region,the regional market has taken a back seat to surging Burgundy and Champagne and,consequently,the wider Liv-ex 1000 index.But Italy still forms a source of growth and stability in a fine wine portfolio.Figure 1 puts Italys recent underperformance into perspective,show

6、ing consistent growth over the long-term.ITALY MARKET SUMMARY ITALY MARKET SUMMARYCULT WINES|WINEINVESTMENT.COM4FIGURE 2 A happy medium with Italy 5-year annualised returns and volatility of Liv-ex regional indices Source:Pricing data from Liv-ex as of 31 July 2022.Volatility=standard deviation of m