However, my reasoning probably isn't so different — the more bullish I get, the more rapidly
I expect deep value stocks to be revalued in the market (or be acquired), and / or special situation catalysts to deliver substantial value & upside.
This limited exposure has been despite Italy being one of the few jurisdictions (the U.S. mid-caps being another) where M&A is
expected to be a theme over the next couple of years, and Italian bank
stocks generally representing very
deep value (albeit with elevated regulatory risk).