1、ITALY INVESTMENTREPORT CONTENTSITALY MARKET REVIEW 4CULT WINES PERFORMANCE 6ITALY MARKET OUTLOOK 7 Barolo summary 8 Super Tuscan summary 10 Brunello di Montalcino summary 11CULT WINES INVESTMENT VIEW 12CULT WINES|WINEINVESTMENT.COM3KEY POINTS:Italian fine wine has posted impressive growth in recent

2、years.The Liv-exs Italy 100 index rose by 8.8%in 2020,the top regional growth figure.Despite a slower start to 2021,our long-term outlook for the Italian market remains positive even if outperformance does not return to 2020 levels.A string of strong Barolo and Super Tuscan vintages are poised to le

3、ad the region in the coming years.Top Brunello di Montalcino wines also offer a compelling growth opportunity.The diversity of choice means a dynamic approach can help find the best opportunities among this exciting region for fine wine investing.CULT WINES|WINEINVESTMENT.COM4the Italy 100 has poste

4、d a 7.1%compound annual growth(CAGR)rate.This growth has helped Italy shoot up Liv-exs Power 100 list with 17 Italian producers (four in the Top 10)appearing on the list in 2020 versus eight in 2019.Italian fine wine is definitely in vogue!The increased recognition has led to a rise in Italys trade

5、share.By value,Italys share jumped from 8.8%in 2019 to 15.1%in 2020,according to Liv-ex.Italy then accounted for 16.2%of the trade in the first half of 2021,a far cry from the mid-single digits just a few years ago.ITALY MARKET REVIEWITALY MARKET REVIEWOutstanding wines,a surging trade share,and out

6、sized returns-Italy has asserted itself as one of the most dynamic regions of the fine wine universe.In 2020,Liv-exs Italy 100 index posted an 8.8%return,the highest regional figure among the Liv-ex indices.But Italian wines are no one-year wonder with the Italy 100 five-year return sitting at 46.5%