Fund Update · Diversified Passive Selection Fund
Diversified Passive Selection Fund - December 2025
· Portfolio Management · Diversified Passive Selection Fund
Summary
The Minerva Diversified Passive Selection Fund aims to deliver long-term returns with measured volatility through a disciplined passive allocation across a broad range of ETFs. The Fund seeks to provide diversified exposure to key asset classes and geographic regions, combining a top-down assessment of macroeconomic drivers with a bottom-up perspective to identify sectors and themes offering resilient growth potential.
Over the last semester, the Fund generated a solid +10.08% return since April while maintaining annualised volatility at 6.08%, highlighting the effectiveness of its diversified structure and stable risk profile in an environment of evolving market narratives.
The new allocation reflects our constructive medium-term view on AI-linked opportunities, paired with a prudent appreciation for the potential volatility arising from shifting investor expectations around the realisation of AI-related returns. At the same time, we strengthened exposure to Emerging Markets, notably China and Latin America, where improving cyclical conditions and selective structural reforms offer attractive entry points. We also reinforced our allocation to Japan, supported by corporate governance improvements and an increasingly favourable macro backdrop. Across the broader portfolio, we preserved a balanced stance with a main core allocation while keeping the Fund positioned to capture targeted opportunities as they emerge.
Authors
- Filippo ForzanPortfolio Manager
- Matteo De GuidiPortfolio Analyst
- Daniele StellaPortfolio Analyst
- Gian Nicola BudaPortfolio Analyst
- Anton MichelsPortfolio Analyst
- Gabriele TrainaPortfolio Analyst
- Michele D’AndrilliPortfolio Analyst
- Matteo CaligarisPortfolio Analyst
- Daniele BiondiHead of Asset Management
- Michele RinaldiHead of Portfolio Management
Details
- Published
- 17 December 2025
- Division
- Portfolio Management
- Fund
- Diversified Passive Selection Fund
- Type
- Fund Update
- Pages
- 13
- Authors
- 10
Cite this report
Minerva Investment Management Society (2025). Diversified Passive Selection Fund - December 2025. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2025
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