Minerva Investment Management Society

Fund Update · Multi Asset Global Opportunities Fund

Multi Asset Global Opportunities Fund - December 2025

· Portfolio Management · Multi Asset Global Opportunities Fund

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Summary

Over the review period the Fund delivered a strong +9.6% return in EUR terms (annualised 17.6%), outperforming both the Euro STOXX 50 and the S&P 500 while marginally lagging MSCI China, with realised volatility contained at around 7% and a solid risk-adjusted profile. Against a backdrop of uneven global growth, improving prospects for Chinese assets and stretched US equity valuations, we consolidated the equity sleeve into high-conviction European and Chinese holdings, preserving exposure to the European rearmament theme and reducing lower-conviction, fragmented positions. In fixed income we rotated into EUR-denominated sovereigns in the 10–15 year area of the curve, lifting portfolio modified duration from 1.9 to 6.6 to benefit from potential yield compression in intermediate maturities, whilst avoiding short-dated paper in light of residual ECB tightening risk and ongoing USD depreciation. Within commodities we cut cyclical natural-gas exposure, maintained our structural allocation to nuclear energy by shifting part of the position from Cameco into uranium, and retained a cautious stance on industrial metals where AI-related capex appears overly discounted in spot prices. Overall, the portfolio remains tightly risk-managed and well diversified across asset classes and regions.

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Details

Published
10 December 2025
Division
Portfolio Management
Fund
Multi Asset Global Opportunities Fund
Type
Fund Update
Pages
14
Authors
10

Cite this report

Minerva Investment Management Society (2025). Multi Asset Global Opportunities Fund - December 2025. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-december-2025

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