Minerva Investment Management Society

Fund Update · Multi Asset Global Opportunities Fund

Multi Asset Global Opportunities Fund - March 2026

· Portfolio Management · Multi Asset Global Opportunities Fund

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Summary

Over the review period, the Fund delivered +6.1% in EUR terms (+7.0% YTD), outperforming the Euro STOXX 50, S&P 500 and MSCI China, with AUM reaching €12.1m. This was achieved in a more challenging macro environment, with higher realised volatility (~11%) reflecting a more concentrated, conviction-driven positioning.

Against a backdrop of persistent inflation constraining central banks, geopolitical tensions driving dispersion, and energy risk anchoring volatility, we reoriented the portfolio towards resilience and selectivity.

In equities, we reduced exposure to China and policy-sensitive narratives, reallocating towards assets with more visible earnings and policy-supported demand, particularly across defence, healthcare and energy transition themes. In fixed income, we reduced Eurozone duration and diversified into UK Gilts and US Treasuries, lowering sensitivity to the 10-year segment while maintaining high-quality duration as a stabiliser. Commodities exposure remains unchanged, with gold and uranium retained as structural hedges.

Nevertheless, the portfolio remains tightly risk-managed and diversified across asset classes and regions thus balancing structural growth exposures with targeted hedges to navigate an increasingly complex macroeconomic environment.

Authors

Details

Published
23 March 2026
Division
Portfolio Management
Fund
Multi Asset Global Opportunities Fund
Type
Fund Update
Pages
15
Authors
13

Cite this report

Minerva Investment Management Society (2026). Multi Asset Global Opportunities Fund - March 2026. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-march-2026

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