Minerva Investment Management Society

Fund Update · Multi Asset Global Opportunities Fund

Multi Asset Global Opportunities Fund - May 2026

· Portfolio Management · Multi Asset Global Opportunities Fund

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Summary

The Fund returned +9.1% YTD in EUR terms (+21.3% last 12 months), with AUM reaching €12.35m, continuing to outperform major global benchmarks. This rebalancing reflects a clear regime call: we are operating in a stagflationary, supply-driven environment where inflation persistence constrains policy flexibility, energy markets anchor volatility, and geopolitical fragmentation drives cross-asset dispersion. The portfolio changes are aligned to reflect this view. In fixed income, we increased allocation by +3% while materially shortening duration, exiting Eurozone peripheral (“PIIGS”) belly exposure where term premia are underpricing inflation persistence. Capital has been redeployed into high-quality investment-grade sovereigns and short-end opportunities, improving carry while reducing convexity risk to further inflation shocks. In equities, we reduced exposure to export-sensitive and margin-compressed names, where input cost volatility and FX dynamics remain underappreciated risks. Capital has been reallocated towards businesses with demonstrable pricing power and more resilient demand profiles, resulting in a more concentrated, conviction-driven equity sleeve. In commodities, we reduced gold exposure as its behaviour has shifted from a reliable macro hedge towards a rate-sensitive, positioning-driven asset, with short-term price action increasingly dominated by speculative flows. At the portfolio level, we also implemented our first FX hedge, entering a 3M rolled FX swap USD/EUR. This reflects a view that USD strength is vulnerable to rate differential compression and structural pressures, and that unhedged USD exposure no longer offers asymmetric upside. Overall, the portfolio is now positioned with lower duration risk, higher equity selectivity, and more explicit macro alignment, accepting higher concentration in exchange for clearer expression of our core views which will be monitored until the next report.

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Details

Published
18 May 2026
Division
Portfolio Management
Fund
Multi Asset Global Opportunities Fund
Type
Fund Update
Pages
16
Authors
13

Cite this report

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

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