Minerva Investment Management Society

Fund Update · Multi Asset Global Opportunities Fund

Multi Asset Global Opportunities - May 2023

· Portfolio Management · Multi Asset Global Opportunities Fund

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Summary

The ultimate goal of this Fund is to achieve long-term growth whilst controlling volatility. To that end, this portfolio comprises a multitude of highly diversified securities with the possibility, in exceptional cases, to take short-term speculative positions. To ensure high diversification, the Fund is spread across geographies, industries, and asset classes, and is built through stock picking, based on fundamental analysis and macroeconomic views.

The fund the current semester has reported a slight loss of -4.37%, beginning at € 9,747,589 and ending at € 9,321,577.

This unexpected nominal negative return in EUR was mainly due to the depreciation of USD from 1.03 to 1.10. The exposure accounted for almost 40% of the portfolio. Considering the long-term nature of the fund and the high cost of EUR/USD hedging attributable to the difference in the policy rate, that portion of the portfolio was unhedged, and it was mainly the cause of the unexpected return.

Authors

  • Francesco SorbonePortfolio Manager
  • Caterina BeorchiaPortfolio Analyst
  • Anna MaruccioPortfolio Analyst
  • David PermuttiPortfolio Analyst
  • Federico TitaPortfolio Analyst
  • Davide GiulianoHead of Asset Management
  • Gianluca CaffiHead of Portfolio Management

Details

Published
27 May 2023
Division
Portfolio Management
Fund
Multi Asset Global Opportunities Fund
Type
Fund Update
Pages
12
Authors
7

Cite this report

Minerva Investment Management Society (2023). Multi Asset Global Opportunities - May 2023. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-may-2023

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