# Minerva Investment Management Society: every published report > The full research archive of the Minerva Investment Management Society, the student investment society of Università Bocconi, one entry per report: title, date, division, fund, type, authors, tags, summary and the report's permanent address. Generated from the same records as the website on 2026-10-23. Research is produced by students for educational purposes and is not investment advice. Archive: https://minervaims.org/archive Track record: https://minervaims.org/track-record Citation form: Minerva Investment Management Society (year). Title. Division. URL ## The European Energy Pricing Mechanism: A Survey of Theory, Strengths and Limitations - Address: https://minervaims.org/archive/the-european-energy-pricing-mechanism-a-survey-of-theory-strengths-2026 - Date: 2026-10-14 - Division: Macro Research - Type: Macro Research Report - Authors: Adam Lugossy (Head of Macro Research); Giuseppe Spina (Senior Macro Research Analyst); Sophia C. Froehlich (Senior Macro Research Analyst); Matteo Dalla Val (Macro Research Analyst); Berend Dasbach (Macro Research Analyst); Simona Necula (Macro Research Analyst) - Pages: 27 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1791920048521-Energy_Macro_Research_vf2.pdf - Cite as: Minerva Investment Management Society (2026). The European Energy Pricing Mechanism: A Survey of Theory, Strengths and Limitations. Macro Research. https://minervaims.org/archive/the-european-energy-pricing-mechanism-a-survey-of-theory-strengths-2026 This report examines the European electricity pricing mechanism, its theoretical foundations, and its implications for economic competitiveness. It outlines the institutional structure of European electricity markets and compares uniform and discriminatory pricing mechanisms, highlighting their trade-offs between efficiency, producer payments, and investment incentives. The report then evaluates the European Union's 2024 electricity market reforms, focusing on short-term market efficiency and long-term contracting through power purchase agreements and contracts for difference. While the reforms address several existing shortcomings, further improvements in market integration, competition, and contract design are needed to reduce price volatility, encourage investment, and strengthen Europe's resilience to future energy shocks. ## A Data-Driven DCF Valuation Framework - Address: https://minervaims.org/archive/a-data-driven-dcf-valuation-framework-2026 - Date: 2026-06-18 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Elena Sofia Broggini (Quantitative Research Analyst); Luca Busetti (Quantitative Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1781959753952-DCF__SMM_2__4_.pdf - Cite as: Minerva Investment Management Society (2026). A Data-Driven DCF Valuation Framework. Quantitative Research. https://minervaims.org/archive/a-data-driven-dcf-valuation-framework-2026 The Quantitative Research Division of the Minerva Investment Management Society is pleased to share its latest article: “A Data-Driven DCF Valuation Framework” Inspired by the simulation-based valuation framework introduced by, Corrado Botta Researcher at Bocconi University, this article explores how the Simulated Method of Moments (SMM) can be integrated into a Discounted Cash Flow (DCF) framework to estimate growth dynamics in a more rigorous and data-driven manner. Rather than relying on analyst-selected growth assumptions, the methodology calibrates a stochastic growth process to historical firm data and incorporates the resulting estimates into a DCF valuation model. The paper covers the theoretical foundations of DCF valuation, the estimation of AR(1) growth dynamics through Monte Carlo simulation and an empirical application to Microsoft Corporation. One of the main takeaway: simulation-based estimation can provide objectively grounded growth projections and a probabilistic assessment of intrinsic value, reducing reliance on arbitrary assumptions, while preserving the intuition underlying fundamental valuation. ## Walt Disney Company - Equity Research - Address: https://minervaims.org/archive/walt-disney-company-equity-research-2026 - Date: 2026-06-05 - Division: Equity Research - Type: Equity Research Report - Authors: Filippo Torsa (Lead Analyst); Lisa Riva (Analyst); Savvina Salvaridou (Analyst); Loyd Patrick Thomas Hegarty (Analyst); Alex Cuker (Analyst); Giuseppe Marcarelli (Analyst); Anna Proturo (Co-Head of Equity Research); Tho Anh Vu (Co-Head of Equity Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1789727623432-Walt_Disney_Company.pdf - Cite as: Minerva Investment Management Society (2026). Walt Disney Company - Equity Research. Equity Research. https://minervaims.org/archive/walt-disney-company-equity-research-2026 The Equity Research Team is pleased to present its second report of the semester, covering The Walt Disney Company (DIS). As one of the world’s leading media and entertainment companies, Disney operates an integrated ecosystem spanning content creation, streaming, sports media, and global experiences, supported by an unparalleled portfolio of intellectual property. Our analysis evaluates Disney’s long-term investment case, with particular focus on the profitability of its Direct-to-Consumer segment, ESPN’s transition toward a direct-to-consumer model, and the sustainability of growth within Disney Experiences. To determine a comprehensive valuation, we applied a blended methodology combining a Discounted Cash Flow model with a comparable companies analysis. Based on our findings, we issued a HOLD recommendation with a target price of $92.68 per share, implying approximately 7% downside. While Disney has significantly improved profitability and cash flow generation, we believe its recovery is largely reflected in the current valuation, with execution risks remaining across its key strategic initiatives. This report was produced through the excellent work of Filippo Torsa (Lead), Lisa Riva, Savvina Salvaridou, Loyd Hegarty, Alex Cuker, and Giuseppe Marcarelli, with professional guidance and supervision provided by Tho Anh Vu and Anna Proturo. ## Dupire’s Local Volatility Model and Its Use on FX Exotic Desks - Address: https://minervaims.org/archive/dupires-local-volatility-model-and-its-use-on-fx-exotic-desks-2026 - Date: 2026-05-26 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Ianina Tarca (Head of Quantitative Research); Oscar Poirier (Quantitative Research Analyst) - Pages: 28 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1779888546457-oscar.pdf - Cite as: Minerva Investment Management Society (2026). Dupire’s Local Volatility Model and Its Use on FX Exotic Desks. Quantitative Research. https://minervaims.org/archive/dupires-local-volatility-model-and-its-use-on-fx-exotic-desks-2026 This paper examines how Dupire’s local volatility framework links liquid vanilla FX option markets to the pricing and risk management of path-dependent exotic derivatives. The research covers the derivation of the Dupire formula, its adaptation to foreign exchange markets, the construction of FX volatility smiles from ATM, risk reversal and butterfly quotes, and the use of local volatility models in pricing products such as barrier options, one-touches, no-touches and target redemption forwards. A key conclusion is that while local volatility remains a powerful benchmark and calibration tool for FX exotic desks, pure local volatility has important limitations, especially when it comes to smile dynamics and hedging. For this reason, modern desks often rely on stochastic volatility or local-stochastic volatility extensions for production pricing and risk management. ## Long Short Equity Fund - May 2026 - Address: https://minervaims.org/archive/long-short-equity-fund-may-2026 - Date: 2026-05-20 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Federico Indrieri (Portfolio Manager); Ivan Yepifanov (Senior Portfolio Analyst); Aigerim Turuspekova (Portfolio Analyst); Annadele Tortora (Portfolio Analyst); Francesco Anastasi (Portfolio Analyst); Giorgio Gagliardo (Portfolio Analyst); Hristo Petrov (Portfolio Analyst); Kim Lan Vo (Portfolio Analyst); Polina Drofa (Portfolio Analyst); Szofi Varga (Portfolio Analyst); Aleksandar Georgiev (Head of Portfolio Management) - Pages: 20 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1779297669172-MIMS_Long-Short_Fund_May_2026.pdf - Cite as: Minerva Investment Management Society (2026). Long Short Equity Fund - May 2026. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-may-2026 The Long-Short Equity Fund seeks to generate a positive absolute return throughout all market conditions. By employing a long-short structure, the fund aims to maintain both market-neutral and beta-neutral exposure while keeping low correlation with major market indices. Its investment strategy is grounded in a proprietary multifactor quantitative model designed to support a systematic, rule-based approach to stock selection. The fund’s asset allocation is driven by factor weights, which are automatically determined via a time-series factor-momentum framework. Between 24 November 2025 and 24 April 2026, the fund did not achieve a positive return, recording an annualized return of -2.2% from a net-zero investment exposure. During the semester, the team implemented a new tail-risk factor while further developing the systematic factor framework, improving factor diagnosis and automating factor weighting. The new tail-risk factor is designed to capture stocks’ exposure to extreme market events and has historically performed particularly well during periods of high volatility. Furthermore, an important addition has been the introduction of fully automated factor weighting via a time-series factor-momentum framework, representing a significant step toward a fully automated stock-selection pipeline. The team also refined the fund’s statistical metrics to better account for the increasing complexity of the evolving factor model. Additional research into climate-based investing and machine learning applications was also conducted and will be further developed in future semesters. ## Multi Asset Global Opportunities Fund - May 2026 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2026 - Date: 2026-05-18 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Edgar Coates (Portfolio Manager); Francesco Catalanotti (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Sofia M. V. De Palma (Portfolio Analyst); Lorenzo Larosa (Portfolio Analyst); Anton Michels (Portfolio Analyst); James Moser (Portfolio Analyst); Adriana Ovcharova (Portfolio Analyst); Matteo Persico (Portfolio Analyst); Gabriele Traina (Portfolio Analyst); Raffaele M. Valensise (Portfolio Analyst); Riccardo Colombo (Head of Asset Management); Aleksandar Georgiev (Head of Portfolio Management) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1779090247709-MIMS_Multi-Asset_MAY_2026_Fund_File.pdf - Cite as: 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 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. ## Paramount Skydance Corp. - Equity Research - Address: https://minervaims.org/archive/paramount-skydance-corp-equity-research-2026 - Date: 2026-05-13 - Division: Equity Research - Type: Equity Research Report - Authors: Cosimo Jacopo Guadalupi (Lead Analyst); Aniello Renzullo (Analyst); Luca Zhuo (Analyst); Hans Gabriel Lin (Analyst); Jill Samantha Pascual (Analyst); Francesca Rombolà (Analyst); Tho Anh Vu (Co-Head of Equity Research); Anna Proturo (Co-Head of Equity Research) - Pages: 18 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1778743426436-PSKY__May_2026.pdf - Cite as: Minerva Investment Management Society (2026). Paramount Skydance Corp. - Equity Research. Equity Research. https://minervaims.org/archive/paramount-skydance-corp-equity-research-2026 The Equity Research Team is pleased to present its first report of the semester on Paramount Skydance Corporation. Following the completion of the Skydance transaction in August 2025, the company has entered a transformative phase focused on scaling its Direct-to-Consumer platform and monetizing its iconic IP portfolio. Our analysis evaluates the firm’s trajectory as a hybrid media platform, specifically addressing the structural decline of linear TV, post-merger synergy realization, and the strategic optionality surrounding a potential acquisition of Warner Bros. Discovery. To determine a comprehensive valuation, we applied a blended methodology combining a Discounted Cash Flow model with a comparable companies analysis, alongside a merger model to assess the long-term impact of a Paramount–WBD combination. Based on these findings, we have issued a HOLD recommendation with a target price of $11.89 per share. This target reflects moderate upside potential tempered by execution risks, high leverage, and the general uncertainty currently defining the global media landscape. This report was produced through the excellent work of Cosimo Jacopo Guadalupi, Aniello Renzullo, Luca Zhuo, Hans Gabriel Lin, Jill Samantha Pascual, and Francesca Rombolà, with professional guidance and supervision provided by Tho Anh Vu and Anna Proturo. ## Global Outlook - May 2026 - Address: https://minervaims.org/archive/global-outlook-may-2026 - Date: 2026-05-05 - Division: Investment Research - Type: Investment Outlook - Authors: Volodymyr Pavliv (Head of Investment Research); Tom Petit (Co-Head of Investment Research); Elias Bouzamondo (Head of Fixed Income); Mylan Monteil (Head of Equities); Seungjae Kim (Head of FX & Commodities); Emanuele Bozzo (Fixed Income Strategist); Guillermo Shaw (Fixed Income Strategist); Pierre-Philippe Derckx (Fixed Income Strategist); Paul Chatin (Equities Strategist); Oscar Bowyer (Equities Strategist); Lorenzo Grimaldi (Equities Strategist); Alexander Brune (Equities Strategist); Karim Vallaro (FX & Commodities Strategist); Elliot Blanckaert (FX & Commodities Strategist); Tommaso Domenis (FX & Commodities Strategist); Irene Vaccaro (FX & Commodities Strategist) - Pages: 19 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1778777972913-Global_Outlook_May_2026.pdf - Cite as: Minerva Investment Management Society (2026). Global Outlook - May 2026. Investment Research. https://minervaims.org/archive/global-outlook-may-2026 The report opens with a broad assessment of the current global macro and market landscape, covering key developments across major economies, geopolitical risks, and the main forces shaping financial markets. This edition focuses on themes such as Europe’s rearmament and the emergence of a new fiscal regime, energy-market vulnerabilities around the Strait of Hormuz and Bab el-Mandeb, the outlook for South Korea and Singapore, and the evolving dynamics between gold and silver. The second section presents our strategic and tactical views across various asset classes, including fixed income, equities, currencies, and commodities, providing insights on their relative attractiveness and strategic investment recommendations. ## Private Credit: Functioning, Emergence, and a Threatening Crisis - Address: https://minervaims.org/archive/private-credit-functioning-emergence-and-a-threatening-crisis-2026 - Date: 2026-05-04 - Division: Macro Research - Type: Macro Research Report - Authors: Alessandro Pagan (Head of Macro Research); Khai Mai Cao (Co-Head of Macro Research); Giovanni Francescato (Group Leader); Xinjie Sophia Wu (Macro Research Analyst); Adriano La Ragione (Macro Research Analyst); Siddhanth Narayana Achanta (Macro Research Analyst); Giovanni Lacoppola (Macro Research Analyst) - Pages: 9 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1778102065113-Private_Credit_Report_Finalized.pdf - Cite as: Minerva Investment Management Society (2026). Private Credit: Functioning, Emergence, and a Threatening Crisis. Macro Research. https://minervaims.org/archive/private-credit-functioning-emergence-and-a-threatening-crisis-2026 Over the past decade, private credit has become one of the fastest-growing segments of global finance, reshaping the way credit is intermediated in the economy. As lending has shifted away from traditional banks toward non-bank institutions, private markets have expanded rapidly, offering new opportunities for investors while providing financing to firms that would otherwise struggle to access public debt markets. However, the environment has changed. Higher interest rates, geopolitical uncertainty, and evolving technological risks are beginning to test the resilience of this model. What once appeared as a stable and attractive asset class is now facing increasing pressure, particularly due to structural features such as liquidity mismatch, valuation opacity, and rising redemption constraints. This report takes a closer look at how private credit works, the forces behind its rapid expansion, and the emerging risks that could turn localized stress into broader macro-financial instability. By analyzing market structure, investor behavior, and financial linkages, we aim to shed light on whether current tensions are a contained adjustment or the early signs of a more systemic issue. ## Option Pricing via Fourier methods - Address: https://minervaims.org/archive/option-pricing-via-fourier-methods-2026 - Date: 2026-04-27 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Ianina Tarca (Head of Quantitative Research); Afonso Tavares da Silva (Quantitative Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1777636973110-Fourier_transform.pdf - Cite as: Minerva Investment Management Society (2026). Option Pricing via Fourier methods. Quantitative Research. https://minervaims.org/archive/option-pricing-via-fourier-methods-2026 This paper explores how Fourier transforms and characteristic functions can be used to price options efficiently, especially in models where closed-form densities are unavailable. It covers the mathematical intuition behind the approach, its connection to risk-neutral pricing, and surveys major methods including Heston inversion, Carr–Madan FFT, Lewis, FRFT, CONV, and COS. A key takeaway is that, in many realistic models, the probability density is difficult to handle directly, while the characteristic function remains tractable - making Fourier methods one of the most powerful tools in modern quantitative finance. ## Global Outlook on Advanced and Emerging Economies - Address: https://minervaims.org/archive/global-outlook-on-advanced-and-emerging-economies-2026 - Date: 2026-04-22 - Division: Macro Research - Type: Macro Research Report - Authors: Alessandro Pagan (Head of Macro Research); Khai Mai Cao (Co-Head of Macro Research); Jovana Mrdalj (Group Leader); Giandomenico Vumbaca (Macro Research Analyst); Maria Liova (Macro Research Analyst); Matthew Walzer (Macro Research Analyst); Pramit Priyam Saha (Macro Research Analyst); Ralph Hermans (Macro Research Analyst); Vittorio Cravanzola (Macro Research Analyst) - Pages: 23 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1777104841595-Global_Outlook_Report_Complete_finale.pdf - Cite as: Minerva Investment Management Society (2026). Global Outlook on Advanced and Emerging Economies. Macro Research. https://minervaims.org/archive/global-outlook-on-advanced-and-emerging-economies-2026 The global economy in 2026 continues to be shaped by overlapping shocks: the energy crisis triggered by the Russia-Ukraine war, renewed conflict in the Middle East, and a wave of protectionist trade policies that have redefined supply chains and geopolitical alignments alike. In this environment, domestic fundamentals alone are no longer sufficient to understand economic performance; growth, inflation, fiscal sustainability, and external balances are increasingly driven by energy security, trade realignment, and strategic exposure to global risk. This report takes a broad comparative lens, covering Brazil, Indonesia, South Africa, Turkey, Taiwan, and Japan, alongside a special feature on the Middle East. By examining economies with different institutional structures, income levels, and geopolitical positions, we aim to offer a more complete picture of the risks and opportunities that will define the period ahead. ## Variance risk premia and stock return predictability - Address: https://minervaims.org/archive/variance-risk-premia-and-stock-return-predictability-2026 - Date: 2026-04-08 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Ianina Tarca (Head of Quantitative Research); Michael Ladaa (Quantitative Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1775645227992-Variance_risk_premium.pdf - Cite as: Minerva Investment Management Society (2026). Variance risk premia and stock return predictability. Quantitative Research. https://minervaims.org/archive/variance-risk-premia-and-stock-return-predictability-2026 The Quantitative Research Division at the Minerva Investment Management Society is pleased to present our latest research paper: “Variance Risk Premia and Stock Return Predictability: Nonlinear Evidence from Polynomial and Spline Models” Can volatility markets help predict future stock returns - and are we missing key signals by assuming linear relationships? In this paper, we revisit the predictive power of the variance risk premium (VRP), a widely studied measure capturing compensation for bearing volatility risk. While much of the literature relies on linear models, we explore whether allowing for nonlinearities can uncover additional predictive information. Using U.S. equity data, we compare linear, polynomial, and spline-based specifications, as well as regime-dependent extensions. Our findings show that simple nonlinear models — particularly spline-based approaches — substantially improve out-of-sample forecasting performance, highlighting that the relationship between VRP and future returns is inherently nonlinear. At the same time, the results emphasize the importance of parsimony: more complex models improve in-sample fit but do not necessarily translate into better out-of-sample performance. ## Industry Analysis: M&E Industry - Address: https://minervaims.org/archive/industry-analysis-m-and-e-industry-2026 - Date: 2026-03-28 - Division: Equity Research - Type: Equity Research Report - Authors: Rosita Cirillo (Lead Analyst); Giuseppe Marcarelli (Analyst); Nikola Stoev (Analyst); Anna Proturo (Co-Head of Equity Research); Tho Anh Vu (Co-Head of Equity Research) - Pages: 23 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1774704889422-M_E_Industry_Report.pdf - Cite as: Minerva Investment Management Society (2026). Industry Analysis: M&E Industry. Equity Research. https://minervaims.org/archive/industry-analysis-m-and-e-industry-2026 Our Equity Research team is pleased to present our latest thematic report on the Media & Entertainment (M&E) industry, "Media & Entertainment Industry: March 2026 Outlook—Structural Shifts, Growth Drivers and Valuation Outlook". After years of expansion fueled by easy capital and volume-driven strategies, the next leg of industry growth looks less about content scale and more about operating model reinvention, capital efficiency, and value spread sustainability. M&E is currently a ~$2.9T revenue industry (2024) with a path to ~$3.5T by 2029 (3.7% CAGR), generating approximately $577bn in incremental revenue. Growth is concentrating in high-margin digital pools—specifically internet advertising (11-15% CAGR), social video, and gaming—while legacy physical segments like print and physical media continue to face structural declines. The strategic playbook for 2026–2030 centers on AI-enabled operating leverage to reshape production and discovery, a pivot from "growth-at-all-costs" toward margin discipline, and selective consolidation to challenge dominant platforms. We see the cleanest risk-adjusted profiles in pure streaming leaders with attractive ROIC-WACC spreads and Music/Sports IP owners with long-duration royalty streams, whereas hybrid media and traditional distribution require greater selectivity due to elevated leverage and structural transition stress. ## Multi Asset Global Opportunities Fund - March 2026 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-march-2026 - Date: 2026-03-23 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Edgar Coates (Portfolio Manager); Francesco Catalanotti (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Sofia M. V. De Palma (Portfolio Analyst); Lorenzo Larosa (Portfolio Analyst); Anton Michels (Portfolio Analyst); James Moser (Portfolio Analyst); Adriana Ovcharova (Portfolio Analyst); Daniele Stella (Portfolio Analyst); Gabriele Traina (Portfolio Analyst); Raffaele M. Valensise (Portfolio Analyst); Riccardo Colombo (Head of Asset Management); Aleksandar Georgiev (Head of Portfolio Management) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1774274643136-Multi_Asset_Global_Opportunities_Fund_-_March_2026.pdf - Cite as: 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 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. ## Signature methods in finance - Address: https://minervaims.org/archive/signature-methods-in-finance-2026 - Date: 2026-03-20 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Ianina Tarca (Head of Quantitative Research); Sebastian Skjensvold (Quantitative Research Analyst); Filip Borzecki (Quantitative Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1775645184856-signatures__2_.pdf - Cite as: Minerva Investment Management Society (2026). Signature methods in finance. Quantitative Research. https://minervaims.org/archive/signature-methods-in-finance-2026 The Quantitative Research Division at the Minerva Investment Management Society is pleased to present our latest research paper: “Signature Methods in Finance: A Pathwise Approach to Financial Time Series Representation” Financial time series are inherently path-dependent — not only where prices end matters, but how they evolve over time. Traditional approaches often overlook this by focusing on summary statistics rather than the full trajectory of the data. In this paper, we explore signature methods as a mathematically grounded and non-parametric framework for representing financial time series. By encoding paths through iterated integrals, signatures capture higher-order interactions, temporal dependencies, and ordering effects that are central to many market phenomena. We also highlight the role of Chen’s theorem in enabling efficient computation, making signature-based features particularly relevant for streaming and rolling-window applications. ## LASH Risk - Address: https://minervaims.org/archive/lash-risk-2026 - Date: 2026-02-28 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Ianina Tarca (Head of Quantitative Research); Elena Sofia Broggini (Quantitative Research Analyst); Luca Busetti (Quantitative Research Analyst); Pablo Panizza (Quantitative Research Analyst); Adam Lugossy (Macro Research Analyst); Alessandro Pagan (Macro Research Analyst); Ludovico Monacelli (Macro Research Analyst) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1772474480985-Lash_risk__5_.pdf - Cite as: Minerva Investment Management Society (2026). LASH Risk. Quantitative Research. https://minervaims.org/archive/lash-risk-2026 We are pleased to present a joint project between our Quantitative Research and Macro Research teams aimed at better understanding LASH risk. LASH risk (Liquidity After Solvency Hedging) arises when non-bank financial institutions, such as pension funds and insurers, hedge long-term liabilities using derivatives and, in doing so, unintentionally create short-term liquidity fragility. When interest rates fall, institutions increase hedging to protect solvency. However, when rates subsequently rise sharply, those same hedges can trigger margin calls, forcing asset sales even though funding positions may appear stronger. Our framework aims to clarify why prolonged low-rate environments can build up latent liquidity vulnerabilities that materialize during periods of rapid rate increases. ## Monte dei Paschi di Siena S.p.A. - Equity Research - Address: https://minervaims.org/archive/monte-dei-paschi-di-siena-s-p-a-equity-research-2026 - Date: 2026-02-24 - Division: Equity Research - Type: Equity Research Report - Authors: Savvina Salvaridou (Lead Analyst); Rosita Cirillo (Analyst); Nikola Stoev (Analyst); Aniello Renzullo (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1771964932864-BMPS.pdf - Cite as: Minerva Investment Management Society (2026). Monte dei Paschi di Siena S.p.A. - Equity Research. Equity Research. https://minervaims.org/archive/monte-dei-paschi-di-siena-s-p-a-equity-research-2026 The Equity Research Team is pleased to present its third and final FIG equity research report on Banca Monte dei Paschi di Siena. Founded in 1472 in Siena, MPS stands as a symbol of continuity and excellence in Italian banking. Despite the challenges faced during the 2010 crisis and the government bailout in 2017, the bank has maintained a solid position within the domestic financial system. Throughout 2025, MPS remained under close scrutiny due to uncertainties surrounding the outcome of the transaction with Mediobanca. Both national and international media closely followed the developments, which have now led to a confirmed integration and Mediobanca’s exit from Piazza Affari after 70 years. Against this highly dynamic backdrop, we assessed the group’s prospects following the transaction, with a specific focus on synergy realization and post-acquisition integration. To provide a comprehensive valuation, we applied three different methodologies: an Excess Capital-adjusted Dividend Discount Model (DDM), a market-based valuation through comparable companies, and a Residual Income Model. The latter is particularly useful in assessing whether the bank enjoys a sustainable competitive advantage capable of supporting long-term value creation. Through a pro-forma model, we evaluated the impact of potential synergies under three distinct scenarios (best, base, and worst case), with particular attention to the timing and extent of their realization, especially in the initial years following the deal. ## BNP Paribas SA - Equity Research - Address: https://minervaims.org/archive/bnp-paribas-sa-equity-research-2026 - Date: 2026-02-16 - Division: Equity Research - Type: Equity Research Report - Authors: Anna Proturo (Lead Analyst); Filippo Torsa (Analyst); Alex Cuker (Analyst); Francesca Rombolà (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1771191753530-BNPP_-_Final_Report_-_MIMS.pdf - Cite as: Minerva Investment Management Society (2026). BNP Paribas SA - Equity Research. Equity Research. https://minervaims.org/archive/bnp-paribas-sa-equity-research-2026 We analysed BNP Paribas SA, a major European universal bank headquartered in Paris, operating in 64 countries with a diversified footprint across CPBS, CIB, and IPS. This broad business mix helps smooth earnings through the cycle, supported by a strong capital and liquidity position and a shareholder remuneration policy targeting an overall 60% payout via dividends and share buybacks. In this report, we evaluate BNP Paribas’ core fundamentals, strategic priorities, and principal risks, emphasising the benefits of diversification, ongoing efficiency improvements and fee-growth catalysts (notably the AXA Investment Managers acquisition and the Estreem payments joint venture), alongside the bank’s exposure to the ongoing normalisation of interest rates. On balance, we think current pricing underestimates BNP Paribas’ capacity to deliver durable profitability and grow capital-light, fee-based revenues, while acknowledging execution and macro/credit headwinds. Our valuation combines a Dividend Discount Model with peer multiple benchmarks (P/B and P/E), equally weighted, leading us to a HOLD view and a €110.62 target price—equivalent to a 20.84% potential upside versus the last close of €91.98. ## Currency Tokenisation Race: Public institutions or Private Innovators? - Address: https://minervaims.org/archive/currency-tokenisation-race-public-institutions-or-private-innovators-2026 - Date: 2026-01-03 - Division: Macro Research - Type: Macro Research Report - Authors: Niccolò Rotondi (Head of Macro Research); Simone Vittorio Percoco (Co-Head of Macro Research); Sophia C. Froehlich (Team Leader); Jovana Mrdalj (Research Analyst); Marco Catoni (Research Analyst); Ludovico Monacelli (Research Analyst); Juliette Bourgeois (Research Analyst); Adam Lugossy (Research Analyst); Ralph Hermans (Research Analyst) - Pages: 24 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768431636968-1767795113270.pdf - Cite as: Minerva Investment Management Society (2026). Currency Tokenisation Race: Public institutions or Private Innovators? Macro Research. https://minervaims.org/archive/currency-tokenisation-race-public-institutions-or-private-innovators-2026 The currency tokenisation race is a pivotal moment for the international monetary system, as distributed-ledger technology shifts money from physical instruments and bank deposits toward programmable digital protocols. This shift is accelerating a new contest between public institutions pursuing CBDCs (notably the digital euro) and private innovators expanding stablecoins and tokenised deposits. The stakes are political and macroeconomic: who captures seigniorage, how monetary policy transmission evolves, and whether digital payment infrastructure fragments into competing blocs. In this report, we analyse how tokenisation is changing payment systems, seigniorage, monetary policy (with a focus on the EU), financial markets, and the geopolitical architecture of global liquidity. ## Allianz SE - Equity Research - Address: https://minervaims.org/archive/allianz-se-equity-research-2025 - Date: 2025-12-31 - Division: Equity Research - Type: Equity Research Report - Authors: Andrea Pierini (Lead Analyst); Giuseppe Marcarelli (Analyst); Giorgia Giustizieri (Analyst); Samuel Zanchetta (Analyst); Jill Samantha Pascual (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768431470676-Allianz_December_30th_2025_1767638503.pdf - Cite as: Minerva Investment Management Society (2025). Allianz SE - Equity Research. Equity Research. https://minervaims.org/archive/allianz-se-equity-research-2025 The company we analysed is Allianz SE, one of the world’s leading insurance and asset management groups, headquartered in Munich, Germany. With a global presence spanning nearly 70 countries and serving around 128 million customers, Allianz operates across Property & Casualty, Life & Health, and Asset Management through platforms such as PIMCO and Allianz Global Investors. Its diversified business model, strong capital position, and disciplined risk management foster the group’s long-term stability and ability to generate consistent value. In this report, we assess Allianz’s business fundamentals, strategic positioning, and key risk factors, while highlighting the group’s earnings resilience, capital strength, and shareholder distribution profile. Based on our analysis, we believe the market is undervaluing Allianz’s ability to generate sustainable returns. Our team conducted a comprehensive valuation using a Dividend Discount Model, complemented by a Residual Income (justified P/TBV) analysis, resulting in a BUY recommendation and a target price of €490.99, implying a 25.7% upside from the last closing price. ## Industry Analysis: FIG Industry - Address: https://minervaims.org/archive/industry-analysis-fig-industry-2025 - Date: 2025-12-18 - Division: Equity Research - Type: Equity Research Report - Authors: Cosimo Jacopo Guadalupi (Analyst); Krister Davis Krauklis (Analyst); Giovanni Cianci (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 29 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768431828826-1767185209307-2.pdf - Cite as: Minerva Investment Management Society (2025). Industry Analysis: FIG Industry. Equity Research. https://minervaims.org/archive/industry-analysis-fig-industry-2025 Our Equity Research team is excited to share our latest thematic report on the FIG industry “Global Banks, Insurers, Asset Managers and Fintechs: 2026-2030 Scenarios, Sector Trends and Valuation Outlook”. After an unusually strong earnings cycle, the next leg looks less about rates and more about productivity, distribution, and balance-sheet discipline. We map what that means for returns, regulation, and valuations across the full FIG stack. A few highlights from the report: - Scale + shift: FIG is an ~$18T revenue industry (2024) with a path to ~$24T by 2030 (≈5-6% CAGR). - Where growth concentrates: capital-light fee pools (asset management, payments) vs. capital-heavy balance sheets (banks/insurers), and why that split matters for ROE and multiples. - The playbook for 2026-2030: AI-enabled operating leverage, embedded/open finance distribution, tighter operational-resilience requirements, and selective consolidation. - Risk-adjusted opportunity: we see the cleanest profiles in insurers, diversified asset managers, and high-quality payments infrastructure, while banks and consumer-fintech demand more selectivity and execution. ## Diversified Passive Selection Fund - December 2025 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-december-2025 - Date: 2025-12-17 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Filippo Forzan (Portfolio Manager); Matteo De Guidi (Portfolio Analyst); Daniele Stella (Portfolio Analyst); Gian Nicola Buda (Portfolio Analyst); Anton Michels (Portfolio Analyst); Gabriele Traina (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Matteo Caligaris (Portfolio Analyst); Daniele Biondi (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766704653765-MIMS_Diversified-Passive-Fund-Fall-2025.pdf - Cite as: Minerva Investment Management Society (2025). Diversified Passive Selection Fund - December 2025. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2025 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. ## Path Dependent Volatility Model - Address: https://minervaims.org/archive/path-dependent-volatility-model-2025 - Date: 2025-12-11 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Ianina Tarca (Co-Head of Quantitative Research); Afonso Tavares da Silva (Quantitative Research Analyst); Lorenzo Giambra (Quantitative Research Analyst) - Pages: 22 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706124938-MIMS_QR_PDV-2.pdf - Cite as: Minerva Investment Management Society (2025). Path Dependent Volatility Model. Quantitative Research. https://minervaims.org/archive/path-dependent-volatility-model-2025 The Quantitative Research Division is pleased to present our latest study: “Path-Dependent Volatility Models: Theoretical and Empirical Evidence.” This project examines one of the most fundamental questions in modern volatility modelling: Can implied volatility be explained endogenously from the past returns of the underlying index, without relying on an independent stochastic volatility process? The report contains the full theoretical framework of Path-Dependent Volatility models in both discrete and continuous time, introduces a Markovian approximation suitable for simulation and option pricing, and evaluates the model empirically using more than two decades of SPX and VIX data. Our findings show that the PDV model explains nearly 87% of the out-of-sample variation in implied volatility using only past SPX returns. The framework reproduces major volatility spikes, displays robust statistical behaviour, and uncovers a low-dimensional structure underlying implied volatility dynamics. Beyond forecasting, we also highlight how PDV can be embedded into option pricing methodologies and jointly calibrated to SPX and VIX derivatives. ## Multi Asset Global Opportunities Fund - December 2025 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-december-2025 - Date: 2025-12-10 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Riccardo Colombo (Portfolio Manager); Carl Christian Bengelsdorff (Portfolio Analyst); Francesco Catalanotti (Portfolio Analyst); Edgar Coates (Portfolio Analyst); Sofia M. V. De Palma (Portfolio Analyst); Pietro Lupi (Portfolio Analyst); Adriana Ovcharova (Portfolio Analyst); Boris Penev (Portfolio Analyst); Matteo Persico (Portfolio Analyst); Michele Rinaldi (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1774222847125-Multi_Asset_Global_Opportunities_Fund_-_December_2025.pdf - Cite as: 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 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. ## Long Short Equity Fund - December 2025 - Address: https://minervaims.org/archive/long-short-equity-fund-december-2025 - Date: 2025-12-06 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Aleksandar Georgiev (Portfolio Manager); Federico Indrieri (Senior Portfolio Analyst); Aigerim Turuspekova (Portfolio Analyst); Annadele Tortora (Portfolio Analyst); Giorgio Gagliardo (Portfolio Analyst); Ivan Yepifanov (Portfolio Analyst); Marco Di Marco (Portfolio Analyst); Polina Drofa (Portfolio Analyst); Daniele Biondi (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766704095203-Ls-Final-Report-Dec-2025-FINAL.pdf - Cite as: Minerva Investment Management Society (2025). Long Short Equity Fund - December 2025. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-december-2025 The goal of the Long-Short Equity Fund is to generate a positive absolute return throughout all market conditions. By employing a long-short structure, the fund maintains market-neutral exposure with small correlation to major market indices. Its investment strategy is grounded in a proprietary multifactor quantitative model, designed to facilitate a systematic and rule-based approach to stock selection. The fund’s asset allocation is determined by factor weightings, which are carefully selected based on macroeconomic analysis and the prevailing fundamental characteristics of the market environment. Between 28/04/2025 and 21/11/2025, the fund delivered a positive annualized performance of +13.6% with a net-zero investment exposure. During this semester, the Team implemented new innovative factors while further refining both our systematics factor framework and portfolio construction techniques. With respect to the new factor exposure, the Team further developed our yield curve factor to reflect more precisely macroeconomic conditions via the addition of two new components representing the sensitivity to yield-curve steepness (β₁) and to the hump in the curve (β₂). These additions strengthen the model’s ability to reflect shifts in the macroeconomic environment and resulted in a greater overall weight assigned to these yield curve factors. Furthermore, an important shift concerns the reduced emphasis on size factors, which have been replaced by liquidity metrics (Illiquidity) that currently offer greater explanatory power. In addition, a new portfolio construction framework based on Hierarchical Risk Parity (HRP) has been introduced, supported by strong academic evidence. This methodological evolution has improved risk diversification and has replaced the previous reliance on mean–variance optimization as the fund’s main weighting approach. ## Global Outlook - November 2025 - Address: https://minervaims.org/archive/global-outlook-november-2025 - Date: 2025-12-03 - Division: Investment Research - Type: Investment Outlook - Authors: Volodymyr Pavliv (Head of Investment Research); Lukas Louhiluoto (Co-Head of Investment Research); Elias Bouzamondo (Fixed Income Strategist, Lead); Francesco D’Angela (FX & Commodities Strategist, Lead); Tom Petit (Equities Strategist, Lead); Emanuele Bozzo (Fixed Income Strategist); Guillermo Shaw (Fixed Income Strategist); Felix Lehtonen (Fixed Income Strategist); Irene Vaccaro (FX & Commodities Strategist); Karim Vallaro (FX & Commodities Strategist); Seungjae Kim (FX & Commodities Strategist); Paul Chatin (Equities Strategist); Mylan Monteil (Equities Strategist); Alexander Brune (Equities Strategist) - Pages: 20 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766761390436-Global-Outlook_November-2025-MIMS.pdf - Cite as: Minerva Investment Management Society (2025). Global Outlook - November 2025. Investment Research. https://minervaims.org/archive/global-outlook-november-2025 The first section of our report delivers a thorough analysis of macroeconomic trends, geopolitical shifts, and recent events shaping market dynamics, with particular attention to Europe’s fiscal challenges, renewed trade fragmentation and recent U.S. policy shifts. The following section provides a meticulously review of the main asset classes. It provides an in-depth assessment of fixed income, equities, currencies and commodities, evaluating the attractiveness of each asset class in light of current conditions and our forward-looking scenarios. This part is key to defining our strategic exposure preference. Our aim remains to provide a report that acts as an essential tool for understanding market trends and assisting our readers with investment decisions. ## Tariffs, Tensions, and Power Shifts: Trade in the New Global Equilibrium - Address: https://minervaims.org/archive/tariffs-tensions-and-power-shifts-trade-in-the-new-global-equilibrium-2025 - Date: 2025-12-02 - Division: Macro Research - Type: Macro Research Report - Authors: Khai Mai Cao (Group Leader); Alessandro Pagan (Group Leader); Siddhanth Narayana Achanta (Macro Research Analyst); Giovanni Lacoppola (Macro Research Analyst); Merve Abaci (Macro Research Analyst); Pramit Priyam Saha (Macro Research Analyst); Simona Necula (Macro Research Analyst); Xinjie Sophia Wu (Macro Research Analyst); Matthew Walzer (Macro Research Analyst); Giovanni Francescato (Macro Research Analyst); Niccolò Rotondi (Macro Research Analyst) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791775088-Macro-Research-November-2025.pdf - Cite as: Minerva Investment Management Society (2025). Tariffs, Tensions, and Power Shifts: Trade in the New Global Equilibrium. Macro Research. https://minervaims.org/archive/tariffs-tensions-and-power-shifts-trade-in-the-new-global-equilibrium-2025 The “Liberation Day” was a shocking moment for the entire world economy, marked by the United States — the world’s largest importing economy — threatening to impose high tariffs on almost all trading partners. This announcement triggered a reallocation of global trade flows, particularly a shift away from China toward Southeast Asia, the Middle East, and other Asian economies. This reconfiguration was already underway, but President Trump’s decision significantly accelerated the process. In this report, we analyse the impact of this policy on global trade, the U.S. economy, and the wider international system. ## Diversified Passive Selection Fund - October 2025 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-october-2025 - Date: 2025-11-03 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Filippo Forzan (Portfolio Manager); Matteo De Guidi (Portfolio Analyst); Daniele Stella (Portfolio Analyst); Gian Nicola Buda (Portfolio Analyst); Anton Michels (Portfolio Analyst); Gabriele Traina (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Matteo Caligaris (Portfolio Analyst); Daniele Biondi (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713664913-MIMS_Passive_Rebalancing-Oct25.pdf - Cite as: Minerva Investment Management Society (2025). Diversified Passive Selection Fund - October 2025. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-october-2025 The objective of the Diversified Passive Selection Fund is to achieve long-term capital appreciation while maintaining a controlled level of risk. The fund invests in a diversified range of ETFs and ETCs, aiming to provide passive exposure and closely track selected benchmarks across multiple asset classes. The investment approach is primarily top-down, driven by macroeconomic research and market expectations to identify opportunities across sectors, geographies, and yield curve segments. While the fund maintains a stable core allocation, tactical adjustments are implemented to adapt to evolving geopolitical and economic conditions. These rebalancing actions are essential to realign portfolio weights and preserve the fund’s strategic positioning over time. ## Multi Asset Global Opportunities Fund - October 2025 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-october-2025 - Date: 2025-10-22 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Riccardo Colombo (Portfolio Manager); Carl Christian Bengelsdorff (Portfolio Analyst); Francesco Catalanotti (Portfolio Analyst); Boris Penev (Portfolio Analyst); Matteo Persico (Portfolio Analyst); Daniele Biondi (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713581585-MIMS-Multi-Asset-Rebalancing-Oct-2025.pdf - Cite as: Minerva Investment Management Society (2025). Multi Asset Global Opportunities Fund - October 2025. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-october-2025 The objective of the Multi-Asset Global Opportunities Fund is to achieve long-term capital appreciation while maintaining a controlled level of volatility. It is composed of a diversified portfolio of securities spanning multiple geographies, industries, and asset classes. Investment decisions are based on a combination of top-down and bottom-up approaches, allowing for a balanced and strategic allocation that captures long-term trends, macroeconomic shifts, and security-specific risk factors. The fund’s investment strategy is dynamic, continuously adapting to the ongoing evolution of the macroeconomic environment and geopolitical landscape. This adjustment report is essential to capitalizing on emerging market opportunities and identifying undervalued assets, while simultaneously divesting from investments that no longer align with the fund’s original investment profile. ## Fortinet Inc. - Equity Research - Address: https://minervaims.org/archive/fortinet-inc-equity-research-2025 - Date: 2025-07-16 - Division: Equity Research - Type: Equity Research Report - Authors: Tho Anh Vu (Lead Analyst); Anna Proturo (Analyst); Diego Baroni (Analyst); Samuel Zanchetta (Analyst); Sara De Padova (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768431035955-Fortinet-MIMS-ER-2.pdf - Cite as: Minerva Investment Management Society (2025). Fortinet Inc. - Equity Research. Equity Research. https://minervaims.org/archive/fortinet-inc-equity-research-2025 Following our analysis of Thales, we’ve turned our attention to Fortinet Inc. (NASDAQ: FTNT), a global leader in cybersecurity solutions. Fortinet is renowned for its integrated security platform and proprietary hardware, serving over 80% of the Fortune 100 and 72% of the Global 2000 with cutting-edge solutions across network, cloud, and endpoint security. In this report, we examine Fortinet’s strengths in innovation, profitability, and market leadership, while highlighting key risks such as intense competition, delayed entry into the SASE segment, and exposure to supply chain disruptions. Despite robust financial performance and positive industry tailwinds, our analysis suggests that much of the upside is already priced in at current levels. We’ve issued a HOLD recommendation with a target price of $111, reflecting a +5.79% potential upside from the last closing price. ## From Dollarization to Dedollarization: The Shift Toward a Multipolar International Monetary System - Address: https://minervaims.org/archive/from-dollarization-to-dedollarization-the-shift-toward-a-multipolar-2025 - Date: 2025-05-28 - Division: Macro Research - Type: Macro Research Report - Authors: Giovanni Biasiucci (Head of Macro Research); Niccolò Rotondi (Co-Head of Macro Research); Simone Vittorio Percoco (Group Leader); Ludovico Monacelli (Macro Research Analyst); Riccardo Mirarchi (Macro Research Analyst); Berend Dasbach (Macro Research Analyst); Maria Liova (Macro Research Analyst); Juliette Bourgeois (Macro Research Analyst); Francesco Casapenta (Macro Research Analyst); Sophia C. Froehlich (Macro Research Analyst); Merve Abaci (Macro Research Analyst) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791664049-MIMS-Macro-Research-Dedollarization.pdf - Cite as: Minerva Investment Management Society (2025). From Dollarization to Dedollarization: The Shift Toward a Multipolar International Monetary System. Macro Research. https://minervaims.org/archive/from-dollarization-to-dedollarization-the-shift-toward-a-multipolar-2025 As the world fragments into competing geopolitical blocs, discontent with the U.S. dollar’s dominance in the International Monetary System is growing. In our latest report, we explore the historical process of dollarization and the emerging trend of dedollarization, assessing what a transition toward a multipolar international monetary system could mean for global trade, markets, and monetary policy. ## Long Short Equity Fund - May 2025 - Address: https://minervaims.org/archive/long-short-equity-fund-may-2025 - Date: 2025-05-21 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Raman Antanovich (Portfolio Manager); Aleksandar Georgiev (Portfolio Analyst); Francesco Anastasi (Portfolio Analyst); Federico Indrieri (Portfolio Analyst); Antonino Di Blasi (Portfolio Analyst); Ivan Yepifanov (Portfolio Analyst); Guillermo Shaw (Portfolio Analyst); Lodovico Del Re (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713512396-LS-SPRING-2025-MIMS-PM.pdf - Cite as: Minerva Investment Management Society (2025). Long Short Equity Fund - May 2025. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-may-2025 The goal of the Long-Short Equity Fund is to generate a positive absolute return throughout all market conditions. By employing a long-short structure, the fund maintains market-neutral exposure with minimal correlation to major market indices. Its investment strategy is grounded in a proprietary “multifactor” quantitative model, designed to facilitate a systematic and rule-based approach to stock selection. The fund’s asset allocation is determined by factor weightings, which are carefully selected based on macroeconomic analysis and the prevailing fundamental characteristics of the market environment. Between 22/11/2024 and 25/04/2025, the fund delivered a positive annualized performance of +0.35% with a net-zero investment exposure. During this semester, the Team focused on refining the Python-based infrastructure developed in the previous semester to support a strategic shift toward more quantitative techniques. Additional enhancements included the change of factor composition and portfolio optimization. With respect to the new factor exposure, the Team adopted a new yield factor to reflect the current macroeconomic conditions and improved the quality factor to better address market uncertainty. Therefore, this shift led to a slight decrease in the weight of the low volatility factor, making room for the inclusion of the new yield factor and aligning with the team’s revised optimization, reflecting a strategic decision to deprioritize specific weighting based on companies’ market capitalizations, in line with the previous six months. Additionally, a new method of portfolio construction utilizing _mean-variance optimization_ was implemented supported by relevant academic research. Therefore, this shift led to a slight decrease in the weight of the low volatility factor, making room for the inclusion of the new yield factor and aligning with the team’s revised optimization approach. ## Trade Ideas - May 2025 - Address: https://minervaims.org/archive/trade-ideas-may-2025 - Date: 2025-05-20 - Division: Investment Research - Type: Investment Outlook - Authors: Lukas Louhiluoto (Head of Investment Research); Giorgio Gusella (Co-Head of Investment Research); Giuseppe Provenzano (Fixed Income Strategist, Lead); Lorenzo Monteduro (FX & Commodities Strategist, Lead); Alessandro Palasciano (Equities Strategist, Lead); Felix Lehtonen (Fixed Income Strategist); Elias Bouzamondo (Fixed Income Strategist); Volodymyr Pavliv (Fixed Income Strategist); Irene Vaccaro (FX & Commodities Strategist); Francesco D’Angela (FX & Commodities Strategist); Alexander Brune (Equities Strategist); Tom Petit (Equities Strategist); Mylan Monteil (Equities Strategist); Paul Chatin (Equities Strategist) - Pages: 9 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766761316708-Trade-Ideas-IR-May-25.pdf - Cite as: Minerva Investment Management Society (2025). Trade Ideas - May 2025. Investment Research. https://minervaims.org/archive/trade-ideas-may-2025 Our latest report from the Investment Research division features three distinct trade ideas, each contributed by a different team. Spanning from a fixed income spread trade to a traditional equity pitch, these ideas reflect a broad perspective on today’s complex and often challenging economic and financial landscape. Together, they aim to provide our readers with valuable insights and clear focal points to navigate the months ahead with greater confidence and clarity. The first trade idea is a spread trade from the fixed income team, which gives insights into the technicalities of the interplay of sovereign bonds with a concrete example using the Italian BTP and German Bund. The second trade is a traditional long position on a Nordic mining company set to gain from the current political climate and the recovery in the infamously cyclical mining sector. Our last trade is a simple but effective FOREX trade with the Euro and the Dollar, which capitalizes on the diverging monetary policies of the Fed and the ECB. ## Multi Asset Global Opportunities Fund - May 2025 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2025 - Date: 2025-05-17 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Vittorio Garavelli (Portfolio Manager); Luca Moretto (Portfolio Analyst); Filippo Forzan (Portfolio Analyst); Giacomo Sada (Portfolio Analyst); Johannes Nachtigal (Portfolio Analyst); Andrea Cavenago (Portfolio Analyst); Carl Christian Bengelsdorff (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Lodovico Del Re (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713451813-Multi-asset-may-25.pdf - Cite as: Minerva Investment Management Society (2025). Multi Asset Global Opportunities Fund - May 2025. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2025 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. Last semester the Fund achieved a positive performance (+2.23%), delivered in spite of heightened market turbulence, with the equity sleeve contributing the bulk of returns thanks to disciplined cherry‑picking and a handful of standout positions. In view of the evolving macro landscape – notably the lingering geopolitical tensions, the divergence in inflation trajectories across developed markets, and the ongoing structural realignments in major economies – we adopted a deliberately cautious stance: we trimmed our commodity exposure as upside catalysts appeared largely priced‑in; favoured defensive European equities offering resilient cash‑flow profiles; and shortened overall duration within the fixed‑income bucket to enhance liquidity, flexibility, and mitigate interest‑rate risk. ## Industry Analysis: Cybersecurity Industry - Address: https://minervaims.org/archive/industry-analysis-cybersecurity-industry-2025 - Date: 2025-05-16 - Division: Equity Research - Type: Equity Research Report - Authors: Stelian Cujba (Analyst); Filippo Torsa (Analyst); Savvina Salvaridou (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 20 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430857177-Cybersecurity-Report-2.pdf - Cite as: Minerva Investment Management Society (2025). Industry Analysis: Cybersecurity Industry. Equity Research. https://minervaims.org/archive/industry-analysis-cybersecurity-industry-2025 With the rapid rise of AI, increasing geopolitical tensions, and the growing sophistication of cyber threats, cybersecurity has shifted from a cost center to a strategic priority for businesses and governments alike. In this report, we analyze the forces driving sector growth, the competitive dynamics among key players, and the valuation implications for investors. Read the full report below to discover the trends shaping the future of this mission-critical industry and the opportunities it presents for forward-looking investors. ## Diversified Passive Selection Fund - May 2025 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-may-2025 - Date: 2025-05-14 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Daniele Biondi (Portfolio Manager); Pietro Tracanzan (Portfolio Analyst); Matteo De Guidi (Portfolio Analyst); Boris Penev (Portfolio Analyst); Tiago Viamonte (Portfolio Analyst); Francesco Catalanotti (Portfolio Analyst); Elisabetta Fabris (Portfolio Analyst); Riccardo Colombo (Portfolio Analyst); Lodovico Del Re (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713362085-Passive-May-2025.pdf - Cite as: Minerva Investment Management Society (2025). Diversified Passive Selection Fund - May 2025. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-may-2025 The Diversified Passive Selection Fund aims to achieve long-term growth while maintaining moderate volatility. The fund’s portfolio includes a range of ETF products, providing broad diversification across both key asset classes and geographic regions. Asset allocation is guided by macroeconomic analysis and the identification of fundamental growth drivers in the current market landscape. Last semester, the fund recorded a negative performance (-7.7%), mainly driven by the overall drop in value and huge level of volatility witnessed in the markets at the beginning of 2025. As we face a period characterized by great market uncertainty and rising geopolitical tensions, with the potential for an economic slowdown due to the strengthening of reciprocal tariffs, this semester we focused on the selection of assets which could offer greater stability under these conditions. In this way, we aim not only at preserving our commitment to a conservative investment approach and careful risk management, but also at being well positioned to benefit from selective market opportunities. ## Thales SA - Equity Research - Address: https://minervaims.org/archive/thales-sa-equity-research-2025 - Date: 2025-05-03 - Division: Equity Research - Type: Equity Research Report - Authors: Marco Di Marco (Lead Analyst); Marzio Bonizzi (Analyst); Vincenzo Esposito (Analyst); Giorgia Giustizieri (Analyst); Francesca Rombolà (Analyst); Nikolaus Schmidt-Chiari (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430958052-Thales-MIMS-ER-2.pdf - Cite as: Minerva Investment Management Society (2025). Thales SA - Equity Research. Equity Research. https://minervaims.org/archive/thales-sa-equity-research-2025 The company under our spotlight is Thales S.A., a global leader in aerospace, defense, and cybersecurity, headquartered in Paris, France. With operations in 68 countries, Thales delivers innovative solutions across defense, aerospace, digital identity, and space, serving clients from NATO governments to commercial enterprises. Its diversified portfolio and strategic acquisitions, like Imperva and Cobham Aerospace Communications, position it at the forefront of the rapidly evolving cybersecurity and defense sectors. Read our report to dive into Thales’ strategic outlook, key risks, and our valuation perspective. ## Deutsche Lufthansa AG - Equity Research - Address: https://minervaims.org/archive/deutsche-lufthansa-ag-equity-research-2025 - Date: 2025-05-01 - Division: Equity Research - Type: Equity Research Report - Authors: Sara De Padova (Lead Analyst); Tho Anh Vu (Analyst); Bruno Matys (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430785229-Lufthansa_ER-2.pdf - Cite as: Minerva Investment Management Society (2025). Deutsche Lufthansa AG - Equity Research. Equity Research. https://minervaims.org/archive/deutsche-lufthansa-ag-equity-research-2025 Following our coverage of Wizz Air, we shifted our attention to the full-service airline market with an in-depth analysis of Deutsche Lufthansa AG, Europe’s second-largest carrier by passenger numbers. With a fleet of over 700 aircraft, Lufthansa serves more than 300 destinations globally through its multi-brand strategy, spanning both premium and low-cost segments. This report explores the group’s recent strategic shift back to its core aviation business, following divestitures from non-core segments like AirPlus and LSG Group. ## Global Outlook - April 2025 - Address: https://minervaims.org/archive/global-outlook-april-2025 - Date: 2025-04-15 - Division: Investment Research - Type: Investment Outlook - Authors: Lukas Louhiluoto (Head of Investment Research); Giorgio Gusella (Co-Head of Investment Research); Giuseppe Provenzano (Fixed Income Strategist, Lead); Lorenzo Monteduro (FX & Commodities Strategist, Lead); Alessandro Palasciano (Equities Strategist, Lead); Felix Lehtonen (Fixed Income Strategist); Elias Bouzamondo (Fixed Income Strategist); Volodymyr Pavliv (Fixed Income Strategist); Irene Vaccaro (FX & Commodities Strategist); Francesco D’Angela (FX & Commodities Strategist); Alexander Brune (Equities Strategist); Tom Petit (Equities Strategist); Mylan Monteil (Equities Strategist); Paul Chatin (Equities Strategist) - Pages: 19 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766761262223-Global-Outlook-IR-Apr25.pdf - Cite as: Minerva Investment Management Society (2025). Global Outlook - April 2025. Investment Research. https://minervaims.org/archive/global-outlook-april-2025 In the opening segment of our report, we continue our tradition of delivering a thorough analysis of macroeconomic trends, geopolitical shifts, and recent developments that shape market dynamics, including recent market complications caused by Trump’s tariffs and their consequences. The report then delves into the second segment, where it meticulously reviews different asset classes. It provides an insightful assessment of fixed income, equities, currencies, and commodities, evaluating the appeal of each asset class based on current and anticipated market conditions. This section is crucial for outlining strategic exposure preferences. Our aim remains to furnish a report that acts as an essential tool for understanding market trends and assisting our readers with investment decisions. ## Diversified Passive Selection Fund - March 2025 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-march-2025 - Date: 2025-04-04 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Daniele Biondi (Portfolio Manager); Pietro Tracanzan (Portfolio Analyst); Matteo De Guidi (Portfolio Analyst); Tiago Viamonte (Portfolio Analyst); Lodovico Del Re (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713292032-MIMS-PASSIVE-FUND-.pdf - Cite as: Minerva Investment Management Society (2025). Diversified Passive Selection Fund - March 2025. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-march-2025 The goal of the Diversified Passive Selection Fund is to achieve long-term growth with the exposure to the moderate level of volatility. The fund’s portfolio consists of a carefully selected mix of ETF products, with a strong emphasis on diversification across key asset classes and geographies. The asset allocation strategy is grounded in macroeconomic analysis and the identification of fundamental drivers of growth within the prevailing market environment, enabling a disciplined and strategic approach to portfolio construction. Given the fund’s active and dynamic investment strategy, the continuous evolution of the macroeconomic environment and geopolitical landscape plays a pivotal role in shaping portfolio allocation. This adjustment report serves as a critical tool in ensuring that the Diversified Passive Selection Fund remains strategically aligned in an ever-changing market. Regular rebalancing and allocation adjustments are essential to capitalizing on emerging opportunities while effectively managing risks. These targeted portfolio modifications contribute to maintaining an optimal allocation, while ensuring a well-diversified exposure across regions and sectors. ## Multi Asset Global Opportunities - March 2025 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-march-2025 - Date: 2025-04-01 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Vittorio Garavelli (Portfolio Manager); Luca Moretto (Portfolio Analyst); Filippo Forzan (Portfolio Analyst); Giacomo Sada (Portfolio Analyst); Johannes Nachtigal (Portfolio Analyst); Andrea Cavenago (Portfolio Analyst); Carl Christian Bengelsdorff (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Lodovico Del Re (Head of Asset Management); Michele Rinaldi (Head of Portfolio Management) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713213982-MIMS-MA.pdf - Cite as: Minerva Investment Management Society (2025). Multi Asset Global Opportunities - March 2025. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-march-2025 The objective of the Multi-Asset Global Opportunities Fund is to achieve long-term capital appreciation while maintaining a controlled level of volatility. It is composed of a diversified portfolio of securities spanning multiple geographies, industries, and asset classes. Investment decisions are based on a combination of top-down and bottom-up approaches, allowing for a balanced and strategic allocation that captures long-term trends, macroeconomic shifts, and security-specific risk factors. The fund’s investment strategy is dynamic, continuously adapting to the ongoing evolution of the macroeconomic environment and geopolitical landscape. This adjustment report is essential to capitalizing on emerging market opportunities and identifying undervalued assets, while simultaneously divesting from investments that no longer align with the fund’s original investment profile. ## Wizz Air Holdings Plc - Equity Research - Address: https://minervaims.org/archive/wizz-air-holdings-plc-equity-research-2025 - Date: 2025-01-29 - Division: Equity Research - Type: Equity Research Report - Authors: Salma El Hamdi (Lead Analyst); Savvina Salvaridou (Analyst); Samuel Zanchetta (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430711072-Wizz-Air-FINAL-2.pdf - Cite as: Minerva Investment Management Society (2025). Wizz Air Holdings Plc - Equity Research. Equity Research. https://minervaims.org/archive/wizz-air-holdings-plc-equity-research-2025 After analyzing Ryanair, we’ve continued to focus on the low-cost carrier industry, and turned our focus to Wizz Air Holdings Plc, one of Europe’s leading ultra-low-cost airlines. Known for its ultra-low-cost business model and young and expanding fleet the airline is making waves in the aviation industry. With strategic expansions into the Middle East and Asia, Wizz Air continues to capture opportunities in emerging markets while maintaining its commitment to sustainability and cost leadership. In this report, we provide a detailed breakdown of the company’s operations, financial performance, and future growth potential. Don’t miss our insights into the key risks and opportunities shaping Wizz Air’s trajectory, as well as our valuation outlook. ## Multi Asset Global Opportunities Fund - December 2024 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-december-2024 - Date: 2024-12-23 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Luca Delorenzi (Portfolio Manager); Luca Moretto (Portfolio Analyst); Elisabetta Fabris (Portfolio Analyst); Pietro Cordero (Portfolio Analyst); Vittorio Garavelli (Portfolio Analyst); Riccardo Colombo (Portfolio Analyst); Daniele Biondi (Portfolio Analyst); Carl Christian Bengelsdorff (Portfolio Analyst); Giuseppe Palermo (Head of Asset Management); Lodovico Del Re (Head of Portfolio Management) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713141430-Multi-Asset.pdf - Cite as: Minerva Investment Management Society (2024). Multi Asset Global Opportunities Fund - December 2024. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-december-2024 The goal of the Multi Asset Global Opportunities Fund is to achieve long-term growth while controlling volatility. It comprises a multitude of securities diversified across geographies, industries, and asset classes. The investment theses are built on a combination of top-down and bottom-up approaches, ensuring calculated exposure to long-term trends, macroeconomic shifts, and security-specific risk factors. Last semester, the Fund achieved a positive performance (+1.37%), mainly driven by the Fixed Income component of the asset allocation. Our view on the current macroeconomic environment, geopolitical situation, and secular trends guided the rebalancing of the portfolio. We decided to combine a conservative approach centred on Fixed Income and stable industries, with speculative positions in specific high-potential securities. ## Long Short Equity Fund - December 2024 - Address: https://minervaims.org/archive/long-short-equity-fund-december-2024 - Date: 2024-12-22 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Michele Rinaldi (Portfolio Manager); Aleksandar Georgiev (Portfolio Analyst); Giovanni Carboniero (Portfolio Analyst); Francesco Anastasi (Portfolio Analyst); Federico Indrieri (Portfolio Analyst); Alberto Cifrodelli (Portfolio Analyst); Luca Riolo (Portfolio Analyst); Antonino Di Blasi (Portfolio Analyst); Giuseppe Palermo (Head of Asset Management); Lodovico Del Re (Head of Portfolio Management) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766713042662-Long-Short-Equity-Fund-1.pdf - Cite as: Minerva Investment Management Society (2024). Long Short Equity Fund - December 2024. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-december-2024 The goal of the Long-Short Equity Fund is to generate a positive absolute return throughout all market conditions. By employing a long-short structure, the fund maintains market-neutral exposure with minimal correlation to major market indices. Its investment strategy is grounded in a proprietary “multi-factor” quantitative model, designed to facilitate a systematic and rule-based approach to stock selection. The fund’s asset allocation is determined by factor weightings, which are carefully selected based on macroeconomic analysis and the prevailing fundamental characteristics of the market environment. Between 30/4/2024 and 22/11/2024, the fund delivered a positive annualized performance of +5.67% with a net zero investment exposure. This performance was predominantly driven by the positioning in the U.S. market. During this semester, the Team focused on enhancing the Python code developed in the previous semester to support a strategic shift toward more quantitative techniques for portfolio optimization. The entire selection process was refined, incorporating the use of the Winsorization technique on a sector-by-sector basis. With respect to the new factor exposure, the Team adopted a defensive stance to mitigate potential volatility stemming from the U.S. election results and potential Eurozone outcomes. Consequently, the magnitude of Quality and Value factors was increased. The inverted Size factor was retained but reduced in exposure, reflecting a strategic decision to deprioritize specific weighting based on companies’ market capitalizations, in line with the previous six months. The weight of the low volatility factor was maintained, aligning with the team’s defensive approach to managing potential market fluctuations. An analysis of the Quality and Momentum factors was also performed, which led to the decrease of the MOM factor and the implementation of a new safety score as part of the Quality factor. ## Diversified Passive Selection Fund - December 2024 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-december-2024 - Date: 2024-12-20 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Raman Antanovich (Portfolio Manager); Pietro Tracanzan (Portfolio Analyst); Filippo Forzan (Portfolio Analyst); Matteo De Guidi (Portfolio Analyst); Boris Penev (Portfolio Analyst); Michele D’Andrilli (Portfolio Analyst); Tiago Viamonte (Portfolio Analyst); Giuseppe Palermo (Head of Asset Management); Lodovico Del Re (Head of Portfolio Management) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712964605-Diversified-Passive-Portfolio-MIMS-PM-1.pdf - Cite as: Minerva Investment Management Society (2024). Diversified Passive Selection Fund - December 2024. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2024 The goal of the Diversified Passive Selection Fund is to achieve long-term growth with the exposure to the moderate level of volatility. Portfolio of the fund combines the mix of ETF-products, offering well diversification among key asset classes and geographies. The focus of the asset allocation is based on the macroeconomic analysis and identification of the fundamental drivers of growth in the current market environment. Last semester, the fund achieved a positive performance (+5.7%), mainly driven by the equity allocation of the portfolio. This semester, we focused on the portfolio composition based on the selection of the assets which should be more stable in conditions of market uncertainty and should capitalize on the recent trends on financial markets. With all that, we managed not only to preserve our commitment to conservative investment approach and careful risk management, but to remain positioned to benefit from selective market opportunities. ## Barrier Options - Address: https://minervaims.org/archive/barrier-options-2024 - Date: 2024-12-16 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Federico Lazzarini (Head of Quantitative Research); Filip Borzecki (Quantitative Research Analyst); Michele Fanelli (Quantitative Research Analyst); Giani Ranzetti (Quantitative Research Analyst) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788899140-Barrier-Options.pdf - Cite as: Minerva Investment Management Society (2024). Barrier Options. Quantitative Research. https://minervaims.org/archive/barrier-options-2024 This semester, the Quantitative Research team focused on the pricing of exotic options, specifically barrier options. In this report, we introduce two methods for computing their price: one analytically derived from the well-known Black-Scholes framework, and the other using a computational approach based on Monte Carlo simulation. ## The Growth Dynamics of Europe Today: Economic Divergences, Structural Challenges, and Fiscal Sustainability - Address: https://minervaims.org/archive/the-growth-dynamics-of-europe-today-economic-divergences-structural-challenges-2024 - Date: 2024-12-03 - Division: Macro Research - Type: Macro Research Report - Authors: Giovanni Biasiucci (Head of Macro Research); Francesco Casapenta (Macro Research Analyst); Marco Catoni (Macro Research Analyst); Eloi Corman (Macro Research Analyst); Ralph Hermans (Macro Research Analyst); Sophia C. Froehlich (Macro Research Analyst); Maria Liova (Macro Research Analyst); Riccardo Mirarchi (Macro Research Analyst); Pramit Priyam Saha (Macro Research Analyst); Rishabh Rupani (Macro Research Analyst); Matthew Walzer (Macro Research Analyst) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791561049-Macro-Research-Report-MIMS.pdf - Cite as: Minerva Investment Management Society (2024). The Growth Dynamics of Europe Today: Economic Divergences, Structural Challenges, and Fiscal Sustainability. Macro Research. https://minervaims.org/archive/the-growth-dynamics-of-europe-today-economic-divergences-structural-challenges-2024 Europe has been subject to intense debates on fiscal sustainability and divergent growth prospects. This report highlights the recovery in Southern Europe, contrasted with stagnation in the North, driven by structural and macroeconomic factors. It also explores the promising but uncertain growth prospects of Eastern Europe and Germany’s evolving role, facing demographic and energy transition challenges. Finally, the fiscal challenges in Italy and France are exacerbated by EU budgetary constraints, prompting discussions on the need for reforming fiscal frameworks to meet modern demands. By applying a history-based model approach, the analysis provides a thorough understanding of the dynamics shaping Europe’s economic future. ## Forecasting 101: Neural Networks - Address: https://minervaims.org/archive/forecasting-101-neural-networks-2024 - Date: 2024-12-02 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Federico Lazzarini (Head of Quantitative Research); Filippo Gombac (Quantitative Research Analyst) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788800372-3rd_Technical_Paper.pdf - Cite as: Minerva Investment Management Society (2024). Forecasting 101: Neural Networks. Quantitative Research. https://minervaims.org/archive/forecasting-101-neural-networks-2024 We are thrilled to present the final report in our Technical Series in Statistics and Econometrics from the Quantitative Research Division! In this paper, we explore neural networks, a versatile machine learning tool capable of capturing complex relationships between features and target variables. Specifically, we examine their performance in forecasting median house prices in California. This report concludes this semester’s focus on forecasting methods. Our series began with traditional techniques like LASSO and Ridge regression, progressed to Bayesian regression, and now concludes with machine learning approaches such as neural networks. ## Forecasting 101: Bayesian Regression - Address: https://minervaims.org/archive/forecasting-101-bayesian-regression-2024 - Date: 2024-11-25 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Federico Lazzarini (Head of Quantitative Research); Ianina Tarca (Quantitative Research Analyst) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788682688-Bayesian-Regression.pdf - Cite as: Minerva Investment Management Society (2024). Forecasting 101: Bayesian Regression. Quantitative Research. https://minervaims.org/archive/forecasting-101-bayesian-regression-2024 In this paper, we introduce and analyze the Bayesian framework, a more flexible and robust approach for forecasting house prices in California. We also compare its performance to the results from our previous paper on LASSO and Ridge regressions, demonstrating that the Bayesian model achieves superior predictive accuracy. ## RyanAir Holdings Plc - Equity Research - Address: https://minervaims.org/archive/ryanair-holdings-plc-equity-research-2024 - Date: 2024-11-20 - Division: Equity Research - Type: Equity Research Report - Authors: Stelian Cujba (Lead Analyst); Alex Cuker (Analyst); Diego Baroni (Analyst); Giovanni Cianci (Analyst); Marzio Bonizzi (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430579238-Ryanair-Equity-Research-MIMS.pdf - Cite as: Minerva Investment Management Society (2024). RyanAir Holdings Plc - Equity Research. Equity Research. https://minervaims.org/archive/ryanair-holdings-plc-equity-research-2024 The company analyzed in our equity research report is Ryanair. Ryanair is a leading low-cost airline headquartered in Swords, Ireland. Known for its efficient operations and focus on cost leadership, Ryanair offers an extensive network of routes across Europe, providing affordable air travel to millions of passengers. The airline’s business model focuses on maximizing fleet utilization and secondary airport usage to maintain its competitive edge in the budget airline industry. Read our report to find out more about the company and our take on its valuation. ## Forecasting 101: Lasso and Ridge Regressions - Address: https://minervaims.org/archive/forecasting-101-lasso-and-ridge-regressions-2024 - Date: 2024-11-18 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Federico Lazzarini (Head of Quantitative Research); Anyi Xie (Quantitative Research Analyst) - Pages: 6 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788542481-LASSO-and-Ridge-Regressions.pdf - Cite as: Minerva Investment Management Society (2024). Forecasting 101: Lasso and Ridge Regressions. Quantitative Research. https://minervaims.org/archive/forecasting-101-lasso-and-ridge-regressions-2024 We are excited to introduce the Technical Series in Statistics and Econometrics from our Quantitative Research Division! This semester, our Quantitative Research team will produce a series of three papers, each exploring econometric models used to forecast house prices in California. The first paper will focus on LASSO and Ridge regressions—two popular regularization techniques in linear regression. It will delve into the theory behind these models and apply them to a dataset containing various features of California homes, all in an effort to better forecast house prices. ## The Great Balancing Act of China: Shifting Economic Perspectives Ahead - Address: https://minervaims.org/archive/the-great-balancing-act-of-china-shifting-economic-perspectives-ahead-2024 - Date: 2024-11-14 - Division: Macro Research - Type: Macro Research Report - Authors: Giovanni Biasiucci (Head of Macro Research); Siddhanth Narayana Achanta (Macro Research Analyst); Matias Bonfanti (Macro Research Analyst); Khai Mai Cao (Macro Research Analyst); Diego La Fontaine (Macro Research Analyst); Alessandro Pagan (Macro Research Analyst); Simone Vittorio Percoco (Macro Research Analyst); Niccolò Rotondi (Macro Research Analyst); Giuseppe Spina (Macro Research Analyst); Jack Thompson (Macro Research Analyst) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791484716-Macro-Research-November-2024-Report-1.pdf - Cite as: Minerva Investment Management Society (2024). The Great Balancing Act of China: Shifting Economic Perspectives Ahead. Macro Research. https://minervaims.org/archive/the-great-balancing-act-of-china-shifting-economic-perspectives-ahead-2024 The economic challenges facing China reflect the underlying complexity and uncertainty of its economic trajectory. This report assesses whether China’s macroeconomic model is on the path to a “Japanification” scenario, or if alternative measures such as fiscal stimulus and incentive-driven policies could provide a more effective remedy than traditional monetary policy. We analyze the key challenges of China’s macroeconomy, including deflationary pressures and a consumption deficit, and consider their impact on global markets. ## Global Outlook - November 2024 - Address: https://minervaims.org/archive/global-outlook-november-2024 - Date: 2024-11-11 - Division: Investment Research - Type: Investment Outlook - Authors: Marco Neri (Head of Investment Research); Giorgio Gusella (Co-Head of Investment Research); Giuseppe Provenzano (Fixed Income Strategist, Lead); Marco Caccia (FX & Commodities Strategist, Lead); Lukas Louhiluoto (Equities Strategist, Lead); Giovanni Francescato (Fixed Income Strategist); Elias Bouzamondo (Fixed Income Strategist); Volodymyr Pavliv (Fixed Income Strategist); Bartu Şen (FX & Commodities Strategist); Lorenzo Monteduro (FX & Commodities Strategist); Paride Lauretti (FX & Commodities Strategist); Alessandro Palasciano (Equities Strategist); Tom Petit (Equities Strategist); Mylan Monteil (Equities Strategist); Paul Chatin (Equities Strategist) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768149703219-Global_Outlook_IR_-_Nov241.pdf - Cite as: Minerva Investment Management Society (2024). Global Outlook - November 2024. Investment Research. https://minervaims.org/archive/global-outlook-november-2024 The first section offers a thorough exploration of global markets, detailing macroeconomic environments, important geopolitical shifts, and recent events that influence market dynamics. The second section delves into detailed analysis across various asset classes including fixed income, equities, currencies, and commodities, providing insights on their relative attractiveness and strategic investment recommendations. ## Industry Analysis: Airline Industry - Address: https://minervaims.org/archive/industry-analysis-airline-industry-2024 - Date: 2024-10-25 - Division: Equity Research - Type: Equity Research Report - Authors: Vincent de Naurois (Analyst); Tho Anh Vu (Analyst); Andrea Pierini (Analyst); Rezan Bagcioglu (Co-Head of Equity Research); Giacomo Pietrosanti (Co-Head of Equity Research) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430386354-Airline-Industry-October-2024-Outlook.pdf - Cite as: Minerva Investment Management Society (2024). Industry Analysis: Airline Industry. Equity Research. https://minervaims.org/archive/industry-analysis-airline-industry-2024 Post-pandemic ‘revenge travel’ and the growth of Low-Cost Carriers drove demand so far, but airlines face challenges like supply constraints, volatile fuel prices, and geopolitical risks. This report offers key insights to frame upcoming equity valuations and explore opportunities in a rapidly evolving industry. ## Cadence Design System - Equity Research - Address: https://minervaims.org/archive/cadence-design-system-equity-research-2024 - Date: 2024-06-03 - Division: Equity Research - Type: Equity Research Report - Authors: Matteo Tozzini (Lead Analyst); Andrea Pierini (Analyst); Cosimo Jacopo Guadalupi (Analyst); Savvina Salvaridou (Analyst); Luigi Savarese (Head of Equity Research); Dan-Arthur Coseru (Co-Head of Equity Research) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430253035-Cadence-Design-Systems-CDNS.pdf - Cite as: Minerva Investment Management Society (2024). Cadence Design System - Equity Research. Equity Research. https://minervaims.org/archive/cadence-design-system-equity-research-2024 The company analysed in our equity research report is Cadence Design System (CDNS). The company is one of the dominant players in its core market, sharing it primarily with Synopsys. The company is expected to face higher demand from its geographically diversified customer base, further sustained by the AI boom. Read our report to find out more about the company and our take on its valuation. ## Monetary Policy in 2024 - Current Scenarios and Future Outlook - Address: https://minervaims.org/archive/monetary-policy-in-2024-current-scenarios-and-future-outlook - Date: 2024-05-27 - Division: Macro Research - Type: Macro Research Report - Authors: Polina Mednikova (Head of Macro Research); Giovanni Biasiucci (Macro Research Analyst); Giulia Faro (Macro Research Analyst); Eloi Corman (Macro Research Analyst); Jack Thompson (Macro Research Analyst); Basar Gokberk Inan (Macro Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791400517-Monetary-Policy-in-2024-Current-Scenarios-and-Future-Outlook.pdf - Cite as: Minerva Investment Management Society (2024). Monetary Policy in 2024 - Current Scenarios and Future Outlook. Macro Research. https://minervaims.org/archive/monetary-policy-in-2024-current-scenarios-and-future-outlook In the past three years Central banks all over the world have been grappling with unprecedented challenges in responding first to the pandemic, and then to rising inflation and geopolitical frictions. In our May report we turn to the cases of US, EU, China and Japan, and we aim at understanding the rationale behind the current monetary policy stances and their associated future outlooks. ## Long Short Equity Fund - May 2024 - Address: https://minervaims.org/archive/long-short-equity-fund-may-2024 - Date: 2024-05-24 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Erik Vik (Portfolio Manager); Michele Rinaldi (Portfolio Analyst); Aleksandar Georgiev (Portfolio Analyst); Giovanni Carboniero (Portfolio Analyst); Francesco Anastasi (Portfolio Analyst); Vasileios Stavropoulos (Portfolio Analyst); Antonio Petrai (Portfolio Analyst); Giuseppe Palermo (Head of Asset Management); Anna Maruccio (Head of Portfolio Management) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712903155-MIMS-LS.pdf - Cite as: Minerva Investment Management Society (2024). Long Short Equity Fund - May 2024. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-may-2024 The fund is actively managed by Minerva IMS, based on a zero-net investment «multi-factor» strategy. The long-short structure implies a market-neutral exposure and limited correlation to the main market indexes, while the investment strategy is based on a «multi-factor» quantitative proprietary model designed to achieve a systematic, rule-based approach to stock selection. The fund aims at generating a positive absolute return throughout all market conditions. The performance between 01/12/2023 and 30/4/2024 was 8.27% (approx. 21.02% annualised) with a net zero investment. The performance was supported by the general factor positioning of the fund and an inversion of the size factor. This semester, the new fund was moved from Excel to Python to support a pivot towards more quantitative techniques for portfolio optimization. The team also put a significant weight on the quality factor and low volatility anomaly as a defense against potential volatility in the markets due to elections in the EU and the US. The inverted size factor position was kept, but significantly lowered in exposure. An analysis of the ESG and Momentum factors was also performed, which led to the expulsion of the ESG factor and an increase in momentum weight. The fund is beta-neutral in both investment regions. ## Multi Asset Global Opportunities Fund - May 2024 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2024 - Date: 2024-05-24 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Lodovico Del Re (Portfolio Manager); Luca Riolo (Portfolio Analyst); Giacomo Sada (Portfolio Analyst); Elisabetta Fabris (Portfolio Analyst); Pietro Cordero (Portfolio Analyst); Vittorio Garavelli (Portfolio Analyst); Giuseppe Palermo (Head of Asset Management); Anna Maruccio (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712808832-1717072280332.pdf - Cite as: Minerva Investment Management Society (2024). Multi Asset Global Opportunities Fund - May 2024. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2024 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. Last semester the fund achieved a positive performance (+1.91%), mainly driven by the equity allocation of the portfolio, thanks to the effective cherry-picking and positive momentum of mega-trends impacting equity valuations. This semester, considering the increased complexity of the macro scenario – such as the uncertainty on geopolitical conflicts, the diverging inflation paths in developed economies, and the structural changes in major economies – we hold our view for a conservative approach, yet articulating calculated views on tail risks and on industry-specific disruptions. ## Diversified Passive Selection Fund - May 2024 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-may-2024 - Date: 2024-05-24 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Anna Maruccio (Portfolio Manager); Luca Delorenzi (Portfolio Analyst); Pietro Tracanzan (Portfolio Analyst); Raman Antanovich (Portfolio Analyst); Filippo Forzan (Portfolio Analyst); Matteo De Guidi (Portfolio Analyst); Giuseppe Palermo (Head of Asset Management) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712722510-Minerva_Passive_May_2024_Final.pdf - Cite as: Minerva Investment Management Society (2024). Diversified Passive Selection Fund - May 2024. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-may-2024 The fund is composed of a range of Exchange Traded Funds selected by the Portfolio and Quantitative Research teams. These ETFs aim at replicating as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. In comparison to the previous semester, we have bolstered the fund’s equity component by 5%, now constituting 45% of the total allocation. To be well positioned for the new opportunities that the upcoming loosening monetary policy will create, we decided to focus on sectors that historically tend to perform well in these economic conditions. We allocated 15% of our portfolio on the Chinese and Indian stock markets. Our fixed income allocation is concentrated on short duration for the US and longer duration in Europe. The fixed income component consists mostly of government bonds, given the low corporate spread. We are also invested in a well-diversified range of soft commodities and base metals. ## Global Outlook - May 2024 - Address: https://minervaims.org/archive/global-outlook-may-2024 - Date: 2024-05-01 - Division: Investment Research - Type: Investment Outlook - Authors: Marco Neri (Head of Investment Research); Giovanni Porporino (Fixed Income Strategist, Lead); Marco Caccia (FX & Commodities Strategist, Lead); Nicolas Carlone (Equities Strategist, Lead); Lorenzo De Felice (Fixed Income Strategist); Giuseppe Provenzano (Fixed Income Strategist); Giovanni Francescato (Fixed Income Strategist); Alessandro Palasciano (FX & Commodities Strategist); Bartu Şen (FX & Commodities Strategist); Massimo Biavardi (FX & Commodities Strategist); Elia Marenco (Equities Strategist); Lukas Louhiluoto (Equities Strategist) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766787993786-Global-Outlook-IR-May24.pdf - Cite as: Minerva Investment Management Society (2024). Global Outlook - May 2024. Investment Research. https://minervaims.org/archive/global-outlook-may-2024 In the opening segment of our report, we continue our tradition of delivering a thorough analysis of macroeconomic trends, geopolitical shifts, and recent developments that shape market dynamics. The report then delves into the second segment, where it meticulously reviews different asset classes. It provides an insightful assessment of fixed income, equities, currencies, and commodities, evaluating the appeal of each asset class based on current and anticipated market conditions. This section is crucial for outlining strategic exposure preferences. Our aim remains to furnish a report that acts as an essential tool for understanding market trends and assisting with investment decisions. ## ASML Holding NV - Equity Research - Address: https://minervaims.org/archive/asml-holding-nv-equity-research-2024 - Date: 2024-04-25 - Division: Equity Research - Type: Equity Research Report - Authors: Andrea Barra (Lead Analyst); Lorenzo Lucicesare (Analyst); Salma El Hamdi (Analyst); Sara De Padova (Analyst); Stelian Cujba (Analyst); Luigi Savarese (Head of Equity Research); Dan-Arthur Coseru (Co-Head of Equity Research) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768430172206-ASML-FINAL.pdf - Cite as: Minerva Investment Management Society (2024). ASML Holding NV - Equity Research. Equity Research. https://minervaims.org/archive/asml-holding-nv-equity-research-2024 The company analysed in our equity research report is ASML Holding NV. ASML is a Dutch company based in Veldhoven, the Netherlands, that designs and builds systems and software used in the production of semiconductor chips. It is the only company in the world that currently manufactures extreme ultraviolet (EUV) lithography machines, which enables the production of smaller, faster, more powerful microchips through the use of a shorter wavelength of light. Read our report to find out more about the company and our take on its valuation. ## NVIDIA Corp - Equity Research - Address: https://minervaims.org/archive/nvidia-corp-equity-research-2024 - Date: 2024-04-07 - Division: Equity Research - Type: Equity Research Report - Authors: Pierpaolo Cuglietta (Lead Analyst); Marco Di Marco (Analyst); Tho Anh Vu (Analyst); Giacomo Pietrosanti (Analyst); Rezan Bagcioglu (Analyst); Luigi Savarese (Head of Equity Research); Dan-Arthur Coseru (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768346205793-Nvidia_Report_MIMS.pdf - Cite as: Minerva Investment Management Society (2024). NVIDIA Corp - Equity Research. Equity Research. https://minervaims.org/archive/nvidia-corp-equity-research-2024 The company analyzed in our equity research report is NVIDIA. Specializing in software and chip design, NVIDIA is renowned for its provision of graphics processing units (GPUs), application programming interfaces (APIs) catering to data science and high-performance computing, as well as system-on-a-chip units (SoCs) tailored for the mobile computing and automotive sectors. Read our report to find out more about the company and our take on its valuation. ## Industry Analysis: Semiconductor Industry - Address: https://minervaims.org/archive/industry-analysis-semiconductor-industry-2024 - Date: 2024-03-26 - Division: Equity Research - Type: Equity Research Report - Authors: Lorenzo Lucicesare (Analyst); Sara De Padova (Analyst); Andrea Pierini (Analyst); Luigi Savarese (Head of Equity Research); Dan-Arthur Coseru (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768170341376-Report-Tematico-Semiconductor-Industry-2.pdf - Cite as: Minerva Investment Management Society (2024). Industry Analysis: Semiconductor Industry. Equity Research. https://minervaims.org/archive/industry-analysis-semiconductor-industry-2024 This semester we have focused our attention on the semiconductor industry. The objective of this report is to provide a contextual framework for the upcoming equity valuations which will encompass an analysis of companies operating within this industry. ## Global Outlook - March 2024 - Address: https://minervaims.org/archive/global-outlook-march-2024 - Date: 2024-03-15 - Division: Investment Research - Type: Investment Outlook - Authors: Marco Neri (Head of Investment Research); Angelo Truono (Co-Head of Investment Research); Giovanni Porporino (Fixed Income Strategist, Lead); Marco Caccia (FX & Commodities Strategist, Lead); Nicolas Carlone (Equities Strategist, Lead); Lorenzo De Felice (Fixed Income Strategist); Giuseppe Provenzano (Fixed Income Strategist); Giovanni Francescato (Fixed Income Strategist); Alessandro Palasciano (FX & Commodities Strategist); Bartu Şen (FX & Commodities Strategist); Massimo Biavardi (FX & Commodities Strategist); Elia Marenco (Equities Strategist); Zhang Pengcheng (Equities Strategist); Lukas Louhiluoto (Equities Strategist) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766760888590-Global-Outlook-IR-Mar24.pdf - Cite as: Minerva Investment Management Society (2024). Global Outlook - March 2024. Investment Research. https://minervaims.org/archive/global-outlook-march-2024 The first section of the report continues to provide a comprehensive analysis of macroeconomic trends, geopolitical evolutions, and recent developments that are currently influencing market dynamics. Following this, the second section offers a detailed examination of various asset categories. It carefully assesses fixed income, equities, currencies, and commodities, presenting an analysis of the relative attractiveness of these asset classes. This part of the report is dedicated to detailing exposure preferences, based on an in-depth evaluation of current and projected market conditions. As always, our objective is to provide a report that serves as a valuable resource for understanding market trends and guiding investment decisions. ## Coherent Risk Measures - Address: https://minervaims.org/archive/coherent-risk-measures-2024 - Date: 2024-03-04 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Umberto Barbieri (Head of Quantitative Research); Antonio Petrai (Quantitative Research Analyst); Enrico Sammarco (Quantitative Research Analyst); Erik Vik (Quantitative Research Analyst) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788408837-MIMS_QR.pdf - Cite as: Minerva Investment Management Society (2024). Coherent Risk Measures. Quantitative Research. https://minervaims.org/archive/coherent-risk-measures-2024 During this semester the Quantitative Research team explored coherent risk measures and their mathematical properties. In this report they focus on the Conditional VaR and outline a practical framework for its estimation, that is consistent with Extreme Value Theory. Moreover, they introduce the Entropic VaR and highlight its computational tractability. ## The Effects of Monetary Policy on Social Inequality - Address: https://minervaims.org/archive/the-effects-of-monetary-policy-on-social-inequality-2023 - Date: 2023-12-30 - Division: Macro Research - Type: Macro Research Report - Authors: Giacomo de Michieli (Head of Macro Research); Polina Mednikova (Co-Head of Macro Research); Alessandro Archetti (Head of Research Area); Michele Tremolada (Macro Research Analyst); Marina Zhilina (Macro Research Analyst); Giovanni Di Lecce (Macro Research Analyst); Giulia Faro (Macro Research Analyst); Riccardo Mirarchi (Macro Research Analyst); Giovanni Biasiucci (Macro Research Analyst); Basar Gokberk Inan (Macro Research Analyst) - Pages: 9 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791267142-Minerva-Macro-December-27122023.pdf - Cite as: Minerva Investment Management Society (2023). The Effects of Monetary Policy on Social Inequality. Macro Research. https://minervaims.org/archive/the-effects-of-monetary-policy-on-social-inequality-2023 Following the Global Financial Crisis and the implementation of unconventional monetary policies by central banks, there have been concerns regarding the potential contribution of these policies to social inequality. However, the precise nature of the relationship between monetary policy and inequality remains uncertain, especially in today’s landscape of supply shocks and high inflation. In our December report, we aim to better understand the impact of monetary policy decisions on income and wealth inequality by analyzing existing research and theoretical frameworks. ## Multi Asset Global Opportunities - December 2023 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-december-2023 - Date: 2023-12-28 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Francesco Sorbone (Portfolio Manager); Giuseppe Palermo (Portfolio Analyst); Federico Tita (Portfolio Analyst); Luca Delorenzi (Portfolio Analyst); Jacopo Prevedello (Head of Asset Management); Matteo Consalvo (Head of Portfolio Management) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712637356-MIMS_MULTI_FALL_2023_FINAL.pdf - Cite as: Minerva Investment Management Society (2023). Multi Asset Global Opportunities - December 2023. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-december-2023 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. Last semester the fund achieved a positive performance (+3.42%), mainly due to the bond allocation of the portfolio, thanks to the compression of spreads and the reduction in longer-end yields. This semester, considering that the scenario has remained almost unchanged, we hold our view for a conservative approach. ## Italian Equity PIR Fund - December 2023 - Address: https://minervaims.org/archive/italian-equity-pir-fund-december-2023 - Date: 2023-12-23 - Division: Portfolio Management - Fund: Italian Equity PIR Fund - Type: Fund Update - Authors: Caterina Beorchia (Portfolio Manager); Daniele Biondi (Portfolio Analyst); Lodovico Del Re (Portfolio Analyst); Vittorio Garavelli (Portfolio Analyst); Jacopo Prevedello (Head of Asset Management); Matteo Consalvo (Head of Portfolio Management) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712522375-PIR_last_version.pdf - Cite as: Minerva Investment Management Society (2023). Italian Equity PIR Fund - December 2023. Portfolio Management. https://minervaims.org/archive/italian-equity-pir-fund-december-2023 The ultimate goal of the Fund is to achieve long-term capital growth by outperforming its benchmark. This portfolio has been built to be compliant with a PIR strategy, which grants investors considerable fiscal benefits provided some criteria are met. To ensure a higher level of diversification, the Fund is invested almost half into the benchmark, and for the remaining part into stocks picked by the team according to fundamental analysis and macroeconomic view. Stock picks are balanced between blue chips and mid-small companies. The best picks chosen by the team are overweighted to reach 5.00%, whereas a 2.00% weight is assigned to the new entries stocks with high potential chosen from Euronext Growth (consistently with the PIR regulation) to limit the exposure to their liquidity risk. The allocation is built by following a dimensional diversification as well as a sectorial one. ## Diversified Passive Selection Fund - December 2023 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-december-2023 - Date: 2023-12-21 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Alberto Pavanello (Portfolio Manager); David Permutti (Portfolio Analyst); Edoardo Bini (Portfolio Analyst); Pietro Tracanzan (Portfolio Analyst); Jacopo Prevedello (Head of Asset Management); Matteo Consalvo (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712458868-Minerva-Passive-December-2023-Final.pdf - Cite as: Minerva Investment Management Society (2023). Diversified Passive Selection Fund - December 2023. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2023 The fund is composed of a range of Exchange Traded Funds selected by the Portfolio and Quantitative Research teams. These ETFs aim at replicating as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. In comparison to the previous semester, we have bolstered the fund’s equity component by 10%, now constituting 40% of the total allocation. However, we’ve implemented a slightly defensive stance within the equity strategy, focusing on Value Stocks, Consumer Staples and the Pharmaceutical sector. This cautious approach stems from our outlook on a potential recession or general economic slowdown. Concerning Emerging Markets, we gain exposure to India, aiming to take advantage of the country’s growth potential while deliberately avoiding exposure to China. ## Long Short Equity Fund - December 2023 - Address: https://minervaims.org/archive/long-short-equity-fund-december-2023 - Date: 2023-12-19 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: David Overbeck (Portfolio Manager); Michele Rinaldi (Portfolio Analyst); Anna Maruccio (Portfolio Analyst); Erik Vik (Portfolio Analyst); Jacopo Prevedello (Head of Asset Management); Matteo Consalvo (Head of Portfolio Management) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712265049-LS-December-23-Report-Final.pdf - Cite as: Minerva Investment Management Society (2023). Long Short Equity Fund - December 2023. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-december-2023 The fund is actively managed by Minerva IMS, based on a zero-net investment «multi-factor» strategy. The long-short structure implies a market-neutral exposure and limited correlation to the main market indexes, while the investment strategy is based on a «multi-factor» quantitative proprietary model designed to achieve a systematic, rule-based approach to stock selection. The fund aims at generating a positive absolute return throughout all market conditions. The performance between 01/05/2023 and 30/11/2023 was 0.6% (approx. 1.0% annualised) with a net zero investment. The performance was supported by the general factor positioning of the fund except for the inversion of the size factor, which lowered the performance of the fund due to the rally of large tech firms in the US over the past 7 months. This semester, the new team has chosen a conservative stance based on the Quality and Value factors, anticipating stickier inflation and fewer rate cuts than the market expects. Additionally, score-based weights for each stock have been introduced to maximize exposure to our factor selection. The fund is now beta-neutral in both investment regions, starting this semester. Lastly, a thorough review of the Value factor has been conducted, considering the growth in off-balance-sheet assets and exploring interactions with other factors. ## Trimble Inc. - Equity Research - Address: https://minervaims.org/archive/trimble-inc-equity-research-2023 - Date: 2023-12-16 - Division: Equity Research - Type: Equity Research Report - Authors: Riccardo D’Agata (Lead Analyst); Dan-Arthur Coseru (Analyst); Tho Anh Vu (Analyst); Elisabetta Fabris (Analyst); Giacomo Pietrosanti (Analyst); Andrea Beretta (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768170252295-Trimble-Report-definitivo.pdf - Cite as: Minerva Investment Management Society (2023). Trimble Inc. - Equity Research. Equity Research. https://minervaims.org/archive/trimble-inc-equity-research-2023 Our Equity Research team has just released its fourth analysis for this semester! The company analyzed in our equity research report is Trimble, which is a leading American technology solutions provider for office and mobile professionals in more than 125 countries. The company offers the integration of cutting-edge sensors, software applications, cloud platform services, and hardware to enhance the productivity and efficiency of customers’ specific workflows. Read our report to find out more about the company and our take on its valuation. ## Global Outlook - December 2023 - Address: https://minervaims.org/archive/global-outlook-december-2023 - Date: 2023-12-12 - Division: Investment Research - Type: Investment Outlook - Authors: Lorenzo De Felice (Head of Investment Research); Angelo Truono (Co-Head of Investment Research); Marco Neri (Fixed Income Strategist, Lead); Giorgio Gusella (FX & Commodities Strategist, Lead); Luca Natalucci (Equities Strategist, Lead); Giovanni Porporino (Fixed Income Strategist); Marco Caccia (Fixed Income Strategist); Francesco Santoro (FX & Commodities Strategist); Giovanni Francescato (FX & Commodities Strategist); Bartu Şen (Equities Strategist); Maddalena Salterini (Equities Strategist); Nicolas Carlone (Equities Strategist); Zhang Pengcheng (Equities Strategist) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766760817356-Global-Outlook-IR-Dec23_compressed.pdf - Cite as: Minerva Investment Management Society (2023). Global Outlook - December 2023. Investment Research. https://minervaims.org/archive/global-outlook-december-2023 Our latest report from the Investment Research division is structured in two distinct sections. The first section delivers an in-depth analysis of the global markets, covering macroeconomic trends, geopolitical events, and recent developments that are shaping market dynamics. In the second section, our analysts delve into a detailed examination of different asset categories, across various regions. This includes an extensive look at fixed income, equities, currencies, and commodities. The report offers a perspective on the relative appeal of these asset classes, detailing exposure preferences. ## Global Macroeconomic Outlook - Address: https://minervaims.org/archive/global-macroeconomic-outlook-2023 - Date: 2023-11-27 - Division: Macro Research - Type: Macro Research Report - Authors: Giacomo de Michieli (Head of Macro Research); Polina Mednikova (Co-Head of Macro Research); Alessandro Archetti (Head of Research Area); Matias Bonfanti (Macro Research Analyst); Alessandro Bosco (Macro Research Analyst); Francesco Casapenta (Macro Research Analyst); Ada Egilmez (Macro Research Analyst); Alessandro Pagan (Macro Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766791034331-FINAL-Minerva-Macro-November.pdf - Cite as: Minerva Investment Management Society (2023). Global Macroeconomic Outlook. Macro Research. https://minervaims.org/archive/global-macroeconomic-outlook-2023 The surge in inflation and the emergence of new geopolitical realities are introducing additional uncertainty into global scenarios. How do these shocks affect macroeconomic trends, and how do they influence policies implemented around the world? In our November report, we aim to provide answers to these questions. The report covers the unexpected growth in the U.S., the potential case of stagflation in the UK, the fears of a recession in the Eurozone, a slowdown in growth in China, Latin America’s shift towards the multipolar world, and finally, the escalating Israeli-Palestinian conflict. ## AGCO Corporation - Equity Research - Address: https://minervaims.org/archive/agco-corporation-equity-research-2023 - Date: 2023-11-24 - Division: Equity Research - Type: Equity Research Report - Authors: Francesco Maria Nardinocchi (Lead Analyst); Andrea Pierini (Analyst); Marco Di Marco (Analyst); Sara De Padova (Analyst); Rezan Bagcioglu (Analyst); Alessandro Bontempi (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768170201157-AGCO-ER-FINAL-2.pdf - Cite as: Minerva Investment Management Society (2023). AGCO Corporation - Equity Research. Equity Research. https://minervaims.org/archive/agco-corporation-equity-research-2023 Our Equity Research team has just released its third analysis for this semester! The company analyzed in our equity research report is AGCO, which is a leading global manufacturer and distributor of agricultural equipment and related replacement parts. Read our report to find out more about the company and our take on its valuation. ## Deere & Company - Equity Research - Address: https://minervaims.org/archive/deere-and-company-equity-research-2023 - Date: 2023-10-13 - Division: Equity Research - Type: Equity Research Report - Authors: Matteo Tozzini (Lead Analyst); Ruslana Karaman (Analyst); Alessandro Bosco (Analyst); Andrea Barra (Analyst); Lorenzo Lucicesare (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768170152776-Deere-Company-Report-Fin-2.pdf - Cite as: Minerva Investment Management Society (2023). Deere & Company - Equity Research. Equity Research. https://minervaims.org/archive/deere-and-company-equity-research-2023 Deere & Company, also known under the brand John Deere (headquartered in Moline, Illinois, USA), is a globally recognized powerhouse in the agricultural, construction, and forestry machinery sectors. The company is the market leader in the agricultural and forestry machinery sectors, with relevant shares in the construction equipment market. The strong position it has gained throughout more than 180 years is due to a sterling brand reputation and the high quality of its products. ## Industry Analysis: Precision Agriculture (Minerva X Jeme) - Address: https://minervaims.org/archive/industry-analysis-precision-agriculture-minerva-x-jeme-2023 - Date: 2023-10-10 - Division: Equity Research - Type: Equity Research Report - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768170079917-Precision-agriculture-industry-insight.pdf - Cite as: Minerva Investment Management Society (2023). Industry Analysis: Precision Agriculture (Minerva X Jeme). Equity Research. https://minervaims.org/archive/industry-analysis-precision-agriculture-minerva-x-jeme-2023 Our Equity Research team has just released its first thematic report for the semester, realized in collaboration with JEME Bocconi Studenti. #PrecisionAgriculture is a modern farming approach that uses technology like GPS, sensors, and big data analysis to optimize production. It fine-tunes many farming practices, reducing waste and environmental impact while increasing yields and profitability. This idea, born in the 1980s, has evolved throughout the years and is now reshaping the farming industry. Reading our insight, you will have the opportunity to discover how Precision Agriculture is being encouraged by #investors and #governments and which are the #challenges that its implementation might face in the near future. ## Global Outlook - October 2023 - Address: https://minervaims.org/archive/global-outlook-october-2023 - Date: 2023-10-09 - Division: Investment Research - Type: Investment Outlook - Authors: Lorenzo De Felice (Head of Investment Research); Angelo Truono (Co-Head of Investment Research); Marco Neri (Fixed Income Strategist, Lead); Luca Natalucci (Equities Strategist, Lead); Giorgio Gusella (FX & Commodities Strategist, Lead); Giovanni Porporino (Fixed Income Strategist); Marco Caccia (Fixed Income Strategist); Maddalena Salterini (Equities Strategist); Nicolas Carlone (Equities Strategist); Bartu Şen (Equities Strategist); Francesco Santoro (FX & Commodities Strategist); Luigi Tamburini (President) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766760725528-Global-Outlook2-Investment-Research-October-2023.pdf - Cite as: Minerva Investment Management Society (2023). Global Outlook - October 2023. Investment Research. https://minervaims.org/archive/global-outlook-october-2023 The Investment Research Division responsible of monitoring relevant market trends in order to periodically update the association’s view and recommend the optimal exposure to the main asset classes across different geographies. Each of these exposures is discussed with and approved by the whole Investment Research Team. ## Option Pricing with Montecarlo Simulations - Address: https://minervaims.org/archive/option-pricing-with-montecarlo-simulations-2023 - Date: 2023-06-15 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Emanuele Chiarini (Head of Quantitative Research); Umberto Barbieri (Quantitative Research Analyst); Marco Folonaro (Quantitative Research Analyst); Vasileios Stavropoulos (Quantitative Research Analyst); Francesco Zanettin (Quantitative Research Analyst) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788264614-Options-pricing-with-Monte-Carlo-simulations.pdf - Cite as: Minerva Investment Management Society (2023). Option Pricing with Montecarlo Simulations. Quantitative Research. https://minervaims.org/archive/option-pricing-with-montecarlo-simulations-2023 The paper is focused on options pricing methods using Monte Carlo simulations, exploring the theory and practice of different Monte Carlo methods for valuing options contracts, with a particular focus on Asian and Barrier Options. ## Different approaches to measuring inflation expectations - Address: https://minervaims.org/archive/different-approaches-to-measuring-inflation-expectations-2023 - Date: 2023-06-10 - Division: Macro Research - Type: Macro Research Report - Authors: Dario Scordamaglia (Head of Macro Research); Giacomo de Michieli (Co-Head of Macro Research); Alessandro Archetti (Head of Research Area); Polina Mednikova (Macro Research Analyst); Alessandro Pagan (Macro Research Analyst); Riccardo Mirarchi (Macro Research Analyst); Domenico Mancuso (Macro Research Analyst); Michele Tremolada (Macro Research Analyst); Edoardo Bini (Macro Research Analyst) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766790840606-Different-approaches-to-measuring-inflation-expectations.pdf - Cite as: Minerva Investment Management Society (2023). Different approaches to measuring inflation expectations. Macro Research. https://minervaims.org/archive/different-approaches-to-measuring-inflation-expectations-2023 This semester, the Macro research team dedicated its efforts to studying inflation expectations. In our first report titled “Inflation Expectations: Rationality Concerns and Forecasting Methods,” we delve into the topic of inflation expectations from a theoretical standpoint. What are inflation expectations? How do we measure them? Can we assume rationality? What role do expectations play in forecasting inflation? ## Inflation expectations, rationality concerns and forecasting methods - Address: https://minervaims.org/archive/inflation-expectations-rationality-concerns-and-forecasting-methods-2023 - Date: 2023-06-09 - Division: Macro Research - Type: Macro Research Report - Authors: Dario Scordamaglia (Head of Macro Research); Giacomo de Michieli (Co-Head of Macro Research); Alessandro Archetti (Head of Research Area); Alessandro Bosco (Macro Research Analyst); Francesco Casapenta (Macro Research Analyst); Giovanni Di Lecce (Macro Research Analyst); Ada Egilmez (Macro Research Analyst); Basar Gokberk Inan (Macro Research Analyst); Luca Vezzani (Macro Research Analyst) - Pages: 7 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766790724239-Inflation-expectations-rationality-concerns-and-forecasting-methods.pdf - Cite as: Minerva Investment Management Society (2023). Inflation expectations, rationality concerns and forecasting methods. Macro Research. https://minervaims.org/archive/inflation-expectations-rationality-concerns-and-forecasting-methods-2023 This semester, the Macro research team dedicated its efforts to studying inflation expectations. In our first report titled “Inflation Expectations: Rationality Concerns and Forecasting Methods,” we delve into the topic of inflation expectations from a theoretical standpoint. What are inflation expectations? How do we measure them? Can we assume rationality? What role do expectations play in forecasting inflation? ## Allego N.V. - Equity Research - Address: https://minervaims.org/archive/allego-n-v-equity-research-2023 - Date: 2023-06-03 - Division: Equity Research - Type: Equity Research Report - Authors: Luca Paris (Analyst); Ruslana Karaman (Analyst); Lorenzo Lucicesare (Analyst); Alessandro Bontempi (Analyst); Rezan Bagcioglu (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169946374-Allego-Equity-Research.pdf - Cite as: Minerva Investment Management Society (2023). Allego N.V. - Equity Research. Equity Research. https://minervaims.org/archive/allego-n-v-equity-research-2023 Allego N.V. operates as an electric vehicle (EV) charging company. The enterprise offers charging solutions for electric cars, motors, buses, and trucks. It has a charging network with renewable energy and charging solutions for business-to-business customers, including leading retail and auto brands. In 2018 Allego became part of Meridiam and rapidly expanded its European network. As of 2023 the company is building an international charging network with already 40,000+ charge points operational throughout Europe. It also provides Allego EV Cloud, a customer payment tool that offers essential services to owned and third-party customers comprising authorization and billing, smart charging and load balancing, analysis, and customer support. The company was founded in 2013 and is based in Arnhem, the Netherlands. ## Diversified Passive Selection Fund - May 2023 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-may-2023 - Date: 2023-05-31 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Federico Schizzi (Portfolio Manager); Meric Cavus (Portfolio Analyst); Andrei Tudoroiu (Portfolio Analyst); Michele Zanirato (Portfolio Analyst); Davide Giuliano (Head of Asset Management); Gianluca Caffi (Head of Portfolio Management) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712203114-MIMS-_-Diversified-Passive-Selection-Fund.pdf - Cite as: Minerva Investment Management Society (2023). Diversified Passive Selection Fund - May 2023. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-may-2023 The fund is composed of a range of Exchange Traded Funds selected by the Portfolio and Quantitative Research (Risk) teams. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. Our final report for this semester presents a conservative asset allocation, with an increased exposure to fixed income and a more cautious view on equity and commodities. Among the new entries, the team chose an ETF on European Banks AT1 Contingent Convertibles, which are deemed to bring a positive risk-return profile in light of the recent banking turmoil, and another one on US ultra-long duration bonds to hedge against the risk of a severe economic downturn that in their opinion will trigger a rapid cut in interest rates. Finally, the team has a positive view on APAC ex-China, particularly on Japan. ## Italian Equity PIR Fund - May 2023 - Address: https://minervaims.org/archive/italian-equity-pir-fund-may-2023 - Date: 2023-05-30 - Division: Portfolio Management - Fund: Italian Equity PIR Fund - Type: Fund Update - Authors: Jacopo Prevedello (Portfolio Manager); Lorenzo Spada (Senior Portfolio Analyst); Daniele Biondi (Portfolio Analyst); Luca Delorenzi (Portfolio Analyst); Martina Perrone (Portfolio Analyst); Davide Giuliano (Head of Asset Management); Gianluca Caffi (Head of Portfolio Management) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712147545-ItalianEquity_Report_2023_.pdf - Cite as: Minerva Investment Management Society (2023). Italian Equity PIR Fund - May 2023. Portfolio Management. https://minervaims.org/archive/italian-equity-pir-fund-may-2023 The Italian Equity PIR Fund is an actively managed fund by Minerva Investment Management Society, exclusively made of Italian Equity and following an investment solution known as PIR, Piano Individuale di Risparmio (Individual Savings Plan), which allows to benefit from considerable fiscal advantages. To qualify as a PIR fund, a portfolio has to follow different requirements. First of all, at least 70% of its assets has to be invested in financial instruments of companies with a long-lasting presence in Italy. Secondly, at least 25% of this 70%, that is at least 17.5% of the overall portfolio, has to be invested in financial instruments of companies which are not included in the FTSE MIB or equivalent foreign indices. Finally, at least 5% of this 70%, that is at least 3.5% of the overall portfolio, has to be invested in financial instruments of companies not belonging to either the FTSE MIB, the FTSE Italia Mid Cap or equivalent foreign indices. The ultimate goal of the fund is to outperform its benchmark, which is made up by two indexes, the FTSE MIB and the FTSE Italia Mid-Small Cap PIR Index. Each stock was chosen keeping in mind both the requirements outlined previously and the macroeconomic outlook, with particular attention to the Italian one. ## Multi Asset Global Opportunities - May 2023 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-may-2023 - Date: 2023-05-27 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Francesco Sorbone (Portfolio Manager); Caterina Beorchia (Portfolio Analyst); Anna Maruccio (Portfolio Analyst); David Permutti (Portfolio Analyst); Federico Tita (Portfolio Analyst); Davide Giuliano (Head of Asset Management); Gianluca Caffi (Head of Portfolio Management) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712077369-MultiAsset_May_2023_Report.pdf - Cite as: Minerva Investment Management Society (2023). Multi Asset Global Opportunities - May 2023. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-may-2023 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. ## Long Short Equity Fund - May 2023 - Address: https://minervaims.org/archive/long-short-equity-fund-may-2023 - Date: 2023-05-24 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Matteo Consalvo (Portfolio Manager); Pietro Cordero (Portfolio Analyst); David Overbeck (Portfolio Analyst); Alberto Pavanello (Portfolio Analyst); Matilde Zampa (Portfolio Analyst); Davide Giuliano (Head of Asset Management); Gianluca Caffi (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766712019778-MIMS-LongShort-Spring-2023.pdf - Cite as: Minerva Investment Management Society (2023). Long Short Equity Fund - May 2023. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-may-2023 The fund is actively managed by Minerva IMS, based on a zero-net investment «multi-factor» strategy. The long-short structure implies a market-neutral exposure and limited correlation to the main market indexes while the investment strategy is based on a «multi-factor» quantitative proprietary model design to achieve a systematic, rule-based approach to stock selection. The fund aims to generate a positive absolute return throughout all market conditions. The inception of the past portfolio took place on December 1, 2022. Therefore, the time frame considered goes from December 1, 2022, to April 28, 2022. Over the period, the portfolio obtained an absolute return of € 3,759 starting from € 100,000 of total exposure (9.46% annualized) at the start date on the long and the short leg. If we consider the cumulative performance starting from November 21, 2021, the portfolio generated an absolute return of € 30,417. ## ChargePoint Holdings Inc. - Equity Research - Address: https://minervaims.org/archive/chargepoint-holdings-inc-equity-research-2023 - Date: 2023-04-30 - Division: Equity Research - Type: Equity Research Report - Authors: Dan-Arthur Coseru (Lead Analyst); Vincent de Naurois (Analyst); Elisabetta Fabris (Analyst); Margherita Bonelli (Analyst); Riccardo D’Agata (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169862260-ChargePoint-Holdings-Equity-report.pdf - Cite as: Minerva Investment Management Society (2023). ChargePoint Holdings Inc. - Equity Research. Equity Research. https://minervaims.org/archive/chargepoint-holdings-inc-equity-research-2023 ChargePoint Holdings Inc. operates as an electric vehicle charging network provider. It designs, develops and markets networked electric vehicle charging system infrastructure and its Cloud Services enable consumers the ability to locate, reserve, authenticate and transact electric vehicle charging sessions. The company was founded in 2007 and is headquartered in Campbell, CA. ## Tesla Inc. - Equity Research - Address: https://minervaims.org/archive/tesla-inc-equity-research-2023 - Date: 2023-04-28 - Division: Equity Research - Type: Equity Research Report - Authors: Pierpaolo Cuglietta (Lead Analyst); Sara De Padova (Analyst); Francesco Maria Nardinocchi (Analyst); Andrea Barra (Analyst); Matteo Tozzini (Analyst); Luca Nicola Introna (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169755624-Tesla-Equity-Report-1.pdf - Cite as: Minerva Investment Management Society (2023). Tesla Inc. - Equity Research. Equity Research. https://minervaims.org/archive/tesla-inc-equity-research-2023 Tesla Inc., based in Austin, Texas, designs, develops, manufactures, sells and leases high-performance fully electric vehicles and energy generation and storage systems, also offering ancillary services. The company generally sells its products directly to customers and continues to grow its customer-facing infrastructure through a global network of vehicle service centers, Mobile Service, body shops, Supercharger stations and Destination Chargers to accelerate the widespread adoption of its products. It emphasizes performance, attractive styling and safety in the design and manufacture of its products, and its continuing to develop full self-driving technology for improved safety. Tesla’s mission is to accelerate the world’s transition to sustainable energy, believing that this mission, along with its engineering expertise, vertically integrated business model and focus on user experience differentiate it from other companies. ## Industry Analysis: Electric Vehicle Infrastructure - Address: https://minervaims.org/archive/industry-analysis-electric-vehicle-infrastructure-2023 - Date: 2023-04-27 - Division: Equity Research - Type: Equity Research Report - Authors: Vincent de Naurois (Analyst); Andrea Barra (Analyst); Lorenzo Lucicesare (Analyst); Luigi Savarese (Head of Equity Research); Tommaso Nocchi (Co-Head of Equity Research) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169690053-1682602827124.pdf - Cite as: Minerva Investment Management Society (2023). Industry Analysis: Electric Vehicle Infrastructure. Equity Research. https://minervaims.org/archive/industry-analysis-electric-vehicle-infrastructure-2023 The objective of this report is to provide a contextual framework for the upcoming equity valuations which will encompass an analysis of companies operating within this industry. ## Global Outlook - April 2023 - Address: https://minervaims.org/archive/global-outlook-april-2023 - Date: 2023-04-07 - Division: Investment Research - Type: Investment Outlook - Authors: Lorenzo De Felice (Head of Investment Research, Fixed Income Strategist); Marco Neri (Fixed Income Strategist); Fabio Iacobucci (Fixed Income Strategist); Maddalena Salterini (Equity Strategist); Bartu Şen (Equity Strategist); Luca Natalucci (Equity Strategist); Angelo Truono (FX & Commodities Strategist); Giorgio Gusella (FX & Commodities Strategist) - Pages: 8 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766760092866-IR-Report-April-2023_compressed.pdf - Cite as: Minerva Investment Management Society (2023). Global Outlook - April 2023. Investment Research. https://minervaims.org/archive/global-outlook-april-2023 The Investment Research Division responsible of monitoring relevant market trends in order to periodically update the associa:on’s view and recommend the op:mal exposure to the main asset classes across different geographies. Each of these exposures is discussed with and approved by the whole Investment Research Team. ## Long Short Equity Fund - December 2022 - Address: https://minervaims.org/archive/long-short-equity-fund-december-2022 - Date: 2022-12-28 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Davide Giuliano (Portfolio Manager); Lorenzo De Felice (Senior Portfolio Analyst); Luca Delorenzi (Portfolio Analyst); Martina Perrone (Portfolio Analyst); Federico Tita (Portfolio Analyst); Andrei Tudoroiu (Portfolio Analyst); Daniele Cutini (Head of Asset Management); Tobia Boselli (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766708288242-LongShort-Fall-2022_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Long Short Equity Fund - December 2022. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-december-2022 The fund is actively managed by Minerva IMS, based on a zero-net investment «multi-factor» strategy. The long-short structure implies a market-neutral exposure and limited correlation to the main market indexes while the investment strategy is based on a «multi-factor» quantitative proprietary model design to achieve a systematic, rule-based approach to stock selection. The fund aims to generate a positive absolute return throughout all market conditions. The performance over the semester was 2.08% between 01/05/2022 to 30/11/2022 with the short leg conveying robustness to the portfolio during market drawdowns but hitting it during bear market rallies. The shorts on Tesla and Orpea contributed the most to performance as well as Constellation Energy and Marathon Petroleum on the long leg. The team confirmed the value and quality factor to navigate the expected volatility in 2023 and introduced a new ND/EBITDA factor to take into account corporate leverage when selecting stocks. The size factor has been reversed. Check out our last report of the semester to know more about the fund! ## Diversified Passive Selection Fund - December 2022 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-december-2022 - Date: 2022-12-28 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Gianluca Caffi (Portfolio Manager); David Permutti (Portfolio Analyst); Heeseong Jeong (Portfolio Analyst); Daniele Biondi (Portfolio Analyst); Edoardo Pelli (Portfolio Analyst); Daniele Cutini (Head of Asset Management); Tobia Boselli (Head of Portfolio Management) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766708207968-Minerva-Passive-December-2022-NEW_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Diversified Passive Selection Fund - December 2022. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2022 The fund is composed of a range of Exchange Traded Funds selected by the Portfolio and Quantitative Research (Risk) teams. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. Our second report of the semester presents a SAA which implies a more constructive view on fixed income and a cautious approach to equity after a painful year both for equities and bonds. Our previous underweight in credit and duration has been relaxed but not abandoned. We cut the exposure to dirty energy after one of the best years for the fossil fuels industry. An 80% OTM put on the SPX has been included and also on the Nikkei in order to be protected in case of a messy exit from the YCC policy before April. ## Palo Alto Network - Equity Research - Address: https://minervaims.org/archive/palo-alto-network-equity-research-2022 - Date: 2022-12-21 - Division: Equity Research - Type: Equity Research Report - Authors: Dan-Arthur Coseru (Lead Analyst); Elisabetta Fabris (Analyst); Pierpaolo Cuglietta (Analyst); Amadis Cleva (Analyst); Daniele Stoia (Analyst); Emanuele Licari (Head of Research); Luigi Tamburini (Head of Equity Research); Dario Scordamaglia (Co-Head of Equity Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169587637-Palo-Alto-Networks-Equity-Report_compressed-2.pdf - Cite as: Minerva Investment Management Society (2022). Palo Alto Network - Equity Research. Equity Research. https://minervaims.org/archive/palo-alto-network-equity-research-2022 Palo Alto Networks, Inc. is a global cybersecurity provider. The Company enables enterprises, service providers, and government entities to secure all users, applications, data, networks, clouds and devices with visibility and context, continuously across all locations. It delivers cybersecurity products covering a range of use cases, enabling its end-customers to secure their networks, remote and hybrid workforces, branch locations, and public and private clouds, and to advance their security operations centers (SOC). ## Markets & Alternatives Research - Measuring and Exploiting Volatility Risk Premium - Address: https://minervaims.org/archive/markets-and-alternatives-research-measuring-and-exploiting-volatility-risk-2022 - Date: 2022-12-21 - Division: Investment Research - Type: Investment Outlook - Authors: Antonio Messina (Head of Markets and Alternatives Research); Matteo Negrini (Markets and Alternatives Research Analyst); Bartu Şen (Markets and Alternatives Research Analyst); Edoardo Calleri di Sala (Markets and Alternatives Research Analyst); Angelo Perri (Markets and Alternatives Research Analyst); Deniz Aktas (Markets and Alternatives Research Analyst); Emanuele Licari (Head of Research Area) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766759704152-Measuring-and-Exploiting-volatility-risk-premium_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Markets & Alternatives Research - Measuring and Exploiting Volatility Risk Premium. Investment Research. https://minervaims.org/archive/markets-and-alternatives-research-measuring-and-exploiting-volatility-risk-2022 In the December report the team investigated further in what the Macro team highlighted: volatility increased and affected equity market after the Russian-Ucranian conflict. Based on current and past data, our Markets & Alternatives team has covered the main strategies used to exploit the current market scenario. ## Kinder Morgan - Equity Research (Minerva X SGFER) - Address: https://minervaims.org/archive/kinder-morgan-equity-research-minerva-x-sgfer-2022 - Date: 2022-12-20 - Division: Equity Research - Type: Equity Research Report - Authors: Akshit Seth (Equity Research Analyst); Luca Paris (Equity Research Analyst); David Kurfüst (Senior Editor M&A and PE, SGFER); Nicolas Riedmüller (Editor M&A and PE, SGFER); Wikram Chowdhury (Senior Editor M&A and PE, SGFER); Federico Gabriel Mejia Enriquez (Co-Head of M&A and PE, SGFER); Luigi Savarese (Head of Equity Research) - Pages: 21 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169431136-Kinder_Morgan_Minerva_SGFER_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Kinder Morgan - Equity Research (Minerva X SGFER). Equity Research. https://minervaims.org/archive/kinder-morgan-equity-research-minerva-x-sgfer-2022 This article is an analysis of the Kinder Morgan Stock in which we present both a buy-side and sell-side perspective. Kinder Morgan is a leading North American energy infrastructure company that mainly operates in the midstream segment. The article includes a company overview, a financial analysis, a SWOT analysis, an industry analysis, and a valuation part. ## STMicroelectronics - Equity Research - Address: https://minervaims.org/archive/stmicroelectronics-equity-research-2022 - Date: 2022-12-12 - Division: Equity Research - Type: Equity Research Report - Authors: Luigi Savarese (Lead Analyst); Alessandro Bontempi (Analyst); Andrea Beretta (Analyst); Sara De Padova (Analyst); Fabio Iacobucci (Analyst); Emanuele Licari (Head of Research); Luigi Tamburini (Head of Equity Research); Dario Scordamaglia (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169144396-STM-Microelectronics-Equity-Report_compressed-2.pdf - Cite as: Minerva Investment Management Society (2022). STMicroelectronics - Equity Research. Equity Research. https://minervaims.org/archive/stmicroelectronics-equity-research-2022 STMicroelectronics N.V. (referred also as St or StMicro) is a Dutch multinational corporation and technology firm operating in the Semiconductors industry. It was founded in 1987 as the result of the merger of two government-owned semiconductor companies: Italian SGS Microelettronica and French Thomson Semiconducteurs. The company addresses four end markets: automotive, industrial, personal electronics and communication equipment, computers and peripherals. The firm counts over 80 sales offices in 35 countries, serving more than 200,000 customers around the world. ## Multi Asset Global Opportunities - December 2022 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-december-2022 - Date: 2022-12-09 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Francesco Sorbone (Portfolio Manager); Federico Schizzi (Portfolio Analyst); Jacopo Prevedello (Portfolio Analyst); Marco Neri (Portfolio Analyst); Matilde Zampa (Portfolio Analyst); Michele Zanirato (Portfolio Analyst); Daniele Cutini (Head of Asset Management); Tobia Boselli (Head of Portfolio Management) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766708103767-Minerva-MultiAsset_Dec_2022_Report_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Multi Asset Global Opportunities - December 2022. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-december-2022 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. After one of the most front-loaded interest rate hike cycles in the US and a significant normalization of monetary policy by all main central banks, we decided to increase the fund exposure to bonds, always being prudent in terms of duration and credit quality, and to prefer credit over equity. Equity exposure is skewed towards defensive sectors in order to navigate a slowdown of the economic cycle next year. An 80% – OTM put on the S&P500 is included in the portfolio in order to increase its robustness against unexpected shocks. ## Do sanctions work? A theoretical and empirical approach to analyze the effectiveness of sanctions against Russia - Address: https://minervaims.org/archive/do-sanctions-work-a-theoretical-and-empirical-approach-to-analyze-2022 - Date: 2022-12-07 - Division: Macro Research - Type: Macro Research Report - Authors: Alessandro Archetti (Head of Macro Research); Emanuele Licari (Head of Research Area); Francesco Casapenta (Macro Research Analyst); Giacomo de Michieli (Macro Research Analyst); Ada Egilmez (Macro Research Analyst); Basar Gokberk Inan (Macro Research Analyst); Gabriele Pujatti (Macro Research Analyst); Riccardo Mirarchi (Macro Research Analyst); Michele Tremolada (Macro Research Analyst); Maho Yoneda (Macro Research Analyst); Luca Vezzani (Macro Research Analyst) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766790588741-Do-sanctions-work__compressed.pdf - Cite as: Minerva Investment Management Society (2022). Do sanctions work? A theoretical and empirical approach to analyze the effectiveness of sanctions against Russia. Macro Research. https://minervaims.org/archive/do-sanctions-work-a-theoretical-and-empirical-approach-to-analyze-2022 Do sanctions against Russia actually work? Which factors matter to design and implement optimal sanctions? What are sanctions effects on the markets? What are the possible future scenario after the war? In the December report our Macro team deeply investigated these questions based on current evidence and empirical results. ## Lockheed Martin Corp. - Equity Research - Address: https://minervaims.org/archive/lockheed-martin-corp-equity-research-2022 - Date: 2022-12-04 - Division: Equity Research - Type: Equity Research Report - Authors: Andreas Bengtsson (Analyst); Vincent de Naurois (Analyst); Lorenzo Lucicesare (Analyst); Luciano Valerio (Analyst); Emanuele Licari (Head of Research); Luigi Tamburini (Head of Equity Research); Dario Scordamaglia (Co-Head of Equity Research) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768169057565-Lockheed-Martin-Equity-Report_compressed-1.pdf - Cite as: Minerva Investment Management Society (2022). Lockheed Martin Corp. - Equity Research. Equity Research. https://minervaims.org/archive/lockheed-martin-corp-equity-research-2022 Lockheed Martin Corporation is an American aerospace and defense firm. The company is the largest defense contractor in the world, with over half of its annual sales being to the US Department of Defense. Lockheed Martin operates within four business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. ## Multi Asset Global Opportunities - May 2022 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-may-2022 - Date: 2022-05-13 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Diego Castoldi (Portfolio Manager); Federico Tita (Portfolio Analyst); Martina Perrone (Portfolio Analyst); Mattia Cosimo (Portfolio Analyst); Gianluca Caffi (Portfolio Analyst); Andrei Tudoroiu (Portfolio Analyst); Daniele Cutini (Head of Asset Management); Matteo Turri (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766708000053-MultiAsset_May_2022_Report-_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Multi Asset Global Opportunities - May 2022. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-may-2022 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 diversification of the fund across asset classes ensured its resilience over the past six months, returning a flat performance over the same period. In the new allocation, more space has been given to the green transition and new stocks have been included. ## The End of Pax Europea - Address: https://minervaims.org/archive/the-end-of-pax-europea-2022 - Date: 2022-05-10 - Division: Macro Research - Type: Macro Research Report - Authors: Pietro Cucinotta (Head of Macro Research); Tommaso Beverina (Head of Research Area); Ada Egilmez (Macro Research Analyst); Michele Tremolada (Macro Research Analyst); Xuan Liu (Macro Research Analyst); Brunon Magolewski (Macro Research Analyst); Alessandro Archetti (Macro Research Analyst); Luca Vezzani (Macro Research Analyst); Maho Yoneda (Macro Research Analyst); Gabriele Pujatti (Macro Research Analyst) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766790430902-The-end-of-Pax-Europea_compressed.pdf - Cite as: Minerva Investment Management Society (2022). The End of Pax Europea. Macro Research. https://minervaims.org/archive/the-end-of-pax-europea-2022 The Russia-Ukraine Crisis has been disrupting the world economy over the past three months. Minerva’s Macro Research team investigated the matter thoroughly, trying to identify its causes, the European reactions to the war and the likely economic consequences. ## Long Short Equity Fund - May 2022 - Address: https://minervaims.org/archive/long-short-equity-fund-may-2022 - Date: 2022-05-10 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Rodrigo Duarte Silva (Portfolio Manager); Giorgio Profeta (Senior Portfolio Analyst); Carmine Troilo (Portfolio Analyst); Julia Garcia-Pelayo (Portfolio Analyst); Francesco Sorbone (Portfolio Analyst); Matilde Zampa (Portfolio Analyst); Matteo Pellandino (Portfolio Analyst); Daniele Cutini (Head of Asset Management); Matteo Turri (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707844769-LS_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Long Short Equity Fund - May 2022. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-may-2022 The fund is actively managed by Minerva IMS, based on a zero-net investment «multi-factor» strategy. The long-short structure implies market neutral exposure and limited correlation to the main market indexes while the investment strategy is based on a «multi-factor» quantitative proprietary model design to achieve a systematic, rule-based approach to stock selection. The fund aims to generate a positive absolute return throughout all market conditions. The fund delivered an exceptional performance over the last 6 months despite the persistent volatility across the equity market proving the benefits of building not long-only portfolios and the ability of the right combination of factors to deliver a satisfactory positive performance also during turbulent times. ## Leggett & Platt Inc. - Equity Research - Address: https://minervaims.org/archive/leggett-and-platt-inc-equity-research-2022 - Date: 2022-05-09 - Division: Equity Research - Type: Equity Research Report - Authors: Emanuele Licari (Lead Analyst); Luigi Savarese (Analyst); Andrea Beretta (Analyst); Luca Paris (Analyst); Maurizio De Nisi (Analyst); Tommaso Beverina (Head of Research); Andrea Brangi (Head of Equity Research); Enrico Conforto (Co-Head of Equity Research) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168977897-Leggett-Platt-Inc-Equity-Report_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Leggett & Platt Inc. - Equity Research. Equity Research. https://minervaims.org/archive/leggett-and-platt-inc-equity-research-2022 Leggett & Platt, Inc. engages in the manufacture and distribution of furniture, engineered components and products among homes, offices, automobiles, and commercial aircraft. It operates through the following segments: Bedding, Flooring, Furniture & Textile, and Specialized Products. The company was founded by J. P. Leggett and C. B. Platt in 1883 and is headquartered in Carthage, MO. Other products include automotive seating components (wire seat suspensions, motors and actuators for vehicle power systems) and tubing used in aerospace fluid conveyance systems. The US accounts for approximately 65% of sales. ## Diversified Passive Selection Fund - May 2022 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-may-2022 - Date: 2022-05-06 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Tobia Boselli (Portfolio Manager); Federico Schizzi (Portfolio Analyst); Heeseong Jeong (Portfolio Analyst); Jacopo Prevedello (Portfolio Analyst); Lorenzo Vitileia (Portfolio Analyst); Matteo Consalvo (Portfolio Analyst); Daniele Cutini (Head of Asset Management); Matteo Turri (Head of Portfolio Management) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707758760-Minerva-Passive-spring-22_compressed-1.pdf - Cite as: Minerva Investment Management Society (2022). Diversified Passive Selection Fund - May 2022. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-may-2022 The fund is composed of a range of Exchange Traded Funds selected by the Portfolio and Quantitative Research (Risk) teams. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. The fund currently presents a very unusual strategic asset allocation being invested in commodities for 25%, in bonds for only 10%, and in global equities for 65% of the portfolio to navigate the present turbulent times. Keeping constant the strategy implemented in the December 2021 report, we hedged the portfolio using precious metals, we shortened the duration of the fixed income component of the portfolio and we further shifted towards defensive sectors within the equity component. ## Danone SA - Equity Research - Address: https://minervaims.org/archive/danone-sa-equity-research-2022 - Date: 2022-05-03 - Division: Equity Research - Type: Equity Research Report - Authors: Luciano Valerio (Analyst); Dario Scordamaglia (Analyst); Andreas Bengtsson (Analyst); Amadis Cleva (Analyst); Maksim Stamenkovic (Analyst); Andrea Brangi (Head of Equity Research); Enrico Conforto (Co-Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168906547-Danone-Equity-Report_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Danone SA - Equity Research. Equity Research. https://minervaims.org/archive/danone-sa-equity-research-2022 Danone SA is a France-based food and beverage company with an international presence. The company operates through three business units: Essential Dairy and Plant-Based Products (EDP), Waters, and Specialized Nutrition. ## Royal Caribbean Cruises Ltd - Equity Research - Address: https://minervaims.org/archive/royal-caribbean-cruises-ltd-equity-research-2022 - Date: 2022-05-01 - Division: Equity Research - Type: Equity Research Report - Authors: Luigi Tamburini (Analyst); Luca Nicola Introna (Analyst); Lorenzo De Felice (Analyst); Lorenzo Lucicesare (Analyst); Alessandro Bontempi (Analyst); Tommaso Beverina (Head of Research); Andrea Brangi (Head of Equity Research); Enrico Conforto (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168628710-Royal-Caribbean-Equity-Report_compressed.pdf - Cite as: Minerva Investment Management Society (2022). Royal Caribbean Cruises Ltd - Equity Research. Equity Research. https://minervaims.org/archive/royal-caribbean-cruises-ltd-equity-research-2022 Royal Caribbean Cruises Ltd, is an American-based cruise holding company that owns and operates three global cruise vacation brands, including Royal Caribbean International, Celebrity Cruises and Silversea Cruises. It also owns joint venture interest in the TUI Cruises and Hapag-Lloyd Cruises. The company offers a global service, and it is the second world largest cruise company in the world. The company is mainly focused on vacation cruises and its itineraries include cruises sailing to Alaska, Australia & New Zealand, the Caribbean, the US eastern and western coast, the Orient, the Mediterranean and more. In 2022 It debuted the world’s largest cruise ship, which sailed for the first time in March 2022. ## WeBuild S.p.A. - Equity Research - Address: https://minervaims.org/archive/webuild-s-p-a-equity-research-2021 - Date: 2021-12-14 - Division: Equity Research - Type: Equity Research Report - Authors: Emanuele Licari (Lead Analyst); Fabio Iacobucci (Analyst); Baptiste Soulhol (Analyst); Maksim Stamenkovic (Analyst); Alessandro Bontempi (Analyst); Tommaso Beverina (Head of Research); Andrea Brangi (Head of Equity Research); Enrico Conforto (Co-Head of Equity Research) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168539348-Webuild-SpA-Final-Report_compressed.pdf - Cite as: Minerva Investment Management Society (2021). WeBuild S.p.A. - Equity Research. Equity Research. https://minervaims.org/archive/webuild-s-p-a-equity-research-2021 Webuild S.p.A. is an Italian-based company engaged in the construction sector. The Company specializes in the construction of infrastructure projects throughout the world. The projects include the construction of road networks, highways, bridges, viaducts, dams, hydroelectric plants, hydraulic projects, motorways, metro urban lines, airports, railway lines, underground works, residential and office complexes, hospital complexes, university campuses, governmental buildings, civil, as well as industrial buildings, among others. The company operates in over 50 countries in 5 different continents. ## Multi Asset Global Opportunities - December 2021 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-december-2021 - Date: 2021-12-11 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Matteo Turri (Portfolio Manager); Julia Garcia-Pelayo (Portfolio Analyst); Matteo Pellandino (Portfolio Analyst); Francesco Sorbone (Portfolio Analyst); Edoardo Toneatti (Portfolio Analyst); Lorenzo Vitileia (Portfolio Analyst); Marco Gortan (Head of Asset Management); Raffaele De Cicco (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707630499-MIMS_MULTIASSET_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Multi Asset Global Opportunities - December 2021. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-december-2021 MIMS – Multi Asset Global Opportunities Fund is an actively managed fund by Minerva Investment Management Society, based on environmental, social, and governance (ESG) criteria. The ultimate goal of this portfolio is to achieve long-term growth whilst controlling volatility. To that end, this fund will be comprised of a multitude of securities with the possibility, in exceptional cases, to take short term speculative positions. Hedging positions might be implemented through financial derivative instruments. To ensure diversification, this virtual portfolio is spread across geographies, sectors and asset classes, and is built through fundamental analysis, ESG integration and macroeconomic views. In total, the asset allocation will aim to include around 40 different securities with a changing risky component to take advantage of contingent market conditions. The dynamic asset allocation prevents us from using a reference benchmark. The portfolio will be rebalanced every six months, with exceptional reviews to position for market shocks. The holdings only include instruments from the public markets, spread across equity, fixed income, real estate and commodities. ETPs might be considered to take additional exposures to niche markets. ## Diversified Passive Selection Fund - December 2021 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-december-2021 - Date: 2021-12-11 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Daniele Cutini (Portfolio Manager); Tobia Boselli (Portfolio Analyst); Diego Castoldi (Portfolio Analyst); Rodrigo Duarte Silva (Portfolio Analyst); Matilde Zampa (Portfolio Analyst); Marco Gortan (Head of Asset Management); Raffaele De Cicco (Head of Portfolio Management) - Pages: 14 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707560958-MIMS_Passive_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Diversified Passive Selection Fund - December 2021. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2021 The Passive Fund is composed by a number of Exchange Traded Funds selected by Minerva Investment Management Society, reflecting the output of the research of the Passive Portfolio Team. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst to capturing as little idiosyncratic risk as possible. Each ETFs was carefully chosen in line with the macroeconomic outlook. Our allocation is based on a diversification process achieved among geographies, asset classes and sectors. ## Nexi S.p.A. - Equity Research - Address: https://minervaims.org/archive/nexi-s-p-a-equity-research-2021 - Date: 2021-12-10 - Division: Equity Research - Type: Equity Research Report - Authors: Luciano Valerio (Analyst); Stefano Didone (Analyst); Tommaso Nocchi (Analyst); Daniele Stoia (Analyst); Tommaso Beverina (Head of Research); Andrea Brangi (Head of Equity Research); Enrico Conforto (Co-Head of Equity Research) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168439412-NEXI-equity-research-10_12_2021_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Nexi S.p.A. - Equity Research. Equity Research. https://minervaims.org/archive/nexi-s-p-a-equity-research-2021 Nexi is an Italian based company and a leading player in Europe in the digital payment industry. The company is expanding its business in Europe through its recent acquisitions of SIA and Nets. Italy has decided to allocate 27% of the PNRR, which amounts to 235 billion Euros, to the digital transition and Nexi could be one of the companies that could benefit the most from it. ## The 2021 ECB strategy review: analysis and implications - Address: https://minervaims.org/archive/the-2021-ecb-strategy-review-analysis-and-implications - Date: 2021-12-07 - Division: Macro Research - Type: Macro Research Report - Authors: Pietro Cucinotta (Head of Macro Research); Tommaso Beverina (Head of Research Area); Ada Egilmez (Macro Research Analyst); Michele Tremolada (Macro Research Analyst); Xuan Liu (Macro Research Analyst); Brunon Magolewski (Macro Research Analyst); Lara Deniz (Macro Research Analyst) - Pages: 9 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766790276570-ECB-strategy-review-statement_compressed.pdf - Cite as: Minerva Investment Management Society (2021). The 2021 ECB strategy review: analysis and implications. Macro Research. https://minervaims.org/archive/the-2021-ecb-strategy-review-analysis-and-implications The ECB strategy review was announced on the 8th of July 2021. There are two main innovations that the new strategy brings to the field: a specific inflation target of two per cent, which replaces the old double-key formulation, and a new inflation index, which will incorporate owner-occupied housing costs (HICP-OOH). The macro research team focused on thoroughly analyzing what this means, the likely consequences that this change will have onto the markets and how the ECB will act during the next years, incorporating an analysis of how the new strategy has made the European Central Bank more dovish with respect to its past. ## Infrastrutture Wireless Italiane S.p.A. - Equity Research - Address: https://minervaims.org/archive/infrastrutture-wireless-italiane-s-p-a-equity-research-2021 - Date: 2021-12-06 - Division: Equity Research - Type: Equity Research Report - Authors: Dario Scordamaglia (Lead Analyst); Luigi Tamburini (Analyst); Maurizio De Nisi (Analyst); Luca Nicola Introna (Analyst); Luigi Savarese (Analyst); Tommaso Beverina (Head of Research); Andrea Brangi (Head of Equity Research); Enrico Conforto (Co-Head of Equity Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168360243-INWIT-equity-research-06_12_2021_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Infrastrutture Wireless Italiane S.p.A. - Equity Research. Equity Research. https://minervaims.org/archive/infrastrutture-wireless-italiane-s-p-a-equity-research-2021 Infrastrutture Wireless Italiane S.p.A. is the largest operator in Italy in the wireless infrastructure sector. It builds and operates technological systems and civil structures (such as towers, pylons and poles) that host radio transmission equipment, mainly to provide services to telecommunications operators, as a neutral host. Thanks to the recent acquisition, by merger by incorporation, of VOD Towers, the number of sites has doubled, at over 22,000, allowing the company to provide widespread coverage over the country. ## Markets & Alternatives Research - Credit Default Swaps - Address: https://minervaims.org/archive/markets-and-alternatives-research-credit-default-swaps-2021 - Date: 2021-12-02 - Division: Investment Research - Type: Investment Outlook - Authors: Marco Uggeri (Head of Markets and Alternatives Research); Dionysia Balafa (Markets and Alternatives Research Analyst); Antonio Messina (Markets and Alternatives Research Analyst); Matteo Negrini (Markets and Alternatives Research Analyst); Tommaso Beverina (Head of Research Area) - Pages: 9 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766759542675-MIMS-Credit-Default-Swaps-2.pdf - Cite as: Minerva Investment Management Society (2021). Markets & Alternatives Research - Credit Default Swaps. Investment Research. https://minervaims.org/archive/markets-and-alternatives-research-credit-default-swaps-2021 Credit Default Swaps are credit or entity derivatives that offer insurance in case of default of an underlying bond. In this report a correlation analysis of CDS spread and the main asset classes is conducted. Furthermore, a discrete time variant of the Hull pricing model is implemented to obtain the historical default probabilities implied in the market prices of the CDS on four countries debt: Greece, Italy, Spain, and France. The historical data is then implemented to build a forecast model based on a Random Walk model. For each country we applied a Monte Carlo simulation to default probabilities and risk-free rates, obtaining a future distribution of the CDS spread. ## Disentangling Cryptocurrencies - Address: https://minervaims.org/archive/disentangling-cryptocurrencies-2021 - Date: 2021-12-01 - Division: Investment Research - Type: Investment Outlook - Authors: Tommaso Beverina (Head of Research); Cisem Almali (Research Analyst); Deniz Aktas (Research Analyst); Huiying Song (Research Analyst); Jacopo Prevedello (Research Analyst); Thomas Ferradini (Research Analyst) - Pages: 81 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707509888-FINAL_compressed_compressed_compressed_compressed-compresso.pdf - Cite as: Minerva Investment Management Society (2021). Disentangling Cryptocurrencies. Investment Research. https://minervaims.org/archive/disentangling-cryptocurrencies-2021 Over the last three years, cryptocurrencies have become one of the best performing asset classes in the financial markets and have currently reached an outstanding market capitalization of more than $ 2tn. In this report, produced in collaboration with Hercle Financial, a team made up of members from different divisions of Minerva analyses the correlation between the main cryptocurrencies by market cap and several other asset classes, such as commodities, traditional currencies, government bonds, and other cryptos. This aim is achieved by applying different correlation models, ranging from simple correlation statistics to linear and stationary dynamic linear models. Hercle developed proprietary ultra-low latency trading technology to execute High-Frequency market making strategies and to offer an end-to-end prime-brokerage solution to institutional investors who are interested in gaining exposure to crypto-assets. ## Long Short Equity Fund - November 2021 - Address: https://minervaims.org/archive/long-short-equity-fund-november-2021 - Date: 2021-11-30 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Giorgio Profeta (Portfolio Manager); Luca Giorgianni (Portfolio Analyst); Matteo Consalvo (Portfolio Analyst); Heeseong Jeong (Portfolio Analyst); Andrei Tudoroiu (Portfolio Analyst); Saumya Das (Portfolio Analyst); Marco Gortan (Head of Asset Management); Raffaele De Cicco (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707444613-L_S_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Long Short Equity Fund - November 2021. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-november-2021 The fund aims to generate a positive absolute return throughout all market conditions. The strategy adopts a «multi-factor» quantitative proprietary model in order to achieve a systematic, rule-based approach to stock selection. The long-short structure implies market neutral exposure and limited correlation to the main market indexes. ## Multi Asset Global Opportunities Fund - May 2021 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2021 - Date: 2021-05-13 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Marco Gortan (Portfolio Manager); Antonia Cicala (Portfolio Analyst); Luca Giorgianni (Portfolio Analyst); Saumya Das (Portfolio Analyst); Matteo Turri (Portfolio Analyst); Matilde Zampa (Portfolio Analyst); Edoardo Cordero (Head of Asset Management); Maria D’Amato (Head of Portfolio Management) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707325081-MultiAsset_May2021_Report_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Multi Asset Global Opportunities Fund - May 2021. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-fund-may-2021 MIMS – Multi Asset Global Opportunities Fund is an actively managed fund by Minerva Investment Management Society, based on environmental, social, and governance (ESG) criteria. The ultimate goal of this portfolio is to achieve long-term growth whilst controlling volatility. To that end, this fund will be comprised of a multitude of securities with the possibility, in exceptional cases, to take short term speculative positions. Hedging positions might be implemented through financial derivative instruments. To ensure diversification, this virtual portfolio is spread across geographies, sectors and asset classes, and is built through fundamental analysis, ESG integration and macroeconomic views. In total, the asset allocation will aim to include around 40 different securities with a changing risky component to take advantage of contingent market conditions. The dynamic asset allocation prevents us from using a reference benchmark. The portfolio will be rebalanced every six months, with exceptional reviews to position for market shocks. The holdings only include instruments from the public markets, spread across equity, fixed income, real estate and commodities. ETPs might be considered to take additional exposures to niche markets. ## TAL Education Group - Equity Research - Address: https://minervaims.org/archive/tal-education-group-equity-research-2021 - Date: 2021-05-10 - Division: Equity Research - Type: Equity Research Report - Authors: Thinh Nguyen (Analyst); Maksim Stamenkovic (Analyst); Erika Song (Analyst); Niccolò Bragaglia (Analyst); Gabriele Presti (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168279799-TAL-US-Equity_Equity-Research-Report_compressed.pdf - Cite as: Minerva Investment Management Society (2021). TAL Education Group - Equity Research. Equity Research. https://minervaims.org/archive/tal-education-group-equity-research-2021 TAL Education Group is a leading K-12 after-school tutoring services provider in China. TAL Education Group offers comprehensive tutoring services to students from pre-school to the twelfth grade through three flexible class formats: small classes, personalized premium services, and online courses. The company’s learning center network currently covers over 110 cities in China. ## Diversified Passive Selection Fund - May 2021 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-may-2021 - Date: 2021-05-07 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Maria D’Amato (Portfolio Manager); Eleonora Di Veroli (Portfolio Analyst); Marco Gortan (Portfolio Analyst); Andrea Taglietti (Portfolio Analyst); Roberto Rainone (Portfolio Analyst); Julia Garcia-Pelayo (Portfolio Analyst); Icaro Baraglia (Head of Asset Management); Edoardo Cordero (Head of Portfolio Management) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707173439-MIMS-Diversified-Passive-Selection-Fund_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Diversified Passive Selection Fund - May 2021. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-may-2021 The Passive Fund is composed by a number of Exchange Traded Funds selected by Minerva Investment Management Society, reflecting the output of the research of the Passive Portfolio Team. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst to capturing as little idiosyncratic risk as possible. Each ETFs was carefully chosen in line with the macroeconomic outlook. Our allocation is based on a diversification process achieved among geographies, asset classes and sectors. ## Inflation Outlook - Address: https://minervaims.org/archive/inflation-outlook-2021 - Date: 2021-05-03 - Division: Macro Research - Type: Macro Research Report - Authors: Jacopo Signorelli (Head of Macro Research); Tommaso Beverina (Head of Research Area); Anastasia Chyzheuskaya (Macro Research Analyst); Bianca Giovetti (Macro Research Analyst); Marta Leva (Macro Research Analyst); Lara Deniz (Macro Research Analyst); Brunon Magolewski (Macro Research Analyst); Pietro Cucinotta (Macro Research Analyst) - Pages: 28 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766790037588-MR_May_2021_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Inflation Outlook. Macro Research. https://minervaims.org/archive/inflation-outlook-2021 Investors have been concerned with rising inflation for a few months now, thus driving long-term interest rates upward. In this report, Minerva’s Macro Research tries to provide a global framework to address whether such concern is justified by a series of economic metrics that underpin inflationary and deflationary cycles, ranging from elementary indicators of rising prices to the fiscal facilities and monetary actions that have been implemented, and are to be implemented, worldwide. ## Anhui Conch Cement Co Ltd - Equity Research - Address: https://minervaims.org/archive/anhui-conch-cement-co-ltd-equity-research-2021 - Date: 2021-04-30 - Division: Equity Research - Type: Equity Research Report - Authors: Çisem Almalı (Analyst); Emanuele Licari (Analyst); Matteo Pellandino (Analyst); Dario Scordamaglia (Analyst); Luigi Tamburini (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 16 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168154434-Anhui-Conch-Final-Report_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Anhui Conch Cement Co Ltd - Equity Research. Equity Research. https://minervaims.org/archive/anhui-conch-cement-co-ltd-equity-research-2021 Anhui Conch is the leading cement producer in China and second in the World. The company has been recently characterized by an exceptionally prompt growth. It has shown outstanding resilience, managing to recover the losses recorded at the beginning of 2020 as early as in the first quarter of 2021. The demand for construction materials worldwide has surged in the last decade. In the Asia- Pacific region, the growth of the cement market is driven by substantial public investments, aimed at the development of new infrastructures, such as bridges, railways and highways. The company is particularly successful in South and East China, where it performs better than the rest of the market. ## Long Short Equity Fund - April 2021 - Address: https://minervaims.org/archive/long-short-equity-fund-april-2021 - Date: 2021-04-26 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Raffaele De Cicco (Portfolio Manager); Marco Manzo Margiotta (Portfolio Analyst); Giorgio Profeta (Portfolio Analyst); Edoardo Toneatti (Portfolio Analyst); Julia Garcia-Pelayo (Portfolio Analyst); Edoardo Pelli (Portfolio Analyst); Rodrigo Duarte Silva (Portfolio Analyst); Edoardo Cordero (Head of Asset Management); Maria D’Amato (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707082679-Minerva-IMS-Long-Short-Fund_spring_2021_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Long Short Equity Fund - April 2021. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-april-2021 ## China Railway Construction Corp. - Equity Research - Address: https://minervaims.org/archive/china-railway-construction-corp-equity-research-2021 - Date: 2021-04-23 - Division: Equity Research - Type: Equity Research Report - Authors: Enrico Conforto (Analyst); Edoardo Ferri (Analyst); Andrea Brangi (Analyst); Luciano Valerio (Analyst); Victoria Di Vito (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768168077790-CRCC_compressed.pdf - Cite as: Minerva Investment Management Society (2021). China Railway Construction Corp. - Equity Research. Equity Research. https://minervaims.org/archive/china-railway-construction-corp-equity-research-2021 The equity research division is delighted to present China Railway Construction Corp. , a vertically integrated leading construction company in China, operating mainly as a project contractor, covering transportation infrastructures, but also energy-generating plants and real estate. The global and Asian engineering civil construction sector is in great shape. The company mainly operates in emerging markets where the demand of infrastructures is rising sharply, mainly because of increasing population, GDP per capita, and environmental concern, leading to higher demand for railways construction, where the company has a competitive advantage. ## Markets & Alternatives Research - Credit Opportunities - Address: https://minervaims.org/archive/markets-and-alternatives-research-credit-opportunities-2021 - Date: 2021-04-19 - Division: Investment Research - Type: Investment Outlook - Authors: Marco Uggeri (Head of Markets and Alternatives Research); Denis Aktas (Markets and Alternatives Research Analyst); Dionysia Balafa (Markets and Alternatives Research Analyst); Lorenzo Spiga (Markets and Alternatives Research Analyst); Pietro Cucinotta (Macro Research Analyst); Tommaso Beverina (Head of Research) - Pages: 22 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766759182669-Report-Mkts_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Markets & Alternatives Research - Credit Opportunities. Investment Research. https://minervaims.org/archive/markets-and-alternatives-research-credit-opportunities-2021 The present report aims at analyzing with a structural and model driven approach three emerging markets high yield bond. These bonds have been selected through a bottom-up approach. The initial reference for the selection is: UBS Emerging Markets Bond List. Valuation is carried out according to prices as of 17/02/2020. ## Monetary Policy: amid debates - Address: https://minervaims.org/archive/monetary-policy-amid-debates-2021 - Date: 2021-04-17 - Division: Investment Research - Type: Investment Outlook - Authors: Ilaria Caponi (Portfolio Analyst); Edoardo Toneatti (Portfolio Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766707006411-Monetary-Policy-Amid-Debates-Final_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Monetary Policy: amid debates. Investment Research. https://minervaims.org/archive/monetary-policy-amid-debates-2021 With the outbreak of the pandemic, an old debate on central banks and their own monetarypolicy has been reopened. Inflation or NGDP targeting? Our analysts Ilaria Caponi and Edoardo Toneatti give in this focus an interesting view on the issue after a careful analysis of the advantages and disadvantages of the two methods. ## The World Of Family Offices: Archegos' Default - Address: https://minervaims.org/archive/the-world-of-family-offices-archegos-default-2021 - Date: 2021-04-14 - Division: Equity Research - Type: Equity Research Report - Authors: Dario Scordamaglia (Analyst); Luciano Valerio (Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167985546-ARCHEGOS.pdf - Cite as: Minerva Investment Management Society (2021). The World Of Family Offices: Archegos' Default. Equity Research. https://minervaims.org/archive/the-world-of-family-offices-archegos-default-2021 The world of family offices has developed an increasingly notable role in the financial industry. Furthermore, Archegos’ default has shown how interconnected financial companies are. ## Extreme Value Theory: How to predict extreme losses - Address: https://minervaims.org/archive/extreme-value-theory-how-to-predict-extreme-losses-2021 - Date: 2021-04-09 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Mohammad Pourmohammadi (Risk Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766788048244-1617957473486_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Extreme Value Theory: How to predict extreme losses. Quantitative Research. https://minervaims.org/archive/extreme-value-theory-how-to-predict-extreme-losses-2021 EVT is a branch of Statistics that deals with extreme deviations from the median of probability distributions. This theory tries to give a description for heavy tailed distributions like the ones of financial markets. In this report we are going to review and implement two separate, but similar methods to illustrate the power of this theory. ## Factor Dynamic Hedging Strategy - Address: https://minervaims.org/archive/factor-dynamic-hedging-strategy-2021 - Date: 2021-04-06 - Division: Investment Research - Type: Investment Outlook - Authors: Tobia Boselli (Portfolio Analyst); Matteo Turri (Portfolio Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706721444-DynamicFactor-Hedge_compressed.pdf - Cite as: Minerva Investment Management Society (2021). Factor Dynamic Hedging Strategy. Investment Research. https://minervaims.org/archive/factor-dynamic-hedging-strategy-2021 In this focus we present an alternative hedging strategy exploiting the work of C.R. Hervey (2019). The dynamic strategy consists in building a long short quality portfolio – long on high quality, short on low quality stocks – which would be rebalanced each 6 months. This portfolio would then be attached to our benchmarked equity portfolio (obtaining a portable alpha) in order to mitigate the effect of downturns without the need to time the market. ## 2021 Investment Outlook - Address: https://minervaims.org/archive/2021-investment-outlook-2020 - Date: 2020-12-27 - Division: Investment Research - Type: Investment Outlook - Authors: Icaro Baraglia (Head of Asset Management) - Pages: 3 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706643015-Minerva-Outlook-2021_compressed.pdf - Cite as: Minerva Investment Management Society (2020). 2021 Investment Outlook. Investment Research. https://minervaims.org/archive/2021-investment-outlook-2020 As 2020 is approaching to end, it is natural to look back and examine how this challenging year affected our lives and brought new disruptive forces in our society and economy. From an investor perspective, the Covid-19 pandemic was an extraordinary experience in terms of shocks and volatility. Even if past is essential to understand the present, we shouldn’t be biased by recent events in evaluating the future. In this brief article, we present our investment view for the upcoming year. ## Keywords Studios - Equity Research - Address: https://minervaims.org/archive/keywords-studios-equity-research-2020 - Date: 2020-12-23 - Division: Equity Research - Type: Equity Research Report - Authors: Emanuele Licari (Analyst); Manuel Marini (Analyst); Gabriele Presti (Analyst); Thinh Nguyen (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167884682-KWS-Final-_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Keywords Studios - Equity Research. Equity Research. https://minervaims.org/archive/keywords-studios-equity-research-2020 The equity research division is delighted to present Keywords Studios, a provider of technical and consulting services to the video games industry. The company shares have been positively affected by the COVID-19 pandemic. However, according to our team the intrinsic value is not captured by the current price, which we estimated £20.55. Therefore, our assumptions indicate a sell. ## Centrica PLC - Equity Research - Address: https://minervaims.org/archive/centrica-plc-equity-research-2020 - Date: 2020-12-16 - Division: Equity Research - Type: Equity Research Report - Authors: Andrea Brangi (Analyst); Luciano Valerio (Analyst); Victoria Di Vito (Analyst); Vincenzo Montilli (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 11 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167800630-Centrica-Plc-reviewed-FINAL_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Centrica PLC - Equity Research. Equity Research. https://minervaims.org/archive/centrica-plc-equity-research-2020 The equity research division is delighted to present Centrica Plc, a UK based multinational energy company. The company has started a strategic market repositioning due to the COVID-19 pandemic and the structural changes in the energy sector. However, according to our team the intrinsic value is captured by the current price, which we estimated £43. Therefore, our assumptions indicate a hold with possible upgrades. ## Multi Asset Global Opportunities - December 2020 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-december-2020 - Date: 2020-12-10 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Francesco Baiano (Portfolio Manager); Daniel de Bruijn (Portfolio Analyst); Vicente Capoulas (Portfolio Analyst); Diego Castoldi (Portfolio Analyst); Antonia Cicala (Portfolio Analyst); Rodrigo Duarte Silva (Portfolio Analyst); Lorenzo Vitileia (Portfolio Analyst); Icaro Baraglia (Head of Asset Management); Edoardo Cordero (Head of Portfolio Management) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706569570-MIMS-Multi-Asset-Global-Opportunities-Fund_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Multi Asset Global Opportunities - December 2020. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-december-2020 MIMS – Multi Asset Global Opportunities Fund is an actively-managed fund by Minerva Investment Management Society targeting long term capital appreciation. 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, industry and asset classes, and is built through stock picking, based on fundamental analysis and macroeconomic views. ## SAP SE - Equity Research - Address: https://minervaims.org/archive/sap-se-equity-research-2020 - Date: 2020-12-09 - Division: Equity Research - Type: Equity Research Report - Authors: Çisem Almalı (Analyst); Federico Nada (Analyst); Enrico Conforto (Analyst); Dario Scordamaglia (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167727452-SAP-Report-Final-doc-2_organized-1_compressed.pdf - Cite as: Minerva Investment Management Society (2020). SAP SE - Equity Research. Equity Research. https://minervaims.org/archive/sap-se-equity-research-2020 The equity research division is delighted to present SAP, a German multinational software corporation. The company was significantly impacted by the COVID-19 pandemic, due to the decrease in investments by companies. However, according to our team the intrinsic value is higher than the current price, which we estimated €119. Therefore, our assumptions indicate BUY. ## Emerging Markets Outlook - Address: https://minervaims.org/archive/emerging-markets-outlook-2020 - Date: 2020-12-07 - Division: Macro Research - Type: Macro Research Report - Authors: Jacopo Signorelli (Head of Macro Research); Tommaso Beverina (Head of Research Area); Anastasia Chyzheuskaya (Macro Research Analyst); Lara Deniz (Macro Research Analyst); Brunon Magolewski (Macro Research Analyst); Pietro Bologna (Macro Research Analyst); Pietro Cucinotta (Macro Research Analyst); Remogiulio Cavuto (Macro Research Analyst); Riccardo Frangi (Macro Research Analyst) - Pages: 43 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766789828043-report_macro_compressed_compressed_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Emerging Markets Outlook. Macro Research. https://minervaims.org/archive/emerging-markets-outlook-2020 In this report the Macro Research Team analyses the emerging market economies in G20. The analysis encompasses an assessment over the impact of the COVID-19 pandemic and the outlook for the recovery. In addition, it is analysed the role of the FED swap lines in stabilizing emerging markets. ## Fraport AG - Equity Research - Address: https://minervaims.org/archive/fraport-ag-equity-research-2020 - Date: 2020-12-04 - Division: Equity Research - Type: Equity Research Report - Authors: Adnane Zehnine (Lead Analyst); Daniele Cutini (Analyst); Edoardo Ferri (Analyst); Matteo Pellandino (Analyst); Gianmaria Bartoccioni (Head of Equity Research); Tommaso Beverina (Head of Research) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167658075-Final-FRAPORT-ER_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Fraport AG - Equity Research. Equity Research. https://minervaims.org/archive/fraport-ag-equity-research-2020 The equity research division is delighted to present Fraport, one of the most established airport company in the world. The company was hugely impacted by the COVID-19 pandemic, but in the last few months has seen its stock price recover swiftly. However, according to our team the intrinsic value is lower than the current price, which we estimated €35.25 . Therefore, our assumptions indicate SELL. ## Diversified Passive Selection Fund - December 2020 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-december-2020 - Date: 2020-12-01 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Maria D’Amato (Portfolio Manager); Eleonora Di Veroli (Portfolio Analyst); Marco Gortan (Portfolio Analyst); Andrea Taglietti (Portfolio Analyst); Roberto Rainone (Portfolio Analyst); Julia Garcia-Pelayo (Portfolio Analyst); Icaro Baraglia (Head of Asset Management); Edoardo Cordero (Head of Portfolio Management) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706493882-MIMS-Diversified-Passive-Selection-Fund_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Diversified Passive Selection Fund - December 2020. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-december-2020 MIMS – Diversified Passive Selection Fund is composed by a range of Exchange Traded Funds selected by Minerva Investment Management Society. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. ## Markets & Alternatives Research - Currency Hedging Effectiveness in a post-crisis world - Address: https://minervaims.org/archive/markets-and-alternatives-research-currency-hedging-effectiveness-in-a-post-2020 - Date: 2020-11-30 - Division: Investment Research - Type: Investment Outlook - Authors: Damiano Campini (Head of Markets and Alternatives); Dionysia Balafa (Analyst); Maria Carla Cartone (Analyst); Lorenzo Spiga (Analyst); Marco Uggeri (Analyst); Arturo Schembri (President); Tommaso Beverina (Head of Research) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766759114719-MARKETS-AND-ALTERNATIVES-RESEARCH-REPORT-Currency-hedging-effectiveness-in-a-post-crisis-world_compressed_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Markets & Alternatives Research - Currency Hedging Effectiveness in a post-crisis world. Investment Research. https://minervaims.org/archive/markets-and-alternatives-research-currency-hedging-effectiveness-in-a-post-2020 The Markets & Alternatives team analyses in its new report the latest findings over hedging investments in foreign currency equities. ## Long Short Equity Fund - November 2020 - Address: https://minervaims.org/archive/long-short-equity-fund-november-2020 - Date: 2020-11-27 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Edoardo Cordero (Portfolio Manager); Tobia Boselli (Portfolio Analyst); Raffaele De Cicco (Portfolio Analyst); Marco Manzo Margiotta (Portfolio Analyst); Matteo Turri (Portfolio Analyst); Matilde Zampa (Portfolio Analyst); Icaro Baraglia (Head of Asset Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706384263-Minerva-IMS-Long-Short-Equity-Fund_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Long Short Equity Fund - November 2020. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-november-2020 MIMS – Long-Short Equity Fund is an actively-managed fund by Minerva IMS, based on a zero-net investment «multi-factor» strategy.The long-short structure implies market neutral exposure and limited correlation to the main market indexes while the investment strategy is based on a «multi-factor» quantitative proprietary model design to achieve a systematic, rule-based approach to stock selection. The fund aims to generate a positive absolute return throughout all market conditions. ## Alibaba Holding Group - Equity Research - Address: https://minervaims.org/archive/alibaba-holding-group-equity-research-2020 - Date: 2020-09-02 - Division: Equity Research - Type: Equity Research Report - Authors: Gabriele Presti (Lead Analyst); Matteo Pellandino (Analyst); Emanuele Licari (Analyst); Miquel Lluesma (Analyst) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167573992-Alibaba-Equity-Research.pdf - Cite as: Minerva Investment Management Society (2020). Alibaba Holding Group - Equity Research. Equity Research. https://minervaims.org/archive/alibaba-holding-group-equity-research-2020 The equity research division is delighted to present Alibaba Group, one of the fastest growing e-commerce companies in the world. It became one of the most valuable tech companies on the planet after raising $25 billion from its U.S. IPO, the second largest in history. That could be one of the many reasons why analysts consider Alibaba’s stocks a good investment and why they did not lose value during the pandemic, leading the price not to respect the fundamentals, which we estimated 149,87$. Therefore, our assumptions indicate SELL. Please have a look at the full report to get further insights about our valuation of Alibaba Group. ## Monster Beverage Corp - Equity Research - Address: https://minervaims.org/archive/monster-beverage-corp-equity-research-2020 - Date: 2020-06-26 - Division: Equity Research - Type: Equity Research Report - Authors: Kashish Bhatia (Lead Analyst); Federico Nada (Analyst); Manuel Marini (Analyst); Gianluca Luigi Segreto (Analyst); Vincenzo Montilli (Analyst) - Pages: 13 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167478129-Monster-Beverage-Corp-Equity-Research.pdf - Cite as: Minerva Investment Management Society (2020). Monster Beverage Corp - Equity Research. Equity Research. https://minervaims.org/archive/monster-beverage-corp-equity-research-2020 The equity research division is delighted to present Monster Beverage Corporation, a marketer and distributor of energy drinks and alternative beverages. Certainly, the aggregate-economy, hence the industry, slowdown imposes numerous challenges on the Company. As per our assumption, the pandemic will beget structural change in the firm’s trajectory which, combined with the ever-competitive landscape of the energy drink industry, indicates a “Sell” rating. Please have a look at the full report to get further insights about our valuation of Monster Beverage Corp. ## Measuring Covid-Driven Macro Uncertainty - Address: https://minervaims.org/archive/measuring-covid-driven-macro-uncertainty-2020 - Date: 2020-06-16 - Division: Macro Research - Type: Macro Research Report - Authors: Jacopo Signorelli (Macro Research) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766789725640-Measuring-COVID-driven-Macro-Uncertainty.pdf - Cite as: Minerva Investment Management Society (2020). Measuring Covid-Driven Macro Uncertainty. Macro Research. https://minervaims.org/archive/measuring-covid-driven-macro-uncertainty-2020 COVID-19 outbreak paved the way for a big wave of uncertainty worldwide. Stock market volatility and plummeting business expectations are just two of its many markers. Here, we focus on a wide set of alternative indexes, ranging from newspaper-based measures to the most recent surveys, aimed at capturing and evaluating epidemic-driven uncertainty, both at a macro and a micro level. Then, we resort to a suitable framework of reference (Baker, Bloom, Terry – 2020) to assess its short and medium-run impact on the economy. ## Market Update: US-China Trade War - Address: https://minervaims.org/archive/market-update-us-china-trade-war-2020 - Date: 2020-06-04 - Division: Equity Research - Type: Equity Research Report - Authors: Edoardo Ferri (Analyst); Andrea Brangi (Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167365102-US-China-Trade-War_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: US-China Trade War. Equity Research. https://minervaims.org/archive/market-update-us-china-trade-war-2020 The US-China trade war has been a series of ups and downs, retaliations and threats for both parties involved. What started in early 2018 as a tariff on steel imports has now turned into something much bigger, and its impacts have been felt worldwide. From early 2018 the tension and sanctions between the two countries had risen dramatically, peaking in October 2019. However, with the signing of the Phase One deal in January 2020 tensions really seemed to be de-escalating quickly and smoothly, until COVID-19 posed a new series of unforeseen problems for the two countries. Despite this new challenge both countries seem to be heading down the same road, although a bumpy one. ## Market Update: Coco Bonds Boom - Address: https://minervaims.org/archive/market-update-coco-bonds-boom-2020 - Date: 2020-05-14 - Division: Investment Research - Type: Investment Outlook - Authors: Maria D’Amato (Portfolio Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706296298-Market-Update-Coco-Bonds-Boom_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: Coco Bonds Boom. Investment Research. https://minervaims.org/archive/market-update-coco-bonds-boom-2020 Have you ever heard about CoCos? Let’s take a look on how Contingent Convertible bonds work, what are the triggers in their use, the main risks to which they are exposed and their recent development in the markets, which makes them an attractive instrument for banks to strengthen their capital. Also here is a focus on the last year moves of Banco Santander deciding not to call an option on their AT1 bond worth $1.7billion. ## Hedge Funds: Do They Really Hedge? - Address: https://minervaims.org/archive/hedge-funds-do-they-really-hedge-2020 - Date: 2020-05-09 - Division: Equity Research - Type: Equity Research Report - Authors: Miquel Lluesma (Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167276725-Hedge-funds-Do-they-really-hedge.pdf - Cite as: Minerva Investment Management Society (2020). Hedge Funds: Do They Really Hedge? Equity Research. https://minervaims.org/archive/hedge-funds-do-they-really-hedge-2020 In the first place, we explain what a hedge fund is and the story of the first hedge fund. Then, we analyse the current situation of the industry and how it has changed since the inception of the first fund, and finally, we compare its performance against the S&P 500 to determine if they really deliver better results in bear markets. ## Investment Strategy: Smart Beta Investing - Address: https://minervaims.org/archive/investment-strategy-smart-beta-investing-2020 - Date: 2020-05-05 - Division: Investment Research - Type: Investment Outlook - Authors: Riccardo Ghirlandi (Portfolio Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766706049397-Investment-strategy-Smart-Beta-Investing.pdf - Cite as: Minerva Investment Management Society (2020). Investment Strategy: Smart Beta Investing. Investment Research. https://minervaims.org/archive/investment-strategy-smart-beta-investing-2020 Factors are not new. Building investment strategies on factors is not a new thing. What is new, however, is the way we can access these investment factors. Smart Beta ETFs are investment vehicles that embody one new way to access market factors, with a rule-based and transparent approach. Here, Riccardo Ghirlandi first proposes a general overview of the way these instruments work and what could be the benefits of having them in a portfolio. Afterwards, an historical comparison is drawn between a traditional ETF as opposed to a Smart Beta ETF, with reference to a market factor. ## Charles Schwab - TD Ameritrade: A Deal For A New Era Of Brokerage - Address: https://minervaims.org/archive/charles-schwab-td-ameritrade-a-deal-for-a-new-era-of-brokerage-2020 - Date: 2020-05-01 - Division: Equity Research - Type: Equity Research Report - Authors: Gianmaria Bartoccioni (Analyst); Federico Nada (Analyst) - Pages: 6 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167118427-Charles-Schwab-TD-Ameritrade.pdf - Cite as: Minerva Investment Management Society (2020). Charles Schwab - TD Ameritrade: A Deal For A New Era Of Brokerage. Equity Research. https://minervaims.org/archive/charles-schwab-td-ameritrade-a-deal-for-a-new-era-of-brokerage-2020 In Q4 of 2019 Charles Schwab announced the acquisition of TD Ameritrade, a $26 billion deal that will shape the brokerage industry for years to come. The following report looks firstly at the industry and the competitive landscape, emphasising the evolution of the different business models. Afterwards, the rationale behind the deal is discussed as well as the possible impact of regulations and Covid-19. ## Crises Face To Face: 2020 vs 2008 - Address: https://minervaims.org/archive/crises-face-to-face-2020-vs-2008 - Date: 2020-04-23 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Andrea Maccarrone (Risk Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766787855988-Crises-face-to-face-2020-vs-2008.pdf - Cite as: Minerva Investment Management Society (2020). Crises Face To Face: 2020 vs 2008. Quantitative Research. https://minervaims.org/archive/crises-face-to-face-2020-vs-2008 Since the outbreak of the COVID-19 to the country lockdowns, many analysts compared the current crisis to the one of 2008. In this article we analyse and compare the two market turmoils from a risk management perspective and through python programming language. The quantitative analysis has been conducted on the American and European market using the main metrics of risk analysis (VaR, Expected Shortfall, etc..) and computational statistical methods (bootstrap). ## Multi Asset Global Opportunities - April 2020 - Address: https://minervaims.org/archive/multi-asset-global-opportunities-april-2020 - Date: 2020-04-23 - Division: Portfolio Management - Fund: Multi Asset Global Opportunities Fund - Type: Fund Update - Authors: Chiel Dupont (Portfolio Manager); Andrea Sala (Portfolio Manager); Francesco Baiano (Portfolio Analyst); Mirko Battini (Portfolio Analyst); Daniel de Bruijn (Portfolio Analyst); Antonia Cicala (Portfolio Analyst); Maria D’Amato (Portfolio Analyst); Giacomo Mander (Portfolio Analyst); Giovanni Marcato (Portfolio Analyst); Lorenzo Mirone (Portfolio Analyst); Claudio Napoli (Portfolio Analyst); Raffaele Zhu (Portfolio Analyst); Alessandro Patrizi (Head of Asset Management); Icaro Baraglia (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766705946738-MIMS-Multi-Asset-Global-Opportunities-Fund-Report-April-2020-1.pdf - Cite as: Minerva Investment Management Society (2020). Multi Asset Global Opportunities - April 2020. Portfolio Management. https://minervaims.org/archive/multi-asset-global-opportunities-april-2020 MIMS – Multi Asset Global Opportunities Fund is an actively-managed fund by Minerva Investment Management Society, based on environmental, social, and governance (ESG) criteria. The ultimate goal of this Fund is to achieve long term growth whilst controlling volatility. To that end, this portfolio will be comprised of 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, industry and asset classes, and is built through stock picking, based on fundamental analysis and macroeconomic views. In total, the asset allocation will aim to include 30 different securities with a risky component amounting to maximum 60% of the portfolio value, compliant with ESG criteria. In order to defend against negative market impacts, 20% is to be allocated into debt securities through various bonds. The remaining 20% comprises 5% in commodities, 10% in real estate and alternative investments, and 5% cash. Derivative securities are intended to be used for hedging purposes only. ## Diversified Passive Selection Fund - April 2020 - Address: https://minervaims.org/archive/diversified-passive-selection-fund-april-2020 - Date: 2020-04-23 - Division: Portfolio Management - Fund: Diversified Passive Selection Fund - Type: Fund Update - Authors: Damiano Campini (Portfolio Manager); Edoardo Cordero (Portfolio Manager); Vicente Capoulas (Portfolio Analyst); Eleonora Di Veroli (Portfolio Analyst); Marco Manzo Margiotta (Portfolio Analyst); Alessandro Patrizi (Head of Asset Management); Icaro Baraglia (Head of Portfolio Management) - Pages: 10 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766705865541-MIMS-Diversified-Passive-Selection-Fund-Report-April-2020-1.pdf - Cite as: Minerva Investment Management Society (2020). Diversified Passive Selection Fund - April 2020. Portfolio Management. https://minervaims.org/archive/diversified-passive-selection-fund-april-2020 The Diversified Passive Selection Fund is composed by a range of Exchange Traded Funds selected by Minerva Investment Management Society. These ETFs aim to replicate as closely as possible the performance of a basket of securities with specific common properties, thus being effective instruments for investors who wish to express a certain view on industry sectors or economic trends whilst capturing as little idiosyncratic risk as possible. This Fund therefore combines ETFs that when placed together reflect the global forecasts of the Fund management team. Each of these ETFs was carefully chosen in line with the recent macroeconomic outlook, taking into account their ability to track their respective benchmark indexes. Diversification was a key element of the selection process and is reflected both into the asset and geographical allocation. Finally, taking into account our commitment to build a realistic portfolio, we strived to make a proper balance between expense ratios, volatility and tracking errors to improve our probability of achieving a satisfactory overall risk-adjusted performance in these particularly volatile times. To that end, we attributed more weight to debt with respect to equities, focused on quality investments and included a “safe gold” ETF as this commodity tends to react less poorly to exogenous shocks such as the one the world economy is now facing. ## Long Short Equity Fund - March 2020 - Address: https://minervaims.org/archive/long-short-equity-fund-march-2020 - Date: 2020-04-23 - Division: Portfolio Management - Fund: Long Short Equity Fund - Type: Fund Update - Authors: Gabriele Cecchi (Portfolio Manager); Riccardo Ghirlandi (Portfolio Analyst); Andrea Taglietti (Portfolio Analyst); Alessandro Patrizi (Head of Asset Management); Icaro Baraglia (Head of Portfolio Management) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766705446797-MIMS-Long-Short-Equity-Fund-Report-March-2020-1.pdf - Cite as: Minerva Investment Management Society (2020). Long Short Equity Fund - March 2020. Portfolio Management. https://minervaims.org/archive/long-short-equity-fund-march-2020 MIMS – Long Short Equity Fund is an actively-managed fund by Minerva Investment Management Society, based on a zero-net investment ‘multi-factor’ strategy. The Fund has the investment objective of achieving a positive absolute return, through long-term capital appreciation. The Fund uses a «multi-factor» based investment style adopting a quantitative proprietary model in order to achieve a systematic, rules-based approach to stock selection. Stocks are selected from the broad US Equity market (S&P 500 Index) and the European Equity market (Euro STOXX 600 Index). A score is produced with reference to each considered style factor: (1) ‘value’ (stocks appearing cheaper with respect to their fundamentals); (2) ‘momentum’ (investments with relatively strong recent performance); (3) ‘quality’ (as reflected by indicators such as ROE and consensus EPS forecasts); (4) low volatility; (5) size (in terms of market float); (6) ESG factor (as conveyed by Thomson Reuters ESG Score). ## Investing In Renewable Energy - Address: https://minervaims.org/archive/investing-in-renewable-energy-2020 - Date: 2020-04-20 - Division: Equity Research - Type: Equity Research Report - Authors: Thinh Nguyen (Analyst); Vincenzo Montilli (Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768167003795-Investing-in-Renewable-Energy.pdf - Cite as: Minerva Investment Management Society (2020). Investing In Renewable Energy. Equity Research. https://minervaims.org/archive/investing-in-renewable-energy-2020 What are the key factors when investing in Renewable Energy? Why is RE investing growing so much? Here is a look at the sector of renewables and their risk-return framework over the last decades. Firstly, we introduce investment trends in RE and its historical development since the 1970s energy crisis. Then, we analyse the economic case of RE investing and what are the most common ways of financing those operations. Lastly, we give an opinion about the future of RE and the investment risks associated with it. ## Market Update: Short Selling - Address: https://minervaims.org/archive/market-update-short-selling-2020 - Date: 2020-04-18 - Division: Equity Research - Type: Equity Research Report - Authors: Vito Antonio Amatulli (Analyst); Gianluca Luigi Segreto (Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768166934833-Market-Update-Short-Selling.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: Short Selling. Equity Research. https://minervaims.org/archive/market-update-short-selling-2020 Would you rather buy naked puts or implement short selling strategies? What are their respective “costs” and expected returns? Here a comparison of short selling strategies versus option trading strategies. Firstly, we introduce short selling from a theoretical standpoint and then we analyse some examples such as Tesla and BeyondMeat. Secondly, we introduce option basics and we look at some trades implemented by Warren Buffet. Bottom line, we state that the trade-off between the two strategies depends upon the risk-return framework of individual investors. ## Beware of bear: Considerations on the market rebound - Address: https://minervaims.org/archive/beware-of-bear-considerations-on-the-market-rebound-2020 - Date: 2020-04-15 - Division: Investment Research - Type: Investment Outlook - Authors: Gabriele Maggio (Head of Markets and Alternatives) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766758966395-Bear-Market.pdf - Cite as: Minerva Investment Management Society (2020). Beware of bear: Considerations on the market rebound. Investment Research. https://minervaims.org/archive/beware-of-bear-considerations-on-the-market-rebound-2020 Beware of Bear! Are the current low prices and the strong market recovery the occasion of a lifetime for investors or is it just a “bear market trap”? Here an analysis of past bear runs to better understand what could come next. ## AI & Financial Services - Address: https://minervaims.org/archive/ai-and-financial-services-2020 - Date: 2020-04-10 - Division: Equity Research - Type: Equity Research Report - Authors: Daniel-Nicolae Paraschiv (Analyst); Emanuele Licari (Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768166840560-AI-and-Financial-Services.pdf - Cite as: Minerva Investment Management Society (2020). AI & Financial Services. Equity Research. https://minervaims.org/archive/ai-and-financial-services-2020 What is the relationship between AI and Financial Services? Why should firms consider AI as a core component? Here is a summary of the most interesting subfields of AI applied to optimise processes, drive cost efficiency and maintain competitiveness. Firstly, we introduce NLP and its relevant tools to make use of it in Quantitative Trading, such as the Google Natural Language API and the Deloitte BEAT. Then, we analyse upsides and downsides of implementing Machine Learning in Asset Management and Financial Risk Analysis. Lastly, we state that AI will become an essential element of FS firms’ strategies, although it still represents an evolution, not a revolution. ## If it has wings don't fly it just yet: Covid-19 and the airlines liquidity crisis - Address: https://minervaims.org/archive/if-it-has-wings-dont-fly-it-just-yet-covid-19-and-the-airlines-liquidity-crisis-2020 - Date: 2020-04-06 - Division: Investment Research - Type: Investment Outlook - Authors: Daniele Tana (Markets and Alternatives Analyst); Maria Vittoria Scino (Markets and Alternatives Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766758861697-Airlines-Sector.pdf - Cite as: Minerva Investment Management Society (2020). If it has wings don't fly it just yet: Covid-19 and the airlines liquidity crisis. Investment Research. https://minervaims.org/archive/if-it-has-wings-dont-fly-it-just-yet-covid-19-and-the-airlines-liquidity-crisis-2020 One of the hardest hit sectors by the Covid-19 outbreak is Airlines, but is it a good reason to sell? ## Betting Against the Pandemic - Address: https://minervaims.org/archive/betting-against-the-pandemic-2020 - Date: 2020-04-03 - Division: Investment Research - Type: Investment Outlook - Authors: Tommaso Beverina (Co-Head of Markets and Alternatives) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766758563587-Betting-Against-The-Pandemic.pdf - Cite as: Minerva Investment Management Society (2020). Betting Against the Pandemic. Investment Research. https://minervaims.org/archive/betting-against-the-pandemic-2020 The pandemic has frightened investors but it has also drawn attention to an innovative instrument: pandemic bond. To know more read our Minerva Focus by Tommaso Beverina. ## Eurozone Banks and Profitability - Address: https://minervaims.org/archive/eurozone-banks-and-profitability-2020 - Date: 2020-04-01 - Division: Equity Research - Type: Equity Research Report - Authors: Manuel Marini (Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768166731846-Eurozone-Banks-and-Profitability.pdf - Cite as: Minerva Investment Management Society (2020). Eurozone Banks and Profitability. Equity Research. https://minervaims.org/archive/eurozone-banks-and-profitability-2020 Why Eurozone banks profitability remains so depressed and has not fully recovered to its pre-crisis levels? This report investigates the determinants and makes comparisons with US and Nordic banks, whose returns are significantly higher. The analysis considers the economic growth and negative rates policy, high operating costs, regulation and increased competition from the fintech industry. Finally, it is given a quick view of the possible effects that the COVID-19 crisis can have on the sector. ## M&A Deals Update - Intesa San Paolo & UBI Banca - Address: https://minervaims.org/archive/m-and-a-deals-update-intesa-san-paolo-and-ubi-banca-2020 - Date: 2020-03-27 - Division: Equity Research - Type: Equity Research Report - Authors: Gianmaria Bartoccioni (Analyst); Federico Beccari (Analyst) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768166659985-MA-Deals-Update-Intesa-SP-Ubi-Banca.pdf - Cite as: Minerva Investment Management Society (2020). M&A Deals Update - Intesa San Paolo & UBI Banca. Equity Research. https://minervaims.org/archive/m-and-a-deals-update-intesa-san-paolo-and-ubi-banca-2020 Is M&A a good option for banks to protect profitability? An interesting look at the ISP-Ubi deal. ## Merger Arbitrage as a Potential Diversifier in a Portfolio - Address: https://minervaims.org/archive/merger-arbitrage-as-a-potential-diversifier-in-a-portfolio-2020 - Date: 2020-03-24 - Division: Investment Research - Type: Investment Outlook - Authors: Chiel Dupont (Portfolio Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766705349364-Merger-Arbitrage-as-a-Potential-Diversifier-in-a-Portfolio.pdf - Cite as: Minerva Investment Management Society (2020). Merger Arbitrage as a Potential Diversifier in a Portfolio. Investment Research. https://minervaims.org/archive/merger-arbitrage-as-a-potential-diversifier-in-a-portfolio-2020 What can one do to adopt an investment strategy not impacted by market movements? Following a hedge fund strategy like merger arbitrage could be a potential solution to diversify your portfolio. To find out more about this, read Chiel Dupont’s focus. ## Market Update: the Oil Plunge - Address: https://minervaims.org/archive/market-update-the-oil-plunge-2020 - Date: 2020-03-19 - Division: Macro Research - Type: Macro Research Report - Authors: Alessandro Pisa (Macro Research Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766789437117-Market-Update-Oil-Plunge.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: the Oil Plunge. Macro Research. https://minervaims.org/archive/market-update-the-oil-plunge-2020 Yesterday, the price of oil fell to its third lowest level in history. This is happening just days after the previous crash due to OPEC’s oil price war. Why is this happening and what should we expect in this unprecedented scenario? To find out, read Alessandro Pisa’s explanation in the latest Minerva Focus. ## Market Update: Corporate Debt Virus - Address: https://minervaims.org/archive/market-update-corporate-debt-virus-2020 - Date: 2020-03-05 - Division: Investment Research - Type: Investment Outlook - Authors: Arturo Schembri (President) - Pages: 3 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766758500441-Market-Update-Corporate-Debt-Virus.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: Corporate Debt Virus. Investment Research. https://minervaims.org/archive/market-update-corporate-debt-virus-2020 ## Market Update: Crude Oil in the time of COVID-19 - Address: https://minervaims.org/archive/market-update-crude-oil-in-the-time-of-covid-19-2020 - Date: 2020-03-04 - Division: Investment Research - Type: Investment Outlook - Authors: Antonia Cicala (Portfolio Analyst); Andrea Sala (Portfolio Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766705272148-Market-Update-Crude-Oil-in-the-time-of-COVID-19_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: Crude Oil in the time of COVID-19. Investment Research. https://minervaims.org/archive/market-update-crude-oil-in-the-time-of-covid-19-2020 Our analysts have here compared historical price shocks of crude oil with the recent disruptive effects of COVID-19 over the O&G industry. ## Market Update: Volatility &VIX - Address: https://minervaims.org/archive/market-update-volatility-and-vix-2020 - Date: 2020-03-03 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Vito Antonio Amatulli (Research); Antongiulio Frattasio (Risk Management) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766787646857-Market-Update-Volatility-and-VIX_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Market Update: Volatility &VIX. Quantitative Research. https://minervaims.org/archive/market-update-volatility-and-vix-2020 Is Wall Street’s “fear gauge” back? Here some interesting movements in the implied volatility curve of some heavily traded stocks. ## Market Update - Covid-19 Impact - Address: https://minervaims.org/archive/market-update-covid-19-impact-2020 - Date: 2020-02-27 - Division: Equity Research - Type: Equity Research Report - Authors: Nunzio Quaranta (Analyst) - Pages: 5 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1768166573903-Minerva-Focus-Covid-19-Impact_compressed.pdf - Cite as: Minerva Investment Management Society (2020). Market Update - Covid-19 Impact. Equity Research. https://minervaims.org/archive/market-update-covid-19-impact-2020 Read our view about Coronavirus outbreak and its implications for global markets and industries. ## Markets & Alternative Research - Corporate Debt Timebomb - Address: https://minervaims.org/archive/markets-and-alternative-research-corporate-debt-timebomb-2020 - Date: 2020-01-27 - Division: Investment Research - Type: Investment Outlook - Authors: Arturo Schembri (President); Gabriele Maggio (Head of Markets and Alternatives); Tommaso Beverina (Markets and Alternatives Analyst); Martina Schipani (Markets and Alternatives Analyst); Daniele Tana (Markets and Alternatives Analyst); Marco Uggeri (Markets and Alternatives Analyst) - Pages: 12 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766758385492-Report-Markets-Alternatives-Corporate-Debt.pdf - Cite as: Minerva Investment Management Society (2020). Markets & Alternative Research - Corporate Debt Timebomb. Investment Research. https://minervaims.org/archive/markets-and-alternative-research-corporate-debt-timebomb-2020 Our Markets & Alternative Research Team has analysed here the current corporate debt market and developed an internally-generated modified version of the CAPM to price investment grade bonds. ## Market Update: Bonds in 2019 - Address: https://minervaims.org/archive/market-update-bonds-in-2019 - Date: 2019-12-27 - Division: Investment Research - Type: Investment Outlook - Authors: Vito Antonio Amatulli (Head of Research) - Pages: 4 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766758304955-Market-Update-Bonds-in-2019_compressed.pdf - Cite as: Minerva Investment Management Society (2019). Market Update: Bonds in 2019. Investment Research. https://minervaims.org/archive/market-update-bonds-in-2019 As we are approaching the end of 2019, here is an overview of this year’s bond market. Check it out to learn more about fixed income performance and monetary policy implications for 2020. ## Brexit Discussion Report - Address: https://minervaims.org/archive/brexit-discussion-report-2019 - Date: 2019-12-12 - Division: Macro Research - Type: Macro Research Report - Authors: Riccardo Frangi (Lead Analyst, Macro Research); Jacopo Signorelli (Lead Analyst, Macro Research); Pietro Bologna (Macro Research Analyst); Antoni Erkiert (Macro Research Analyst); Nastassia Chyzheuskaya (Macro Research Analyst); Jeh Patel (Head of Macro Research); Vito Antonio Amatulli (Head of Research) - Pages: 17 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766789280436-BrexitDiscussion_MacroResearch_Dic19.pdf - Cite as: Minerva Investment Management Society (2019). Brexit Discussion Report. Macro Research. https://minervaims.org/archive/brexit-discussion-report-2019 As the U.K. heads to the polls today, the Analysts from Minerva’s Macro Research Team breakdown what is at stake for the country as well as for the rest of the European Union. We discuss what is the current state of the British economy and explain the impact of different possible versions of Brexit. We also go deeper into an often-ignored aspect of Brexit: What will EU policy look like once the U.K. leaves? ## Risk Management Report - November 2019 - Address: https://minervaims.org/archive/risk-management-report-november-2019 - Date: 2019-11-28 - Division: Quantitative Research - Type: Quantitative Research Paper - Authors: Alessandro Patrizi (Head of Asset Management); Antongiulio Frattasio (Risk Analyst); Andrea Maccarrone (Risk Analyst); Mohammad Pourmohammadi (Risk Analyst) - Pages: 15 - PDF: https://asjudzdgsccacpjbzsue.supabase.co/storage/v1/object/public/archive-files/1766787553441-Risk-Management-Report-Nov-2019.pdf - Cite as: Minerva Investment Management Society (2019). Risk Management Report - November 2019. Quantitative Research. https://minervaims.org/archive/risk-management-report-november-2019