Minerva Investment Management Society

25/09/2026

Quick questions, quick answers. 🏓

Minerva Investment Management Society covers asset management across its full spectrum: four research divisions and two virtual portfolios, run entirely by Bocconi students.

Why join? Learn, meet, engage. Our reports, our people and our network of alumni and industry professionals do the rest.

Everything you need to know at the link in bio.

Thanks to Tra i Leoni for featuring us, and to our President, Riccardo Colombo, for representing Minerva.

20/09/2021

Fall Admissions are officially open!

Join the first Society at University by sending your CV and a short cover letter (in the same pdf file) to [email protected]

Remember to specify in the subject your preferred team(s) among:
-Portfolio Management
-Risk Management
-Equity Research
-Macro Research
-Market & Alternative Research

For further info visit https://minervaims.it/joinus

It's up to you!

19/04/2021

MIMS - and Report is out!

The Markets&Alternatives team analyses with a structural and driven approach three emerging markets high yield .Have a look at their findings!

https://minervaims.it/markets-alternative-research/credit-opportunities/

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...

15/02/2021

Minerva, Sigma Investments and Nova Investment Club are glad to announce the 2021

Are you a university student passioned about ? Show your portfolio management skills in such a highly volatile stock market by building your own virtual portfolio!

You’ll compete with the best international finance students and your strategy will be graded by professionals from , and . You could win the chance of meeting our professional partners, pitching your portfolio to them and collecting their personal advices in a one-to-one training.

**Deadline for applying: Thursday 25th February at 23:59 CET **

To participate send an email to [email protected]. You’ll then shortly receive a form to be filled out within the aforementioned deadline.

The holding period will be of 2 months (1st March – 30th April). Every week you will be allowed of rebalancing your portfolio (NB is not compulsory), by changing some or all of the stocks and/or bonds previously selected.

The performance measurement will end on 30th April at stock markets’ closing. Teams will be assessed on both portfolio performance and their strategies, they will be judged by industry professionals.

Don’t miss your chance: sign-up now!

12/02/2021

Spring Admissions are officially open!

Join the first Society at University by sending your CV and a short cover letter (in the same pdf file) to [email protected]

Remember to specify in the subject your preferred team(s) among:
-Portfolio Management
-Risk Management
-Equity Research

For further info visit https://minervaims.it/joinus

It's up to you!

02/02/2021

We are glad to launch another interactive event in partnership with Amplify Trading

Join the Senior Amplify Trading team for an exhilarating experience where you will the most volatile market events of 2020 using Amplify's proprietary app technology. You will trade , & using Amplify game-changing free app 'ReTrader'.

This fun event will enhance your understanding of via world-class financial training from industry experts.

For further info click https://lnkd.in/dCAmHKi

28/12/2020

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 publishing, we present our investment view for the upcoming year.

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...

24/12/2020

Another year is coming to an end and we want to say a big thank you to all of our members and to those who support our work! Despite the exceptional times we are living in, we are proud of the effort all our members put into their tasks, and we are happy Minerva has grown so much.

We look forward to let you know our plans for the next year.
Have safe and happy holidays!

23/12/2020

Here we are with the last Minerva IMS Equity Research of the semester!

Our team has just released its analysis of Keywords Studios, a provider of technical and consulting services to the video games industry.

Have a look at our latest equity research to learn more about the stock and our valuation!

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...

16/12/2020

Minerva IMS Equity Research team has just released its latest analysis of Centrica Plc., a UK based multinational energy company that has experienced a strategic market repositioning.

Have a look at our latest equity research to learn more about the stock and our valuation!

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...

11/12/2020

MIMS – 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.

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...

09/12/2020

Minerva IMS Equity Research team has just released its latest analysis of SAP SE, one of the leading multinational firms in the European software markets.

Have a look at our latest equity research to learn more about the stock and our valuation!

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...

07/12/2020

Minerva IMS - Macro Research team has just released its latest . It is focused on the "developing countries" and analyzes their economic and social environments, their reaction to the current crisis, and the potential opportunities in their markets.

Have a look at our latest findings to learn more about our outlook!

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...

04/12/2020

Minerva IMS Equity Research team has just released its latest analysis of Fraport AG, one of the leading players in the global airport business.

Have a look at our latest equity research to learn more about the stock and our valuation!

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...

03/12/2020

MIMS - 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.

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 instrument...

02/12/2020

The Markets & Alternatives team analyses in its new report hedging investments in foreign currency equities. Have a look over their findings!

The Markets & Alternatives team analyses in its new report the latest findings over hedging investments in foreign currency equities.  

27/11/2020

MIMS – 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.

Have a look at our latest Report to learn more about its composition, investment strategy and past track-record.

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....

21/09/2020

Most of us wonder what it’s like to buy and sell positions on an bank’s floor or at an management firm, the accelerator simulation will be the optimal opportunity for Minerva's members to experience it directly. Held in collaboration with the prestigious financial training firm Amplify Trading, the event will be powered by — The training platform used by the world’s leading investment banks and asset managers.

Not only our members will compete in the game, but this event also promises to be beneficial to their career development. Containing both theoretical training and practical simulation, it will give them an opportunity to gain feedback on their technical performance from experienced professionals. The two best performing students will have the opportunity to participate in a sponsored Bootcamp and the chance to be recommended to me of the biggest financial institutions in the world.

20/09/2020

Minerva IMS is glad to announce its with Amplify Trading.

Amplify Trading is a financial futures company based in London.

Amplify Trading was founded in 2009 to develop traders equipped to perform in the new era of global markets. Using technology to bridge the gap between theory and practice, its innovative approach to capital markets training is now used by many of the world’s largest financial firms to find and develop their next market leaders.

Amplify Trading aims also to disrupt conventional education in finance on a global scale, making it engaging, practical, and relevant to the markets today. In Minerva IMS we share its vision of innovation and we are eager to partner with them!

14/09/2020

Do you wanna know more about how we do research and manage our funds? Meet us today outside of Velodromo until 5 pm!

11/09/2020

Fall Admissions are officially open!

Join the first Investment Management Society at Bocconi by sending your CV and cover letter to [email protected] specifying in the subject your preferred team among:

- Portfolio Management
- Risk Management
- Equity Research
- Macro Research
- Markets & Alternatives

For further information visit our website and meet us at “Associations on Display” on Monday 14th outside of Velodromo.

It’s up to you!

05/09/2020

The equity research division is delighted to present Alibaba Group, one of the fastest growing companies in the world. It became one of the most valuable companies on the planet after raising $25 billion from its U.S. , the second largest in history. That could be one of the many reasons why analysts consider Alibaba’s stocks a good investment and why they did not lose value during the pandemic, leading the price not to respect the fundamentals, which we estimated 149,87$. Therefore, our assumptions indicate SELL.

Please have a look at the full report to get further insights about our valuation of Alibaba Group.

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....

14/07/2020

We would like to wish good luck to all the summer analysts from Minerva that during these weeks have started their internships working from remote.

Our Society enriches year by year thanks to the knowledge and experiences of our members so get the most out of these!

26/06/2020

The equity research division is delighted to present 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 “ ” rating.

Please have a look at the full report to get further insights about our valuation of Monster Beverage Corp.

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 wil...

16/06/2020

-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 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 .

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...

04/06/2020

The - 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.

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...

26/05/2020

Minerva 2020 Asset Management Competition has a winner! 🏆

Congratulations to Sara Veronesi for securing the first place with her Invsa Portfolio that achieved a final return of 62.05% over a 2-month investment horizon.

Sara adopted a long-short investment strategy aimed at capturing the quality factor among mostly US equities and she rebalanced her asset allocation three times during the past 8 weeks.

Main industry exposures were Technology, Healthcare, Consumer Defensive (long) and Financial Services, Airlines and Automotive (short). By keeping a positive net exposure towards the US market and a negative towards mainly EU stocks, Sara managed to capture the strong S&P rebound and to perform successful stock picking according to her macro view.

Have a look at her last rebalanced asset allocation of 04/05 here attached.

Last but not least, we would like to thank all participants for their outstanding commitment and all our members and partners that made the whole organisation possible.

Looking forward to the next challenge!

Nova Investment Club Sigma Investments Women in Finance

14/05/2020

Have you ever heard about ?

Let’s take a look on how work, what are the triggers in their use, the main risks to which they are exposed and their recent development in the , 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.

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...

10/05/2020

Minerva è felice di annunciare la partnership con , il primo evento virtuale in Italia per far incontrare giovani, istituzioni, privati, terzo settore, e farli sedere allo stesso tavolo per progettare il futuro del nostro Paese.

L’evento vuole cogliere questa “nuova quotidianità” come un'opportunità per invitare i giovani, istituzioni e mondo privato a mettersi in gioco per contribuire alla risoluzione delle sfide economiche e sociali che l’Italia dovrà affrontare a seguito dell’emergenza in corso.

si svolgerà interamente online, dalle 18.00 del 15 Maggio alle 18.00 del 17 Maggio. Durante questo weekend virtuale, i partecipanti avranno la possibilità di sviluppare risposte concrete alle necessità e sfide che il nostro paese affronta ed affronterà nel prossimo futuro, relativamente a tre macroaree di rilevanza strategica, economica e sociale per il nostro Paese: Bellezza, Talento e Network.

Per scoprire di più sull'evento, visitate il sito officineitalia.org e la pagina Linkedin Officine Italia. Le iscrizioni sono aperte sul sito officineitalia.org e chiuderanno domenica 10 maggio 2020 alle 23.59.

09/05/2020

Do accomplish their mission or not?

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.

Do hedge funds accomplish their mission or not? 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...

05/05/2020

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. 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 . Afterwards, an historical comparison is drawn between a traditional ETF as opposed to a Smart Beta ETF, with reference to a market factor.

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...

03/05/2020

Minerva 2020 Asset Management Competition approaches towards the end! 🔥

Here is the Top10 of the best performing portfolios as of Friday 1/05 since inception date.

Teams will have time until tonight for the last rebalancing of their asset allocations. Get ready for the final rush!

Nova Investment Club Sigma Investments Women in Finance

01/05/2020

In Q4 of 2019 Charles Schwab announced the acquisition of TD Ameritrade, a $26 billion that will shape the industry for years to come.

Here we firstly take a look at the industry and the competitive landscape, emphasising the evolution of the different business models. Afterwards, the rationale behind the deal is discussed together with the possible impact of regulations and Covid-19.

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...

28/04/2020

MIMS – 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.

Learn more about our Funds at https://minervaims.it/ourfunds/

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...

27/04/2020

MIMS - 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.

Learn more about our Funds at https://minervaims.it/ourfunds/

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...

26/04/2020

MIMS – is an actively-managed fund by Minerva IMS, 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.

Have a look at our latest Report to learn more about its composition, investment strategy and yearly performances.

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 «m...

25/04/2020

Minerva has a new website! Check it out to know more about our proprietary funds and latest reports.

24/04/2020

Since the outbreak of the to the country lockdowns, many analysts compared the current crisis to the one of 2008. Here we analyse and compare the two market turmoils from a perspective and through programming language.

The analysis has been conducted with a quantitative view on the American and European market with the main metrics of risk analysis (VaR, Expected Shortfall, etc..) and computational statistical methods (bootstrap).

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...

23/04/2020

What are the key factors when investing in ? Why is RE 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.

What are the key factors when investing in Renewable Energy? Why should RE investing is 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...

22/04/2020

Would you rather buy naked puts or implement short selling strategies? What are their respective “costs” and expected returns?

Here a comparison of strategies versus option strategies. Firstly, we introduce short selling from a theoretical standpoint and then we analyse some examples such as and . Secondly, we introduce option basics and we look at some trades implemented by . Bottom line, we state that the trade-off between the two strategies depends upon the risk-return framework of individual investors.

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 som...