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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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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....
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...
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....
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...
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...
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...
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...
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...
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....
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...
One of the hardest hit sectors by the Covid-19 outbreak is Airlines, but is it a good reason to sell?...
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. ...
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...
Is M&A a good option for banks to protect profitability? An interesting look at the ISP-Ubi deal. ...
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. ...
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...
Our analysts have here compared historical price shocks of crude oil with the recent disruptive effects of COVID-19 over the O&G industry....
Is Wall Street's "fear gauge" back? Here some interesting movements in the implied volatility curve of some heavily traded stocks....
Solid financials, stable business and upcoming lucrative opportunities: read our investment research about Motorola Solutions....
Read our view about Coronavirus outbreak and its implications for global markets and industries....
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....
Would you like to know how to maximise your portfolio returns by taking into consideration buybacks and liquidity of stocks? Read our latest report....
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....
Here our Portfolio Management Team examines investing in Bayer AG and, specifically, if the discount in its Equity Value is reasonable....
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...
MCD - Equity Research...
Under Armour Equity Research...
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Saipem - Equity Research...
Asset Management_Portfolio Report #2 2019...
