Made in Italy Fund

The Made in Italy Fund (MIF) invests primarily in publicly quoted Italian companies with a market capitalisation below one billion euro.

The Fund’s objective is to obtain a positive return in excess of the broad market index.

The Fund normally holds around 30 stocks, selected on the basis of a rigorous Value Investing discipline.

The Fund uses no leverage, has no short positions and will only use futures and option contracts for the purpose of hedging market risk.

The Italian stock market is small compared to the economy, and still largely neglected by international investors.

Italy-focused funds are scarce and almost exclusively concentrated on a small number of large companies, comprising 3/4 of the Italian index.

Domestic institutional investors are largely index-driven, opportunistic and short-term oriented. Stable institutional shareholding of Italian smaller companies is confined to a few non-domestic investors.