Equity Research & Portfolio Management
The Equity Research & Portfolio Management team is formed by portfolio managers and analysts specialised by business area and geographical region. The products are managed actively, with an approach that combines global macro economic cycle analysis (top down) and research on the fundamentals of each individual listed company (bottom up). Individual companies are studied in depth to identify the names that hold more appeal in terms of valuation and/or expected earnings growth. The team uses proprietary fundamentals analysis models, as well as research services provided by third companies.
Francesco Sedati – Head of Research & Portfolio Mgmt
Francesco started his career in 1999 at Arthur Andersen in the business consulting unit, after obtaining a degree in Economia e Commercio (Business Administration) at the “LUISS – Guido Carli” University of Rome. In 2000 he moved to the US to join Fayez Sarofim & Co as a research analyst on US banks. He moved to London in 2002 to study an MBA at the London Business School. He joined Fidelity International in 2004 as a research analyst to cover initially the European technology sector and later European banks. In 2009 he moved to JP Morgan Asset Management with the role of research analyst on European banks and in 2014 took the role of Fund Manager managing various funds and institutional mandates for the European RDP team (Research Driven Process). He joined Eurizon Capital Sgr in 2019 where he is heading the Equity Research & Portfolio Mgmt team.
ESG & Strategic Activism
The ESG & Strategic Activism team is tasked with the diffusion and implementation of Socially Responsible Investments (SRI), promoting the integration of Environmental Social and Governance factors (ESG) into the investment process, and is responsible for the development and implementation of company ESG and SRI policies and guidelines, as well as for the correct running of all the related operational processes, in coordination with both the Company’s internal functions and with the competent Group functions.
The team supervises the correct and efficient conduct of activities tied to the exercise of voting rights for the shareholdings pertaining to the assets managed by the Company, and guarantees engagement with relevant issuers on corporate governance, environmental and social themes.
Federica Calvetti - Head of ESG & Strategic Activism
Federica graduated cum laude in Financial Markets and Institutions from the Luigi Bocconi University of Milan, in 2004. After a brief stint with Credit Suisse First Boston, in 2004 she joined Deutsche Bank AG in London, becoming Head of Debt Origination for corporate clients in Italy and acquiring specific skills that led her first to take on coordination duties in the Green Bond segment, and subsequently, in 2019, to be given charge of activities on the debt capital markets with reference to ESG themes in the EMEA region, while retaining specific focus on corporate clients.
Recently, Federica has taken part in International Capital Markets Association (ICMA) working groups on sustainability-linked debt instruments, and has been part of the Task Force created by the UK Oil & Gas Authority on transparency and investor disclosure.
Since July 2021, she has been in charge of Eurizon Capital SGR’s ESG & Strategic Activism department
Fixed Income & FX
The Fixed Income & FX team is composed of portfolio managers and analysts specialized on issuer and financial instrument type (money markets, government bonds, emerging markets bonds, corporate bonds and currencies).
Fixed income funds follow an approach that combines top-down and bottom-up analyses.
The investment process of government bonds products is typically top-down, that is based on the analysis of valuation models aggregated for market typology and based on the expected course of economic cycle, interest rates and inflation. Allocation decisions in terms of portfolio duration, exposure to single countries and various maturities of the yield curve derive from these analyses.
The investment process of non government bonds products combines the economic cycle analysis (top-down approach) to the in-depth study of single companies (bottom-up approach), with the aim of assessing issuers’ credit risk.
Paolo Bernardelli - Head of Fixed Income & FX
Paolo graduated in 1987 in from L. Bocconi University with a degree in Business Economics and a specialization in Administration and Control.
He began his career in Banca Commerciale Italiana, where he worked on Budget and Financial Analysis, collaborating also with ABI and with Centrale dei Bilanci of Turin. Paolo then held several positions as analyst and financial trader for Sanpaolo Finance Merchant Bank and was later appointed Head of Arbitrage and Head of Trading for Sanpaolo Finance Promotio Sim. He joined Sanpaolo Asset Management SGR (now, Eurizon Capital SGR), in 1995 as Head of Domestic Bond Funds, and he later became Head of Fixed Income and Foreign Exchange.
Flexible Portfolio Management
The Flexible Portfolio Management team includes three groups of managers that take three different approaches: strategic allocation, thematic allocation, and dynamic allocation. The groups’ activities differ mostly in terms of the time horizon of the investment (respectively medium, long and near term) and the rues followed in implementing the choices made.
The team conducts investment activity combining a quali-quantitative top-down approach with a bottom-up qualitative approach, and uses both proprietary and third-company skills and models. The models used range from asset allocation, to sector allocation and stock picking. The team builds Model Portfolios consistently with the investment strategies indicated and in respect of the investment processes. It also carries out risk budgeting analyses, with focus on flexible “volatility target” portfolios, allocating and monitoring risk across the various strategies and sub-portfolios that make up the assets managed. Within this framework, the team monitors the ex-ante and ex-post trend of volatility, for flexible portfolios in particular.
Fabrizio Fiorini – Head of Flexible Portfolio Management
Fabrizio graduated cum laude in Economics in 1994, from the Modena university. He started his career in 1995, in the field of consultancy addressed to banking institutions. He then entered the wealth management industry, joining Aletti Gestielle SGR, where over time he became Head of Bond Investment and, in 2011, Head of Investments. In 2018 he moved to Pramerica SGR (now Eurizon Capital SGR) as Head of Investments, and took on the position of Deputy General Manager. He is currently Head of Eurizon Capital SGR’s Flexible Portfolio Management team.
Global Strategies & Total Return
Within the Global Strategies area, the team carries out investment and portfolio allocation decisions, typically multi asset and multi instrument (funds of funds, managed accounts, unit linked), on the basis of market and single instruments’ analyses (funds, Etfs, securities, derivatives, etc..), using both internal and external competences. Portfolio management is discretionary, although it is also supported by quantitative analyses. There are two different approaches, providing both management of products relative to a benchmark and flexible products with a given risk profile.
The team uses in particular fundamental analyses, especially top-down, technical market analyses, analyses of financial flows and liquidity, as well as proprietary quantitative models in order to select asset classes, markets and securities that appear to be more attractive and consistent with the mission of various products from time to time. Tactical management and market timing are carried out mainly through listed derivative instruments (futures). Third parties’ fund selection is done through a rigorous process internally developed and monitored by the Manager Selection team. The team provides asset allocation indications to the rest of the Investments Department.
The products managed by the team with a Total Return philosophy, although including different management approaches, aim at achieving a return* target within a specific time horizon with respect to a given risk budget. The investment process generally combines proprietary absolute return strategies (mainly) with strategies delegated to primary third parties fund managers. Typical of the total return process are the discipline in the drawdown control and the search for relatively stable results throughout time.
Claudio Foschi - Head of Global Strategies & Total Return
Claudio obtained his degree in Economics and Social Sciences at Bocconi University in Milan, and he started working soon after in Cariplo, at first as equity and fixed income analyst and then as Head of the Financial Analyses Office. In 1996 he was appointed Head of Managed Accounts in Cariplo and then in Fondigest. In 2000 he became Head of Strategy Products Sector of Nextra. In 2005 he was appointed Head of the Multi Asset and Multimanager Products Area of CAAM SGR. In December 2007 Claudio was appointed Head of Multi Asset and Multimanager Products of Eurizon Capital SGR. Starting in February 2011 he is Head of Global Strategies & Total Return.
HNWI Portfolio Management
The HNWI Portfolio Management team is dedicated to the management of the assets of high net worth individuals and businesses. It collaborates actively with Intesa Sanpaolo Private Banking and with Banca dei Territori, assisting them in providing tailored advice for Customers, establishing long-term relationships built on trust, also by means of meetings and dedicated events.
The team offers an extremely broad and diversified range of investment options, that include wealth management, investment funds, and insurance solutions with different risk profiles and levels of personalisation. Highly diversified benchmark-based strategies are an option, as well as more flexible strategies, with volatility caps.
The portfolios distribute assets across different macro asset classes (stocks, bonds, liquidity). The team is responsible for the construction of model portfolios, and makes strategic asset allocation choices among individual components based on macroeconomic, fundamentals, and technical analyses. To assure greater timeliness and efficiency in making tactical choices, for some time the team has been using internal UCITS – managed by the team itself – that adopt strategies focused on shorter time horizons (mostly using securities, options and futures).
The team is also responsible for the choice of instruments used to implement investment decisions. Securities, ETFs, and funds are carefully selected also making the most of the experience and Fund Selection skills built up by Eurizon.
Emilio Bianchi – Head of HNWI Portfolio Management
Emilio joined the Sanpaolo IMI Group in 1985, as Foreign Exchange Dealer, and worked on the Milan forex trading floor. He was then appointed Assistant Forex Trading Floor Director of Sanpaolo Bank in London (1987-1989), and subsequently returned to Turin as Head of Forex Swaps and Treasury Operations for the Treasury and Security Management - Financial Affairs Desk (1990-1998).
In 1999 he moved to Sanpaolo Asset Management SGR as Major Accounts Manager, and in 2002 became Head of the Major Accounts Management Desk. In 2005 he was appointed Head of Advisory and Major Wealth Management Accounts. He is currently Head of Eurizon’s HNWI Portfolio Management.
The team develops and manages quantitative portfolio construction methodologies, is in charge of both institutional and individual wealth management, as well as of sustainable strategies and selecting third-party funds.
Strategic and tactical asset allocation portfolios are geared both to supporting internal investment processes and to providing advice for external clients. In addition, the team works on the elaboration and implementation of ex-ante simulation methodologies for investment products and services.
Wealth management is based on a distribution of assets among different macro classes. Fund managers, as part of their mandate and in function of the different investment profiles, make tactical asset allocation choices for the individual components based on macroeconomic, fundamentals, and technical analyses.
Sustainable strategies provide for both the management of portfolios based on financial sustainability or ESG logics, and the monitoring of issuers with respect to ESG and SRI themes. The selection of third-company mangers is made based on a strict quantitative analysis of the performances and risk profiles of the various funds, and on direct and deep qualitative knowledge of the asset managers, with the aim of identifying the best solutions for the management of multimanager products.
Claudio Marchetti – Head of Investment Solutions
Claudio graduated in 1998 from the University of Rome “La Sapienza” with a Degree in Statistical and Economic Sciences. He then obtained a Master in Finance from Coripe Piemonte. Claudio began his career in the asset management industry as Risk Analyst. He was then appointed Head of Management of Asset Allocation products and Head of Management of Total Return and Quantitative Equity products at Capitalia Asset Management. In 2008 he moved to Dublin at Pioneer Investments as Quantitative Equity Portfolio Manager. In 2011 he was appointed Head of Risk Management and he coordinated the activities of about 60 people at global level. Claudio joined Eurizon Capital SGR in March 2012, as Head of Equity. He is currently Head of Investment Solutions.
Real & Alternative Assets
The Real & Alternative assets is composed of portfolio managers and analysts specialized in non conventional investments. The team primary focus is the investments on private markets both performing and non performing (bilateral or syndicated), real estate debt, structured finance and infrastructures.
The strategic asset allocation, typically with a top down approach, is implemented via the selection of eligible assets after a scrupulous bottom up due diligence. The team makes use and develops software and internal models that are placed side by side to the reference markets main tools and platforms.
Massimo Spadotto – Head of Real & Alternative Assets
Massimo obtained an honours degree in Economics of Financial Markets and Institutions, specialising in quantitative methods, at Università L. Bocconi in Milan, and was also an exchange student at the New York University – Leonard N. Stern School of Business. He worked as a structured finance specialist in the London offices of Deutsche Bank AG, Royal Bank of Scotland PLC, and Bear Stearns Company Inc., with previous experiences as an investment banker with Merrill Lynch.
After the international experience, he joined Eurizon Capital SGR in 2015, where he is currently Head of Real and Alternative Assets.
Macro Research & Product Specialist
The team coordinates market and macroeconomic analyses, suggests the reference macroeconomic scenario and supports management teams with the implementation of investment guidelines, tactical decisions and portfolios’ asset allocation.
Andrea Conti - Head of Macro Research & Product Specialist
Andrea obtained his degree in Economics at Bocconi University in Milan. He entered IMI Sigeco in 1994 as economist, and he remained there until 1996 when he moved to Deutsche Bank with the same role. He transferred to Paris in 2000 holding the position of Economist- Strategist for CAI Cheuvreux and in 2003 he came back to Italy. He then entered Sanpaolo Asset Management SGR, now Eurizon Capital SGR, with the same role. He is currently Head of Macro Research & Product Specialist.