By Claire Makin
For Mattia Nocera and his colleagues, 2008 was not the shocking wake-up call that it was for many in the industry. Certainly the funds that the group oversees lost money because of their strong equity bias. But the long-held beliefs of the principals remain unshaken and their investment process and systems unchanged.
This reaction is not the result of complacency. Instead, Nocera and his colleagues are confident that everything worked as well as it could have done given the horrendous market conditions.
Nocera is managing director of London-based Belgrave Capital Management, which is part of Lugano-based Banca del Ceresio. He and team are not in a hurry to prove anything in the short term. Their approach is to sit down with managers over time, get to know their personalities and investment styles, and commit money gradually as trust builds up.
"This is not a high-speed...