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
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
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...