Bayes Investments

We are advisors to the Made in Italy Fund, a mutual fund exclusively focused on Italian small capitalization stocks.


The Italian stock market is concentrated in financial companies and public utilities. Add ENI in Energy and a few Consumer stocks and you have three quarters of the market. As a result, an investor who buys an Italy ETF, or an “Italian equity” fund benchmarked around the index, is buying those few sectors and therefore dramatically underinvesting in what is the core of the Italian economy – small companies.

The Made in Italy Fund concentrates only on small caps – companies with a market capitalization below one billion euro. They are 80% of the quoted names, but less than 10% of total market value.

The Fund’s objective is to select the best 30 companies within that universe, in terms of profitability, growth and valuation.


Investment Philosophy

Markets are not efficient, but continually offer attractive opportunities to active investors who can take advantage of them through diligent analysis of intrinsic value.

Stocks are not bits of paper of a trading game, but represent a fractional ownership of a company, allowing investors to share in the company’s profits.

The Fund selects stocks with the mind-set of a long term investor, who wants to participate in the success of the companies he owns. Its aim is to be a stable shareholder and a point of reference for the best companies in the dynamic Italian Small cap universe.



Company screening

Constant search for attractive investment opportunities, through a systematic screening of the Small cap universe based on quantitative and qualitative rules, as well as through taking advantage of bargains offered by market volatility.

fund analysis

Fundamental analysis

Analyses are centred on a direct relationship with top management and regular visits to company headquarters. Selection is based on the history of financial reports and valuation, with emphasis on corporate governance and share ownership.



The aim of the valuation work is to estimate the company’s profitability and growth prospects in order to arrive at a reasonable assessment of its intrinsic value.

process part 1

Selection decision

The Fund selects companies where there is a considerable gap between intrinsic value and market price. The magnitude of such margin of safety determines the size of the position.


Selection monitoring

Once in the portfolio, companies are constantly monitored to ensure the validity of the selection thesis. Position weights are adjusted accordingly.


Deselection decision

The Fund has a low turnover. Positions exit the portfolio once they close their value gap through appreciation, or in order to leave space to more attractive alternatives.

process part 2


Bayes Investments Founder and CIO

Massimo started his career as a portfolio manager in 1988 at JP Morgan Investment Management in London, where he rose to become Head of the Global Balanced Group, with overall responsibility for international balanced portfolios. In 1999 he left JPMIM to become Chief Investment Officer and Director General at Sanpaolo IMI Asset Management in Milan, where in 2000 he became Chief Executive Officer. He left the company in 2001 to start Horatius, which was incorporated in 2004 as an advisory company and in 2007 became an asset management company. He was a founding shareholder, a Board member and the CIO of Horatius. In 2012 Massimo left Horatius and went back to London, where in 2014 he founded Bayes Investments.

Massimo graduated in Economics at LUISS, Rome and holds a Master’s Degree (M.Phil.) and a Doctorate (D.Phil.) in Economics from the University of Oxford (Trinity College). Massimo also taught Behavioural Finance in the Master in Economics course at Bocconi University in Milan and served in the Editorial Board of the Financial Analyst Journal.

In 2012, Massimo started the Bayes blog at, which has acquired popularity in the Value Investing community.

Massimo Fuggetta


Massimo Fuggetta, Chairman

Guido Manca
is the Chief Executive Officer at Independent Strategy Ltd. in London. He runs the company and looks after global marketing and distribution of the firm’s products. He started his career at Salomon Brothers (fixed income) followed by Morgan Stanley (equities). He co-founded Independent Strategy in 1994. He holds an Honours degree in Economics from Trinity College, Cambridge.

Alexandros Rammos, Secretary
has 20 years experience in financial markets. In 1990, his family founded Pegasus Securities in Athens, a brokerage company which rose to prominence by eventually becoming one of the largest privately-owned retail brokerage houses in Greece. Alexandros was the company CEO between 2009 and 2011. In 2014 he became Managing Partner of Versal Investment Services, an independent investment advisor in Athens. He joined New College Capital in October 2015 mainly focusing on compliance and business development.


Alessandro Ciravegna
has 31 years experience in financial markets. He began his career at Merrill Lynch in London and subsequently joined Citigroup in various investment advisory and business management functions in London, Milan, Athens and New York. In 2002, he founded New College Capital Ltd to provide specialist investment advice to European investors.

Giulio Antonello
started working in New York in 1990 as an investment banker for Credit Agricole. In 1993, he joined Societé Suisse de Ciment Portland in Switzerland. Soon after, he was instrumental to the creation of the IBI Group, an advisory and merchant banking boutique with offices in Milan, Zurich and Lugano. From 1997 to 2005, he led several advisory and investment projects. In 2006 he became CEO of Alerion, with the objective of focusing the company on the renewable energy sector. He left Alerion in 2015 and currently operates as an independent investor. His family holding company, Financière Phone 1690, has stakes in a number of listed and private companies in the real estate, industrial, energy and agricultural sectors.


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Bayes Investments Ltd is registered in England and Wales, with registered number 09325205, registered office: 39-40 St. James’s Place, London SW1A 1NS, United Kingdom. Bayes Investments Ltd is an Appointed Representative of New College Capital Ltd. New College Capital Ltd (FRN 430986) is authorised and regulated by the UK Financial Conduct Authority (FCA).


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