In JPMIM Massimo started as a sector analyst and in 1989 completed the JP Morgan 6-month Finance Program in New York. Back to London, he became a portfolio manager. In 1991, after completing and discussing his thesis, he obtained his D.Phil. In Economics. In the same year, he started managing the Italian portion of JPMIM’s international equity portfolios, keeping this responsibility until 1997 and widely exceeding the company objective to outperform the Italian equity market. In 1992 he acquired responsibility for client relationships in an increasing number of equity ad balanced portfolios, including US, European and Asian pension funds and foundations, insurance companies and family offices in Europe and Latin America, and Asian and Middle-Eastern government agencies. In 1997 he became head of the Global Balanced Group, with overall responsibility for international balanced portfolios managed in London.
In 1999 Massimo left JPMIM to become Chief Investment Officer and Director General at Sanpaolo IMI Asset Management in Milan, one of the largest Italian fund management companies. In 2000 he became Chief Executive Officer. He left the company in September 2001 and in 2002-2003 he dedicated himself to the Horatius project.
From 1999 to 2004, Massimo taught Behavioural Finance in the Master in Economics course at Bocconi University in Milan. From 2000 to 2003, he served in the Editorial Board of the Financial Analyst Journal.
Massimo founded Horatius in 2004, which started as an advisory company and in 2007 became an asset management company. He has been a founding shareholder, a Board member and the CIO of Horatius. In 2012 Massimo left Horatius to go back to London and manage his personal wealth.
In 2012, Massimo started the Bayes blog at www.massimofuggetta.com, which has acquired popularity in the Value Investing community. Massimo is a regular contributor of investment ideas at valueconferences.com, greatinvestors.tv, beyondproxy.com and Italian Value Investing Seminar in Trani.
The Made in Italy Fund is Massimo’s new project.