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CAIA Italy
The Diversification Dilemma: Rethinking Portfolio Efficiency in an Age of Shifting Correlations

Join CAIA Italy for an insightful panel discussion to examine the concrete role alternatives are playing in client portfolios today, the structural and cultural reasons behind the domestic gap, and the practical opportunities to close it.

For decades, investors have relied on a familiar toolkit to temper portfolio risk: government bonds, gold, and commodities. But recent years have exposed the fragility of these assumptions. In 2022, bonds and equities fell together as inflation surged; gold, while delivering striking returns, has proven more volatile than equities themselves over recent periods, behaving as much like a speculative asset as a defensive one. Correlations, in short, are neither stable nor permanent, shifting with the macroeconomic regime, leaving the traditional diversification playbook increasingly difficult to rely upon.

Against this backdrop, this roundtable explores a pragmatic question of growing urgency: can Private Markets and Hedge Funds offer the structural diversification and portfolio efficiency that conventional assets are struggling to provide?

AGENDA:
17:30 - Registrations

17:50 - Welcome remarks and introduction by Francesco Paganelli, CFA - Principal, Manager Research, EMEA at Morningstar

18:00 - Panel Discussion in collaboration with:

• Alida Carcano, CFA - Founding Partner at Valori AM
• Salvatore Cordaro - Chief Executive Officer, Chief Investment Officer at Investcorp-Tages
• Federico Romoli - Head of Private Markets at Sella SGR
• Timothy Gascoigne, CFA - Senior Investment Specialist at HSBC

Moderator:
Luca Anzola, PhD, CAIA - CAIA Italy Chapter Executive, Head of Multimanager and Advisory at Fideuram Intesa Sanpaolo Private Banking

19:00 - Q&A

19:10 - Networking reception

Important notes before the event:

• This event is organized by dedicated CAIA members, who generously volunteer their personal time. Should you decide to register, we greatly appreciate your commitment to attending.
• If you find that you are unable to attend, please inform us at least 48 hours before the event. Your timely cancellations enable us to offer your spot to someone on the waitlist and help minimize food and energy waste
• Kindly note that registrations must be completed in advance, as walk-ins will not be permitted. Given the event's limited capacity, we encourage you to register as early as possible to secure your spot. If the attendance limit is expanded, we will promptly notify you.
• Registering a guest is possible but complete guest details must be filled in.

Thank you for your understanding and cooperation.
If you have questions or concerns regarding registration for this event, please contact CAIA EMEA Chapter Relations.

This event is orangized in collaboration with: