Massimo Fuggetta presented his in-depth investment thesis on La Doria (Milan: LD) at European Investing Summit 2016.

La Doria is the largest Italian producer of private label canned food, principally tomato cans, but also baked beans, pulses, fruit juices and ready-made sauces and soups. Italy represents about 20% of sales, with 70% going to Europe, and Northern Europe in particular, with the UK being the most important country. The company is facing a cyclical downturn, after two years, 2014 and especially 2015 of exceptional results. This is not a structural change, leading to a permanent reduction in value, but a temporary inflection – nothing the company has not seen before – leaving it intact on a solid growth path, not as strong as the 2014-15 acceleration, but one that will continue to produce a healthy dose of compounding earnings over the years.

About the instructor:

Massimo Fuggetta started his career in 1988 with JP Morgan Investment Management in London, where he was an equity portfolio manager and then the head of global balanced portfolios. In 1999 he moved to Milan, where he was CIO and then CEO of Sanpaolo IMI Asset Management. In 2004 he founded Horatius, an asset management company which he ran until 2011. In 2012 he moved back to London, where he is currently managing the Bayes Fund. Massimo graduated in Economics at LUISS in Rome, has a D.Phil. and an M.Phil. in Economics from the University of Oxford and has taught Behavioural Finance at Bocconi University in Milan. He is a member of the CFA Institute and has served on the Editorial Board of the Financial Analysts Journal. In 2012, Massimo started the Bayes blog at, which has acquired popularity in the Value Investing community. Massimo is a regular contributor of investment ideas at,, and Italian Value Investing Seminar in Trani. The Made in Italy Fund is Massimo’s new project.

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