Massimo Fuggetta presented his in-depth investment thesis on Tamburi Investment Partners (Milan: TIP) at European Investing Summit 2015.

Tamburi Investment Partners is the Italian equivalent of Fairfax, Markel, Leucadia or indeed Berkshire Hathaway. Much smaller in size (500m euro market cap), it has accumulated an excellent track record buying minority stakes in Italian mid and small cap quoted and unquoted companies in the industrial, tech and consumer sector. As a result, the stock price has almost tripled in the last 5 years, but I believe it will continue to do very well, as more investment opportunities are seized. On top of that, it comes at a discount to NAV.

Download the Tamburi Investment Partners H1 2015 report, which shows TIP’s investment portfolio and financial performance. Download other TIP reports.

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 he started the popular Bayes blog (, where he writes, among other things, about investing and probabilities.

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