{"id":16609,"date":"2025-11-17T15:17:53","date_gmt":"2025-11-17T15:17:53","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=16609"},"modified":"2025-11-21T16:16:57","modified_gmt":"2025-11-21T16:16:57","slug":"internship-valori-asset-management","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/internship-valori-asset-management\/","title":{"rendered":"My internship at Valori Asset Management"},"content":{"rendered":"\n\"Roberto<\/a>\n\n

In this article, Roberto RESTELLI<\/a> (ESSEC Business School, Master in Finance (MiF), 2025\u20132026) shares key takeaways from a four\u2011month off\u2011cycle internship as an Investment Analyst Intern at Valori Asset Management, focusing on subordinated debt within the Fixed Income team.<\/p>\n\n\n

Introduction<\/h2>\n\n

Before starting my Master in Finance at ESSEC Business School, I completed a four\u2011month off\u2011cycle internship at a \u20ac2.5bn asset management firm. The role developed my skills in credit risk assessment and gave me hands\u2011on exposure to macroeconomic analysis, performance\u2011measurement methodologies, the Bloomberg Terminal, and problem\u2011solving under time pressure. Within the Fixed Income team, I supported a subordinated debt fund through top\u2011down macro work and bottom\u2011up credit analysis on AT1 (CoCo), Tier 2, and RT1 bonds: subordinated bank and insurance capital instruments designed to absorb losses and meet regulatory capital requirements, sitting below senior debt in the capital structure and therefore offering higher yields in exchange for higher risk. AT1 (CoCo) and RT1 can be perpetual with discretionary coupons and loss-absorption features (write-down or equity conversion), while Tier 2 is typically dated, less deeply subordinated and only absorbs losses in gone-concern situations (resolution or insolvency). This post summarizes what I did at Valori Asset Management and what I learned\u2014professionally and personally.<\/p>\n\n

This was my first deep dive into fixed income after prior experience in private banking and equities. I learned that fixed income is not only about valuations and ratings; it also requires a macro view, policy awareness, trading considerations, and clear, critical thinking on portfolio positions.<\/p>\n\n\n

About Valori Asset Management<\/h2>\n\n

Valori AM is an investment boutique founded 11 years ago, initially in Luxembourg and later expanding to Milan (Italy) and Chiasso, near Lugano (Switzerland). The SICAV (investment company with variable capital) are managed out of Luxembourg; advisory and family\u2011office services are in Milan; and the investment team in Chiasso manages nine funds. As of July 2025, assets under management and advisory (AUMA) were \u20ac2.5bn, with a target of \u20ac3bn by January 2026.<\/p>\n\n

Logo of Valori AM.
\n\"Logo
\nSource: the company.<\/p>\n\n\n

What I did during my internship<\/h2>\n\n

My work focused on three areas: ESG (Environmental, Social, and Governance) macro research and reporting; sovereign credit\u2011risk analysis across EMEA (Europe, the Middle East, and Africa), LATAM (Latin America), and the US; and two macro\u2011quantitative models.<\/p>\n\n\n

ESG macro research and reporting<\/h3>\n\n

I conducted 30+ ESG country studies across EMEA and LATAM, using the Bloomberg Terminal to gather data and charts, and building Excel models to compare composite ESG scores and rankings. I complemented this with Morningstar Sustainalytics to benchmark carbon footprints and relative positioning. \nBloomberg and Morningstar are two essential tools for working in asset management and hedge funds. Through the Bloomberg terminal, you can track real-time news on equities, fixed income, interest rates and all major financial markets, as well as access key economic and macro data for fixed income analysis, financial statements for equity positions, and even route securities orders via brokers. Morningstar is likewise crucial, not only for financial and economic news but also for ESG metrics and fund analytics.\nI produced concise reports highlighting the strongest ESG profiles\u2014both in absolute terms and relative to the fund\u2019s existing bond exposures. These outputs fed directly into portfolio discussions, ensuring ESG considerations were integrated alongside risk and return.<\/p>\n\n\n

Sovereign credit\u2011risk valuation (EMEA, LATAM, US)<\/h3>\n\n

I performed 20+ sovereign credit assessments using indicators such as GDP growth, PMI, retail sales, current\u2011account balance (% of GDP), and unemployment. Sourcing data from Bloomberg and IMF (International Monetary Fund) forecasts, I translated the metrics into comparable Excel scorecards to surface relative value across regions. I then presented actionable ideas\u2014such as Romanian government bonds, U.S. Treasuries, and Spanish bonds\u2014to initiate new positions or reaffirm existing ones, linking macro fundamentals to valuation, liquidity, and timing.<\/p>\n\n\n

Two macro\u2011quantitative models<\/h3>\n\n