Student investment research
TIC Market+ Portfolio Management and Macro Research
I am Portfolio Manager of Market+, one of three simulated funds run by the Asset Management department at Técnico Investment Club. I wrote the fund's governing framework, own its reporting, and follow US markets each week for the Macro area.
Student investment research for educational purposes. Nothing on this page should be considered investment advice.
My role
I work across two areas of the club. In Market+ I am the Portfolio Manager: I coordinate the fund team, structure the research workflow, review investment theses and hold the reporting obligations the fund runs on. Notably, the role carries no casting vote. Investment decisions are taken by majority of the members present, and I vote like anyone else. In Macro I follow US markets and companies each week and write report contributions that can go into the TIC Journal alongside work from other departments. The cadence is roughly one Macro meeting and one fund meeting per week.
What I do
Market+
- Wrote the fund's governing framework: mandate, risk limits, drawdown triggers, valuation frequency, decision process and disclosure calendar.
- Wrote the metrics guide the team consults before any analysis, pitch or re-evaluation.
- Own the reporting cycle, covering allocation, risk metrics and performance against the MSCI ACWI benchmark.
- Coordinate the research workflow and portfolio discussions, and maintain the decision log.
- Review stock pitches and theses across business models, key metrics, peers and risks.
- Track earnings and material updates, and revisit theses when they change.
Macro
- Follow US markets and selected American companies each week.
- Record what moved and why in a Google Sheets workflow I built.
- Present the developments that matter in the weekly macro meeting.
- Write report contributions for the TIC Journal when assigned.
- Coordinate with teammates covering other market areas.
Market+ work
Most of the value here is in the plumbing rather than the stock picking. A student fund turns over every year, so decisions have to be written down in a form that someone who was not in the room can still understand. No thesis may rest on unwritten knowledge. That is why the framework fixes what gets recorded and when: the decision log at the moment of the vote, minutes weekly, a factsheet monthly, a letter each quarter. The research work sits on top of that: business models, the metrics that actually matter for a given company, peer comparison, valuation targets, and revisiting a thesis when earnings contradict it.
Macro work
On the macro side my recurring beat is US markets: following American companies and market developments, recording what moved and why in a Google Sheets workflow I built, and presenting the points that matter in the macro meeting. Macro also assigns report work, sometimes individually and sometimes in teams, which can be combined with contributions from other departments into the TIC Journal. My published pieces so far cover AI's effect on employment and the gym industry.
Selected public work
These are public-facing documents connected to my TIC work.
AI Jobs
TIC Journal report
1st semester 2025/26
Public-facing report on AI's impact on the job market and the way automation may reshape work.
Part of the TIC Journal from the first semester of 2025/26. Included here as an official report I contributed to.
Gym Industry
TIC Journal report
1st semester 2025/26
Public-facing industry report analysing the gym sector, its business context and relevant market drivers.
Part of the TIC Journal from the first semester of 2025/26. Included here as an official report I contributed to.
Market+ Fund Brochure
Market+ simulated fund
Q2 2026
The fund factsheet I produce: investment policy, risk indicators, cumulative performance against the MSCI ACWI, top holdings and manager commentary.
Public-facing communication piece for the fund. Internal pitches, spreadsheets and portfolio discussions remain private.
Skills developed
- Business model and peer analysis
- Investment policy and governance documentation
- Risk metrics: Sharpe, Sortino, beta, drawdown, benchmark-relative performance
- Portfolio discussion and decision recording
- Macro monitoring and market commentary
- Evidence synthesis under uncertainty
- Writing for a reader who was not in the room