The world is closely moniroting the economic recovery, and all the major countries are called to support it with extraordinary investment plans and fiscal stimulus packages focused on sustainability, green transition, and digital transformation. Certainly, this opportunity has a broader horizon capable of reshaping the global context for the next two decades and regaining lost ground, especially in the field of energy infrastructure and digitalization. On Digital infrastructure specifically, the priority is the rapid implementation of 5G networks to enhance connectivity.

Companies exposed to these structural growth trends have the potential to thrive, benefiting their stakeholders, including shareholders, employees and the community. Climate change and digitalization are among the most important investment themes of the moment, underlying the ongoing paradigm shift. Furthermore, infrastructures are highly appealing to investors because they are resilient, decoupled from GDP, and at the same time provide a hedge against inflation.


Kairos Equity Yield (KEY) is a long-short/long-bias equity product that invests in companies operating in regulated and semi-regulated sectors (mainly utilities, transport and telecommunications infrastructure), expected to benefit from the above mentioned investment plans.

The Fund aims to achieve long-term capital appreciation with a portfolio allocation in issuers mostly based in Europe where we deem we can exploit and capitalize on the long standing relationships and knowledge of the sector. It represents an investment solution that combines the potential of the equity market with the generally contained volatility typical of the bond market. It is indeed a product that offers potential equity-like returns while providing cash flow visibility similar to bonds.


The investment universe of KIS KEY is broad and composed of so-called countercyclical single names, able to offer a business performance independent of the economic cycle due to the exposure to secular investment trends, under a regulated or semiregulated environment.

The investment universe offers therefore exposure to a high earnings visibility and generally delivers a stable dividend over time. The companies pertaining to the investment universe operate in a monopoly or semi-monopoly regime, thereby presenting high barriers to entry. Additionally, most of the companies benefit from inflation, as an increase in inflation leads to higher tariffs and, consequently, revenues growth.

The more cyclical part of the Fund is linked to the transportation infrastructures. Some of the demand is indeed correlated with disposable income.

The Fund is managed with a time horizon consistent with the nature of infrastructure assets and follows a disciplined investment process with a strong fundamental focus.

KIS KEY’s management style is active with a long-short strategy to enhance the risk-return profile as much as possible, without any reference to a benchmark. The portfolio includes a core portion invested with a long-term perspective in approximately 30-40 stocks characterized by organic growth and a European focus, with low portfolio turnover. Historically, the top 10 positions account for approximately half of the fund’s exposure. A careful fundamental analysis and constant engagement with all stakeholders form the foundation of the strategy.

The short positions, built mostly on single names, serve both as a hedge and an investment, seeking market catalysts such as regulatory or management changes that can contribute to the portfolio’s profitability.

The stock-picking activity is the primary driver of performance, and the criteria for selecting companies to invest in cannot ignore the long-term sustainability of their growth trajectory.

KIS KEY allows the subscribers to be exposed to an investment universe that is experiencing a paradigm shift.

Despite the Fund not explicitly promoting environmental or social characteristics or making such investments an objective, Kairos has implemented measures for the monitoring of the sustainability risks for the purpose of assessing and limiting the same.

KIS KEY is aimed at investors with a medium-to-high risk tolerance, who can commit their capital for a period of 3 to 5 years and seek to meet defined investment objectives. They should have experience or an understanding of so-called risk capital products and be willing to tolerate significant capital losses (should they occur). Investment involves a risk component, and as a result, the originally invested capital may not be fully or partially recovered. Past performance is not indicative of future results. KIS KEY’s synthetic risk indicator is classified at level 4 out of 7. Comprehensive information regarding risks is available in the Prospectus and Key Information Document (KID).


The management of KIS KEY is entrusted to Oriana Bastianelli and a team with a strong specialization in the analysis of relevant sectors and regulatory dynamics, which requires experience and historical background.

The management team seeks the best investment opportunities based on a deep understanding of the companies, which is the result of a carefully cultivated network of relationships with managers and shareholders, as well as the relevant market dynamics, including regulatory aspects.

Oriana Bastianelli
Oriana Bastianelli
Portfolio Manager
Marco Midulla
Marco Midulla
Portfolio Manager
Alberto Tocchio
Alberto Tocchio
Portfolio Manager
For more details about KIS KEY

To request a personalised advisory


This is a marketing communication for advertising purposes. Please refer to the Prospectus and the Key Information Document (KID) before making any final investment decision. These documents are available in Italian on the website and at the registered office of Kairos Partners SGR S.p.A. (“Kairos”) and placement agents, also in a paper copy . A summary of Investors rights is available in both Italian and English at Past performance is shown net of expenses borne by the Fund and before taxes. Past performance does not predict future returns. The investment concerns the acquisition of shares in the Fund and not a given underlying asset which remains the property of the Fund. The investment implies a risk component, consequently, some or all of the originally invested capital may not be recovered. Exchange rates movements may affect the value of the investment and costs when expressed in a currency other than the investor’s reference currency. Information on the features of the Fund and general sustainability aspects (ESG) can be found at, in accordance with Regulation (EU) 2019/2088. If the Fund is marketed in countries other than the country of origin, Kairos has the right to terminate the marketing agreements based on the withdrawal of notification process provided for by Directive 2009/65/EC.
The information and opinions provided herein do not constitute a public offer, nor a personalised recommendation. They do not represent a contract and are not prepared in accordance with a legislative provision, nor are they sufficient to make an investment decision and are not intended for persons residing in the United States of America or other countries in which the Fund is not authorized for marketing. The information and data are deemed correct, complete and accurate. However, Kairos does not provide any express or implied representation or warranty as to the accuracy, comprehensiveness or fairness of the data and information and, when they have been drafted by or derive from third parties, assumes no liability for the accuracy, comprehensiveness, fairness or adequacy of such data and information, although the sources used are considered to be reliable. When not specified otherwise, the data, information and opinions are to be deemed updated at the report date and may be subject to changes with no prior notice or subsequent communication. Any citations, summaries or reproductions of the information, data or opinions provided herein by Kairos must not alter the original meaning, nor can they be used for commercial purposes and must cite the source (Kairos Partners SGR S.p.A.) and the website Citation, reproduction and, in any case, use of the data and information of third parties it must occur, when allowed, in full compliance with the rights of the relative owners.

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