2024-25 Investment Group

Auratus Board I

Manuel Veiga

Co-Chairman

Manuel Veiga is a co-founder of Auratus Investments and served in a rotating leadership role during the group’s inaugural 2024–25 year, acting as Chairman in the first half of the competition and Treasurer in the second. He studied International Business Administration at Rotterdam School of Management and has lived and studied across Europe, Africa, and North America, shaping a strongly international perspective and a deep interest in finance and investing.

Within Auratus, Manuel was closely involved in shaping the group’s structure and overall investment approach. His focus centered on fundamental analysis and macroeconomic trends, as well as contributing to the group’s theoretical foundation alongside Anna. In parallel, he regularly curated and shared market news, analysis, and insights with members, helping sustain engagement and discussion beyond formal meetings and supporting the group’s learning-driven approach throughout the year.

Anna Guthe is a co-founder of Auratus Investments and served in a rotating leadership role during the group’s inaugural 2024–25 year, acting as Treasurer in the first half of the competition and Chairwoman in the second. She studied International Business Administration at Erasmus University Rotterdam and later pursued further studies in political economy.

Within Auratus, Anna played a key role in coordinating the group’s internal structure and operations. She was closely involved in organizing meetings and events, managing logistics across the hybrid format, and coordinating the different sector and subgroup activities. Alongside Manuel, she also contributed to developing and delivering theoretical content, helping translate investment concepts into accessible discussions. Her structured approach and organizational focus were central to keeping the group aligned, engaged, and operational throughout its first year.

Co-Chairwoman

Anna Guthe

2024-25 Season Overview

Investment Process & Early Positioning

Ahead of the competition, Auratus split into small subgroups to analyze industries and individual stocks, with each group pitching ideas to the wider team. When the competition began in November, the focus was on understanding the broader macro environment, particularly election uncertainty, elevated volatility, and shifting market expectations. While cautious, the group decided that waiting too long carried a high opportunity cost and began investing early.

Initial positions reflected this balance between growth and stability, with exposure to higher-conviction plays alongside defensive anchors to manage downside risk.

By January, Auratus found itself near the bottom of the rankings. In response, the group restructured the portfolio by reducing concentration risk, capping position sizes, and shifting toward more stable, lower-beta holdings. This defensive repositioning proved effective during a volatile first quarter, with the group climbing more than 20 places by early March and briefly approaching the top tier of the competition.

In parallel, Auratus continued its learning focus through a separate research initiative on long-term, highly speculative themes such as quantum computing, AI in healthcare, and fusion energy- kept intentionally outside the competition portfolio.

Adapting Through Volatility

As market momentum returned in spring, it became clear that a purely defensive stance limited upside. The portfolio was adjusted again to selectively reintroduce growth, while maintaining a core of stable positions. This shift increased short-term volatility but allowed Auratus to capture rebounds more aggressively than most other groups.

Throughout the year, Auratus became one of the most volatile teams in the competition- regularly moving up or down more positions week-to-week than any other group. Rather than optimizing for smooth ranking stability, the group made a conscious decision to accept volatility in pursuit of stronger returns.

Strategy Shift & Portfolio Reshuffle

Despite starting near last place and navigating one of the most turbulent competitive seasons, Auratus consistently adapted its strategy and finished the year outperforming both market benchmarks and the majority of competing teams. For a newly founded group with relaxed entry requirements and a strong learning focus, the result exceeded initial expectations.

The 2024- 25 season demonstrated that an inclusive, experimentation-driven approach- combined with active decision-making and willingness to adjust- can not only compete, but perform at a high level, even in a risk-adjusted framework.