The judges selected Inarcassa as Italy’s winning fund for its disciplined, well-considered investment strategy. The fund has demonstrated thoughtful evolution, implementing changes at the end of 2024 to enhance efficiency and responsiveness to market dynamics. Its portfolio is strategically diversified between liquid and illiquid instruments, with a clear focus on sustainability, ESG integration, and robust asset-liability management. Inarcassa combines professional stewardship with long-term resilience, ensuring stability while meeting the fiduciary expectations of its 175,000 members. Overall, the fund demonstrates careful monitoring, prudent risk management, and consistent delivery of appropriate returns, reflecting a sophisticated, forward-looking investment approach. Underpinned by strong ethical standards, advanced risk controls, and exemplary operational discipline, Inarcassa appears to have set a national benchmark for responsible investing. The panel of judges found that the fund’s strategic clarity and sustainability-driven innovation make it a deserving recipient of this award.