Armina (“Arms”) Rosenberg, Co-Founder and Portfolio Manager at Minotaur Capital, is one of the senior investors sharing her wisdom in Future IM/Pact’s Keystone Analyst Program. This program, designed for high-potential investment analysts, focuses on the less talked about but critical drivers of investing success: conviction, humility, and self-belief. A unique aspect of the program is the use of the Enneagram, a personality profiling tool that provides invaluable and actionable insights into motivation, behaviours, and growth areas.
True to her lifelong curiosity, Arms took the Enneagram test herself and sat down with Future IM/Pact founder and Enneagram practitioner, Yolanda Beattie, to reflect on her results. Arms discovered she is a Type 2 (“Helper”) with strong Type 3 (“Achiever”) tendencies and this combination sheds light on her capacity for relationship-building, her competitive drive, and the underlying dynamics that have shaped her career resilience.
For Arms, developing her conviction has been a focus across her career. “Conviction and humility are two sides of the same coin,” she explains. “Conviction comes from preparation and knowledge, while humility ensures openness to testing these beliefs under scrutiny”. These reflections brought her back to a defining moment early in her career, at the age of 25.
While working as a lead analyst at JP Morgan, Arms issued an underweight recommendation on Retail Food Group after uncovering financial inconsistencies. The analysis was rock solid, rooted in undeniable data, but the CEO responded with a scathing nine-page email questioning her competence. “The power dynamic was completely off. I was young, and it felt personal,” she recalls.
The experience caused her to reflect deeply. While her analysis stood firm, she struggled to assert herself fully. “I didn’t push back as strongly as I should have,” she admits. Arms credits her Enneagram Type 2 tendencies with this response, explaining, “Helpers want to be liked, and sometimes that can get in the way of challenging authority.”
Arms’ believes the blend of Helper and Achiever traits fuel what she calls her “charisma superpower,” allowing her to connect, inspire, and build trust effortlessly. This charisma has propelled her career but has also required thoughtful management.
“I like to form intense relationships, which can be both a strength and a challenge,” she explains. At times, this intensity has led to emotional over-investment or clouded her judgment. She reflects on how her natural warmth and bubbliness, particularly early in her career as a young woman in a male-dominated industry, were sometimes misinterpreted in ways that affected her credibility. “Charisma is a double-edged sword,” she says. “I’ve had to learn to set clear boundaries and ground my relationships in professionalism.”
Now, as Co-Founder of Minotaur Capital, Arms has struck a necessary balance through her partnership with Tom Rice, whose personality is the perfect counterweight to her own. “Tom is analytical, introverted, and focused, while I love the limelight and thrive on building relationships,” she says. Their complementary strengths allow them to challenge each other’s blind spots and form a well-rounded team.
This balance has been critical to their shared success, underscoring how personality awareness can help professionals structure teams that enrich their decision-making and resilience.
I’ve learned that conviction and humility require effort. These skills aren’t innate, but the rewards of working on them are transformational.
While knowledge is the backbone of conviction, self-belief is what sustains it, and this remains a work in progress for Arms. Early in her career, she grappled with being underestimated and having her success linked to prestigious institutions rather than her individual abilities. “People would say, ‘You’re only as good as JP Morgan,’” she shares. That narrative fuelled her drive to challenge assumptions and prove her worth.
Establishing Minotaur Capital has become the ultimate test of her confidence and self-belief, especially in the face of challenges such as securing funding and navigating tough market conditions. “Self-belief doesn’t come naturally; you build it step by step,” says Arms. “Sometimes, when doubt creeps in, you need to surround yourself with people who believe in you and remind you what you’re capable of.”
Through the Keystone Analyst Program, Arms is committed to helping emerging investment professionals recognise the value of conviction, humility, emotional intelligence and self-belief in shaping their careers.
“I’ve learned that conviction and humility require effort, just like self-belief does,” Arms reflects. “These skills aren’t innate, but the rewards of working on them are transformational.”
You can’t change what you don’t see and understand. That’s why we incorporate the Enneagram into the Keystone program. By revealing how your habitual thoughts and behaviours create your strengths and derailers, you gain the insight that supports rapid professional growth. When paired with lessons from leaders like Arms and your peers, Keystone becomes a powerful springboard for the investment leaders of the future.
To learn more, visit our Keystone Analyst Program website or reach out to Yolanda for a chat.
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Self-belief doesn’t come naturally; you build it step by step. Sometimes, when doubt creeps in, you need to surround yourself with people who believe in you and remind you what you’re capable of.
Future IM/Pact is a collaborative initiative across the investment management industry aimed at increasing representation of female investors and creating workplace cultures where everyone can flourish.
Future IM/Pact is a collaborative initiative across the investment management industry aimed at increasing representation of female investors and creating workplace cultures where everyone can flourish.
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