Strange but true, the start is downhill, from the Maniva pass you reach the town of Bagolino, losing about 1,500 meters of elevation along a nice descent full of hairpin bends.
The trail passes right through the historic center of Bagolino, I recommend a short break even if you have not yet toiled.
From here you reach the west shore of Lake Idro. When you arrive in Nozza, go up toward Lodrino and descend into the Trompia Valley. The route will take you to explore sections of Valle Sabbia and upper Valle Trompia from which you climb the real climb of the day that takes you back to your starting point: the Maniva Pass.