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Cook onion in oil in a wide skillet over moderate heat, stirring occasionally, until softened, about 3 minutes.
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Add rice and cook, stirring constantly, 3 - 5 minutes.
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Add wine and simmer briskly, stirring constantly, until absorbed, about 1 minute.
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Stir in 1 cup of broth and simmer briskly, stirring constantly, until broth is absorbed.
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Continue simmering and adding broth, about 1 cup at a time, stirring constantly and letting each addition be absorbed before adding the next.
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The rice is complete when it is just tender and creamy-looking - time varies but will take 20 to 30 minutes.
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Stir in beets, duck, asparagus, salt, and pepper (mixture will turn bright pink) and cook, stirring, until heated through.
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Finish by adding in the manchego cheese and remove from heat.
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To serve, top with a little Parmesan.
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Enjoy!