Mar is an independent asset management firm, created by a combination of the macro/fixed income investment approach of BTG Pactual with the equity investment approach of Opportunity and 3G Capital

We believe that the combination of these schools increases our ability to identify good investment opportunities.


Single book

MAR manages only one fund, with a single book shared by the portfolio managers. Our investment thesis can be both macro or through stock picking, with the best opportunities having the heaviest weight on the portfolio.



Factorial risk analysis across different asset classes generates better risk management. Regardless of the asset class, the best opportunities will have the heaviest weight in the portfolio.
We believe in absolute intellectual honesty among team members, to constantly evaluate the changes of the asymmetry in each thesis.



Founded by partners with decades of experience in portfolio decision-making and who think of society as a long-term project.
Team formed patiently, with extremely careful selection. Remuneration aligned with investors and the long-term construction of the company.


Bruno Coutinho

CEO and Portfolio Manager
19 years of experience

BTG Pactual
Partner (2009 – 2016)

/ Country Manager and founder of BTG Pactual Argentina;
/ Head of Asset Management for Fixed Income LatAm;
/ Member of the HR Committee and responsible for the internal culture programs of BTG Pactual.


BTG Investments
Founding Partner (2008 – 2009)

/ Portfolio Manager for Fixed Income LatAm.


Pactual – UBS Pactual México
(2003 – 2008)

/ Mexico. Structured the proprietary and
client’s trading desks of UBS Pactual;

/ Junior Trader. Trader of proprietary Fixed Income LatAm desk, except Brazil. (2006 – 2007);
/Asset Management Back Office and Wealth Management analyst (2003 – 2006)

Philippe Perdigão

14 years of experience

VAR Capital
Partner (2016 – 2018)

/ Concentrated investments on global public equities and Brazil Private Equity.


Associate Partner (2007 – 2016)

/Equity Hedge portfolio manager, long & short equities with a long bias searching for absolute return. (2011 – 2016);
/ Structured and was the manager of the global equities investment department (2015 – 2016)
/ Created and led the Opportunity SIM,
a redesign of the interns program of the company. (2011 – 2014)

/ Junior trader of equities and fixed income for all the funds of the company. (2010)
/ Risk Analyst. (2008 a 2010)
/ Intern of the comercial, Fund of Funds and risk departments. (2007 – 2008)

Luis Moura


Graduated in business administration at PUC-Rio
Specialized in Corporate Finance at IBMEC
Specialized in mergers and acquisitions at Wharton School of Business
Partner and member of the Board of Directors of Equatorial Energia

Var Capital
Founding Partner (2005 – 2011)
/ Concentrated investments on global public equities and Brazil Private Equity;

3G Capital NY
Partner (2005 – 2011)
/ Responsible for public equities investments;

Manager (1998 – 2004)
/ Manager of the international stocks portfolio and head of the research department;

Banco Pactual
Finance analyst (1994 – 1998)
/ Corporate finance analyst and Brazilian stocks manager;

Citibank NA
Trainee and finance analyst (1990 – 1994)
/ International trainee and corporate finance analyst.

Paulo Coutinho

Ph.D in Economics, University of California, Los Angeles

Trend Capital Management

Economist/Strategist (2018 – 2020)

/ Economist/Strategist with focus on global markets;
/ Responsible for developing investment strategies for various countries;


Credit Suisse
Emerging Market Research (2013 – 2017)

/ Economist focused in Brazil. Responsible for the coverage of the areas of Fiscal, Economic Activity, Inflation, External Sector and Politics;
/ Wrote periodic analyses and reports, besides also having direct relationship with the franchise’s clients.

Mauricio Jesus

Portfolio Manager

BTG Pactual
Interest Rates/FX Portfolio Manager – Asset Management (2015 to 2021)

/ Portfolio Manager (Interest rates and FX) of Chile and Colombia
/ Portfolio Manager for emerging markets FX of local funds
Back Office of Asset Management (2012 to 2014)



International Treasury (2011 to 2012)

Carlos Eduardo Gomes

Equity Analyst, CFA

Head of Research (2021 – 2022)

/ Responsible for hiring and structuring the research team, focused on fundamental analysis of projects and companies in the crypto ecosystem.


Pacifico Gestão de Recursos
Partner Senior & Equity Analyst (2013 – 2021)

/ Partner and the senior analyst covering companies in the utilities, retail, e-commerce and technology sectors.


OGX Oil & Gas
Corporate Finance Specialist (2012 – 2013)

/ Financial modeling and analysis to evaluate new projects and M&As.


Credit Suisse
Financial Analyst (2010 – 2012)

/ Risk analysis and pricing of the bank’s proprietary trading desks products and structured operations.

Leonardo Andrade

Equity Analyst

HSI – Hemisfério Sul Investimentos
Private Equity Senior Analyst (July 2019 – December 2019)

/ Analysis of new investments and asset management of portfolio companies in the Real Estate sector – Shopping Centers, Hospitality, Logistic Complexes, Residential Development and Offices.

M&A Coordinator (March 2015 – June 2019)
/ Focus in the group’s portfolio recycling strategy, directly involved in shopping mall mergers, acquisitions and divestments.

M&A Coordinator (2018 – 2019)
M&A Specialist (2017 – 2018)
Trainee brMalls (2016 – 2017)
M&A and Investment Analysis Intern (2015 – 2016)

Fabricio Figueiredo

Equity Analyst

Itaú Asset
Equities Analyst (2021 – 2022)

/ Equity research analyst focused in healthcare, education and public concessions companies in the brazilian public equities market;


Atmos Capital
Associate Analyst Equity Research (2017 – 2021)

/ Equity research analyst focused in healthcare, education and public concessions companies in the brazilian public equities market;


SPX Capital
Equities Intern (2016 – 2017)

/ Equity research intern focused in utilities companies in the brazilian public equities market;
Macroeconomic Research Intern (2015 – 2016)

/ Macroeconomic research intern, helping to deal with macroeconomic data bases.

Raphael dos Santos

FX/Rates Analyst
PhD from Arizona State University

Inter-American Development Bank
Summer Graduate Consultant (2023)


City Hall of Rio de Janeiro
Economic Advisor (2021 to 2022)

/ Coordinator of Public Policy Impact Evaluation.


Fundação Getúlio Vargas
Research Assistant (2017 to 2018)


Instituto de Pesquisa Econômica Aplicada (IPEA-RJ)
Research Assistant (2010 to 2012)

Daniel Daher

Equities Analyst

Equities Analyst (2021 to 2024)
/ Equities analyst focused on the Oil & Gas, Transportation, and Infrastructure sectors;



Analista de M&A (2021)

/ Responsible for structuring fundraising rounds and analyzing buy-side and sell-side deals;



Analista de Growth Operations (2020)

/ Responsible for supporting Sales and Finance areas in the implementation and maintenance of clients on the platform;

Igor Galvão

CCO/Investor Relations

Banco BTG Pactual
Corporate and Regulatory Law (2014 – 2019)

/ Worked on the global regulatory legal
department with more than 15 regulators;

/ Drafted the legal documents and was involved in onshore and offshore operations of companies in various areas of business.

Guilherme Miranda

Risk Analyst

Banco BBM
Operations Coordinator (2018 – 2021)

/ Responsible for Liquidation, Custody, Onboarding and FX control.

Operations Analyst (2014 – 2018)

Operations Intern (2012 – 2014)

João Gabriel Lobo

Junior Economist

Mar Asset
Trainee (2023)

Intern (2022)

Julia Camargo

Equity Trainee

Mar Asset
Intern (2023)


Intern (2022)

Carolina Cardoso

Risk/Ops Trainee

Mar Asset
Risk/Ops Intern (2023)


Mazars France
Internal Audit Intern (2022)


Groupe Carrus
Finance Summer Intern (2023)

Corporate Governance

A Board was created to make company decisions through periodic meetings of portfolio follow-up, presentation of investment ideas, internal results and strategic planning.

Luis Moura
Bruno Coutinho
Philippe Perdigão