To achieve annual return of CDI (Brazilian Overnight Deposit Rate) + 10%,

through the combination of multiple asset classes investment.

Investment Philosophy

Macroeconomic analysis
of the cycle

/ The accumulation of investment experience, enables us to identify investment opportunities supported by deep-dive fundamental and macro analysis.

 

Macro analysis approach

/ Experiência in loco em diversos países;

/ Differentiation between signal x noise;

/ Analysis of market trend reversals;

/ The adequate investment horizon for a thesis to mature;

 

Private equity analysis approach for public equities

/ We focus our capital and time on our highest-conviction ideas;

/ In-depth and detailed analysis of the business model;

/ Conhecimento profundo sobre os tomadores de decisão;

/ Mapeamento dos incentivos aos principais executivos.

 

Risk management

/ Understanding risks and hedges in order to avoid permanent loss of capital;

/ Stress test as main risk metric;

/ Search for a superior reading on the probabilities distribution, good asymmetries and margin of safety;

/ Near-term volatility as investment opportunity;

/ Stop loss rules to protect against Black Swan events

 

Shared Management

/ A single book generates a series of advantages;

/ Analysis of the economic cycles will determine the risk appetitte;

/ Detailed monitoring of companies provides input for macro decisions;

/ Detailed macroeconomic monitoring provides a superior framework for equities investments;

/ Active allocation in different classes;

/ Capacity of neutralizing specific risks.