We are an independent asset management firm, founded in 2020, focused on managing equity investments in Brazil. Our investment philosophy is firmly grounded in a value-driven approach, aiming to deliver consistent long-term returns.

Value-Oriented Fundamental Strategy

Our primary metric is the intrinsic value of an asset. Within this approach, it is essential to clearly define our circles of competence. These are industries in which we have a deep understanding of competitive dynamics, allowing us to assess the near term future with a reasonable degree of confidence.

Focus on Absolute Returns

Our primary objective is not to outperform the Ibovespa, the IBX, or any other equity benchmark. We seek investments with high expected returns and a meaningful margin of safety.

Bottom-Up Analysis

We are agnostic with respect to macroeconomic factors. Our process begins with the company, followed by the industry, and only then do we develop a broader view of the economy as a whole.

Long Term Perspective

We believe that, over the long term, market prices converge toward intrinsic value.

Portfolio Concentration

We believe that portfolio concentration is an effective way to reduce economic risk and maximize potential returns. Our primary risk control is not diversification, but the price we pay for an asset. We believe that high expected returns do not require exposure to elevated risk. On the contrary, they are often mutually exclusive.

Aversion to Financial Leverage

Given our awareness of the limitations in forecasting market behavior, we do not use derivatives for leverage purposes.

Focus

Exclusive dedication to specialized equity management.

Diligence

A continuous pursuit of being the investor who best understands each asset in which we invest, with a strong emphasis on the value drivers of each business.

Discipline

A well defined investment strategy supported by clearly established management criteria.

Humility

We continuously seek to challenge our own convictions by engaging with opposing viewpoints. In investing, intellectual humility is essential to questioning what we believe to be true and to developing and monitoring successful investment theses.

Alignment of Interests

All members of the team are partners in the business and have a meaningful portion of their personal wealth invested in the fund. Despite the legal structure of an investment fund, we view our investors as partners in a private enterprise, aligned with us over the long term in pursuit of the same objective.