M A N A G I N G
P A R T N E R S

Our operating and investment structure aligns the interests of limited partners and managers.




Aligned Interests:

Commitment to participate in our own investment vehicles.

"Management Fee"

It gives the business stability, which is essential to take independent and rational decisions, making it possible to benefit from the markets’ volatility.

"Performance Fee"

It rewards results and merit. It aligns the interests of expected returns between managers and limited partners.

L I M I T E D
P A R T N E R S

We seek limited partners who share our long-term investment philosophy, and have the will to act accordingly, particularly at times of generalized optimism or panic.


We see our investors as “passive” partners of our business.


We seek only long-term investors.


Being a group of investors with these characteristics will help us have enough time and capital to sail through and benefit from the extremes of the market cycles.

An essential tool so that our strategy will yield extraordinary returns is patience.

What we do is look for imbalances in asset valuations due to changes in market sentiment. Our job is to know the intrinsic value of these assets and invest consequently; however, the time when the market will recognize that value is not within our power.

Even when there is an excess, it is important to recall that “undervalued” is very different from “it will rise tomorrow”, and vice versa.

OBJECTIVES

Target Return:

Explicit


Reasonable with regard to the risk assumed (most of the financial frauds happen because investors do not wonder if the “returns” offered and/or reported are viable; e.g. Madoff).

Volatile Returns


If we expect to obtain returns on volatile assets, we must be prepared, both psychologically and economically to face and benefit from this volatility.

Reasonable Returns


We seek to have a return with a similar trajectory to our benchmark, but that in the long term will be significantly greater, thanks to the selection of assets based on the quality/price ratio.

How will we achieve this?

Playing defensively

We believe an investor’s first task is to avoid a permanent loss of capital.

  • Structure that aligns our interests with ourlimited partners’
  • Long-term horizon
  • Investing in our areas of expertise
  • Investing in companies with clear and durable competitive advantages
  • Volatility = opportunity to purchase at a discount
  • Minimizing Risk as the spread between price and intrinsic value grows
  • Associating with management teams with a proven track record
  • No leverage under any circumstances.

We constantly seek to increase our knowledge and aptitudes to apply them in favor of our limited partners. From our side, you can expect full, open, and transparent communication and accountability. With this intention, we present to you this summary of our philosophy.

Over - diversification

Leverage

Short - termism

Speculation

INVESTORS