How We Think About Capital Allocation
Our process blends institutional discipline with entrepreneurial adaptability. We seek asymmetric opportunities where deep research creates a durable informational edge.
Core Principles
Research First
Every investment begins with rigorous, bottom-up fundamental analysis. We build proprietary models and maintain transparent data provenance across all sources.
Risk Management
Position sizing, correlation awareness, and tail-risk hedging are embedded in our process. We size for survival first, returns second.
Data Transparency
All data points carry source attribution and confidence indicators. We distinguish between direct regulatory filings and aggregated sources.
Concentrated Conviction
We prefer a concentrated portfolio of deeply researched positions over broad diversification. High conviction requires deep understanding.
Core-Satellite Barbell
Our portfolio architecture separates stable, deeply researched core holdings from opportunistic satellite positions designed to capture asymmetric upside. This barbell structure maximizes risk-adjusted returns across market regimes.
Deep-value positions with strong balance sheets, durable competitive advantages, and multi-year time horizons.
Asymmetric opportunities with defined risk — catalysts, special situations, and convexity trades.
From Idea to Conviction
Screen & Source
Systematic screening across US and Brazilian markets using proprietary data pipelines. Quantitative filters narrow the universe before qualitative assessment begins.
Deep Analysis
Comprehensive fundamental analysis including financial modeling, competitive landscape mapping, management assessment, and regulatory review.
Model & Value
Multi-scenario DCF, comparable analysis, and sum-of-parts valuation. Stress-tested against macro scenarios with defined margin of safety requirements.
Size & Execute
Position sizing informed by conviction level, portfolio correlation, and liquidity analysis. Patient entry over weeks to months.
Monitor & Evolve
Continuous thesis monitoring with predefined exit criteria. Quarterly re-underwriting of every position against original investment thesis.