The main cornerstones of our investment philosophy are:

Fundamental analysis

We invest in the stock market as if we were purchasing stakes in unlisted companies. Therefore, we deeply analyze the business prospects of the target companies and the risk/reward relation of each investment.

We are value investors. We only invest in companies that are trading significantly below their fair value.

Focus on small-caps

We generate the majority of our investment ideas among companies with lower market cap and trading volume.
We believe that the focus on this universe of companies increases our chances of generating higher returns to our investors due to two reasons:

(i) small-caps are less followed by the market, which leads to more frequent distortions between market prices and fair value among these companies.

(ii) small-caps tend to trade with a discount vis-à-vis the blue chips, given the constrains that many market participants have in investing in these stocks.

Long-term horizon

We always invest with a long-term view. Only in this time frame we can have the conviction that there will be a conversion between stock prices and the fair value of the companies.

A determining factor that leads us to effectively exert our long-term view is the fact that we have an investors’ base which has the same patience and confidence in the investment philosophy that we have.

Thorough knowledge of the portfolio companies

We go deep in the study of the portfolio companies. Our sources of information go beyond the data provided by the companies and sell-side reports. We are frequently checking our investment thesis with other participants in the industries of the investees, such as competitors, customers and suppliers.

In our investments, we seek to generate long-term relationships with shareholders and managers.


We are very demanding about the objective and subjective attributes that a company must have to become an investment of ours. As few companies meet all our requirements, our portfolio is more concentrated than the average of the equity funds.

We seek to invest in companies that have the following characteristics:

  • Good business (high returns on capital, barriers to entry, competitive advantages, growth prospects, predictability)
  • Attractive valuation
  • Competent management
  • Alignment of interests with major shareholders and company’s management