About us

Founded in 2008, with offices in Brazil and the United States, Brasil Capital is an investment firm focused on long-term investments in Brazilian listed equities. We were originally dedicated to managing our partners’ capital; however, after expanding our structure, we diversified our client base, which today comprises our partners’ capital, as well as local and international institutional investors and family offices.

Our investment philosophy is based on superior quality business models with competent, honest, and aligned managements, as well as attractive valuations.

Our team was built over the years with professionals with exceptional backgrounds, critical analysis skills, entrepreneurial spirit, common goals, and highly successful track records investing in the Brazilian equity market. Brasil Capital is a true partnership with 100% of its equity belonging to our executive partners. Our staff turnover is very low, and all members are encouraged and eligible to become partners, according to their performance and alignment of interests with the Firm. We place significant emphasis on our culture, our decision-making process, our reputation, and on building a solid and consistent track record.

Our principles are ethics, a culture of ownership and meritocracy, adaptability with a high focus on results, communication, and total respect for our clients. We are constantly looking for curious and resilient professionals with intellectual and execution skills.

Team

André Ribeiro CIO & Portfolio Manager*
Ary Zanetta Portfolio Manager*
Danilo Deutsch, CFA Senior Analyst
Fernando Sampaio, CFA Senior Analyst
Christian Klotz Strategy and Innovation*
Juliana Klarnet Investor Relations
Felipe Graner COO & Risk Manager
  • 2001
  • 2002
  • 2003
  • 2004
  • 2005
  • 2006
  • 2007
  • 2008
  • 2009
  • 2010
  • 2011
  • 2012
  • 2013
  • 2014
  • 2015
  • 2016
  • 2017
  • 2018
  • 2019
  • 2020
  • 2021
  • 2022
Bradesco Templeton
FAMA
Brasil Capital
Credit Suisse Hedging Griffo
Brasil Capital
HSBC
Brasil Capital
Brasil Capital
Brookfield Fin.
FAMA
MBA-Columbia / Pollux
UJAY Capital
Jaguar Growth Partners
Brasil Capital
Banco BBM
FAMA
Brasil Capital
B3
Brasil Capital

Note: * Members of the Investment Committee

Fund Management and Analysis

André Ribeiro

Ary Zanetta

Danilo Deutsch, CFA

Fernando Sampaio, CFA

Managing partner, portfolio manager of Brasil Capital and member of the Investment Committee. Previously, André was a partner, portfolio manager, investment analyst, and trader at FAMA Investimentos. Before FAMA Investimentos, Andre was a trader and investment analyst at Bradesco Templeton Asset Management, as well as at UBS Paine Webber, in San Francisco, CA. André holds a Bachelor's degree in Economic Sciences from Universidade de São Paulo. He also has a certificate in Finance with honors from UC Berkeley, CA, and a certificate in Finance from Universidade de São Paulo. André is associated with the endownments Amigos da Poli and Sempre FEA at the University of São Paulo.

Managing partner, portfolio manager and member of the Investment Committee. Previously, Ary was a partner at Credit Suisse Hedging-Griffo, where he worked as a trader, equity and fixed income analyst, and controller manager. By the end of 2018, Ary participated with the transition government administration alongside Mr. Paulo Guedes, Minister of the Economy. Ary holds a Bachelor's degree in Economic Sciences from Insper, where he graduated with honours, and holds a Master's degree in Economics from Fundação Getulio Vargas and current member of YPO (capitulo Grand São Paulo). Ary is a member of the investment committee of the endowment Faculty of Medicine at the University of São Paulo and an ambassador for the Insper University Scholarship Program.

Partner and analyst, responsible for the consumer goods, malls, properties, healthcare and e-commerce industries. Previously, he worked in the M&A department of HSBC. Danilo holds a Bachelor's degree in Business Administration from Fundação Getulio Vargas, São Paulo. He is also a Chartered Financial Analyst (CFA).

Partner and senior analyst, responsible for the electricity, construction and bank industries. Fernando holds a Bachelor's degree in Business Administration from Fundação Getúlio Vargas, and has a certificate in Business Strategy and Capital Markets from the St. Petersburg State University, Russia. He is also a Chartered Financial Analyst (CFA).

Christian Klotz

Leandro Guimarães

Henrique Goulart Wu

André Paulini

Managing partner, responsible for strategy and innovation, also a member of the investment committee. Previously, Christian was an Investment Principal at Jaguar Growth Partners, a NY based private equity investment firm focused in emerging markets. Prior he was partner, portfolio manager and investment analyst at UJAY Capital, Pollux Capital and FAMA Investimentos. Christian received his M.B.A. from the Columbia Business School, University of Columbia and earned a B.S. in Industrial Engineering from Instituto Mauá de Tecnologia and is a member of the board of directors of Movimento Bem Maior.

Senior trader. Previously, he has worked at Bradesco Asset Management, Banco Modal, and Modal Asset Management, acting as senior trader and co-portfolio Manager. Leandro holds a bachelor's degree in Economics from Universidade Federal Fluminense (UFF), a Master's degree in Investment Management from PUC- RIO, and has passed level I of the CFA Program.

Analyst. Previously, he has worked at Banco BBM, Banco Safra and GuiaBolso. Henrique holds a bachelor's degree in Mechanical and Aeronautical Engineering at Instituto Tecnológico de Aeronáutica.

Junior analyst. Previously, he has worked at Citibank and Banco Pan. André holds a Bachelor's degree in Environmental Engineering from Universidade de São Paulo.

Leonardo Massini

Leonardo Lopes

João Parizotto

Ricardo Sarfatti

Analyst, responsible for the electricity, construction, bank industries and tecnology. Leonardo holds a Bachelor's degree in Production Engineering from Universidade de São Paulo.

Analyst, responsible for retail, consumer goods, non-bank financial sectors, car rental and pharmaceutical. Previously, worked in M&A at Fortezza Partners. Leonardo holds a Bachelor's degree in Production Engineering from Universidade de São Paulo.

Analyst, responsible for health, malls, properties, retail and e-commerce. Previously, worked in Debt Capital Markets at J. P. Morgan. João Paulo holds a Bachelor's degree in Production Engineering from Universidade de São Paulo.

Analyst, responsible for energy and sanitation, telecom and construction. Previously, worked in Equity Research at Bank of America and Meraki Capital. Ricardo holds a Bachelor's degree in Business Administration from Fundação Getulio Vargas, São Paulo.

Relationship with Investors

Juliana Klarnet

Isabella Nozza

Managing partner and responsible for business development in Brazil. Previously, she was a partner at BAWM Investments, a multi-family office. She was also a partner at FAMA Investimentos, where she was responsible for the business development. Juliana started her career at the Asset Management of Banco BBM in the Products division. Then, she worked at Fidúcia Asset Management, where she was responsible for the investor relations. Juliana holds a Bachelor's degree in Business Administration from Pontifícia Universidade Católica.

Responsible for investor relations. Previously, she worked at J.P. Morgan Asset Management as a business analyst. Isabella also had experience in the products area of Votorantim Asset Management. Isabella holds a Bachelor's degree in Business Administration from FGV (Fundação Getúlio Vargas), she is a Chartered Financial Planner (CFP).

Risk and Compliance

Felipe Graner

Jefferson Nunes

Carla Libano

Alessandro Santos

Managing partner, he is responsible for risk, compliance and operations. Previously, he was a market risk analyst at BMF&Bovespa, responsible for OTC derivatives' collateral margin and pricing. Felipe holds a Bachelor's degree in Electric Engineering from Universidade de São Paulo and has a certificate in Economics and Financial Markets from Politecnico di Milano, Italy. He also has a certificate in Pricing and Risk from Universidade de São Paulo.

Partner and operations analyst. Previously, he worked in the trading desk of Votorantim Corretora and in the market risk department of Banco Bradesco. Jefferson holds a Bachelor's degree in Economics from Universidade Presbiteriana Mackenzie and has a certificate in Financial Economics from Fundação Getulio Vargas, São Paulo.

Operations analyst. Previously, held different positions at Título Corretora, Flow Corretora, Bovespa/BM&F, and Banco Bradesco. Carla holds a Bachelor's degree in Business Administration and Marketing from Uninove and a certificate in Financial Markets from Universidade Presbiteriana Mackenzie, São Paulo.

Operations analyst. Previously, he has worked in SmartQuant. Alessando holds a Bachelor's degree in Physics from Universidade de São Paulo.

Investment Philosophy

Our investment philosophy is based on fundamental value investments in listed equities in Brazil, focusing on 3 drivers:
(i) Superior quality business model
We invest in companies with structural competitive advantages: relevant growth potential with high ROIC (return on invested capital), presence of barriers to entry in their businesses, low production or service costs and high cash flow generation potential.
(ii) Management
We give great importance to quality management and to the incentives structure that the executives are exposed to. We believe that internal factors greatly contribute to a company’s success in the long term and as a result alignment between executives and shareholders is essential.
(iii) Attractive valuation
We look for companies with distortions between their market value and their intrinsic value, providing a safe margin for investing. We believe discipline is important both to maximize gains and to manage risks, reducing investments that register continuous capital losses.

Our investment universe consists of about 400 companies, of which approximately 100 are monitored and 50 are thoroughly studied by the analysis team.