Target allocation
Our portfolio is built around a flexible allocation framework designed to balance long-term compounding with capital preservation.
Equities form the core of the strategy, reflecting our focus on high-quality businesses capable of sustaining returns over time. Fixed income provides stability and downside protection, while cash is maintained as optionality — allowing us to act decisively when dislocations create opportunity.
This allocation is not static. It serves as a reference point, evolving as market conditions and opportunity sets change.
Equities
The equity allocation is structured across sectors that combine resilience, cash generation, and strategic relevance within the global economy.
Exposure is distributed to balance cyclicality and stability, combining sectors with structural tailwinds and those that benefit from economic cycles.
This approach allows the portfolio to remain robust across different market environments, while preserving upside through selective concentration.
Asset class detail
Real Estate & Credit
The allocation reflects a clear positioning in sectors considered essential to the economy, with emphasis on real estate, agribusiness, and infrastructure. These exposures are complemented by credit strategies that expand the opportunity set and improve overall portfolio efficiency.
The approach emphasizes diversification across sectors and instruments, seeking balanced exposure and consistent risk-adjusted returns across different interest rate environments. Income generation is treated as a natural outcome of this positioning.
The fixed income allocation is centered on long-duration, inflation-linked instruments, with a focus on capturing real yields around IPCA +7% when available. This positioning reflects a preference for preserving purchasing power while securing attractive real returns over extended horizons.
Cash is allocated to high-liquidity instruments, primarily bank-issued certificates of deposit from leading financial institutions, ensuring capital preservation and flexibility for opportunistic deployment.