Fama LatAm Climate Turnaround – Management Report 4Q 2025

We are pleased to share the Management Report for the fourth quarter of 2025 of the FAMA LatAm Climate Turnaround fund (CTF).

During the period, the portfolio demonstrated resilience, reinforcing the companies’ ability to absorb volatility even amid changes in credit conditions, costs, and market expectations. The Fund deepened its engagement strategy, particularly in the context of COP30, expanding dialogue and strengthening the visibility of its portfolio companies’ success cases. Active engagement has reinforced itself as a central instrument for risk mitigation and long-term economic value creation.

The report also presents a forward-looking assessment for 2026: public policies, economic instruments, and climate-related financial mechanisms are expected to gain greater traction and practical relevance in Brazil and internationally. This movement reinforces the importance of investment strategies capable of anticipating structural changes, capturing opportunities arising from the correction of mispricing, and aligning financial returns with the resilience of real assets.