Management Report – Q2 2023

In the Q2 2023 Management Report, we detail the fund’s strong performance, with a gain of 29.3% during the period compared to 15.9% for the Ibovespa.

In line with the dynamics outlined in our Q1 letter, we believe the improvement in market sentiment broadly benefited our portfolio—particularly due to the quality and growth profile of the companies we invest in, which makes their valuation more sensitive to changes in investors’ required return.

We also share with readers some thoughts on the importance of active ownership as a powerful tool to promote corporate responsibility and the sustainability of returns.

We remain enthusiastic about the opportunity to generate attractive returns for our clients through investments in companies committed to social and environmental responsibility..