ESG Equities Fund – 2nd Quarter 2023 Management Report

In the 2nd Quarter 2023 Management Report, we detail the strong performance of the fund, which appreciated by 29.3% during the period compared to 15.9% for the Ibovespa.

In line with the dynamics described in the first quarter letter, we understand that the improvement in market sentiment broadly benefited our portfolio, particularly due to the quality and growth profile of the investee companies, making their valuation more sensitive to changes in the returns required by investors.

Additionally, we share with readers some considerations on the importance of active ownership (or the active involvement of shareholders in influencing a company’s direction) as a powerful tool to drive corporate responsibility and the sustainability of returns.

We remain enthusiastic about the opportunity to generate attractive returns for our clients through investments in companies with socio-environmental responsibility.