ESG Equities Fund – 4th Quarter 2023 Management Report

In the 4th Quarter 2023 Management Report, we detail the fund’s performance, which reflected the more constructive risk appetite dynamics in both local and international markets, 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.

The current economic environment, marked by falling interest rates and positive expectations for the stock market, reinforces our belief that high-quality companies, with clear competitive advantages and a commitment to sustainability, represent attractive investment opportunities.

The growth of sustainable businesses and the transition to a green economy in Brazil correspond to promising areas of development, in line with global demands for environmental sustainability, social equity, and economic prosperity. This trend is especially relevant in light of the Conference of the Parties (COP30), which will be hosted by Brazil in Belém in 2025. This event places the country squarely on the radar of international investors, who are increasingly inclined to allocate resources to local assets committed to the sustainability agenda.

Finally, we reiterate our commitment to promoting responsible investments and contributing to the development of a more sustainable and inclusive economy.