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PUBLIC EQUITIES

Reports

Focus Letter #162015.01We discuss the fund's performance in 2014.
Focus Letter #152014.05Discussion of our investment in Queiroz Galvão Exploração & Produção.
Focus Letter #142014.01Discussion of the impacts of Telecom Italia's reestructuring on our investment in Telefônica.
Focus Letter #132013.09We analyze the relevance of corporate governance analysis when selecting investments and discuss our investment case in Multiplan.
Focus Letter #122013.05We discuss our new investment in Fleury, provider of diagnostic medical services, and summarize our recent talks with Saraivas competitors about the likely impact of the arrival of Amazon in Brazil.
Focus Letter #112013.01Discussion of the electricity sectors new rules: how it may impact our portfolio and whether there is a conflict of interests in state-owned companies.
Focus Letter #102012.09We review our investiment cases in Duratex and Metalúrgica Gerdau.
Focus Letter #92012.05Investment thesis summary in Cyrela and Odontoprev.
Focus Letter #82011.12Rationale for recent portfolio allocations: Marcopolo, Mills and Bematech
Focus Letter #72011.08Diagnose of Sadia's internal controls errors which led to bankruptcy. Vivo's investment rationale and brief comparative analysis between Brazilian and international banks.
Focus Letter #62011.04Explanation on disclosure requirements of new Reference Form. General overview of portfolio performance and description of Ultrapar's investment thesis.
Focus Letter #52010.12Capital preservation concept and its contribution for 2010 performance. Voting results on proposition changes to the Novo Mercado and analysis of important CVM achievements during the year.
Focus Letter #42010.08Our position in relation to activism concept. Mills' investment thesis discussed.
Focus Letter #32010.04Role of purism in value investing, aiming to reinforce importance of being faithful to fundamental values in our philosophy. Analysis of two important CVM instructions.
Focus Letter #22009.12Explanation of two key concepts: value investing and corporate governance - our differentials.
Focus Letter - Special Edition2009.09Transcript of our letter to BM&FBovespa board with suggestions to changes in the Novo Mercado rules.
Focus Letter #12009.08Values that guide our objectives, strategies and practices. Our investment thesis on Rossi and Tractebel.

Disclaimer

This website is a free translation from Portuguese and is reserved exclusively to Brazilian residents or authorized investors under Resolução CMN 2.689/2000. Information contained herein should not be considered a solicitation or offer to buy investment funds or any financial instrument, nor does it constitute the prospectus required by CVM Instruction 409/04 or ANBIMA’s Self-Regulation Code. Investment funds are not guaranteed by the fund manager, the fund administrator, any insurance mechanism or by the Fundo Garantidor de Créditos.

Past performance is not a guarantee of future returns. Investors are advised to carefully read the relevant funds’ prospectus before making any investment. Any market information shown herein, such as that of the Ibovespa, IGC and IGPM+6%, are included merely as economic references, and do not constitute the funds’ objectives or performance parameters.

Published returns are net of management and performance fees but not net of taxes. Investment funds are subject to substantial risk and present the opportunity for significant losses in the occurrence of events that result in the non-payment of portfolio assets, such as intervention, liquidation, special administration procedures, insolvency and the judicial or extrajudicial reorganization of any of the issuers included in the relevant funds’ portfolios.

ANBIMA Como investir

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