Murilo Oliveira

Itaú USA Asset Management, Inc. (Itaú USA) is a SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded in 2011 and they are directly owned by ITB Holding Brasil Participações Ltda. and their ultimate parent is Itaú Unibanco Holding SA (BVMF: ITUB4, NYSE: ITUB). Itaú USA provides discretionary and non-discretionary investment advisory and sub-advisory services to funds and institutional clients located or domiciled within or outside of the US.

Opportunity Asset Adm de Recursos de Terceiros Ltda. (Opportunity) is the asset management subsidiary of Banco Opportunity de Investimento SA in Brazil. The firm was founded in 1994 by Daniel Dantas, Veronica Dantas and Dorio Ferman. Headquartered in Rio de Janeiro, Opportunity manages a range of funds for individual and institutional investors.

UBS Casa de Bolsa SA de CV is the Mexican brokerage subsidiary of UBS Grupo Financiero SA de CV, ultimately owned by UBS AG (NYSE: UBS) in the US. Headquartered in Colonia Polanco V Sección, the firm was founded in 2003 and provides trading and brokerage services to various investors.

Itaú Unibanco SA is the asset management subsidiary of Itaú Unibanco Holding SA (BVMF: ITUB4; NYSE: ITUB) in Brazil. The firm was created as Banco Itaú SA when Unibanco and Itaú merged. Headquartered in Sao Paulo, Itaú Unibanco provides a full line of banking services to individual, institutional and corporate clients.

Fundação de Assistência e Previdência Social do BNDES FAPES (FAPES) is the pension fund management subsidiary of state-owned Banco Nacional de Desenvolvimento Economico e Social SA in Brazil. Founded in 1974 by the National Bank for Economic and Social Development, the firm is headquartered in Rio de Janeiro and aims to contribute to the financial security and health of participants and beneficiaries of the pension fund.

Credit Suisse (Brasil) SA CTVM (Credit Suisse Brazil) is the Brazilian broker/dealer subsidiary of Banco de Investimentos Credit Suisse (Brasil) SA, itself a subsidiary of Credit Suisse Group AG (SWX: CSGN) in Switzerland. The firm was formerly known as Banco de Investimentos Credit Suisse (Brazil). Headquartered in Sao Paulo, Credit Suisse Brazil operates with brokerage and treasury operations, Fixed Income operations (credit and debt restructuring), issuance of shares and bonds, IPO and mergers and acquisitions (M&A).

Part of Opus International Holdings Ltd., Opus Gestão de Recursos Ltda. is a Brazilian investment advisory company based in Rio de Janeiro, Brazil. Opus Gestão de Recursos Ltda. provides investment advice. The Brazilian company was founded in 2004 by Eduardo Plass, José Mario Osorio, Carlos Henrique Vieira Brandão dos Santos. José Mario Osorio has been the CEO since 2004.

Banco BBM SA operates as a financial institution. It offers credit facilities to corporate clients and financial advisory services for wealth management of individuals in Brazil. The firm provides structured financial solutions, such as exclusive funds, investment funds; fixed income products, including government bonds and private securities, foreign exchange transactions, loans, structured notes, and derivatives and macroeconomic analysis. The company was founded in 1858 and is headquartered in Rio de Janeiro, Brazil.

Part of JPMorgan Chase & Co., JPMorgan CCVM SA is a Brazilian company that provides brokerage services. The company is based in São Paulo, Brazil. The company was founded in 1991. Daniel Darahem has been the CEO of the company since 2020.

Dynamo Administração de Recursos Ltda. (Dynamo) is an independent asset management firm which was founded as a partnership in 1993 to manage Brazilian equities. Located in Rio de Janeiro, Brazil, the firm manages a range of mutual funds for individual and institutional investors. Dynamo only manages funds. They outsource all back office work and do not have a proprietary portfolio. The firm's partners invest a significant amount of thier own capital in the funds which the firm manages.

ARX Investimentos Ltda. (ARX) is the Brazilian asset management subsidiary of MBC Investments Corp., ultimately held by The Bank of New York Mellon Corp. (NYSE: BK) in the US. Formerly known as BNY Mellon ARX Investimentos Ltda., the firm was founded in 2001 by José Alberto Tovar and was acquired by BNY Mellon in 2008. Headquartered in Rio de Janeiro, ARX focuses exclusively on managing assets in Brazil for a diversified client base of high-net worth individuals, family offices, wholesale distributors, corporations and institutional clients.

Itaú Corretora de Valores SA is a brokerage company based in São Paulo, Brazil. Part of Itaú Unibanco Holding SA, Itaú Corretora de Valores SA provides brokerage services. The Brazilian company was founded in 1965 and Leonard Bruno Linnet has been the CEO of the company since 2021.

Part of Bank of America Corp., Merrill Lynch SA CVTM is a brokerage services provider. The company is based in São Paulo, Brazil. The Brazilian company was founded in 1998. Eduardo Alcalay has been the CEO of the company since 2017.

GAP Gestora de Recursos Ltda. (Gap Asset) is the Brazilian asset management subsidiary of GAH Participacoes Ltda., ultimately held by Prudential Financial Inc. (NYSE: PRU) in the US. The firm was founded in 1996 by Renato Junqueira B. Ribeiro, Emanuel Pereira da Silva and Carlos Camacho. Headquartered in Rio de Janeiro, Gap Asset manages the GAP range of funds including multimarket, equities, fund of funds, private pension plans and hedge funds.

Bram Bradesco Asset Management S/A DTVM (BRAM) is an asset management firm headquartered in Sao Paulo, Brazil. The firm was founded in 2000 as a result of the consolidation of Bradesco Templeton Asset Management, BCN Alliance Asset Management, Boavista, BANEB, Credireal and Banco Bradesco´s Fund Management and Investment Portfolio departments. They are a subsidiary of Banco Bradesco BBI SA, which is owned by Banco Bradesco SA (BVMF: BBDC4, NYSE: BBD). The firm manages local funds that invest globally for Brazilian investors and, on the other hand, it manages management of Latin American funds for foreign investors. BRAM is a signatory to the UN Principles for Responsible Investment (UNPRI).

JGP Gestão de Recursos Ltda. (JGP) is the asset management y subsidiary of JGP Participacoes Ltda. in Brazil. The firm was founded in 1998 by a group of investment professionals including André Roberto Jakurski, Arlindo Raggio Vergaças Jr. and José Carlos Carvalho. Headquartered in Rio de Janeiro, JGP manages the JGP range of funds and provides investment advisory services to sophisticated investors and high-net worth individuals. To align interests with those of their clients, the JGP partners invest in the JGP funds.

BTG Pactual Asset Management S/A DTVM (BTG Pactual-AM) is the investment management subsidiary of Banco BTG Pactual SA (BVMF: BPAC11) in Brazil. Headquartered in Rio de Janeiro, BTG Pactual-AM was founded in 2010 and provides asset management services to clients, including institutional clients, high-net worth individuals, corporations and distribution partners in Brazil and across Latin America.

Part of Banco BTG Pactual SA, BTG Pactual CTVM SA is a Brazilian company that develops digital banking mobile application software. The company is based in São Paulo, Brazil. The company was founded in 1973. Rodrigo Goes has been the CEO of the company since 2009.

Meta Asset Management Ltda. The private company is based in Rio de Janeiro, Brazil and has subsidiaries in Brazil. provides investment advice. The Brazilian company was founded in 2004 by Célio Afonso da Silva. Célio Afonso da Silva has been the CEO since 2004.

Part of Vinci Partners Investments Ltd., Vinci Gestora de Recursos Ltda. The company is based in Rio de Janeiro, Brazil. is a Brazilian company that provides investment advice. The company was founded in 2009 by Alessandro Monteiro Morgado Horta, Gilberto Sayão da Silva, Paulo Fernando Carvalho de Oliveira. Alessandro Monteiro Morgado Horta has been the CEO since 2009.

Kapitalo Investimentos Ltda. (Kapitalo) is an independent investment management firm headquartered in Sao Paulo, Brazil. The firm was founded by Carlos Woelz and João Carlos Pinho in 2009. Kapitalo manages funds for individual and institutional investors.

Icatu Vanguarda Gestão de Recursos Ltda. (Icatu Vanguarda) is the asset management subsidiary of Icatu Holding SA in Brazil. The firm was founded in 1998. Headquartered in Rio de Janeiro, Icatu Vanguarda provides asset management services to institutional or individual clients.

Part of Icatu Holding SA, Icatu Seguros SA is a life insurance, social security, and capitalization company based in Rio de Janeiro, Brazil. Icatu Seguros offers solutions to protect families and financial futures through life insurance, private pension funds, and capitalization titles. The Brazilian company manages over $52 billion in investment funds and is recognized for its excellence in management both in Brazil and abroad. Icatu Seguros also offers tailor-made experiences and services for partnerships. The company was founded in 1973 by Carlos Alberto de Figueiredo Trindade Filho, and the CEO is Luciano Snel Corrêa.

Ibiúna Macro Gestão de Recursos Ltda. The company is based in São Paulo, Brazil. Ibiúna Investimentos manages over $35 billion in assets distributed in three funds\: macro, shares, and credit. The Brazilian company believes that initiatives that have a positive impact on society are fundamental in any line of business. The company incorporates investment processes fully into the different assets they operate. The company has the support of an external consultancy specializing in sustainable finances to monitor and measure ex-exit factors for managed portfolios, as well as supporting the integration of these factors with asset analysis and management processes. is a Brazilian independent resource manager that was founded in 2010 by Rodrigo Telles da Rocha Azevedo and Mário Gomes Torós. Mário Gomes Torós has been the CEO since 2010.

Gavea Investimentos Ltda. (GIL) is an independent investment management firm headquartered in Rio de Janeiro and was founded in 2003. Formerly known as 3F Administracao De Recursos Ltda., the firm was founded in 2003 by Arminio Fraga and Luiz Henrique Fraga. In 2010, Gavea became a subsidiary of JPMorgan Asset Management, the asset management arm of J.P Morgan Chase & Co. and created a strategic alliance with Highbridge Capital Management, the global alternative asset manager owned by JPMorgan Asset Management. GIL’s activities are focused on hedge funds, private equity funds, equity funds and real estate funds.

STK Capital Gestora de Recursos Ltda. The private company is based in Rio de Janeiro, Brazil. provides investment advice. and has subsidiaries in Brazil and Cayman Islands. The Brazilian company was founded in 2010 by Antenor Fernandes, Luciana de Oliveira Cezar Coelho. Antenor Fernandes has been the CEO since 2010.

Bahia AM Renda Variável Ltda. is the asset management subsidiary of Aleutas SA, which is owned by Bahia Holding SA in Brazil. The firm was founded in 2011 as BBM I Gestão de Recursos Ltda. Headquartered in Rio de Janeiro, Bahia AM Renda Variável manages Brazil Funds for various investors.

Part of Bahia Holding SA, Bahia AM Renda Fixa Ltda. The company is based in Rio de Janeiro, Brazil. provides investment advice. The Brazilian company was founded in 2011. Thiago Mendez has been the CEO of the company since 2011.

Vista Capital Gestora de Recursos Ltda. is an investment management company based in Rio de Janeiro, Brazil. Vista Capital offers various investment strategies, including long biased view, macro research, and multi-strategy view, in Brazilian and international markets. The Brazilian company has grown from managing $30 million to over $6 billion in assets under management, thanks to consistent performance, strict risk controls, and a focus on retaining the best human capital. Vista Capital does not sell or distribute quotas of investment funds or any other financial assets, and past profitability does not guarantee future profitability. The private company was founded in 2014 by João Landau, Luis Felipe Aleixo Lutosa Clark Magon, João Eduardo Lopes, and has Luiz Guilherme Gama as the CEO since 2015.

Vinland Capital Management Gestora de Recursos Ltda is a private company based in Brazil that aims to generate high risk-adjusted returns by seeking opportunities in various liquid asset classes without geographic restrictions, with a focus on Latin America. Vinland Capital Management Gestora de Recursos has subsidiaries in Cayman Islands. The Brazilian company was founded by Rogério Freitas.

Banco BTG Pactual SA (Investment Management) (BTG Pactual-IM) is the investment management division of Banco BTG Pactual SA (BVMF: BPAC11), an investment bank headquartered in Sao Paulo, Brazil. Founded in 2009, BTG Pactual-IM provides asset management services through investment funds and managed portfolios. They invest on behalf of institutional investors, such as pension funds, corporations, insurance companies, financial intermediaries, governments, and high-net-worth individuals and family offices.

SPX International Asset Management Ltd. (SPX) is an asset management firm headquartered in London, UK. The firm was founded in 2015 and is a wholly-owned subsidiary of IAM Holding Ltda., in Brazil. SPX provides investment advisory services and portfolio management services to individuals and institutional clients.

AdamCapital Gestão de Recursos Ltda. (AdamCapital) is the asset management subsidiary of Ackland Holdings Ltda. in Brazil. The firm was founded by Márcio Appel and André Salgado in 2013. Headquartered in Rio de Janeiro, AdamCapital manages a range of investment funds for various investors.

Fabula Capital Gestão de Recursos Ltda. (Fabula Capital) is an independent asset management firm headquartered in Rio de Janeiro, Brazil. Founded in 2007, Fabula Capital provides investment advice to various types of clients.

TRUXT Investimentos Ltda. (TRUXT) is an independent alternative investment firm headquartered in Rio de Janeiro, Brazil. The firm was founded in 2015 and formerly known as R2 Gestora de Recursos Ltda. TRUXT manages the Truxt Funds for individual and institutional investors.

Sharp Capital Gestora de Recursos Ltda. (Sharp Capital) is an independent asset management firm headquartered in Rio de Janeiro, Brazil. Founded by in 2017, Sharp Capital manages investment funds for various types of investors.

Kapitalo Ciclo Gestora de Recursos Financeiros Ltda. (Kapitalo Ciclo) is an independent investment manager headquartered in Rio de Janeiro, Brazil. The firm was founded by Bruno Cordeiro in 2014. Kapitalo Ciclo provides investment advisory and management services to individuals and institutional investors.

Indie Capital Investimentos Ltda. (Indie Capital) is an independent asset management firm headquartered in Porto Alegre, Brazil. The firm was founded by Felipe Montagna, Daniel Reichstul and Luiz Henrique Guerra in 2011. Indie Capital provides investment solutions to a broad range of investors, including institutional investors, wealth managers, investment advisors, private and retail clients.

Rapier Investimentos e Gestão Patrimonial Ltda. is a private company based in Rio de Janeiro, Brazil that was founded in 2002. The Brazilian company provides investment advice.

Capstone Partners Gestao de Recursos Ltda. The private company is based in Rio de Janeiro, Brazil. provides investment advice. The Brazilian company was founded in 2019 by Márcio Albuquerque, Sebastian Lewit, Frederico Saraiva.

Mar Asset Management Gestora de Recursos Ltda. The private company is based in Rio de Janeiro, Brazil. provides investment advice. The Brazilian company was founded in 2019 by Philippe Perdigão and Bruno Coutinho. Bruno Coutinho has been the CEO since 2019.

Encore Gestão de Recursos Ltda. is a private company based in São Paulo, Brazil that provides investment advice. The Brazilian company was founded in 2020 by Alexandre Bagnoli, José Eduardo Sebastião, Guilherme Silva. João Luiz Braga has been the CEO of the company since 2020.

Part of Itaú Unibanco Holding SA, Itaú Unibanco Asset Management Ltda. is a financial services company based in São Paulo, Brazil. Itaú Unibanco Asset Management Ltda. provides various financial services, as described in their website. The Brazilian company was founded in 2021 and Carlos Augusto Salamonde has been the CEO of the company since 2021.

Part of Tenax Partners Ltda., Tenax Capital Ltda. The company is based in São Paulo, Brazil. is a new background manager that focuses on generating consistent returns, prosperity, and development with responsibility. Tenax Capital is committed to sustainability, diversity, and compliance with governance rules. The Brazilian company believes in the power of fundamentalist analysis, which is the central pillar of its investment philosophy. The company has a creative and meritocratic work environment that favors the generation of ideas, never giving up the importance of robust processes. Founded in 2021 by Sergio Luiz da Silva, Vinicius Alves Fukushiro, and Alexandre Paixao Silvéri, Alexandre has been the CEO of the company since 2022.

Bogari Gestão de Investimentos Ltda. is an independent investment management company based in Rio de Janeiro, Brazil. and has subsidiaries in Brazil. Bogari Gestão de Investimentos specializes in long-term investments based on identifying distortions between asset values and their trading prices. The Brazilian company was founded in 2007 by Flavio Eduardo Sznajder, who has been the CEO since its inception.