Letters

LETTERS

In our letters, we strive to convey, in simple and accessible language, our investment philosophy.

Annual Letters

2023

2023

Semi-Annual Letters

2022

First Semester Second Semester

2021

First Semester Second Semester

2020

First Semester Second Semester

2019

First Semester Second Semester

2018

First Semester Second Semester

2017

First Semester Second Semester

2016

First Semester Second Semester

2015

First Trimester Second Trimester
Third Trimester Forth Trimester

2014

Forth Trimester

Monthly Letters

2025

January

2024

January February March
April May June July August September October
November December

2023

January February March
April May June
July August September
October November December

2022

January February March
April May June
July August September
October November December

2021

January February March
April Maio June
July August September
October November December

2020

January February March
April May June
July AugustSeptember
October November December

2019

January February March
April May June
July August September
October  November  December

2018

January February March 
April  May  June 
July  August  September 
October  November  December

2017

August  September  October 
November December

This institution complies with the “ANBIMA Code of Regulation and Best Practices Investment Funds.”