Letters

LETTERS

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

Semi-Annual Letters

2020

First 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

2021

January February March

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

Monthly Outlook

2021

January February March

2020

August September October
November December

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