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      Our philosophy and principles

      We primarily look for assets in a universe of approximately 250 companies that are not as well covered by stock brokers and investment firms. In this universe of investments, we believe there are significant inefficiencies and the best opportunities to find companies that are poorly priced and offer greater potential for appreciation and return to shareholders and debtholders. We arbitrage prices and values, and the wider the differences, the greater the potential for appreciation and gains for our funds and those investing in them.

      Through intense and independent research and discipline in our investment processes, we use proprietary methodologies that have been spotlighted for their innovation and are unique among Brazilian managers. Our models combine the valuation of companies through the economic value-added methodology (known as EVA, a registered trademark of Stern Stewart & Co. – currently, Stern Value Management), which basically assesses the return on invested capital over the cost of capital employed and the generation of shareholder value.

      After the quantitative evaluation, we applied our proprietary ESG methodology. Through a careful evaluation of the elements that make up the ESG, we parameterized such criteria in a quantitative way. After combining the two methodologies, we determine the fair or intrinsic value of the companies analyzed and evaluated, which will serve as a basis for the investment committee and managers to compose the portfolios in a way that best satisfies the objectives of each fund. The construction of portfolios is agnostic, meaning that it does not consider companies that make up the reference indices into consideration, and is strictly based on the bottom-up precept, which looks at the value of the companies, and not at the sectors in which they operate. Our funds are therefore composed of companies with little or no participation in the benchmark indices, offering a unique opportunity for pure diversification and alpha generation to investors that have a limited correlation with indices and other funds in the same strategies.

      In addition to determining the value of companies and complying with ESG principles, the dividends provided by companies have a considerable weight in the composition of the funds. About 2/3 of the total return provided by stocks throughout the world over a 20-year period is provided by dividend payout. As such, the pure appreciation of shares by the will of the market has its weight reduced to only 1/3 of the return. The longer the investment horizon, the more important the dividends for investors, especially institutional investors that do not have a defined term for their investments. The optimal balance between ESG, company value through EVA and dividends distributed by companies forms our second triangle, creating a perfectly balanced basis for building our portfolios.

      In addition to the above factors, we consider and give great importance to companies that:

      • Are niche players;
      • Possess barriers to entry with considerable protection to competitors;
      • Exhibit resilient returns throughout their history, even during periods of crisis;
      • Have executives with a successful track record, professional ethics and qualifications that are compatible with their responsibilities;
      • Finance their investments through a robust capital structure, primarily with funds generated internally through their operations, and boast an excellent credit profile;
      • Have the capacity to invest, grow, remain competitive and properly compensate shareholders through dividends.
      • Respect the best principles of ESG

      Our portfolios are concentrated and allocate greater weight to companies we have more conviction and that have the potential for long-term appreciation, observing the liquidity criteria relevant to each fund, potential and history of dividend distribution and best ESG practices.

      Beyond the obvious

      We were born to do it differently.

      Since our company began, we have delivered returns that go beyond the obvious and far beyond the benchmarks of the funds. This can be seen in the way we analyze, understand and strategically define our positions, without fear of erring or contradicting consensus.

      From our products to our research, we are authentic and independent, concerned with innovation and push the boundaries, thinking outside the box – but even more than simply thinking, we act

      This sets us apart from others and helps us deliver consistent and differentiated results that go far beyond the obvious and expectations

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