Av. Brig. Faria Lima, 3144
11º Andar • 01451-000
São Paulo–SP • BRASIL
11º Andar • 01451-000
São Paulo–SP • BRASIL
Av. Ataulfo de Paiva, 1120
Sala 509 • 22440-035
Rio de Janeiro–RJ • BRASIL
Sala 509 • 22440-035
Rio de Janeiro–RJ • BRASIL
Kapitalo is a global macro multi-manager asset management firm, located in São Paulo and Rio de Janeiro.
Founded in 2009, Kapitalo has been successful in delivering consistent and high-quality results while maintaining a strong commitment to its principles: Excellence, Integrity, Discipline and Transparency.
As a multi-manager organization, Kapitalo does not have a Chief Investment Officer (CIO). Instead, the firm built a robust governance structure and relies on an independent Risk Management team led by the COO, which is one of the founding partners.
Our 13 independent asset management teams have proven track records when it comes to allocating risk across various asset classes and geographies. Led by experienced PMs and analysts, the teams have their own unique investment processes and NAVs. With well-defined mandates and diversified strategies, each team competes for capital allocation in our flagship funds, Zeta and Kappa, as well as for stakes in our partnership.
2009 founded in
+130 professionals
13 Independent asset
management teams
management teams
+5B UsD
2 office
locations
locations
Independent Teams
Brazilian Fixed Income
Emerging Markets FX
Developed Markets Macro
G20 FX
Cross-Asset
Brazilian Equities I
Brazilian Equities II
Global Equities
Treasury
Global Active Trading
Emerging Markets FI & FX
Event Driven
Systematic
KEY BIOS
João Carlos Pinho
With over 30 years of experience, João Carlos is Kapitalo’s co-founder, COO and member of the Executive Committee. He is responsible for Risk Management, Compliance, IR, IT and the back-office teams.
For eight years, João Carlos held the position of Vice-President and Senior Investment Banking Officer at Bank of America. Following this, he moved on to become Managing Director at Nomura Securities, responsible for the Brazilian operation for a period of two years. After this, he joined Banco BBM, the oldest financial group in Brazil, where he served as Partner and Executive Officer for 11 years. It was during this time that he met Carlos Woelz, who would later become his business partner in founding Kapitalo in 2009.
João Carlos holds a B.Sc. in Civil Engineering (PUC-RJ) and has a post-graduate degree in Finance (FGV-SP).
For eight years, João Carlos held the position of Vice-President and Senior Investment Banking Officer at Bank of America. Following this, he moved on to become Managing Director at Nomura Securities, responsible for the Brazilian operation for a period of two years. After this, he joined Banco BBM, the oldest financial group in Brazil, where he served as Partner and Executive Officer for 11 years. It was during this time that he met Carlos Woelz, who would later become his business partner in founding Kapitalo in 2009.
João Carlos holds a B.Sc. in Civil Engineering (PUC-RJ) and has a post-graduate degree in Finance (FGV-SP).
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Carlos Woelz
With over 25 years of experience, Carlos is Kapitalo’s co-founder and member of the Executive Committee. He is responsible for the Brazilian Fixed Income, Emerging Markets FX, Developed Markets Macro, G20 FX, Cross-Asset and Treasury teams.
He kicked-off his career in 1994 at Banco BBM, Brazil’s oldest financial group, where he became the bank’s CFO and Head of all trading desks. In 2009, Carlos and João Carlos founded Kapitalo, where he played a crucial role in developing the firm’s business model as a global macro multi-manager asset management firm.
Carlos holds a Bachelor’s degree in Business Administration (FGV/EAESP).
He kicked-off his career in 1994 at Banco BBM, Brazil’s oldest financial group, where he became the bank’s CFO and Head of all trading desks. In 2009, Carlos and João Carlos founded Kapitalo, where he played a crucial role in developing the firm’s business model as a global macro multi-manager asset management firm.
Carlos holds a Bachelor’s degree in Business Administration (FGV/EAESP).
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Hegler Horta
With over 25 years of experience, Hegler is Kapitalo’s partner and PM in charge of the Brazilian Equities team, as well as member of the Executive Committee.
His career began in 1996 at Banco BBM, Brazil’s oldest financial group, where he became Co-Head of the Proprietary Brazilian Equity trading desk. It was during this experience that he joined Carlos Woelz's team at the bank as the Head of the International Equity Desk. In 2008, he joined Banco Itaú BBA to lead the Commodities and Equities division of the Proprietary Trading Desk. Finally, in 2011, he became a part of the Kapitalo team.
Hegler holds a B. Sc. in Mechatronic Engineering (Poli-USP).
His career began in 1996 at Banco BBM, Brazil’s oldest financial group, where he became Co-Head of the Proprietary Brazilian Equity trading desk. It was during this experience that he joined Carlos Woelz's team at the bank as the Head of the International Equity Desk. In 2008, he joined Banco Itaú BBA to lead the Commodities and Equities division of the Proprietary Trading Desk. Finally, in 2011, he became a part of the Kapitalo team.
Hegler holds a B. Sc. in Mechatronic Engineering (Poli-USP).
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Shindi Kadobayashi
With over 15 years of experience, Shindi is Kapitalo’s partner co-responsible for the EM FX team and a member of the Executive Committee.
He started his career in 2007 at Link Investimentos, an independent broker dealer, and subsequently worked at Convenção CCVM during the implementation of the options desk, where he developed the Options Pricing and Volatility Modeling software. He joined Kapitalo at the Risk department in 2010, moving on to the investment team in 2010.
He holds a B. Sc. in Aeronautic Engineering (ITA).
He started his career in 2007 at Link Investimentos, an independent broker dealer, and subsequently worked at Convenção CCVM during the implementation of the options desk, where he developed the Options Pricing and Volatility Modeling software. He joined Kapitalo at the Risk department in 2010, moving on to the investment team in 2010.
He holds a B. Sc. in Aeronautic Engineering (ITA).
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Nuno Sampaio
With 20 years of experience, Nuno is Kapitalo’s partner, head of Emerging Markets FI & FX and member of the Executive Committee.
Nuno started his career in 2004 at Banco BBM, Brazil's oldest financial group. In 2008, he transitioned to Gap Asset Management, becoming the partner responsible for the International Fixed Income and FX book. After a few years, he moved on to BW Gestão de Investimentos, a Brazilian asset manager, as a portfolio manager of the Global Fixed Income and FX book. He joined Kapitalo in 2014.
Nuno holds a B. Sc. Production Engineering (UFRJ).
Nuno started his career in 2004 at Banco BBM, Brazil's oldest financial group. In 2008, he transitioned to Gap Asset Management, becoming the partner responsible for the International Fixed Income and FX book. After a few years, he moved on to BW Gestão de Investimentos, a Brazilian asset manager, as a portfolio manager of the Global Fixed Income and FX book. He joined Kapitalo in 2014.
Nuno holds a B. Sc. Production Engineering (UFRJ).
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Bruno Mauad, CFA
With over 15 years of experience, Bruno is Kapitalo’s partner and PM in charge of the Brazilian Equities team, as well as member of the Executive Committee.
Bruno started his career in 2005 at Patria Investimentos. He became a portfolio manager in 2010, where he was responsible for both long & short and long only strategies. In 2013, Bruno moved on to Ashmore Group, where he became member of the Investment Committee and portfolio manager of equity strategies. He joined Kapitalo in 2015.
Bruno holds a Bachelor’s degree in Public Administration (FGV/EAESP) and is a CFA chartholder.
Bruno started his career in 2005 at Patria Investimentos. He became a portfolio manager in 2010, where he was responsible for both long & short and long only strategies. In 2013, Bruno moved on to Ashmore Group, where he became member of the Investment Committee and portfolio manager of equity strategies. He joined Kapitalo in 2015.
Bruno holds a Bachelor’s degree in Public Administration (FGV/EAESP) and is a CFA chartholder.
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Christiano Chadad
With over 25 years of experience, Christiano is Kapitalo’s partner co-responsible for the G20 FX team and a member of the Executive Committee.
He started his career in 1995 at Banco BBM, Brazil’s oldest financial group, where he worked as a trader at the Proprietary Fixed Income desk. He eventually moved to the Proprietary Equity desk in 1998. In 2003, Christiano became partner of Axio Capital, a hedge fund spin-off of Banco BBM, where he was responsible for managing both the Fixed Income and Equity desks. He subsequently left in 2005 to join Banco Safra as the Head of Fixed Income Proprietary desk. In 2007, he co-founded Kondor Invest, where he served as co-CIO and later as CIO. He joined Kapitalo in 2019.
Christiano holds a B. Sc. in Civil Engineering (Mackenzie).
He started his career in 1995 at Banco BBM, Brazil’s oldest financial group, where he worked as a trader at the Proprietary Fixed Income desk. He eventually moved to the Proprietary Equity desk in 1998. In 2003, Christiano became partner of Axio Capital, a hedge fund spin-off of Banco BBM, where he was responsible for managing both the Fixed Income and Equity desks. He subsequently left in 2005 to join Banco Safra as the Head of Fixed Income Proprietary desk. In 2007, he co-founded Kondor Invest, where he served as co-CIO and later as CIO. He joined Kapitalo in 2019.
Christiano holds a B. Sc. in Civil Engineering (Mackenzie).
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Bruno Cordeiro
With over 25 years of experience, Bruno is Kapitalo’s partner in charge of K10’s strategy and member of the Executive Committee.
His career began in 1998 at Banco BBM, one of Brazil's oldest financial groups. In 2008, he moved to London-based hedge fund manager Lentikia Capital. After merging with BTG Pactual in 2009, Bruno took on the role of Executive Director, overseeing the Cross Asset - Commodities, Equity and FX - proprietary desk. In 2014, Bruno left BTG Pactual to launch Ciclo Capital, which was later incorporated by Kapitalo in 2017.
Bruno holds a B. Sc. Production Engineering (PUC-RJ) and a Master’s degree in Economics and Finance (LSE/UK).
His career began in 1998 at Banco BBM, one of Brazil's oldest financial groups. In 2008, he moved to London-based hedge fund manager Lentikia Capital. After merging with BTG Pactual in 2009, Bruno took on the role of Executive Director, overseeing the Cross Asset - Commodities, Equity and FX - proprietary desk. In 2014, Bruno left BTG Pactual to launch Ciclo Capital, which was later incorporated by Kapitalo in 2017.
Bruno holds a B. Sc. Production Engineering (PUC-RJ) and a Master’s degree in Economics and Finance (LSE/UK).
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Rafael Poppe
With over 15 years of experience, Rafael is Kapitalo’s partner in charge of the Treasury team.
He kickstarted his career in 2006 at Upside Asset Management. The following year, he joined Banco CR2, where he took on the role of managing the risk department. In 2009, Rafael moved on to Itaú Asset Management, where he became co-manager at the Structured Products desk. He joined Kapitalo in 2014.
He holds a B. Sc. in Applied Math (UFRJ) and a Master’s degree in Economics (IBMEC-RJ).
He kickstarted his career in 2006 at Upside Asset Management. The following year, he joined Banco CR2, where he took on the role of managing the risk department. In 2009, Rafael moved on to Itaú Asset Management, where he became co-manager at the Structured Products desk. He joined Kapitalo in 2014.
He holds a B. Sc. in Applied Math (UFRJ) and a Master’s degree in Economics (IBMEC-RJ).
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Tulio Bueno
With over 20 years of experience, Tulio is Kapitalo’s partner co-responsible for the DM Macro team.
His career began in the year 2000 at Banco Itaú. He moved to Citibank in 2002, but went back to Itaú in 2005 as an economist for the bank's proprietary desk. Tulio then transitioned to Iron House Fund, a family office, in 2008. There, he worked as economist and FX strategist. Finally, in 2012, he joined Kapitalo.
Tulio holds a Bachelor’s (FEA-USP) and Master’s degree in Economics (FGV-SP).
His career began in the year 2000 at Banco Itaú. He moved to Citibank in 2002, but went back to Itaú in 2005 as an economist for the bank's proprietary desk. Tulio then transitioned to Iron House Fund, a family office, in 2008. There, he worked as economist and FX strategist. Finally, in 2012, he joined Kapitalo.
Tulio holds a Bachelor’s (FEA-USP) and Master’s degree in Economics (FGV-SP).
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Daniel Correa
With over 20 years of experience, Daniel is Kapitalo’s partner in charge of the Global Equities and Corporate Debt team and member of the Executive Committee.
Daniel's career began in 2003 at Banco BBM, the oldest financial group in Brazil. From 2008 to 2012, he worked at Itaú Asset Management as a co-portfolio manager, responsible for long & short strategies. Afterwards, Daniel joined Kondor Invest, where he became partner and developed an equities team of his own. Daniel joined Kapitalo in 2018.
He holds a B. Sc. in Production Engineering (UFRJ) and is a graduate of the Stanford Graduate School of Business Executive Program (SEP).
Daniel's career began in 2003 at Banco BBM, the oldest financial group in Brazil. From 2008 to 2012, he worked at Itaú Asset Management as a co-portfolio manager, responsible for long & short strategies. Afterwards, Daniel joined Kondor Invest, where he became partner and developed an equities team of his own. Daniel joined Kapitalo in 2018.
He holds a B. Sc. in Production Engineering (UFRJ) and is a graduate of the Stanford Graduate School of Business Executive Program (SEP).
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Frederic Brown
With over 15 years of experience, Frederic is Kapitalo’s partner responsible for the Systematic team.
He started his career in 2006 at Brookfield Asset Management where he became Head of the Quant Desk and Partner in 2010. Frederic left Brookfield to create a quantitative hedge fund strategy at Itaú Asset Management in 2011. He eventually moved on to the Portfolio Solutions team as a PM at the Fixed Income book and Smart Beta book. He joined Kapitalo in 2018.
Frederic holds a Bachelor’s degree (PUC-RJ), a Master’s degree in Economics (IBMEC-RJ), and has a post-graduate degree in Risk and Management (Yale School of Management). He is a CAIA charterholder.
He started his career in 2006 at Brookfield Asset Management where he became Head of the Quant Desk and Partner in 2010. Frederic left Brookfield to create a quantitative hedge fund strategy at Itaú Asset Management in 2011. He eventually moved on to the Portfolio Solutions team as a PM at the Fixed Income book and Smart Beta book. He joined Kapitalo in 2018.
Frederic holds a Bachelor’s degree (PUC-RJ), a Master’s degree in Economics (IBMEC-RJ), and has a post-graduate degree in Risk and Management (Yale School of Management). He is a CAIA charterholder.
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Felipe Diógenes, CFA
With over 15 years of experience, Felipe is Kapitalo’s partner co-responsible for the Cross-Asset team.
He started his career in 2007 as economist at Gávea Investimentos, where he remained until 2014. Felipe was the head strategist of the FX desk from 2015 to 2018 at SPX Capital. He joined Kapitalo in 2018.
Felipe holds a Bachelor’s degree (UNICAMP) and Master’s degree (PUC-RJ) in Economics and is a CFA chartholder.
He started his career in 2007 as economist at Gávea Investimentos, where he remained until 2014. Felipe was the head strategist of the FX desk from 2015 to 2018 at SPX Capital. He joined Kapitalo in 2018.
Felipe holds a Bachelor’s degree (UNICAMP) and Master’s degree (PUC-RJ) in Economics and is a CFA chartholder.
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Daniel Dupont
With over 25 years of experience, Daniel is Kapitalo’s partner responsible for the Event Driven team.
He started his career in M&A in 2000 at Salomon Smith Barney, later moving to Bassini Playfair Wright, a financial boutique. Daniel has dedicated his career to the event driven strategy since 2006, having worked at the proprietary trading desks of Lehman Brothers, BTG Pactual and Itaú BBA, as well as in asset management since 2014 at Leste Investimentos. In 2018, he founded NW3 Capital. The NW3 fund was transferred to Kapitalo in 2023, leading to his current role with the asset manager.
Daniel holds a B. Sc. in Production Engineering (USP) and an MBA (INSEAD).
He started his career in M&A in 2000 at Salomon Smith Barney, later moving to Bassini Playfair Wright, a financial boutique. Daniel has dedicated his career to the event driven strategy since 2006, having worked at the proprietary trading desks of Lehman Brothers, BTG Pactual and Itaú BBA, as well as in asset management since 2014 at Leste Investimentos. In 2018, he founded NW3 Capital. The NW3 fund was transferred to Kapitalo in 2023, leading to his current role with the asset manager.
Daniel holds a B. Sc. in Production Engineering (USP) and an MBA (INSEAD).
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Carlos Viana
With over 25 years of experience, Carlos is Kapitalo’s partner and Head of Research.
He started his career at Opportunity Asset Management in 1995 as chief economist. He then became a partner at Radix Asset Management and later worked as chief economist and portfolio manager at BBA-Icatu Asset Management. From 2007 to 2011, he served as senior economist at the Federal Reserve Bank of New York. Carlos was also partner at Kyros Investimentos for over four years before becoming Deputy Governor of Banco Central do Brasil from 2016 to 2019. In 2020, he co-founded Asset 1 Management and worked there as head of research before joining Kapitalo in 2022. Additionally, he has been a faculty member of the Department of Economics at PUC-Rio since 2011.
Carlos holds a Bachelor’s degree in Economics (PUC-Rio), a Master's degree in Economics (PUC-Rio) and a Ph.D in Economics (Princeton University).
He started his career at Opportunity Asset Management in 1995 as chief economist. He then became a partner at Radix Asset Management and later worked as chief economist and portfolio manager at BBA-Icatu Asset Management. From 2007 to 2011, he served as senior economist at the Federal Reserve Bank of New York. Carlos was also partner at Kyros Investimentos for over four years before becoming Deputy Governor of Banco Central do Brasil from 2016 to 2019. In 2020, he co-founded Asset 1 Management and worked there as head of research before joining Kapitalo in 2022. Additionally, he has been a faculty member of the Department of Economics at PUC-Rio since 2011.
Carlos holds a Bachelor’s degree in Economics (PUC-Rio), a Master's degree in Economics (PUC-Rio) and a Ph.D in Economics (Princeton University).
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Bernardo Feijó
With over 25 years of experience, Bernardo is Kapitalo’s partner and portfolio specialist responsible for managing the Investor Relations and Risk Management teams.
His career began in 1996 at Banco BBM, Brazil’s oldest financial group, where he worked as a proprietary trader and later became partner and portfolio manager. He then moved to New York and worked at Morgan Stanley for one year as Market Maker. Bernardo was also a portfolio manager at the Brazilian asset management firms Bahia Asset Management, SPX Capital and Vinci Partners before joining Kapitalo in 2019.
Bernardo holds a B. Sc. in Mechanical Engineering (PUC-RJ) and an MBA in Finance (Cornell University).
His career began in 1996 at Banco BBM, Brazil’s oldest financial group, where he worked as a proprietary trader and later became partner and portfolio manager. He then moved to New York and worked at Morgan Stanley for one year as Market Maker. Bernardo was also a portfolio manager at the Brazilian asset management firms Bahia Asset Management, SPX Capital and Vinci Partners before joining Kapitalo in 2019.
Bernardo holds a B. Sc. in Mechanical Engineering (PUC-RJ) and an MBA in Finance (Cornell University).
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Investment Manager's Reports
2023
This material was prepared jointly by Kapitalo Investimentos Ltda., CNPJ/MF No. 11.180.009/0001-48 (“Kapitalo Investimentos”), Kapitalo Ciclo Gestora de Recursos Financeiros Ltda., CNPJ/MF No. 20.429.285/0001-98 (“Kapitalo Ciclo”) and Kapitalo Nexo Gestão de Recursos Ltda., CNPJ/MF No. 40.113.816/0001-46 (“Kapitalo Nexo” and, if referred to jointly with Kapitalo Investimentos and Kapitalo Ciclo, “Kapitalo Entities”). Kapitalo Entities do not sell or distribute shares of investment funds. The information contained herein is merely for informative purposes and does not constitute any type of investment advice, solicitation, offer, or recommendation for the purchase or sale of securities. Kapitalo Entities are not liable for any losses arising from decisions made, whether directly or indirectly, based on the information herein, including assessment errors and/or omissions. Investors must make their own investment decisions, and consultation with investment advisors and specialized professionals is recommended. PAST PERFORMANCE DOES NOT IMPLY GUARANTEE FUTURE PERFORMANCE. INVESTMENT FUNDS ARE NOT GUARANTEED BY THE ADMINISTRATOR, INVESTMENT MANAGER, ANY INSURANCE, OR THE CREDIT GUARANTOR FUND (FUNDO GARANTIDOR DE CRÉDITO – FGC). THE PERFORMANCE PRESENTED HEREIN IS NOT EXEMPT OF TAXES. READ THE FUND’S SUMMARY (LÂMINA DE INFORMAÇÕES ESSENCIAIS) AND ITS BYLAWS PRIOR TO MAKING ANY INVESTMENT. For more information on the management and performance fees, minimum values for new subscriptions, additional subscriptions, redemptions and minimum balance, subscription and redemption terms, target investors, as well as for obtaining copies of Fund’s bylaws, summary, list of distributors and other documents, visit the website host by the Fund’s fiduciary administrator, BEM DTVM LTDA., financial institution with headquarters in the City of Osasco, State of São Paulo, at Núcleo Cidade de Deus, Prédio Prata, 4th floor, Vila Yara, Zip Code 06.029-900, enrolled with CNPJ/MF nº 00.066.670/0001-00, website at https://bemdtvm.bradesco/ , Support Center: centralbemdtvm@bradesco.com.br or 0800 704 8383, Ombudsman: 0800 727 9933, Supervision and Inspection: Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) Assistance Service: www.cvm.gov.br .
