Perfin Investimentos

Perfin Investimentos
NOV, 2014
Proprietary and Confidential
1
Disclaimer
This document is neither an offer to sell nor a solicitation of an offer to buy any interest in any investment fund managed by
Perfin Administração de Recursos LTDA. An offer or solicitation shall be made only pursuant to the current confidential
Private Placement Memorandum of each investment fund, restricted to the jurisdictions in which such an offer would be
lawful and only to individuals who meet the investor suitability and the requirements of each investment fund.
The information and opinions contained herein have been obtained and are based on sources which are believed by Perfin
Administração de Recursos LTDA to be reliable, but the accuracy cannot be guaranteed. Prospective investors should review
the current Private Placement Memorandum of the Perfin Investment Fund, Ltd. before making an investment decision and
should rely on the information contained in such document. Please be reminded that the information provided to you on this
performance update is strictly confidential. This document is not meant to substitute the Offering Memorandum of the fund,
which every potential investor must refer to. Its purpose is only to provide a summary offering a general view of the
investment possibilities on the Fund; and as such this report can not be distributed, reproduced or copied without express
authorization of Perfin Administração de Recursos Ltda.
Perfin Administração de Recursos Ltda assumes no responsibility for any errors or omissions and is authorized and
regulated by CVM. Comissão de Valores Mobiliários (Brazil’s Securities Exchange Commission).
Proprietary and Confidential
2
Overview
About Perfin
• Perfin Investimentos is a
Fundamentalist equity asset
management firm with over
US$1.4 billion under
management based in São Paulo.
• Perfin’s partners seize from a
senior network within the
Brazilian investment community,
private and public companies’
top management and well know
entrepreneurs grating privileged
access to a real economy
perspective.
Fund Highlights
• Performance:
– Perfin’s Brazilian equities funds has generated significant outperformance with
disciplined risk return approach. On annualized terms and in BRL term the Long Only
Strategy yielded 18% (versus -5% per annum of the Bovespa index) and the Long Short
Strategy yielded 14% (an alpha of 4% over the Brazilian Overnight Interest Rate.
• Strategy:
– Extensive and independent equity research based on sector specialists team. We manage
to have a very concentrated portfolio with high potential upside as we try to mitigated the
risks through deep knowledge of the investing companies and tail risk hedge strategies.
Historically the long only portfolio is constructed with 10 – 15 positions conviction ideas.
Always seeking to generate alpha and preserve capital; by investing throughout all cap
sizes with an minimal implicit IRR of 15%.
• Investment Style:
– Focused on capital preservation and generation of alpha based on value bias investment
approach. We privilege companies with:
– Resilient Earnings Growth and High Cash Conversion
– Multiples Expansion
– M&A Opportunities
• Alignment:
– All employees are partners of the company and must invest their entire equity position on
the same investment vehicles as our investors.
Proprietary and Confidential
3
Organization
Perfin’s investment team has worked together for more than 6 years, previously holding senior positions with top
international and Brazilian investment firms prior to joining Perfin. Combining with the advisory board’s network, Perfin have
a long term relationships network that span to the entire Brazilian business community.
Executive Committee
(Ralph Gustavo Rosenberg, José Roberto Ermírio
de Moraes Filho , Alexandre Sabanai, Gaspar
Gasparian Neto, Rodrigo Bonafé)
Wealth Management
Portfolio
Managers
Rodrigo Bonafé
Daniel T. Chaves
Gaspar G. Neto
Research
Cesar Fincatti
Rodrigo Gama*
Souza, Luis de Oliveira Perego, Rodney
McLauchlan)
Investment Management
Chief Investment
Officer
Ralph Gustavo
Rosenberg
Research Team
André
Facury
*Employees
Advisory Board
(Decio Goldfarb, Luis Claudio Garcia de
Vitor
Paschoal
Felipe
Ferreira
Eric
Inoue
Rodson
Heringer*
Miguel
Prado*
Operations
Co- PM / Head of
Research
Alexandre Sabanai
Trading
Chief Operations
Officer
José Roberto Ermírio
de Moraes Filho
Investor Relations
André Madeira
Hugh A. Harley
Risk Manager
Maurizio
Casalaspro
Compliance &
Back Office
Cristiano
Almudi
Risk System
Lote 45
Controller
Fabiana Traldi
Isaias
Limonge
AML
Hugh A. Harley
External
Counsel
Freitas
Leite
Advogados
Proprietary and Confidential
4
Investment Team – Industry Specialists
Perfin Investimentos believes that having highly a specialized investment team increases both the efficiency in finding investment
opportunities and the accuracy in determining the optimum size of allocations. Moreover the investment decisions are taken collectively
by a Investment Committee:
Investment Committee
Investment Committee
Hedge Committee
Isaias Limonge
(4 Years)
Hedging
Opportunities,
Tradidng
Top-Down
(9 Years)
Alexandre
Sabanai
(3 Years)
Financial Services,
Banks, Acquires,
Insurance, Banks
Healthcare,
Telecom
(14 Years)
Ralph
Rosenberg
Felipe Ferreira
(2 Years)
(Since Inception)
André Facury
Vitor Paschoal
Exchanges, Real
Estate, Shopping
Malls, Properties
Telecom, IT,
Utilities, Logistics,
Toll Roads, Airlines,
Food & Beverage
Metals & Mining,
Steel, Oil & Gas,
Chemicals, Pulp &
Paper, Industrial
Consumer (Staples
and Discretionary),
Retail, Drugstores
(14 Years)
(7 Years)
(10 Years)
(7 Years)
Eric Inoue
Rodson
Heringer
Miguel Prado
(1 year)
(Since Inception)
(2 years)
Financial Services,
Insurance, Banks
Healthcare,
Telecom
(1 Year)
(2 year)
(2 year)
Real Estate,
Shopping Malls
Properties
Education and
Consumer (Staples
and Discretionary)
(3 Years)
(2 year)
Proprietary and Confidential
5
Firm Growth
Thousands
Since its inception in August 2007, Perfin Investimentos has diversified its investor base, followed by a
solid AUM growth.
4.500.000
Diversifed Investor Base (Asset Management)
4.000.000
3.500.000
3.000.000
Asset Management
2.500.000
Wealth Management
2.000.000
Total AUM
1.500.000
1.000.000
500.000
Oct. 07 Oct. 08 Oct. 09 Oct. 10 Oct. 11 Oct. 12 Oct. 13 Nov. 14
Perfin is on the approved list for distribution of HSBC, Banco BTG Pactual, Banco Fator, Banco Itau, Banco
Safra, Banco Santander, Banco Bradesco, Credit Suisse Hedging Griffo and Banco Votorantim.
Proprietary and Confidential
6
Investment Strategies
BRAZILIAN VEHICLES
Target Yield
Investment Strategies
Gross Exposure / Cap Size
Net Exposure / Nº of Holdings
Fee Structure
Redemption
Administrator
OFFSHORE VEHICLES
Target Yield
PERFIN LONG SHORT
PERFIN LONG SHORT PLUS
PERFIN FORESIGHT FIQ FIA
CDI + 4% / Vol < 2% & 4% >
CDI + 8% / Vol < 4% & 9% >
Long Term Absolute Return
Unleveraged Long Short
Leveraged Long Short
Long Only
Between 40% & 60%. Max 100%.
Between 80% & 120%. Max 200%.
Small, Mid & Large Caps
Between -10% & 20%
Between -20% & 40%
8 - 15 Holdings
1,50% p.y / 20% over the CDI
2,00% p.y. / 20% over the CDI
2,00% p.y. / 20% over the IGPM + 6%
D+15 (NAV) D+16 (Payment)
D+30 (NAV) D+31 (Payment)
D+30 (NAV) D+33 (Payment)
BTG Pactual DTVM S.A
BTG Pactual DTVM S.A
BTG Pactual DTVM S.A
PERFIN INV FUND – LONG SHORT
PERFIN INV FUND – LONG ONLY
8% / Vol <6% and 12%>
Long Term Absolute Return
Leveraged Long Short
Concentrated Portfolio
Between 80% & 120%. Max 200%.
Small, Mid & Large Caps
Between -20% & 40%
8 - 15 Holdings
2,00% p.y. / 20% over LIBOR
2,00% p.y. / 20% over LIBOR + 6% p.y.
Redemption
Monthly
Monthly
Administrador
UBS, AG
UBS, AG
Cayman Islands
Cayman Islands
Investment Strategies
Gross Exposure / Cap Size
Net Exposure / Nº of Holdings
Fee Structure
Domicile
Proprietary and Confidential
7
Investment Process
Company
and Market
Consensus Analysis
Market
Misperception
creates Opportunity
Reality Check the
Investment Thesis
Value Bias Approach
Monitoring
QUALITATIVE
•
Understand the key
drivers impacting the
company
•
Understand market
consensus view on the
company: buy-side and
sell-side players
Quality of Management
Entry Barriers
•
•
•
•
•
Analyze the differences
between market
consensus view versus
Perfin specialists
analysis
Identify mispriced
opportunity
Consolidated /
Competitive industries
•
Criticize the implicit
assumptions at the
current market price
•
Understand the Margin
of Safety of the
Investment
Pricing /Earnings
Power
Brand
•
•
•
Double check the
investment thesis by
accessing the major
stakeholders of the
company
•
Understand industry
dynamics: competitive
scenario, addressable
market, pricing power,
regulatory risks etc.
•
Analyze relevant
events, facts and
statements related to
all stakeholders that
support or not the
Investment thesis
•
Qualitative Stop Loss
•
•
Sensitive analysis
Management and
Analytical Integrated
System (M.A.I.S) –
Proprietary system
consolidating Perfin’s
entire research
database under a
single, standardized
and secured webbased platform.
QUANTITATIVE
•
•
Sensitivity analysis
from bottom-up
variables and macro
scenarios
Analysis of company’s
market cycles and
profile: high/low beta,
value/growth, asset
light/capital intensive
and monitoring market
earnings estimates
•
Proprietary DCF
models
•
Specialized Sector
Data Monitoring
•
Focus on ROIC, ROCE,
P/E to Growth, Cash
Flow Predictability,
Leverage and Working
Capital
•
Analyze historical track
record of key
variables/assumptions
•
Company’s adherence
to guidance delivery
•
Sensitive scenarios:
worst case, implicit at
market price and base
scenario (conservative
bias)
•
Analyze the potential
impact of stakeholders
interests and industry
dynamics on
company’s growth
perspective, margins
and profitability.
Proprietary and Confidential
8
Long Only
Investment Thesis & Portfolio Construction
Investment Thesis
1. Investment Profile
Compound x Cash Cow
2. Investiment Time
Frame
Asset Light x Capital Intens.
Triggers
Value x Growth
Momentum
Local x Export Driven
Portfolio Construction
Selection of Sector and Companies - Valuations
Coverage Universe set at 140
Companies
Mature x Nascent Stages
3. Investment Case
4. Market Consensus
Business Description
Buy side consensus
Sell side consensus
Price action movers
Techinal indicators
Priced implied assumptions
DCF Projections
Multiple Comparisons
Discussion and definition of coverage research priorities
(i.e. company visits)
Bottom Up Analyses – Reduction of
coverage to 40 Companies
Mapping of Opportunities
5. Scenario Analysis
6. Investment Thesis
Analyst Beleifs
≠
Market Consensus
Key market/stock triggers
Market trends
Convergence of views must lead
to price action (alpha return)
Risks
Investment Case presentation to Investment Committee
(weekly)
Long Only Portfolio
8-15 Companies
Proprietary and Confidential
9
Hedging Policy and Activism
Activism
Hedging Policy
Bottom UP
Single Name Collar
The Portfolio Manager will always seek to protect its core
positions through Zero Cost Collar Strategies. Where the
strike prices of these collars must reflect Perfin’s
scenarios.
Top Down
Tail Risk Hedges
The Portfolio Manager can spend up to 2% per year on Tail
Risk Hedging, usually done through Equity Indices and/or
Currency derivatives Strateiges (i.e. Put Spreads on the
Ibovespa Index)
Perfin will always pursuit corporate activism if it beleives it
can aggregate value to the invested company
Examples
1. General Shopping
(2011)
2. CETIP
(2013)
Issues: Accounting, Disclosure and
Corporate Governance.
Issue: Increase Representation of
Minority Shareholders.
Board Member: Raimundo L. M.
Christians
Audit Council: José Lucas Ferreira de
Melo
Previous Role: Senior Partner of
PriceWaterhouse Coopers
Previous Role Head of Investor
Relations at Unibanco Holdings S.A S.A.
3. Tecnisa
(2013)
4. Dufry AG
(2010)
Issue: As a turn around it is crucial to be
closer to management.
Board Members:
Rogério Paulo Calderon Peres
Previous Role: Managing Director of
Banco Itaú Unibanco S.A.
Luis Felipe Teixeira do Amaral
Previous Role: Managing Director
and Co – PM of Equitas Investments.
Issue: Possible conflict of intereset
between Dufry South America and Dufry
AG
Board Member: José Lucas Ferreira de
Melo
Previous Role:Head of Investor
Relations at Unibanco Holdings S.A.
Proprietary and Confidential
10
Risk Management
Perfin uses a sophisticated third party risk control and monitoring system called LOTE45 and is focused on four key
variables to protect investor capital:
– VaR : We analyze both historical and parametric VaR (individually calculated) following RiskMetric standards in which all
variances and correlations between securities returns are estimated with their respective price history and market volatility.
– Stress Testing: We use the Stress Scenario determined by BM&F to calculate derivative risks. For the equity portion of the
portfolio we employ the expected shortfall methodology where it assumes the worst results for each security.
– Liquidity: The PM must be able to sell 90% of the portfolio within a 30 day redemption period. Therefore our Risk Manager
controls the liquidity levels of the portfolios daily; the portfolio average liquidity index must be below the equivalent of 20
business days.
– Compliance: The risk manager ensure that the investment strategy not only is adhering to its mandate, but is in full
compliance with the Brazilian legislation, including the CMN normative 3792, that regulates Pension Funds investments.
– Options: The risk manager control all risk factors of the option strategy book on a daily basis.
Monitoring is done daily by a dedicated Risk Manager who generates a
report summarizing all the risk estimates discussed above and sends it
weekly to all members of the executive committee and investment team.
Proprietary and Confidential
11
Portfolio
Low
Returns Cycle (ROE, ROIC, etc)
High
Returns to Price framework
Cheap
Price (PB, PE, etc)
Expensive
Proprietary and Confidential
12
Portfolio
Returns to Employed Capital framework
Proprietary and Confidential
13
BRL Share Class
Investment Outperformance
Perfin has generated a superior track record for its investors since inception, and has consistently outperformed the Bovespa.
250%
200%
Since Inception
PERFIN LONG ONLY (BRL)
IGP-M + 6% p.y. (Benchmark)
150%
IBOVESPA
100%
50%
0%
-50%
jan-08
feb-08
mar-08
apr-08
Fund
Ibovespa
Fund
Ibovespa
Fund
Ibovespa
Fund
Ibovespa
Fund
Ibovespa
Fund
Ibovespa
Fund
Ibovespa
Ibovespa
Total Return
185.19%
-25.59%
Annualized Return
17.38%
-4.42%
> Monthly Return
33.88%
15.40%
< Monthly Return
-27.83%
-24.80%
Months Above Ibovespa
63%
Months Below Ibovespa
37%
Annualized Volatility
-100%
mai-08 nov-08 mai-09 nov-09 mai-10 nov-10 mai-11 nov-11 mai-12 nov-12 mai-13 nov-13 mai-14 nov-14
BRL Returns
Perfin LO
may-08
jun-08
jul-08
22.82%
Strategy AUM
aug-08
sep-08
29.36%
USD 160 MM
oct-08
nov-08
dec-08
3.6%
-1.4%
-10.5%
-6.7%
-27.8%
-21.7%
11.1%
15.4%
jan-09
2.4%
feb-09
0.6%
mar-09
-3.5%
apr-09
33.9%
may-09
19.5%
jun-09
7.1%
jul-09
15.0%
aug-09
5.4%
sep-09
6.6%
oct-09
3.3%
nov-09
8.5%
dec-09
7.3%
jan-10
-1.9%
feb-10
3.0%
mar-10
5.0%
abr-10
-0.4%
may-10
-7.1%
jun-10
6.0%
jul-10
12.1%
aug-10
3.9%
sep-10
5,6%
oct-10
7,1%
nov-10
1,5%
dec-10
2.7%
jan-11
-5.1%
feb-11
-2.2%
mar-11
3.4%
abr-11
3.2%
may-11
-2.1%
jun-11
-1.3%
jul-11
-6.6%
aug-11
-2.9%
sep-11
-3,7%
oct-11
4,2%
nov-11
-3,0%
dec-11
1.3%
jan-12
7.96%
feb-12
5.13%
mar-12
5.12%
abr-12
1.60%
may-12
-4.05%
jun-12
2.08%
jul-12
3.49%
aug-12
3.88%
sep-12
4.32%
oct-12
1.53%
nov-12
1.60%
dec-12
2.69%
jan-13
1.88%
feb-13
0.63%
mar-13
-2.58%
abr-13
2.52%
may-13
0.38%
jun-13
-6.32%
jul-13
3.99%
aug-13
0.83%
sep-13
2.84%
oct-13
3.40%
nov-13
0.39%
dec-13
-2.39%
jan-14
-8.85%
feb-14
0.56%
mar-14
2.05%
abr-14
1.06%
may-14
1.00%
jun-14
2.84%
jul-14
0.16%
aug-14
2.84%
sep-14
-6.72%
oct-14
-0.83%
nov-14
2.63%
dec-14
* USD returns estimated based on the fund´s portfolio and currency fluctuations
Proprietary and Confidential
YTD
-38.2%
-48.9%
164.5%
82.7%
43.0%
1.0%
-14.3%
-18.1%
41.1%
7.0%
5.2%
-15.5%
-3.99%
6.10%
14
USD Share Class
Investment Outperformance
Perfin Investment Fund – Long Only SAC is Perfin’s vehicle to grant offshore investors access to our Long Only Strategy, denominated in
USD. The portfolio of this fund mirror’s the one held by the domestic vehicles, and differences of track record are due to currency
fluctuations.
30%
Since Inception
20%
10%
0%
-10%
-20%
-30%
-40%
PERFIN LONG ONLY (USD)
LIBOR + 6% p.y. (Benchmark)
MSCI BRAZIL ETF
-50%
fev-12 abr-12 jun-12 ago-12out-12 dez-12mar-13mai-13 jul-13 set-13 nov-13 jan-14 abr-14 jun-14 ago-14out-14
Fund
EWZ
EWZ
Total Return
-14.37%
-36.20%
Annualized Return
-5.37%
-14.78%
> Monthly Return
6.43%
13.02%
< Monthly Return
-10.38%
-13.81%
Months Above MSCI Brazil
68%
Months Below MSCI Brazil
32%
Annualized Volatility
15.36%
Strategy AUM
25.45%
USD 160 M
jan-12
feb-12
0.58%
mar-12
-0.14%
abr-12
-2.68%
may-12
-10.38%
jun-12
2.08%
jul-12
1.97%
aug-12
3.78%
sep-12
5.07%
oct-12
1.18%
nov-12
-2.56%
dec-12
6.43%
jan-13
3.70%
feb-13
1.08%
mar-13
-4.57%
abr-13
3.05%
may-13
-3.33%
jun-13
-8.62%
jul-13
1.68%
aug-13
-2.09%
sep-13
6.06%
oct-13
2.32%
nov-13
-2.65%
dec-13
-3.74%
jan-14
-9.65%
feb-14
2.60%
mar-14
3.23%
abr-14
1.37%
may-14
0.17%
jun-14
2.89%
jul-14
-1.40%
aug-14
2.71%
sep-14
-10.37%
oct-14
-1.67%
nov-14
-0.49
dec-14
Fund
EWZ
Fund
EWZ
Perfin LO
Proprietary and Confidential
YTD
4.94%
-14.73%
-7.79%
-20.13%
-11.37%
-6.33%
15
Concentrated Investment Strategy
Perfin performs extensive bottom-up fundamental research while investing in a highly concentrated group of Brazilian
companies.
100%
20
90%
18
80%
16
70%
14
60%
12
50%
10
40%
8
30%
6
20%
4
10%
2
0%
0
CASH
SMALL
MID
LARGE
HOLDINGS
Polinômio (HOLDINGS)
Proprietary and Confidential
16
Performance Attribution
Key Positions
2010
2011
600
6000
78
811 5.030
5000
400
59
108
-193
-215
108
252
4000
200
176
155
-249
281
0
287
349
Others Total
376
3000
-200
413
-257
561
-400
2000
568
1000
-600
957
-281
-800
0
1
2
3
4
5
6
7
8
9
10
Others Total
-1000
-1200
-594 -1170
The total returns show on the graphs above are gross of fees
Proprietary and Confidential
17
Performance Attribution
Key Positions
2012
2013
700
5000
717
4500
4.475
43
600
4000
3500
268
-23
500
598
-37
88
149
188
-31
-115
107
323
3000
357
400
480
2500
1500
617
200
657
100
500
0
1
354
300
563
2000
1000
192
151
-23
47
2
3
4
5
6
7
8
9
10
Outros Total
1
2
3
4
5
6
7
8
9
10
Others Total
The total returns show on the graphs above are gross of fees
Proprietary and Confidential
18
Performance Attribution
Key Positions
2014
1
2
3
4
5
6
53
-65
7
8
9
10
Others Total
1.000
800
93
-161
196
600
-167
200
400
-346
252
200
-
-200
-400
-377
56
-267
The total returns show on the graphs above are gross of fees
Proprietary and Confidential
19
Terms & Service Providers
Fund
Perfin Investment Fund, Ltd – Class LO Shares
Type
Limited Liability Company
Min. Commitment
$100,000
Follow-on Commitment
$50,000
NAV Frequency
Weekly
Redemption NAV
5 NAV after the redemption request (no Lock Ups, Gates or Notices)
Currency
US Dollar
Country of Domicile
Cayman
Management Fee
2% of NAV. payable annually
Performance Fee
20% over 3 month LIBOR +6%
Legal
Shearman and Sterling LLP (US) and Maples and Calder. (Cayman)
Audit
Ernst & Young
Administrator/Custodian
UBS AG
Proprietary and Confidential
20
Long Short
Investment Thesis & Portfolio Construction
Investment Thesis
Portfolio Construction
Top Down Analysis
1. Investment Profile
Core Position x Trading Opp.
Define gross and net exposure
Balance sector allocation (over, neutral and under)
Usually 50-80% of short is done through the Index
2. Investiment Time
Frame
Absolute x Relative Value
# weeks
Value x Growth
# months
High x Low Beta
Local x Export Driven
Bottom Up Analysis
Directional Portfolio
Absolute Return
Stock picks, long and short
3. Investment Case
4. Market Consensus
Business Description
Multiple Comparisons
Buy side consensus
Sell side consensus
Price action movers
Techinal indicators
Priced implied assumptions
5. Scenario Analysis
6. Investment Thesis
Analyst Beleifs
≠
Market Consensus
Key market/stock triggers
Market trends
Convergence of views must lead
to price action (alpha return)
Risks
DCF Projections
Alpha Portfolio
Relative Return
Combination of stock picking (bottom up) and sector allocation
(overweight, neutral, underweight)
Pair Trade
Relative Return
Common/preferred, intra and inter industry
Proprietary and Confidential
21
BRL Share Class
Investment Outperformance
Perfin has generated a superior track record for its investors since inception, outperforming the CDI (Brazilian Overnight Interest Rate).
PERFIN LONG SHORT PLUS (BRL)
50%
Since Inception (BRL Currency)
CDI (Benchmark)
40%
Perfin LS
Overnight
Total Return
43.89%
34.84%
20%
Annualized Return
11.45%
9.34%
10%
> Monthly Return
3.36%
1.08%
< Monthly Return
-2.92%
0.48%
Ibovespa
30%
0%
-10%
-20%
-30%
Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14
BRL Returns
jan-11
feb-11
mar-11
abr-11
may-11
jun-11
Fund
CDI
Months Above Overnight Rt
63%
Months Below Overnight Rt
37%
Annualized Volatility
4.84%
Strategy AUM
USD 170 MM
jul-11
aug-11
sep-11
oct-11
nov-11
dec-11
YTD
0.21%
-0.46%
0.54%
1.80%
0.20%
2.33%
4.68%
4.95%
jan-12
1.48%
feb-12
1.81%
mar-12
2.48%
abr-12
1.22%
may-12
0.92%
jun-12
1.48%
jul-12
3.36%
aug-12
2.81%
sep-12
1.63%
oct-12
2.82%
nov-12
1.07%
dec-12
1.25%
jan-13
0.94%
feb-13
1.31%
mar-13
-0.36%
abr-13
1.19%
may-13
1.21%
jun-13
-1.88%
jul-13
2.34%
aug-13
0.89%
sep-13
-0.92%
oct-13
0.98%
nov-13
1.36%
dec-13
-0.29%
jan-14
feb-14
mar-14
abr-14
may-14
Fund
-2.92%
-0.08%
0.13%
0.31%
1.41%
* USD returns
CDI estimated based on the fund´s portfolio and currency fluctuations
jun-14
0.10%
jul-14
0.77%
aug-14
0.02%
sep-14
0.02%
oct-14
1.27%
nov-14
2.09%
dec-14
Fund
CDI
Fund
CDI
Proprietary and Confidential
24.72%
8.40%
6.92%
8.06%
3.08%
9.76%
22
USD Share Class
Investment Outperformance
Perfin Investment Fund – Long Only SPC is Perfin’s vehicle to grant offshore investors access to our Long Only Strategy, denominated in
USD. The portfolio of this fund mirror’s the one held by the domestic vehicles, and differences of track record are due to currency
fluctuations.
5%
Since Inception (USD Currency)
Perfin LS
MSCI Brazil
Total Return
-12.41%
-23.55
Annualized Return
-8.16%
-14.69%
> Monthly Return
1.80%
13.02%
< Monthly Return
-4.29%
-19.09%
0%
-5%
-10%
-15%
PERFIN LONG SHORT SPC (USD)
-20%
Libor
-25%
MSCI Brazil
Months Above Benchmark
50%
Months Below Benchmark
50%
Annualized Volatility
-30%
May-13
BRL Returns
Aug-13
jan-13
Nov-13
feb-13
Feb-14
mar-13
abr-13
Fund
MSCI Brazil
jan-14
* Inception on May 6th, 2013
Fund
-3.89%
MSCI Brazil
feb-14
-0.76%
mar-14
0.28%
abr-14
0.79%
May-14
Aug-14
Nov-14
6.54%
Strategy AUM
28.62%
USD 170 MM
may-13
jun-13
jul-13
aug-13
sep-13
oct-13
nov-13
dec-13
YTD
-0.63%*
-1.80%
1.80%
0.35%
-1.41%
0.20%
0.46%
-1.10%
-2.15%
-18.38%
may-14
0.69%
jun-14
-0.89%
jul-14
-0.91%
aug-14
-0.56%
sep-14
-4.29%
oct-14
-0.72%
nov-14
0.61%
dec-14
Proprietary and Confidential
-10.48%
-6.33%
23
Perfin Long Short Plus
Long Short fund has a gross exposure between 80% to 120%, limited to 200%.
The net exposure is limited to the range of betwwen -20% and 40%.
Average Exposure
Gross
Net
140%
12 Months
Inception
117.62%
110.35%
18.07%
22.53%
120%
100%
80%
60%
LONG
40%
20% NET
0%
-20% SHORT EQUITY INDEX
-40%
SHORT STOCKS
-60%
-80%
-100%
jul-11
ago-11
set-11
out-11
nov-11
dez-11
jan-12
fev-12
mar-12
abr-12
mai-12
jun-12
jul-12
ago-12
set-12
out-12
nov-12
dez-12
jan-13
fev-13
mar-13
abr-13
mai-13
jun-13
jul-13
ago-13
set-13
out-13
nov-13
dez-13
jan-14
fev-14
mar-14
abr-14
mai-14
jun-14
jul-14
ago-14
set-14
out-14
nov-14
-120%
Confidencial
Fonte: Base de dados Perfin Investimentos e Quantum
24
Long Short – BRL Share Class
Investment Outperformance
Perfin has generated a superior track record for its investors since inception, and has consistently outperformed the CDI (Brazilian
Overnight Interest Rate).
Since Inception
160%
140%
PERFIN LONG SHORT (BRL)
120%
CDI (Benchmark)
100%
IFMM
80%
60%
40%
20%
Perfin LS
Overnight
Total Return
152.73%
101.58%
Annualized Return
13.91%
10.35%
> Monthly Return
8.91%
1.17%
< Monthly Return
-4.72%
0.48%
Months Above Overnight Rt
66%
Months Below Overnight Rt
34%
Annualized Volatility
4.96%
0%
Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Strategy AUM
USD 170 MM
BRL Returns
jan-08
feb-08
mar-08
apr-08
may-08
jun-08
jul-08
aug-08
sep-08
oct-08
nov-08
dec-08
YTD
Fund
CDI
-4.72%
5.19%
-4.03%
0.90%
8.91%
2.02%
-0.60%
-0.65%
-4.03%
2.42%
3.42%
3.82%
10.39%
12.38%
jan-09
3.24%
feb-09
1.52%
mar-09
1.17%
apr-09
3.69%
may-09
2.32%
jun-09
1.93%
jul-09
3.50%
aug-09
1.62%
sep-09
1.46%
oct-09
1.82%
nov-09
1.40%
dec-09
1.86%
jan-10
1.70%
feb-10
1.02%
mar-10
0.76%
abr-10
0.82%
may-10
0.35%
jun-10
1.02%
jul-10
1.11%
aug-10
1.73%
sep-10
1.27%
oct-10
1.49%
nov-10
1.27%
dec-10
1.22%
jan-11
0.88%
feb-11
0.57%
mar-11
0.56%
abr-11
1.26%
may-11
0.38%
jun-11
0.90%
jul-11
0.58%
aug-11
0.38%
sep-11
0.80%
oct-11
1.33%
nov-11
0.48%
dec-11
1.67%
jan-12
1.22%
feb-12
1.41%
mar-12
1.73%
abr-12
0.99%
may-12
0.72%
jun-12
1.04%
jul-12
1.95%
aug-12
1.74%
sep-12
1.00%
oct-12
1.62%
nov-12
0.79%
dec-12
0.89%
jan-13
0.76%
feb-13
0.88%
mar-13
0.09%
abr-13
0.87%
may-13
0.87%
jun-13
-0.63%
jul-13
1.54%
aug-13
0.74%
sep-13
-0.14%
oct-13
0.85%
nov-13
1.00%
dec-13
0.13%
jan-14
-1.06%
feb-14
0.26
mar-14
0.40%
abr-14
0.55%
may-14
1.10%
jun-14
0.38%
jul-14
0.83%
aug-14
0.38%
sep-14
0.42%
oct-14
1.16%
nov-14
1.56%
dec-14
Fund
CDI
Fund
CDI
Fund
CDI
Fund
CDI
Fund
CDI
Fund
CDI
* Brazilian domDesigned solely for Brazilian Investors and currently closed for subscriptions
Proprietary and Confidential
28.69%
9.88%
14.66%
9.75%
10.22%
11.60%
16.20%
8.40%
7.17%
8.06%
6.13%
9.76%
25
Perfin Long Short
Long Short fund has a gross exposure between 40% to 60%, limited to 100%. The net exposure is limited to the range of
betwwen -10% and 20%.
Average Exposure
36 Months 24 Months 12 Months
70%
60%
Gross
54.99%
54.01%
60.56%
Net
10.76%
9.71%
8.34%
50%
40%
30%
20%
LONG
10%
0%
-10%
NET
SHORT
-20%
-30%
-40%
-50%
nov-08
jan-09
mar-09
mai-09
jul-09
set-09
nov-09
jan-10
mar-10
mai-10
jul-10
set-10
nov-10
jan-11
mar-11
mai-11
jul-11
set-11
nov-11
jan-12
mar-12
mai-12
jul-12
set-12
nov-12
jan-13
mar-13
mai-13
jul-13
set-13
nov-13
jan-14
mar-14
mai-14
jul-14
set-14
nov-14
-60%
Source: Perfin Investimentos e Quantum databases
Proprietary and Confidential
26
Terms & Service Providers
Fund
Perfin Investment Fund, Ltd – Class LS Shares
Type
Limited Liability Company
Min. Commitment
$100,000
Follow-on Commitment
$50,000
NAV Frequency
Weekly
Redemption NAV
5 NAV after the redemption request (no Lock Ups, Gates or Notices)
Currency
US Dollar
Country of Domicile
Cayman
Management Fee
2% of NAV. payable annually
Performance Fee
20% over 3 month LIBOR
Legal
Shearman and Sterling LLP (US) and Maples and Calder. (Cayman)
Audit
Ernst & Young
Administrator/Custodian
UBS AG
Proprietary and Confidential
27
Investment Cases
NOV, 2014
Proprietary and Confidential
28
Showcase - Compound
Profile
– One of the largest corporations in Brazil, with business well diversified into strategic sectors of the Economy: Sugar & Ethanol,
Energy, Downstream Fuel Distribution, Agribusiness Logistics, Lubricants, Land Development and Natural Gas Distribution
Investment Thesis
– Impressive pipeline of projects in all business, with very attractive rates of returns
– Strong Fundamentals
– Strong and Stable Cash Flow Generation
– Top management with strong track record in all core positions and well aligned interests with shareholders
Price
% Strategy´s AUM
Summary as of April 2014
ROE
13.8%
R$ 20,00
0,00%
ROIC
5.7%
Potential Upside
43%
jul-13
5,00%
jun-13
R$ 25,00
abr-13
12.4x
mai-13
P/E
fev-13
10.9%
10,00%
mar-13
Current Exposure
R$ 30,00
jan-13
25.8%
dez-12
Maximum Exposure (% AUM)
nov-12
15,00%
set-12
R$ 35,00
out-12
Dec, 2011
jul-12
Entry Date
ago-12
20,00%
jun-12
R$ 40,00
mai-12
14.0%
abr-12
Expected IRR
fev-12
25,00%
mar-12
R$ 45,00
jan-12
30,00%
dez-11
R$ 50,00
Source: Quantum e Base de dados Perfin Investimentos
Proprietary and Confidential
29
Showcase – Turn around
Profile
– Homebuilder founded in 1977, focusing primarily on middle to low income class housing and concentrated on the southeast of Brazil. The
company control remains with the founder, who holds 48% of the company ownership.
Investment Thesis
– Highly discounted valuation, due to the poor momentum of this industry
– Strong Brand
– Great outlook for margin recovery on its new projects
– Jardim da Perdizes project (valued at half of the company’s market cap)
Price
% Strategy´s AUM
R$ 12,00
14,00%
R$ 10,00
12,00%
Summary as of April 2014
Expected IRR
27.0%
Entry Date
Feb, 2012
8,00%
Maximum Exposure (% AUM)
12.3%
6,00%
Current Exposure
7.7%
4,00%
P/E
4.5x
R$ 2,00
2,00%
ROE
19%
R$ 0,00
0,00%
ROIC
NA
Potential Upside
52%
10,00%
R$ 8,00
R$ 6,00
jul-13
jun-13
mai-13
abr-13
fev-13
mar-13
jan-13
dez-12
nov-12
out-12
set-12
ago-12
jul-12
jun-12
abr-12
mai-12
mar-12
fev-12
R$ 4,00
Source: Quantum e Base de dados Perfin Investimentos
Proprietary and Confidential
30
Invesment Case – Cash Cow
Profile
– Latin America’s largest depositary of fixed income securities and Brazil’s largest private asset clearinghouse, Cetip integrates the
Brazilian financial market. Offering services related to registration, central securities depository (CSD), trading and settlement of
assets and securities.
Investment Thesis
– Inflation Pass through on 60% of its revenues, with an EBITDA Margins close to 70% and a low maintenance and growth CAPEX
– High barriers of entry, given the solid market share, competitive advantage and strong relationship with its clients.
– Strong cash flow generation, FCF yield of approximately 7,0%
Price
% Strategy´s AUM
R$ 27,00
14,00%
R$ 25,00
12,00%
R$ 23,00
10,00%
R$ 21,00
8,00%
R$ 19,00
R$ 17,00
R$ 15,00
nov-12
Summary as of April 2014
16,00%
dez-12
jan-13
fev-13 mar-13
abr-13
mai-13
jun-13
Expected IRR
15.0%
Entry Date
Nov, 2012
Maximum Exposure (% AUM)
15.14%
Current Exposure
9.1%
6,00%
P/E
14.0x
4,00%
ROE
22%
2,00%
ROIC
21%
0,00%
Potential Upside
31%
jul-13
Source: Quantum e Base de dados Perfin Investimentos
Proprietary and Confidential
31
Show Case – Fundamental Stop Loss
Profile
General Shopping is a shopping mall developer with a significant share of the shopping center business in Brazil, with over 312.000m² of
gross leasable area. The company actively participates in the site search, planning, development and construction of shopping centers.
Investment Thesis
–
–
–
–
–
Very strong growth in recent years / High predictability of cash flow and revenue
Focus on consumer classes B and C / Very interesting portfolio of assets
M&A opportunities - Great capacity for consolidation in the industry
Market price is heavily discounted
FUNDAMENTAL STOP LOSS: The CEO decided to issue the second tranche of a Perpetual Bonds, with a coupon of 12% in USD
terms, which, in our opinion not only was unnecessary, but would over leverage the company and destroy value.
Price
% Strategy´s AUM
R$ 16,00
Case Summary
12,0%
R$ 14,00
10,0%
Entry Price
6.10
Exit Price
11.48
Entry Date
26/08/09
Exit Date
05/03/12
2,0%
Maximum LO Exposure (% AUM)
10.35%
0,0%
Current Exposure
None
R$ 12,00
8,0%
R$ 10,00
R$ 8,00
6,0%
R$ 6,00
4,0%
R$ 4,00
R$ 2,00
fev-12
dez-11
out-11
ago-11
jun-11
abr-11
fev-11
dez-10
out-10
ago-10
jun-10
abr-10
fev-10
dez-09
out-09
ago-09
R$ 0,00
Fonte: Quantum e Base de dados Perfin Investimentos
Proprietary and Confidential
32
Show Case - Le Lis Blanc
Profile
– Le Lis Blanc is the leading brands on women’s high end fashion, focused on middle-to-higher income class; currently it offers a product mix
ranging from fashion and accessories to home decor. Established over 20 years ago, it quickly became the benchmark on the Brazilian high
end fashion industry
Investment
Thesis
– .
– Low dependence on credit. interest rates and inflation
– One of the world’s highest sales per sq. ft.
– High store profitability; EBITDA margin above 30%. despite 20% on consolidated basis
– Three new growth initiatives (make up. men’s fashion. casual wear)
Price
% Strategy´s AUM
R$ 6,00
Case Summary
6,00%
R$ 5,50
5,00%
R$ 5,00
Entry Price
2.12
Exit Price
5.80
Entry Date
20/05/10
Exit Date
05/01/11
Maximum LO Exposure (% AUM)
5.4%
Current LO Exposure
2.1%
4,00%
R$ 4,50
R$ 4,00
3,00%
R$ 3,50
2,00%
R$ 3,00
1,00%
R$ 2,50
dez-10
nov-10
out-10
set-10
ago-10
jul-10
jun-10
0,00%
mai-10
R$ 2,00
Fonte: Quantum e Base de dados Perfin Investimentos
Proprietary and Confidential
33
Contact Information
Hugh Anthony Harley
Head of Offshore Marketing
Rua Amauri 286. 2º andar
Itaim Bibi. São Paulo
Tel: (11) 2526-2426/2400
[email protected]
Proprietary and Confidential
34
Appendix I – Supporting Documents
NOV, 2014
Proprietary and Confidential
35
Long Only Portfolio
Market Cap and Liquidity (BRL Terms)
DAGB33
MC. 12.9 Bi
L. 57.0 MM
ABRE3
MC. 3.0 Bi
L. 4.2 MM
QUAL3
MC. 6.8 Bi
L. 57.9 MM
ARTR3
MC. 5.3 Bi
L. 7.6 MM
CTIP3
MC. 8.2 Bi
L. 45.9 MM
LAME3
MC. 16.2 Bi
L. 7.2 MM
TCSA3
MC. 0.9 Bi
L. 4.5 MM
IGTA3
MC. 4.4 Bi
L. 11.2 MM
GUAR3
MC. 5.7 Bi
L. 3.5 MM
CVCB3
MC. 2.0 Bi
L. 3.9 MM
CSAN3
MC. 12.9 Bi
L. 56.5 MM
Proprietary and Confidential
36
Appendix II – Professional Bios
NOV, 2014
Proprietary and Confidential
37
Professional Experience of Perfin Investimentos
2000
2001
MCA
2002
2003
SANTANDER
2004
2005
2006
SAFRA
PERFIN
QUELUZ
BANK BOSTON ASSET
2007
2008
2010
Ralph G. Rosenberg
Alexandre Sabanai
André Vieira Facury
RXZ INVESTIMENTOS
ITAÚ
MAUÁ
INVEST
BRADESCO
RIO BRAVO INVESTIMENTOS
SPX
PERFIN
Felipe Ferreira
ITAÚ BBA
PERFIN
Miguel Prado
PERFIN
Rodson Heringer
André Madeira
FINANCIAL
Hugh Anthony Harley
PERFIN
José Roberto Moraes
PERFIN
ITAÚ
SAFRA
Vitor Paschoal
PERFIN
PERFIN
MCKINSEY
JP MORGAN
Eric Inoue
Isaias B. Limonge
ITAU-UNIBANCO
GPS
DOUTORADO CLAREMONT - CA
MERRILL
LYNCH
PERFIN
PERFIN
CSHG
CZARNIKOW
CSHG
SANTANDER ASSET
WHIRPOOL
VOTORANTIM
2014
PERFIN
SAFRA
BANK BOSTON ASSET
2013
PERFIN
ITAÚ
SANTANDER ASSET
2012
RXZ INVESTIMENTOS
NEO
BNP
PARIBAS
2011
PERFIN
UNIBANCO
FGV
2009
ITAÚ BBA
PERFIN
Maurizio Casalaspro
Cristiano Almudi
PERFIN
Fabiana Traldi
PERFIN
PERFIN
Pedro Ganemian
Proprietary and Confidential
38
Management Bios
PORTFOLIO MANAGERS
Ralph Gustavo Rosenberg, CIO and Co Portfolio Manager
Ralph founded Perfin Investimentos in 2007 as Portfolio Manager and Principal Partner. Prior to Perfin he was the Portfolio
Manager for Avanti Asset Management (current Queluz) managing an equity book of approximately R$ 450 million. From
2004 to 2005, he worked for Banco J.Safra as a trader responsible for equity proprietary positions. He started his career
at Banco Santander in 2002. Ralph has BA in business from FAAP.
Alexandre Sabanai, Head of Research and Co Portfolio Manager
Alexandre Sabanai joined Perfin Investimentos in 2011 as partner, head of research and co-portfolio manager. Prior to
Perfin he was partner and co-portfolio manager with Mr. Roberto Ruhman at RXZ Investment since 2006. From 2005 to
2006, he worked at Unibanco as telecomm analyst (runner-up team by Institutional Investor All-Brazil Research Team). He
started his career at BankBoston Asset Management in 2001 working for 5 years and performing activities as an equity
trader, equity analyst and PM (awarded best equity funds from 2002 to 2004, by Revista Exame). Alexandre has BA in
business from FGV-SP
Proprietary and Confidential
39
Management Bios
ANALYST TEAM
André Vieira Facury
André joined Perfin Investimentos in 2007 as an equity analyst. Prior to Perfin he was an equity analyst for GWI Bank. a risk and a compliance analyst
for Neo Investimentos. André began his career at the Finance Research Center of FGV where he actively participated in the development of Revista
Exame’s 2005 Investment Funds Guide. André received a degree in business Administration from FGV, São Paulo.
Eric Inoue
Eric Joined Perfin in 2013 as Risk Manager and transitioned to Equity Reasearch in 2014. Prior to Perfin he worked at Credit Suisse Hedging Griffo in
the Offshore Funds department, responsible for Asset Pricing and Risk Management, Previously he worked at RXZ Investments as Controller and
Equity Trader; beginning his career at Banco Itaú-Unibanco in the risk department. Eric holds a degree in manufacturing engineering from
Universidade de São Paulo (USP).
Felipe Ferreira Pinto Neto
Felipe joined Perfin Investimentos in 2013 as an equity analyst. Prior to Perfin he worked at Banco Santander as equity analyst and started his career
at Banco Safra in 2007. Felipe has a degree in business administration from FGV, São Paulo.
Isaias Blanco Limonge, CFA
Isaias joined Perfin Investimentos in 2010 as a Trader. Prior to Perfin he worked at Banco Bradesco as a trader on the international and currency
desks. Previously he worked at Mauá Investimentos. in the back-office. risk management. sales and fixed income desks. and at Banco Itaú in the
Private Bank department. Frederico began his career at BNP Paribas´ Project Finance division. Isaias holds a degree in business administration
from FGV/SP.
Proprietary and Confidential
40
Management Bios
ANALYST TEAM (Continued)
Rodson Heringer
Rodson joined Perfin Investimentos in 2013 as support to the Portfolio Managers and Investment team. Prior to Perfin he worked at Banco ItaúUnibanco as Junior Financial Analyst at the treasury department. Rosdon began his career as trainee at Whirpool in 2010 and holds a degree in
Electrical Engineering from Universidade de São Paulo (USP).
Miguel Prado
Miguel is starting his career at Perfin Investimentos, joining in 2013. He is pursuing a Bachelor degree in Business administration from Insper, and is
expected to complete his undergraduate studies in June 2014.
Vitor Paschoal
Vitor joined Perfin Investimentos in 2014. Prior to Perfin he worked at Itau BBA as head of the Brazilian Consumer Equity Research, and before that
at SPX Investimentos as equity analyst. Victor began his career at Credit Suisse Hedging Griffo as Consumer and Financials analyst and holds a
degree in Economics from Unicamp
Proprietary and Confidential
41
Management Bios
WEALTH MANAGEMENT
Daniel Augusto Tucci Chaves
Daniel joined Perfin Wealth Management in 2008 as a Portfolio Manager. Prior to Perfin. he worked at Banco Santander as
a Fund Portfolio Manager for Santander Asset Private Banking. Before that. he established the bank’s business
intelligence division. He began his career in Citibank’s corporate banking division. Daniel holds a business administration
degree from USP and a CFA Level I.
Gaspar Gasparian Neto, CFA
Gaspar joined Perfin Wealth Management in 2010 as a Portfolio Manager. Prior to Perfin. he was Vice President of Credit
Suisse Brazil. responsible for the selection and evaluation of investment products. and development of asset allocation
and investment policies for the banks high net worth and ultra high net worth clients. Previously Gaspar worked at Mercer
Investment Consulting. where he was a Senior Investment Analyst. Gaspar received a degree in Economics from USP and
is a CFA charter holder.
Proprietary and Confidential
42
Management Bios
INVESTOR RELATIONS
André Madeira
André joined Perfin Investimentos in 2009. to oversee institutional investor relations. Prior to Perfin, he occupied the same
position at GPS Planejamento Financeiro. Previously he worked in the sales divisions of Czarnikow Group and Banco
Santander, where he began his career working in the business intelligence and product development division. Andre
holds a business administration degree from PUC/SP.
Hugh Anthony Harley, Ph.D.
Hugh joined Perfin Investimentos in 2011 as a specialist in international investor relations. Prior to Perfin. he was a Fund
Portfolio Manager and Economist at Financial Investimentos Group, a leading specialty finance company in Brazil, and
beginning his career as a trainee at Rio Bravo Investment Group, where he later became Product Manager of their trade
finance business. Hugh holds a degree in economics from Ibmec-SP and a Ph.D. in Economics and Political Science from
Claremont Graduate University
José Roberto E. Moraes Filho
José Roberto founded Perfin Investimentos in 2007. acting as a Board Member and. since 2009. as head of sales. Prior to
Perfin. he founded Infinity Participações. and worked at McKinsey & Co. and Merrill Lynch’s investment banking division in
Brazil. where he began his professional career. José Roberto holds a degree in business administration from Ibmec-SP.
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Management Bios
OPERATIONS AND COMPLIANCE
Cristiano Almudi
Cristiano joined Perfin Investimentos in 2008 as Risk Manager. Prior to Perfin. he worked at JP Morgan in the middle office and foreign client’s risk
control. Previously Cristiano worked at Whirpool S/A. where he was responsible for the company´s investor relations. foreign exchange and
warranty departments. Cristiano began his career at BankBoston´s middle office division. working closely with their local and off-shore investment
funds. Cristiano holds a degree in business administration from PUC/SP.
RISK
Maurizio Casalaspro
Maurizio joined Perfin Investimentos in June 2014. Began his career at Itaú as PMO for Risk Projects and developer of Risk Calculators. Then worked
in trading desk at Safra Bank, supporting traders, developing pricing tools and managing reports. Prior to Perfin he worked at ItaúBBA as manager
of several Risk Calculators to support pricing of all credit and derivatives products, including IB, International Units, Treasury and Middle Market
ADMINISTRATION
Fabiana Traldi
Fabiana joined Perfin Investimentos in 201 as Administrative Officer. Prior to Perfin she worked at Pinheiro e Traldi Associates law firm as lawyer and
manager. She also provided administrative support to the Vice President´s office at Grupo Votorantim. beginning her career at Banco Unibanco at
the administrative control for the trading desks. Fabiana received a law degree from the Faculdade de Direito de Osasco.
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Advisory Board Bios
ADVISORY BOARD MEMBERS
Décio Goldfarb
Décio Goldfarb, currently a member of Marisa S.A. Board of Directors, joined Marisa´s conglomerate in 1974, becoming Vice
President from 1992 to 2007. In addition to its duties to the company, he served as manager for the Albatroz, GLD and
Flip investment firms between 1994 and 1996. Along with Mr. Marcio Luiz Goldfarb, he actively participated on the IPOs
of Petrobrás, Agrale, Aquatec, Petroflex, Eletropaulo, Varig, Borella, Transparaná, Agroceres, Telebraília, Telebrás, Copene,
among others, and was the managing director of Marisa Broker Dealar Company.
Luis Claudio Garcia de Souza
Luis Cláudio Garcia de Souza, is the founder and CEO of Financial Crédito, responsible for the overall management and
strategy of the company. Luis Claudio is also the Chairman of the Board of RB Capital, as well as its former CEO and CIO.
Prior to that he was a partner and member of the executive committee of Banco Pactual, where he headed corporate
origination, distribution and structured finance units. While at Banco Pactual, Luis Cláudio founded UBF Garantias &
Seguros, a leading credit and bond insurer in Brazil, in a joint venture with Swiss Re, currently the largest reinsurer
worldwide, that later came to sponsor as a shareholder and anchor investor RB Capital’s antecessor, Rio Bravo
Investimentos, which Luis Claudio was also a founding partner. Before joining Banco Pactual, Luis Claudio was a
Managing Director and partner of BBM-Banco da Bahia Investimentos and CEO of its insurance operations. From 1977 to
1981 he was a manager of New York branch of Banco Real (now Banco Santander). Luis Cláudio was a Board Member of
Bovespa for two terms. Luis Claudio holds a degree in Civil Engineering from Escola Politécnica – PUC / Rio de Janeiro and
a master's degree in Systems and Transportation Engineering from the Massachusetts Institute of Technology..
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Advisory Board Bios
ADVISORY BOARD MEMBERS
Luis de Oliveira Perego
Luis de Oliveira Perego, , currently a partner of Perfin Investimentos and a member of the Regulation and Best Practices
Council of Anbima (Brazilian Financial and Capital Markets Association). Prior to that he was the executive director for
Banco Fíbria, between 2001 and 2002, Banco BMC, between 1995 and 1998 and Banco Votorantim, between 1988 and
1995. Luis also holds a bachelor degree in Civil Engineering from Universidade Presbiteriana Mackensie, in 1982, and
graduate degree from Fundação Getulio Vargas, in 1985.
Rodney McLauchlan
Rodney McLauchlan, currently a Senior Advisor for Sateri Holdings Limited, an affiliate of the Royal Golden Eagle
International and listed on the Hong Kong Stock Exchange, Shearman & Sterling law firm, based in NY, Eve Partners, a
financial advisory firm based in Atlanta; Founder and Board Member of Legacy Trust Company, in 2002, a multi-family
office and wealth management firm based in Florida. Prior to that he was a managing director of Deutsche Bank and CEO
for the Bank´s Latin America operations, in 1999. Also served as executive vice president of Bankers Trust Corporation,
member of Bankers Trust Management Committee and a director of BT Alex Brown Securities, in 1997; co-head of BT
Securities Global Investment Bank, in 1995; co-head of BT Asian Investment Bank, in 1994 and chairman of Bankers
Trust International in 1989. Additionally, he is a member of the Graduate Executive Board of The Wharton School of
Business and a board member of the Lyric Opera House of Chicago and is Chairman the Bolles School Board of Trustees.
Rodney holds a bachelor degree in Economics from Universidade Federal do Rio de Janeiro and a MBA in Finance from
The Wharton School, University of Pennsylvania.
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