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 11 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
+140 professionals
13 Independent asset
management teams
management teams
+3B UsD
2 office
locations
locations
Independent Teams
Macro Edge
Developed Markets Macro
Brazilian Fixed Income
Cross-Asset
Brazilian Equities I
Brazilian Equities II
Global Equities
Treasury
Global Active Trading
Emerging Markets FI & FX
Event Driven
KEY BIOS
João Carlos Pinho
João Carlos is Kapitalo’s Co-Founder, Managing Partner, and Chief Operating Officer, responsible for Risk Management, Compliance, Investor Relations, IT, and the back-office teams. He previously served for eight years as Vice President and Senior Investment Banking Officer at Bank of America, then as Managing Director at Nomura Securities, overseeing the Brazilian operation for two years. He later joined Banco BBM, Brazil’s oldest financial group, 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 partner in founding Kapitalo in 2009. João Carlos holds a B.Sc. in Civil Engineering from PUC-RJ and a postgraduate degree in Finance from FGV-SP.
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Carlos Woelz
Carlos is a Managing Partner and Co-Founder of Kapitalo, established in 2009 alongside João Carlos Pinho. Before founding Kapitalo, Carlos built a solid career at Banco BBM, where he began as a fixed income trader. He later established the bank’s proprietary international treasury desks and became a statutory director, eventually serving as Treasurer. Carlos holds a degree in Business Administration from Fundação Getulio Vargas (FGV-SP).
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Hegler Horta
Hegler is Partner at Kapitalo and Portfolio Manager of one of the Brazilian Equities team. He began his career in the financial markets in 1996 at Banco BBM, where he joined the team led by Carlos Woelz (one of Kapitalo’s founders), became a partner, and took charge of the Proprietary International Equities Desk. In 2008, he joined Banco Itaú BBA, initially as Head of the Proprietary Equities Desk and later as Portfolio Manager of the Proprietary Equities and Commodities Desks. Hegler has been with Kapitalo since 2011. He holds a B.Sc. in Mechatronic Engineering from Poli-USP.
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Shindi Kadobayashi
Shindi is a Partner at Kapitalo and Co-Portfolio Manager of the Macro Edge team. He began his career in 2007 at Link Investimentos and later joined Convenção CCVM, where he helped establish the options trading desk and developed software for options pricing and volatility modeling. Shindi joined Kapitalo in 2010 in the Risk team and moved to the investment team the following year. He holds a B.Sc. in Aeronautical Engineering from ITA.
He holds a B. Sc. in Aeronautic Engineering (ITA).
He holds a B. Sc. in Aeronautic Engineering (ITA).
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Nuno Sampaio
Nuno is a Partner at Kapitalo and Portfolio Manager of Emerging Markets FI and FX team. He began his career in 2004 in the macro research department at Banco BBM. In 2008, he joined Gap Asset Management, becoming Partner in charge of the International Fixed Income and FX desk. He later moved to BW Gestão de Investimentos as Portfolio Manager of Global Fixed Income and FX strategies. Nuno joined Kapitalo in 2014. He holds a B.Sc. in Production Engineering from UFRJ.
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Bruno Mauad, CFA
Bruno is a Partner at Kapitalo and Portfolio Manager of one of the Brazilian Equities team. He started his career in 2005 at Pátria Investimentos, becoming Portfolio Manager in 2010 for both long & short and long-only strategies. In 2013, he joined Ashmore Group as Portfolio Manager and member of the Investment Committee. Bruno joined Kapitalo in 2015. Since October 2020, he has also served as a member of the Board of Directors at Aura Minerals Inc. He holds a Bachelor's degree in Public Administration from FGV/EAESP and is a CFA charterholder.
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Bruno Cordeiro
Bruno is a Partner at Kapitalo and Portfolio Manager of the K10 strategy. He began his career in 1998 at Banco BBM, one of Brazil's oldest financial institutions. In 2008, he moved to London to join hedge fund manager Lentikia Capital. Following its merger with BTG Pactual in 2009, he became Executive Director, overseeing the Cross Asset Proprietary Desk – covering Commodities, Equities, and FX. In 2014, he founded Ciclo Capital, which was incorporated by Kapitalo in 2017. Bruno holds a B.Sc. in Production Engineering from PUC-Rio and a Master’s degree in Economics and Finance from the London School of Economics.
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Rafael Poppe
Rafael is a Partner at Kapitalo and Co-Portfolio Manager of the Treasury team. He began his career in 2006 at Upside Asset Management and, in 2007, joined Banco CR2 as Head of the Risk Department. In 2009, he moved to Itaú Asset Management, where he became Co-Manager of the Structured Products desk. He joined Kapitalo in 2014. Rafael holds a B.Sc. in Applied Mathematics from UFRJ and a Master’s degree in Economics from IBMEC-RJ.
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Tulio Bueno
Tulio is a Partner at Kapitalo and Co-Portfolio Manager of the Developed Markets Macro team. He began his career at Banco Itaú in 2000 and moved to Citibank in 2002, returning to Itaú in 2005 as an Economist for the Proprietary Desk. In 2009, he joined Iron House Fund, a family office, where he worked as Economist and FX Strategist. Tulio has been with Kapitalo since 2012. He holds a Bachelor’s degree in Economics from FEA-USP and a Master’s degree in Economics from FGV-SP.
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Daniel Correa
Daniel is a Partner at Kapitalo and Head of the Global Equities and Corporate Debt team. He began his career in 2003 at Banco BBM. From 2008 to 2012, he worked at Itaú Asset Management as Co-Portfolio Manager for Brazilian Long & Short strategies. He later joined Kondor Invest, where he became Partner and built his own equities team. Daniel joined Kapitalo in 2018. He holds a B.Sc. in Production Engineering from UFRJ and is a graduate of the Stanford Graduate School of Business Executive Program (SEP).
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Felipe Diógenes, CFA
Felipe is a Partner at Kapitalo and Co-Portfolio Manager of the Cross-Asset team. He began his career in 2007 as an Economist at Gávea Investimentos, where he worked until 2014. From 2015 to 2018, he served as Head FX Strategist at SPX Capital. Felipe joined Kapitalo in 2018. He holds a Bachelor’s degree in Economics from UNICAMP, a Master’s degree in Economics from PUC-RJ, and is a CFA charterholder.
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Daniel Dupont
Daniel is a Partner at Kapitalo and Head of the Event Driven team. He began his career in M&A at Salomon Smith Barney in 2000 and later joined financial boutique Bassini Playfair Wright. Since 2006, he has focused on event-driven strategies, working on proprietary desks at Lehman Brothers, BTG Pactual, and Itaú BBA. From 2014 onward, he worked in asset management at Leste Investimentos. In 2018, he founded NW3 Capital, whose fund was transferred to Kapitalo in 2023. Daniel holds a B.Sc. in Production Engineering from USP and an MBA from INSEAD.
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Carlos Viana
Carlos is a Partner at Kapitalo and Head of Research. He began his career in 1995 as Chief Economist at Opportunity Asset Management. He later became a Partner at Radix Asset Management and then served as Chief Economist and Portfolio Manager at BBA-Icatu. From 2007 to 2011, he worked as Senior Economist at the Federal Reserve Bank of New York. Carlos was also a Partner at Kyros Investimentos before serving as Deputy Governor for Economic Policy at the Central Bank of Brazil from 2016 to 2019. In 2020, he co-founded Asset 1 Investment Company and led its research efforts before joining Kapitalo in 2022. He has also been a faculty member in the Department of Economics at PUC-Rio since 2011. He holds a Bachelor’s and Master’s degree in Economics from PUC-Rio and a Ph.D. in Economics from Princeton University.
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Bernardo Feijó
Bernardo is a Partner at Kapitalo 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).
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André Baum
André is a Partner at Kapitalo Investimentos and Co-Portfolio Manager of the Brazil Fixed Income team. He began his career in the financial markets in 2001 at Banco Fibra, where he worked in the products division and trading desk, first as a FX trader and later as a fixed income trader. In 2010, he joined Banco Alfa as a senior proprietary trader focused on FX and fixed income. In 2011, he moved to Itaú BBA, where he served as a senior trader on the proprietary trading desk and, in 2019, became Head of the Local Fixed Income Desk. He joined Kapitalo in 2025. André holds a degree in Civil Engineering from Mauá School of Engineering (IMT) and an MBA in Financial Markets from IBMEC.
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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, please refer to the fund documents available with the respective fiduciary administrators: BEM Distribuidora de Títulos e Valores Mobiliários Ltda., available at https://bemdtvm.bradesco/; BTG Pactual Serviços Financeiros S.A. DTVM, available at https://www.btgpactual.com/; and INTRAG Distribuidora de Títulos e Valores Mobiliários Ltda., available at https://www.intrag.com.br/. Supervision and Oversight: Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM).
