We have relaunched the successful investment strategy that was employed when Tarpon was founded, in 2002, and that carries the DNA of what we have been developing since then: the combination of attractive valuation, business quality and potential inflection points in the selection of investment opportunities, when screening for the best investment opportunities.
The Tarpon GT fund has
generated an net annualized return
of 42% versus 23% of the Ibovespa¹ index since its relaunch under Tarpon’s management, in November 2016.
1. Returns calculated as of 30/11/2019.
OUR INVESTMENT PHILOSOPHY Tarpon’s approach has shown consistency throughout its 17 years of experience investing across different economic cycles. If on the one hand, we seek stocks with a significant margin of safety and intrinsic value (companies that we consider to be undervalued); on the other hand, we evaluate in detail the fundamental aspects of the business’ quality.
THE PILLARS OF OUR PHILOSOPHY Intrinsic Value
High Quality Businesses
OUR STRATEGY When researching for the best investments opportunities, we seek the combination of attractive valuations and business quality.
VALUATION Intrinsic Value Market prices reflecting a substantial discount to intrinsic value
Trading Multiples Attractive multiples, perception of relative value
Market Indicators Monitor indicators and price action in order to search for the best timing to build and exit our positions
Contrarian View | Long-Term Perspective
Opportunities that are not evident and that are generally overlooked by the market
BUSINESS QUALITY Shareholder Return Companies that consistently create intrinsic value
Predictability Business with good operating visibility and lower volatility
Growth Companies with above average historic and expected growth rates
Capital Structure Adequate capital structure. Avoid excessive leverage
What our main holdings have in common
Companies with less coverage
("below the radar")
has been investing or
analyzing for many years
EXPERIENCED MANAGEMENT TEAM
José Carlos (Zeca) is Tarpon's founding Partner and CIO. Currently, he is the Chairman of the Board of Directors of Omega Geração and a board member of Tarpon Investimentos.
In the past, Zeca has also served as a Board Member of Cremer, Marisa, BrasilAgro and BRF. Prior to founding Tarpon, he worked in the portfolio management department of Patrimônio/Salomon Brothers and, subsequently, at JP Morgan/Chase, focused on small caps and second tier stocks; as a business associate at GP Investimentos and as Managing Director focused on business development at Semco Group. Zeca majored in Business Administration at Fundação Getulio Vargas (FGV).
Rafael Maisonnave is a partner and portfolio manager of the Tarpon GT fund. Rafael joined Tarpon in 2006 and left the company to start his own fund in 2012, returning to Tarpon in 2016. Previously, he worked as an investment manager at Pátria, as a business analyst at Roland Berger Strategy Consultants and as CFO at Casa do Pão de Queijo (a portfolio company of Pátria). In addition, he was a Board Member of Portobello, Sanepar, Tempo Participações, Marisa and Arezzo. Rafael holds a degree in Business Administration from Fundação Getulio Vargas (FGV).
Caio Lewkowicz is a partner and portfolio manager of Tarpon. Caio joined Tarpon in 2011 and left the company in 2012 to found HIX Capital, an independent investment manager, returning to Tarpon in 2019. Previously, he worked in the private equity division of Pátria Investimentos and worked as a financial planning manager at Smart Fit (portfolio company of Pátria). In addition, he was an alternate member of the Board of Directors of Tempo Participações. He holds a degree in Business Administration from Fundação Getúlio Vargas (FGV).
Martim Andrada joined Tarpon in 2017 as an Operations Analyst and is now an Equity Trader. Prior to Tarpon, he worked in AF Invest as a Risk Analyst. Martim majored in Economics at IBMEC – Instituto Brasileiro de Mercado de Capitais – MG.
Guilherme joined Tarpon in 2018 and is a member of investment team. Prior to Tarpon he worked in the treasury department at Stone Co, a Brazilian payments Fintech and he co-founded an internet company. Guilherme majored in Business Administration at Insper.
KEY FACTS – BRAZILIAN LOCAL FUND
PERFORMANCE FEE 20% of what exceeds the benchmark, collected annually.