Dynamo Global FIC FIA – Investimento no Exterior

The Dynamo Global FIC FIA – Investimentos no Exterior (“FUND”) fund began operating on March 30th, 2012. Similarly to the Dynamo Cougar, Dynamo Global FIC FIA’s objective is to generate an appreciation of the fund’s shares over the long term. The difference is that Dynamo Global FIC FIA invests in public stocks of companies based primarily, though not exclusively, in Europe and in the U.S., through the Dynamo Global Master FIA (“MASTER FUND”), while the Cougar Fund invests in Brazilian companies.

The Dynamo Global FIC FIA – Investimentos no Exterior has the same investment strategy as the Dynamo Cougar: fundamental analysis, medium/long investment time frames, and a concern with wealth preservation. The Fund’s primary focus is on long term core investments: good businesses managed by quality executives that are aligned with shareholders’ interests. In other words, investments that generate good returns over a long period of time. We may also invest in companies that our analysis leads to conclusions that are different from the market consensus over a medium time frame.

The Dynamo Global FIC FIA – Investimentos no Exterior is a consequence of a 2006 Dynamo initiative when we established an office in London with an exclusive team focused on analyzing companies in Europe and in the U.S. The Dynamo Global FIC FIA fund is an alternative for geographic diversification that meets the needs of some investors to access those markets through a local vehicle.

The Dynamo Global FIC FIA – Investimentos no Exterior invests up to 100% of its net assets in shares of the Master Fund. The Master Fund is a local vehicle regulated by the CVM which invests directly in assets abroad.

Investment Objectives

The objective of the FUND is to provide its shareholders with an appreciation of their shares over the long term, investing at least 95% of its net asset in shares of DYNAMO GLOBAL MASTER FUNDO DE INVESTIMENTO EM AÇÕES - INVESTIMENTO NO EXTERIOR, which is also managed by Dynamo, subject to the prevailing legal and regulatory restrictions.

Investment Policy

The FUND will invest, up to 100% of its net assets in shares of the MASTER FUND. The MASTER FUND will invest in public company stocks located, mainly, in Europe and in the U.S. as well as in shares of index funds that are constituted in those jurisdictions. The MASTER FUND will also be able to invest in stocks from public companies or in index fund shares of other parts of the world, as long as those investments represent a smaller portion of the portfolio. When facing a good opportunity, the MASTER FUND will also be able to short sell stocks, in order to maximize long term results and reduce the PORTFOLIO’s volatility. Our short sold positions will be subject to the same geographical focus of the other investments. The MASTER FUND will also be able to invest using the derivatives market in order to protect positions in the cash market, the PORTFOLIO’S exposure or leverage. However, there is no obligation by the ADMINISTRATOR to hedge the MASTER FUND’s foreign exchange exposure. There are no limitations to the Master Fund’s investments in foreign financial assets, as stated in the fourth chapter of the Master Fund’s bylaws.

Prospective Clients

The FUND is destined, exclusively, to professional investors, (legal concept defined by CVM).

Risk Profile

Due to the high concentration of the FUND’s investments in shares of the MASTER FUND, as stated in its bylaws, the risks of the FUND are, predominantly, the same as the MASTER FUND. The MASTER FUND’s portfolio is subject to market fluctuations, credit risks, risks related to exchange rates and liquidity, as well as risks related to variations in asset prices. Those risks could get in the way of fulfilling the investment objectives described by the bylaws and they could cause a net worth loss for the FUND or the FUND’s investors, as well as a negative NAV. For further information on all the risks of being an investor in the FUND, please read the bylaws, using the link on the right side of the page.

Technical Information

Minimum investment: R$1.000.000,00

Minimum Additional Investment and Redemption: R$100.000,00

Investment NAV: Last business day of each month. (The subscription proceeds shall be sent to the fund´s account up to one day prior to the NAV Date.)

Redemption Conditions: Redemptions will be converted using the NAV of the last day of each month. Requests for withdrawals should be sent to the manager until the last business day immediately preceding that in which the respective redemption will be converted. The financial settlement of the withdrawal will occur 5 business days after the conversion (T+5).

Lock-up period: 360 days for each application. For further details, please, refer to the fund’s by-laws.

Management Fee: 1,10% per year in the FUND + 0,20% per year in the MASTER FUND

Performance Fee: 20% of the gain that exceeds the quota converted to U.S. dollars adjusted by CPI-US (Consumer Price Index) plus 2.5% per year.* (please refer to the by-laws for a more detailed explanation).

Adjustment of Performance Fee: It will be charged upon redemption an adjustment of performance, provided that the conditions of the specific fund rules.

Income Tax: 15% of the nominal gain for Brazilian taxed investors and 10% for foreign investors incorporated in a non-tax haven.

Auditor: KPMG Auditores Independentes

Administrator: Dynamo Administração de Recursos Ltda

Manager: Dynamo Internacional Gestão de Recursos Ltda

Anbima Category: Ações Investimento no Exterior

Inception date 30/03/2012

Documents (only in Portuguese)


Política de Voto

Manual de Precificação Bradesco

Demonstração de Desempenho (Anexo IV-Item 3)

Formulário de Informações Complementares

Demonstrações Financeiras

Fato Relevante - 27/12/2017