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Technical
Informations |
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Date
of Inception:
13/02/1998 |
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Management
Fee
First
three years: 2% a.a.
From
then on: 1,5% a.a. |
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Performance
Fee:
20% of returns exceeding benchmark of INPC + 12% a.a. |
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Classification:
Closed-end fund |
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Duration:
7 and a half years |
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Custodian:
Deutsche Bank S.A. |
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Auditors:
KPMG Auditores
Independentes |
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Registrar
and Transfer Agent:
Banco Itaú S.A. |
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Dynamo Puma
Dynamo Puma has started up operations in February 1998, and terminated in August 2005. Dynamo Puma was a seven-and-a-half
years closed-end fund, and its shares were traded on Bovespa.
Basically destined to large institutional investors, such as pension funds and insurance companies, The Fund has begun in the context of the Value and Liquidity Program introduced by BNDESpar, sponsored by a number of other institutional investors, among them Brazil’s leading pension funds.
The Program’s aim was to improve the performance of institutional investors’ equity investments through the creation of a specialized investment vehicle, the so-called Value and Liquidity Funds. The subscriptions of these funds were made with shares of companies already held by investors. The managers sought to concentrate identical corporate equity investments among a number of investors, thereby becoming a more substantial shareholder of each company. After that, the managers pursued their fiduciary duty specifically to create value and liquidity on these assets.
Dynamo Puma began in February 1998, raising R$ 270 million, thereby becoming the largest Fund in the Program. From then on, we have closely monitored the companies of our portfolio, based on Dynamo Cougar’s accumulated active management experience.
Dynamo Puma started to amortize the original invested capital three years ahead of schedule. The Fund finished operations on August 2005 paying back R$ 1,238 billion to its Investors. Since its inception, the compounded return of Dynamo Puma was 30,1% p.a. in U$ terms, as compared with FGV-100 20,0%p.a., IBX 10,1% p.a., CDI 9,3% p.a., and IBOVESPA 3,2% p.a.
As in the case of Dynamo Cougar, Dynamo Puma volatility for the period was close to 50% of IBOVESPA and IBX.
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