DYNAMO is an independent asset manager founded in 1993. In September of that same year, it launched its inaugural fund, the Dynamo Cougar. From the very beginning, its focus has been the management of equity assets in the Brazilian market. DYNAMO’s investment philosophy is founded on rigorous fundamental analysis of assets, with the objective of delivering consistent medium- and long-term returns.

We believe that the sustainable development of our activities rests on the adoption of the highest ethical standards, the cultivation of relationships founded on the trust placed in us by our clients, and unwavering integrity with regulators, suppliers, competitors, and investee companies.

Today, DYNAMO combines the experience accumulated over many years with the enduring drive of its early days. For us, the growth of assets under management and the strong performance track record of our investment vehicles provide a PERSISTENT incentive to uphold our disciplined management approach.

The investment decision-making process at Dynamo is grounded in extensive, detailed fundamental analysis. We strive to construct a balanced portfolio of robust, well-managed companies capable of originating and executing investment projects that offer capital-allocation OPPORTUNITIES with consistent returns over time.

The investment‐selection process is highly comprehensive and aims to capture the nuanced reality of a company’s intrinsic value by analyzing the multiple dimensions and interconnections within each business. In portfolio management, Dynamo’s foremost concern is the preservation of its shareholders’ capital. Risk assessment and management are carried out in a predominantly qualitative, non-parametric manner, permeating every stage of our investment decision-making and portfolio-construction process.

Given the complexity of our task, over the past thirty‐plus years we have endeavored to maintain a regular channel of communication with our shareholders and the broader public through the Dynamo Letters, available on our website. In these publications, we analyze topics of importance to the capital markets and share excerpts of our internal discussions, reflections, and insights, thereby revealing the particularities of our investment activity.