LETTER TO THE TEAM
“One key characteristic “One key characteristic remains unchanged in our remains unchanged in our DNA: resilience.” DNA: resilience.”
Tiago Fernandes
of FX
Head
Tiago Fernandes
Head of FX
At the time of writing, we are testing SPX’s resilience and our ongoing pursuit of excellence. We are witnessing the beginning of the recovery of our Macro Funds and the continued progress in other areas of our business, which remain in full investment mode.
The last two years have been the most challenging I’ve ever faced at SPX. These times have provided significant lessons, not only in asset management but also in overall company management. While difficult, they
have pushed us to reflect deeply on how we can improve our processes and strengthen our organisation.
Throughout this process we gained and lost employees, faced moments of worry and apprehension, and made important management changes, including the appointment of a new CEO and CRO. Like many of our partners and colleagues, they have dedicated their lives to our company, identifying weaknesses, and proposing changes to strengthen our business – never giving up in the face of adversity.
As an asset manager, I focused my efforts on refining my investment theses and seeking better returns for Macro Funds. As a partner, I also considered how I could contribute beyond my management role and put that plan into action.
This led me to ask: Have we stopped being who we were? Has our essence changed?
Yes, we’ve stopped being who we were –we learnt from our mistakes and are now better positioned for the future But one key characteristic remains unchanged in our DNA: resilience. Our resilience is constant, and it will carry us to even greater levels of excellence. But what does resilience truly mean?
I'd like to share some thoughts I wrote about resilience, a concept deeply connected to both our history at SPX and my own life journey:
Resilience is the ability of a person or system to adapt and recover in the face of adversity, challenges and change. It’s not just about passive resistance; it’s about active, transformative action in difficult situations. Instead of succumbing to hardship, resilience allows individuals or teams to learn from experiences, develop new skills, and find solutions.
On a personal level, being resilient means facing loss, frustration, trauma or major challenges with emotional balance and inner strength. It’s not about ignoring suffering but confronting it, learning to manage
negative emotions, and finding new ways forward Resilient people tend to maintain a more positive outlook and have greater cognitive and emotional flexibility.
Resilience is also fundamental in professional and organisational contexts Resilient companies are those that can adapt quickly to market shifts, economic challenges or technological crises, continuing to grow despite adversity. They foster innovation, continuous learning, and collaboration, and create environments where challenges are viewed as opportunities for growth.
Developing resilience requires selfawareness, self-care and a solid support network. It also involves shifting perspectives, finding meaning in adversity, and turning crises into opportunities for personal and collective development.
I’ve developed my resilience through life experiences, many of which were marked by challenges in my childhood and early adulthood. I worked multiple jobs, earned academic scholarships, and faced various obstacles along the way But I never let myself fall without rising again, and that drive remains with me today.
When I joined SPX, I found the environment I was seeking – a company rooted in values like resilience, which are the foundation for excellence in managing resources and people Being here means striving to be part of something great, facing challenges headon, and constantly evolving in the pursuit of
excellence.
Today, I’m proud to say we’re on the brink of harvesting the fruits of our resilience. Let’s continue this journey together
I want to express my sincere gratitude to each of you who dedicates yourselves wholeheartedly to our mission. Your efforts enable us to continue growing and facing challenges together. Be resilient, aim for excellence, and the results will follow. Your contributions are, and always will be, recognised.
Thank you, Tiago Fernandes
VISIT FROM FGV STUDENTS
by HR
In April, we welcomed students from FGVRJ¹ to our Rio de Janeiro office, as part of our initiative to strengthen our employer brand. The visit was led by Pedro Freire and Samylly Zanini of the Investor Relations division, Diego Andrés of the Quant division, and João Mendonça of the Equities division
Aside from offering the students a more indepth view of SPX, these meetings provide important moments where questions relating to the labour market are answered and possible career opportunities are explored.
HOLIDAY INTERNSHIP FAIR - INSPER
by HR
We also took part in Insper’s Holiday Internship Fair, an event for companies to publicise holiday internship opportunities for students We publicised applications for Summer Job Brasil, which will take place in January and February 2025, in the Rio de Janeiro and São Paulo offices
Enzo Gargiulo, from the Investor Relations team, Isabelle Côrrea and Isabela Franco, from Investor Relations, were present.
¹ Getúlio Vargas Foundation - Rio de Janeiro
ECONDATA WEEK
by HR
In October, we took part in the Econdata Week, organised by the Núcleo de Ciência de Dados dos Alunos de Economia da PUC-Rio². This event consists of a series of lectures and panels given by professionals in the field on topics such as Macroeconomics, Applied Economics, Econometrics, Finance and Consultancy. Fernando Eguren and Guilherme Casanova took part in the lecture on Quant Modelling at SPX.
² PUC-Rio Economy Students Data Science Centre
PERFORMANCE REVIEW PROCESS 2024.2
by HR
At the end of this month, we will begin the Performance Review Process 2024 2 This edition introduces new features, including new stages aimed at improving our understanding of each employee’s skills and competences.
MEETING WITH THE PARTNERS
by HR
In October, we held another edition of Meeting the Partners over breakfast at the Rio de Janeiro office. The event was hosted by Paula Ronchi and attended by 11 employees.
HR will be sending out emails with further details
Thank you for your attention and cooperation
It was an excellent opportunity for everyone to share experiences and enjoy a moment of integration and relaxation.
LAVCA WEEK
por RI
Edson Peli, Private Equity Partner at SPX Capital and Chairman of Vitru Educação, took part in LAVCA WEEK, an event held from 8 to 11 October in New York
During the panel “A Look Across Consumer Sectors: The Future of Education, Healthcare and Retail in Latin America”, Edson shared insights into the consumer sectors
alongside leading professionals such as Dirk Donath (L Catterton), José Pano (Vinci Partners), Hector Valero (Valante Capital) and Jennifer Petrini (International Finance Corporation).
SPX LATEST NEWS
by IR
SPX Capital was classified as the Best Equity Asset in the Guia de Fundos FGV³ 2024 ranking, under the Specialist Managers Group. This recognition reinforces our commitment to excellence and the trust of our investors The evaluation criteria for managers and funds in the Guia de Fundos FGV are available here. 1.
2.
In October, the SPX Seahawk D30 Incentivised Debentures fund reached a capacity of BRL 600 million and the vehicle was closed for funding. As an alternative, we are launching SPX Seahawk D45 Incentivised Debentures, with the same strategy as the previous fund, only changing the redemption period. The new fund is already available for investment on the BTG Pactual platform and will soon be available on other platforms as well
FII SPXS11 distributed dividends of BRL 0 101/share for September/24 (Dividend Yield: 1.10% p.m. or 13.80% p.a. - DY calculated using the closing price on 30/09) The highlights, according to the Management Report released, were the acquisition of 1 4 million BRL in CRI Franco Ribeiro and the sale of part of the position in FII CACR11 (which represented 0.5% of the fund’s equity) with a return of 223% of the ICD.
Click here to read the Report.
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