“Ethics, the search for efficient “Ethics, the search for efficient processes, and a true processes, and a true commitment to investors are commitment to investors are deeply ingrained in the company. ” deeply ingrained in the company. ”
Bruno Maueler Head of Investment Solutions
Bruno Maueler Head of Investment Solutions
Iam pleased to write this letter and take the opportunity to share a bit of my background and my views on what we are achieving with the Investment Solutions vertical.
Like many other partners, I studied Engineering. Initially, I tried to combine this with Business Administration, but due to conflicting timetables, I took my parents' advice: “Start with Engineering, then do an MBA ” I chose Environmental Engineering, a new and promising course at the time – I remember being in one of the very first
classes. It was an emerging profession, but when I graduated in 2007, the challenge was addressing immediate issues. I was right about the trend, but I misjudged the timing: at that time, the ESG concept was practically unknown in Brazil. My early career was marked by the global financial crisis and the lack of recognition of the field in the market.
As with most things in life, the beginning is the hardest After a few professional experiences in finance, the most rewarding was working with a pension fund.
I connected deeply with this work and faced challenges that have motivated me for over a decade. The goal of such an institution is to efficiently manage resources to ensure the sustainable payment of pensions It is a huge responsibility, managing R$13 billion, coming from thousands of families, many of whom relied on this amount as their only lifetime savings.
I was fortunate to take part early on in an international roundtable with representatives from sovereign funds, large global pension funds, and endowments. It was an eye-opening experience. The depth of the discussions highlighted the contrast in sophistication and governance compared to what I was experiencing locally Over time, it became clear what made these organisations so successful. Solid governance, a well-defined purpose, and a clear investment framework, which leveraged natural advantages such as longterm horizons, scale, and predictable cash flows, were key factors.
It was daunting to realise how much we still needed to evolve, but also exciting to think of the impact we could have if we moved in the right direction. I seized many opportunities to share experiences with these investors, always seeking to develop and apply best practices, adapting them to the local context At the same time, I felt the need to learn more and obtained my CFA certification.
with a committed team, applying many of these lessons Looking back, it is gratifying to see the compound effect of the actions taken over time. More important than the numbers is the knowledge that we left an institution prepared to safely fulfil its commitment to its participants
Joining SPX marks a special chapter in this journey After feeling we had accomplished our mission with the pension fund, we began exploring other opportunities within the sector We saw a large industry with potential for growth that we could help shape, and we believed we could actively contribute to that progress On the other hand, leaving a stable career, with a known track record and people’s trust, to embark on a more entrepreneurial path was undoubtedly an important risk to consider. I remember my first conversation with Rogério, which I expected to be brief and formal. Instead, I found generosity and a genuine interest in listening to our ideas The conversation was incredibly inspiring, and I was given remarkable insights and advice, such as the importance of moving forward with our project, regardless of the path we chose
Throughout my career, it has been a privilege to drive profound transformations
As an allocator, I have always admired the partnership model, the quality of the team, and the commitment to excellence that SPX represents Today, having seen it from within, that admiration has only grown. Ethics, the search for efficient processes, and a true commitment to investors are deeply ingrained in the company. When we discussed incentives and conflict
management with Marangoni – traditionally sensitive topics in our business – the decisions flowed naturally, confirming the alignment of values and the shared commitment to doing things the right way
Unlike the other verticals, we work in a field dedicated to building customised solutions for institutional investors. These investors work on a large scale, have regulatory requirements, and possess specific needs that justify bespoke services. Sometimes the client’s requests are clear, which makes our work easier, but that’s not always the case. The typical approach starts with a joint diagnosis to understand liabilities, restrictions, and objectives. We have flexibility to operate in every stage of the investment process, including asset allocation, defining strategies for each asset class, and selecting managers and assets, both traditional and alternative. This approach allows us to complement SPX’s strategy, building long-term relationships that contribute to the diversification of liabilities and the sustainability of the business.
We are currently navigating a challenging macroeconomic environment in Brazil, marked by high real interest rates that test the resilience of investors and managers Starting a new vertical in this context requires perseverance and a long-term vision, as results are built gradually through continuous, collective effort.
opportunities, supported by a solid structure and values that guide our decisions I am deeply grateful to each and every one of you who, directly or indirectly, has contributed to this growth May 2025 be a year filled with new challenges, achievements, and growth for all of us
Despite the obstacles, we are wellpositioned to convert this phase into
by HR
In November, another edition of the Partner Meeting was held, this time with Rogério Xavier. During the breakfast, which was attended by a group of eight employees, Rogério shared his perspectives on the next steps for SPX. The event also provided a space for discussions, clarification of doubts, and the exchange of ideas regarding the company’s direction
by HR
In São Paulo, a breakfast was also held as part of the Partner Meeting, with the participation of eight employees. Rogério Xavier was the host of this event, where participants had the opportunity to exchange experiences and discuss relevant company topics
by IR
Jean Anagnostopoulos, senior credit manager at SPX Capital, participated in an event hosted by the independent reviews house Indê, led by Luciana Seabra, on November 2nd.
During the event, Jean shared his views on the risks and opportunities in the next private credit cycle, contributing to a rich debate alongside Alessandra Bellotto (Indê) and Arturo Profili (Capitânia Investimentos).
We thank Indê for the invitation and for the valuable exchange of experiences with leading professionals from the financial sector.
by HR
Leonardo Linhares, Member of the Board of Directors and Head of Equities at SPX Capital, participated in the Investment Managers Forum organised by UBS on November 11th At the panel “Equities Markets: Navigating Brazil’s Volatility”, Leonardo contributed his analysis and views on the challenges and opportunities in the stock market in light of the current economic scenario The debate was enriched
by the presence of Christian Faricelli, Partner and Equity Manager at Absolute Pace, and was moderated by Guilherme Zaczac, Head of Liquid Alternatives Brasil at UBS GWM
by Marketing
On November 18, during the G20 in Rio de Janeiro, SPX Capital and Caixin, a prestigious Chinese financial media company, hosted a special event to strengthen relations between Brazil and China The initiative brought together professionals and experts from both countries to discuss investment strategies, economic trends, and new opportunities. The partnership between SPX and Caixin fostered a productive space for exchanging ideas and perspectives, encouraging dialogue and the building of global connections
by IR
1.
As announced by SYN Prop & Tech S.A. (SYNE3), a company listed on B3’s Novo Mercado, a share purchase agreement was signed between SYN and SPX Capital Holding Ltda. for SYN’s total stake in SPX SYN Participações S A – the holding company that controls SPX SYN Gestão de Recursos Ltda. The operation still depends on regulatory approvals to be concluded, such as CADE’s, but once those are concluded it will mark the end of the joint venture established between SPX and SYN in 2021
Click here to read the Report on the Market.
2.
FII SPXS11 distributed dividends of BRL 0 100/share for October/24 (Dividend Yield: 1.10% p.m. or 13.60% p.a. - DY calculated using the closing price on 31/10) According to the Management Report, the highlights were the acquisition of 2.5 million BRL in CRI Pinheiro de Sá and 5 0 million BRL in CRI Zarin.
Click here to read the Report.
3.
Albano Franco, partner and head of Credit, took part in episode #148 of the Market Makers podcast “Equities vs Fixed Income: Why is credit outperforming the stock market?” . Albano discussed the current economic scenario and the reasons why credit has been standing out as an attractive option compared to equities.
Click here to watch the full episode.
4.
SPX Falcon took 2nd place in the “Equity Funds” category of the Veja Negócios Fund Guide.
Check out the full category ranking here.
5.
In October, as an alternative, we launched SPX Seahawk D45 Incentivised Debentures, with the same strategy as the previous fund, SPX Seahawk D30 Incentivised Debentures, where only the redemption period was changed The new fund is already available for investment on the BTG Pactual and XP platform and will soon be available on other platforms as well.
In November, we launched SPX Bluehawk, a credit fund with a long bias strategy that seeks to replicate the foreign investment portion of the SPX Seahawk Global and Pension funds. The fund’s risk is concentrated in Brazil/LatAm, through investment in corporate credit (investment grade and high yield), sovereign credit, emerging market credit indices and moderate interest rate risk The assets are 100 per cent offshore, but the Fund will be offered from a local vehicle in Reais (with currency hedging) and also through an offshore vehicle in dollars based in the Caymans 6.
Robert Kim has joined the SPX team as Equities US manager Robert has previous experience at Alliance Bernstein Visium Asset Management among many others 7.
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