latin american hedge fund directory 2004/2005 - Eurekahedge

LATIN AMERICAN HEDGE FUND DIRECTORY 2004/2005

About Eurekahedge 

Eurekahedge is a consultancy, advisory and research house focusing on alternative investments. Originating in 

Asia, Eurekahedge has grown rapidly to become one of the most widely used and quoted alternative research 

houses worldwide. Eurekahedge has produced a suite of Asian hedge fund indices, an Asian hedge fund 

directory, a global fund of funds directory and a European hedge fund directory, covering almost 3,000 funds as 

well as a collection of educational guides for both funds and investors. 

Founded in 2001, Eurekahedge has offices in Singapore, Hong Kong, London, Tokyo (affiliated), Switzerland 

and New York. Eurekahedge also provides consultancy and advisory services, hedge fund start-up services, 

capital introduction and due diligence services. 

Hedge fund publications 

Eurekahedge has produced a number of definitive guides to the hedge fund industry including: 

The Eurekahedge Asia and Japan Hedge Fund Directory 

The Eurekahedge Global Fund of Funds Directory 

The Eurekahedge European Hedge Fund Directory 

The Eurekahedge Absolute Return Fund Directory 

The Eurekahedge Japanese Compendium 

The Eurekahedge Asset Growth Guide 

The Eurekahedge Latin American Hedge Funds Directory 

These guides are accompanied by online databases, which are updated daily with new funds and NAVs. Two 

more directories are expected to be launched in the coming months – North American hedge funds and Islamic 

funds. For more information, please contact editor@eurekahedge.com or for a free trial, please register your 

contact details at www.eurekahedge.com/register.asp. 

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Eurekahedge offers start-up consultancy services to entrants to the alternative asset management industry. By 

teaming up with the leading hedge fund law, tax and accountancy firms, Eurekahedge is able to provide swift 

and cost effective coordination, advice and support for start-up managers in Asia, Japan and Europe. 

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services including office facilities, administration, technology, IT support and executive secretaries. In addition 

Eurekahedge will utilise its globally based marketing team to assist in capital raising. In a nutshell, we have all 

a hedge fund manager needs to kick-start the running of a successful hedge fund. 

Investment advice and investor services 

We believe we are the leading authority on Asian and Japanese hedge funds and funds of funds and to this end 

we have a database covering more than 460 Asian portfolios. The combination of our database and our 

independent research team enables Eurekahedge to offer unrivalled, on-going and objective investment advice 

to potential investors in Asian hedge funds. 

The information and summaries contained in this directory (the “Summaries”) appear as a matter of record only and are provided for information purposes only. The Summaries do not, and should not be construed to, 

constitute an offer to sell or a solicitation of an offer to buy any of the shares, or any other interest, in any fund or form the basis of any contract or commitment whatsoever. The Summaries are based on information and 

data received from the subjects of each and from other third party sources and no guarantee of completeness or accuracy can be made nor is any representation or warranty made in this regard. We understand that many 

of the funds may not be sold into, or that their sales may be restricted in particular jurisdictions (including the United States and Singapore). Accordingly you are advised to seek independent professional advice before 

taking any action in relation to any fund mentioned herein. We accept no liability whatsoever for any direct or indirect loss arising out of the use of this directory or reliance on anything found in this directory. 

∆ EUREKAHEDGE PTE LTD 

www.eurekahedge.com 

1

Table of Contents 

About Eurekahedge ..............................................................3 

Key Trends in Latin American Hedge Funds.............................6 

Hedge Fund Profiles: 

Arbitrage 

Santa Fe Aquarius ....................................................................... 13 

CTA / Managed Futures 

GAP Currency ............................................................................. 17 

HG Cafe FIF ................................................................................ 18 

Orbix FIF .................................................................................... 19 

Distressed Debt 

Argo Global Special Situations Fund ............................................... 23 

Ashmore Emerging Markets Liquid Investment Portfolio .................... 24 

Ashmore Local Currency Debt Portfolio .......................................... 25 

BPW Emerging Markets Opportunity Fund....................................... 26 

Convivo Absolute Sovereign High Yield .......................................... 27 

Convivo Exotic Debt Fund............................................................. 28 

FH Emerging Markets Debt Fund.................................................... 29 

Greylock Global Opportunity Fund.................................................. 30 

Greylock Global Opportunity Fund (Offshore) Ltd ............................. 31 

Outrider Master Fund LP............................................................... 32 

Spinnaker Global Strategic Fund .................................................... 33 

Consulta Emerging Markets Debt Fund ........................................... 34 

Event Driven 

Patagonia Argentine Recovery Fund ............................................... 37 

Polo Fund Ltd.............................................................................. 38 

Polo HG FITVM ........................................................................... 39 

Spinnaker Global Emerging Markets Fund Ltd .................................. 40 

Fixed Income 

Emergent Alternative Fund Ltd ...................................................... 43 

GAP Institucional......................................................................... 44 

GEMs Bond Fund (USD)................................................................ 45 

HG Allocation Pactual High Yield ................................................... 46 

HG Premium ............................................................................... 47 

Latin America Income Strategies Fund Ltd ...................................... 48 

Perimeter Mile High FIF................................................................. 49 

Spinnaker Global Opportunity Fund ................................................ 50 

Standard Emerging Markets Debt Fund (Class A) ............................. 51 

The Argo Fund Ltd....................................................................... 52 

Long / Short Equities 

AlphaGen Pictor (USD) ................................................................. 55 

ARX FIA..................................................................................... 56 

Claritas Long Short FIA ................................................................ 57 

CSAM Long-Short Equities FIF....................................................... 58 

Emergent Ballistic Fund Ltd ........................................................... 59 

FAMA Challenger FIA................................................................... 60 

FAMA Futurewatch I FIA .............................................................. 61 

FAMA Sniper FIF ......................................................................... 62 

Fides Long Short FIF .................................................................... 63 

Fiducia Equity Hedge FIF............................................................... 64 

GAP Acoes ................................................................................. 65 

Global Partners LP ....................................................................... 66 

Globalvest Octane Value Fund Ltd ................................................. 67 

Globalvest Value Fund LP ............................................................. 68 

HG Allocation Claritas Long Short .................................................. 69 

HG Strategy II ............................................................................. 70 

HG Top FIF ................................................................................. 71 

Horizon Growth Fund NV.............................................................. 72 

IP-Value Brazil ............................................................................. 73 

Key Global Emerging Markets Inc................................................... 74 

Latinvest Fund Ltd ....................................................................... 75 

POBT Equities Fund SPC – Total Return Equities Class ..................... 76 

Polunin Capital Partners Emerging Markets Active Fund .................... 77 

Prince Street Fund LP................................................................... 78 

Page Page 








2 

Prince Street International Ltd........................................................79 

SR Global Fund (Class G) Emerging (Inc and LP) ...............................80 

SR Vista (Class 1) Emerging (Inc and LP).........................................81 

Tarpon HG Fund LLC ....................................................................82 

The Explorador Fund LP ................................................................83 

Tiedemann Global Emerging Markets LP/Ltd.....................................84 

Artha Emerging Market Fund LP .....................................................85 

Artha Emerging Market Fund Ltd ....................................................85 

Macro 

GAP International Investment Fund – Class A ..................................89 

Mellon Cash FIF ...........................................................................90 

Mellon Credit FIF..........................................................................91 

Mellon FX Rate FIF .......................................................................92 

Opportunity Unique ......................................................................93 

Zoom Currencies FIF.....................................................................94 

Multi-Strategy 

AAA Acoes FIQ FIA......................................................................97 

AAA Allocation Faq FIF.................................................................98 

AAA FIF......................................................................................99 

ABN AMRO FIF Sky....................................................................100 

Alchemy Fund Ltd – Class F ........................................................101 

Argos TR FIF .............................................................................102 

ARX Hedge FIF ..........................................................................103 

ARX Institucional FIF ..................................................................104 

ARX Leblon FIF..........................................................................105 

ARX Plus FIF .............................................................................106 

ASM Plus FIF.............................................................................107 

ASM Star FIF.............................................................................108 

Atico Hedge FIF .........................................................................109 

Capitania Fund...........................................................................110 

Capitania Hedge FIF....................................................................111 

Claritas Hedge 30 FIF .................................................................112 

Claritas Hedge FIF ......................................................................113 

Copernico Argentina Fund ...........................................................114 

Copernico Latin America Strategic Fund ........................................115 

CR2 Hedge FIF...........................................................................116 

CSAM Absolute FIF ....................................................................117 

Direcional FIF.............................................................................118 

Dynamo Cougar .........................................................................119 

Dynamo Puma ...........................................................................120 

Everest Capital Frontier (Yen) Ltd .................................................121 

Fides Advanced FIF ....................................................................122 

Fiducia Diamond ........................................................................123 

FIF Nobel Advanced....................................................................124 

FIF Nobel Advanced Aggressive ...................................................125 

FIF Pactual Hedge ......................................................................126 

FIF Pactual Hedge Plus................................................................127 

ForeSee Interaction FIF ...............................................................128 

Fox Growth Fund .......................................................................129 

FPP Emerging Hedge Fund I Ltd....................................................130 

GAP Hedge ...............................................................................131 

GAP Multiportfolio......................................................................132 

GLS Offshore Global Opportunities Fund .......................................133 

HG Agar FIF ..............................................................................134 

HG Allocation Claritas Hedge .......................................................135 

HG Allocation Claritas Hedge 30 ..................................................136 

HG Allocation GAP Multiportfolio .................................................137 

HG Allocation Gavea Brasil FAC ...................................................138 

HG Allocation Managers..............................................................139 

HG Allocation Nobel Advanced Aggressive ....................................140 

HG FIF DI ..................................................................................141 

HG Hedge FAC ..........................................................................142 

HG Verde 14 .............................................................................143 

HG Verde FIF.............................................................................144 

IP-Global ...................................................................................145 

JGP Hedge FIF...........................................................................146 

Lumen Global Value Fund Ltd – EUR.............................................147 

Lumen Global Value Fund Ltd – USD ............................................148 

Maxima Access FIA....................................................................149

Key Trends in Latin American Hedge Funds 

The number of new funds jumped over the past four years for two reasons: investment bank closures or 

mergers in Brazil have forced money managers to set up on their own and the increase of Brazilian onshore 

assets into alternatives has spurred managers to leave established houses. Success stories like Gavea and JGP 

have also been an inducement. From the chart below, the number of new funds reached 37 in 2003 and we 

expect that number to be between 35 and 40 for 2004. We gather that the total hedge fund universe, both 

offshore and onshore, to be around 220 funds. 

40 

35 

30 

25 

20 

15 

10 

5 

0 

Number of New Funds Launched 

1991 1992 1993 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004E 

The vast majority of Latin American hedge funds are based in Brazil and trading Brazilian assets. Of the entire 

universe, just over 50% is Multi-Strategy Macro, trading mainly three assets – bonds, equities and currencies; 

bonds (both corporate and sovereign) being the most heavily traded. 

Fixed Income 

7% 

Distressed Debt 

8% 

Long / Short 

Equities 

19% 

Number of Latin American Hedge Funds by Strategy 

Macro 

4% 

Event Driven 

3% 

Relative Value 

3% 








3 

CTA / Managed 

Futures 

2% 

Arbitrage 

1% 

Others 

1% 


52%

Key Trends in Latin American Hedge Funds 

Most of the Brazilian hedge fund managers are based in Sao Paulo, the country’s financial capital. However we 

have seen a trend of new start-ups being managed out of Rio de Janeiro, which managers believe offers a better 

“lifestyle” environment. There are currently only three managers located in Buenos Aires, mainly running 

Multi-Strategy Macro, and one based in Mexico City. 

Others 

7% 

London 

12% 

Emerging 

Markets 

23% 

Rio de Janeiro 

29% 

Latin American Hedge Funds by Location 

New York 

5% 

Nassau 

3% 

Assets by Geographical Mandate 

Global 

6% 

Latin America 

3% Argentina 

1% 








4 

San Francisco 

3% 

Buenos Aires 

1% 

Chicago 

1% 

Sao Paulo 

39% 

The two major financial markets in Latin America are Brazil and Mexico; however the biggest trading market by 

far is Brazil, where over 55 hedge fund firms are located. The main reason for this is because Sao Paolo and Rio 

de Janeiro are where predominantly the talent and experience are located. 

Brazil 

67%

Long / Short Equities


FAMA Challenger FIA 

Manager Profile Strategy 

• Since its foundation in 1993, FAMA’s only business has been in 

asset management, focused in Brazilian equities. 

• The two founders, Mauricio Levi and Fabio Alperowitch, are the 

owners of the company and the funds’ managers since inception. 

Levi is responsible for the economical and political analyses while 

Alperowitch is responsible for the equity research department. 

Statistics (as at Jul 2004) Performance Chart 

Summary Data 

Annualised Return (%) 17.82 

Best Monthly Return (%) 28.92 

Worst Monthly Return (%) -31.71 

2003 Return (%) 75.90 

2004 Return (%) 27.37 

Rise/Fall in NAV since Inception (%) 219.55 

Rise/Fall in NAV over Last 3 Months (%) 21.85 

Risk/Return 

Sharpe Ratio 0.05 

Annualised Standard Deviation (%) 34.38 

Downside Deviation (%) 22.77 

Sortino Ratio 0.08 

Maximum Drawdown -62.09 

Percentage of Positive Months (%) 60.00 

Fund Details 

Investment Style Long / Short Equities 

Investment Geography Brazil 

Fund Size (US$m) 3 

Fund Capacity (US$m) 100 

Assets under Management (US$m) 83 

Minimum Investment Size BRL 20,000 

Inception Date Jun-1997 

Domicile Brazil 

Base Currency BRL 

Equalisation / Share Class Equalisation 

Dividend Policy Reinvested 

Leverage No 

Hurdle Rate Yes (Ibovespa) 

High Water Mark Yes 

Listed on Exchange No 

Open/Closed Open 

Service Providers 

Administrator Mellon Brascan 

Auditor PricewaterhouseCoopers 

Legal Advisor Mellon Brascan 

Broker Banco Itau, UBS 








6 

• FAMA Challenger FIA is a mid-cap Brazilian equities fund, with a 

value investing approach. 

• The fund has a total return objective and aims to outperform 

Ibovespa (stock exchange index), CDI (interbank interest rate) and 

IGPM (inflation index). 

• The partners and analysts are involved in regular meetings to 

discuss investment thesis and objectives for positions held and 

potential investments. The two partners make the final decision. 

• The research department maintains constant contact with the 

management of the invested companies. They also participate in 

major conference calls and shareholders meetings. 

• The fund holds a maximum of 18 companies in its portfolio, with 

a 20% maximum limit per company. There is no maximum 

percentage per sector and no derivatives have been used since 

March 2003. 

330 

270 

210 

150 

90 

30 

Jun-97 

Nov-98 

Apr-00 

Fee and Redemption Structure 

Subscription Frequency Daily 

Redemption Frequency Daily 

Redemption Notification Period 3 days 

Redemption Penalty None 

Management Fees (% pa) 2 

Performance Fees (% pa) 20 

Other Fees None 

Lock-up No 

Manager Details 

Advisory Company FAMA Investimentos Ltda 

Management Company FAMA Investimentos Ltda 

Fund Manager(s) Mauricio Levi, Fabio Alperowitch 

Contact Person – Name Mauricio Levi 

Contact Person – Email mlevi@famainvestimentos.com.br 

Contact Person – Tel 55 11 5508 1188 

Address Rua Geraldo Flausino Gomes 78 cj. 

91, Sao Paulo, SP 04575-060, 

Brazil 

Main Telephone Number 55 11 5508 1188 

General Email mlevi@famainvestimentos.com.br 

Website www.famainvestimentos.com.br 

Sep-01 

Feb-03 

Jul-04

POBT Equities Fund SPC – Total Return Equities Class 


• Patrick O’Grady acts as advisor to the fund. 

• O’Grady is the head of Pactual Asset Management equities team; 

he has headed the team since November 1998. He previously 

worked in the emerging markets investment group and the 

research department for two years. In 1996, he moved to the 

international equity distribution area, taking over the management 

of this area in 1998. 

• O’Grady majored in economics at the Federal University of Rio de 

Janeiro and earned an MBA in finance from the Brazilian Capital 

Markets Institute (IBMEC) and a CFA certificate in 1998. He 

became a partner of Pactual in 1998. 

• POBT is the offshore arm of Pactual Asset Management. 


Summary Data 




2003 Return (%) 15.58 

2004 Return (%) -0.14 


Rise/Fall in NAV over Last 3 Months (%) 

Risk/Return 

2.44 







Fund Details 


Investment Geography Latin America 


Fund Capacity (US$m) No limit 

Assets under Management (US$m) 8,400 

Minimum Investment Size US$50,000 

Inception Date Sep-2002 

Domicile Cayman Islands 

Base Currency USD 

Equalisation / Share Class Share class 

Dividend Policy None 

Leverage Yes 

Hurdle Rate Yes (3-month LIBOR) 





Administrator UBS 

Auditor KPMG 

Legal Advisor Ogier & Boxalls 

Broker POBT Bank & Trust 








7 

• Pactual Asset Management has a long record of obtaining 

consistently high returns under strict risk control. To achieve 

outstanding results, it relies on the support of an in-house risk 

management group and utilises many risk management tools 

developed internally. 

• The POBT Total Return Equities seeks investment opportunities in 

equities that, based on a solid fundamental analysis, are trading 

above or below their fair valuation. To achieve its objectives, the 

fund uses the most suitable instruments in spot and derivatives 

markets and is completely free to vary its market directional 

exposure. The fund’s investments in stocks are primarily 

concentrated in 5 to 10 holdings. 

• The geographical breakdown for the fund is Brazil and to a lesser 

extent Latin America. The maximum VaR is at a 99% confidence 

level that is tolerated for the company’s investment portfolio on a 

daily basis is limited to 8% of the NAV. The fund may take non- 

US dollar risk, primarily in the Brazilian currency, at the manager’s 

discretion. 

• In addition to bottom-up stock picking investments, major 

portfolio themes may include event-driven situations, arbitrage 

opportunities and relative value plays. 

120 

115 

110 

105 

100 

Aug-02 

Mar-03 


Oct-03 



Redemption Notification Period 3 business days 





Lock-up No 


May-04 

Advisory Company POBT Asset Manangement Ltd 

Management Company POBT Asset Manangement Ltd 

Fund Manager(s) Patrick O’Grady 

Contact Person – Name Alvaro Catao, Eduardo Missick 

Contact Person – Email acatao@pactualcapital.com, 

emissick@pobt.com.bs 

Contact Person – Tel 1 212 702 4134, 1 242 322 5575 

Address Fort Nassau Centre, Marlborough 

Street, Nassau, Bahamas 

Main Telephone Number 1 212 702 4134, 1 242 322 5575 

General Email acatao@pactualcapital.com, 

emissick@pobt.com.bs 

Website www.pactual.com.br 

Long / Short Equities


The Explorador Fund LP 


• Andrew Cummins manages The Explorador Fund. The fund was 

previously managed as a primarily long-biased equity fund. A 

hedge fund strategy migration was completed at the end of 2003. 

• Cummins previously worked at Emerging Markets Management in 

Arlington, VA which managed US$9bn in assets. He holds an 

MBA from Harvard Business School and a bachelor of science 

degree from the University of California (Berkeley). 

• Explorador Capital is owned by the portfolio manager as well as 

Farallon Capital and Pisces Inc. 


Summary Data 




2003 Return (%) 75.23 




Risk/Return 







Fund Details 


Investment Geography Latin America 


Fund Capacity (US$m) Undisclosed 


Minimum Investment Size US$100,000 

Inception Date Dec-2002 

Domicile United States 

Base Currency USD 



Leverage No 

Hurdle Rate No 





Administrator None 

Auditor Ernst & Young 

Legal Advisor Shartsis, Friese & Ginsburg 

Broker Goldman Sachs 








8 

• The fund utilises a primarily long/short fundamental equity 

strategy, with some allocation to arbitrage and fixed income 

strategies. The manager uses bottom-up stock picking techniques 

where long positions are hedged using fundamental or index 

shorts. 

• The fund is diversified across many sectors with strict position 

and country limits, investing primarily in Mexico, Brazil, Argentina 

and Chile. 

200 

175 

150 

125 

100 

75 

Dec-02 

Jun-03 


Subscription Frequency Monthly 

Redemption Frequency Quarterly 



Management Fees (% pa) 1.5 



Lock-up No 


Dec-03 

Jun-04 

Advisory Company Explorador Capital Management 

Management Company Explorador Capital Management 

Fund Manager(s) Andrew Cummings 

Contact Person – Name Client Services 

Contact Person – Email info@explorador.net 


Address One Maritime Plaza, Suite 1475, 

San Francisco, CA 94111, 

United States 


General Email info@explorador.net 

Website www.explorador.net

Multi-Strategy


Capitania Hedge FIF 


• Amaury F. Junior, partner and portfolio manager, holds a PhD from 

MIT in engineering and applied mathematics and an MSc and BSc 

from the Catholic University of Rio de Janeiro. He was previously 

MD and head of trading and risk management for Bank of America 

(BOA), Brazil. Prior to that, he was a founding partner of AAA 

Asset Management. He was with JP Morgan from 1992 to 1999. 

• Fabio Greco, partner and portfolio manager, holds an MSc in 

financial mathematics from University of Sao Paulo, an MBA from 

IMD in Switzerland and a BA from FGV. Previously he was 

responsible for the derivatives trading book of BOA, Brazil. Prior to 

that, Greco worked at Banco Patrimonio (Salomon Brother) for two 

years and Chase Manhattan for six years. 

• Ricardo Matone, partner and portfolio manager, holds a PhD in 

robotics from Stanford University and an MSc and BSc in 

mechanical engineering from the University of Sao Paulo. He was 

previously head of Brazil FX and USD coupon interest rates trading 

desks of BOA, Brazil and before that, he was the market risk 

manager for the Latin America business of BOA. 


Summary Data 



Worst Monthly Return (%) 0.62 

2003 Return (%) 7.90 



Rise/Fall in NAV over Last 3 Months (%) 

Risk/Return 

2.97 





Maximum Drawdown 0.00 


Fund Details 

Investment Style Multi-Strategy 











Leverage Yes 

Hurdle Rate No 

High Water Mark Yes (reset annually) 






Legal Advisor Mattos Filho 

Broker Banco Itau 








10 

• Capitania’s objective is to offer its clients sophisticated 

investment products, focused on market opportunities generated 

through the fixed income, equities, commodities and currency 

markets. 

• The fund primarily invests in, but are not restricted to: 

− Relative value strategies 

− Arbitrage opportunities 

− Market neutral strategies 

− Opportunistic strategies 

120 

115 

110 

105 

100 

Aug-03 

Oct-03 

Dec-03 

Feb-04 


Apr-04 



Redemption Notification Period 5 business days 





Lock-up No 


Advisory Company Capitania Gestores Ltda 

Management Company Capitania Asset & Risk Management 

Fund Manager(s) Amaury F. Junior, Fabio Greco, 

Ricardo Matone 

Contact Person – Name Arturo Profili 

Contact Person – Email arturo@capitania.net 


Address Rua Tavares Cabral, 102 Conjunto 

102, Sao Paulo, Brazil 


General Email capitania@capitania.net 

Website www.capitania.net 

Jun-04

JGP Hedge FIF 


• Andre Roberto Jakurski is managing director and one of the 

founding partners of JGP. He manages the JGP Hedge fund. 

Jakurski was previously managing director of Unibanco for ten 

years and also a founding partner Banco Pactual. 

• Paulo Roberto Nunes Guedes is managing director and one of the 

founding partners of JGP. He is responsible for the coordination 

and the execution for JGP Hedge. He was a founding partner of 

Banco Pactual, having been responsible for the success of the 

bank in the management of fixed income funds. 


Summary Data 




2003 Return (%) 26.42 




Risk/Return 







Fund Details 




Fund Capacity (US$m) Undisclosed 



Inception Date Jul-1999 





Leverage Yes 

Hurdle Rate Yes (100% over CDI) 



Open/Closed Closed 




Legal Advisor Undisclosed 

Broker Banco Itau 








11 

• The style adopted for the fund is opportunistic and it aims for high 

returns with consistent, restrictive risk controls. 

• The fund will invest in various types of assets within the Brazilian 

financial market including derivatives. The fund is not restricted to 

a particular strategy and may employ leverage. 

400 

340 

280 

220 

160 

100 

Jun-99 

Sep-00 

Dec-01 









Lock-up No 


Mar-03 

Advisory Company JGP SA 

Management Company JGP SA 

Fund Manager(s) Andre Roberto Jakurski, 

Paulo Roberto Nunes Guedes 

Contact Person – Name Eduardo Andrada do Amaral 

Contact Person – Email erudge@jgp.com.br 


Address Av. Repulica do Chile 230, 

15 Andar, Rio de Janeiro, 

RJ 20031-170, Brazil 


General Email mwerneck@jgp.com.br 

Website www.jgp.com.br 

Jun-04 

Multi-Strategy


SDA Hedge FIF 


• Carlos Mello has a post-graduate degree in capital markets from 

Getulio Vargas Foundation and a degree in economics from the 

Federal University of Rio de Janeiro. Mello has over ten years’ 

experience in the market. He had worked at Banco Destak 

responsible for treasury operations and BNP in the fixed income 

and exchange department. 

• Guilherme Schiller graduated with a degree in economics from 

Candido Mendes College and has been in the financial industry 

since 1989. Prior to SDA, he worked in institutions such as Banco 

Primus, Invescorp and Banco Destak. Schiller specialises in 

derivatives portfolio management. 

• Luiz Claudio Vasconcellos has a master’s degree in financial 

engineering and a degree in production engineering from Pontifical 

Catholic University. He had worked at Banco Destak and Modal 

Bank, where he was senior operator of variable income. 

• The three principals jointly own the management company and 

have invested about US$700,000 in the fund. 


Summary Data 



Worst Monthly Return (%) 0.22 

2003 Return (%) 37.33 




Risk/Return 





Maximum Drawdown 0.00 


Fund Details 












Leverage Yes 

Hurdle Rate Yes (CDI) 







Legal Advisor Taunay Advisors 

Broker Liquidez, Adipar, Ativa, Agora 

Senior, Fator, Hedging Griffo 








12 

• The SDA Hedge Fund portfolio is a multi-strategy fund, actively 

managed and employs a series of strategies that have low 

correlation to the market’s directional movements and its price 

levels. The fund seeks to achieve absolute returns almost always 

adjusted to a market neutral position. 

• The fund is 100% invested in the Brazilian market. 

• A 2% stop-loss is employed. The managers also use a third party 

risk management tool, which is used to measure the daily VaR 

and perform stress tests. 

• The fund utilises strategies such as but not restricted to: 

− Fixed income derivative arbitrage 

− Equity derivative arbitrage 

− Equity long/short 

− Forex derivative arbitrage 

• The managers will reinvest a percentage of the fees earned back 

into the fund. 

250 

220 

190 

160 

130 

100 

Aug-01 

Mar-02 

Oct-02 

May-03 




Redemption Notification Period 1 day 





Lock-up No 


Advisory Company SDA Gestao de Recursos 

Management Company SDA Gestao de Recursos 

Fund Manager(s) Carlos Mello, Guilherme Schiller, 

Luiz Vasconcellos 

Contact Person – Name Frederico Valporto 

Contact Person – Email frederico@sda-gr.com.br 


Address Rua Gal. Venancio Flores, 305/707, 

Leblon, Rio de Janeiro, 

RJ 22441-090, Brazil 


General Email frederico@sda-gr.com.br 

Website www.sda-gr.com.br 

Dec-03 

Jul-04

Alternative Thinking 

from Eurekahedge 

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Eurekahedge Databases and Directories 

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The Eurekahedge Monthly Newsletter 

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www.eurekahedge.com

European 

Hedge Fund 

Administrator of 

the Year 2004 

Hedge Fund 

Administrator 

Survey 2004 

Commended Status 

Best Fund Administrator 

(Hedge Funds) 2003 

Please contact: 

In Europe: Brian Wilkinson, +(353) 1 407 2262, 

brian.wilkinson@bankofbermuda.com 

In the Americas: Christine Egan, +(212) 715 6344, 

christine.r.egan@us.hsbc.com 

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joannekmurphy@hsbc.com.hk 

Visit www.gfsfunds.com

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