Charybdis Investments International

Roberto Jaguaribe, the founder and chief investment officer, holds sole discretion over the firm's portfolio. He built the strategy around a risk-parity-informed global macro framework, concentrating exposures in LatAm and G10 rates, currencies, and sovereign credit. There are no co-CIOs or independent risk-takers, a deliberate structural choice to avoid the dilution of his personal investment process.

Charybdis runs a discretionary global macro strategy with a structural emphasis on Latin American markets, particularly Brazil and Mexico. The firm trades liquid instruments across sovereign rates, foreign exchange, sovereign credit, and inflation-linked products. Its process uses a risk-parity overlay to balance factor exposures, with a known edge in relative-value trades along the Brazilian yield curve and cross-market peso positions. The fund does not typically allocate to private markets, illiquid credit, or equities outside of macro-context trades.

Charybdis Investments International is structured as a hedge fund that manages external institutional capital, not as a single-family office. It is domiciled in Grand Cayman, a jurisdiction standard for pooled investment vehicles open to non-U.S. investors. The firm's founder, Roberto Jaguaribe, generates his own capital through the fund's performance, but the vehicle's structure and regulatory profile—a Cayman-domiciled fund—are consistent with a third-party asset manager.

Charybdis emphasizes convexity and volatility management over outright levered carry, a posture shaped by Roberto Jaguaribe's experience navigating the 2013 taper tantrum and the 2015–2016 Brazilian recession. The fund's risk-parity framework systematically caps notional exposures relative to volatility targets, distinguishing it from purely directional LatAm macro competitors. The firm runs a concentrated book, and all risk decisions are centralized under a single portfolio manager, allowing for rapid adjustments during stress events.

The Grand Cayman domicile reflects a standard structure for global macro funds targeting international institutional allocators while operating across emerging markets. The absence of a satellite office in São Paulo or New York is unusual for a LatAm-focused book and points to a deliberately lean operational footprint. This structure minimizes regulatory overlap, reduces fixed costs, and keeps the investment team physically centralized—consistent with a single-manager, capacity-constrained strategy.