Charybdis Investments International

Charybdis Investments International

Roberto Jaguaribe founded Charybdis Investments International in 2018 after a decade at BlueCrest Capital Management, where he was a partner and senior portfolio manager running a standalone emerging-markets macro book. The firm is domiciled in Grand Cayman, a jurisdiction common for global macro funds seeking regulatory flexibility and access to institutional investors, and it trades primarily across G10 and Latin American markets. Charybdis operates as a global-macro hedge fund with a particular emphasis on liquid instruments in rates, foreign exchange, sovereign credit, and inflation-linked products. The strategy is discretionary but grounded in a risk-parity framework that systematically balances exposures across asset classes and geographies. The firm's investment universe centers on Brazil and Mexico, where Jaguaribe built his track record at BlueCrest, but the mandate extends to G10 rates, currencies, and commodity-linked trades. Charybdis is structured as a single-manager fund, not a platform; all investment decisions run through Jaguaribe. The fund is known to trade both outright directional positions and relative-value pairs across the Brazilian yield curve, the Mexican peso, and select Andean and European rates markets. Jaguaribe launched Charybdis with a lean team drawn largely from his former emerging-markets desk, keeping headcount deliberately low to preserve a flat, high-trust decision-making structure. The firm does not publicly disclose assets under management or quarterly performance, consistent with a sub-$500 million manager running a capacity-constrained strategy that prides itself on nimbleness over scale. The Grand Cayman headquarters reflects the domicile choice of many global macro funds running institutional capital, though Charybdis does not appear to maintain secondary offices in São Paulo, New York, or London—an unusual structural note for a LatAm-focused macro book. This suggests a deliberate operational simplicity that avoids the overhead of multiple regulated entities. Charybdis is structurally unusual for an emerging-markets fund of its vintage: it is deliberately single-manager, single-office, and single-vision. Most post-2015 LatAm macro launches have either joined larger platforms or built multi-PM pods to attract allocator capital. Jaguaribe's refusal to diversify the book across multiple traders—or to market a broader suite of strategies—makes the fund a pure expression of his personal risk framework. That framework, honed over a full cycle at BlueCrest that included the 2013 taper tantrum and the 2015–2016 Brazilian recession, emphasizes convexity and volatility management over levered carry, a posture that distinguishes Charybdis from the crowded commodity-cyclical and high-carry trades common among LatAm allocators.