Horizonte Investimentos

Pedro Chermont, co-founder and CIO, has led the investment team since the firm's inception in 2002. The firm operates with a flat investment committee structure centered on Chermont's decision-making authority. No succession or co-CIO structure has been publicly announced.

Horizonte relies on fundamental, bottom-up research that includes company visits, management interviews, and proprietary financial modeling. The team's long tenure in Brazilian markets provides differentiated access to corporate management teams that newer entrants lack. The firm does not market a systematic or quantitative sourcing process, sticking instead to analyst-driven idea generation.

Horizonte runs a fundamental long/short equity strategy concentrated in 20–30 positions. The portfolio skews net-long with short positions used as single-stock hedges. The mandate covers Latin American exchanges with a heavy emphasis on Brazil and Mexico. Cash levels can rise materially when the investment team lacks high-conviction ideas.

No. Horizonte has historically maintained a product set limited to its flagship long/short equity fund and managed accounts. The firm has not launched adjacent vehicles in private equity, private credit, or real assets. This narrow focus reflects an explicit choice to avoid asset-gathering dilution.

Concentration is a feature, not a bug, in Horizonte's process — the firm runs 20–30 names and is willing to hold significant cash positions during periods of market stress. The short book is intended to hedge single-name risk, not to neutralize beta. Investors must accept that the strategy will experience volatility consistent with concentrated, directional Latin American equity exposure.