# Leblon Equities

Leblon Equities is an Asset Manager based in Rio de Janeiro, Brazil.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Rio de Janeiro, Brazil
- **Region:** Latin America
- **Address:** Rio de Janeiro, Brazil
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** www.leblonequities.com.br
- **LinkedIn:** https://www.linkedin.com/company/leblon-equities

## Regulatory record

- **Reports private funds:** No

## About

Leblon Equities is an asset management firm 100% focused on Brazilian Equities (public and private), founded in 2008 by executives with long experience in the Brazilian equities market. Leblon Equities adopts a long-term value oriented investment philosophy, based on a deep bottom-up fundamental research, offering a broad range of absolute return equity strategies: long only, hedge and illiquid (with onshore and offshore vehicles). The business objectives, ownership, reward structure, and culture are all directed at reinforcing a full alignment of interests among partners, employees and clients. The corporate culture is meritocratic, with the target of having most of personnel as partners. The firm aims to attract talented and motivated people, in a creative and ethical environment. We believe that the combination of the best people with the best governance creates sustainable long-term businesses. Our primary goal as value investors is capital preservation. We do it by having a bottom-up approach, an absolute performance orientation and using the margin of safety concept as the main risk management tool.

## People

- Mauro Cunha — Founding Partner and CEO
- Rodrigo Lara — Partner

## Questions

### Who runs investment decisions at Leblon Equities?

Mauro Cunha, founding partner and CEO, leads the investment committee alongside partner Rodrigo Lara. Cunha's background includes managing director roles at UBS Pactual, where he oversaw equity research and proprietary trading desks before launching Leblon Equities in 2008.

### Does Leblon Equities function as a passive investor or an activist?

Leblon Equities has a demonstrated track record of activist engagement in its Brazilian equity holdings. The firm has publicly agitated for board changes and strategic refocusing at companies like BRF, Brazil's largest poultry exporter, and has used its concentrated ownership stakes to push for capital-allocation reforms.

### How is Leblon Equities structured relative to its clients?

The firm operates an independent partnership with partners' personal capital co-invested alongside clients in the flagship Leblon Ações FIA fund. This alignment structure distinguishes it from the large bank-owned asset managers that dominate Brazil's fund industry.

### What investment stages or asset classes does Leblon Equities target?

Leblon Equities operates exclusively in the public equity asset class, targeting both large-cap Brazilian blue chips and mid-cap compounders. The firm does not participate in private equity, venture capital, or fixed-income strategies, maintaining a singular focus on listed Brazilian corporations.

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Last updated: 2026-06-03T20:00:00.000Z

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