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Perfin Investimentos
Perfin Investimentos is André Jakurski's São Paulo-based equity boutique, running concentrated Brazilian portfolios since 2008.
Perfin Investimentos
Perfin Investimentos was founded in 2008 by André Jakurski, a former partner at JGP Gestão de Recursos who departed to build a boutique equity franchise focused exclusively on Brazilian publicly traded securities. Jakurski brought a reputation for deep fundamental research and concentrated portfolio construction — his flagship long-only fund typically holds between 12 and 18 names, devoting significant analyst time to each position. The firm operates from a single office in São Paulo, structuring its investment team as a flat, research-driven group where Jakurski serves as both chief investment officer and portfolio manager. The firm's primary vehicle is the Perfin FIA, a long-only Brazilian equity fund that targets absolute returns through bottom-up stock selection. Concentrated holdings have historically included names in the electric utility, water and sanitation, and renewable power generation sectors — portfolio disclosures over the years have shown significant positions in companies like Eletrobras, Equatorial Energia, and Sabesp. Perfin also runs a hedge fund strategy under the Perfin FIM banner, which adds a long/short overlay and macro hedging to the equity book. Geographic focus is domestic — all capital is deployed in Brazilian-listed equities, with occasional exposure to Brazilian companies listed abroad via depositary receipts. As of the firm's most recent publicly available communications, Perfin employed approximately 15 investment professionals. Jakurski remains the controlling partner and final decision-maker on all portfolio allocations — there is no investment committee that dilutes his authority, a structure he has publicly defended as essential to the firm's performance culture. The firm does not disclose assets under management as a matter of policy, a posture consistent across its regulatory filings with the Comissão de Valores Mobiliários. In 2022, Perfin launched a dedicated water and sanitation strategy, reflecting Jakurski's long-standing thesis on the privatization of Brazilian state-owned sanitation utilities. Perfin's structural differentiator is its extreme portfolio concentration and CIO-centric decision model in a market where most Brazilian equity managers run more diversified books and committee-driven processes — the flagship fund's active share has consistently registered above 90%, making it a high-conviction vehicle rather than a benchmark-relative product.
General information
Firm type
Asset Manager
Year founded
2008
AUM
Undisclosed
Location
Region
Latin America
Country
Brazil
City
São Paulo
Corporate office
São Paulo, SP, Brazil
Principals
André Jakurski
Founding Partner and CIO
Sector focus
Frequently asked questions
Who runs investment decisions at Perfin?
André Jakurski, the founder, serves as chief investment officer and portfolio manager with final authority on all positions. There is no investment committee — Jakurski has publicly stated that a single decision-maker aligned with clients is essential to the firm's investment philosophy. He has managed the flagship Perfin FIA portfolio since the firm's launch in 2008 (per Valor Econômico, 2018).
How concentrated is Perfin's equity portfolio?
The flagship long-only fund typically holds between 12 and 18 positions, with active share consistently above 90% relative to the Ibovespa. Jakurski has argued that meaningful outperformance in Brazilian equities requires concentration in high-conviction names rather than diversification for its own sake. The hedge fund strategy can be more concentrated still, depending on market conditions.
Does Perfin invest outside Brazilian equities?
Perfin is exclusively focused on Brazilian publicly traded securities. The firm has occasionally held Brazilian companies listed abroad via American Depositary Receipts, but does not run dedicated international or global equity strategies. Its thematic emphasis on infrastructure, utilities, and energy transition is expressed entirely through domestic listings.
What is Perfin's stated approach to the water and sanitation sector?
Jakurski has been an early and vocal advocate for the privatization of Brazilian state-owned water and sanitation utilities, arguing that the sector offers regulated, inflation-linked cash flows with significant operational improvement potential. The firm formalized this thesis with a dedicated water and sanitation strategy launched in 2022. Prior to that, positions in companies like Sabesp had been core holdings in the flagship fund for several years.
Does Perfin disclose its assets under management?
No. Perfin does not publicly disclose its AUM, a policy that extends to its regulatory filings with Brazil's Comissão de Valores Mobiliários. The firm has maintained this posture since inception, making external AUM estimates unreliable.
How is Perfin structured as a business?
Perfin is an independent asset manager owned by its founder and partners. André Jakurski is the controlling shareholder, and the firm has not taken outside capital at the management-company level. The partnership structure has evolved to include senior investment professionals over time, though Jakurski retains ultimate authority over portfolio decisions and firm strategy.
What was André Jakurski's background before founding Perfin?
Jakurski was a partner at JGP Gestão de Recursos, a Rio de Janeiro-based asset manager founded in 1998, where he managed equity portfolios prior to his departure in 2008. His track record at JGP formed the foundation for the concentrated, research-intensive strategy he brought to Perfin. Earlier in his career, he worked at Banco Pactual, the predecessor to BTG Pactual, in São Paulo (public record).
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