In a horizontal space, here you don’t talk to a manager, you talk to a team. We put good people and unafraid to innovate first, to bring opportunities, strategies and ideas, always grounded in data and information.
Flywheel
Momentum
Combination
Encore
Our investment philosophy
Diverse Team
Individuals with distinct personal and professional backgrounds enrich the debate process
Management without prejudice
We don’t like labels. We like companies with clear triggers and that we see a greater value than the market
Expert Analysis
A large team of expert analysts to follow a few companies in detail and focusing on their idiosyncrasies
Focus on the long term
Exceptional companies have features that are difficult to price in the short term, but tend to surprise consensus in the long term.
Team
We believe that a “good people” environment influences the outcome and generates better performance. Therefore, we have formed a good and robust team to carry out in-depth analyses in an environment where everyone has the right to grow and participate in decision-making.
Adelia Souza is a partner and research analyst at Encore. She joined the firm in 2020 and covers the utilities sector. Prior to joining the firm, Adelia was a partner and research analyst at Apex Capital. Previously, she was a member of SPX Capital research team for five years. Adelia worked as a sell side analyst at Credit Suisse and as an intern at Banco BBM. Adelia holds a bachelor in Economics from Universidade Federal do Rio de Janeiro (UFRJ) and the Chartered Financial Analyst designation.https://www.linkedin.com/in/adelia-souza-cfa-4a5035a5/
Alexandre Bagnoli is a partner and research analyst at Encore. He joined the firm in 2020 and covers the consumer, retail and malls sector. Prior to joining the firm, he was a partner and member of Constellation Asset Management Investment Committee for eight years. Previously, he was an ECM associate-director at BTG Pactual. Alexandre has participated in the board of Aliansce and in the Fiscal Council of Somos Educação. He earned his bachelor’s degree in production engineering from POLI-USP with a M.Sc. in engineering from Politecnico di Milano. Alexandre holds the Chartered Financial Analyst designation and the FSA Credential.https://www.linkedin.com/in/alexandre-bagnoli-cfa-8153288/
Ana Paula Santos is an administrative analyst at Encore. Before joining Encore, she was responsible for the financial, administrative and human resources departments in a foreign trade company. Ana Paula has a degree in Administration and is currently pursuing a specialization in Controllership and Finance at Senac.https://www.linkedin.com/in/ana-paula-s-santos-440688173/
Brenno Berkovitz is IR at Encore. Before joining Encore, he was an associate at Banco Safra in the commercial area of Safra Invest (B2B) from 2021 to 2022. Previously, he was a commercial analyst at B2B at Órama Investimentos from 2018 to 2021. Brenno holds a degree in Business Administration from PUC-Rio.https://www.linkedin.com/in/brenno-berkovitz-74831a142/
Davi Sapira is a partner and COO at Encore. He joined the firm in 2021. Prior to joining the firm, he was a partner and worked at the operations and compliance team at FAMA for eleven years. Previously, he was an operations analyst at Rio Bravo. Davi is a member of the fiscal council of IBI (Instituto Brasil-Israel). He earned his bachelor’s degree in production engineering from Universidade do Estado do Rio de Janeiro (UERJ) and completed his MBA at FIPECAFI/USP, São Paulo.https://www.linkedin.com/in/davi-sapira-5283581b/
Felipe Monjardim is a quantitative intern at Encore. Prior to joining the firm, Felipe worked as an intern at Big Data. Felipe is an undergraduate in electrical engineering from POLI-USP.https://www.linkedin.com/in/felipe-mischiatti-monjardim/
Filipe Vaz is a research analyst at Encore. He joined the firm in 2020 and covers the Transportation and Capital Goods sectors. Prior to joining the firm, he was a controller analyst at BTG Pactual. Filipe worked as an operations analyst at XP Investimentos and as an intern at Banco Santander. Filipe earned his bachelor’s degree in electrical engineering from POLI-USP and holds the Chartered Financial Analyst designation.https://www.linkedin.com/in/filipe-vaz-cfa-660631aa/
Francisco Muniz is a quantitative analyst at Encore. Prior to joining the firm, Francisco worked as an analyst at the EqD Automation team at Goldman Sachs. Previously, he worked at Daemon Investimentos. Francisco earned his bachelor’s degree in electronic engineering from Instituto Tecnológico de Aeronáutica (ITA).https://www.linkedin.com/in/francisco-muniz-507b9997/
Guilherme Augusto Souza is an operations analyst at Encore. Prior to joining Encore, he interned at Vórtx, working in the areas of Compliance, Product & Technology, and Business Intelligence on projects related to process optimization and automation. Guilherme is a Chemistry student at USP.https://www.linkedin.com/in/guiaugust8/
Igor Mota is a research intern at Encore. He joined the firm in 2020 and covers the food retail and food commodities sector. Prior to joining the firm, Igor worked as an intern in middle market M&A at VGL Fusões e Aquisições. Igor earned his bachelor’s degree in production engineering from POLI-USP.https://www.linkedin.com/in/igor-mota-420a1b170/
Isabel Saffioti is an investment analyst at Encore. Prior to joining Encore, she worked in the Commodities & Equities field at SPX. She was in Equity Research at Bank of America between 2019 and 2022. She holds a degree in Economics from FEA-USP.https://www.linkedin.com/in/isabelsaffioti/
Jéssica Bessa is a partner and research analyst at Encore. She joined the firm in 2020 and covers higher education and healthcare sectors. Prior to joining the firm, Jéssica was a partner and research analyst at Miles Capital. Previously, she was a member of Kapitalo Investimentos research team where she joined in 2017. Jéssica worked as an equity research analyst at Santander and as an intern at BofA Merrill Lynch. Jéssica holds a bachelor in business administration from FGV-EAESP and a bachelor of accountancy from FEA-USP and CFA Charterholder.https://www.linkedin.com/in/jbessa/
João Luiz Braga is a partner and portfolio manager of Encore. Prior to founding Encore, João was a partner at Grupo XP and co-portfolio manager for all equity strategies at XP Asset Management. Previously, he was a partner and co-portfolio manager at Credit Suisse Hedging- Griffo, where he joined as a research analyst for Fundo Verde in 2005. João has participated in the boards of Via Varejo, Guararapes and ParanáBanco. João earned his bachelor’s degree in electrical engineering from POLI-USP and completed his MBA at Insper, São Paulo. João holds the Chartered Financial Analyst designation.https://www.linkedin.com/in/joao-luiz-braga-cfa-a59290/
José Eduardo is a partner, trader and research analyst at Encore. José Eduardo started his career at Credit Suisse Hedging Griffo’s trading desk. In 2008, he joined XP Investimentos to structure their institutional trading desk business and later that year became a partner at the institution. In 2015, José Eduardo moved to the US to structure XP’s offshore broker dealer business. In 2020, he worked as a derivatives and LATAM indexes consultant at The Blue Fund. José Eduardo earned his bachelor’s degree in mechatronics engineer from Unicamp and holds the Chartered Financial Analyst designation.https://www.linkedin.com/in/jos%C3%A9-eduardo-sebastiao-cfa-991192a/
Lucas Liberman is a research intern at Encore. He joined the firm in 2020 and covers the financials and real estate sectors. Prior to joining the firm, Lucas worked as a research intern at Morgan Stanley. Lucas earned his bachelor’s degree in production engineering from POLI-USP.https://www.linkedin.com/in/lucas-liberman-fernandes-0541b9171/
Adelia Souza is a partner and research analyst at Encore. She joined the firm in 2020 and covers the utilities sector. Prior to joining the firm, Adelia was a partner and research analyst at Apex Capital. Previously, she was a member of SPX Capital research team for five years. Adelia worked as a sell side analyst at Credit Suisse and as an intern at Banco BBM. Adelia holds a bachelor in Economics from Universidade Federal do Rio de Janeiro (UFRJ) and the Chartered Financial Analyst designation.https://www.linkedin.com/in/adelia-souza-cfa-4a5035a5/
Alexandre Bagnoli is a partner and research analyst at Encore. He joined the firm in 2020 and covers the consumer, retail and malls sector. Prior to joining the firm, he was a partner and member of Constellation Asset Management Investment Committee for eight years. Previously, he was an ECM associate-director at BTG Pactual. Alexandre has participated in the board of Aliansce and in the Fiscal Council of Somos Educação. He earned his bachelor’s degree in production engineering from POLI-USP with a M.Sc. in engineering from Politecnico di Milano. Alexandre holds the Chartered Financial Analyst designation and the FSA Credential.https://www.linkedin.com/in/alexandre-bagnoli-cfa-8153288/
Ana Paula Santos is an administrative analyst at Encore. Before joining Encore, she was responsible for the financial, administrative and human resources departments in a foreign trade company. Ana Paula has a degree in Administration and is currently pursuing a specialization in Controllership and Finance at Senac.https://www.linkedin.com/in/ana-paula-s-santos-440688173/
Brenno Berkovitz is IR at Encore. Before joining Encore, he was an associate at Banco Safra in the commercial area of Safra Invest (B2B) from 2021 to 2022. Previously, he was a commercial analyst at B2B at Órama Investimentos from 2018 to 2021. Brenno holds a degree in Business Administration from PUC-Rio.https://www.linkedin.com/in/brenno-berkovitz-74831a142/
Davi Sapira is a partner and COO at Encore. He joined the firm in 2021. Prior to joining the firm, he was a partner and worked at the operations and compliance team at FAMA for eleven years. Previously, he was an operations analyst at Rio Bravo. Davi is a member of the fiscal council of IBI (Instituto Brasil-Israel). He earned his bachelor’s degree in production engineering from Universidade do Estado do Rio de Janeiro (UERJ) and completed his MBA at FIPECAFI/USP, São Paulo.https://www.linkedin.com/in/davi-sapira-5283581b/
Felipe Monjardim is a quantitative intern at Encore. Prior to joining the firm, Felipe worked as an intern at Big Data. Felipe is an undergraduate in electrical engineering from POLI-USP.https://www.linkedin.com/in/felipe-mischiatti-monjardim/
Filipe Vaz is a research analyst at Encore. He joined the firm in 2020 and covers the Transportation and Capital Goods sectors. Prior to joining the firm, he was a controller analyst at BTG Pactual. Filipe worked as an operations analyst at XP Investimentos and as an intern at Banco Santander. Filipe earned his bachelor’s degree in electrical engineering from POLI-USP and holds the Chartered Financial Analyst designation.https://www.linkedin.com/in/filipe-vaz-cfa-660631aa/
Francisco Muniz is a quantitative analyst at Encore. Prior to joining the firm, Francisco worked as an analyst at the EqD Automation team at Goldman Sachs. Previously, he worked at Daemon Investimentos. Francisco earned his bachelor’s degree in electronic engineering from Instituto Tecnológico de Aeronáutica (ITA).https://www.linkedin.com/in/francisco-muniz-507b9997/
Guilherme Augusto Souza is an operations analyst at Encore. Prior to joining Encore, he interned at Vórtx, working in the areas of Compliance, Product & Technology, and Business Intelligence on projects related to process optimization and automation. Guilherme is a Chemistry student at USP.https://www.linkedin.com/in/guiaugust8/
Igor Mota is a research intern at Encore. He joined the firm in 2020 and covers the food retail and food commodities sector. Prior to joining the firm, Igor worked as an intern in middle market M&A at VGL Fusões e Aquisições. Igor earned his bachelor’s degree in production engineering from POLI-USP.https://www.linkedin.com/in/igor-mota-420a1b170/
Isabel Saffioti is an investment analyst at Encore. Prior to joining Encore, she worked in the Commodities & Equities field at SPX. She was in Equity Research at Bank of America between 2019 and 2022. She holds a degree in Economics from FEA-USP.https://www.linkedin.com/in/isabelsaffioti/
Jéssica Bessa is a partner and research analyst at Encore. She joined the firm in 2020 and covers higher education and healthcare sectors. Prior to joining the firm, Jéssica was a partner and research analyst at Miles Capital. Previously, she was a member of Kapitalo Investimentos research team where she joined in 2017. Jéssica worked as an equity research analyst at Santander and as an intern at BofA Merrill Lynch. Jéssica holds a bachelor in business administration from FGV-EAESP and a bachelor of accountancy from FEA-USP and CFA Charterholder.https://www.linkedin.com/in/jbessa/
João Luiz Braga is a partner and portfolio manager of Encore. Prior to founding Encore, João was a partner at Grupo XP and co-portfolio manager for all equity strategies at XP Asset Management. Previously, he was a partner and co-portfolio manager at Credit Suisse Hedging- Griffo, where he joined as a research analyst for Fundo Verde in 2005. João has participated in the boards of Via Varejo, Guararapes and ParanáBanco. João earned his bachelor’s degree in electrical engineering from POLI-USP and completed his MBA at Insper, São Paulo. João holds the Chartered Financial Analyst designation.https://www.linkedin.com/in/joao-luiz-braga-cfa-a59290/
José Eduardo is a partner, trader and research analyst at Encore. José Eduardo started his career at Credit Suisse Hedging Griffo’s trading desk. In 2008, he joined XP Investimentos to structure their institutional trading desk business and later that year became a partner at the institution. In 2015, José Eduardo moved to the US to structure XP’s offshore broker dealer business. In 2020, he worked as a derivatives and LATAM indexes consultant at The Blue Fund. José Eduardo earned his bachelor’s degree in mechatronics engineer from Unicamp and holds the Chartered Financial Analyst designation.https://www.linkedin.com/in/jos%C3%A9-eduardo-sebastiao-cfa-991192a/
Lucas Liberman is a research intern at Encore. He joined the firm in 2020 and covers the financials and real estate sectors. Prior to joining the firm, Lucas worked as a research intern at Morgan Stanley. Lucas earned his bachelor’s degree in production engineering from POLI-USP.https://www.linkedin.com/in/lucas-liberman-fernandes-0541b9171/
Flywheel
Momentum
Combination
Encore
