Capstone Gestao de Recursos

Founded on Q1 2020, Capstone Gestão de Recursos ("Capstone") is an independent hedge fund located in Rio de Janeiro, Brazil. The firm was founded by a group of former portfolio managers at SPX, including Sebastian Lewit, Marcio Albuquerque and Frederico Saraiva. Capstone focuses exclusively on qualified investors (term utilized in Brazil to describe high net worth individuals), utilizing a long-term horizon in its investment process. The main pillar for its investment philosophy is macroeconomic analysis, focusing on 3 main markets: interest rates, FX and equity. However, portfolio managers have the flexibility to identify sporadic opportunistic events to generate gains in short-term market fluctuations. The firm's main geographical focus is Brazil, where it believes to have a comparative advantage to its international peers; however fund managers can operate in international markets as they see fit.