Leblon Equities Partners Fund is an open‐ended investment fund incorporated in the Cayman
Islands as an exempted company limited by shares. It was incorporated on October 2, 2008.
FUNDS
Objective
Class Leblon Equities Fund aims to provide investors superior risk‐adjusted long‐term returns comprised of capital appreciation (capital gains, dividends and interest income) by investing in equity instruments issued by public companies listed on the São Paulo Stock Exchange (B3), which in the Investment Manager’s opinion are mispriced relative to their intrinsic value. No designated Investments will be made in respect of the Class Leblon Equities Fund.
STRATEGY
Leblon Equities Partners Fund has a value‐oriented strategy based on an extensive fundamental research effort. To determine whether a security is significantly mispriced relative to its intrinsic value, the Fund conducts a bottom up analysis of the business. The main valuation tool is Discounted Cash Flow in addition to peer group multiples analysis. The typical portfolio would range from 15 to 25 stocks that individually should not exceed 10% of NAV and the top 5 holdings should normally account for 40%‐50% of the NAV. Risk Management is based on liquidity and "margin of safety" when defining target prices. According to the liquidity rule, the investment manager must be able to liquidate 30% of the portfolio linearly, assuming a participation of 30% of individual assets’ liquidity. It is assumed that the liquidity of each asset is the daily average of the volume traded in the last 3 months.
Subscriptions
Daily
Initinial Minimal Subscriptions
US$ 500,000.00
Minimum for Subsequent Subscriptions
US$ 100,000.00
Redemptions
Monthly, subject to a 20 days prior written notice.
Minimum Redemption Value
US$ 100,000.00
Management Fee
2.0% per annum of the Net Asset Value. Accrued daily, paid monthly.
Performance Fee
15% of the profits exceeding Libor. Accrued daily, paid semiannually. High water‐mark.
DISCLAIMER
Leblon Equities Gestão de Recursos Ltda. ("Leblon") does not sell nor distribute shares of investment funds or any other security. The content of this document has been repared solely for informational and transparency purposes to the management carried out by Leblon and is neither intended, nor should be considered, as an offer to sell, or as a solicitation to acquire shares in any investment fund or any other security. The content of this document is solely for the use of the recipient and shall not be reproduced, distributed, published, copied or disseminated to others, except with prior and express written permission. Past performance does not guarantee future results. Investments in the Funds are not guaranteed by Leblon or any other service providers to the Funds, any insurance mechanisms or the Credit Guarantee Fund of Brazil (FGC). Leblon takes no responsibility for investment decisions taken based on this material. Access to this document or use of the services or information provided herein is prohibited by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law, rule or regulation.
