Somos inversores contrarians e inversores de valor , filosofía de inversión de la Gestora Orbe

Some may qualify us as balance sheet investors, since we do not look only at the profit of the last quarter or year, but the reasons for this result and any “hidden” assets, not precified in company’s stock price. Other investors have asked us if we are contrarian investors in the sense that we hardly buy things in the fashion in the market. In some ways, both qualifications are true. We are value investors, we seek hidden values, but often we look for a different direction from the market. More than that, we believe that more than contrarian or favorable investors, we maintain strong independent thinking based entirely on in-depth analysis and search for direct information, without intermediaries and their natural conflicts of interest.
Investment Philosophy
We look deeply each company for several months before investing, seeking to understand better than average its revenue model, cost models, major customers, drivers of growth, quality of managers, the impact of any sudden drop in revenue, among others.
We seek to identify opportunities that, at attractive prices, justify allocating capital of members and investors, taking calculated risks, to obtain with a high degree of certainty high and consistent returns over long periods.
Our goal is to achieve high returns in periods above five years.  We do not compare daily, monthly, or even annually our returns to any market index (Ibovespa, FGV-100, CDI, MSCI).
We believe that the correct comparison is to look only at periods longer than five years. However, it is important to note that the portfolio of our funds has virtually zero correlation with market indices, as rarely any company in the Bovespa index, for example, is also in the fund's portfolio.  Usually we do not buy stocks among the 20 most liquid companies on the Bovespa, since we believe they will hardly offer the kind of opportunity of return we want, and the superior level of knowledge that we seek to have.
We invest in companies sometimes unknown to the general public, but large and medium-sized businesses with annual revenue between R$ 400 million and R$ 10 billion.  We usually have from 10 to 15 companies in our equity portfolio, with up to 15% of the portfolio in each company.  We avoid higher concentrations just as a matter of risk management.  We know that it also prevents us from achieving higher returns, when our investment thesis is correct, but we prefer this model, which in our view produces the best long-term return, significantly reducing the risk of significant losses of capital.
Typically, we have up to 3% of the capital of each company in which we invest.  There are cases where we are more representative, which allows us to elect members of the board of directors, audit committee and thus influence management, always aiming to seek improvements that will be beneficial to all shareholders.  Currently we are represented through boards in approximately 70% of companies in the portfolio.
There are cases of companies in which we have less than 0.1% of the shares, making it difficult to have a stronger voice. In this case, we have a significant benefit: liquidity. Our entire position can be bought or sold in a few days.
We do not perform macroeconomic analysis. Our analysis is completely bottom-up and, therefore, we seek the best opportunities in various sectors of the economy. We pay attention to the changing economic scenario, of course. Mainly a structural, long-term view of the future. So we try to have a balanced portfolio in various sectors, diversifying the sector and macroeconomic risk. We strongly look for indicators of where the economy is heading and not where it is today.
Some may qualify us as balance sheet investors, since we do not look only at the profit of the last quarter or year, but the reasons for this result and any “hidden” assets, not precified in company’s stock price. Other investors have asked us if we are contrarian investors in the sense that we hardly buy things in the fashion in the market. In some ways, both qualifications are true. We are value investors, we seek hidden values, but often we look for a different direction from the market. More than that, we believe that more than contrarian or favorable investors, we maintain strong independent thinking based entirely on in-depth analysis and search for direct information, without intermediaries and their natural conflicts of interest.