HIX Capital
HIX Capital is a São Paulo-based, CVM-regulated Brazilian asset manager running R$2.5 billion in AUM across six long-only equity and pension-structured funds, applying proprietary fundamental research to serve institutional, family office, qualified, and retail clients in Brazil.
- Company typePrivate
- Founded2012
- HeadquartersSão Paulo, Brazil
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What HIX Capital does
HIX Capital (legal entity HIX Investimentos Ltda., CNPJ 14.205.023/0001-47) is a privately held Brazilian asset management firm founded in 2012 and headquartered at Rua Campos Bicudo, 98, São Paulo. The firm operates a six-fund equity platform under CVM authorization and ANBIMA adherence, with R$2.5 billion in assets under management (17% proprietary capital) and a 19-person team organised as a meritocracy-based partnership of 10 partners. The product suite comprises two standard long-only equity funds (HIX CAPITAL FIC FIA, R$200M AUM; HIX CAPITAL INSTITUCIONAL FIC FIA, R$148.4M AUM) and four pension-structured funds (HIX ICATU PREV, HIX PREV II, HIX PREV III, HIX PREV IV) ranging from R$6.7M to R$36.1M AUM each, all sharing a common value-investing philosophy and a concentrated portfolio of typically 15-25 Brazilian equities with top-5 positions at 30-40% exposure and hard caps of 20% per asset and 30% per sector.
The firm's core technology is its proprietary deep fundamental research process — an independent, benchmark-agnostic workflow built on real-economy engagement and qualitative judgement, supplemented by a content engine (semi-annual investor letters, HIX Talks video interviews with portfolio company management, and active social channels on LinkedIn, YouTube, Instagram, Twitter/X, and WhatsApp). The investment mandate is explicitly flexible and unconstrained by external benchmarks, with D+60 to D+62 liquidity enabling positions in less-covered names. Newer analyst hires are dedicated to Global Equities and Private Investments, indicating an evolving research surface beyond purely Brazilian public equities.
Revenue is generated primarily through management fees (e.g., 2% p.a. on HIX PREV IV) and performance fees (typically 20% above benchmarks such as IPCA+6, IBOVESPA, IPCA, or IPCA+IMA B 5+), with minimum investments ranging from R$1 to R$5,000 depending on the fund. Distribution is channelled through nearly all major Brazilian wealth platforms — BTG Pactual (which also hosts the direct BTG Ability WM investment portal), XP Investimentos, Itaú Unibanco, Bradesco BEM, Daycoval, Banco Inter, NuInvest, C6 Bank, Genial, Safra, Toro, and Icatu Seguros — and serves institutional investors, family offices and multi-family offices, and qualified and retail investors across Brazil.
HIX Capital firmographics
Firmographics- Name
- HIX Capital
- Legal name
- HIX Investimentos Ltda.
- Website
- https://hixcapital.com.br
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- HIX Capital is a São Paulo-based, CVM-regulated Brazilian asset manager running R$2.5 billion in AUM across six long-only equity and pension-structured funds, applying proprietary fundamental research to serve institutional, family office, qualified, and retail clients in Brazil.
- Ownership category
- akta.pro rank
HIX Capital industry classification
Industry- Product category
- Equity Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Mid-Cap Equity (Active) (FSAAAIAB)
- akta.pro secondary industry
- Style Equity — Value (Active) (FSAAAIAH)
Keywords
Where HIX Capital is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices1 record
Markets served
HIX Capital business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Management and Performance Fees: HIX Capital earns management fees (e.g., 2% p.a. for HIX PREV IV) and performance fees (e.g., 20% of returns above a benchmark such as IPCA+6 for HIX FIA, IPCA+IMA B 5+ for HIX PREV IV, IPCA for HIX PREV III, IBOVESPA for HIX Institucional). The firm manages approximately R$2.5 billion in AUM across multiple funds.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | HIX CAPITAL FIC FIA — open to general investors; R$200MM AUM; 376.1% return since inception (24/08/2012) |
| Subscription | Annual | HIX CAPITAL INSTITUCIONAL FIC FIA — open to qualified investors per Resolução Normativa 4.661; R$148.4MM AUM; 375.9% return since inception (03/11/2015) |
| Subscription | Annual | HIX ICATU PREV — pension-preferenced fund (prevência); R$36.1MM AUM; 82.0% return since inception (02/04/2019) |
| Subscription | Annual | HIX PREV II MASTER FIM — pension fund; R$36.0MM AUM; 42.3% return since inception (08/11/2021) |
| Subscription | Annual | HIX PREV III FIC FIA — pension fund; R$8.8MM AUM; 35.5% return since inception (27/12/2021) |
| Subscription | Annual | HIX PREV IV FIC FIA — pension fund for qualified investors; R$6.7MM AUM; 51.1% return since inception (15/02/2023) |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels8 records
HIX Capital product offering
Product offeringCore offering
HIX Capital is a Brazilian asset management firm that manages six long-only equity investment funds focused on Brazilian listed companies selected through proprietary fundamental research and value investing. The firm manages approximately R$2.5 billion in AUM across two standard equity funds (HIX FIA and HIX INSTITUCIONAL FIA) and four pension-structured funds (HIX ICATU PREV, HIX PREV II, HIX PREV III, HIX PREV IV), generating revenue via management fees and performance fees.
Product overview
HIX Capital is a Brazilian investment management firm operating as a multi-fund platform offering six equity-focused investment funds. The product suite consists of two main fund types: (1) standard equity funds (HIX CAPITAL FIA and HIX INSTITUCIONAL FIA) for retail and institutional investors, and (2) pension/prev-focused funds (HIX ICATU PREV, HIX PREV II, HIX PREV III, and HIX PREV IV) which offer tax and succession advantages. All funds share a common investment philosophy centered on long-term value investing, quality asset selection with intrinsic value above market price, solid competitive advantages, and proprietary deep research processes. The portfolio typically holds 15-25 companies with top 5 positions representing 30%-40% exposure, and strict concentration limits of 20% per asset and 30% per sector.
Differentiator
Problem solved
Functional benefit
Products and services
- HIX CAPITAL FIC FIA Long-only equity fund open to general investors, investing in solid Brazilian companies through a fundamentalist process with attractive returns compared to industry benchmarks. Performance fee of 20% above IPCA+6; minimum investment R$100; D+62 liquidity; ANBIMA Ações Livre.
- HIX INSTITUCIONAL FIA Institutional equity fund aligned with Resolução Normativa 4.661, seeking long-term absolute returns through quality asset selection. Open to qualified investors; performance fee 20% above IBOVESPA; minimum investment R$1,000; D+60 liquidity; ANBIMA Ações Livre; distributed via Daycoval, NuInvest, and Inter platforms.
- HIX ICATU PREV (HIX PREV) Pension-focused equity fund with tax and succession advantages of a previdencia structure, investing in quality assets with intrinsic value above market price. Performance fee 20% above IPCA; minimum investment R$500; D+60 liquidity; custodian Icatu; distributed via Icatu Seguros portal.
- HIX PREV II MASTER FIM Pension-focused fund (Master structure) seeking to maximize absolute returns in the long term with quality asset selection. Minimum investment R$500; liquidity cutoff 09h–14:30h; distributed via XP Investimentos platform.
- HIX PREV III FIC FIA Pension-focused equity fund with Multimercados Livre ANBIMA classification, aiming for absolute return maximization through fundamental research. Performance fee 20% above IPCA; minimum investment R$5,000 (initial), R$500 (additional); D+60 liquidity; custodian BNY Mellon; distributed via BTG Pactual.
- HIX PREV IV FIC FIA Pension-focused equity fund targeting Qualified Investors with tax and succession benefits, investing in quality assets with solid competitive advantages. Administration fee 2% p.a.; performance fee 20% above IPCA+IMA B 5+; minimum investment R$1; D+62 liquidity; ANBIMA Ações Ativo; custodian Itaú Unibanco; distributed via Itaú platform.
Quantifiable outcome
- HIX CAPITAL FIC FIA: 376.1% return since inception (24/08/2012 – 30/04/2026)
- +5 more outcomes
Companies that use HIX Capital
Customer profileSegments3 records
Ideal customer profiles3 records
HIX Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
HIX Capital partnerships and signals
Strategic signalScale indicators5 records
Recent moves5 records
Expansion highlights5 records
HIX Capital competitors and assessment
Company assessmentDirect peers
- Verde Asset Management: Brazilian long-only value equity manager founded by Luis Stuhlberger, also focused on Brazilian equities with concentrated portfolio and long-term horizon. Verde is the closest direct comparable to HIX in philosophy, AUM scale (~R$30B+), and distribution footprint across Brazilian wealth platforms.
- Constellation Asset Management: Brazilian independent long-only equity manager following a fundamental, value-oriented process with concentrated portfolios of 15-30 names. Constellation is a direct peer to HIX, with comparable AUM tier and similar distribution through XP, BTG and Itaú platforms.
- Ibiuna Investimentos: Brazilian independent asset manager offering long-biased equity and macro strategies with a fundamental, real-economy approach. Comparable to HIX in being independent, multi-fund, and value-oriented, though Ibiuna is larger and more macro-focused.
- Adam Capital: Brazilian long-only equity manager with a concentrated, fundamental research-driven approach targeting long-term returns. Direct peer to HIX in style, target client (HNW/qualified/institutional), and platform distribution model.
- Velt Partners: Brazilian independent equity manager employing a fundamental, concentrated long-only strategy with active engagement. Comparable to HIX in strategy, AUM tier, and reliance on independent research and real-economy engagement.
- Gávea Investimentos: Brazilian alternative asset manager (private equity, credit, equities) founded by Luiz Eduardo Greenhalgh and Armínio Fraga. Comparable to HIX's stated extension into private equity and growth capital, with overlapping investor base among Brazilian family offices and institutions.
- Bahia Asset Management: Brazilian independent asset manager with long-only equity and macro strategies focused on Brazilian and Latin American markets. Comparable in philosophy (fundamental, concentrated) and target segment to HIX.
Broad incumbents
- Vinci Partners: Public Brazilian alternative asset manager with private equity, credit, infrastructure, and long-only equity strategies. Vinci is a broader incumbent than HIX across multiple asset classes but overlaps in Brazilian equity and alternatives, serving similar institutional and FO clients.
- BTG Pactual Asset Management: One of Brazil's largest asset managers, part of BTG Pactual banking group, offering diversified equity, fixed income and multi-market funds. Acts both as a distribution partner to HIX and as a broad incumbent competitor with captive platform advantages.
- Itaú Asset Management: Brazil's largest asset manager, captive to Itaú Unibanco, offering extensive equity, fixed income, and pension fund products. Serves as a core distribution partner for HIX PREV IV while also being a structural competitor with massive scale and captive client base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
HIX Capital social profiles
Digital presenceHIX Capital compliance and trust
Trust signalCompliance2 records
HIX Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
HIX Capital leadership team
Management profileNumber of profiles
Profiles9 records
HIX Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HIX Capital M&A and investment
M&A and investmentM&A
Investments7 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HIX Capital
What does HIX Capital do?
HIX Capital is a Brazilian asset management firm that manages six long-only equity investment funds focused on Brazilian listed companies selected through proprietary fundamental research and value investing. The firm manages approximately R$2.5 billion in AUM across two standard equity funds (HIX FIA and HIX INSTITUCIONAL FIA) and four pension-structured funds (HIX ICATU PREV, HIX PREV II, HIX PREV III, HIX PREV IV), generating revenue via management fees and performance fees.
Is HIX Capital a public or private company?
HIX Capital is a private company. It is classified as management employee owned and is currently operating.
When was HIX Capital founded?
HIX Capital was founded in 2012. It employs 11 to 50 people.
Where is HIX Capital based?
HIX Capital is headquartered in São Paulo, Brazil, in the Latin America region.
How does HIX Capital make money?
One revenue line is on record: management and Performance Fees.
Who are HIX Capital's main competitors?
Direct peers on record are Verde Asset Management, Constellation Asset Management, Ibiuna Investimentos, Adam Capital, Velt Partners, Gávea Investimentos and Bahia Asset Management. Broad incumbents are Vinci Partners, BTG Pactual Asset Management and Itaú Asset Management.
Does HIX Capital have an API?
No public API is recorded for HIX Capital.
What industry is HIX Capital in?
HIX Capital's product category is Equity Asset Management. Its primary akta.pro industry code is FSAAAIAB, Mid-Cap Equity (Active), with a secondary code of FSAAAIAH, Style Equity — Value (Active). Its NAICS code is 523940 and its SIC code is 6282.