Encore Asset Management

What Encore Asset Management does

Encore Asset Management is an independent Brazilian boutique asset management firm headquartered in São Paulo's Itaim Bibi district, founded in 2021 (with operations commencing February 2021) by a team of buy-side and sell-side veterans led by João Luiz Braga, CFA, formerly of Credit Suisse Hedging-Griffo and XP Asset. The firm manages approximately R$ 2.7 billion (US$ ~0.5B equivalent) in assets across a focused suite of Brazilian equity strategies, organized into long-only (Encore Equities FIA, Encore Valor Dividendos FIA), long-bias (Encore Long Bias FIM, Encore Long Biased 70 XP, Encore Long Biased 100 XP, Encore Long Bias 100 BTG), and beta-neutral long-short (Encore Long & Short FIA) vehicles, with selected wrappers structured as pension (previdência) funds for retail access.

Encore runs a quantamental investment process built on proprietary quantitative screening, monitoring, and portfolio construction models layered on bottom-up fundamental analysis within a curated universe of approximately 70 Brazilian listed companies. Concentrated 10–15 name portfolios are paired with explicit risk management — derivatives used for hedging only in long-bias products, controlled volatility and short-side quantamental signals in the long-short fund — and a Free Cash Flow-oriented selection discipline for dividend strategies, rather than reliance on reported dividend yield.

The firm operates a hybrid go-to-market combining direct sales to qualified and institutional investors with platform distribution through XP Investimentos and BTG Pactual, where its pension-format products reach general and qualified investors at minimums as low as R$ 500. Revenue is generated via annual management fees (1.5%–2.0% across the fund family) plus performance fees of 15%–20% on returns above benchmark (IDIV, CDI, or IPCA + IMA-B 5+ depending on strategy), and is reinforced by a content-driven brand strategy spanning LinkedIn, Instagram, monthly commentary videos, podcast distribution, investment letters, and an institutional book club. Encore is independently held by its partners, with no disclosed institutional or venture capital investors.

Name

Encore Asset Management

Legal name

Encore Asset Management

Website

https://encore.am

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Encore Asset Management is an independent São Paulo-based boutique founded in 2021, managing roughly R$ 2.7 billion in Brazilian equity strategies (long-only, long-bias, and beta-neutral long-short) distributed via XP Investimentos and BTG Pactual to qualified, institutional, and retail pension investors.

Ownership category

akta.pro rank

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees: Annual administration fees charged on assets under management. Rates vary by fund: 2% per annum for Encore Equities FIA, 2% for Encore Valor Dividendos FIA, 1.5% for Encore Long Biased 70 XP, with rates ranging from 1.5% to 2% across the fund family.
2. Performance Fees: Performance fees charged as a percentage of returns exceeding the benchmark. Rates include 20% of returns exceeding IDIV Index for dividend strategy, 20% of returns exceeding CDI for long-short strategy, and 15% of returns exceeding IPCA + IMA-B 5+ yield for pension funds.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Encore Asset Management is a São Paulo-based boutique asset manager that builds, manages, and distributes Brazilian equity-focused investment funds. Its offering spans long-only equity funds, long-bias strategies, beta-neutral long-short strategies, and pension-format fund vehicles, sold both directly to qualified/institutional investors and indirectly via XP Investimentos and BTG Pactual distribution platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Encore Ações Inst FIF Cotas FIA Long-only Brazilian equity fund targeting long-term alpha generation via fundamental analysis, potentially complemented by proprietary quantitative data. Suitable for investors under CMN resolutions 4.994/22 and 4.963/21. Charges 2% per annum administration fee.
• Encore Long Bias FIF Cotas FIM Actively managed Brazilian long-bias fund with fundamental analysis and flexibility for short positions and hedge operations. Benchmark: IPCA + IMA-B 5+. Charges 2% per annum administration fee and 15% performance fee above benchmark.
• Encore Long Biased 100 XP Seg Prev FIC FIM Pension-format long-bias equity fund for qualified investors, distributed via XP Investimentos platform. Positions defined via fundamental analysis with short and hedge flexibility. Charges 20% performance fee on returns exceeding IPCA + IMA-B 5+ yield.
• Encore Long Biased 70 XP Seg Prev FIC FIM Pension-format long-bias fund for general investors, with up to 70% of the portfolio in variable income. Distributed via XP Investimentos platform. Charges 1.5% administration fee and 15% performance fee above IPCA + IMA-B 5+ yield. Accumulated return of 51.76% since inception (May 2022 to June 2026).
• Encore Long Bias 100 BTG Prev FICFIM Access Pension-format long-bias equity fund for qualified investors, distributed via BTG Pactual platform. R$ 500 minimum initial investment. Charges 20% performance fee on returns exceeding IPCA + IMA-B 5+ yield. Accumulated return of 25.36% since inception (October 2023 to June 2026).
• Encore Long Short FIF Ações - Subclasse B Beta-neutral Brazilian equity fund combining long fundamental positions with short quantitative positions to generate pure alpha independent of market direction. Operates with controlled volatility and rigid risk discipline. Charges 2% administration fee and 20% performance fee above CDI benchmark.
• Encore Valor Dividendos FIA Subclasse Long-only Brazilian equity fund focused on resilient, predictable, and defensive companies, using Free Cash Flow as the central selection metric rather than reported dividend yield. Concentrated portfolio of 10-15 names, no leverage or derivatives. Charges 2% administration fee and 20% performance fee above IDIV Index. Delivered 67.2 MM PL with 19.28% accumulated return since inception.

Quantifiable outcome

• Encore Valor Dividendos FIA delivered 67.2 MM PL with 19.28% accumulated return since inception (benchmark: IDIV Index)
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

Three partnerships are on record, tiered core and major.

• ANBIMAcoreOthersANBIMA (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais) is Brazil's industry association for financial markets. Encore displays the ANBIMA seal on its website, indicating compliance with ANBIMA's standards and regulations for asset management firms.
• XP InvestimentosmajorChannel Partner/ Reseller/ DistributorXP Investimentos is one of Brazil's largest investment platforms. Encore distributes pension fund products (Encore Long Biased 70 XP Seg Prev FIC FIM and Encore Long Biased 100 XP Seg Prev FIC FIM) through XP's platform, enabling access to XP's broad retail and qualified investor client base.
• BTG PactualmajorChannel Partner/ Reseller/ DistributorBTG Pactual is a leading Brazilian investment bank and asset manager. Encore distributes the Encore Long Bias 100 BTG Prev FICFIM Access pension fund through BTG's platform, targeting qualified investors seeking retirement-focused products.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Constellation Asset Management: Constellation is a Brazilian boutique asset manager focused on fundamental equity strategies. Alexandre Bagnoli was previously a partner and investment committee member at Constellation — a closely comparable fundamental Brazil-equity boutique.
• Bogari Capital: Bogari Capital is a Brazilian boutique asset manager focused on long-only equity strategies with concentrated portfolios. Highly comparable to Encore's core long-only FIA mandate and value/dividend-style approach.
• Ibiuna Investimentos: Ibiuna is a prominent Brazilian macro and equity manager running both long-bias and long-short strategies with strong institutional traction. Operates in the same Brazilian equity alpha-generation category as Encore but at significantly larger scale.
• Vinci Partners: Vinci Partners is a publicly listed Brazilian alternative investment firm spanning equities, private credit, and private equity. Comparable through its Brazilian equity strategies and multi-strategy distribution footprint.
• Mauá Capital: Mauá Capital is a Brazilian asset manager with both equity and credit strategies plus pension-format products. Comparable to Encore through its pension-format offerings and Brazilian fundamental equity approach.
• SPX Capital: SPX Capital is a Brazilian independent asset manager running fundamental equity and macro strategies. Multiple Encore analysts (Adelia Souza, Isabel Saffioti) previously worked at SPX, evidencing direct overlap in process and investment universe.
• Gávea Investimentos: Gávea is a leading Brazilian alternative asset manager with substantial equity strategies alongside private credit and private equity. Comparable to Encore through its Brazilian fundamental equity book and boutique-manager heritage.
• Apex Capital: Apex Capital is a Brazilian boutique equity manager with specialism in regulated-sector coverage. Encore's Adelia Souza previously worked there as an analyst and partner, indicating strong methodological and cultural overlap.
• Dynamo Administradora: Dynamo is a long-established Brazilian value-style equity manager managing concentrated portfolios of Brazilian listed companies. Mirrors Encore's high-conviction fundamental philosophy and concentrated-name approach.

Broad incumbents

• Itaú Asset Management: Itaú Asset Management is the largest Brazilian asset manager with broad equity, fixed income, and pension products. Broad incumbent competing for the same Brazilian retail and qualified-investor wallet as Encore, though offering a far wider product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCAcNRPxtAGVXTjMZTZaBlUw
• LinkedInlinkedin.com/company/encoream
• Instagraminstagram.com/encore.am

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Encore Asset Management