KADIMA

What KADIMA does

Kadima Gestão de Investimentos LTDA, operating as Kadima Asset Management, is a Rio de Janeiro-based independent quantitative asset management firm founded in April 2007 by partners who had been applying systematic trading approaches since 2002 at an investment bank treasury. The firm manages 13 distinct fund products across multimercado (multi-strategy), equity, pension, fixed income, and international strategies, serving primarily Brazilian retail investors, qualified investors, and pension/retirement savers via VGBL/PGBL structures. Kadima's stated investment approach is fully systematic, using proprietary mathematical-statistical models (trend-following at multiple time horizons, statistical arbitrage, event-driven strategies, factor models) applied across Brazilian and international markets without human discretion. The firm has documented a 17+ year track record navigating multiple market cycles, with its flagship Kadima FIC FIM achieving +263.48% cumulative returns (133% of CDI) from inception through 2017.

Kadima's business model is a classic asset management revenue structure based on percentage-of-AUM fees plus performance fees. Management fees range from 0.44% to 2.00% per annum depending on fund strategy, with flagship multimercado funds at 2.00% and fixed income funds as low as 0.44%. Performance fees of 20% apply when funds exceed their benchmarks (CDI for most multimercado, Ibovespa for equity funds, IMA-B or CDI+0.26% for fixed income). Distribution is exclusively within Brazil, executed through three channels: (1) direct digital subscription via BRE AI autonomous investment platform; (2) a broad network of 15+ major Brazilian brokerage platforms and digital banks including XP Investimentos, BTG Pactual, Itaú, Bradesco, Nubank, Inter, Genial, and C6 Bank; and (3) pension/insurance company channels distributing VGBL/PGBL products via Bradesco Seguros, Icatu Seguros, Itaú Vida e Previdência, XP Seguros, Zurich, and Brasilprev. Operational infrastructure relies on BNY Mellon as primary custodian and fund administrator (with BTG Pactual as secondary administrator for certain funds), and KPMG and Ernst & Young as independent auditors for different fund families.

The company's growth strategy centers on systematic capacity expansion through new fund launches, international market access (planned New York office circa 2018), and institutional pension channel development via master-feeder restructuring. Market positioning emphasizes transparency through publicly published quarterly investor letters (a practice described as rare in Brazil), 17+ years of documented track record, and the founder-team's quantitative credentials dating back to 2002. Customer-facing intellectual property is centered on the firm's proprietary model library and disciplined risk management (historical maximum drawdown of 4.20% on flagship). The firm remains privately held with no disclosed institutional investors, parent company, or funding rounds, operating as a partnership-structured independent asset manager.

Name

KADIMA

Legal name

Kadima Gestão de Investimentos LTDA

Website

https://kadimaasset.com.br

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

KADIMA is a Rio de Janeiro-based quantitative asset management firm managing 13 systematic multi-strategy funds for Brazilian retail investors, qualified investors, and pension savers via VGBL/PGBL products distributed across 15+ brokerages.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Strategy — Quant/Systematic Multi-Strategy (FSAHAFAH)

akta.pro secondary industries

Multi-Strategy — Credit + Structured Products (FSAHAFAE), Quant Equity Long/Short (Equity Stat Arb / Factor / ML) (FSAHAAAB), Quant Multi-Asset Risk Premia / Alternative Risk Premia (Carry, Value, Momentum, Defensive) (FSAHAEAI), Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

Keywords

• Quantitative asset management
• Systematic investment strategies
• Multimercado funds
• Algorithmic trading
• Pension fund management

Headquarters

HQ city

Rio De Janeiro

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fee (Taxa de Administração): Annual fee charged on assets under management (AUM). Rates vary by fund: 2.00% p.a. for flagship multimercado funds (Kadima Master FIF MM RL), 1.20% p.a. for pension funds, 1.35% p.a. for equity funds, 0.44-0.75% p.a. for fixed income funds, 0.45% p.a. for private credit fund. Fees are charged on the fund's net asset value.
2. Performance Fee (Taxa de Performance): Fee charged on returns exceeding a defined benchmark. Most multimercado funds charge 20% of returns above CDI; equity fund charges 20% above Ibovespa; fixed income funds charge 20% above IMAB or 14% above CDI+0.26%. This aligns manager and investor interests.
3. Assets Under Management (AUM): Core revenue driver is the total AUM across all Kadima fund families. As a percentage-of-AUM model, larger AUM generates proportionally higher management fee revenue. Fund families include: Flagship (Flagship Quant), High Vol, Prevência, Long Only, Long Short, Long Bias, Renda Fixa, Internacional, and Crédito Privado.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Kadima is an independent Brazilian asset manager that runs 13 systematic, rule-based quantitative investment funds using proprietary mathematical-statistical models covering trend-following, statistical arbitrage, event-driven, factor, and multi-strategy approaches across Brazilian and international markets. Funds include flagship multimercado strategies, equities, long-short/long-bias, fixed income, private credit, international, and VGBL/PGBL pension vehicles distributed through 15+ retail brokerages, insurance partners, and the BRE AI direct platform.

Product overview

Kadima is a Brazilian quantitative investment management firm offering a suite of 13 distinct fund products across multiple asset classes and strategies. The flagship products are the Kadima Master FIF MM RL funds (Subclasses I and II), which are multi-strategy multimercado funds utilizing diversified mathematical-statistical models. The product line includes equity funds (Equities, Long Short Plus, Long Bias), pension funds (Previdência, Long Short Prev, Long Bias Prev), fixed income funds (IMAB, Renda Fixa Ativa, Yield), and international funds (International Alpha). All products share a common quantitative, systematic investment approach based on mathematical models, with the flagship multimercado funds serving as the core strategy replicated across various pension and retail versions.

Differentiator

Problem solved

Functional benefit

Products and services

• Kadima Master FIF MM RL – Subclasse Kadima I Flagship multi-strategy multimercado fund with a diversified portfolio of mathematical-statistical models operating across various financial assets in local and international markets, targeting CDI outperformance over the long term. Initial investment: R$ 50,000; D+0 subscription / D+1 settlement; management fee 2.00% p.a.; performance fee 20% of CDI excess.
• Kadima Master FIF MM RL – Subclasse Kadima II Flagship multimercado fund subclass with the same strategy as Kadima I but different investment minimums and redemption terms, targeting CDI outperformance. Initial investment: R$ 20,000; management fee 2.00% p.a.; performance fee 20% of CDI excess.
• Kadima High Vol FIC FIF Multimercado – RL High volatility multimercado fund for qualified investors with higher leverage exposure to the same algorithms as the flagship fund, targeting CDI outperformance. Initial investment: R$ 100,000; management fee 2.00% p.a.; performance fee 20% of CDI excess.
• Kadima Equities FIF em Ações – RL Systematic Brazilian equity fund using quantitative approaches and a diversified factor-based portfolio to target Ibovespa outperformance over the long term. Initial investment: R$ 500; management fee 1.35% p.a.; performance fee 20% of Ibovespa excess; targeted at general investors.
• Kadima Long Short Plus FIF Ações – RL Long-short equity fund structured as FIA with favorable taxation, exposing investors to factor-based strategies using the same algorithms as the flagship multimercado fund. Minimum balance: R$ 100,000; benchmark: CDI; 15% tax on redemption gains.
• Kadima Long Bias FIF Multimercado – RL Multimercado fund with directional long bias in equities, using quantitative models to capture upward market movements while providing partial protection during downturns, targeting IPCA+X outperformance. Initial investment: R$ 20,000; management fee 1.75% p.a.; performance fee 20% of IPCA+X excess.
• Kadima FIFE Previdência FIF Multimercado – RL Pension multimercado fund adapted to VGBL/PGBL legislation, applying systematic evidence-based approaches suitable for long-term retirement savings. Management fee 1.20% p.a.; no performance fee; ANBIMA classification Multimercado Livre; redemption D+2 business days.
• Kadima Long Short Previdência FIF Multimercado – RL Pension long-short strategy fund with the tax benefits of open pension products, offering rare long-short exposure in the pension industry. Management fee 1.00% p.a.; performance fee 20% of CDI+0.9% excess; redemption D+5 business days; settlement D+2 from quotation.
• Kadima Long Bias FIFE Prev FIF Multimercado – RL Pension fund with long-bias exposure adapted for VGBL/PGBL plans, seeking favorable equity-fund taxation treatment; distributed via Brasilprev.
• Kad IMAB FIC FIF RF LP – RL Fixed income fund with active IMA-B exposure and systematic fixed income management, targeting IMA-B outperformance. Management fee 0.75% p.a.; performance fee 20% of IMAB excess; redemption D+5 business days; settlement D+1.
• Kadima Yield FIF RF CP LP – RL Systematic private credit fund investing in a diversified debenture portfolio, targeting CDI outperformance through quantitative fixed income models. Management fee 0.45% p.a.; redemption D+60 calendar days.
• Kadima Renda Fixa Ativa FIF RF LP – RL Active fixed income fund with a systematic approach targeting CDI outperformance, combining active management benefits with systematic advantages. Management fee 0.44% p.a.; performance fee 14% of CDI+0.26% excess; redemption D+3 business days; ANBIMA classification Renda Fixa.
• Kadima International Alpha FIF Multimercado – RL International multimercado fund for qualified investors applying mathematical-statistical models to international markets. Initial investment: R$ 20,000; settlement D+5 from quotation; targeting qualified investors.

Quantifiable outcome

• Kadima FIC FIM generated +263.48% cumulative returns (133% of CDI) over ~11 years (May 2007 – Dec 2017) vs average Brazilian multimercado fund performance
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• BTG PactualcoreChannel Partner/ Reseller/ DistributorBTG Pactual digital platform distributes Kadima funds (Long Short Plus, Previdenca Long Short, IMAB Previdenca) and serves as custodian (Banco BTG Pactual S.A.) and administrator (BTG Pactual Serviços Financeiros S.A. DTVM) for several funds. Ernst & Young serves as auditor for BTG-administered Kadima funds.
• Icatu SeguroscoreChannel Partner/ Reseller/ DistributorIcatu Seguros is a major insurance partner distributing Kadima's multimercado pension fund (Kadima FIFEPrevidenca FIF Multimercado) through VGBL/PGBL plans. Kadima's founding pension fund was managed for Icatu, marking a long-standing partnership in the pension segment.
• XP Investimentos / XP SeguroscoreChannel Partner/ Reseller/ DistributorXP Investimentos distributes Kadima's retail funds (multimercado, equity, fixed income). XP Seguros distributes multiple Kadima pension strategies (multimercado, long short, long bias, IMAB) through VGBL/PGBL plans. XP is one of the largest digital investment platforms in Brazil.
• KPMG Auditores IndependentescoreOthersKPMG serves as the independent auditor for Kadima's flagship funds (Kadima Master FIF MM RL and Kadima Long Bias FIF Multimercado), providing external audit services that ensure regulatory compliance and financial statement integrity.
• Itaú (Itaú Vida e Previdência)majorChannel Partner/ Reseller/ DistributorItaú distributes Kadima's multimercado pension fund (Kadima FIFEPrevidenca) through its VGBL/PGBL pension plans. Itaú is Brazil's largest private bank with extensive retail distribution reach.
• Bradesco SegurosmajorChannel Partner/ Reseller/ DistributorBradesco Seguros distributes Kadima's multimercado pension fund (Kadima FIFEPrevidenca) through VGBL/PGBL plans underwritten by Bradesco. Bradesco is one of Brazil's largest insurance and financial services groups.
• Zurich Santander Brasil SegurosminorChannel Partner/ Reseller/ DistributorZurich distributes Kadima's multimercado pension fund (Kadima FIFEPrevidenca) through its VGBL/PGBL pension product offerings.
• Brasilprev Seguros e PrevidênciaminorChannel Partner/ Reseller/ DistributorBrasilprev distributes Kadima's Long Bias pension fund (Kadima Long Bias FIFEPrev FIF Multimercado) through its VGBL/PGBL pension plans.
• Retail Brokerage Partners (Nubank, Inter, Genial, C6 Bank, Mirae Asset, PagBank, Toro, Warren, Andbank, CM Capital, RB Investimentos, Ágora, Ativa)majorChannel Partner/ Reseller/ DistributorA broad network of digital banks and retail brokerages distribute Kadima's fund products to their combined millions of customers across Brazil. These platforms provide onboarding, investment management interface, and transaction processing for retail investors.
• Ernst & Young (Auditor for BTG Pactual-administered funds)coreOthersErnst & Young serves as the independent auditor for Kadima funds administered by BTG Pactual (including Kadima Long Short Previdenca FIF Multimercado), providing external audit and compliance verification services.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Canepa Asset Management: Brazilian long-only and multi-strategy manager with quantitative factor-based equity strategies; comparable in systematic approach and Brazilian retail distribution channels.
• SPX Capital: Independent Brazilian quantitative manager offering multi-strategy hedge funds, equities, and systematic macro strategies; directly comparable in approach, AUM scale, and distribution via major Brazilian platforms.
• Verde Asset Management: Independent Brazilian macro/quant manager founded in 2005 by former Banco Pactual CIO Luis Stuhlberger's team alumni; runs multi-strategy hedge funds and long-only equity funds using systematic and discretionary processes. Same scale tier and Brazilian multi-strategy quant category as Kadima.
• Giant Steps Investimentos: One of Brazil's most prominent independent quantitative asset managers, offering multi-strategy multimercado funds alongside equity, macro, and fixed income strategies using systematic models — directly comparable to Kadima's flagship approach and target retail/qualified investor base.
• Dynamo Administração de Recursos: Long-running independent Brazilian multi-strategy hedge fund manager (founded 1993) operating systematic and fundamental strategies; comparable AUM scale, fund structure (multimercado), and Brazilian qualified-investor client base.
• Adam Capital: Brazilian independent quant manager with multi-strategy, equity, and fixed income strategies; comparable in fund lineup, retail-platform distribution, and systematic investment philosophy.
• Absolute Investimentos: Brazilian independent quant-focused asset manager with multi-strategy funds, factor-based equity funds, and macro strategies; competes for the same multimercado shelf space and qualified-investor segment.

Emerging players

• AQR Capital Management: Global quantitative asset manager applying factor, risk-premia, and systematic alternatives strategies; not directly distributed in Brazil today but expanding globally and serves as a comparable methodological benchmark for Kadima's trend-following and factor-based funds.

Broad incumbents

• BTG Pactual Asset Management: Brazil's largest investment platform with a broad suite of proprietary multimercado, equity, fixed income, and pension funds including systematic strategies — competes on the same brokerage shelves as Kadima and benefits from captive distribution that Kadima must access through partnerships.
• Itaú Asset Management: Largest private-sector asset manager in Brazil with extensive multimercado, equity, fixed income, and pension offerings; both a distribution channel for Kadima funds and a direct competitor on the same retail platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/kadima-asset-management
• Instagraminstagram.com/kadimaasset

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 KADIMA