Constância Investimentos

What Constância Investimentos does

Constância Investimentos is an independent, privately held Brazilian asset management company founded in São Paulo in 2009, operating as a pioneer of systematic quantitative investment strategies in the Brazilian market. The firm builds and manages a multi-strategy fund lineup — including Constância Fundamento (long-only equity), Constância Absoluto (multi-strategy, low directional risk targeting CDI), and Constância Covilhã (long-biased targeting IPCA+IMA-B Yield) — supplemented since 2024 by international offerings through partnerships with Arcano Partners (European high-yield private credit) and J.P. Morgan Asset Management (global balanced allocation). The technology backbone is a proprietary quantitative platform comprising over 16 billion data records across more than 2,000 tables, 100+ factor metrics, and high-performance computing infrastructure (500+ CPUs, 5,000+ simultaneous threads) used for real-time factor-based portfolio construction across Brazilian equities, fixed income, interest rates, currencies, and commodities.

Revenue is generated primarily through management fees of approximately 2.00% annually on multi-strategy funds plus 20% performance fees on returns exceeding benchmarks (CDI, Ibovespa, or IPCA+IMA-B Yield), billed monthly and semi-annually respectively. The firm serves a mix of institutional clients (notably Brazilian EFPC pension funds, with R$670.16 million in contributions through H1 2022 representing 443.78% growth over 12 months), qualified investors, family offices, and international allocators. Distribution is executed through a broad Brazilian platform footprint spanning BTG Pactual, CM Capital, NuInvest, Terra Investimentos, PagBank, Inter, C6 Bank, and Genial Investimentos, alongside direct institutional sales. The firm operates with 40+ professionals, 30+ of whom hold advanced degrees, and is 100% independent with no disclosed parent or institutional ownership.

The business model is anchored on evidence-based decision-making, independent risk management separate from the investment team, and a partnership-driven approach to international expansion. Recent strategic moves have focused on extending product surface area beyond Brazilian systematic strategies into offshore private credit and global allocation, supported by senior leadership additions including Chairman Cassiano Leme in March 2024. The firm operates under CVM 175 regulatory framework and has three wholly-owned subsidiaries (Príncipe Capital Management, ACVM, MP Administração de Recursos) acquired in 2015 as part of the strategic pivot toward systematization.

Name

Constância Investimentos

Legal name

Constância Investimentos

Website

https://constanciainvest.com.br

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Constância Investimentos is a São Paulo-based independent asset manager, founded in 2009 and pioneering systematic quantitative investment strategies in Brazil. It serves institutional, qualified, and family-office clients through proprietary multi-strategy funds distributed across 12+ Brazilian platforms and international partners.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

OCIO & Multi-Asset Outsourced Portfolio Management (FSAAAJAF)

akta.pro secondary industries

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ), Portfolio Construction & Asset Allocation Advisory (FSAEAAAC), Endowment / OCIO-Style Multi-Manager Platforms (FSANAGAG)

Keywords

• Systematic asset management
• Multi-asset portfolio management
• Factor-based investment strategies
• Brazilian investment funds
• Institutional wealth management

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Annual administration fees charged on assets under management. Constância Absoluto charges 2.00% per year provisioned daily and billed monthly. Constância Covilhã charges 2.00% per year.
2. Performance Fees: 20% performance fee on returns exceeding benchmark (CDI for Absoluto, Ibovespa for Fundamento, IPCA+IMA-B Yield for Covilhã). Provisions daily and bills semi-annually using high watermark concept.

Pricing tiers

Go-to-market motion2 records

Distribution channels10 records

Marketing channels6 records

Core offering

Constância Investimentos operates as an independent Brazilian asset manager offering multi-asset portfolio management through systematic, factor-based investment strategies. The firm manages proprietary funds (Fundamento equity, Absoluto multi-strategy, Covilhã long-biased) and partner-distributed international funds (Arcano Constância European Income and Constância Alocação Global with J.P. Morgan), complemented by bespoke portfolio management and advisory services for institutional and qualified investors. The firm's core operations combine quantitative research, proprietary data infrastructure, and high-performance computing to deliver evidence-based portfolio construction across equities, fixed income, currencies, and commodities.

Product overview

Constância Investimentos is a Brazilian asset manager offering a diversified portfolio of investment funds and wealth management services. The core offering includes three proprietary multi-strategy funds: Constância Fundamento (systematic equity long-only), Constância Absoluto (multi-strategy seeking CDI outperformance), and Constância Covilhã (long-biased seeking IPCA+IMA-B Yield). International exposure is provided through two partner-distributed funds — Arcano Constância European Income (European private credit with Arcano Partners) and Constância Alocação Global (global equity/fixed income via J.P. Morgan Asset Management) — both featuring currency hedging. These are complemented by advisory and portfolio management services under the Estratégias/Strategies umbrella, offering multi-asset allocation, manager selection, and exclusive fund mandates for institutional and individual clients.

Differentiator

Problem solved

Functional benefit

Brands

• Constância Fundamento FIF: Equity fund with systematic management based on risk factors, aiming to outperform the Ibovespa.
• Constância Absoluto FIF
• Constância Covilhã Long Bias FIF
• Arcano Constância European Income
• Constância Alocação Global FIF

Products and services

• Constância Fundamento FIF Ações Long-only equity fund with a systematic investment process based on risk factors, seeking to outperform the Ibovespa index over the long term. The portfolio is diversified across companies of all sizes and sectors and is aimed at investors seeking systematic equity exposure with factor-based portfolio construction.
• Constância Absoluto FIF Multimercado Multi-strategy fund employing long & short multifactor, arbitrage, relative value, options, interest rates, and currency strategies with low directional risk, seeking to outperform the CDI over the long term. Aimed at qualified investors seeking diversified systematic exposure with controlled directional risk.
• Constância Covilhã Long Bias FIF Multimercado Long-biased multi-strategy fund with directional exposure to equities, combining arbitrage, volatility, trend-following, and relative value strategies across equities, interest rates, currencies, and commodities. Seeks to outperform IPCA + IMA-B Yield over the long term and is aimed at investors seeking directional equity exposure combined with systematic multi-strategy diversification.
• Arcano Constância European Income FIF Multimercado European high-yield private credit fund managed by Arcano Partners in partnership with Constância, focused on absolute returns and capital preservation through active management of European corporate bonds and loans, with currency hedging. Aimed at Brazilian investors seeking international private credit exposure.
• Constância Alocação Global FIF Offshore investment fund in partnership with J.P. Morgan Asset Management offering a balanced strategy across equities and fixed income through international ETFs, with active regional management and currency hedging. Provides access to international diversification across US, Europe, Asia, and Emerging Markets for Brazilian qualified investors.
• Strategic Investment Management (Estratégias) Bespoke multi-asset portfolio management and exclusive fund solutions centered on clients' plans and objectives, with time-horizon alignment as a cornerstone of strategy. Includes multi-asset allocation, third-party manager selection, and exclusive fund mandates. Targeted at institutional investors and family offices seeking personalized investment strategies.

Quantifiable outcome

• 443.78% growth in EFPC pension fund contributions over 12 months
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• J.P. Morgan Asset ManagementcoreStrategic or Co-development Partner · 16 April 2025Partnership for Constância Alocação Global fund - an offshore investment fund with balanced strategy across equities and fixed income. Constância provides local expertise, portfolio management, and distribution while J.P. Morgan Asset Management's modeling team handles portfolio construction. The fund invests in international ETFs with regional diversification across US, Europe, Asia, and Emerging Markets, with currency hedging.
• Arcano PartnerscoreStrategic or Co-development Partner · 25 October 2024Partnership for Arcano Constância European Income fund - European high-yield private credit fund managed by Arcano Partners, one of the largest independent asset managers in Spain. Strategy focuses on absolute returns and capital preservation through active management of European corporate bonds and loans, senior secured instruments, and floating rates.
• BTG PactualcoreChannel Partner/ Reseller/ Distributor · 13 April 2018BTG Pactual serves as administrator and custodian for Constância Absoluto FIF multimercado fund. Bank: 017 – Bank BNY Mellon, Branch: 001, Checking account: 2490-2.

Scale indicators7 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• AQR Capital Management: AQR is a global quantitative asset manager built around factor-based and systematic investment strategies. Although far larger and global, it is comparable to Constância on technology, research orientation and factor-investing philosophy.
• Kinea Investimentos: Kinea Investimentos is a major Brazilian asset manager with strategies across hedge funds, credit, real estate, private equity and other asset classes. It is comparable as a larger incumbent offering multi-asset investment products to institutional and wealth channels.
• Verde Asset Management: Verde Asset Management is a Brazilian investment manager best known for multimarket and long-term active fund strategies. It is comparable as an independent fund manager competing for sophisticated Brazilian investors' portfolio allocations.
• Ibiuna Investimentos: Ibiuna Investimentos is a Brazilian independent asset manager active in macro, multimercado and equity strategies. It is comparable through its fund-management model, institutional investor base and domestic Brazilian capital-markets focus.
• SPX Capital: SPX Capital is a large Brazilian independent asset manager offering macro, equity, credit and multi-strategy funds. It is comparable as a prominent Brazil-based manager serving institutional and qualified investors with diversified fund products.
• JGP Gestão de Recursos: JGP is a Brazilian independent asset manager offering multimarket, equity, credit and related investment strategies. It is comparable because both firms distribute actively managed funds to institutional, qualified and wealth clients in Brazil.

Direct peers

• Kadima Asset Management: Kadima Asset Management is a Brazilian quantitative investment manager offering systematic fund strategies. It is comparable due to its focus on model-driven asset management and Brazilian fund distribution.
• Kapitalo Investimentos: Kapitalo Investimentos is a Brazilian independent asset manager known for multi-strategy and quantitative investment approaches. It overlaps with Constância in multimercado, systematic and institutional/qualified-investor fund offerings.
• Giant Steps Capital: Giant Steps Capital is a Brazilian quantitative asset manager focused on systematic and algorithmic investment strategies. It is highly comparable to Constância because both compete in quant-driven funds for sophisticated Brazilian investors.
• Pandhora Investimentos: Pandhora Investimentos is a Brazilian quantitative asset manager focused on systematic strategies and investment funds. It is comparable as a niche quant-focused manager competing for similar investors seeking data-driven portfolio construction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@constanciainvestimentos3661
• LinkedInlinkedin.com/company/constancia-investimentos
• Instagraminstagram.com/constancia_investimentos

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 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 Constância Investimentos