Moat Capital

What Moat Capital does

Moat Capital is a privately held Brazilian specialized equity asset manager founded in 2014 and headquartered in São Paulo's Itaim Bibi district. The firm operates a suite of four ANBIMA-registered investment funds that cover the principal equity strategy brackets: Moat Capital Equity Hedge FIC FIM (market-neutral strategy benchmarked to CDI), Moat Capital FIC FIA (long-only strategy benchmarked to Ibovespa, in operation since August 2014), Moat Capital Long Bias FIC FIM (long-bias strategy benchmarked to CDI), and Moat Capital Total Return FIA (total return strategy benchmarked to IPCA + YIELD IMA-B, launched January 2020). The firm is staffed by seven partners — Luiz Paulo Aranha, Cassio Bruno, Adriano Leite, Bruno Pires, Luiz Armando Sedrani, Gustavo Kataguiri, and Bruno Gonçalves — whose resumes span Itaú, Banco Votorantim, J.P. Morgan, Vinci Partners, Canvas Capital, Ashmore, Pátria, Capitania, and BV Asset, with backgrounds covering trading, hedge funds, value investing, private equity, and venture capital. Two partners hold CFA certification.

The firm's core technology and investment process are founded on deep corporate research, fundamental analysis, and a consensus-driven decision model rather than on proprietary quantitative or AI systems. Investment decisions combine intrinsic-value assessment, position sizing, performance discipline, and active allocation. Revenue is generated through two streams: recurring management fees (2.00% per annum on the Equity Hedge fund, applied to average equity) and performance fees (20% of returns exceeding the relevant benchmark). The firm distributes through ANBIMA-registered channels and direct qualified-investor access, with fund administration by INTRAG DTVM, audit by PricewaterhouseCoopers, and custody at Banco Itaú. Customer segments are high-net-worth individuals, family offices, and institutional investors in Brazil, with minimum investments ranging from R$1,000 (Equity Hedge) to R$20,000 (Long Only). Combined AUM across the disclosed funds is approximately R$842 million at spot, with the Long Only fund showing a R$1.73 billion 12-month average equity, indicating organic AUM growth. Partners commit significant personal capital to the funds alongside clients and reinvest earnings back, aligning interests. Marketing is driven by MoatCast podcast content, regular shareholder letters, and Bloomberg-earned media coverage rather than traditional advertising.

Name

Moat Capital

Legal name

Moat Capital

Website

https://en.moat.com.br

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Moat Capital is a privately held Brazilian specialized equity asset manager, founded 2014 in São Paulo, operating four ANBIMA-registered funds (Equity Hedge, Long Only, Long Bias, Total Return) for HNW individuals, family offices, and institutional investors, generating revenue through management and performance fees on ~R$842M combined AUM.

Ownership category

akta.pro rank

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Asset management fees charged as a percentage of assets under management. The Equity Hedge fund charges 2.00% per annum on average equity. These fees provide recurring revenue based on fund AUM levels.
2. Performance Fees: Success fees charged when fund performance exceeds the benchmark. The Equity Hedge fund charges 20% of what exceeds 100% of CDI. The Long Only fund charges 20% of what exceeds 100% of Ibovespa. These fees align manager and investor interests and vary with fund performance.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Moat Capital is a specialized equity asset manager that offers four ANBIMA-registered Brazilian investment funds applying fundamental analysis and conviction-based investing. The funds span market-neutral (Equity Hedge FIC FIM, CDI-benchmarked), long-only (FIC FIA, Ibovespa-benchmarked), long-bias (Long Bias FIC, CDI-benchmarked), and total return (Total Return FIA, IPCA + YIELD IMA-B-benchmarked) strategies, serving qualified investors, family offices, and institutional clients in Brazil.

Product overview

Moat Capital is a specialized equity asset manager offering a suite of four investment funds: Moat Capital Equity Hedge FIC FIM (market neutral strategy targeting CDI outperformance), Moat Capital FIC FIA (long-only strategy benchmarked to Ibovespa), Moat Capital Long Bias FIC (long bias strategy targeting CDI), and Moat Capital Total Return FIA (total return strategy benchmarked to IPCA + YIELD IMA-B). The funds serve different investor profiles from conservative to aggressive, with strategies spanning market neutral, long-only, long bias, and total return approaches.

Differentiator

Problem solved

Functional benefit

Brands

• MoatCast: Podcast series featuring investment insights and market commentary from the Moat Capital team. Episodes include discussions on market trends, portfolio strategy, and economic outlook.

Products and services

• Moat Capital Equity Hedge FIC FIM Market-neutral equity hedge fund that aims to outperform the CDI benchmark through investments in other investment funds; charges 2.00% annual administration fee and 20% performance fee on returns exceeding 100% of CDI, with minimum application of R$1,000. Risk Profile: 3 – Audacious.
• Moat Capital FIC FIA (Long Only) Long-only equity fund that aims to provide real returns higher than the local opportunity cost through preponderant application in stocks, benchmarked against Ibovespa; charges 20% performance fee on returns exceeding 100% of Ibovespa, with minimum application of R$20,000. Risk Profile: 4 – Aggressive.
• Moat Capital Long Bias FIC Long bias strategy fund that aims to provide returns greater than the local opportunity cost through investments in stocks, benchmarked against CDI.
• Moat Capital Total Return FIA Total return equity fund managed by partner Gustavo Kataguiri, aiming to provide returns greater than IPCA + YIELD IMA-B benchmark through equity investments.

Quantifiable outcome

• Moat Capital Equity Hedge: 168.54% return from inception (10/05/2016) vs CDI benchmark at 150.89%
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Capitânia Investimentos: Brazilian asset manager with significant equity fund offerings including the Capitânia Equities fund previously managed by Moat co-founder Luiz Paulo Aranha. Direct comparable in long-only Brazilian equities.
• Canvas Capital: Brazilian equity manager where Moat founding partner Cassio Bruno previously worked as partner and director. Runs long-short Brazilian equity strategies that directly overlap with Moat's long-short and long-bias products.
• Verde Asset Management: Brazilian long-biased equity manager founded by former Dynamo partners, running concentrated Brazilian equity portfolios with similar fundamental, conviction-driven approach. Operates long-bias and long-only strategies that overlap directly with Moat's core offerings.
• Ibiuna Investimentos: Brazilian macro and equity hedge fund manager with significant AUM in long-biased and market-neutral Brazilian equity strategies. Competes head-to-head for institutional mandates in the same asset class and risk profile as Moat's Equity Hedge fund.
• Vinci Partners: One of Brazil's largest independent multi-strategy asset managers, with substantial long-only and equity hedge funds. Directly comparable: Kataguiri joined Moat from Vinci in 2024, and the firms compete for the same institutional Brazilian equity mandates.
• SPX Capital: Brazilian equity-focused hedge fund manager running long-biased and long-short strategies. Direct competitor in the same Brazilian equity hedge fund category as Moat's Equity Hedge FIC FIM.
• Armor Capital: Brazilian long-biased equity manager founded by former Verde partners, running concentrated Brazilian equity portfolios with similar fundamental approach and target investor base to Moat.
• Bogari Value: Brazilian long-only equity boutique applying fundamental value-investing principles to listed Brazilian equities. Competes for the same family office and qualified investor capital as Moat's Long Only fund.
• Dynamo Administração de Recursos: Pioneer Brazilian value/equity manager known for concentrated long-only portfolios and strong long-term track record. One of the most established specialists in the Brazilian active equity space where Moat competes.
• Alaska Asset Management: Brazilian equity manager with long-only and long-biased strategies serving qualified investors and family offices. Operates in the same boutique Brazilian equity segment as Moat Capital.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/capitalmoat
• Facebookfacebook.com/moatcapitaloficial
• LinkedInlinkedin.com/company/moat-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Moat Capital