Development of clear and well-defined processes that reduce our exposure to the effects of cognitive biases and minimize both the frequency and magnitude of errors inherent to the investment process.
Portfolio protection policy based on maintaining conservative margins of safety and adapting the Value Investing strategy to Brazilian economic cycles, aiming to capture risk-return asymmetries.
A team that has been working together for over 10 years, with experience in the equity markets in Brazil and Latin America.
The LIS CAPITAL team keeps a significant portion of its own capital invested in the firm, ensuring alignment of interests with our investors.
Comprehensive search for investment opportunities, often taking a contrarian position to the market.
Safeguarding capital against permanent loss is fundamental to building long-term returns.
We require a significant discrepancy between price and intrinsic value, since calculating intrinsic value is inherently a probabilistic exercise involving future expectations.
Only through a comprehensive, thorough analysis grounded in real-world economics is it possible to understand a company's strengths and weaknesses and estimate its fair value.
We seek protection against unpredictable, high-impact events that can lead to permanent capital losses.
A deep understanding of companies and their dynamics necessarily involves direct contact with the business and the people behind it.
Well-defined processes and discipline are crucial and present throughout every stage of the investment process, playing a key role in sustaining long-term returns and preserving capital.
The LIS CAPITAL team invests its own capital in the funds it manages, ensuring alignment of interests.
Our intellectual capital is our greatest asset. Through a partnership model, we aim to attract, retain, and develop top talent, fostering a meritocratic environment where advancement depends on the ability to contribute to value creation through collaboration.
LIS VALUE FIA stands out among the top equity funds in the market
LIS CAPITAL is ranked as one of the top equity asset managers
LIS VALUE FIA is rated as Excellent by Investidor Institucional
Valor Econômico highlights LIS VALUE FIA as one of the top 10 equity funds in the industry
Proprietary ranking model of publicly traded companies based on qualitative and quantitative indicators.
Thorough research, including on-site visits to the company, its competitors, clients, and suppliers, to understand the business—especially (I) the sustainability of its competitive advantages, (II) opportunities and threats, and (III) the quality and alignment of its management.
Valuations are conducted using different methods to determine a fair price range for the company, based on conservative assumptions and always prioritizing a margin of safety.
Investment decisions are made collectively, following thorough and rigorous debate about each opportunity.
When the market price of the asset indicates a significant discount compared to the fair price range approved by the committee.
Continuous monitoring of the investment thesis assumptions in light of the company’s ongoing developments.
Determination of investment sizing, cash position, and hedging to balance the portfolio with the goal of maximizing risk-adjusted returns.
Equity investment fund with the objective of delivering real long-term returns to its shareholders. To achieve this, fundamental analysis is applied to select assets with a significant discrepancy between price and intrinsic value, often taking positions that go against market consensus, while always prioritizing capital preservation through conservative margins of safety and the use of hedging instruments. In January 2026, LIS VALUE FIA posted a return of 6.17%, compared to 12.67% for the IBrX100 and 1.16% for the CDI. Since inception (March 10, 2016), the fund has returned 239.04% versus 273.87% for the IBrX100. In 2026, the fund has delivered a year-to-date return of 6.17%, compared to 12.67% for the IBrX100.
Equity investment fund focused on Brazilian stocks with potential for dividend and/or interest on equity (JCP) distribution, with no restrictions regarding economic sectors. The fund also seeks to invest in companies with potential for capital gains through long-term appreciation. In January 2026, LIS DIVIDENDOS FIA delivered a return of 7.61%, compared to 12.56% for the Ibovespa and 1.16% for the CDI. Since inception (October 14, 2024),the fund has returned 44.47% versus 38.44% for the Ibovespa. In 2026, the fund has posted a year-to-date return of 7.61%, compared to 12.56% for the Ibovespa.
LIS Core is a fund that adopts an equity investment strategy focused on listed companies, with a long-term investment horizon. It follows a concentrated approach, focusing on the highest-conviction opportunities identified by the LIS Capital team. The fund invests in a limited number of companies with high appreciation potential, selected through a rigorous fundamental analysis process. The management team maintains a close and constructive relationship with the companies’ leadership and controlling shareholders, allowing for an active and strategic role in long-term value creation. In January 2026, LIS CORE FIF A posted a return of 6.90%, compared to 0.96% for the IPCA + IMAB Yield and 1.16% for the CDI. Since inception (February 21, 2024), the fund has returned 16.31%, compared to 24.65% for the benchmark.
A pension fund with a target allocation of 70% in equities and 30% in fixed income, designed to accommodate resources from PGBL and VGBL retirement plans for individual investors. In January 2026, LIS ICATU 70 PREV FIM delivered a return of 4.52%, compared to 0.96% for the IPCA + IMAB Yield and 1.16% for the CDI. Since inception (October 6, 2020), the fund has returned 28.21%, compared to 85.25% for the IPCA + IMAB Yield benchmark.
A pension fund with a target allocation of 100% in equities, designed to receive contributions from PGBL and VGBL investment plans. In January 2026, LIS ICATU PREV QUALI FIA delivered a return of 6.06%, compared to 12.56% for the Ibovespa. Since inception (September 18, 2020), the fund has returned 10.11%, compared to 84.52% for the Ibovespa.
Fact Sheet LIS DIVIDENDOS FIA
Fact Sheet LIS CORE FIA
Fact Sheet LIS ICATU 70 PREV FIM
Fact Sheet LIS ICATU PREV QUALI FIA
Reference Form
Ethics and Compliance Manual
Risk Management Policy
Personal Investment Policy
Trade Allocation Form
Liquidity Management Manual
AML/CFT Policy
Service Provider Hiring Manual
Investment Decision-Making Process Manual
Cybersecurity and Contingency Policy
Proxy Voting Policy
To invest in our fund, simply check the list of available distributors at the top of our website and choose the institution of your preference. Each distributor has its own account opening and investment process, ensuring convenience and security for you.
There are no fees or penalties when requesting the redemption of your investment.
There is no minimum holding period. Redemption requests can be made at any time by the investor. However, LIS CAPITAL's strategy is focused on achieving long-term returns. Therefore, we recommend keeping your investment for at least 3 years.
You can reach us via WhatsApp at +55 (11) 99123-1071 and send your message—we’ll get back to you as soon as possible. Alternatively, you can also email us at contato@liscapital.com.br.
To invest in our fund, simply check the list of available distributors at the top of our website and choose the institution of your preference. Each distributor has its own account opening and investment process, ensuring convenience and security for you.
There are no fees or penalties when requesting the redemption of your investment.
There is no minimum holding period. Redemption requests can be made at any time by the investor. However, LIS CAPITAL's strategy is focused on achieving long-term returns. Therefore, we recommend keeping your investment for at least 3 years.
You can reach us via WhatsApp at +55 (11) 99123-1071 and send your message—we’ll get back to you as soon as possible. Alternatively, you can also email us at contato@liscapital.com.br.
Graduated in Business Administration from INSPER in 2009, holds the CGA certification, and is a securities portfolio manager authorized by the CVM at LIS Capital. Senior Equity Research Analyst, responsible for generating new investment ideas, identifying, analyzing, and recommending new investments, particularly in Brazil, Peru, Chile, and Colombia. He also contributed to the development of new products such as dividend funds and LATAM funds for Latin America. His work involved fundamental analysis of publicly listed companies across various economic sectors in the region, including detailed market research. He has also served as a fiscal council member for publicly traded companies such as Marisa Lojas S.A., Excelsior Alimentos S.A., and Banco ABC Brasil S.A.
LinkedIn
Graduated in Economics from INSPER and holds an MBA with a focus on Finance from HULT International Business School in Boston. He has been a Founding Partner and Head of Research at LIS Capital since 2015. Previously, he worked at Orbe Investimentos as a Partner and Equity Analyst, accumulating over 20 years of experience.
LinkedIn
Graduated in Economics from the School of Economics and Business Administration of São Paulo (FEA). He is a Founding Partner and Director of Risk and Compliance (AML) at LIS Capital. He previously worked as an equity analyst at Orbe Investimentos and served as a fiscal council member for publicly traded companies such as Marisa Lojas S.A., Excelsior Alimentos S.A., and Banco ABC Brasil S.A., accumulating over 15 years of professional experience.
LinkedIn
Graduated in Business Administration from the School of Economics and Business Administration of São Paulo (FEA) in 2020. He has been a Partner and Analyst in the research department at LIS Capital since 2018.
LinkedIn
Graduated in Business Administration from INSPER, Fabian Senço has been working as an equity analyst at LIS Capital since 2018 and was invited to become a Partner in March 2022
LinkedIn
Studied Business Administration at Universidade Presbiteriana Mackenzie from 2017 to 2020 (incomplete) and is currently pursuing a degree in Economics at Universidade Cruzeiro do Sul. He began his career at LIS Capital in 2019 and currently serves as Head of Trading & Back Office.
LinkedIn
Graduated in Economics from Fundação Armando Alvares Penteado (FAAP). She has been a Partner and Head of the Commercial Department at LIS Capital since 2021. Previously, she worked at Orbe Investimentos and Azimut Brasil, accumulating over 18 years of professional experience in sales and investor relations.
LinkedIn
Graduated in Business Administration from Universidade Presbiteriana Mackenzie (2019) and currently pursuing a postgraduate degree in Finance (CFM) at INSPER (2023). She is the Head of the Middle Office at LIS Capital. Previously, she worked as an intern at TRIAR – Wealth Management, and later as a commercial assistant at Constância Investimentos, accumulating over 8 years of professional experience.
LinkedIn
Graduated with a Bachelor of Science in Economics from Mackenzie Presbyterian University in 2023. He began his career in the financial market at LIS CAPITAL in 2021 as a Backoffice Analyst. He currently holds the position of Head of Macroeconomics, as an Economist.
LinkedIn
Graduate in Economics, with a focus on Data Analysis, from the University of Munich (LMU) in 2022. A CFA® Program Candidate with the CFA Institute, he successfully passed the CFA Level I exam in May 2021, achieving a result within the top decile of candidate performance. He is currently preparing for the Level II exam. He has been working as an equity analyst, focusing on the US market, since 2022 and has been a partner at LIS Capital since 2023.
LinkedIn
