Funds

Dynamo Cougar FIC FIA

Dynamo Cougar is our original fund, established in September 1993.

It is one of Brazil’s largest equity funds, with individuals as well as institutional investors as shareholders. Assets under management and the client base have grown “naturally”, mainly due to recommendations coming from the current shareholders. The fund’s past performance was used to endorse such arguments.

The average period of investment of Dynamo Cougar’s shareholders is considerably elevated, and that reflects the shareholders’ alignment with our investment philosophy. Although short term results are quite satisfactory, the fund is destined to investors seeking medium and long term returns. Legally, the fund is destined to qualified investors.

The Dynamo Cougar fund has delivered a compounded profitability that exceeds market benchmarks. Through the “interactive performance” tool, you can check the performance of the fund, over a determined time period, compared to other market indexes.

Besides that, not only the performance itself is important, but also the way in which it was obtained. To care about the preservation of our shareholders’ wealth is an important aspect of our investment strategy. In that sense, we are prone to invest in established, well run, resilient and protected businesses, negotiating at reasonable valuations. With that, we have obtained returns that are superior to market benchmarks, and we believe that we are exposing our shareholders to a lower risk profile than the average equity investing universe.

Investment Objectives

The objective of the FUND is to provide its shareholders with an appreciation of their shares over the long term, investing at least 95% of its net asset in shares of DYNAMO COUGAR MASTER FUNDO DE INVESTIMENTO EM AÇÕES (“MASTER FUND”), which is also managed by Dynamo, subject to the prevailing legal and regulatory restrictions.

Investment Policy

The FUND will invest, up to 100% of its net assets in shares of the MASTER FUND. The MASTER FUND adopts exclusively, as an investment philosophy for managing stocks, a fundamental-based analysis, seeking, through an active attitude towards the companies, consistent medium and long term results with low volatility and little concern for immediate liquidity.

Prospective Clients

The FUND is destined, exclusively to qualified investors, a category defined by CVM’s bylaws.

Risk Profile

Due to the high concentration of the FUND’s investments in shares of the MASTER FUND, the risks of the FUND are, predominantly, the same as the MASTER FUND. The risk assessment of the administrator accompanies the whole process of investment decisions. The risk of a particular asset is not determined numerically, through the precise definition of the variance of return around the average. It is incorporated throughout the fundamental analysis process. In regards to measuring the portfolio risk, the method used is mainly bottom-up, emphasizing the risk of each asset. Additionally, the administrator also considers issues like the risk of subjacent sectors and its implications on the portfolio’s concentration. Notwithstanding the administrator’s diligence of applying the previous investment policy and risk assessment measures, the Master Fund’s investments will, naturally, be susceptible to market fluctuations and credit risks. For that reason, a partial or full loss of the invested capital is a possibility, as well as the FUND presenting a negative net worth. In that last case, the shareholders will not be responsible for additional capital contributions and the FUND will be liquidated following a decision taken as a result of a shareholders’ meeting. The administrator will be responsible for the liquidation of a possible negative net worth.

Technical Information

Minimum investment: R$300.000,00

Minimum Additional Investment and Redemption: R$30.000,00

Investment NAV: The subscription will be converted using the NAV of the next business day following the date of the investment (D+1).

Redemption Conditions: The withdrawal will be converted using the share value of the twelfth business day following the “Withdrawal request” (T+12), or, if the twelfth day was a non-business day, it will be converted on the next business day following the thirtieth day. The financial settlement of the withdrawal will occur 2 business days after the conversion (T+2).

Lock-up period: 12-month minimum investment period or a liquidity fee of 3% for redemptions within this minimum period.

Management Fee: 1,90% per year + 0,10% per year in the MASTER FUND

Performance Fee: 15 % of what exceeds IPCA + IMAB* (please refer to the Fund’s by-laws for a more detailed explanation).

Adjustment of Performance Fee: Each investment may be charged an individual performance fee adjustment if the subscription price is lower than the preceding highest NAV. This adjustment is equal to a percentage of the individual gain during the period in which the fund was not directly charged a performance fee.

Income Tax: 15% of the nominal gain for Brazilian taxed investors and 10% for foreign investors incorporated in a non-tax heavens.

Auditor: KPMG Auditores Independentes

Administrator: Dynamo Administração de Recursos Ltda

Manager: Dynamo Administração de Recursos Ltda

Anbima Category: Equity

Inception date 01/09/1993

Documents (only in Portuguese)

Regulamento

Demonstrações Financeiras

Fato Relevante de Fechamento 2022

Política de Voto

Manual de Precificação Bradesco

Demonstração de Desempenho (Anexo IV-Item 3)

Resumo das Deliberações da AGOE do Cougar de 25.07.2024

Convocação AGOE de 25.07.2024

Fato Relevante - Encerramento de Manifestações - Reabertura 2020