Dynamo Global Master FIA - Investimento no Exterior

The Dynamo Global Master FIA – Investimentos no Exterior fund began operating on August 01st, 2014. Similarly to the Dynamo Cougar, Dynamo Global Master’s objective is to generate an appreciation of the fund’s shares over the long term. The difference is that Dynamo Global Master invests mainly (though not exclusively) in public stocks of companies based in Europe and in the U.S. while the Cougar Fund invests in Brazilian companies.

The Dynamo Global Master fund has the same investment strategy as the Dynamo Cougar: fundamental analysis, medium/long investment time frames, and a concern with wealth preservation. The Fund’s primary focus is on long term core investments: good businesses managed by quality executives that are aligned with shareholders’ interests. In other words, investments that generate good returns over a long period of time. Eventually, we also invest in companies that our analysis has shown to be good medium term opportunities, based on conclusions that are different from the market consensus.

The Dynamo Global Master fund is a consequence of a 2006 Dynamo initiative when we established an office in London with an exclusive team focused on analyzing companies in Europe and in the U.S. The Dynamo Global Master fund is an alternative for diversification that meets the needs of some investors to access those markets through a local vehicle.

Investment Objectives

The objective of the FUND is to provide its shareholders with an appreciation of their shares over the long term, through the management of assets in a diversified portfolio of investments mainly outside of Brazil (“PORTFOLIO”). The main risk is the price variation of those assets on the stock exchange or in organized over the counter markets, as well as the exchange rate between the Real and other currencies. These operations are subject to legal and bylaw limitations.

Investment Policy

The FUND will invest in public company stocks located, mainly, in Europe and in the U.S. as well as in shares of index funds that are constituted in those jurisdictions. The FUND will also be able to invest in stocks from public companies or in index fund shares of other parts of the world, as long as those investments represent a smaller portion of the portfolio. Eventually, when facing a good opportunity, the FUND will be able to short sell stocks, in order to maximize long term results and reduce the PORTFOLIO’s volatility. Our short sold positions will be subject to the same geographical focus of the other investments. The FUND will also be able to invest using the derivatives market in order to protect positions in the cash market. However, there is no obligation by the ADMINISTRATOR to hedge the FUND’s foreign exchange exposure. There are no limitations to the fund’s investments in foreign financial assets, as stated in the fourth chapter of the fund’s bylaws.

Prospective Clients

The FUND is destined, exclusively, to qualified investors, (legal concept defined by CVM) making a minimum initial investment of R$ 1.000.000 (one million reais).

Risk Profile

The portfolio is subject to market fluctuations, credit risks, risks related to exchange rates and liquidity, as well as risks related to variations in asset prices. Those risks could get in the way of fulfilling the investment objectives described by the bylaws and they could cause a net worth loss for the FUND or the FUND’s investors, as well as a negative NAV. For further information on all the risks of being an investor in the FUND, please read the bylaws, using the link on the right side of the page.

Technical Information

Minimum investment: R$ 1.000.000,00

Minimum Additional Investment and Redemption: R$ 100.000,00

Investment NAV: NAV of the business day following the date of the investment.

Redemption Conditions: Redemptions will be converted using the NAV of the first business day following the “withdrawl request”. The financial settlement of the withdrawl will occur 1 business day after the conversion.

Lock-up period: None

Management Fee: 0,20% per year


Adjustment of Performance Fee: None

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 Internacional Gestão de Recursos Ltda

Anbima Category: Ações Investimento no Exterior

Inception date 01/08/2014

Documents (only in Portuguese)

Fato Relevante - 02/01/2023


Política de Voto

Manual de Precificação Bradesco

Demonstração de Desempenho (Anexo IV-Item 3)

Convocação para AGE - 26/02/2021

Proposta de Regulamento – AGE 26/02/2021

Demonstrações Financeiras

Convocação para AGO - 20/05/2021

Convocação para AGO - 20/05/2021