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PUBLICATIONS · LETTERS
Quarterly Letters
Quarterly letters to FCL investors covering portfolio changes, investment thesis updates, and our honest assessment of what worked, what didn't, and why. Written in the tradition of partnership letters — candid, analytical, and personal. Available in English and Portuguese.
26 QUARTERLY LETTERS
ENGLISH / PORTUGUÊS
FREE · UNGATED
FCL Letters - 🇺🇸
Cartas FCL - 🇧🇷
FCL Capital Letter 4Q 2025
FCL Capital Letter 3Q 2025
FCL Capital Letter 2Q 2025
FCL Capital Letter 1Q 2025
FCL Capital Letter 4Q 2024
FCL Capital Letter 3Q 2024
FCL Capital Letter 2Q 2024
FCL Capital Letter 1Q 2024
FCL Capital Letter 4Q 2023
FCL Capital Letter 3Q 2023
FCL Capital Letter 2Q 2023
FCL Capital Letter 1Q 2023
FCL Capital Letter 4Q 2022
FCL Capital Letter 3Q 2022
FCL Capital Letter 2Q 2022
FCL Capital Letter 1Q 2022
FCL Capital Letter 4Q 2021
FCL Capital Letter 3Q 2021
FCL Capital Letter 2Q 2021
FCL Capital Letter 1Q 2021
FCL Capital Letter 4Q 2020
FCL Capital Letter 3Q 2020
FCL Capital Letter 2Q 2020
FCL Capital Letter 1Q 2020
4Q 2019 FCL Capital Letter 4Q 2019.pdf
3Q 2019 FCL Capital Letter 3Q 2019.pdf
06 FCL Capital Monthly Letter june 2019.pdf
05 FCL Capital Monthly Letter may 2019.pdf
04 FCL Capital Monthly Letter April 2019.pdf
03 FCL Capital Monthly Letter March 2019.pdf
02 FCL Capital Monthly Letter February 2019.pdf
01 FCL Capital Monthly Letter January 2019.pdf
12 FCL Capital Monthly Letter December 2018.pdf
11 FCL Capital Monthly Letter November 2018.pdf
10 FCL Capital Monthly Letter October 2018.pdf
09 FCL Capital Monthly Letter September 2018.pdf
08 FCL Capital Monthly Letter August 2018.pdf
07 FCL Capital Monthly Letter July 2018.pdf
06 FCL Capital Monthly Letter June 2018.pdf
05 FCL Capital Monthly Letter May 2018.pdf
04 FCL Capital Monthly Letter April 2018.pdf
03 FCL Capital Monthly Letter March 2018.pdf
02 FCL Capital Monthly Letter February 2018.pdf
01 FCL Capital Monthly Letter January 2018.pdf
12 FCL Capital Monthly Letter December 2017.pdf
11 FCL Capital Monthly Letter November 2017.pdf
10 FCL Capital Monthly Letter October 2017.pdf
09 FCL Capital Monthly Letter September 2017.pdf
08 FCL Capital Monthly Letter August 2017.pdf
07 FCL Capital Monthly Letter July 2017.pdf
06 FCL Capital Monthly Letter June 2017.pdf
05 FCL Capital Monthly Letter May 2017.pdf
04 FCL Capital Monthly Letter April 2017.pdf
03 FCL Capital Monthly Letter March 2017.pdf
02 FCL Capital Monthly Letter February 2017.pdf
01 FCL Capital Monthly Letter January 2017.pdf
12 FCL Capital Annual Report 2016.pdf
11 FCL Capital Monthly Letter November 2016.pdf
10 FCL Capital Monthly Letter October 2016.pdf
09 FCL Capital Monthly Letter September 2016.pdf
08 FCL Capital Monthly Letter August 2016.pdf
07 FCL Capital Monthly Letter July 2016.pdf
05 FCL Capital Monthly Letter May 2016.pdf
04 FCL Capital Monthly Letter April 2016.pdf
03 FCL Capital Monthly Letter March 2016.pdf
02 FCL Capital Monthly Letter February 2016.pdf
01 FCL Capital Monthly Letter January 2016.pdf
12 FCL Capital Annual Report 2015.pdf
11 FCL Capital Monthly Letter November 2015.pdf
10 FCL Capital Monthly Letter October 2015.pdf
09 FCL Capital Monthly Letter September 2015.pdf
08 FCL Capital Monthly Letter August 2015.pdf
07 FCL Capital Monthly Letter July 2015.pdf
06 FCL Capital Monthly Letter June 2015.pdf
05 FCL Capital Monthly Letter May 2015.pdf
04 FCL Capital Monthly Letter April 2015.pdf
03 FCL Capital Monthly Letter March 2015.pdf
02 FCL Capital Monthly Letter February 2015.pdf
01 FCL Capital Monthly Letter January 2015.pdf
12 FCL Capital Annual Report 2014.pdf
11 FCL Capital Monthly Letter November 2014.pdf
10 FCL Capital Monthly Letter October 2014.pdf
09 FCL Capital Monthly Letter September 2014.pdf
08 FCL Capital Monthly Letter August 2014.pdf
07 FCL Capital Monthly Letter July 2014.pdf
06 FCL Capital Monthly Letter June 2014.pdf
05 FCL Capital Monthly Letter May 2014.pdf
04 FCL Capital Monthly Letter April 2014.pdf
03 FCL Capital Monthly Letter March 2014.pdf
02 FCL Capital Monthly Letter February 2014.pdf
01 FCL Capital Monthly Letter January 2014.pdf
12 FCL Capital Annual Report 2013.pdf
11 FCL Capital Monthly Letter November 2013.pdf
10 FCL Capital Monthly Letter October 2013.pdf
09 FCL Capital Monthly Letter September 2013.pdf
08 FCL Capital Monthly Letter August 2013.pdf
07 FCL Capital Monthly Letter July 2013.pdf
06 FCL Capital Monthly Letter June 2013.pdf
05 FCL Capital Monthly Letter May 2013.pdf
04 FCL Capital Monthly Letter April 2013.pdf
03 FCL Capital Monthly Letter March 2013.pdf
02 FCL Capital Monthly Letter February 2013.pdf
01 FCL Capital Monthly Letter January 2013.pdf
12 FCL Capital Annual Report 2012.pdf
11 FCL Capital Monthly Letter November 2012.pdf
10 FCL Capital Monthly Letter October 2012.pdf
09 FCL Capital Monthly Letter September 2012.pdf
08 FCL Capital Monthly Letter August 2012.pdf
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