FUNDS · FCL OPPORTUNITIES
FCL Opportunities FIA IE.
CVM-authorized
Since 2017
Qualified investors
CVM-authorized global equity fund applying FCL's investment philosophy through a vehicle available to qualified investors since 2017.
The thesis
FCL Opportunities is our flagship fund, operational since 2017. It invests in global equities with a focus on quality compounders — businesses with durable competitive advantages, high returns on invested capital, and long reinvestment runways. The portfolio is concentrated, typically 15–25 positions, and managed with significant tracking error versus the ACWI benchmark.
The fund is denominated in BRL but invests primarily in USD-denominated assets. Long-term dollar compounding is an explicit objective.
Target investor
Qualified individual or institutional investor seeking long-term global equity exposure through a CVM-regulated vehicle. The fund is suited for patient capital with a multi-year horizon.
Track record
FCL Opportunities has operated through multiple market cycles since 2017, including the 2020 COVID dislocation, the 2022 inflation repricing, and the 2025 regime transition. Historical NAV reports and investor letters covering each period are available to qualified investors on request.
FUND DETAILS
Regulator
Structure
Inception
Currency
Management fee
Performance fee
Minimum investment
Liquidity
Administrator
Auditor
CVM
FIA · Investor Qualified
2017
BRL
2.0% p.a.
20% over US CPI + 2.5%
[TBC]
[TBC]
Brasil Plural
Deloitte
FUND DOCUMENTS
PDF · REGULAMENTO
Regulamento do Fundo
Fund by-laws (Portuguese)
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PDF · QUARTERLY
Fact Sheet (Lâmina)
Q1 2026 · Latest NAV
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PDF · ARCHIVE
Investor Letters
Quarterly since 2017
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