In the first 12 days of January alone, the Ponta Sul fund – managed by Flávio Calp Gondim, known as the “Monstro do Leblon” – recorded losses of almost 22%, according to data compiled by Economatica, a provider of financial information.
His net worth started 2022 at R$1.4 billion. Five days later, it had dropped by almost half, to R$790 million. The most recent data indicate that it was parked at R$ 1 billion.
The portfolio gained space in market conversations in the last week as it is selling shares in Banco Inter (BIDI11). The move, which smeared B3’s trading floor with the digital bank’s papers, helped push its prices even further down in recent days.
Ponta Sul’s stake in Inter’s capital, which was around 11.79%, was reduced to 7.37%, according to the bank on Tuesday (11).
More sales from Inter (BIDI11)
On the morning of this Friday (14), Inter’s shares went up for auction around 11 am, and market operators assessed that a new batch of shares could be sold.
After resuming trading, the bank’s shares soared, registering, around 3:45 pm, increases of +5.93% (BIDI11); +2.52% (BIDI4); and +5.4% (BIDI3).
according to Brazil Journal, in this morning’s auction, the new sales of “Monstro do Leblon” would have moved around R$ 700 million. According to the publication, the auction would have started with 20 million units (BIDI11), at R$ 19, and in the end Ponta Sul would have sold 30 million units, each at R$ 23.50.
It is worth remembering that at the beginning of the lockdown generated by the decree of the Covid pandemic, in March 2020, the Ponta Sul fund collapsed by 80%.
Who is Ponta Sul?
Ponta Sul is known for its bold investment policy, which involves a high degree of leverage and results in high volatility for the portfolio.
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According to information reported to the CVM, the fund’s operations in the derivatives market do not have a pre-established limit, as well as leverage and borrowing of financial assets.
While, in the last 12 months, the Ibovespa registered a volatility index of around 20, that of Ponta Sul was almost 130, according to Economatica’s calculations.
The last Ponta Sul portfolio open to regulatory bodies, in September 2021, indicated that Banco Inter units were the fund’s largest position, totaling more than R$4 billion at the time.
The portfolio also comprised operations (forward and spot) with other securities, such as Ambipar, Bemobi and Viveo.
Ponta Sul ended 2021 with losses of 56%. In 2020, quotas had already devalued another 50%, amid the bumps caused by the first impacts of the coronavirus pandemic on the market.
Despite the high of this Friday’s trading session, Inter’s units have accumulated a devaluation of 15.95% this year. In the last twelve months, the fall reaches 45.12%.
A little over a month ago, Inter had to abort a corporate restructuring that provided, at the end of the process, the listing of its shares on the American stock exchange Nasdaq.
At the time, the bank informed the market that it would proceed with the plan, “making its best efforts to continue the corporate reorganization process”.
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The listing withdrawal happened after more than 10% of its base opted to receive a “cash-out“, of up to R$ 2 billion, a condition that could lead the company to cancel the movement.
Additionally, the company highlighted the adverse scenario of the capital market as another factor in the withdrawal, under the initially foreseen terms of the restructuring.
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