Oaktree, Bridgwater, Acadian: Gama brings funds from the world’s hottest investors to Brazil

At first, it may seem a bit complex to understand the performance of HMC Itajubá in Brazil, as it adopts a different performance model from the managers traditionally known by the market. On the other hand, Bernardo Queima, partner of the company and guest of episode 68 of the podcast outliersexplains in a simplified way that the daily routine of the group is to provide a commercial service for international managers, bringing great names in global management to Brazil.

The management arm of feeder funds of the group, Gama Investimentos, of which Queima is CEO, is basically a structure that invests in globally renowned funds, with the aim of offering these strategies in Brazil. Queima says that for this it is necessary to replicate foreign strategies as much as possible, providing local investors with solutions that can easily diversify their investment portfolio.

The executive says that the group represents four major global names in Brazil: Oaktree, Bridgewater, Man and Acadian. Also according to the manager, there are more than 100 people working in São Paulo, Santiago, Lima, Bogotá, in addition to Mexico, in addition to origination offices in London and New York.

Fixed income in the world

Queima highlights the size of the credit market around the world – which, unlike the Brazilian market, has greater liquidity and promotes the creation of instruments that are not found in Brazil. Securitized credits, linked to civil construction and high quality credit papers are some examples of strategies.

The manager reinforces that there are many allocation options that allow diversification, alternative sources of alpha generation (excess return) and liquidity for the investor’s portfolio. To this end, Queima highlights market depth, which is an attractive factor to analyze when choosing fixed income for the portfolio.

Queima says that in the quest to offer the best solutions and products to complement the portfolio of Brazilians, Gama sought in the global market a flexible, adaptable fund that would fit well into the portfolio within the global fixed income class. As a result, it brought to Brazil Oaktree Global Credit, a multi-strategy credit fund owned by Oaktree, a manager led by renowned investor Howard Marks. “I have no doubt that the portfolio will be much more robust,” he says.

Looking at various “credit boxes” in the developed market, according to Queima, benefits the diversification of the portfolio. On the other hand, among the disadvantages, distance, lack of knowledge and limited access for Brazilian investors distance them from international markets.

Fixed income not so fixed

One of the main difficulties for Brazilian investors is to understand that the volatility of global fixed income is similar to that of variable income. Queima reinforces that although many see price variations as a negative factor, from a structural point of view, volatility is related to what he calls market depth – a positive element.

“The same factor that makes variable income do well is what affects the credit quality of the market”, he says. Raising the differences in relation to the horizon and structure of the fixed income and global variable income classes, Queima points out that it is important for investors to understand the factors that impact these oscillations, and to stick to a long-term allocation, considering the proposed maturity for the title in question.

Regarding the current scenario, Queima says that the defensive posture of the Oaktree fund managed to provide resilience amidst the scenario of extreme volatility that took the markets in the first half of 2022. “Fixed income abroad can complement the Brazilian fixed income portfolio” , it says.

Outliers is presented by Samuel Ponsoni, fund manager of the Selection family at XP, and Carol Oliveira, fund analysis coordinator at XP.

The full interview and previous episodes can be seen on Spotify, Deezer, Spreaker, Apple and other podcast aggregators. In addition, the podcast is also available in video format on XP’s YouTube channel.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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