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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jan 1, 2026
In this letter, Sharp Capital celebrates the 15-year anniversary of the Sharp Equity Value fund by analyzing value creation in the Brazilian equity market. The firm highlights that only 15% of Brazilian stocks outperformed NTN-B + 3% p.a. over the past 15 years, while nearly 20% lost over 90% of their value in real terms. Three non-state-owned companies dramatically outperformed: Mercado Livre, Equatorial, and WEG. Sharp attributes their success to outstanding capital allocation and operational execution. The letter details how these firms navigated M&A, incentives, and operational execution. It also addresses the fund's 2025 performance, where Sharp Equity Value posted a strong 46% gain, outperforming the Ibovespa (+34%) by successfully riding a market rebound with high portfolio conviction.
Extraordinary corporate value creation is built upon three pillars: high-quality business models, outstanding operational execution, and exemplary capital allocation. Over the long-term, superior execution and capital allocation can structurally transform a company's return profile, competitive barriers, and reinvestment opportunities.
The manager remains focused on identifying extraordinary compounders and avoiding structural failures. They note that real-world business success frequently defies financial modeling limits (e.g., both 99.9% losses and 10,000% gains are possible) and emphasize staying creative without abandoning common sense.
High Conviction Bullish
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