Constellation Investimentos e Participacoes Ltda — 13F Portfolio

Constellation Investimentos e Participacoes Ltda is the Brazilian operating and management entity behind Constellation Asset Management, a long-established Sao Paulo–based equity manager. Founded by Florian Bartunek and partners, the firm is known in Latin America for its fundamentally driven, concentrated equity strategies spanning long-only and long-biased hedge fund mandates. Constellation’s client base consists primarily of Brazilian and global institutions, family offices, and high-net-worth investors seeking dedicated exposure to Brazilian and Latin American equities through an active, high-conviction approach. The firm appears in U.S. regulatory filings as an institutional investment manager under CIK #0001893840 and files Form 13F with the U.S. Securities and Exchange Commission. These quarterly reports disclose Constellation’s reportable long positions in U.S.-listed securities, most often American Depositary Receipts (ADRs) of Brazilian and Latin American companies and, selectively, other U.S. equities that complement its core universe. The 13F dataset therefore represents only the U.S.-traded portion of a broader regional equity program whose primary locus is the Brazilian market. On an advanced 13F analytics platform, Constellation’s filings can be assembled into a manager-specific Historical Track Record, normalized to a user-defined starting notional. This offers allocators a way to examine how the disclosed slice of its portfolio has evolved across different macro regimes, particularly in relation to Brazil and Latin America–linked assets that trade in New York.

Constellation Investimentos e Participacoes Ltda pursues a fundamental, bottom-up equity strategy with a clear GARP (Growth at a Reasonable Price) orientation. The investment team conducts deep research into business models, management quality, industry structure, and long-term competitive advantages, seeking companies capable of compounding earnings and cash flows over extended periods. Valuation discipline is central: the firm looks for a margin of safety relative to its estimate of intrinsic value, even when backing secular growth franchises. The opportunity set is rooted in Brazil and Latin America, but the firm frequently accesses issuers through U.S.-traded ADRs and, where justified, through global peers listed in the U.S. The resulting portfolio construction process typically features: - A focused list of high-conviction positions, with meaningful active weights relative to benchmarks. - Sector diversification across consumer, financials, technology, industrials, and, opportunistically, energy and materials, driven by company-specific theses rather than top-down sector calls. - Long-term holding periods that allow structural trends—such as rising penetration of financial services or e-commerce adoption—to play out. Within the U.S. universe, Constellation’s 13F Portfolio Composition often reflects Brazilian and Latin American champions that list or cross-list in New York, alongside select global franchises that act as comparables or diversifiers. Broad ETFs are rarely used as core holdings; the firm’s edge lies in stock selection and deep local knowledge rather than in passive allocation. Turnover in the U.S.-disclosed sleeve is generally low to moderate. Core names can persist for years, while incremental adjustments reflect changes in company fundamentals, competitive dynamics, or valuation rather than frequent trading.

Constellation Investimentos e Participacoes Ltda represents the U.S.-visible tip of a larger Brazilian equity investment platform known for fundamental research and long-term, concentrated portfolios. Its 13F filings under CIK #0001893840 provide a security-level view of the U.S.-listed share of that activity—primarily ADRs and select global names linked to Brazil and Latin America—rather than a full accounting of its domestic and regional positions. For allocators and researchers, the main analytical value of the 13F dataset lies in holdings-based forensics. Examining changes in 13F Portfolio Composition across Constellation’s 13F history reveals how U.S.-traded exposures to key sectors and issuers have shifted through different commodity cycles, political regimes, and global risk-on/risk-off episodes. By running a Portfolio Simulator or other Performance Backtests Online on the filings, users can derive a normalized Historical Track Record, overlay the evolving Volatility Profile, and estimate an implied Sharpe Ratio for the disclosed sleeve. The central diagnostic question is how dynamically Constellation adjusts its U.S.-traded exposures—by sector mix, degree of concentration, and balance between domestically focused and export-oriented businesses—as regimes rotate between strong and weak emerging-market sentiment, shifts in global rates, and changing investor appetite for Brazilian risk, and how clearly those adjustments are reflected in the capital path inferred from its reported U.S. holdings.

The risk profile of Constellation’s strategy, as inferred from its U.S. filings, is that of a concentrated, long-biased equity manager with exposure to Brazil and broader emerging markets. Key sources of risk in the 13F-visible sleeve include: - Market and style risk: As a GARP-oriented manager, Constellation’s holdings can be sensitive to factor rotations between growth and value, as well as to broad emerging-market sentiment. - Country and macro risk: Many core positions are tied to the Brazilian and Latin American economies, making them exposed to local interest rates, currency moves, political developments, and regulatory changes, even when traded as ADRs in the U.S. - Concentration and single-name risk: A finite set of high-conviction holdings typically accounts for a large share of notional exposure, so company-specific events—regulatory rulings, governance issues, competitive shifts—can materially affect outcomes. By linking successive 13F reports and treating the reported positions as held from one quarter-end to the next (subject to observed changes), an analytics engine can reconstruct a synthetic long-only series for the disclosed U.S. sleeve. From this, one can estimate the portfolio’s Volatility Profile, which will typically show higher variability than developed-market benchmarks alone, reflecting both emerging-market exposure and position concentration. On the same normalized notional basis, a holdings-based analysis can also derive an implied Sharpe Ratio, indicating how effectively the firm’s stock selection in the U.S.-traded portion has historically converted that volatility into risk-adjusted outcomes. It is important to emphasize that Form 13F omits Constellation’s locally listed Brazilian equities, non-U.S. securities beyond the ADR set, any derivatives, and any risk controls employed at the fund level. As such, the long-only U.S. replication should be seen as an upper bound on directional equity risk for that sleeve, not a complete reflection of the firm’s diversified regional portfolios.