Verde Servicos Internacionais S.A.

Verde Servicos Internacionais S.A. is a São Paulo–based investment management entity within the Verde Asset Management group, one of Brazil’s most established independent asset managers. The broader Verde platform traces its roots to the 1990s and is led by founder and CIO Luis Stuhlberger, widely associated with the flagship multi-strategy “Verde” fund that has long focused on Brazilian and global macro, equities, and credit. Verde Servicos Internacionais S.A. functions as the international management and advisory arm for offshore and cross-border mandates, giving non-Brazilian investors access to Verde’s research and portfolio-construction capabilities. These mandates typically provide exposure to a blend of Brazilian and global risk assets, implemented through listed securities, derivatives, and other instruments. The company files Form 13F with the U.S. Securities and Exchange Commission as an institutional investment manager under CIK #0001629290. The 13F filings capture only its long positions in reportable U.S.-listed equities and certain equity-like securities—principally U.S. large- and mid-cap stocks and ADRs of Latin American and other emerging-market companies. They do not include Brazilian local-market holdings, fixed income, derivatives, or cash, which are central to Verde’s multi-asset, macro-driven strategies. As such, the 13F dataset should be viewed as the long U.S.-listed equity sleeve of a broader, more complex portfolio. Within this platform, Verde Servicos Internacionais’ 13F History is consolidated into a quarter-by-quarter record, providing allocators with a position-level view of how its U.S.-listed holdings by issuer and sector have evolved across different macro and market regimes.

Verde’s overarching strategy is fundamentally driven, macro-aware, and opportunistic, with a core focus on Brazil and emerging markets set within a global opportunity set. The group’s flagship approach blends macro and relative-value views with bottom-up security selection across equities, credit, currencies, and derivatives. Verde Servicos Internacionais S.A. implements this philosophy for offshore mandates, including via U.S.-listed instruments that show up in 13F. Key elements of the process include: - Top-down macro and cycle analysis, with particular emphasis on Brazil and Latin America but also on global growth, interest-rate, and currency dynamics. - Bottom-up fundamental research into company balance sheets, cash-flow generation, competitive positioning, governance, and valuation, across both developed and emerging markets. - A value and asymmetry focus, seeking situations where the downside appears contained relative to upside, often in markets or sectors that are out of favour or undergoing transition. - Active risk management via position sizing, diversification, and, at the total-portfolio level, the use of derivatives and cash to modulate net exposure. In the U.S.-listed universe captured by Form 13F, this manifests as: - Positions in global franchises listed in the U.S. (technology, healthcare, consumer platforms, financials) that complement the core Brazil/LatAm book. - ADRs of Latin American and other emerging-market companies used to gain or manage exposure from offshore accounts. - Opportunistic holdings in cyclical or special-situations names where the team sees a compelling macro and micro thesis. Portfolios are conviction-driven but diversified at the issuer level within this subset. Turnover in the 13F sleeve is generally moderate: holdings can persist through macro cycles when theses remain intact, but the team will adjust exposures as valuations, policy settings, and risk/reward trade-offs evolve. On this platform, the 13F Portfolio Composition view allows allocators to dissect Verde Servicos Internacionais’ U.S.-listed book by sector, geography of underlying exposure, and market-capitalisation band. Combined with the Portfolio Simulator and Backtesting Service, users can build a rules-based historical replication of this reportable sleeve and study how Verde’s macro-informed, value-driven stock selection has translated into observable capital trajectories in U.S.-listed securities.

Verde Servicos Internacionais S.A. is the international management entity of the Verde Asset Management group, extending one of Brazil’s best-known macro and multi-strategy franchises to offshore investors. Its Form 13F filings under CIK #0001629290 provide a focused view of one part of that platform: the long U.S.-listed equity and ADR positions used within global and Brazil/LatAm-oriented mandates. From the 13F vantage point, key observable attributes include: - A macro- and value-aware equity sleeve that blends U.S. large- and mid-cap names with ADRs and global cyclicals tied to Verde’s broader macro and EM theses. - Moderate turnover and conviction-weighted positions that can generate meaningful deviations from standard U.S. benchmarks, both by sector and by factor exposure. - A risk profile in the observable sleeve shaped by the interaction of U.S. equity beta, emerging-market and currency sensitivities, and sector-specific cycles. Within this analytics environment, allocators can construct a reconstructed Historical Track Record of Verde Servicos Internacionais’ reportable holdings and compare the resulting capital trajectory to relevant U.S., EM, and global benchmarks. By combining 13F Portfolio Composition analytics with downside diagnostics such as Max Drawdown Depth and efficiency measures like Sharpe Ratio, practitioners can develop a data-grounded view of how the firm’s U.S.-listed equity sleeve has behaved on both an absolute and risk-adjusted basis. The central analytical question for allocators is how this macro-informed, EM-tilted long-equity profile—seen solely through 13F history—interacts with the substantial off-13F exposures in local markets, fixed income, currencies, and derivatives across different market and policy regimes, and whether that combined regime sensitivity aligns with the role they intend a Verde allocation to play within a diversified, multi-manager portfolio.

The true risk profile of Verde Servicos Internacionais S.A.’s mandates is defined at the multi-asset, cross-border portfolio level, where Brazilian local assets, global fixed income, derivatives, currency positions, and cash play central roles. The Form 13F disclosures, however, isolate only the long U.S.-listed equity component, which introduces a specific set of risks. For the 13F-visible sleeve, key risk characteristics include: - Equity and style exposure: The reconstructed 13F book carries meaningful beta to global and U.S. equity markets, with additional risk driven by style tilts (for example, toward value, quality, or selective growth) embedded in Verde’s security choices. These tilts can create tracking error versus broad U.S. indices, particularly during sharp growth–value or EM–DM rotations. - Regional and currency-linked risk: Many holdings, especially ADRs, are proxies for Brazilian and broader emerging-market exposure. Their capital paths are influenced not only by local fundamentals and policy but also by currency moves and capital flows into and out of EM assets. - Sector and thematic concentration: Opportunistic allocations to financials, commodities, and other cycle-sensitive sectors can increase sensitivity to commodity prices, rate regimes, and risk appetite. Conversely, positions in global technology and consumer franchises introduce exposure to innovation cycles and valuations in those segments. - Concentration and idiosyncratic risk: While diversified, the portfolio often features a finite number of core positions representing a large share of reported market value. Company-specific events—earnings disappointments, regulatory actions, governance issues, or M&A—can therefore have a visible impact on short- and medium-term capital paths in a 13F-based replication. Within this platform, a 13F-based reconstruction of the U.S.-listed sleeve can be evaluated using quantitative diagnostics. Measures such as Max Drawdown Depth characterise the most severe peak-to-trough capital declines experienced by the reconstructed holdings over user-defined horizons, while a Sharpe Ratio lens relates realised variability to the excess compounding achieved versus a cash proxy. Scenario analysis and stress testing—delivered via Performance Backtests Online—can illustrate how the observable sleeve might have behaved during episodes such as global risk-off moves, EM crises, sharp rate shocks, or cycles in commodities and the U.S. dollar. All such analysis should be interpreted with care: Form 13F does not capture the Brazilian and other local-market assets, fixed income, derivatives, short positions, or cash balances that materially shape Verde’s overall risk posture and drawdown profile.