Fernando Guardia,

Chief Investment Officer

Our Investment Philosophy

Our philosophy is based on a combination of discipline, in-depth analysis and a long-term perspective. We believe this methodology is key to maximizing value and protecting our clients' investments.

Shape Shape

Long Term Investors

  • We explore a global spectrum of opportunities, investing in companies of all sizes, sectors and geographies to reduce risk and enhance performance.
  • We look for companies with a proven track record of superior returns on invested capital, consistent and sustained above-average growth, and competitive advantages that ensure resilience and leadership in their markets.

Our Investment Process

Our investment process combines fundamental, quantitative analysis and a collaborative approach. We focus on companies, not market fluctuations. We continuously monitor a universe of approximately 150 companies, assigning them dynamic upside and downside price targets. We select the 15 most attractive companies and integrate them into our Recommended List, which is reviewed biweekly. We introduce new ideas through a detailed Durable Competitive Advantage (DCA) analysis to ensure maximum certainty. This approach ensures that every decision is backed by data, strategic insight and in-depth analysis of fundamentals.

Variable Income Process

Our equity methodology is designed to identify, analyze and evaluate high potential companies, based on a clear and disciplined structure that includes the following pillars:

Identify solid companies

We focus on a global universe of actively monitored companies to identify exceptional opportunities.

  • We are looking for companies with steady and above-average growth, standing out for their ability to generate long-term value.
  • We focus on companies with high returns on invested capital, reflecting efficiency and profitability in their operation.
  • We strategically diversify our investments internationally, taking advantage of unique opportunities and optimizing sector exposure.

Sustainable Competitive Advantage Analysis

We evaluate the intrinsic strengths of each company considering key factors such as: 

  • Competition in the industry and the company's ability to maintain a dominant position over its rivals.
  • Threats of new entrants and substitute products, analyzing the potential risks of market disruption.
  • Bargaining power of suppliers and customers, identifying structural advantages in the value chain.

Evaluation of Corporate Management

We believe that leadership is a key differentiator, so we carefully evaluate each management team:

  • We analyze their track record, execution capabilities and industry experience to ensure alignment with shareholder interests.
  • We value transparency and clarity in communication, ensuring that strategies are well defined and supported by data.
  • We prioritize their capacity for innovation and adaptability in a changing environment, emphasizing a focus on sustainability and social responsibility.

Valuation and selection based on fundamentals

We apply advanced techniques to identify companies with risk-adjusted return potential:

  • We calculate the intrinsic value of companies by projecting their future cash flows and discounting them to present value, using discounted cash flow (DCF) analysis.
  • We compare key metrics such as EV/EBITDA, P/E and P/B with industry peers and historical averages to identify attractive valuation opportunities.
  • We analyze the liquidity and solvency of each company, assessing its ability to withstand adverse economic cycles and generate sustainable value.

Fixed Income Process

In fixed income, our main objective is to ensure consistent income and preserve capital by integrating technical analysis, customization and active risk management.

Investment approach

We invest in corporate, municipal and Treasury bonds, optimizing each decision with a fiscal and strategic approach:

  • We design diversified portfolios by investing in reliable issuers that offer stability and profitability.
  • We maintain a "buy and hold to maturity" strategy, prioritizing entry price as a key determinant of long-term performance.
  • We optimize after-tax results through a detailed tax efficiency analysis.

Identify solid emitters

We select securities of high credit quality through independent analysis and a focus on stable and reliable issuers.

  • We seek issuers with durable characteristics and a long-term investment horizon, selected from a curated universe of continuously monitored credits.
  • We regularly evaluate new opportunities to incorporate issuers that align with our quality and diversification objectives.

Portfolio construction

We design portfolios to meet specific client needs by combining technical analysis and market relationships.

  • We prioritize values with competitive relative value, ensuring the best execution in each transaction.
  • We tailor each purchase to each client's specific objectives and constraints, maximizing after-tax risk-adjusted returns.

Continuous risk management

We implement quantitative strategies to mitigate risks in a changing market environment.

  • We design staggered maturity structures to reduce the impact of interest rate fluctuations.
  • We diversify credit risk across issuers, sectors and geographies, ensuring a balanced portfolio.
  • We perform continuous monitoring to identify emerging risks and protect our clients' capital.