Canepa Asset Partners

Alexandre Póvoa

President and founding partner of Canepa Asset Brasil (2012 – present); CEO of Modal Asset Management (2003 – 2011) and CIO of ABN AMRO Asset Management (1998 – 2002); analyst at Morgan Stanley Dean Witter (1997); portfolio manager at Fundação Eletros (1994 – 1996); and analyst at Banco Inter-Atlântico (1991 – 1994).

Granted four times the “Best Portfolio Manager in Brazil” award (2000, 2001, 2002 and 2008), a prize bestowed by Investidor Institucional magazine, in both Equity and Hedge Fund categories.

As a portfolio manager, Póvoa has received dozens of awards for outstanding performance of individual funds and portfolio management teams (ABN AMRO Asset and Modal Asset); over 20 years of portfolio management experience.

Professor and author of two books: “Valuation, How to Value Stocks” (two versions – Ed. Globo and Ed. Campus Elsevier) and “Financial World, a Portfolio Manager’s View” (Ed. Saraiva).r (Ed. Saraiva).

Holds an MBA degree from the Stern School of Business (New York University), a Finance graduate degree (Ibmec – RJ), and a bachelor’s degree in Economics (UFRJ).

Canepa Management

Global investment firm (over US$ 6 billion in AUM), in which the anchor capital comes from a diverse group of investors from different parts of the world. Operations include asset management, private investments and wealth management, located in North America and Europe.

Led by investment professionals that have previously worked in major international banks and consulting firms, notably McKinsey, Santander and JP Morgan, among others. The company has created and manages (by itself or alongside partners) several investment platforms in various countries, based out of New York, London, Madrid, and now Rio de Janeiro. There are ongoing plans to establish a presence in San Francisco, Istanbul, Mumbai and Shanghai..

Julio Berruezo


Administrative Manager at Banco Votorantim (1993 – 2011), where he oversaw the opening of new branches, and was responsible for financial settlements, contracts and legal documentation for the asset management, brokerage and commercial operations. Julio holds a bachelor’s degree in Business Administration (Moraes Junior), and previously worked at Banco Investcorp, BFC, Senso and Floor brokerage firms, where he always held administrative positions.

Rafael Carvalho

Risk and Compliance.

Began his career in 2008 in the post-implementation area of RiskControl's risk management software (BBM Group), later acquired by Accenture, where he worked until 2014 as Risk Management Consultant. He also served as Senior Risk Analyst at FAPES and PETROS and Risk Manager at INFRAPREV. Graduated in Applied Mathematics with an emphasis in Business from UFRJ, he holds a Master's Degree in Economics and Finance from FGV-RJ.

Carlos Macedo


Partner and economist at Kyros Investimentos(2011 to 2016). Carlos holds a bachelor’s degree in Economics (PUC-RJ) and professional masters degree in macroeconomics and finance (PUC - RJ).

Lucas Aguiar

Macro Analyst

Began his career as a trainee in Arbitral Finance. Subsequently, in 2017, became part of Canepa Asset's Macroeconomic team. Lucas holds a degree in Economics from UFF (2017) with a dual degree from the University of Lisbon.

Antonio Dupim

Portfolio Manager (PM)

Partner and portfolio manager at Modal Asset, on Fixed Income, Equities and Exchange Markets (nov/2002 to jun/2014). He previously worked at Banco Marka, also as a portfolio manager on the Fixed Income market. (1984 to 1999). Antonio holds bachalor´s degree in Statistics, and an Finance graduate degree (Ibmec – RJ).

Lucas Santoro


Began his career at Canepa Asset as a trainee (Dec/12), became an equity analyst in Dec/14 and partner in Jan/16. Lucas holds a bachelor’s degree (Magna Cum Laude) in Business Administration from Ibmec-RJ and was approved in the CFA® level I exam.

Alexandre Ulm

Equities Portfolio Manager.

Portfolio manager at Icatu Vanguarda (2008 to 2017). Alexandre began his career in 1997 at Eletros, acting as a buy side analyst, chief analyst and co-manager of investments. In 2007, he became a sell side analyst at Ágora Corretora, where he remained until 2008. Alexandre holds a master's degree in economics from IBMEC (2006), an MBA in finance also from IBMEC (2003) and a degree in economics from UERJ (2001).

Thiago Garcia

Equities Analyst.

Began his career as an Equities Analyst at Lopes Filho & Associados (2011 to 2015). Subsequently, he went to FAPES (2015 to 2017) where he worked in the same field, focusing on the sectors of Transport, Logistics and Retail, when he joined Canepa Asset. Thiago holds a bachelor's degree in Economics from Universidade Federal Fluminense - UFF (2013).