Explora was founded in 2007 in Sao Paulo, Brazil.
Our goal is to produce superior, risk-adjusted returns over the long-term.
Our focus is on fundamental research-driven investing in pan-Latin American public equities.
We are fully independent and seek to align our interests with our global investor base by investing alongside our clients.
Explora is an exempt reporting advisor with the United States Securities and Exchange Commission. Funds are registered and regulated either by, Brazilian CVM, and Cayman Island’s CIMA.
We leverage our fundamental bottom-up research process and over 20 years covering the region to identify outstanding long-term investment opportunities.
We aim to construct a portfolio of good companies with an asymmetric return by demanding a wide margin of safety and meaningful upside optionality.
Explora LatAm Long/Short Strategy
• Focus firstly on preserving capital, then growth
• Aim to deliver absolute rather than relative returns, capitalizing on the wide dispersion of stock performance across the region
• Net exposure mostly driven by investment idea generation
• Long book of typically quality businesses at reasonable prices, which we expect to compound returns over time
• Short book of companies with deteriorating fundamentals or with a combination of rich valuations, negative catalysts and poor corporate governance
Explora LatAm Long-Only Strategy
• Investments are very similar to the long book of the long/short fund, but sizing may differ
• Long investment horizon enabling to tolerate and exploit market volatility
• Benchmark agnostic, thus country and sector exposures driven by where we find opportunities
• Aim to be fully exposed, will at times hold cash if opportunity set fails to present suitable investment ideas, not to manage exposures.
• Currency exposures are unhedged