This month of December marks the 1st anniversary of our Global Equity certificate. Since its inception, the LBV Panorama Global Equity Certificate has generated a return of 27.51%, as of the end of November 2021.
Managed by Ricardo Teixeira, and advised by Emmanuel de Figueiredo, our CIO, the certificate seeks to invest in the very best global businesses. These are what we call high-quality super durable businesses, businesses that can withstand the test of time.
Our investment strategy and selection of portfolio companies is led by 3 fundamental criteria: (1) high inherent business quality, (2) value investing or the ability to invest with a reasonable margin of safety and (3) exemplary capital allocation and able management teams. Given our discipline and maximum of 30 positions held at any given moment in the portfolio, we emphasize having choosing the right set of companies and, avoid holding low conviction names, exposure to cyclical sectors, and highly levered & low predictability businesses.
Despite its positive and encouraging return in its first year of operations, we remain cautious and committed to the long term strategy of the certificate and take this festive season to wish all our investors, friends and family happy holidays.
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