In the mountains of Nagano, enduring the winter is what makes it possible to bloom in spring.
Scroll to beginPrepared for winter.
Positioned for spring.
This transformation inspires an investment philosophy built to withstand adverse scenarios, protect capital and thrive in positive cycles.
- Strategy driven by the macro scenario
- Active idea generation
- Price targets and IRR monitoring
- Portfolio manager and analyst meetings
- Fundamental and technical analysis
- Valuation by DCF, multiples and earnings momentum
- Continuous monitoring of theses and risk
- Tracking of value drivers
- Tracking of industries and business models
Capture the up cycles.
Protect capital in the down cycles.
Highly experienced portfolio manager
- 20 years in financial markets
- 13 years as a portfolio manager
- 7 years managing the Total Return strategy
Combined bottom-up and top-down approaches
- Full team of analysts covering companies locally and globally
Flexible equity strategy
- Ability to generate alpha across different market scenarios
Consistent performance
- Consistent performance across different market scenarios
Focus on drawdowns
- Reduced drawdown during periods of market stress
Our funds
Choose the fund that fits your goals and risk profile.
Comparison table
| Inception | Fund | NAV per share | Day | Month | YTD | 12M | 24M | 36M | Since inception | AUM (R$ mm) |
|---|
Nagano Total Return: NAV history. The fund’s NAV history reflects the return of the feeder VINCI TOTAL RETURN FIF - Classe de Inv. em Cotas Multimercado (CNPJ 35.636.909/0001-15) from its inception on 12/27/2019 through 06/30/2024. From 07/01/2024 onwards, returns reflect the NAV series of the current feeder, NAGANO TOTAL RETURN FIF CLASSE INVESTIMENTO AÇÕES RL (CNPJ 34.793.111/0001-14). The fund has always been managed by Gustavo Imafuku Kataguiri.
Atlas One FIC FIA: NAV history. The fund’s NAV history reflects the return of the feeder Estratégia Ações FIC FIA (CNPJ 11.046.186/0001-36) from its inception on 09/21/2009 through 12/30/2016. From 01/01/2017 onwards, returns reflect the NAV series of the current feeder, Atlas One FIC FIA (CNPJ 13.083.227/0001-90). The master fund has been the same since 2009, always managed by Thomas de Mello e Souza. This “composite” disclosure is authorized by ANBIMA.
English version. This English version is provided for convenience only. In case of any discrepancy, the Portuguese version prevails. Notice. Nagano Investimentos Gestão de Recursos Ltda. (“Nagano”) does not market or distribute shares of investment funds or any other securities. The information on this website is for information purposes only, reflects the date on which it was prepared, is subject to change without notice and does not constitute an offer, solicitation, recommendation or research report for investing in or divesting from shares of the funds and respective classes managed by Nagano or any other financial assets. Investors should carefully read the bylaws, including the annex of the respective class and, if any, the appendix of the subclass, as well as the fund factsheet, if any, before investing. These documents are available on the website of the fiduciary administrator and on the website of the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM). Returns shown are net of management, advisory and performance fees, where applicable, and other class expenses, but are not net of taxes or any exit fee. Past performance is no guarantee of future results. A minimum period of 12 (twelve) months is recommended for assessing the performance of investment funds. Investment funds are not guaranteed by the administrator, the manager, any insurance mechanism or the Credit Guarantee Fund (Fundo Garantidor de Créditos – FGC). There is no guarantee that the funds will receive the tax treatment applicable to long-term funds. The classes may use derivative strategies as an integral part of their investment policies, which may result in significant losses for their shareholders. The classes managed by Nagano adopt a limited liability regime, so the shareholder's liability is limited to the amount subscribed, without prejudice to the possibility of the class having negative net assets, as described in its bylaws. The classes managed by Nagano may be authorized to invest in financial assets abroad, which subjects them to additional risks, including exchange rate variation, jurisdictional risks and regulatory differences. The pension investment funds managed by Nagano are intended exclusively for the investment of resources from open supplementary pension plans and life insurance plans (PGBL/VGBL), and their shares cannot be acquired directly by investors. The fund's return does not correspond to the return of the plan, which is subject to its own fees and conditions set by the insurance or pension company, regulated by the Superintendence of Private Insurance (Superintendência de Seguros Privados – SUSEP). Some classes are intended exclusively for qualified or professional investors, under CVM regulations. Supervision and oversight: Comissão de Valores Mobiliários – CVM. Citizen Service at www.gov.br/cvm. Questions, complaints and suggestions: comercial@naganoinvestimentos.com.br. Full or partial reproduction of this content without Nagano's prior authorization is prohibited.
Long-term returns above the Ibovespa and fixed income
An actively managed equity fund that combines fundamental analysis with a top-down view, aiming to outperform the Ibovespa and fixed income over the long term through dynamic allocation and the use of hedges, seeking to maximize the portfolio's risk/return profile across economic cycles.
Top down (cycles) + bottom up (sectors and companies). Equity portfolio with gross and net exposure set by fundamentals, scenario and price.
Balance between long-term structural positions and short-term tactical positions.
Hedges and an uncorrelated strategy that seek to avoid large drawdowns.
Balanced portfolio, combining micro-level opportunities with the macro cycle.
Patient capital, lasting relationships.
More than 10 years alongside those who entrust us with their wealth.
Source: Nagano Institutional Presentation, Oct/2026. Percentages add up to 100.1% due to rounding.
Experienced team
Careers built at the same firms, with decisions taken by an Executive Committee.
Portfolio management and research
Support and operations
Monthly Report
Every month: what we did in the portfolio and how we see the outlook. Reports are published in Portuguese.
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