Investor Letters

 Investor Letter #33 – Post-Crisis Recovery (Q1/18)

 Investor Letter #32 – Strategic vs Financial Controlling Shareholders (Q2/17)

 Investor Letter #31 – Brazilian Railways (Q1/16)

 Investor Letter #30 – Telecom Industry in Brazil (Q3/15)

 Investor Letter #29 – Words vs Actions (Q2/15)

 Investor Letter #28 – Portfolio (Q3/14)

 Investor Letter #27 – Image (Q4/13)

 Investor Letter #26 – Contingencies (Q2/13)

 Investor Letter #25 – Schacht (Q1/13)

 Investor Letter #24 – Risk Taking (Q4/12)

 Investor Letter #23 – Eletricity Sector (Q3/12)

 Investor Letter #22 – Expectations (Q2/12)

 Investor Letter #21 – Right of withdrawal (Q1/12)

 Investor Letter #20 – Privatizations (Q4/11)

 Investor Letter #19 – Conviction (Q3/11)

 Investor Letter #18 – When to Buy (Q3/11)

 Investor Letter #17 – Law and Economics (Q2/11)

 Investor Letter #16 – Niobium (Q1/11)

 Investor Letter #15 – Fund Classification (Q1/11)

 Investor Letter #14 – Three Rules of Energy (Q4/10)

 Investor Letter #13 – Act of Faith (Q4/10)

 Investor Letter #12 – Rankings (Q3/10)

 Investor Letter #11 – Miscellaneous (Q2/10)

 Investor Letter #10 – Paradox of Price Corrections (Q2/10)

 Investor Letter #09 – Miscellaneous (Q1/10)

 Investor Letter #08 – Predictions from Year 2000 (Q4/09) 

 Investor Letter #07 – Risk (Q4/09)

 Investor Letter #06 – Miscellaneous (Q3/09)

 Investor Letter #05 – Corporate Actions (Q2/09)

 Investor Letter #04 – Financial Sector (Q2/09)

 Investor Letter #03 – Real Estate Sector (Q1/09)

 Investor Letter #02 – Miscellaneous (Q4/08)

 Investor Letter Digest #02 to #25

 Investor Letter #1 – Initial Letter (Q2/08)

SELO

The information contained in this institutional website is merely for information purposes and should not be considered an offer to sell or a solicitation to buy Funds’ shares or any other financial assets in any jurisdiction in which such an offer or solicitation is unlawful. Investors should contact their financial advisors for more information. There is no public market for the shares and no such market is expected to be developed in the future. Bogari Gestão de Investimentos Ltda. does not distribute the Fund’s shares or any other financial assets.
No registration statement has been filed with the United States Securities and Exchange Commission or any State Securities Authority with respect to the offering of shares in the Funds.
The shares in the Funds have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Act”).
Prospective investors should carefully read and retain a copy of the Fund’s prospectus and bylaws prior to making an investment in the Fund. The bylaws should not be considered to be legal, tax, investment or other advice, and each prospective investor should consult with its own counsel and advisors as to all legal, tax, regulatory, financial and related matters concerning an investment in the Fund.
In order to comply with applicable laws, all investors must provide to the administrator copies of their identification documents prior to investing in the fund.
The prices and returns are net of all fees and gross of income taxes.
The Fund may use derivatives as an integral part of its investment policy. The use of such instruments may result in significant losses for its investors, including losses superior to the Fund’s net asset value. In such circumstances, investors will be obligated to invest additional resources in the Fund in order to cover any shortfall. The disciplined risk management practices used by the management are not a guarantee against possible losses to the investors in the Fund. Past performance is not a guarantee of future results.
The return of an investment in the fund is not guaranteed by the administrator, the manager or any insurance instrument, including the Brazilian “Fundo Garantidor de Crédito – FGC”. The fund may be exposed to a significant concentration in assets issued by few issuers, being subject to the consequent risks.
The content of this website cannot be used, copied or distributed without prior and written approval of Bogari Gestão de Investimentos Ltda..
Bogari Gestão de Investimentos Ltda is not responsible for accidental publications of incorrect information, for data used from this website, nor for investment decisions taken based on this material.