About
About Apoena Research
Apoena Research is a macro- and event-driven research house. We build our view from the economic cycle, monetary and fiscal policy and global liquidity, position around the events that move prices (central bank decisions, fiscal announcements, elections, earnings and corporate transactions) and test each view against models of rates, inflation and currencies before it becomes a position.
We publish a monthly macro letter, quarterly credit analysis, notes when an event calls for one, and the record of the family portfolio against the CDI, the bad months included, in percentages only.
We manage family capital only (our own, our relatives' and our two companies') and do not offer management to the public. We charge no fee and give no advice.
From 2 November 2026 the portfolio runs under three mandates, Macro, Equities and Credit, each under its own written investment policy, and the family's allocation policy sets how much goes to each. Everything before 2 November 2026 is shown as history.
Who we are
Founder · portfolio manager
Runs the macro and multi-asset portfolios and writes the macro research. Master's in Finance, Nova SBE; Level II candidate in the CFA Program.
Before Apoena: portfolio manager at the Lisbon Investment Society, with DCF valuations of Samsung Electronics, Nike and Mercedes-Benz, and financial strategy and modelling at Construtora Viverde in Rio de Janeiro. Built the system that values every portfolio from the custodians' own statements.
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Partner
BSc in Economics, University of Lisbon. Head of Portfolio Management at the Lisbon Investment Society since September 2024 (its multi-strategy portfolio, monthly macro reports and daily close commentary) and equity research analyst there from 2022 to 2025, covering technology companies for a Mexican pension fund.
Private credit at BNP Paribas in 2025; earlier internships at Criteria Financial Group (investment banking, São Paulo), Genial Investimentos (summer analyst, winner of the analysts' internal challenge) and Moody's (London).