Independently from any benchmark considerations…

… looking at the number of Latin American listed opportunities, their underlying liquidity, the overall size of the investable universe and its sectors tilts and country centricity – the Strategy is molded to capture the best investment opportunities in the region. Deep research and a disciplined investment framework based on value discipline enables us to build high conviction portfolios on a relative value and directional basis with a view always to achieve positive absolute returns.

Within a capacity sensitive approach and by allowing shorting, the strategy is flexible enough to capture market inefficiencies and guarantee our ability to maintain “high active share” to extract alpha out of our process.

The investment framework and research platform were built to support investment decisions (transparency, objectivity, critical thinking), monitors bottom up sector and style risk factor exposures and a macro oversight.

Victoire LatAm Equity Strategy


The objective is to achieve positive absolute returns over the market cycle through equity investing in Latin American companies.


The Strategy adopts a value discipline and a price sensitive approach to investment and seeks deep understanding of the existing gap between security market price and its intrinsic value including governance practices.


Bottom-up oriented strategy based on in-depth fundamental research process yielding high conviction concentrated portfolio, total return oriented and benchmark agnostic.


The Strategy has an absolute return orientation to extract the best investment opportunities in the region out of our investment process. Single-name exposures can represent up to 15% of AuM. Short-selling can generate positive returns as much as long exposures. Selective currency hedge (limited to the Net Equity Exposure per Country).

Mohamed Mourabet

Head of Investments / Senior Research Analyst

25 years of experience

Mohamed founded Victoire back in 2004 as a specialist equity investment company in Brazil and is the portfolio manager and co-portfolio manager together with Priscila of our flagship strategy since then. He provides leadership and direction for the investment team, to ensure common investment philosophy and sound implementation of our process in compliance with internal/external risk and compliance guidelines. Mohamed works closely with investment team members to coach them in diligence, valuation and fundamental research. His roles includes supervising and monitoring the risk exposures of Victoire aggregated portfolio, including all mandates, coordinating analysts agenda and challenging, testing investment discipline and discussing portfolio construction.

Prior to joining Victoire, Mohamed headed SSB Citigroup Asset Management equity arm in Brazil advising and managing more than USD 7 billion in onshore and offshore investments in the country. He was a member of the Asset Allocation Committee for onshore and offshore emerging market funds and was responsible for stock selection and portfolio construction of all equity onshore funds and mandates. Before that, Mohamed was a buy side analyst in the Emerging Market Portfolio Group at Flemings in London before being appointed as its legal representative and Managing Director in Brazil, advising on some USD 1 billion in offshore equity investments in Latin America. Mohamed began his career at Ernst & Young International in Paris, as an auditor and was, the CFO of Pulso Tecnologia Ltda between 2001-2003 in São Paulo.

Mohamed is Syrian born, French educated and a Brazilian/French citizen. He is a graduate of Paris IX Dauphine and holds a “Maîtrise des Sciences de la Gestion” and “Diplôme d'Etudes Supérieures Spécialisées” from the same university. Mohamed also holds an IMRO “full associate degree” (1993). Mohamed served as an officer in the French Army and is the recipient of France's National Defense Medal (1991).

Priscila F. de Araújo, CFA

Portfolio Manager / Senior Research Analyst

21 years of experience

Priscila has joined the firm in 2005 from SSB Citigroup Asset Management. Since then, she has lead our flagship LatAm Equity strategy. Over the years, her hands-on research approach rotating irrespectively between sectors and countries - supported by the research team and directing them with her coaching in diligence, valuation discipline and fundamental research – enabled her to accumulate experience and expertise in building high conviction portfolios for the strategy. As the lead portfolio manager, she is responsible for portfolio construction and directly monitors portfolio aggregate risk factor exposures always aiming for absolute performance.

Prior to joining Victoire, Priscila was a portfolio manager at SSB Citigroup Asset Management in São Paulo. She was a member of the Investment Committee and was directly responsible for 90 institutional clients and 25 mutual funds (BRL 2.5 billion). At Citigroup Private Bank she was responsible in building asset allocation models, identifying stock market and fixed income trading opportunities for Private Banking clients.

Priscila graduated in Business Administration from FGV in São Paulo, holds an executive MBA in Finance from INSPER – Instituto de Ensino e Pesquisa (former IBMEC) also in São Paulo and is a member of the Brazil CFA Society and a Board member of Fundação Visconde de Porto Seguro.

André Caminada


30 years of experience

André Caminada was appointed CEO of Victoire in 2016. André joined Victoire Brasil Investimentos in 2006 as the portfolio manager for the long only all cap strategies, where he stayed up to 2015. During this period, he was responsible for the portfolio construction and contributed extensively to the development of our analysts by testing their convictions. He is, today, the Managing Partner in charge of risk and compliance of the firm for the regulators aiming for full compliance with rules, policies, procedures and internal controls.

Prior to join Victoire, André was a senior equity manager at Itaú Asset Management, managing USD 650 million in Brazilian equities and running stock selection and portfolio construction for Small Caps, Multi-Sector and Value & Dividend Yield funds. Earlier, at Lloyds Asset Management, he managed USD 550 million in institutional, retail and high net worth individuals funds in Brazil, where he was head of the equity team. He established the ACE Dividendos fund in 1999, which was subsequently nominated for awards over five consecutive years by specialized magazines and institutions for its consistent returns. André began his buy side experience at Citigroup Asset Management where he managed USD 1.3 billion in equity and derivatives funds. He began his career at the Rio de Janeiro Stock Exchange as a trainee.

André graduated in Economics from Pontifícia Universidade Católica, São Paulo (PUC-SP) and received a MBA from Fundação Instituto de Administração (FIA-USP).

Bruno Wittmaack

Portfolio Manager / Senior Research Analyst

11 years of experience

Bruno is a partner at Victoire since 2013, having joined the firm in 2008. He is a senior research analyst and a co-portfolio manager for the strategy. His role is to aim proper diligence on each portfolio exposure, validating and questioning conviction drivers backed by the other team members. Within a disciplined framework that he worked to consolidate over time, he seeks to keep critical thinking and objectivity in research and portfolio construction processes. Bringing in potential candidates for the portfolio, directing research efforts and discussing sizing are part of his responsibilities. Over the last decade, with close to 100 company/management visit per year, Bruno has gained understanding of most sectors and companies of the Brazilian and LatAm universe.

Prior to joining Victoire, Bruno was a trainee on the equity desk at Merrill Lynch Brazil where he assisted the control of the orders and daily executions as well as the creation and implementation of software tools designed to integrate the several systems of the desk. Prior to Merrill, he worked at SAP Brazil, supporting software integration for big corporations.

Bruno graduated in Business Administration from Faculdade de Economia e Administração in São Paulo (FEA-USP), holds an executive MBA in Finance from INSPER – Instituto de Ensino e Pesquisa - also in São Paulo and he holds the Certificate of Investment Management of the Brazilian Investment Management Association.

Bruno Damiani

Senior Research Analyst

11 years of experience

Bruno is a partner of Victoire Investimentos since 2013 having joined the firm in 2009 as a trainee in Operations/Information Management. By 2011, he moved to the Research Department as an analyst with particular responsibilities in Commodities, Utilities and Financial Institutions and have now rotated into Food & Agro, Retail, Income Properties and Real Estate. Today as a senior research analyst, within our investment process, he tracks and monitors the investable universe, identifies potential candidates for our high conviction portfolios, and subsequently helps validate the conviction drivers behind them.

Prior to joining Victoire, he was a trainee at Bradesco’s Economic Department, working with the team of economists in preparing the bank's macro research reports. Prior to this, Bruno was an intern of the credit department of Banco Fibra, assisting the analysts with corporate market research.

Bruno graduated in Economics from Mackenzie Presbyterian University in São Paulo. He also holds an extension in corporate finance at FIA – Fundação Instituto de Administração (USP - São Paulo).

Eduardo de Vicq

Dealing Desk / Information Management

13 years of experience

Eduardo is a partner of Victoire Investimentos since 2015 having joined the firm in 2011. Eduardo supports the investment team by centralizing execution of the strategy connecting our single dealing desk with brokers, guaranteeing consistent pre-trade allocation and controls and helps the organization to properly monitor best execution and best practices. He provides as well support to the investment team with research analysis on macro variables, currency and commodities, monitoring underlying in-house assumptions in models and helps monitor bottom up factor exposures of our portfolio.

Prior to joining Victoire, Eduardo served for 5 years as a equity broker at Gradual, ICAP and Ágora.

Eduardo graduated in Philosophy at Pontifícia Universidade Católica in São Paulo (PUC-SP).

Fabio Melo

Investor Relations

14 of experience

Fabio is a partner at Victoire since 2015. He joined the firm to lead the investor relations and business developments activities. This involves sustaining and deepening our relationships with existing investors as well as building new, always aiming long term partnerships. His buy side upbringing, the close knit of the team and our investment process enables him to keep transparency in communication and a proper understanding of conviction drivers behind each high conviction exposure.

Prior to joining Victoire, Fabio was Head of Institutional Sales at NEO Investimentos, a Brazilian investment management company dedicated to private equity and other alternative strategies. Before that, Fabio was an Associate at Goldman Sachs Asset Management Brazil in São Paulo managing relationships with Institutional Investors such as Brazilian pension funds and consultants. He began his career at Santander Asset Management Brazil initially in Rio de Janeiro back in 2004.

Fabio graduated in Economics from Pontifícia Universidade Católica – Rio de Janeiro (PUC-Rio) and holds an Executive MBA in Finance from INSPER – Instituto de Ensino e Pesquisa - in São Paulo.

This website is designed to provide basic information about our investment strategies. Nothing on the site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy. Information on Victoire LatAm Equity Fund Segregated Portfolio is only available to certain investors. The password-protected portion of the website is designed for individuals and institutions that are “accredited investors” and “qualified clients” and, more specifically, for Permitted U.S. Persons and Offerees, as defined on the Confidential Private Placement Memorandum of Cayman Islands Segregated Portfolio Company (“SPC”) incorporated on February 13, 2006 under the provisions of the Companies Law. Only such individuals and institutions may access the information on this password-protected site. All individuals and institutions requesting access will be screened to determine eligibility. If you do not fit into any of the descriptions above, you should therefore not proceed. By proceeding please note that we will be treating you as an institutional client or professional investor for regulatory purposes and you agree to be bound by our terms and conditions. Please refer to our Disclaimer for complete information.

I am an institutional client or professional investorI am a private investor

The investments of the Strategy are subject to normal market risks, such as the risk that stock or bond prices in general may decline over short or extended periods. The securities markets tend to be cyclical, with periods in which prices generally rise or decline.

The Investment Manager believes, however, that such risks may be reduced through the Strategy by diversification and of investing in securities the prices of which are already discounted from their fundamental value.

There is no assurance that the investment objectives of the Strategy will be achieved. In addition, the Strategy does not expect to make regular, frequent or substantial cash distributions.

Accordingly, an investment in the Strategy may not be suitable for investors with a need for current income. Further, an investment in the Strategy should not be considered as a complete investment program.

Moreover, investors should recognize that investing in emerging markets generally involves certain risks, including those set forth on the PPM, which would not necessarily be associated with investments in the securities of issuers in the United States of other developed countries.

As a result of a number of the factors set forth on the PPM with regard to political, economic, legal and financial circumstances in emerging market countries, the Strategy may determine, from time to time, that, notwithstanding otherwise favorable investment criteria, it may not be practicable or appropriate to invest in a particular country.

The Strategy is available for Permitted U.S. Persons and Offerees, as defined on the Confidential Private Placement Memorandum of  Cayman Islands Segregated Portfolio Company (“SPC”) incorporated on February 13, 2006 under the provisions of the Companies Law. Persons who are Qualified Clients and Accredited Investors may purchase Shares.

Daily prices can be found on Bloomberg under tickers VICTLAT KY Equity (Class A) and VICLATB KY Equity (Class B).

Contact us for further information on how to subscribe at or +55 11 4872 4040. Alternatively, you may contact the register transfer agent for the Fund:

Register and Transfer Agent

APEX Fund Services (Malta) Limited, Luxembourg Branch
2, boulevard de la Foire
PO Box 542
L-2015 Luxembourg
Telephone: +352 27 44 10 35
Facsimile: +352 27 44 10 44/45
Email address: