Founder and head of Verde, Luis Sthulberger, says there was “fraud” and that judicial recovery will be long and noisy
the investment company Green Asset Management, managed by Luis Stuhlberger and Luiz Parreiras, manifested itself, through its January report, on the defect of Americanas. In a space dedicated to the case, the report says: “Twenty days later, what can we say? We were victims of a fraud. read the full of the report (497 KB).
Despite registering a gain of 2.74% in January, with commodities (gold), Real (R$), interest and inflation, the company attributes the losses to the Americanas case.
“Those who invest in credit know that this type of risk exists. A well-done due diligence process should mitigate this, but the risk of fraud can never be completely escaped. As managers, our duty is to look for flaws in our investment process and improve it based on the lessons learned from this case. But we were talking about a company with a long history, controlled by three shareholders considered (until then) the best business managers in the country, and with balance sheets audited by one of the main companies in the sector”says Verde in the report.
The company explains to its investors the reasons for having bet on Americanas. Says he built a strategy focused on credits “high yield”with greater risk and chance of return, and which, in this scenario, chose to invest in companies “high grade”which offer an advantage over their peers, such as Americanas.
Then, he details the 3 times he invested in the retailer. The 1st was in May 2020, at the height of credit volatility due to the pandemic. Acquired CDI +3% debentures, maturing in 3 years. Five months later, he sold the CDI +1.5%.
In October of the same year, he made his second investment. Bought IPCA +7.40%, sold 3 months later at IPCA +5.51%.
The last bet was in June 2022, when it invested BRL 2 billion at CDI +2.75%.
“We decided to invest because we considered that there was an excess of spread in relation to comparable companies and the company’s own history […] And, unfortunately, like the entire Brazilian market, we were surprised by the news released by the company’s recently sworn-in CEO, Sérgio Rial, on January 11, which caused a collapse in the price of the company’s shares, bonds and debentures, and took few days later, to the request for Judicial Reorganization.”
Finally, Verde says that the response to the Americanas case will be one of work and research. “We will continue investing in credit, with a very diversified portfolio, supporting good companies, in structures with good guarantees and adequate returns”.
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