On Wednesday, December 3rd, Rio Bravo announced another step towards growth in variable income , an asset class that the firm had abandoned almost seven years ago amidst a wave of withdrawals from equity funds.
After launching an ETF in partnership with Investo , the asset manager co-founded by Gustavo Franco , former president of the Central Bank (BC), reinforced its product portfolio with the incorporation of a portion of an equity fund called Radix.
The vehicle was part of 3R Investimentos and underwent a spin-off. After the spin-off, 3R became the owner of the 3R Quercus FIA fund, which has the same characteristics.
The intention is for variable income to once again become important in the strategy of Rio Bravo, which manages more than R$ 13 billion in assets.
“Due to economic and investment cycles, this strategy was out of focus, but recently we started thinking about how to return,” says Evandro Buccini, partner and director of liquid investments at Rio Bravo, to NeoFeed . “We launched the ETF, but we also planned to have an active fund, and the opportunity arose now, with Radix.”
The portion of Radix that was acquired will be renamed Rio Bravo Radix, a long-only equity fund with a fundamentalist approach, investing in companies with predictable cash flow generation, efficient capital structure, and long-term management, in line with Rio Bravo's philosophy.
The fund is managed by Rodrigo Boselli, who becomes a partner at Rio Bravo after five years at 3R Investimentos. He arrives accompanied by a stock analyst, and further hires are expected.
Boselli is a long-time acquaintance of the firm, having been a client of the equity strategy for 20 years. A civil engineering graduate, he began his career in construction before opening his own investment club.
With net assets of R$173.3 million, the fund has a minimum investment of R$5,000 and settlement in D+31. It charges a management fee of 2% per year and a performance fee of 20% on returns exceeding the Ibovespa index. Radix has recorded a return of 53.6% in the last 12 months, compared to 28.6% for the Ibovespa . Since its inception, it has accumulated 489.2%, above the 207.9% of the B3 index.
Buccini states that the portion of Radix that came in will form the basis of Rio Bravo's first equity fund available to external clients in seven years. The firm has never been entirely out of the equity market, maintaining three products in this asset class, but these are restricted to partners and family and friends .
With the complete equity platform now in place, Buccini says the challenge is to expand both funds. Regarding the portion that came from Radix, the expectation is to close the year with net assets between R$300 million and R$350 million, something he considers "realistic."
"We're already having good conversations, including with institutional clients, to grow the fund in the short term," he says.
The incorporation of these resources and the launch of the QLBR11 ETF occur at a time when the market is betting on the recovery of variable income, driven by the prospect of a Selic rate cut and low valuations on the stock exchange.
However, the data still paints a negative picture. Local equity funds suffered a net loss of R$ 900.3 million in October, accumulating redemptions of R$ 21.5 billion for the year, according to a bulletin from Anbima.
Buccini emphasizes that Rio Bravo's strategy is long-term and that the lessons of the last 20 years show that the firm's philosophy helps to weather the turbulence of the variable income market, attracting investors.
Editor's note: On June 1, 2026, 3R Investimentos contacted the newsroom and stated that the fund had undergone a spin-off, not a merger. According to the asset manager, the use of the word "merger," as reported by Rio Bravo, implied that the fund had been fully acquired by Rio Bravo.
When questioned, Rio Bravo stated in an official note that "the term 'incorporation' mentioned in the report was not used in a legal sense or connotation. Rio Bravo only indicated that the new Fund would become part of the portfolio of funds under its management."
The text has been adjusted to ensure the best accuracy.
