Bocaina Capital Gestora de Recursos

Bocaina Capital Gestora de Recursos is an independent Brazilian asset manager founded in September 2020 in Pinheiros (São Paulo) by Miguel Ferreira — former CEO of Tarpon and Santander Asset — and Gabriel Esteca — former head of Infrastructure at Santander Asset. The team brings together ten partners with technical backgrounds in Project Finance and credit structuring, and their main product listed on B3, BODB11, holds net assets of approximately R$ 570 million and over 24,000 shareholders. In January 2026, the manager launched its second listed FI-Infra, BODI11, with an initial offering of R$ 400 million, expanding consolidated AUM to the R$ 850 million to R$ 1 billion range, in addition to exclusive funds and unlisted closed vehicles.

Track record and governance

In just over four years of operation, Bocaina has built a solid track record: BODB11 outperformed its benchmark (NTN-B 2030) by approximately 4.3 accumulated percentage points from its IPO in December 2021 through October 2023, with annualized spreads consistently between 1.5% and 2.5%. During the high real interest rate cycle (2022-2024), active management — rotating the portfolio when selling premiums exceeded contracted yields — protected net asset value per share and accelerated distributions, which jumped from R$ 0.15 in 2025 to R$ 0.38 YTD (a 152% year-over-year growth). Fiduciary administration by BTG Pactual DTVM provides operational and regulatory robustness. The manager adheres to three ANBIMA codes and integrates ESG analysis into the decision-making process via a partnership with Sitawi — an element that mitigates risk in long-term projects. There are no public records of regulatory issues with CVM or relevant governance concerns.

Strategy and funds under management

Bocaina Capital's core differentiator lies in its focus on smaller, proprietary-structured issuances (R$ 50–150 million), where the manager frequently acts as the sole or primary debenture holder and captures origination, structuring, duration, and liquidity premiums that are not available in the open secondary market. This approach requires technical Project Finance expertise — which the team possesses, originating from Santander — and sets Bocaina apart from managers operating exclusively in the secondary market or in mega-issuances with compressed spreads.

• BODB11 (IPCA+): An FI-Infra focused on IPCA+-indexed incentivized debentures, with a portfolio yielding IPCA + ~9.5% net per year. Segments: transmission, sanitation, fiber, towers, wind energy, highways, ports. DY of 15.06% tax-exempt for individuals — equivalent to a gross yield of ~17.5% in taxed fixed income.
• BODI11 (CDI+): Launched in January 2026, this is the CDI-linked version of the strategy, catering to investors who prefer post-fixed returns without sacrificing tax exemption. Still in the initial portfolio-building phase, with ~R$ 280 million raised.

Independence from financial conglomerates guarantees neutrality in issuer selection and access to opportunities that bank-affiliated competitors might discard due to conflicts of interest. Sector diversification within BODB11 (over 20 projects analyzed in the first 12 months, with 4 financed across highways, sanitation, wind energy, and ports) reduces the concentration typical of single-segment FI-Infras.

Strengths and points of attention

• Track record superior to the benchmark across all cycles since the IPO (2021), with consistent spreads above the equivalent NTN-B.
• Full tax exemption for individuals on income and capital gains, with a DY of 15% — one of the highest in the category.
• Specialized technical team in Project Finance (average of 12+ years of experience among founding partners), not easily replicable in the market.
• Controlled expansion: BODI11 diversifies the revenue model and proves the ability to replicate the strategy in another liability profile without diluting the team.

• AUM growth curve: a young manager (4.5 years) still consolidating multiple full cycles — the actual track record has primarily navigated a cycle of high interest rates and the beginning of rate cuts.
• Performance fee: 20% on returns exceeding IMA-B + 2.0% p.a. (calculated every 4 years) can represent a significant cost during cycles of strong government bond rallies.
• Sensitivity to real interest rates: long IPCA+ debentures are mark-to-market and generate unit price volatility during spread-widening cycles.

For which investor it makes sense

Bocaina Capital is a solid asset manager well-positioned for individual investors who prioritize tax-exempt income, with a 3- to 5-year horizon and tolerance for unit price volatility. BODB11 serves as an efficient substitute for direct NTN-Bs, with the advantages of credit diversification and active management; BODI11 is better suited for those preferring correlation with the CDI. Investors needing short-term liquidity or intolerant of long-term credit mark-to-market should avoid or limit exposure. It is worth monitoring BODI11's growth — if it consolidates the same level of spread above the benchmark as BODB11, it will signal process maturity and team robustness beyond a single product.