Selective by design. Conviction in every partnership.

Focus on family-owned businesses. The strategy invests mainly in family-owned businesses, with selective exposure to non-family-owned businesses that offer structural tailwinds, policy support and market leadership or competitive moats.

Alignment through promoter ownership. The manager's rationale for investing in family-owned businesses is high alignment of interest through significant promoter ownership, together with long-term vision, agility and capital-allocation discipline.

The F.O.C.U.S. investment philosophy. Fundamentals (balance sheet health, business quality, profitability); Opportunity size and scalability; Cycles and capital allocation; Unmatched moats (technology, brand, network effect); margin of Safety and stewardship (valuations, governance).

Data-driven quality grading of companies. The investment management framework combines macro-economic parameters, the fundamentals of the largest listed companies graded through the manager's proprietary ABCD and Fair Value frameworks (governance, industry structure, growth prospects, balance sheet health, profitability, moat advantage, valuations), and sentiment and technical factors.

Responsible investment integrated in the process. ESG is integrated into the investment process under a Responsible Investment Policy and an internal bottom-up ESG framework, with continuous monitoring, constructive engagement with companies on material ESG factors and proxy voting under the Stewardship Policy.

Not a star-PM fund, but a team-led process. Two portfolio managers co-lead, with portfolio construction led jointly to ensure diversification of views. They are supported by a senior LatAm team with deep local knowledge across Brazil, Mexico, Chile, Colombia, Peru and Argentina and direct relationships with C-suite executives, regulators and industry experts.

Data-driven and style-agnostic. The manager follows the evidence, not a label: the process integrates value, growth and quality signals depending on the opportunity set, with the target of generating alpha independently of style exposure at any given time.

Top-down guardrails, bottom-up conviction. Top-down identifies sector tailwinds and capital-cycle dynamics; bottom-up is the core and searches for value gaps. The final portfolio of 40-60 names holds the highest-conviction positions.

Deep, independent research is non-negotiable. Research is multi-source: site visits, supplier and customer interviews, private peer analysis, pre-IPO meetings and industry expert consultations. As a locally based manager, the team is positioned to capitalise on the information asymmetries across Latin American markets.

Robustness to eliminate the left tail. Every thesis is stress-tested through white papers, quantitative tools and plural perspectives; disagreement is institutionalised to avoid blind spots. Risk management is treated as a source of alpha, modelled for real-world liquidity conditions rather than theoretical normal distributions.

A diversified global equity growth strategy. A broad, all-sector, all-market global growth fund, providing exposure to artificially intelligent systems wherever they may be found. It is not a technology fund, not a North American fund and not a robotics fund.

Proprietary AI-enhanced research. Stock selection is enhanced by a custom-built, proprietary AI system (Orbit) that screens unstructured official company data across developed and emerging markets, combined with fundamental bottom-up equity analysis.

A concentrated, high-conviction portfolio. A concentrated portfolio of c. 35-40 holdings built from the bottom up; competition for capital means every stock is held strictly on merit, and formal investment pillars support every position held.

Diversified across industries and regions. Diversified across industries, reducing dependence on narrow technology market leadership. The manager is genuinely agnostic about where it invests: its investment universe does not begin and end in Silicon Valley.

The same portfolio managers since inception. The fund has been managed by the same portfolio managers since its inception, under the firm's philosophy: protective, calm, intelligent, patient.

A philosophy rooted in empirical research. Lightman's investment philosophy focuses on investment characteristics that have worked with the highest consistency over the longest timeframes: high free-cash-flow yield is favoured over low free-cash-flow yield, and low price-to-book and price-to-earnings over high multiples.

Value with positive operational momentum. Cheap equities tend to be cheap because they have experienced difficulties. The manager aims to own companies whose difficulties are coming to an end and where earnings growth is returning: an operational improvement in a cheap security can see both earnings and multiple expansion lift the share price.

Strong balance sheets. Financial gearing risk is diminished by owning companies with strong balance sheets. Strong balance sheets shorten duration, speeding up cash returns, and diminish dilution risk.

Risk controlled through price and cyclicality. The risk of multiple compression is limited by paying low prices. Operational gearing comes from cyclicality, so the manager prefers cyclicals that have already experienced recession, diminishing downside risk.

Positive ESG momentum. The fund aims to generate positive environmental, social and/or governance (ESG) momentum. Lightman focuses on companies with the capacity to improve their ESG rating: on the rate of change of ESG rather than static readings.

A small, nimble team; one strategy. The lead fund manager believes that a small and nimble team that can make decisions quickly, rather than a committee approach, is optimal. This is the only strategy he manages, and the team will not change its investment process or style to follow the momentum of investor sentiment.

Businesses with a star quality. To be successful, businesses have to offer something that others can't match. They must be easy to understand, different to their competitors, durable to change and difficult to imitate, with a plan to grow rapidly without running out of money or overstretching their resources.

A defensive bucket to reduce risk. To reduce risk, the fund holds a defensive bucket of companies with slow and steady growth that should be less sensitive to the economy.

Built without reference to a benchmark. The sub-fund is actively managed at the investment manager's discretion without reference to any benchmark; portfolio construction is not influenced by index weightings.

A predominantly qualitative research process. Primary research and company contact are done internally, supported by a global network of external brokers and sell-side analysts. No quantitative screening is used to identify new ideas.

A core, all-weather emerging markets solution. A core equity strategy, unconstrained by style: a single, benchmark-aware solution for emerging markets covering all market caps, all markets and frontier-market exposure, with a risk-controlled approach diversified across all countries and sectors.

A long-tenured investment team. Managed by a long-tenured investment team that has worked together in emerging markets, having managed long, long/short and cross-asset strategies. Their experience is invaluable given the nuances of the asset class.

Two proprietary alpha drivers. Two proprietary alpha drivers using top-down and bottom-up methods, married together to create an alpha-repetitive equity strategy. The proprietary VMR (Value, Momentum, Risk) scorecard is an intra-asset-class indicator that aids timing, positioning, sizing and currency overlay.

A style-agnostic approach. Investing in high-quality companies at a discount, incorporating growth, value and yield, with proprietary top-down models allowing for the consideration of macro factors in allocation decisions.

Full ESG integration and engagement. Full ESG integration throughout the investment process, drawing on both proprietary internal and third-party research to identify risk and alpha opportunities, with corporate engagement to monitor and encourage improved sustainability practices.

Benchmark agnostic, high active share. The sub-fund is actively managed without reference to any benchmark. As a result of the benchmark-agnostic approach the strategy tends to have a high active share; the manager has significant freedom to deviate from the index.

A concentrated, high-conviction quality portfolio. Around 30 high-conviction holdings, with position size reflecting conviction and fair valuation incorporating a margin of safety. Companies are selected bottom-up for strong management teams, sound financial positions, good governance practices, a quality-growth and high-returns business model and constant innovation.

Risk as permanent loss of capital. Risk is assessed as the potential for permanent loss of capital. Alongside the focus on capital preservation, the manager seeks to minimise the portfolio's absolute volatility and drawdown potential, with a long-term horizon of five to seven years.

Proprietary research, not reliant on the sell side. In-depth research at the industry, sector and company level, based on company engagement, site visits and primary data collection; sector materiality is assessed through a proprietary, customised business sustainability analysis rather than third-party ESG ratings, and governance structure is analysed in detail.

A clear objective within rigorous guidelines. Investment guidelines set a maximum average duration of two years, a minimum average rating of BBB-, a maximum of 4% per single non-sovereign issuer, a maximum of 30% in high yield, up to 20% in ABS/MBS, at least 90% euro exposure, and no investment in CCC or defaulted securities.

A low-volatility fund by construction. To achieve low volatility levels, the manager's first priority has been managing the fund with an effective low duration and spread duration through the years.

An eclectic and opportunistic approach. The investment universe covers the entire range of short-term credit and fixed-income markets; the manager seeks out the best opportunities for relative value by identifying securities whose price does not reflect their true intrinsic risk. The short-end nature and conservative style of the strategy allow it to capture market disruptions and corrections, funded from the stable, core component of the portfolio.

Core-satellite portfolio construction. A core portfolio of government bonds and investment-grade corporate bonds, complemented by satellites in subordinated financials, corporate hybrids, high yield, emerging markets, structured credit and inflation-linked securities; the portfolio may allocate up to 40% in credit instruments such as high yield, including EM, securitised credit and subordinated bonds. Allocation is dynamic as the opportunity set varies over time.

Always good, sometimes great, never terrible. A diligent and repeatable investment process is the foundation of the mission to deliver consistent returns; the team never swings for the fences and takes no unnecessary risks to turbo-charge returns. The focus is risk control in negative years: even in the worst-case scenario the outcome should be coherent with the risk profile of the fund.

High-conviction active management. A truly active approach: portfolios are constructed based on what the team likes fundamentally and/or for pricing reasons, and the fund is actively managed with reference to the benchmark with great discretion over the composition of the portfolio, both in terms of constituents and allocation.

Credit selection to minimise defaults. The key to success is to minimise defaults by combining a value tilt with a specific focus on collateral assets: a conservative approach that aims to minimise defaults, with low turnover and therefore low trading costs, and a focus on credit selection for alpha generation.

Eclectic and flexible. The team constantly looks for opportunities beyond the benchmark bounds (floaters, AT1s, unrated bonds) and, following large price drops, is always willing to reconsider a credit previously discarded.

A lean and nimble team. The team believes in having better control over a subset of the market by focusing on the essentials; a nimble team promotes ongoing discussion of best ideas, and the portfolio management team performs 100% of its research internally.

A countercyclical risk posture. When risk premiums are compressed the team favours quality issuers, higher ratings and more conservative choices; as spreads widen its appetite for risk tends to increase together with portfolio beta.

High local rates as a source of carry. High local rates: a source of carry and alpha in a global portfolio. Real ex-ante rates provide inflation protection and Latin American rates provide a yield pick-up against developed economies.

An active mandate across a wider universe. Degrees of freedom across the investable universe: beyond the benchmark's local nominal sovereign bonds, the fund can use money markets, linkers, quasi-sovereign and corporate spreads, USD and EUR bonds and local derivatives. Local rates and FX represent 70-100% of the portfolio and credit 0-30%.

Gavekal's global macro insight. The CEO and founder of Gavekal is a key member of the investment committee, where he contributes his global views, which are translated into FX and rates beta exposures and incorporated by LarrainVial's portfolio managers in the final composition of the fund. Positions and trades are communicated daily.

Latin America covered from Latin America. In-depth local knowledge and capabilities based on offices in Santiago, Lima, Bogotá, Mexico City and New York; a macroeconomic team fully dedicated to covering Latin American economies in a global context, from the region, and a department dedicated to Latin American corporate credit assessment with analysts based in Argentina, Peru and Chile.

Anchored by the European Investment Fund. The fund is anchored by the European Investment Fund (EIF) and backed by leading global institutions and prominent entrepreneurial families.

Founders from KKR, BlackRock, 3G, Mubadala and Goldman Sachs. Co-founded by the former head of KKR's Global Impact Fund in Europe and two growth impact-investing pioneers with senior experience at BlackRock, 3G Capital, Mubadala and Goldman Sachs.

Proprietary access via a venture ecosystem. Early visibility into scaling platforms through the firm's venture ecosystem, giving differentiated access to companies several years before traditional buyout processes, with sector-specialist sourcing versus generalist mid-market private equity.

Carried interest tied to impact KPIs. After defining an impact target for each individual investment, the fund's carried interest is explicitly tied to how well the manager delivers on impact targets; carried interest is only fully paid out per investment when 100% of the impact KPIs are achieved.

Operational alpha, not financial engineering. Profitable, scalable, capital-efficient companies with resilient business models and disciplined leverage focused on downside protection; board-level engagement from day one, platform build-ups and international expansion, with a strategy that relies on operational alpha rather than financial engineering.

Skin in the game above market standard. A GP commitment of a minimum of around 10% of the fund. Data indicates a notable correlation between GP commitment and fund returns.

Access to first-quartile funds. The manager is a partner of more than 100 funds in the VC ecosystem, with direct access to top funds through board seats; continued investment in top-quartile-performing funds, leveraging the fund-of-funds network.

Engaging the right emerging managers to provide alpha. Around 25% of the portfolio will target emerging managers that can provide a large alpha to investors, focusing on managers with a strong track record.

Diversification through regions, stages and sectors. A target allocation across North America, Europe and Israel, and Latin America, from pre-seed to growth, across AI, ESG-tech, fintech, healthtech, industry tech, marketplaces and software. An in-house insights tool measures diversification by region, stage and sector and identifies any potential overexposure to a company; a fund may be rejected if it does not add diversification to the portfolio.

Liquidity through secondaries. The objective is to invest up to 20% of the portfolio in secondaries. Secondary transactions are usually made at a discounted price to the initial purchase price.

A market not covered by local players. A lack of financing alternatives in the asset-backed alternative debt segment, with international players focused on tickets above 30 million euros.

Asset-backed, lender-friendly structures. Transactions backed and collateralised by real assets, with flexibility in sector, structure and investment horizon. A capital-preservation approach built on structures favourable to the lender.

Private-equity-style analysis. The investment approach resembles a private-equity analysis, covering commercial viability, value assessment (market value and value on enforcement), possible value levers and other tangible and intangible aspects of the collateral, with the capacity to contribute capital and take effective control if necessary.

Local knowledge and certainty of closing. Deep knowledge of the local market from a commercial, operational and legal standpoint, including financing and debt acquisition, insolvency proceedings and direct access to local financial and legal advisers, always prioritising certainty of closing.

Atitlan as anchor investor. Atitlan acts as anchor investor and general partner of the fund and contributes its experience in the investment committee, complementing Terram's investment team with specific industrial knowledge in sectors such as real estate and agriculture.