Easy Brazil Investing – The XP Macro Plus FIC FIM is a Brazilian multi-market (hedge) fund aiming to deliver high returns through macroeconomic strategies. In this analysis, we cover both the onshore Brazilian fund and its offshore availability, providing foreign investors with insights on strategy, performance, outlook, peers, accessibility, and tax considerations.
Fund Overview: Strategy, Team & Macro Approach
Investment Strategy: XP Macro Plus is a macro multistrategy fund that seeks returns well above Brazil’s risk-free rate (CDI) by taking directional and relative-value positions across interest rates, currencies, equities, and volatility in both local and global markets . It targets an ambitious return of CDI + 7–10% per year with an expected volatility around 10% annually . The fund’s approach is high-conviction and medium/long-term, built on deep fundamental analysis of macroeconomic scenarios in Brazil and abroad . XP Macro Plus essentially mirrors XP Asset’s flagship “XP Macro” strategy but with higher risk tolerance – the “Plus” version runs a volatility target of ~8–12% (vs ~5% in the standard fund) to pursue higher returns (CDI +8–12% p.a.) .
Key Portfolio Managers: The fund is managed by XP Asset Management’s Macro team, led by co-portfolio managers Bruno Marques and Júlio Fernandes, who have overseen the strategy since its inception in 2018 . Both are veteran Brazilian macro investors: Bruno Marques joined XP in 2016 after managing macro strategies at firms like Nobel and ARX, while Júlio Fernandes has been in markets since the 1990s with stints at Banco BBM, Itaú Asset, and GAP Asset . They are supported by a dedicated team including a chief economist and specialists for volatility and quantitative analysis . This seasoned team drives the fund’s top-down allocation across “books” – typically splitting trades into interest rates (local and global), foreign exchange, equities, and inflation/volatility .
Macro Positioning: The fund dynamically shifts positions as macro conditions evolve. For example, in mid-2025 the managers maintained short USD positions against currencies like the EUR, BRL, and MXN, long positions in Brazilian equities, and various rate trades reflecting their economic outlook . They have been positioning for falling interest rates and disinflation in Brazil, while tactically trading U.S. and Latin American yield curves. A recent monthly commentary noted short dollar exposures, steepener trades in Chile, a flatter bias in Mexico’s curve, and increased allocation to Brazilian nominal and real interest rates as the central bank signaled easing . In essence, XP Macro Plus tries to capitalize on macro regime shifts – such as central bank policy turns, currency trends, and equity undervaluation – using a disciplined risk process. The fund’s objective explicitly is to outperform the CDI through a diversified portfolio of assets in spot and derivatives markets, applied with rigorous risk management .
Historical Performance: Returns, Volatility, Sharpe & Drawdowns
Track Record: Launched in April 2018, XP Macro Plus has delivered a total return of about +66% since inception (as of mid-2025) . This equates to a roughly mid-single-digit annualized return, which is only marginally above the CDI benchmark, resulting in a near-zero long-term Sharpe ratio (~–0.02 since inception) . In other words, over its full lifetime the fund’s risk-adjusted performance has been roughly on par with Brazilian cash rates, reflecting periods of strong gains offset by significant drawdowns. Below is a breakdown of annual returns and notable risk metrics:
- 2019: +15.7% return, which was ~219% of the CDI that year . This strong first full year set a positive tone, as the fund captured opportunities in the post-election rally and global easing cycle.
- 2020: +5.9%, about 201% of CDI . This moderate gain hides a wild ride: during the March 2020 COVID crash the fund plunged nearly –18.6% in a single month, its worst monthly loss on record . The fund recovered in subsequent months to finish 2020 positive, but the max drawdown reached –30.9% during the pandemic turmoil . Such volatility underscored the high-risk nature (annualized volatility often 8–10%+) and the need for a long-term horizon.
- 2021: +8.8%, about 212% of CDI . A solid year as global markets rebounded; the fund navigated local rate hikes and equity rotations to beat cash by a healthy margin.
- 2022: +27.2%, a stellar ~262% of CDI . This was the fund’s best year – Brazilian interest rates soared to 13.75%, and XP Macro Plus profited handsomely from macro trades (e.g. short bonds, long inflation protection). The +27% return in 2022 was comparable to top local peers (Verde was +28.7% that year ) and far above the ~+12% CDI risk-free rate, reflecting extremely successful positioning amid global rate volatility.
- 2023: +0.5% (virtually flat) . After the prior year’s gains, 2023 proved challenging. The fund suffered steep losses in Q3 2023 (notably –7% in August and –4.5% in October ) as some macro bets went awry – likely related to premature expectations of rate cuts or currency moves that reversed. By year-end, it had underperformed the CDI (~13% in 2023) by a wide margin. The 12-month Sharpe ratio turned deeply negative (–0.69) , highlighting the difficulty macro funds faced in 2023’s choppy, range-bound markets.
- 2024: –0.9% (through year-end) . Another tough year: the fund was slightly negative, again lagging the CDI (~11–12%). Volatility remained high and performance was inconsistent (e.g. a –5% draw in Jan 2024 followed by a +5.4% rebound in Dec 2024) . By the end of 2024, three-year annualized returns were –0.15% (essentially zero) .
- 2025 YTD: –4.5% as of July 2025 . The first half of 2025 saw continued volatility – the fund lost ground in early 2025 amid shifting global rate expectations and local political noise, before a sharp +3.8% rally in August 2025 . The trailing 12-month return is only ~3–7% (depending on the exact cutoff) which is still below CDI .
Risk Metrics: Over its life, XP Macro Plus has exhibited an annualized volatility in the high single digits (currently around 8–9% ) and significant swings. It has had 48 positive months and 40 negative months since inception , with a best monthly gain of +10.5% and the worst monthly loss of –18.6% . The maximum drawdown from peak-to-trough has been –31% , meaning an investor at the fund’s high would have seen nearly one-third of their capital eroded before recovery. Such drawdowns are not unusual for “Alta Vol” macro funds, but they underscore that investors must be able to tolerate volatility and potentially long recovery periods. The Sharpe ratio (excess return over CDI, per volatility) has been negative in recent periods – e.g. –1.3 over 3 years – reflecting that over the last few years the fund has not compensated for risk taken. However, since inception the fund is slightly above water relative to CDI (Sharpe ~ –0.02) , essentially matching risk-free performance in aggregate. In short, XP Macro Plus has proven it can generate high returns in favorable macro trends (e.g. 2019, 2021-22), but it also carries the risk of significant underperformance in difficult periods, requiring patience and diversification.
Performance Outlook: Allocation, Macro Context & Prospects
Current Allocation & Stance: As of mid-2025, the XP Macro Plus fund’s portfolio reflects a cautious but opportunistic stance. Recent disclosures indicate a large allocation to cash and liquid fixed income, with net exposure to equities kept low or hedged . For instance, at May 2025 month-end the fund had over 70% in cash/money-market instruments and only negligible net equity exposure . This suggests the managers de-risked after the turbulent 2023-early 2024 period. However, within the active risk budget, the fund is expressing views on currencies and interest rates. The team has maintained short positions in the U.S. dollar (expecting further USD weakness against both developed and emerging currencies) and long positions in Brazilian assets – notably Brazilian stocks (a contrarian bet after underperformance) and local bonds . The fund’s July 2025 commentary highlighted increased longs in Brazilian nominal and real yield bonds (as inflation expectations improved and rate cuts loomed) and continued long exposure to Brazil’s equity market after a dip, on the view that growth and monetary policy could find a better balance ahead . Simultaneously, XP Macro Plus was shorting the USD vs BRL, EUR, and MXN, reflecting confidence in non-US currencies as global inflation cools . The fund also held positions in other Latin American rates (e.g. a yield curve steepener in Chile, and some Mexican curve trades) to capitalize on regional monetary policy shifts .
Macro Context: The outlook for the next 1–2 years is shaped by major macro shifts: Brazil’s central bank is in an easing cycle (after holding rates at 13.75% through most of 2023, the Selic rate has begun to fall in late 2023 and 2024), and global central banks (like the Fed) are at or near peak rates with potential cuts on the horizon. For a macro fund, this environment presents both opportunities and risks. On one hand, falling interest rates and disinflation in Brazil could boost local bonds and equities, trades which XP Macro Plus is positioned to exploit. Indeed, Brazilian hedge funds have been betting on declining yields as growth slows and fiscal reforms progress . If Brazil’s economy navigates a “soft landing” – moderating inflation with only gradual slowdown – XP Macro Plus’s long bias in Brazilian duration and equities could drive a strong rebound in performance. Additionally, a weaker U.S. dollar (should the Fed shift to cutting rates in 2024–2025) would benefit the fund’s short USD/long EM FX positions, potentially adding tailwinds to returns .
On the other hand, macro uncertainty remains elevated. A resurgence of inflation or any shock (global recession, commodity spike, geopolitical event) could whipsaw the fund’s positions. The managers have indicated they are running with risk somewhat below historical levels given the “uncertainties of the scenario” – a prudent move after the recent drawdowns. The performance outlook thus hinges on successful navigation of policy inflection points: XP Macro Plus will need to time the shifts in interest rate trajectories and currency trends better than it did in 2023. The fund’s historical pattern suggests it thrives in trending macro environments (when there are clear directional opportunities) but can struggle in choppy or range-bound markets. For example, in early 2023 the fund outperformed peers with a +5.4% gain in February by correctly betting on U.S. rates and shorting Brazilian equities , yet later that year it suffered when markets reversed. Going forward, if 2024–2025 bring trending declines in rates and a stable political backdrop in Brazil, the fund could potentially recover strongly. However, investors should moderate return expectations – after two weak years, even achieving CDI+ (outperformance of cash) would mark a turnaround.
In summary, the long-term thesis for XP Macro Plus remains that it can provide uncorrelated, high-octane returns as part of a diversified portfolio – especially during macro-driven market phases. Its low correlation to equities (near zero to the Bovespa index) and ability to go both long and short across asset classes mean it could deliver upside even when traditional assets falter. But given recent performance, the onus is on the managers to prove they can adjust to the new macro regime. Investors should view this fund as a volatile “alpha” satellite allocation for portfolio diversification, rather than a core holding – expecting potential double-digit gains in good years and significant drawdowns in bad years. Patience and a multi-year horizon are essential to ride out the cycles inherent in macro investing.
Peer Comparison: Local Macro Funds and Global Counterparts
XP Macro Plus operates in a competitive field of macro hedge funds. We compare it to some leading Brazilian macro funds as well as renowned international macro managers:
Brazilian Macro Hedge Fund Peers
- Verde FIC FIM (Verde Asset Management): The flagship Brazilian macro fund run by Luís Stuhlberger since 1997 is often seen as the gold standard. Verde has a long-term reputation for capital preservation and steady gains. In 2022, Verde returned +28.7%, its best year in nearly a decade , thanks to successful bets on global inflation and Brazilian rates. Verde typically runs at lower volatility than XP Macro Plus, and over decades has vastly outperformed CDI. However, it too saw more modest results in 2023 (+0.6% according to one report ) amid challenging conditions. Verde remains a benchmark for Brazilian hedge fund performance, albeit one with a more conservative profile (its volatility is generally lower, and it emphasizes not losing money).
- SPX Nimitz (SPX Capital): SPX’s flagship global macro strategy. SPX Nimitz is known for aggressive global trades (the firm’s partners include ex-Central Bank directors). It delivered roughly +21% in 2022, also taking advantage of the turmoil in rates markets . SPX funds suffered a setback in late 2022 (its levered Raptor fund lost 11% in Nov 2022 ) illustrating the risk. For 2023, Nimitz had a small loss (around –1% to –5% range, varying by share class) while still beating CDI which was in double-digits . SPX’s approach is similar to XP Macro Plus in terms of trading global and local themes, but SPX commands larger AUM and has a longer track record (founded 2010). Both funds can experience significant swings, but SPX has generally posted positive real returns over multi-year periods, whereas XP Macro Plus is still proving itself.
- Legacy Capital and Others: Legacy Capital’s macro fund (often just called “Legacy” FIC FIM) is another prominent player, led by former BTG Pactual traders. Like its peers, Legacy had strong gains in 2022 (rumored in the +15–20% range) and then a difficult 2023. Precise figures are less public, but these funds all belong to the “Multimercado Macro” category and tend to exhibit correlated performance patterns – thriving when big macro trends play out, and stumbling in unpredictable markets. Other notable Brazilian macro funds include Ibiúna Hedge, Kapitalo Kappa/Zeta, and Gavea Macro, each with their own style (some more quantitative, some more discretionary). XP Macro Plus sits in this landscape as a newer entrant (inception 2018) with comparable fee structure (2% management, 20% performance fee) and risk level, but a smaller asset base (~R$150 million vs. billions for some competitors) . Its 5-star Morningstar rating indicates that within the Brazilian high-vol macro category, its risk-adjusted returns have been competitive, at least over certain periods.
International Macro Fund Peers
- Bridgewater Pure Alpha (Bridgewater Associates): Bridgewater, founded by Ray Dalio, is the world’s largest hedge fund. Its Pure Alpha strategy is a global macro behemoth, known for systematic diversification across dozens of markets. In 2022, Pure Alpha II reportedly posted a +32% return – an outstanding result capitalizing on inflation-driven trends . (Bridgewater had positioned for rising rates and was short equities, yielding one of its best years ever.) However, Bridgewater’s performance moderated subsequently; it lagged some peers in parts of 2023 and 2024 . Unlike XP Macro Plus, which mainly trades Brazilian and select global markets, Bridgewater trades virtually all major economies, often via liquid futures/swaps. Its scale ($100+ billion AUM) and systematic approach make it a very different animal, but from an investor perspective Bridgewater’s high-single-digit annualized returns (at 12% vol target) over decades serve as a yardstick for macro funds . XP Macro Plus shares the same absolute return, uncorrelated ambition, but on a much smaller scale.
- Brevan Howard Master Fund (Brevan Howard Asset Mgmt): Brevan Howard is a leading discretionary global macro manager based in the UK/Europe. Its master fund is run by a team of traders and has historically excelled in volatile environments. In 2022, Brevan’s publicly listed feeder (BH Macro plc) returned +21.9% (GBP class) , driven largely by interest rate and inflation trades, making it one of Brevan’s best years since inception. However, in 2023 the master fund reportedly lost about 1.9% as some positions reversed , prompting Brevan to reduce risk and even cut staff. This boom-bust pattern is somewhat analogous to what Brazilian macro funds experienced. Brevan Howard’s focus is global (U.S. Treasuries, European bonds, FX, etc.), but it underscores how macro funds globally saw strong 2022 gains and then mean-reversion in 2023. Other famed global peers include Tudor Investment Corp, Caxton Associates, and AQR’s Global Macro strategies – many had double-digit gains in 2022 as well. Compared to these, XP Macro Plus is focused on Brazil/LatAm and has a home-court informational edge, but it also means higher exposure to Brazil-specific risks (political events, local liquidity) that a diversified global fund might avoid.
Summary of Peer Context: XP Macro Plus delivered comparable performance to top macro funds during the banner year of 2022, but it has underperformed both local peers (e.g. Verde) and global peers in the more challenging environment since then. It is smaller and more Brazil-centric than most, which can be a double-edged sword – local expertise can produce outsized gains when Brazilian markets trend (as seen in 2022 when Selic cycles provided clear opportunities), but it also means higher idiosyncratic risk. By contrast, a fund like Verde has a longer track record of navigating Brazil’s ups and downs, and Bridgewater or Brevan can spread bets across many economies. For an international investor, a blended approach might be wise: XP Macro Plus can add specific Brazil-focused macro exposure alongside allocations to global macro funds for broader diversification.
Accessibility: How Can Foreign Investors Invest?
Investing in a Brazilian fund as a foreigner requires navigating some structural hurdles, but there are a few routes to access XP Macro Plus:
- 1. Direct Onshore Investment (Brazilian Account): Foreign investors (including individuals and institutions) can register with Brazil’s CVM (securities regulator) as a non-resident investor and open an account with a local broker/custodian (such as XP Investimentos). This involves obtaining a Brazilian tax ID (CPF/CNPJ) and appointing a local legal representative/custodian. Once set up, a foreign investor can invest directly in XP Macro Plus FIC FIM (the onshore fund) just like a local investor. The fund is open to general investors (not restricted to qualified investors) and has a low minimum investment (currently R$500 for locals) . In practice, however, a foreign investor might face higher minimums or logistical costs, and will need to fund the investment in Brazilian reais. Any redemption proceeds will be paid in BRL as well (which the investor can then repatriate through the FX markets). Direct investment gives access to the full local liquidity (the fund processes redemptions with 30-day notice, as per its terms ) and avoids any additional feeder fees. This route may be suitable for larger or long-term investors who are willing to handle the account setup and currency management.
- 2. Offshore Feeder or International Platform: XP has been expanding its international offerings, and there may be an offshore feeder fund or wrapper for XP Macro Plus available to foreign clients. Some Brazilian asset managers create feeder funds in jurisdictions like Luxembourg, Ireland, or Cayman Islands that invest into the Brazilian master fund. For example, XP could offer a USD-denominated feeder (possibly via its XP Offshore or XP International divisions) where an international investor subscribes in USD and the feeder in turn allocates to the XP Macro Plus strategy. This hasn’t been heavily publicized, but XP’s global expansion hints at such structures – XP has partnerships bringing foreign funds to Brazil and vice versa. If an offshore feeder exists, it would likely be limited to qualified investors and have a higher minimum (often $100k or more) and additional fees for administration. The benefit is that investors can avoid dealing with Brazilian custody/tax directly – you invest in a foreign vehicle and receive distributions or NAV in a hard currency. We recommend checking with XP’s international offices (XP Investments in the US or Europe) about whether a dedicated feeder for XP Macro Plus is available. In absence of a single-fund feeder, another approach is via offshore fund-of-funds platforms: XP or third parties might include XP Macro Plus as part of a multi-strategy fund or managed account. For instance, XP has a “Global Strategies Fund” UCITS that allocates to various funds , though that one appears more multi-asset and not a direct feeder. In any case, using an offshore platform can simplify the process for foreign investors at the cost of an extra layer.
- 3. International Distribution Agreements: As Brazil’s fund industry globalizes, some foreign banks/brokerages offer access to Brazilian funds. For example, there have been feeder deals where Brazilian managers partner with banks like JPMorgan or Fidelity to distribute funds . While those deals are typically for bringing foreign funds to Brazil, the reverse could also occur. A foreign investor might inquire if their private banking platform can access XP Asset’s funds via Omnibus feeder or mirror funds. Additionally, some Brazil-focused investment funds or ETFs abroad could have exposure to strategies like XP Macro (though currently no known ETF tracks this fund). For most individuals, the practical paths remain either opening a Brazilian brokerage account or investing in an offshore feeder.
Liquidity Considerations: Note that XP Macro Plus onshore has monthly liquidity (redemptions with 30 days’ notice, paid on the next business day after those 30 days) . This is relatively less liquid than mutual funds in developed markets. Any feeder would likely mirror that liquidity term – i.e., you might only be able to redeem monthly. Plan investments accordingly, and avoid this fund if you need quick access to cash.
Tax Implications: Onshore vs. Offshore for International Investors
Brazilian Onshore Fund Taxation: If investing directly in XP Macro Plus (onshore), foreign investors are subject to Brazil’s investment fund taxation rules. Brazil treats gains from funds as fixed-income income for tax purposes (since XP Macro Plus is a “long-term” multimercado fund). The taxation works via withholding at the source: Brazil imposes a capital gains tax on fund profits, collected by the fund administrator upon redemption or periodically. For non-residents from non-tax-haven jurisdictions, historically the rate has been the same as for locals: a regressive income tax on redemptions ranging from 22.5% (short-term) down to 15% (for investments held over 2 years) . Additionally, Brazil applies a semiannual “come-cotas” (advance withholding) on long-term funds every May and November, at a rate of 15% on accrued profits, which acts like a prepaid tax. In effect, when you redeem, you pay the remaining tax (to bring the total to the applicable rate). For example, if you held the fund over a year, the effective tax would be 15% of gains. This tax is automatically deducted from your redemption proceeds in local currency.
Non-Resident Investor Status: Brazil historically offered certain tax incentives for foreign investors in specific assets (e.g. 0% tax on Brazilian government bond interest and on public equity gains for foreigners under Law 11.312/2006). However, for investments in funds, foreign investors generally do not get a full exemption – they have been taxed similarly to locals in most cases . Under the “Resolution 4,373” framework, a non-resident in a compliant jurisdiction pays 15% withholding on fund gains (which is the long-term rate) or 25% if coming from a tax-haven jurisdiction . One nuance: certain private equity or long-duration funds (FIP funds) have special rules (often zero tax for foreigners) , but XP Macro Plus is a standard multimercado fund, so those exceptions don’t apply. The bottom line is that if you invest onshore, expect Brazilian tax of roughly ~15% on your net gains. Brazil does not impose additional withholding on repatriation of the principal or on dividends (funds typically capitalize gains rather than pay periodic dividends).
Offshore Feeder Taxation: If investing via an offshore feeder fund, the tax situation changes. The offshore fund itself will invest into the Brazilian master fund and will be the legal taxpayer in Brazil. The feeder (likely structured as a Cayman or Lux fund) would thus bear Brazilian taxes internally (the master fund will pay come-cotas and withholdings on the feeder’s gains). From the foreign investor’s perspective, any distributions or redemptions from the offshore feeder would not be taxed by Brazil. Instead, the investor faces whatever tax regime applies in their own country for foreign fund investments. For example, a U.S. investor in a Cayman feeder might be subject to the PFIC (Passive Foreign Investment Company) rules – typically paying tax at ordinary income rates on distributions or using a QEF/MTM election – but this is a U.S. tax matter, not a Brazilian tax. European investors might enjoy deferral and then capital gains tax on sale of the feeder shares. The key is that the tax complexity is handled by the feeder, making it simpler (though not necessarily lighter tax) for the end investor. One should examine the feeder’s offering documents for specifics on tax, but generally no Brazilian withholding will be taken from payments to foreign feeder investors (since the Brazilian tax occurred at the fund level already).
Recent Tax Reforms: It’s important to note that Brazil is in the process of tax reform. In mid-2023, a provisional measure (MP 1,303) proposed significant changes to how investment income is taxed . This includes moving to a flat 15% withholding tax on fund gains (17.5% in some proposals) and eliminating the come-cotas regime for some cases, as well as aligning non-resident taxation. If these changes are implemented (expected around 2024/2025), the tax on fund investments might become a flat ~15–17.5% for everyone, with non-residents being taxed similarly (except tax-haven investors still at 25%) . The upshot for international investors is that Brazilian tax will likely remain in the mid-teens on any profit made in the onshore fund. This is somewhat higher than, say, U.S. long-term capital gains rates, but Brazil does not differentiate between income and gains – it withholds on all fund profits.
Comparing Onshore vs Offshore: For a foreign investor, choosing onshore vs. offshore may come down to convenience and tax jurisdiction at home. Onshore investment gives direct access but results in Brazilian tax withholding (which might be creditable against your home taxes, if a tax treaty exists – though Brazil has limited tax treaties, and many don’t cover investment income well). Offshore feeder investment consolidates the tax events inside the fund. Economically, both routes will see roughly the same deduction by the time money reaches you (since the feeder ultimately suffers Brazilian tax too). However, the offshore route could defer taxation (you generally only realize a taxable event when you sell your feeder shares, not as the fund trades) and can avoid the semiannual come-cotas drag. It may also offer reporting simplicity – you’ll receive perhaps a yearly statement for your offshore holding, rather than dealing with Brazilian tax forms.
One must also consider currency: The onshore fund operates in BRL. If your base currency is USD or EUR, onshore investment means FX exposure (which can be both risk and opportunity). The offshore feeder, if in USD, might hedge or translate the investment. Tax-wise, currency gains are inherently part of the fund NAV gains (Brazil doesn’t separately tax FX for the fund; your home country might tax FX differently if you hold BRL assets directly).
Summary: Expect to pay about 15% in Brazilian taxes on any gains from XP Macro Plus, one way or another. International investors should consult a tax advisor about foreign tax credits – for instance, U.S. investors may or may not be able to credit the Brazilian withholding, depending on their tax situation. If investing via feeder, understand your local tax treatment of an offshore fund (PFIC rules for U.S., etc.). Finally, keep an eye on Brazil’s evolving tax laws: a simplification to a single withholding at redemption (with no come-cotas) is slated to take effect, which could slightly improve the compounding efficiency for long-term investors . Regardless of route, Brazil does not levy additional withholding on repatriating your capital; once the applicable income tax is withheld, funds can be remitted abroad freely (the IOF financial transaction tax on FX for investments was recently adjusted to 0% for foreign equity inflows/outflows) , so moving money in and out is mostly a matter of market exchange rates and bank fees, not taxation.
Sources: Official XP Asset fund materials, performance reports, and industry data were used to compile this analysis. Key references include XP’s fund factsheet and site , historical performance statistics , and commentary from the fund’s monthly report . Comparative performance data for peers like Verde, SPX, Bridgewater, and Brevan Howard are drawn from public news reports and letters . Tax information is based on Brazilian regulations and recent expert commentary . This comprehensive review should equip international investors with a nuanced understanding of XP Macro Plus FIC FIM as a potential vehicle for capital appreciation and diversification into Brazilian macro opportunities.
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