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Atmos Capital Gestao de Recursos Ltda
Bruno Levacov · Hedge Fund · Long/Short Equity
Atmos Capital Gestão de Recursos Ltda. is an independent Brazilian asset management firm based in Rio de Janeiro. Established in 2009 by founders Lucas Bielawski and Bruno Levacov, the firm focuses on long-term equity investments within the Brazilian market. Atmos specializes in managing high-conviction, concentrated portfolios for institutional and high-net-worth clients, emphasizing deep fundamental analysis and rigorous company evaluations. The firm is widely regarded as a leading independent manager in Brazil, known for its disciplined approach to absolute returns and its focus on domestic listed companies. Its investment process integrates governance assessment and active management to capture long-term value in a volatile market environment.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +0.9% |
| YTD return | -0.7% |
| Sharpe ratio | -0.90 |
| Win rate | 59% |
| AUM | $1.1B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.1B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | http://www.atmoscapital.com.br |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| EQUEY | Equatorial Energia SA ADR | 42.6% | 0.0% |
| NU | Nu Holdings Ltd | 21.4% | -8.6% |
| MELI | MercadoLibre Inc. | 11.9% | -4.8% |
| XP | Xp Inc | 11.0% | +15.1% |
| DLO | Dlocal Ltd | 2.1% | +6.7% |
| TSM | Taiwan Semiconductor Manufacturing | 1.6% | +54.7% |
| GOOGL | Alphabet Inc Class A | 1.3% | +45.0% |
| AAPL | Apple Inc | 1.2% | +32.8% |
| ABNB | Airbnb Inc | 1.1% | +30.9% |
| NVDA | NVIDIA Corporation | 1.1% | +21.4% |
| NFLX | Netflix Inc | 1.0% | -16.4% |
| AMZN | Amazon.com Inc | 1.0% | +17.1% |
| META | Meta Platforms Inc. | 0.9% | +4.5% |
| BKNG | Booking Holdings Inc | 0.8% | +3.8% |
| MSFT | Microsoft Corporation | 0.8% | -0.1% |
| VTEX | VTEX | 0.1% | -10.7% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Mar 2, 2026 | SELL | META | 1.1% → 0.9% |
| Mar 2, 2026 | SELL | MELI | 15.5% → 11.9% |
| Mar 2, 2026 | SELL | VTEX | 0.1% → 0.1% |
| Mar 2, 2026 | BUY | EQUEY | 26.1% → 42.6% |
| Mar 2, 2026 | SELL | NU | 29.8% → 21.4% |
Investment Style Analysis
Atmos Capital Gestao de Recursos Ltda is widely recognized for employing a Long/Short Equity strategy. As of Sep 21, 2026, the firm oversees approximately $1.1B in assets under management (AUM). The portfolio demonstrates a clear preference for the Utilities - Regulated Electric and Banks - Regional sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Mar 2, Atmos Capital Gestao de Recursos Ltda made a significant move by reducing the position in META. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Atmos Capital's investment philosophy centers on a long-term, fundamental approach to the Brazilian equity market. The firm prioritizes bottom-up research to identify businesses with sustainable competitive advantages, quality management, and attractive valuations. By maintaining concentrated positions and a long-biased strategy, Atmos seeks to generate alpha and absolute returns while navigating market cycles. The strategy is characterized by high conviction and a commitment to deep due diligence, including assessing corporate governance and engaging with portfolio companies to ensure alignment with long-term value creation goals.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Atmos Capital Gestao de Recursos Ltda.
Similar Investment Style
Based on Long/Short Equity.
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- Redmile Group, LLC — Jeremy Green · 3M +3.2%
Frequently asked questions
How is the simulated portfolio for Atmos Capital Gestao de Recursos Ltda constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Atmos Capital Gestao de Recursos Ltda's largest holding?
As of the latest filing, Atmos Capital Gestao de Recursos Ltda's top position is Equatorial Energia SA ADR (EQUEY), representing 42.6% of the portfolio. This reflects a high-conviction bet by the institution.
What is Atmos Capital Gestao de Recursos Ltda's historical performance and risk profile?
Our simulation indicates a total return of +0.9% with a win rate of 59%. Notably, the portfolio maintains a Sharpe Ratio of -0.90, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Atmos Capital Gestao de Recursos Ltda primarily invest in?
Atmos Capital Gestao de Recursos Ltda has a strong preference for the Utilities - Regulated Electric sector, which makes up 42.6% of their disclosed assets. The portfolio also has exposure to Banks - Regional, indicating a specific thematic focus.
Is Atmos Capital Gestao de Recursos Ltda's portfolio concentrated or diversified?
Atmos Capital Gestao de Recursos Ltda runs a highly concentrated portfolio with 16 disclosed positions. The top 3 holdings alone account for 76.0% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Atmos Capital Gestao de Recursos Ltda performed in 2026?
Our AI-simulated model portfolio for Atmos Capital Gestao de Recursos Ltda tracks a Year-to-Date (YTD) return of -0.7%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Bruno Levacov manage Atmos Capital Gestao de Recursos Ltda directly?
Yes, Bruno Levacov serves as the key portfolio manager for Atmos Capital Gestao de Recursos Ltda, overseeing the investment strategy and final capital allocation decisions.