Dynamo Cougar’s Q4 2020 Investor Letter

Dynamo Cougar, a Brazilian investment management firm, published its fourth quarter 2020 investor letter – a copy of which can be downloaded here.  A return of 24.3% was recorded by the fund for the full-year 2020, above its IBX and Ibovespa benchmarks that delivered a -12.0% and -13.3% return respectively in the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.