Ryo Asset is an independent investment management company focused on Brazilian equities, composed by an experienced team.

Our team have been working together for several years with established investment processes.

The whole investment team was already managing similar strategies (long-only and long-biased) in our previous company, with a long and proven track-record, with total assets under management of R$4.7billion.

We decided to start a new company, as a true partnership, which is our lifelong project.


Personal values

Ethical, diligent and well-grounded.

Capable of organizing information without losing focus on the crucial elements for each investment thesis.

Seeks a variant perception.

A true owner’s mindset, putting the company’s interest ahead of their own and being a good team player.

Intellectual honesty and social and emotional intelligence are essential:

Express your opinions frankly on a constructive approach.

Humility and open-mindedness to listen to different opinions and recognizing mistakes.

Ability to change views when new facts arise and intentionally look for facts that challenge previous views.

Have self-confidence to not be influenced by the news flow noise and third-party opinions if the investment thesis is still solid.

Our Pillars

Our decisions and work are based on:

Long term view

In investment decisions.
When establishing the partnership’s alignment and building bonds within the team, with our clients and other stakeholders.

Complementary skills

The team members inspire and challenge themselves reciprocally, helping to keep motivation elevated.

Obsessed with excellence

Each team member holds itself accountable for outstanding performance in their duties, inspiring and keeping a high hurdle for others.

A true partnership

We are in this together – ownership mindset. Meritocratic culture. Partners will increase their stakes according to value generation for our clients and our company.

Alignment of Interests

All partners have a significant portion of their wealth invested in our funds.


Circle of competence.
Knowing when to say no

Good place to work

The long-standing work relationship of our founding partners at Ryo Asset is a testament to us being successful in this aspect through our journey. Its an important component of our corporate culture and we will be always careful to encourage and incentivize this environment in our company.

Cooperative environment

Our business is fully dependent on human capital and teamwork.

Motivated and Driven

With the adequate team composition and strong alignment, pushing through challenges become a personally rewarding experience even in a demanding and highly competitive business activity.


All of our team act as owners of Ryo and are passionate about the company and our work.

Attraction and retention

A pleasant environment helps to attract and retain talented team members. The long-term benefits of working together are clear: reciprocal knowledge and trust improves our investment processes and decisions.


Investment Principles

A bottom-up approach to stock picking: sector or macro trends can be part of the investment rationale, but the company-specific thesis must stand on its own.

Fundamental analysis supported by deep proprietary research.

Capital preservation: avoiding risks of permanent losses and managing our sizing accordingly. Attractive valuations are important to allow sufficient margin of safety. We seek investments with an asymmetric risk-reward profile – more upside than downside in unfavorable scenarios.

Long-term investment horizon: 3 years.

Research focused on the following aspects:

The company’s business model

Deep research in and around the company’s value chain, business outlook, competitive environment, competitive advantages, and inherent risks.


Knowing the key decision-makers behind the company’s day-to-day and strategic decisions (Executive team, Board of Directors and owners). Truly understanding incentives, alignment, governance, execution, and capital allocation track-record as well as the company’s corporate culture.

Team & Structure

Executive Committee

Luiz Constantino

Milton Baggio

Renato Antunes

Rodrigo Faria


Milton Baggio

Oswald Souza

Renata Baião

Filipe Veras

Alexandre Bestwina

Renato Antunes

Samir Moreira

Samuel Dias

Matheus Fetal


Gabriel Barros


Matheus Souza


Mario Tanus

Rafael Lobo


Partner and CIO of Ryo Asset. Luiz has 16 years of experience in the financial market. He was a senior partner at Opportunity and the porfolio manager of the Opportunity Selection and Opportunity Long Biased strategies since inception (in April 2011 and October 2013, respectively) until his departure in February 2021. He joined Opportunity in 2005, working as an equity research analyst and risk analyst. Graduated in Electrical Engineering and Electrical Production Engineering at PUC / RJ and holds a Master's in Finance and Business Economics at EPGE / FGV.

Partner and equity research analyst at Ryo Asset. Milton has 15 years of experience in the financial market. He was a partner at Opportunity, where he was an equity analyst since 2007. Previously, he worked in macroeconomic and commodities research. Graduated in Electrical Engineering from PUC/RJ, in addition to having a Master in Engineering from École Centrale de Lyon and a Master's in Finance and Business Economics from EPGE/FGV.

Partner and equity research analyst at Ryo Asset. Renata has 11 years of experience in the financial market. She joined Opportunity in 2011, where she was an equity analyst from 2012 to 2021. Graduated in Production Engineering from PUC/RJ and has a Master's in Finance and Business Economics from EPGE/FGV.

Partner and equity research analyst at Ryo Asset. Renato has 15 years of experience in the financial market. He joined Opportunity as an equity analyst in 2015, where he remained until 2021. Previously, he served as a sell-side analyst for 6 years, at Barclays and Brasil Plural covering the mining, steel, pulp and paper and agribusiness sectors. And before that, he was an equity research analyst at GAP Asset Management. Renato holds a degree in Production Engineering from PUC/RJ and is a Chartered Financial Analyst (CFA).

Partner and equity research analyst at Ryo Asset. Samuel has more than 3 years of experience in the financial market. He joined Opportunity in 2017 as an equity research analyst. Graduated in Economics from FGV/RJ.

Partner and trader of Ryo Asset since April 2021. Matheus has 7 years of experience in the financial market. He worked at Normandia Investimentos, acting as an equity trader. He previously worked at Leste Group from 2017 to 2020 in the Operations area. He has worked at MRJ Marejo Investimentos and Family Office A3 Performance Gestão de Recursos. He started his career at Banco Modal in 2014 as an intern in the Funds Backoffice area. He holds a degree in Economics from IBMEC/RJ.

Sócio e economista-chefe da Ryo Asset desde março de 2022. Gabriel tem 14 anos de experiência, com passagens pela academia, governo e mercado. Foi pesquisador de economia aplicada no IBRE/FGV entre 2010 e 2015 e economista sênior do BTG Pactual por 4 anos. Foi diretor da Instituição Fiscal Independente (IFI), ligada ao Senado Federal, entre 2017 e 2019 e economista-chefe da RPS Capital entre 2020 e início de 2022. É economista e possui MBA em finanças, ambos pela UFF, com mestrado em economia e finanças pela EPGE/FGV e Doutorando pela EPPG/FGV. É desk review de artigos científicos da RAP/FGV desde 2013.

Analista de empresas da Ryo Asset desde novembro de 2021. Anteriormente, trabalhou na Vinci Partners na área de Private Equity, de 2019 a 2021. Formado em Economia pela PUC/RJ.

Partner and COO of Ryo Asset. Rodrigo has 15 years of experience in the financial market where he was a partner of Banco BTG Pactual. Rodrigo served as part of BTG’s equities sales team, having previously worked as an equity trader and back-office analyst. Graduated in Economics from Candido Mendes, with executive post-graduation at IESE in Barcelona.

Partner and equity research analyst at Ryo Asset. Oswald has 6 years of experience in the financial market, having been a research analyst for 5 years. He was an equity research analyst at Opportunity from 2019 until 2021. Previously, he was a partner and research analyst at Studio Investimentos (from 2016 to 2019) and worked as an investment banking analyst for Banco Brasil Plural. Graduated in Mechanical Engineering from PUC-RJ.

Partner and equity research analyst at Ryo Asset. Samir has 12 years of experience in the financial market and 9 years as an equity research analyst. He was an equity analyst at Mercatto / Bozano Investimentos, between 2012 and 2018, and at Opportunity, between 2018 and 2021. Graduated in Administration from Candido Mendes with an MBA in Finance from FGV/RJ.

Partner and risk and compliance analyst at Ryo Asset. Mario has more than 12 years of experience in the financial market. From 2008 until 2020 he worked at Fundação Real Grandeza in the asset allocation division as an investment and FoF analyst and as portfolio manager. Then he worked at the Sales Division of Bradesco Asset Management between 2020 and 2021. Graduated in Economics from IBMEC/RJ, with an MBA in Finance, also from IBMEC/RJ.

Risk And Compliance Analyst at Ryo Asset. Rafael has more than 3 years of experience in the financial market. He was a fund of funds analyst at Fundação Petros until 2019 and then worked as risk analyst at Bahia Asset Management until 2021. Graduated in Economics from PUC-RJ.

Sócio e analista de empresas da Ryo Asset desde março de 2022. Possui 12 anos de experiência no mercado financeiro. Ingressou como analista na Squadra em 2018 como analista, onde ficou até 2021. Anteriormente, foi analista de empresas por 9 anos, primeiro na 3G Capital e em seguida na ARX Investimentos. Filipe é formado em Engenharia Elétrica pela PUC-RJ e pela École Centrale de Paris.

Analista de Empresas da Ryo Asset desde janeiro de 2023. Anteriormente, atuou no BTG Pactual, onde adquiriu ampla experiência em programação e ingressou como estagiário na Ryo em fevereiro 2022. É formado em Engenharia de Computação pelo Instituto Militar de Engenharia