Pedro Chermont

We are one of the largest food retail companies in Brazil. We were pioneers with a multi-format and multi-channel business model that brings together renowned chains and brands such as Pão de Açúcar and Extra, Minuto Pão de Açúcar, Pão de Açúcar Fresh and Mini Extra. In addition to our own and exclusive brands Qualitá, Taeq and Club des Sommeliers. We have more than 765 physical stores and are leaders in food e-commerce in Brazil, working tirelessly to be the best choice for our customers and the pride of our team. We are driven by a passion to serve and win. Our people are committed to our values to offer the best shopping experience in our stores. In all areas, regardless of role or position, everyone is focused on serving and delighting our customers every day.

Leblon Equities is an asset management firm 100% focused on Brazilian Equities (public and private), founded in 2008 by executives with long experience in the Brazilian equities market. Leblon Equities adopts a long-term value oriented investment philosophy, based on a deep bottom-up fundamental research, offering a broad range of absolute return equity strategies: long only, hedge and illiquid (with onshore and offshore vehicles). The business objectives, ownership, reward structure, and culture are all directed at reinforcing a full alignment of interests among partners, employees and clients. The corporate culture is meritocratic, with the target of having most of personnel as partners. The firm aims to attract talented and motivated people, in a creative and ethical environment. We believe that the combination of the best people with the best governance creates sustainable long-term businesses. Our primary goal as value investors is capital preservation. We do it by having a bottom-up approach, an absolute performance orientation and using the margin of safety concept as the main risk management tool.