Is an independent fund management firm focused exclusively on public equities, with a fundamentalist approach.

About Nebraska

We develop “built to last” relationships with our clients through our Principles of Interest Alignment, which assure that our management fees are below market averages, that our remuneration comes mostly from performance fees, with high water mark, and that all partners must reinvest at least 70% of what we make with performance fees in the same portfolio as the clients’ (with no redemptions allowed). Moreover, partners are not allowed to have other investments besides fixed income for eventualities.

On the investment side, we are extremely focused on high quality companies, with potential of high returns, and that we know in depth. As we are disciplined about these points, one of our main differentials (from our Brazilian peers) comes about: we invest in U.S. stocks, besides Brazilian ones, as we believe that the likelihood of finding companies that meet our criteria is higher in the U.S. market than in Brazil. Holding true to our circle of competences, we often find opportunities in the U.S. amid companies barely known by Brazilian investors. Moreover, this strategy gives us the chance to exploit occasional dislocations between the two markets. Recognizing that the U.S. market is more dynamic that the Brazilian one, we will usually have a more diversified portfolio in the former. With this differential we add returns to the fund, besides reducing risk. (We don’t run currency risks in these investments.)

Inspired by Warren Buffett’s and Charlie Munger’s principles, Nebraska’s partners are low-profile professionals, highly focused and disciplined to guarantee the best investment decisions. 


Rafael Taddei Sá

Degree in Business Administration from PUCRS, postgraduate in Economy and Finance from UFRGS, and courses on Value Investing at Columbia University and Richard Ivey (Canada). Rafael was President of IEE – Institute for Entrepreneurial Studies (located in Porto Alegre/Brazil), where he was also a board member for eight years. Originally a businessman in the health sector, Rafael owns a health clinic that sells monthly plans in Porto Alegre.

“I got interested in investments as I realized I did not like the routine of executive, although I liked a lot being a partner and taking care of strategy. After meeting Leonardo at IEE and Warren Buffett’s letters, we decided to start what is now Nebraska.” 

Leonardo Fração

Degree in Civil Engineering from UFRGS. Associate with the Institute for Entrepreneurial Studies – IEE since 2003, where he went from director to president between 2007 and 2010.

“Observing my families’ difficulty in finding providers of financial services that were really aligned with our interests incentivized me to launch Nebraska, along with Rafael in 2007”.

In parallel, in 2016, he became President of the non-profit “Culture Institute Forestry”, which is focused on improving quality of life and fostering prosperity in Brazil.

Gabriel Barbosa

Degree in Civil Engineering from UFRGS, analyst from APIMEC and investment manager from CVM/ANBIMA. He was a director with IEE – Institute for Entrepreneurial Studies –and with IL – Liberty Institute. Before joining the company that became Nebraska, worked for years as an executive in a large Brazilian company, coordinating factories and production teams.

“Since young I have the habit of reading, with time the books were about businesses and biographies. This passion for the topic, along with the relationship with Rafael and Leonardo at IEE, was the fuel for us to start the company.”

Bruno Claudino

Degree in Production Engineering from UFRGS and FEUP (Portugal) and investment manager with CVM. He was an associate with IEE – Institute for Entrepreneurial Studies – for five years, and is a director at IL – Liberty Institute.

“I come from a family that has a company in the fertilizer sector and have always been interested in financials; when a teenager I already took care of the family’s finances. In 2008 I entered Nebraska as an intern at the operations side of the business and became a partner over the years.”

Guilherme Partel

Degree in Agronomics Engineering, with focus on Economy from USP. 

“In my teenage years I saw my family’s industrial business go down, a striking experience that led me to study businesses and finance intensively, besides treating both themes with much seriousness. In these studies I came across Warren Buffett’s letters, in which I found my professional passion that brought me to Nebraska and inspires me to dedicate 100% of my energy to our project”.

Having lived in Porto Alegre for six years during Nebraska’s early days, Guilherme is now based in São Carlos/SP due to its proximity to the city of São Paulo, to where he goes often, as most public traded companies and the investment community, in which he maintains a nice network, are based there.  

Principles of interest alignment

Our principles of interest alignment are a strong differential. They represent our commitment to compound capital over the long run, aligned with clients who share our investment philosophy.

  • Our management fee is below the average in Brazil for public equity funds, as it is structure to cover fixed costs only, and falls as the fund grows.
  • Nebraska is in fact only remunerated with performance fees (of 25% above the CDI benchmark in the case of our initial fund Nebraska-FIA), always with high-water mark.
  • Nebraska’s partners must reinvest at least 70% of what we make with performance fees in the same portfolio as the clients’ (with no redemptions allowed) and are prohibited from holding any other financial assets (apart from fixed income for emergencies).

Investment philosophy and process

Our investment philosophy has been developed over the years, supported by the ideas and teachings of Warren Buffett and Charlie Munger. We look at companies behind stocks and view the stock market as just a mean towards our goal: to be partners of high quality companies and managers, providing our clients with returns above their opportunity cost.

Our investment process has two striking characteristics: focus and discipline. We focus our time and attention on a list of companies, organized by sectors that are in our circle of competence. We follow these businesses methodically and further group them into those in which we are shareholders, the ones that we may come to invest in, those that we are still studying, and the many others we follow for being either competitors or similar to those of the first three groups.

The discipline comes when deciding, especially to allocate capital, when we look for an entry point that opens an horizon of high returns, besides a good margin of safety, which can come either in the form of a discounted stock price, or when we see a company we believe can deliver results much above current ones, with that not yet well priced by the market. Once the investment is done, we follow the company very closely, and truly behave long term owners.

The fact that we have a portfolio that was built over the years gives us the necessary tranquility to profoundly analyze any new idea, as well as to have a very high bar for them, avoiding unnecessary mistakes.

To close, we highlight that the investment process is that same for U.S. companies as for Brazilian ones. Since 2012, we have invested a lot of time and efforts to develop the capacity to allocate capital in the U.S. Nowadays we have a nice list of American companies that we have been following methodically for years, besides an ample network with executives and fund managers in the U.S. Recognizing and respecting the obvious disadvantages, we believe that we have some advantages for being Brazilians investing in the U.S., amid then: (1) we are very used to economic crises and always deeply consider their potential impacts on our investees; (2) we are case-hardened on governance problems and, thus, we have a trained eye for these risks (we tend to select companies in which control is more defined than usual, as well as controllers we admire, something that has delivered good results so far); and (3) we live in a developing economy that is an important market  and source growth for American businesses.