Core Insights - Hedge funds are on track for their best annual performance since 2020, with an average gain of 16.6% through three quarters and over $40 billion in net inflows from investors [1][7]. Performance Overview - The industry achieved a 5.2% weighted average gain in Q3, with 80% of funds posting positive returns despite macroeconomic and geopolitical challenges [2][4]. - Multistrategy funds led the performance with an average gain of 19.3%, followed by equities funds at 17.1% and global macro funds at 15.8% [3][7]. Strategy-Specific Insights - Global macro funds were the top performers in Q3, achieving a 6.5% gain, while equities and multistrategy funds gained 5.6% and 4.8%, respectively [4]. - Commodities and event-driven strategies faced challenges but still managed to record gains in Q3 [5]. Inflows and Investment Trends - Multistrategy funds attracted the majority of the industry's investment inflows, accounting for $30 billion of the $41.3 billion in net inflows in 2025, with $18 billion added in Q3 alone [6][8]. - The popularity of multistrategy funds has led to a significant increase in assets under management, surpassing $425 billion, more than double their size in 2020 [8]. Investor Sentiment - Continuous inflows in Q3 indicate that investors are capitalizing on consistent performance, driven by the appeal of diversification and returns [9].

Financial Performance - Adjusted Distributable Earnings (DE) reached R$7576 million, a 30% increase year-over-year [14, 98] - Adjusted DE per share was R$120, up 9% year-over-year [10, 14, 97] - Fee Related Revenues totaled R$2327 million, an 85% increase year-over-year [14, 28, 31] - Fee Related Earnings (FRE) were R$652 million, a 5% increase year-over-year [14, 36] Assets Under Management (AUM) - Total AUM reached R$3041 billion, up 339% year-over-year [19] - New capital formation in 2Q'25 totaled R$36 billion [19] - Portfolio appreciation of R$81 billion occurred during the quarter [19] Segment Performance - Global IP&S AUM ended the quarter at R$230 billion [61, 62] - Credit AUM totaled R$30 billion, up 258% year-over-year [65, 67] - Private Equity AUM reached R$16 billion, up 2% year-over-year [71, 73] - Real Assets AUM totaled R$12 billion, up 14% year-over-year [80, 82]