INVESTIDOR SARDINHA: AUVP, BANCO, BITCOIN, ETFs E O FUTURO DO BRASIL | Market Makers #387
Speakers
Raul Sena
— Founder e CEO da AUVP / Investidor Sardinha
Summary
Raul Sena, founder of AUVP (Investidor Sardinha), discusses his journey from humble beginnings to building Brazil's top investment consultancy. He details the strategies behind his four ETFs—equity, fixed income, liquidity, and Bitcoin—and criticizes the Ibovespa for its flawed construction. Sena also outlines his vision to reindustrialize Brazil by creating a client-owned bank that finances innovative national projects.
- Raul Sena's AUVP grew from a YouTube channel into a major investment platform with over 50,000 students.
- He argues that transparency and customer co-creation give AUVP a competitive edge.
- The equity ETF AUVP11 filters for quality companies, aiming to outperform the deeply flawed Ibovespa index.
- Fixed-income ETFs AREA11 and ALPO11 offer tax-efficient monthly income and better liquidity than traditional products.
- The upcoming BTC11 ETF attempts to capture Bitcoin's upside while using treasury holdings to reduce drawdowns.
- Sena believes Brazilian banks fail to fund industrial growth, and plans a bank where clients are shareholders.
- He sees a growing pool of talented Brazilians and a generational political shift as reasons for long-term optimism.
- The conversation covers his company culture, including rigorous weekly testing and symbolic tattoos among employees.
Ideas
Brazil's high-quality stocks outperform Ibovespa.
Raul Sena argues that the AUVP11 ETF selects Brazilian equities based on consistent profits, low debt, and excludes volatile sectors like aviation, meat, and retail. This fundamental filter captures the true quality of the Brazilian stock market, which is not as bad as the poorly constructed Ibovespa index suggests, and he believes it will outperform over time by avoiding junk stocks.
Monthly IPCA income with tax efficiency.
The AREA11 ETF bundles NTNB (IPCA+ with semi-annual coupons) and distributes monthly income, avoiding the early redemption tax (22.5% IOF) and cumbersome cash flow management. It essentially offers a treasury bond with monthly payments and a flat 15% tax, making inflation-linked income more practical and tax-efficient.
Better liquidity than savings and CDBs.
The ALPO11 ETF provides a smarter liquidity vehicle for small investors who typically lose returns to IOF on short-term CDBs. By avoiding the penalty on early withdrawals and offering a better yield structure, it outperforms traditional savings instruments and bank 'caixinhas'.
Reduce Bitcoin volatility, enhance long-term returns.
The BTC11 ETF combines Bitcoin exposure with Brazilian Treasury allocations to reduce drawdowns and enhance long-term returns. When Bitcoin volatility spikes and the market declares it 'dead', the ETF starts buying Bitcoin; during uptrends it moves capital into treasury, smoothing the ride and delivering a higher risk-adjusted return over time.
Ibovespa index poorly designed and risky.
Raul Sena criticizes the Ibovespa index as poorly designed, calling it a 'trader's index' that overweights volatile stocks like OGX due to excessive volume weighting, forcing constant repurchases of failing companies and delivering brutal drawdowns. He suggests it does not fairly represent the Brazilian market and implies investors should avoid it.
