Brazilian investors are no longer asking whether to invest in dollars, according to Fabiano Cintra, Director of Investment Fund Analysis at XP. They have moved past that stage and are now asking how much they should invest and how to allocate those resources.
This statement, made in an interview with Funds Society during XP Expert 2025, reflects the new developments at the renowned Brazilian platform and the growing interest in offshore assets.
According to Cintra, XP is moving aggressively into Miami, seeking new funds and expanding its staff on Brickell Avenue, where a unit of XP International is located.
International Allocation Doubles in Dollars
“We have doubled our allocation to international funds since the beginning of the year,” says Cintra, referring to U.S. operations observed on the company’s platform, which also shows a growing number of openings of XP global accounts that provide access to these assets.
According to Cintra, Brazilians are not just converting their reais to dollars, but also looking to invest in international funds, despite the fact that the local interest rate remains high. “If the CDI is so good, why don’t foreign investors bring their money here and invest in our fixed income? Because they think in dollars. The CDI’s return in dollars over the past 10 years was 40%, which represents less than 4% per year,” he states.
Seeking New Funds
Today, with 10 international asset managers and just over 100 funds, XP continues to look for more players and assets for its clients. “We want to increase the number of funds by at least 30% by the end of this year,” says Cintra.
“We’re exploring all asset classes—not just equities, but also fixed income and the trending topic, structured credit,” says Cintra, who adds that this asset class has seen strong demand both in Brazil and globally. “With Treasury bonds above 4%, there are credit spreads and you can find mandates offering returns of dollar +7%… dollar +8%. Clients are seeking an attractive credit premium in the currency.”
