October 9, 2026

Brazil: Three Big Themes

  • By Tavi Costa, Founder & CEO
  • 12 min read

Fascinating chart.

Fascinating chart.

The commodity cycle was setting the stage for Brazilian stocks long before elections.

Politics simply accelerated the move.

What was a major obstacle could now become a powerful enabler.

Exciting times likely ahead.

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In this report, I’ll share several charts behind my Brazil thesis and explain the three themes of my investment strategy in the country.

I’ll also discuss a new company I find particularly interesting in this environment.

Then we’ll turn to the miners, as always.

Hope you enjoy.

The image shows a graph comparing the performance of the Brazilian stock market (MSCI Brazil ETF) and commodity prices over a span from 2005 to 2029, indicating a decline in commodity prices over the years.

AI-generated content may be incorrect.
Sincerely,

Tavi Costa | Chief Executive Officer
Azuria Capital LLC
[email protected]

Important Disclosures

This research report has been prepared for informational purposes only and does not constitute an offer or solicitation to buy or sell any security or other financial instrument, or to participate in any trading strategy. The information contained herein has been obtained from sources believed to be reliable, but Azuria Capital LLC makes no representation or warranty, express or implied, as to its accuracy or completeness. Any opinions or estimates contained in this report are current as of the date of this report and are subject to change without notice. Past performance is not indicative of future results. Investors should consider this report as only a single factor in making their investment decision and should obtain independent financial, legal, and tax advice before making any investment decision.

Investment in financial instruments involves significant risk, including the possible loss of principal. The value of and income from any investment may fluctuate and may be affected by changes in interest rates, foreign exchange rates, credit conditions, and the price or volatility of underlying instruments. Certain investments may be speculative, may involve substantial risks, and are not suitable for all investors. Before acting on any information in this report, investors should evaluate whether it is suitable for their particular circumstances and consider consulting their own professional advisers.

Azuria Capital LLC, its affiliates, and/or their respective directors, officers, and employees may, from time to time, have long or short positions in, act as market‑maker for, or buy and sell the securities or derivatives (including options) of the issuers mentioned in this report.

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