Patria Investments (PAX)
Market Price (9/29/2026): $10.065 | Market Cap: $1.6 BilSector: Financials | Industry: Asset Management & Custody Banks
Patria Investments (PAX)
Market Price (9/29/2026): $10.065Market Cap: $1.6 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 5.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.4%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 54%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more. | Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -98% | Key risksPAX key risks include [1] its heavy concentration in volatile Latin American markets, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 5.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.4%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 54%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, and Sustainable Finance. Themes include Private Equity, Private Credit, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -98% |
| Key risksPAX key risks include [1] its heavy concentration in volatile Latin American markets, Show more. |
Qualitative Assessment
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Patria Investments (PAX) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Revenue Miss and Margin Pressure in Fiscal Q2 2026. Despite reporting strong Fee-Earning Assets Under Management (AUM) growth of 32% year-over-year to $48.9 billion and beating earnings per share (EPS) estimates by 6.67% to 13% with $0.32 in fiscal Q2 2026 (ending June 30, 2026), Patria Investments missed Wall Street revenue expectations by 15.27%, reporting $82.5 million against a forecast of $97.37 million. The company also acknowledged near-term margin pressure from the integration of three acquisitions (Solis, WP Global Partners, and RBR) completed in the first half of fiscal 2026, indicating that full-year Fee-Related Earnings (FRE) margins would fall below its 58%-60% target.
2. Widespread Analyst Downgrades and Reduced Price Targets. A series of significant analyst downgrades in early September 2026 severely impacted investor confidence. Zacks Research lowered Patria Investments to a "strong sell" rating on September 16, 2026, while Bank of America downgraded the stock to "underperform" from "neutral" on September 9, 2026, also cutting its price target to $10.00 from $14.00 due to concerns over slowing growth and lower cash-earnings estimates through 2028. Citigroup also downgraded the stock to an "underperform" rating on September 9, 2026. This collective bearish sentiment shifted the consensus analyst rating to "Reduce" and lowered the average price target to approximately $12.75.
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Patria Investments (PAX) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Revenue Miss and Margin Pressure in Fiscal Q2 2026. Despite reporting strong Fee-Earning Assets Under Management (AUM) growth of 32% year-over-year to $48.9 billion and beating earnings per share (EPS) estimates by 6.67% to 13% with $0.32 in fiscal Q2 2026 (ending June 30, 2026), Patria Investments missed Wall Street revenue expectations by 15.27%, reporting $82.5 million against a forecast of $97.37 million. The company also acknowledged near-term margin pressure from the integration of three acquisitions (Solis, WP Global Partners, and RBR) completed in the first half of fiscal 2026, indicating that full-year Fee-Related Earnings (FRE) margins would fall below its 58%-60% target.
2. Widespread Analyst Downgrades and Reduced Price Targets. A series of significant analyst downgrades in early September 2026 severely impacted investor confidence. Zacks Research lowered Patria Investments to a "strong sell" rating on September 16, 2026, while Bank of America downgraded the stock to "underperform" from "neutral" on September 9, 2026, also cutting its price target to $10.00 from $14.00 due to concerns over slowing growth and lower cash-earnings estimates through 2028. Citigroup also downgraded the stock to an "underperform" rating on September 9, 2026. This collective bearish sentiment shifted the consensus analyst rating to "Reduce" and lowered the average price target to approximately $12.75.
3. Macroeconomic Headwinds in Latin American Markets. Patria Investments, an alternative asset manager with significant exposure to Latin American markets, faced persistent macroeconomic headwinds throughout the period. These factors included high interest rates and political developments within the region, which negatively impacted both the company's fundraising efforts and the performance of its investments. This regional exposure continued to influence results, even as global equities experienced broader rallies in other sectors.
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Stock Movement Drivers
Fundamental Drivers
The -12.0% change in PAX stock from 5/31/2026 to 9/28/2026 was primarily driven by a -19.4% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.43 | 10.06 | -12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 382 | 399 | 4.6% |
| Net Income Margin (%) | 22.4% | 18.1% | -19.4% |
| P/E Multiple | 21.4 | 22.4 | 4.7% |
| Shares Outstanding (Mil) | 160 | 161 | -0.2% |
| Cumulative Contribution | -12.0% |
Market Drivers
5/31/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PAX | -12.0% | |
| Market (SPY) | 1.5% | 58.5% |
| Sector (XLF) | 5.4% | 37.3% |
Fundamental Drivers
The -21.1% change in PAX stock from 2/28/2026 to 9/28/2026 was primarily driven by a -31.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.75 | 10.06 | -21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 406 | 399 | -1.6% |
| Net Income Margin (%) | 26.2% | 18.1% | -31.0% |
| P/E Multiple | 19.3 | 22.4 | 16.2% |
| Shares Outstanding (Mil) | 161 | 161 | 0.1% |
| Cumulative Contribution | -21.1% |
Market Drivers
2/28/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PAX | -21.1% | |
| Market (SPY) | 12.2% | 54.2% |
| Sector (XLF) | 6.3% | 37.4% |
Fundamental Drivers
The -21.9% change in PAX stock from 8/31/2025 to 9/28/2026 was primarily driven by a -20.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.89 | 10.06 | -21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 390 | 399 | 2.4% |
| Net Income Margin (%) | 18.5% | 18.1% | -2.3% |
| P/E Multiple | 28.3 | 22.4 | -20.8% |
| Shares Outstanding (Mil) | 158 | 161 | -1.5% |
| Cumulative Contribution | -21.9% |
Market Drivers
8/31/2025 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PAX | -21.9% | |
| Market (SPY) | 20.0% | 50.2% |
| Sector (XLF) | 1.9% | 42.0% |
Fundamental Drivers
The -17.8% change in PAX stock from 8/31/2023 to 9/28/2026 was primarily driven by a -49.7% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.24 | 10.06 | -17.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 259 | 399 | 54.2% |
| Net Income Margin (%) | 35.9% | 18.1% | -49.7% |
| P/E Multiple | 19.4 | 22.4 | 15.4% |
| Shares Outstanding (Mil) | 147 | 161 | -8.2% |
| Cumulative Contribution | -17.8% |
Market Drivers
8/31/2023 to 9/28/2026| Return | Correlation | |
|---|---|---|
| PAX | -17.8% | |
| Market (SPY) | 76.5% | 56.4% |
| Sector (XLF) | 65.3% | 52.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAX Return | -15% | -10% | 19% | -20% | 43% | -33% | -30% |
| Peers Return | 81% | -22% | 68% | 57% | -8% | -19% | 179% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| PAX Win Rate | 50% | 58% | 67% | 33% | 50% | 22% | |
| Peers Win Rate | 71% | 33% | 72% | 77% | 47% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| PAX Max Drawdown | - | -33% | -19% | -27% | -23% | -41% | |
| Peers Max Drawdown | -16% | -40% | -20% | -15% | -37% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, BAM, KKR, APO, ARES.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)
How Low Can It Go
| Event | PAX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.4% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.6% | -7.8% |
| % Gain to Breakeven | 15.7% | 8.5% |
| Time to Breakeven | 109 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.1% | -9.5% |
| % Gain to Breakeven | 20.7% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.8% | 32.4% |
| Time to Breakeven | 95 days | 427 days |
In The Past
Patria Investments's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | PAX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.4% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.8% | 32.4% |
| Time to Breakeven | 95 days | 427 days |
In The Past
Patria Investments's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Patria Investments (PAX)
Patria Investments (PAX) operates as a specialized private market investment firm with an exclusive focus on Latin America. Established in 1994, the company's core business revolves around identifying, managing, and optimizing investments across various non-public asset classes throughout the region. Patria aims to deliver long-term value and returns for its investors by leveraging its deep market knowledge and extensive network in Latin American economies.
The company's main products and services center on comprehensive asset management. Patria develops and manages a diverse portfolio of investment funds designed to meet different investor objectives and risk appetites. These include private equity funds focused on acquiring stakes in promising companies, infrastructure development funds for projects like roads and energy, co-investment funds, and constructivist equity funds. Additionally, Patria offers specialized funds dedicated to real estate and credit investments within Latin American markets.
Patria's primary customers are institutional investors, such as pension funds, endowments, and sovereign wealth funds, as well as high-net-worth individuals and family offices. These investors seek to gain exposure to the growth potential of Latin America's private markets through a trusted and experienced fund manager. Patria serves as their gateway, deploying capital across various countries and sectors in the region, ultimately aiming to generate significant financial returns on their behalf.
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Here are 1-3 brief analogies for Patria Investments (PAX):
- Blackstone for Latin America.
- The KKR of Latin American private markets.
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- Private Equity Funds: These funds invest directly into private companies with the goal of increasing their value over time.
- Infrastructure Development Funds: These funds focus on financing and developing large-scale infrastructure projects.
- Co-Investments Funds: These funds allow investors to participate alongside Patria in specific investment opportunities.
- Constructivist Equity Funds: These equity funds take an active approach to investing, often engaging with company management to drive strategic improvements.
- Real Estate Funds: These funds invest in various types of real estate properties and developments.
- Credit Funds: These funds provide debt financing to companies or projects, generating returns through interest payments.
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Patria Investments (PAX)
Patria Investments (PAX) operates as a private market investment firm, providing asset management services to investors. Its customer base primarily consists of sophisticated investors and large financial entities rather than individual retail customers or a small number of specific public companies. The company serves the following categories of customers:
- Institutional Investors: This category includes large organizations such as pension funds, sovereign wealth funds, endowments, foundations, and insurance companies that allocate capital to private market strategies for long-term growth and diversification.
- Family Offices and High-Net-Worth Individuals (HNWIs): Wealthy families and individuals who seek to invest in private equity, infrastructure, real estate, and credit funds to enhance their portfolios and gain exposure to specific market opportunities.
- Other Financial Institutions and Funds of Funds: This can include other asset managers, wealth management firms, or specialized "funds of funds" that invest in underlying private market funds managed by firms like Patria to build diversified portfolios for their own clients.
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- PricewaterhouseCoopers Auditores Independentes
- Davis Polk & Wardwell LLP
- Conyers Dill & Pearman
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Alexandre Teixeira de Assumpcao Saigh, Chief Executive Officer, Senior Managing Partner & Director
Alexandre Saigh is a co-founder of Patria Investments. He was responsible for the Private Equity division from its inception, overseeing its growth to become a leader in Latin America. Prior to co-founding Patria, Mr. Saigh worked at J.P. Morgan Investment Bank and served as the Managing Partner of Banco Patrimônio, where he was responsible for its Private Equity division. He has also held roles as Chairman, CEO, and CFO for various portfolio companies.
Ana Cristina Russo, Partner & Chief Financial Officer
Ana Russo serves as Patria's Partner and Chief Financial Officer, having fully assumed the role by January 1, 2023. She is an experienced finance and business executive with extensive global experience, having managed a wide array of finance functions. Her career includes roles as department head and Brazil CFO for Philip Morris International, Remy Cointreau, and Unilever. Ms. Russo possesses significant experience in distribution processes, government relations, and mergers and acquisitions.
(Effective April 2026, Raphael Denadai will assume the role of Chief Financial Officer. Mr. Denadai has over 25 years of experience in financial and strategic planning, corporate integration, and transformation across Latin America and Europe, having previously served as vice-president of Telefônica, CFO of Cinemark, and CEO and CFO of SKY. He is currently Head of Finance for Value Creation at Patria, overseeing finance for the Private Equity and Infrastructure portfolios.)
Olímpio Matarazzo Neto, Senior Managing Partner & Chairman
Olímpio Matarazzo Neto is a Senior Managing Partner and the Chairman of Patria, where he oversees the board's direction. He is also recognized as a Founding Partner of the firm.
Daniel Rizardi Sorrentino, Managing Partner, Global Head of Commercial & Director
Daniel Rizardi Sorrentino is a Managing Partner and the Global Head of Commercial at Patria, focusing on client and product distribution. He also holds the title of Managing Partner & Country Manager for Brazil.
Andre Franco Sales, Managing Partner & Chief Executive Officer for Infrastructure
Andre Franco Sales is the Chief Executive Officer and Chief Investment Officer of Infrastructure at Patria, where he leads this core asset class.
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The key risks to Patria Investments (PAX) primarily stem from its concentrated focus on the Latin American private markets and its growth strategy, which heavily relies on acquisitions and successful fundraising.
- Geopolitical Instability and Latin American Market Volatility: As a private market investment firm deeply focused on Latin America, Patria Investments' performance is intrinsically linked to the economic health, political stability, and currency fluctuations within the region. Geopolitical risks, specifically in nations like Brazil and Colombia, are highlighted as significant concerns that could discourage foreign investment and devalue assets.
- Acquisition and Integration Challenges: Patria Investments has pursued an aggressive growth strategy through acquisitions (e.g., GPMS, Solis Investimentos, Share Student Living, WP Global Partners). The successful integration of these acquired entities is crucial. Challenges in integrating new businesses, including their operations, cultures, and financial reporting, pose a risk to the company's financial performance and strategic objectives.
- Competition and Fundraising Environment: Patria operates in a highly competitive asset management landscape, vying for capital against global mega-funds. The firm's ability to consistently raise funds and retain sophisticated institutional investors, who have the flexibility to reallocate capital, is vital. Furthermore, the industry faces pressures from fee rate compression, which could impact Patria's revenue and profitability.
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The clear emerging threat for Patria Investments is the advancement of technologies facilitating the direct and fractionalized investment in private assets, primarily through tokenization and blockchain platforms. These emerging models have the potential to disintermediate traditional private market fund structures by offering investors more direct access to private deals, potentially with greater liquidity and lower fees. This shift could reduce the reliance on traditional fund managers, impacting their ability to attract and retain capital for their various fund offerings, similar to how digital platforms disrupted traditional physical distribution models in other industries.
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Patria Investments Limited (PAX) operates as a private market investment firm with a focus on Latin America. The addressable markets for their main products and services in the Latin American region are outlined below:
- Private Equity Funds: The total alternative asset allocation by Latin American investors exceeded USD 100 billion in 2024, demonstrating a 21% increase in exposure to the alternative asset market compared to 2020. Private equity investment in Latin America reached a record high of USD 46.4 billion in 2025. Latin America-focused private equity funds raised USD 1.7 billion in 2025, following USD 8.0 billion in 2024. Venture capital deployments in Latin America amounted to USD 4.5 billion in 2024.
- Infrastructure Development Funds: The Latin American private infrastructure sector recorded USD 88.12 billion in deals reaching financial close in 2025. This figure is a decrease from a peak of USD 92.47 billion in 2021 and lower than the USD 113.5 billion observed in 2024. To meet Sustainable Development Goals by 2030, Latin America and the Caribbean need to invest an estimated US$2.22 trillion in infrastructure across water and sanitation, energy, transportation, and telecommunications, equating to at least 3.12% of its GDP annually. In Brazil, infrastructure investment (covering transport, water, telecoms, and energy) is projected to reach a record 300 billion reais (approximately US$55 billion) in 2025, an increase from 260 billion reais in 2024.
- Real Estate Funds: The Latin America real estate investment market was valued at USD 731.7 billion in 2025 and is projected to grow to USD 1,292.8 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.33% from 2026-2034. The Latin America residential real estate market was valued at USD 243.05 billion in 2025, increasing to USD 256.23 billion in 2026, and is forecast to reach USD 333.37 billion by 2031, growing at a CAGR of 5.42%. The Latin America office real estate market is valued at approximately USD 29.02 billion in the current year (based on a March 2023 report) and is anticipated to grow at a CAGR of over 5.5% during the forecast period (2023-2028). Overall, the Latin America real estate market generated USD 122.4 billion in revenue in 2024 and is expected to reach US$142.2 billion by 2030, with a CAGR of 2.7% from 2025 to 2030.
- Credit Funds: Private credit constitutes less than 1% of Latin America's approximately US$2.3 trillion corporate credit system as of December 2025. Latin American private debt strategies attracted about USD 800 million in 2025. Private credit deployments in GPCA markets, which include Latin America, reached USD 18 billion in disclosed value through the first three quarters of 2025, with Latin America accounting for 45% of the total deployed private credit capital since 2021. Venture debt and private credit financing in Latin America reached a peak of USD 1.3 billion in 2022.
- Co-investments Funds: null
- Constructivist Equity Funds: null
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Here are the expected drivers of future revenue growth for Patria Investments (PAX) over the next 2-3 years:
- Growth in Fee-Earning Assets Under Management (FEAUM) through Organic Fundraising: Patria Investments expects continued revenue growth by increasing its fee-earning assets under management through robust organic fundraising efforts. The company has consistently met or exceeded its fundraising targets, with expectations of significant capital inflows contributing to AUM expansion over the coming years.
- Strategic Acquisitions and Expansion into New Market Segments and Geographies: Patria is actively pursuing strategic acquisitions to diversify its business and expand its presence in new market segments and geographies. Recent examples include the acquisition of a majority stake in Solis Investimentos to bolster its credit platform in Brazil, the acquisition of WP Global Partners to enhance its U.S. private equity solutions and North American middle-market presence, and the acquisition of RBR Gestão de Recursos to expand its listed REITs in Brazil. These acquisitions broaden Patria's fee streams and deal flow across various asset types and regions.
- Development and Expansion of Private Credit Strategies: The firm is focusing on launching and expanding its private credit strategies, particularly in Latin America, which is identified as a significant growth area. Patria is preparing the next vintage of its Latin America private credit strategy, following the successful deployment of its initial fund. This strategic focus is expected to capture opportunities in structurally under-levered corporate credit markets.
- Strong Investment Performance: Consistent strong investment performance across its various funds is a crucial driver. High-performing investments not only attract new capital but also contribute to increased fee-earning AUM, as a significant portion of Patria's management fees are tied to Net Asset Value (NAV) or market value. Additionally, successful realizations from investments generate performance-related earnings, directly boosting revenue.
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Share Repurchases
- Patria Investments initiated a share repurchase program on August 2, 2024, as part of its capital allocation strategy.
- On August 1, 2025, the company announced a program to repurchase up to 3,000,000 Class A common shares, which is set to continue until August 2026.
- An expanded buyback program for 2026 allows for the repurchase of up to 7 million shares.
Share Issuance
- Patria Investments completed its initial public offering (IPO) in January 2021, issuing 30,098,824 shares and raising $511.68 million at a price of $17 per share.
- Less than 4 million shares were expected to be issued in 2024.
Inbound Investments
- No information is available regarding large strategic investments made directly into Patria Investments Limited by third-party strategic partners or private equity firms over the last 3-5 years. The company itself is an investment firm that raises capital for its funds.
Outbound Investments
- In January 2026, Patria completed the acquisition of a 51% stake in Solis Investimentos, a Brazilian private credit firm, adding $3.5 billion in Fee-Earning Assets Under Management (AUM).
- In February 2026, Patria acquired Brazilian REIT manager RBR Gestão de Recursos, which is expected to add $1.3 billion of permanent capital and $1.5 billion in assets.
- Patria also announced the pending acquisition of WP Global Partners, a U.S.-based Lower-Middle-Market Private Equity Solutions Manager, with $1.8 billion of Fee-Earning AUM, aimed at strengthening its capabilities in the U.S. market.
- In 2023, Patria acquired the Blue Macaw entities, focused on infrastructure and real estate investments in Brazil, for US$4.4 million in cash.
Capital Expenditures
- For the last 12 months, Patria Investments reported capital expenditures of -$6.98 million.
Peer Outperformance in Asset Management & Custody Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PAX | Patria Investments | 13.2% | 22.4x | -27.4% | -18.7% | -20.4% | — |
| APO | Apollo Global Management | 12.0% | 37.6x | -12.1% | 38.8% | 110.3% | +131pp |
| AMP | Ameriprise Financial | 9.7% | 11.5x | 0.7% | 56.7% | 97.1% | +118pp |
| MAIN | Main Street Capital | 10.1% | 11.4x | -6.8% | 71.9% | 95.9% | +116pp |
| NTRS | Northern Trust | 10.3% | 14.3x | 33.7% | 173.5% | 83.5% | +104pp |
| HTGC | Hercules Capital | 9.3% | 8.2x | -0.7% | 41.8% | 77.7% | +98pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 7 | 22.5% | 67.3% | 111.0% | SPNT 166% · RGA 150% · RNR 141% |
| Diversified Banks | 13 | 29.7% | 130.8% | 110.5% | CM 154% · RY 142% · JPM 130% |
| Investment Banking & Brokerage | 13 | -5.3% | 103.8% | 109.6% | IBKR 452% · SNEX 238% · HOOD 170% |
| Life & Health Insurance | 20 | 4.8% | 52.9% | 91.8% | JXN 525% · UNM 323% · FG 187% |
| Multi-Sector Holdings | 4 | 4.7% | 49.4% | 76.7% | JONE 361% · BRK-B 81% · VOYA 72% |
| Property & Casualty Insurance | 42 | 5.5% | 67.9% | 62.3% | ASIC 2656900% · HRTG 409% · UVE 298% |
| Multi-line Insurance | 9 | 3.9% | 68.4% | 58.2% | GNW 151% · L 96% · SLF 90% |
| Regional Banks | 266 | 23.4% | 91.3% | 54.8% | ESQ 333% · BLX 330% · GCBC 302% |
| Financial Exchanges & Data | 15 | -2.7% | 16.8% | 30.6% | VIRT 153% · CBOE 116% · CME 66% |
| Diversified Financial Services | 4 | -5.9% | 21.2% | 20.5% | FRHC 178% · EQH 97% · TMS -56% |
| Consumer Finance | 30 | -2.2% | 78.6% | 15.2% | ENVA 391% · EZPW 301% · FCFS 165% |
| Insurance Brokers | 16 | -22.9% | -9.2% | 13.7% | LIFE 286% · ARX 88% · AJG 60% |
| Commercial & Residential Mortgage Finance | 13 | -53.0% | 13.9% | 8.5% | FNMA 412% · FMCC 388% · ACT 168% |
| Asset Management & Custody Banks ← | 84 | -8.8% | 16.1% | 8.4% | WT 347% · SII 269% · VCTR 265% |
| Specialized Finance | 3 | 20.0% | 40.9% | -6.8% | EFC 23% · CACC -7% · HASI -15% |
| Mortgage REITs | 33 | -15.6% | 6.6% | -26.1% | NREF 49% · RITM 36% · DX 26% |
| Transaction & Payment Processing Services | 17 | 0.5% | -6.0% | -40.8% | V 68% · MA 66% · CPAY 49% |
| Diversified Capital Markets | 24 | -30.7% | 6.5% | -54.4% | OPY 189% · CD 183% · LPLA 101% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Patria Investments Stock If It Fell 30%? | 10/17/2025 | |
| Fundamental Metrics: ... | 06/19/2024 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 01/07/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 103.91 |
| Mkt Cap | 70.6 |
| Rev LTM | 9,800 |
| Op Inc LTM | 1,652 |
| FCF LTM | 2,337 |
| FCF 3Y Avg | 3,055 |
| CFO LTM | 2,412 |
| CFO 3Y Avg | 3,155 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.8% |
| Rev Chg 3Y Avg | 25.3% |
| Rev Chg Q | 17.5% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 28.8% |
| Op Inc Chg 3Y Avg | 46.0% |
| Op Mgn LTM | 24.9% |
| Op Mgn 3Y Avg | 26.8% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 33.8% |
| CFO/Rev 3Y Avg | 37.9% |
| FCF/Rev LTM | 33.3% |
| FCF/Rev 3Y Avg | 37.4% |
Price Behavior
| Market Price | $10.06 | |
| Market Cap ($ Bil) | 1.6 | |
| First Trading Date | 01/22/2021 | |
| Distance from 52W High | -40.5% | |
| 50 Days | 200 Days | |
| DMA Price | $10.95 | $12.29 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -8.1% | -18.2% |
| 3M | 1YR | |
| Volatility | 26.9% | 29.9% |
| Downside Capture | 221.39 | 164.29 |
| Upside Capture | 157.21 | 98.11 |
| Correlation (SPY) | 59.5% | 50.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.16 | 1.65 | 1.18 | 1.20 | 1.14 | 1.05 |
| Up Beta | 1.68 | 1.22 | 0.26 | 1.00 | 1.10 | 0.93 |
| Down Beta | 0.08 | 1.31 | 0.98 | 0.94 | 0.86 | 1.14 |
| Up Capture | 272% | 199% | 159% | 107% | 105% | 84% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 32 | 60 | 128 | 375 |
| Down Capture | 268% | 187% | 156% | 152% | 130% | 105% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 20 | 30 | 65 | 118 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAX | |
|---|---|---|---|---|
| PAX | -28.6% | 29.9% | -1.12 | - |
| Sector ETF (XLF) | 2.6% | 14.8% | -0.05 | 42.6% |
| Equity (SPY) | 17.4% | 13.0% | 0.96 | 50.4% |
| Gold (GLD) | 9.7% | 29.6% | 0.31 | 18.0% |
| Commodities (DBC) | 42.7% | 20.7% | 1.60 | -22.9% |
| Real Estate (VNQ) | 4.3% | 13.6% | 0.06 | 24.5% |
| Bitcoin (BTCUSD) | -23.0% | 44.8% | -0.46 | 34.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAX | |
|---|---|---|---|---|
| PAX | -4.8% | 31.2% | -0.12 | - |
| Sector ETF (XLF) | 10.0% | 18.4% | 0.40 | 50.6% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 54.5% |
| Gold (GLD) | 18.1% | 18.9% | 0.77 | 9.7% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 9.4% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 43.4% |
| Bitcoin (BTCUSD) | 14.4% | 52.4% | 0.45 | 31.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAX | |
|---|---|---|---|---|
| PAX | -3.7% | 32.3% | -0.15 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 48.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 52.6% |
| Gold (GLD) | 11.7% | 16.4% | 0.58 | 8.7% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 10.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 40.4% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 29.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 07/28/2026 | 6-K |
| 12/31/2025 | 04/30/2026 | 20-F |
| 09/30/2025 | 12/11/2025 | 6-K |
| 06/30/2025 | 09/26/2025 | 6-K |
| 03/31/2025 | 08/01/2025 | 6-K |
| 12/31/2024 | 05/15/2025 | 20-F |
| 09/30/2024 | 02/12/2025 | 6-K |
| 06/30/2024 | 11/05/2024 | 6-K |
| 03/31/2024 | 08/01/2024 | 6-K |
| 12/31/2023 | 04/29/2024 | 20-F |
| 09/30/2023 | 11/27/2023 | 6-K |
| 06/30/2023 | 11/06/2023 | 6-K |
| 03/31/2023 | 11/06/2023 | 6-K |
| 12/31/2022 | 04/28/2023 | 20-F |
| 09/30/2022 | 04/17/2023 | 6-K |
| 06/30/2022 | 10/12/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 07/28/2026 | 6-K |
| 12/31/2025 | 04/30/2026 | 20-F |
| 09/30/2025 | 12/11/2025 | 6-K |
| 06/30/2025 | 09/26/2025 | 6-K |
| 03/31/2025 | 08/01/2025 | 6-K |
| 12/31/2024 | 05/15/2025 | 20-F |
| 09/30/2024 | 02/12/2025 | 6-K |
| 06/30/2024 | 11/05/2024 | 6-K |
| 03/31/2024 | 08/01/2024 | 6-K |
| 12/31/2023 | 04/29/2024 | 20-F |
| 09/30/2023 | 11/27/2023 | 6-K |
| 06/30/2023 | 11/06/2023 | 6-K |
| 03/31/2023 | 11/06/2023 | 6-K |
| 12/31/2022 | 04/28/2023 | 20-F |
| 09/30/2022 | 04/17/2023 | 6-K |
| 06/30/2022 | 10/12/2022 | 6-K |
| 03/31/2022 | 09/21/2022 | 6-K |
| 12/31/2021 | 04/28/2022 | 20-F |
| 09/30/2021 | 11/18/2021 | 6-K |
| 06/30/2021 | 08/20/2021 | 6-K |
| 03/31/2021 | 05/21/2021 | 6-K |
| 12/31/2020 | 04/28/2021 | 20-F |
| 09/30/2020 | 01/25/2021 | 424B1 |
Insider Activity
Updated 6/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6052026 | 11.46 | 50,000 | 573,000 | 2,693,100 | Form | |
| 2 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6052026 | 11.12 | 50,000 | 556,250 | 2,058,125 | Form | |
| 3 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6032026 | 11.74 | 15,000 | 176,100 | 1,584,900 | Form | |
| 4 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6032026 | 11.59 | 15,000 | 173,850 | 1,390,800 | Form | |
| 5 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6012026 | 11.46 | 15,000 | 171,900 | 1,203,300 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6052026 | 11.46 | 50,000 | 573,000 | 2,693,100 | Form | |
| 2 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6052026 | 11.12 | 50,000 | 556,250 | 2,058,125 | Form | |
| 3 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6032026 | 11.74 | 15,000 | 176,100 | 1,584,900 | Form | |
| 4 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6032026 | 11.59 | 15,000 | 173,850 | 1,390,800 | Form | |
| 5 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6012026 | 11.46 | 15,000 | 171,900 | 1,203,300 | Form | |
| 6 | Neto, Olimpio Matarazzo | See Footnote | Buy | 6012026 | 11.50 | 15,000 | 172,500 | 1,035,000 | Form | |
| 7 | Neto, Olimpio Matarazzo | See Footnote | Buy | 5282026 | 11.48 | 15,000 | 172,200 | 861,000 | Form | |
| 8 | Neto, Olimpio Matarazzo | See Footnote | Buy | 5282026 | 11.31 | 15,000 | 169,650 | 678,600 | Form | |
| 9 | Neto, Olimpio Matarazzo | See Footnote | Buy | 5222026 | 11.14 | 15,000 | 167,100 | 501,300 | Form | |
| 10 | Neto, Olimpio Matarazzo | See Footnote | Buy | 5222026 | 10.99 | 15,000 | 164,850 | 329,700 | Form | |
| 11 | Neto, Olimpio Matarazzo | See Footnote | Buy | 5222026 | 11.40 | 15,000 | 171,000 | 171,000 | Form |
Investor Activity (13F)
Updated Sep 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Patria Investments — Investor Video Playlist
Industry Resources
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| Federal Reserve Economic Data |
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| FDIC Data |
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| The Banker |
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External Quote Links
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| SeekingAlpha | ValueLine |
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