Consulting
Informed answers to your financial challenges
A diagnosis of your investment protocol or your investment process.
- Investment protocol and process
- Wealth analysis
- Medium- and long-term investment strategy
Services
Three ways to work with you
For institutional investors, family offices and companies that want to make better investment decisions.
Advisory
We support your process with an expert opinion
We help you decide where and how to invest according to your objective.
- Research
- Definition and monitoring of the eligible asset set
- Outsourced CIO
- Second opinion
Implementation
We turn your investment process into tools that work
We design and implement infrastructure and tools that connect Macroeconomics with market prices.
- Data and operations infrastructure
- Turning ideas into actionable decisions
- Backtesting and portfolio construction
- A risk framework consistent with the investment process
Tools that connect macro with market prices
To invest with method and discipline.
- Portfolio management systems and tools
- Analysis and implementation of investment strategies
- Global and local macro analysis
- Scenarios and Pricing tools
- Portfolio construction tools
- Hedging strategies
- Design and implementation of data and operations infrastructure
- Risk Report
- Systematic Research
How we work
Tell us your challenge.
No fine print and no products you don't need.
We talk
We understand your problem. Chances are we have already been there.
We frame your problem
We propose a strategy in writing, with clear costs and scenarios.
We stay with you
We execute, measure and adjust with you whenever it is needed.
About
Over 25 years investing in global markets
Kona brings together more than 25 years of experience investing in global markets, taking real risk. We run active strategies with a deep understanding of the market, of who takes part in it and how.
Our experience includes active risk management at the largest asset managers in LatAm. Analysis and investment in global markets. In-depth global and Latin American macro analysis. The design of effective, measurable investment processes and protocols with clear risk frameworks.
- +25 yearsof experience investing in global markets
- Active funds and large asset managers in LatAmtaking real risk under real constraints in high-performance processes
- +50,000 hoursof real risk-taking experience in institutional markets
Research
Ideas and analysis
What we see in markets, investment processes and the industry, written with the same lens we use to take risk.
Toolkit for directors · How to read the risk of a generational fund
A plain-language guide, a step-by-step navigable risk report and a supporting deck to understand how the risk of a generational fund is measured and managed under the new regime. Illustrative material, open access. Available in Spanish.
Open the toolkit- Plain-language guide
- Navigable report
- Supporting deck
Generational funds do not remove the risk of sharp drawdowns
We placed each of the ten stages at the center of its reference portfolio, meeting every rule, and ran it over the last ten years. None escaped a sharp drawdown, not even those near retirement. The regime bounds relative risk, not absolute risk, but it hands teams the levers to manage it.
- −25%worst drawdown of the youngest stage (pandemic)
- −19%real drawdown near retirement (2021–22)
- 7.8% vs 5.5%annual return, Stage 7 vs Fund E over 10 years
Tactical Chile: two rate ideas after the central bank's hawkish turn
On October 27 the Board held the policy rate but shifted its bias to the upside. The curve partly reflects it and the peso does not yet. We review what is priced against our scenarios, a directional rates-and-peso combo, and a curve trade backed by a principal component analysis.
- ~5.85%terminal policy rate in our scenarios vs 5.74% priced
- +1.58σ18M–5Y slope at a historical extreme
- ~164 bpgap between the 2y Cámara and the peso
Chile Pre-MPM: a hold, with inputs more hawkish than consensus
Inflation is running above the IPoM, services have not returned to pre-pandemic levels and the activity slowdown is mining-driven. The curve already prices hikes the surveys do not see. We review inflation, activity, credit, real rates, the Chilean peso and what to watch in the tone of the statement.
- ~5.1%Dec-26 inflation in UF forward (IPoM: 4.3%)
- ~100 bpof hikes over 24 months in the Cámara curve
- +1.0 ppexcess policy rate, among the lowest in LatAm
The new investment regime for Generational Funds
Ten age-based funds replace the multifunds from April 2027. What changes for the AFPs, how their management is measured and rewarded against a benchmark, what happens with duration and derivatives, and what they should sell and buy according to our portfolio study.
- 10 fundsby age, effective from Apr 1, 2027
- ±2.4–2.9%annual reward-or-penalty band
- US$12–15 bnthat would return to Chile on rebalancing
Brazil, the home stretch: ahead of the Lula–Flávio Bolsonaro runoff
Flávio is the favorite, but the polls tightened in the home stretch and the election is not a done deal. We review the fiscal picture, a central bank that is the most restrictive in LatAm relative to its Taylor rule, what the DI curve discounts in an opposition win, and which Brazil leg has paid the most on a risk-adjusted basis.
- 47.9 vs 45.9Flávio vs Lula in the polling trend
- ~76%probability for Flávio on Polymarket
- ~12.1%terminal Selic priced by the DI curve
The interest-rate derivatives position of Chilean pension funds
The AFP system built a receiver position in SOFR swaps equivalent to more than seven full market days at the 10-year tenor. Using derivatives to add duration makes sense; what was missing was a view of liquidity and of the relative size of a position that ended up being directional.
- US$169 Mreceiver DV01 in SOFR (Aug-26)
- 7.1xthe daily 10-year volume
- −10.39%real return of Fund E in Jan–Sep 2026
Contact
Let's talk.
Get in touch and tell us what you want to achieve.
contacto@konacapital.cl