BlackPuzzle Investments · Campinas · Brazil and the US
Your dollar portfolio, piece by piece.
Our focus is DDD, Dollar Double Digits: a US dollar portfolio with a double-digit return goal, built piece by piece, with every risk explained before every decision.
Market data. Not a promise of returns. Past performance does not guarantee future results.
The focus
DDDDollar Double DigitsGoal: double-digit returns in US dollars.
Everything we do points to one goal: double digits in dollars.
D
Dollar
Your wealth also lives in US dollars, away from the concentration in reais, real estate and your own company.
DD
Double Digits
The goal is a double-digit annual return in US dollars, pursued with pieces that pay income in USD and a growth piece in venture.
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Risk explained
A goal is not a promise. Every piece comes with its risk, liquidity and cost next to it, before every decision.
Today, 10 of the 16 income indicators we track stand at 10% or more a year in US dollars.
These are yields or distributions, not total returns. Data from Jun 30, 2026 to Oct 18, 2026; source and date for each number under "The data". See the numbers
Market data. Not a promise of returns. Past performance does not guarantee future results.
The thesis
Every piece earns for a reason. The picture only appears when they fit.
No single piece makes the picture. An asset that pays a lot usually carries a specific risk: leverage, illiquidity, credit or capped upside.
Our job is to fit different pieces together so that the whole, in dollars, seeks double digits with risks that offset each other and that you understand.
Double-digit USD returns as a goal. Clear risk as a rule.
Who it is for
Owners and partners of family businesses
Heirs and successors
Agribusiness producers and owners
Founders after the sale of their company
Concentration in reais, in real estate and in your own company is the most common starting point. That is where the conversation starts.
The pieces
Eight pieces, each with its own reason.
Each card shows one market data point with its source and date, next to its risk and liquidity. Observed data, not a promise.
US private credit
Direct lending · The income base.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.~10%Index yield (Q2 2026) · Cliffwater Direct Lending Index (CDLI)Source: LSTA(opens in a new tab),
Risk: moderateLimited
Borrower defaults and limited redemptions.
How it works and what can go wrong
How it works
Loans to US middle-market companies at floating rates. The interest those companies pay is the source of income.
What can go wrong
Defaults (2% over 4 quarters), PIK, mark-to-model, concentration in software and healthcare.
Market data (LSTA, Jun 30, 2026). Not a promise of returns. Past performance does not guarantee future results.
Listed BDCs
Private credit on exchange · Income with daily liquidity.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.10.80%Index dividend yield · MVIS US BDC Index (MVBDC)Source: MarketVector(opens in a new tab),
Risk: highDaily
Dividend cuts and trading below book value.
How it works and what can go wrong
How it works
The same private credit, traded on an exchange. BDCs lend to middle-market companies and pay out most of their earnings.
What can go wrong
Middle-market credit (software markdowns in 2026), leverage of about 1x, dividend cuts, discount to book value.
Market data (MarketVector, accessed Oct 18, 2026). Not a promise of returns. Past performance does not guarantee future results.
CLO
BB mezzanine and equity · The high-octane piece.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.11.78%Yield to worst · CLO BB indexSource: VanEck(opens in a new tab),
Risk: highLimited
Concentrated losses in a default cycle.
How it works and what can go wrong
How it works
Pools of corporate loans split into layers. The lower layers (BB and equity) pay a lot and swing a lot.
What can go wrong
Correlated tail risk in a default cycle, mark-to-market (spread duration above 5 years), liquidity disappears under stress.
Market data (VanEck, Jun 30, 2026). Not a promise of returns. Past performance does not guarantee future results.
Mortgage REITs
Mortgage income · Rate-sensitive income.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.10.88%12-month yield · iShares Mortgage Real Estate ETF (REM)Source: iShares(opens in a new tab),
Risk: highDaily
Highly rate-sensitive, with a history of cuts.
How it works and what can go wrong
How it works
Companies that buy US mortgages with leverage and pass the income on to shareholders.
What can go wrong
Interest rates and rate volatility, MBS spreads, high leverage, a history of dividend cuts.
Market data (iShares, Sep 30, 2026). Not a promise of returns. Past performance does not guarantee future results.
Option-income ETFs
Covered call · Monthly income on equities.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.11.71%Trailing 12-month distribution (TTM) · JEPQ ETFSource: Dividend Wealth(opens in a new tab),
Risk: highDaily
Misses rallies and takes most of the drop.
How it works and what can go wrong
How it works
The fund holds stocks and sells call options on them. It collects the premium and gives up part of the upside.
What can go wrong
Capped upside (misses rallies), most of a market drop passes through, part of the distribution may be return of capital.
Market data (Dividend Wealth, Oct 18, 2026). Not a promise of returns. Past performance does not guarantee future results.
Venture and startups
The holding · The growth piece.
Historical index returnAnnualized index return over the stated period. Past return, not an expectation.15.99%10-year annualized return, net of fees and carry · Cambridge Associates US Venture Capital IndexSource: Cambridge Associates(opens in a new tab),
Risk: very highIlliquid
Total loss per company and a 7 to 12 year horizon.
How it works and what can go wrong
How it works
Stakes in technology startups in Brazil and the US. Long horizon, no liquidity, and the link between the thesis and our builder DNA.
What can go wrong
Huge dispersion across managers and startups (the median sits well below the index), total loss per asset, 7 to 12 year horizon, J-curve.
There is no audited return data for the BlackPuzzle holding, so we show only the market index.
Market data (Cambridge Associates, Mar 31, 2026). Not a promise of returns. Past performance does not guarantee future results.
High yield bonds
Benchmark · Anchor and comparison.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.8.23%Yield to worst · ICE US High Yield IndexSource: FRED(opens in a new tab),
Risk: moderateDaily
Defaults and widening spreads.
How it works and what can go wrong
How it works
Bonds issued by companies rated below investment grade. Today they yield below double digits.
What can go wrong
Defaults, spreads and duration.
Market data (FRED, Oct 15, 2026). Not a promise of returns. Past performance does not guarantee future results.
Cash in Treasuries
The base · Not a return piece: it is the base.
Current yield (market data)Annual distributions divided by price. Not total return, not guaranteed.5.09%Yield · 10-year US TreasurySource: US Treasury, daily rates(opens in a new tab),
Risk: moderateDaily
Interest rates and inflation.
How it works and what can go wrong
How it works
US Treasury securities. They serve as dollar cash and as the yardstick for every other piece.
What can go wrong
Interest rates and inflation.
Market data (US Treasury, daily rates, Oct 16, 2026). Not a promise of returns. Past performance does not guarantee future results.
The data
What these assets pay today, with source and date.
Yield and distributions measure what an asset paid divided by its price. They are not total return. The 10-year Treasury is the yardstick.
What each vehicle pays today
Annual yield or distribution by vehicle, from highest to lowest. The dashed line is the 10-year Treasury; the gold one marks double digits (10%), the DDD line. The indicators differ from one another: the table shows the method behind each number.
Risk: very highHuge dispersion across managers and startups (the median sits well below the index), total loss per asset, 7 to 12 year horizon, J-curve.
Illiquid
Venture and startups
20-year annualized return, net of fees and carryCambridge Associates US Venture Capital Index
Risk: very highHuge dispersion across managers and startups (the median sits well below the index), total loss per asset, 7 to 12 year horizon, J-curve.
US private creditIndex yield (Q2 2026)Cliffwater Direct Lending Index (CDLI)~10%Source: LSTA(opens in a new tab), Risk: moderateLimitedDefaults (2% over 4 quarters), PIK, mark-to-model, concentration in software and healthcare.
US private credit12-month total returnCliffwater Direct Lending Index (CDLI)7.7%Total returnSource: LSTA(opens in a new tab), Risk: moderateLimitedDefaults (2% over 4 quarters), PIK, mark-to-model, concentration in software and healthcare.
US private creditAverage annual return over about 22 yearsCliffwater Direct Lending Index (CDLI)9.5%Historical index returnSource: PR Newswire / Cliffwater(opens in a new tab), Risk: moderateLimitedDefaults (2% over 4 quarters), PIK, mark-to-model, concentration in software and healthcare.
US private creditAnnualized distribution rateBCRED perpetual BDC, Class I9.2%Source: BCRED(opens in a new tab), Risk: moderateLimitedThe risks of private credit, plus redemption limits (gates) and fees.
Listed BDCsIndex dividend yieldMVIS US BDC Index (MVBDC)10.80%Source: MarketVector(opens in a new tab), Risk: highDailyMiddle-market credit (software markdowns in 2026), leverage of about 1x, dividend cuts, discount to book value.
Listed BDCsDistribution yieldVanEck BDC Income ETF (BIZD)14.56%Source: VanEck(opens in a new tab), Risk: highDailyThe same risks as BDCs, plus the ETF's high expense ratio (BDC expenses are included in the cost).
Listed BDCs12-month yieldVanEck BDC Income ETF (BIZD)12.99%Source: VanEck(opens in a new tab), Risk: highDailyThe same risks as BDCs, plus the ETF's high expense ratio (BDC expenses are included in the cost).
Listed BDCs30-day SEC yieldVanEck BDC Income ETF (BIZD)9.70%Source: VanEck(opens in a new tab), Risk: highDailyThe same risks as BDCs, plus the ETF's high expense ratio (BDC expenses are included in the cost).
Yield and distributions are not total return. Data observed at the sources and dates shown, gross, before taxes and fees. Not a promise of returns.
Market data. Not a promise of returns. Past performance does not guarantee future results.
Numbers reviewed on Oct 18, 2026. Each data point has its own reference date.
Yield is not return
A high distribution does not mean your wealth grew.
The OXLC CLO equity fund was distributing 28.7% on its price. Over the same 12 months, its total return on net asset value (NAV) was -30.1%.
Market data (CEF Connect, Oct 16, 2026). Not a promise of returns. Past performance does not guarantee future results.
Distribution
What the asset paid over the year, divided by today's price.
Total return
The distribution plus the change in price or asset value over the period.
When it doesn't add up
If the price falls more than the asset pays, the high income hides a loss.
Yield or distribution versus total return
Three cases side by side. In both CLO equity funds the distribution is above 20% and the 12-month total return is negative. In private credit (the CDLI index), the yield was close to 10% and the 12-month return was 7.7%.
Market data. Not a promise of returns. Past performance does not guarantee future results.
Show the data as a table
How it works
From diagnosis to follow-up.
One piece at a time, with the risk explained before every decision.
01
Diagnostic conversation
We understand the company, the family, succession and cash before talking about any asset.
02
Map of the pieces
We show which pieces make sense for your profile, with the risk, liquidity and cost of each one side by side.
03
Curation
We choose the vehicles with you and explain every decision before it happens.
04
Follow-up
We review the puzzle with you over time, with the numbers and sources always in view.
How we work
Four principles, no exceptions.
Diagnosis before product
First we understand your whole balance sheet: the company, the real estate, succession, cash. Only then do we talk about assets.
Suitability
Every piece has to fit your profile and your investor classification. Several of these assets are restricted to qualified or professional investors.
Transparency
Every number comes with a source, a date and the risk next to it. Costs and taxes are part of the conversation before the decision, not after.
Long-term view
Family wealth is measured in decades. We prefer pieces you understand over pieces that are in fashion.
Who fits the pieces together
An entrepreneur who invests. An investor who builds.
I'm Angelo Orru Neto. I have more than 15 years in financial markets, a master's degree in Economics and the CFP® certification.
I also build companies. I'm the founder and chairman of BlackPuzzle, a holding company that has invested in technology startups in Brazil and the US since 2023.
So we talk as equals: founder to founder, investor to investor. We talk about cash, partners and succession, not off-the-shelf products.
Profile
Angelo Orru Neto
Founder and chairman, BlackPuzzle
Master's in Economics
CFP®
Campinas, São Paulo state, Brazil
Holding portfolio companies
LastWish
Giro.Tech
Sindria
Liqi Digital Assets
Invitris
Mitfokus
Honey Island
Stakes held by the BlackPuzzle holding in Brazil and the US. The list is for information only and says nothing about performance.
Conversation
Book a conversation.
A diagnostic conversation, with no product on the table. Tell me where you are and I'll reply personally.