MBI Administradora General De Fondo – MBI Deuda Alternativa Fondo De Inversion

What it is

MBI Deuda Alternativa Fondo de Inversión puts at least 90% of its assets into short- and medium-term fixed-income instruments — think corporate invoices, bank deposits and Chilean mutual fund units, not shares or property.

It is a redeemable fund, meaning investors can exit at any time, and its stated goal is to hold a diversified portfolio. Units trade on the Bolsa de Comercio de Santiago with active exchange presence.

Who owns it

MBI was co-founded in 1998 by Arturo Claro Montes and Germán Guerrero Falcón, who built the firm out of LarrainVial and Citicorp roots before launching independently. In December 2013, a holding company called MBI S.A. was incorporated by public deed, consolidating the partners’ stakes in both MBI AGF S.A. and MBI Inversiones S.A. under one roof.

MBI S.A. is the controlling shareholder of the manager (MBI AGF S.A.); individual partner ownership percentages are not disclosed in available public sources. The fund itself is owned proportionally by its unitholders — there is no single dominant investor on the public record.

Who runs it

José Manuel Ugarte Hernández — an engineer from the Pontificia Universidad Católica de Chile with an MBA from Wharton — has been Chairman of the Board of MBI AGF S.A. since February 2023 and a partner since 2004; he previously ran corporate finance at Citicorp-Citibank and investments at Consorcio.

The fund’s portfolio is managed day-to-day by Ramón Domínguez, with all positions denominated in Chilean pesos (CLP). The manager’s 2024 financial statements were audited by KPMG Santiago, signed 28 March 2025.

The money, in plain words

These numbers belong to the *manager company* (MBI AGF S.A.), not to the fund itself — the fund’s “return” is captured in its rising unit price.

The manager earned CLP 6,794,906,000 (~US$7.34 million) in fees and services in 2024, up 36.5% from CLP 4,976,310,000 (~US$5.38 million) in 2023 — a sharp acceleration in revenue growth (our calculation). It kept CLP 1,795,518,000 (~US$1.94 million) as net profit — a net profit margin of 26.4%, unusually high for a boutique fund manager, meaning more than a quarter of every peso billed flows through to the bottom line (our calculation).

For every peso of owners’ capital on average, the manager earned roughly CLP 1.02 (US$0.00)back in 2024 — a return on equity of about 102%, reflecting the asset-light, fee-driven nature of fund management (our calculation). Total assets of the manager stand at CLP 3,203,567,000 (~US$3.46 million), of which CLP 1,942,630,000 (~US$2.10 million) is equity — the firm carries essentially no financial debt.

The fund itself tells a different story in size: its total net asset value across all five unit series reached CLP 36,582,359,289 (~US$39.5 million) as of 1 July 2026. Series A units have moved between CLP 12,473 (US$13)and CLP 18,228 (US$20)over the past 52 weeks — a gain of nearly 46% peak-to-trough, notable for a product marketed as a conservative short-duration fixed-income vehicle.

What it is doing now

The manager posted its best financial year on record in 2024: revenue up 36.5% and net profit up more than seven times versus 2023’s CLP 251,917,000 (~US$272,000) — a dramatic recovery from what was a near-breakeven year (our calculations from audited statements). MBI AGF S.A. was incorporated in October 2003 and has steadily broadened its fund range; the Deuda Alternativa fund’s five unit series (A, APV, B, C, D) serve retail, pension-savings and institutional investors alike.

As of July 2026, the fund’s website lists 2025 financial statements as already available, suggesting ongoing regulatory compliance and continued operations with no disclosed restructuring or wind-down.

What to watch

• Interest-rate path: a short-duration fixed-income fund rises or falls with Chilean benchmark rates; Banco Central de Chile’s rate decisions are the single biggest driver of unit-value direction.
• Revenue concentration: the manager’s 36.5% revenue surge in 2024 looks impressive, but without a breakdown of which funds drove it, investors cannot tell whether Deuda Alternativa or another product was the engine.
• Ownership transparency: individual partner stakes in MBI S.A. are not publicly filed; any change in the founding partners’ involvement would be a governance signal worth monitoring.
• Scale: at ~US$39.5 million in total fund assets, this is a small fund by regional standards; thin secondary-market liquidity in unit trading is a real consideration for larger positions.
• Manager profitability sustainability: a 26.4% net margin and ~102% return on equity in 2024 are eye-catching; watch whether fee revenue holds at that pace as Chilean interest rates normalise.

This is news, not investment advice.