What smart money is saying about Eneva
1 fund in our archive has pitched Eneva, most recently HIX Capital Brazilian Equities in June 2026.
Eneva S.A., an integrated energy company, engages in the exploration, production, and commercialization of natural gas and liquids in Brazil. The company generates electricity through natural gas, steam, coal, and solar energy. It also supplies natural gas solutions to the on-grid and off-grid market for thermal power plants, pipeline operators, and industrial clients; including transportation, LNG regasification, and floating storage. The company was formerly known as MPX Energia S.A. and changed its name to Eneva S.A. in October 2013. Eneva S.A. was incorporated in 2001 and is headquartered in Rio De Janeiro, Brazil.
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Position history
Between Q2 2026 and Q3 2026, 3 fund letters reported a position in Eneva, with 1 buy (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 2 | 1 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 3 positions · 1 move
- HoldsIndie FIC FIASeptember 2026
“The main positive highlights were the utilities sectors (+1.82 p.p.), with Equatorial and Eneva, and logistics (+1.27 p.p.), driven by Localiza.”
Eneva - AddedHIX Capital Brazilian EquitiesJune 2026
“Eneva Brazil's only gas-to-wire platform — what was optionality has become the base case In December 2023 we wrote that we saw in Eneva one of the greatest value perception asymmetries we have ever seen during our history of investing in the company. At that moment, the market was pricing the company's thermal plants as if dispatch were practically nil. In 2024 we paid the price of conviction: Eneva was the year's biggest detractor, with −4.48% contribution, and we still materially increased the position, with a capital call and the creation of a new co-investment vehicle.”
Eneva - HoldsHIX Capital Geo FlagshipJune 2026
“The main positive contributions came from companies invested in after the Geo integration period at HIX. Among the contributions, we remain excited about the prospects of TSMC, Eneva and SLM and, despite continuing to have a positive view on the businesses of Credit Acceptance and W.W.”
Eneva
Fund coverage · 1 thesis
- HIX Capital Brazilian EquitiesJune 2026
Eneva is Brazil's only gas-to-wire platform, and its LRCAP 2026 win of 5.4 GW converts contracted fixed revenue from about R$ 7.5 billion in 2026 to R$ 19 billion in 2032, with base-case real IRR of 14.8% and 2.4x capital over five years.
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