In June 2020, HSI acquired BRL 200 million in agricultural receivables (CRA) issued by Minerva S.A through a primary offering.

Minerva is the largest beef exporter in South America, operating 25 plants in Brazil, Argentina, Colombia, Paraguay, and Uruguay with combined processing capacity of 26,000 heads of cattle daily.

HSI identified the opportunity to invest in a sector leader at an attractive yield. At the time, credit spreads had surged on account of the pandemic, notwithstanding solid operating performance by animal protein exporters supported by strong demand and a favorable exchange rate.

Over subsequent quarters, Minerva posted strong performance, maintaining high export volumes at prices above the market average. The relatively low cost of cattle helped drive the EBITDA margin to 13.4% during 3Q20, a historic high for Minerva. During 2021, the firm posted net revenues, of BRL 27 billion, also an historic high.

In August 2022, HSI divested from its position at a compressed yield, generating a capital gain in addition to the income yield.