BTG PACTUAL DISCOVERY
Multimercados Livre · CNPJ 01.214.092/0001-75 · benchmark OUTROS
Portfolio as of March 2026
AUM
R$89.2M
In stocks
R$25.3M
Stocks
52
YTD
▲ 12.3%
12 months
▲ 17.5%
Past performance is no guarantee of future results.
Quota
Month-end; daily in recent months
Disclosed so far
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Hatched months still have confidential positions.
Portfolio
Changes vs. February 2026
| Stock | Company | % of stock portfolio | Value | Month | Since then | Sector |
|---|---|---|---|---|---|---|
 ITUB4 | Itau Unibanco Holding SA | 10.7% | R$2.7M | AddedR$2.1M | ▲ 12.2% | Finance |
 NEOE3 | – | 8.4% | R$2.1M | AddedR$157.3K | – | Other |
 VALE3 | Vale S.A. | 6.4% | R$1.6M | AddedR$672.3K | ▼ 20.7% | Non-Energy Minerals |
 AXIA7 | AXIA Energia SA | 5.0% | R$1.3M | Held | ▲ 5.0% | Utilities |
 PETR3 | Petroleo Brasileiro SA | 4.9% | R$1.2M | Held | ▲ 20.3% | Energy Minerals |
 EMBJ3 | Embraer S.A. | 4.6% | R$1.2M | Trimmed−R$356.4K | ▲ 18.0% | Electronic Technology |
 POMO4 | Marcopolo SA | 3.9% | R$992.2K | AddedR$242.6K | ▼ 20.2% | Producer Manufacturing |
 BBDC3 | Banco Bradesco SA | 3.5% | R$889.2K | Held | ▲ 9.1% | Finance |
 B3SA3 | B3 SA - Brasil, Bolsa, Balcao | 3.4% | R$865.9K | AddedR$25.2K | ▲ 28.9% | Finance |
 ORVR3 | Orizon Valorizacao de Residuos SA | 2.9% | R$746.3K | Trimmed−R$342.2K | ▲ 15.2% | Utilities |
 RDOR3 | Rede D'Or Sao Luiz SA | 2.6% | R$666.2K | Trimmed−R$70.1K | ▲ 13.1% | Health Services |
 CPLE3 | Companhia Paranaense de Energia | 2.6% | R$655.6K | AddedR$152.6K | ▲ 14.4% | Utilities |
 UGPA3 | Ultrapar Participacoes S.A. | 2.5% | R$645.3K | Trimmed−R$329.8K | ▲ 38.5% | Retail Trade |
 TTEN3 | Tres Tentos Agroindustrial SA | 2.5% | R$634.3K | Trimmed−R$472.9K | ▼ 12.9% | Commercial Services |
 CURY3 | Cury Construtora e Incorporadora SA | 2.4% | R$613.0K | AddedR$42.0K | ▼ 7.4% | Finance |
 LREN3 | Lojas Renner S.A. | 2.3% | R$575.3K | Trimmed−R$267.8K | ▼ 0.2% | Retail Trade |
 TIMS3 | TIM S.A. | 2.2% | R$555.4K | AddedR$138.2K | ▼ 30.7% | Communications |
 PSSA3 | Porto Seguro S.A. | 2.1% | R$542.7K | AddedR$459.4K | ▲ 4.2% | Finance |
 RADL3 | Raia Drogasil S.A. | 2.0% | R$506.2K | Trimmed−R$123.7K | ▼ 8.2% | Retail Trade |
 VIVT3 | Telefonica Brasil S.A. | 1.9% | R$481.2K | AddedR$188.5K | ▼ 21.9% | Communications |
 ISAE4 | Isa Energia Brasil SA | 1.8% | R$446.4K | AddedR$195.8K | ▲ 0.0% | Utilities |
 AURA33 | Aura Minerals Inc | 1.7% | R$438.0K | AddedR$172.1K | ▲ 1.4% | BDR |
 ROXO34 | Nu Holdings Ltd. | 1.6% | R$408.6K | AddedR$399.5K | ▲ 2.2% | BDR |
 SMTO3 | Sao Martinho S.A. | 1.6% | R$406.2K | New | ▲ 0.3% | Process Industries |
 ODPV3 | – | 1.5% | R$384.4K | Trimmed−R$169.1K | – | Other |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 1.4% | R$358.1K | AddedR$238.8K | ▲ 2.8% | Utilities |
 CSAN3 | Cosan S.A. | 1.3% | R$340.0K | AddedR$158.0K | ▼ 2.0% | Utilities |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 1.0% | R$246.8K | New | ▲ 10.1% | Utilities |
 ALOS3 | Allos S.A. | 1.0% | R$241.0K | AddedR$122.5K | ▲ 17.7% | Finance |
 CYRE4 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 0.9% | R$226.9K | New | ▲ 29.2% | Finance |
 RENT4 | Localiza Rent A Car SA | 0.9% | R$226.0K | Held | ▲ 13.4% | Finance |
 PINE4 | Banco PINE S.A. | 0.8% | R$210.0K | New | ▲ 26.1% | Finance |
 CEAB3 | C&A Modas SA | 0.8% | R$190.1K | New | ▲ 17.9% | Retail Trade |
 PAGS34 | PagSeguro Digital Ltd. | 0.7% | R$188.7K | New | ▲ 14.1% | BDR |
 ASAI3 | Sendas Distribuidora SA | 0.7% | R$187.5K | AddedR$153.9K | ▲ 47.5% | Retail Trade |
 DESK3 | Desktop SA | 0.7% | R$180.8K | New | ▲ 6.8% | Communications |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 0.6% | R$152.1K | AddedR$33.7K | ▲ 19.3% | Finance |
 MOTV3 | Motiva Infraestrutura de Mobilidade SA | 0.6% | R$142.3K | New | ▲ 29.0% | Transportation |
 EGIE3 | ENGIE Brasil Energia S.A. | 0.6% | R$140.4K | AddedR$139.1K | ▼ 4.8% | Utilities |
 CBAV3 | Companhia Brasileira de Aluminio | 0.6% | R$140.4K | New | ▲ 7.3% | Non-Energy Minerals |
 RENT3 | Localiza Rent A Car SA | 0.5% | R$134.5K | Trimmed−R$412.7K | ▲ 12.5% | Finance |
 ABEV3 | Ambev SA | 0.5% | R$131.1K | Trimmed−R$39.0K | ▲ 10.5% | Consumer Non-Durables |
 SMFT3 | Smartfit Escola de Ginastica e Danca SA | 0.4% | R$109.7K | New | ▲ 33.9% | Consumer Services |
 RANI3 | Irani Papel e Embalagem SA | 0.4% | R$95.3K | AddedR$35.8K | ▼ 15.3% | Process Industries |
 CPFE3 | CPFL Energia S.A. | 0.1% | R$26.8K | Trimmed−R$446.1K | ▲ 2.7% | Utilities |
 SUZB3 | Suzano S.A. | 0.1% | R$24.9K | Trimmed−R$363.1K | ▼ 18.3% | Process Industries |
 FRAS3 | Frasle Mobility S.A. | 0.1% | R$14.9K | Held | ▲ 28.8% | Producer Manufacturing |
 AMER3 | Americanas SA | 0.0% | R$3.8K | Held | ▲ 33.2% | Retail Trade |
 ECOR3 | EcoRodovias Infraestrutura e Logistica S.A. | 0.0% | R$3.7K | New | ▲ 63.1% | Transportation |
 TOTS3 | TOTVS S.A. | 0.0% | R$2.1K | Trimmed−R$509.2K | ▲ 20.4% | Technology Services |
 BEEF3 | Minerva S.A. | 0.0% | R$837.25 | Trimmed−R$38.6K | ▲ 1.9% | Distribution Services |
 MRVE3 | MRV Engenharia e Participacoes S.A. | 0.0% | R$110.18 | Trimmed−R$105.1K | ▲ 6.1% | Consumer Durables |
Short positions
Borrowed shares the fund has to return
ITUB3R$1.3M
AXIA6R$1.0M
BBDC4R$985.8K
SLCE3R$844.7K
BRAP4R$719.7K
HYPE3R$601.5K
VBBR3R$565.7K
GGBR4R$561.5KPINE4R$538.6K
ENGI11R$533.5K
ITSA4R$509.2K
WEGE3R$484.5K
AXIA3R$370.6K
BBAS3R$343.1K
BBSE3R$308.9K
RECV3R$252.8KRENT3R$231.1K
LEVE3R$220.2K
GGPS3R$205.2K
FLRY3R$202.9K
TEND3R$184.1KMOTV3R$184.1K
MYPK3R$181.8K
EVEN3R$181.4KABEV3R$181.2K
CMIG4R$181.1K
RAPT4R$169.9K
TUPY3R$167.0K
BHIA3R$157.4K
EQTL3R$148.9K