SQUADRA MASTER LONG-ONLY

Ações Livre · CNPJ 09.288.254/0001-21 · benchmark Não se aplica

Portfolio as of March 2026

AUM

R$1.9B

In stocks

R$1.3B

Stocks

YTD

▲ 18.2%

12 months

▲ 12.9%

Past performance is no guarantee of future results.

Quota

Month-end; daily in recent months

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Hatched months still have confidential positions.

Changes vs. February 2026

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
EQTL3	Equatorial S.A.	27.4%	R$357.9M	Held	▲ 21.6%	Utilities
MELI34	MercadoLibre, Inc.	10.2%	R$133.1M	AddedR$29.0M	▲ 5.6%	BDR
ROXO34	Nu Holdings Ltd.	9.8%	R$127.6M	AddedR$26.5M	▲ 2.2%	BDR
UGPA3	Ultrapar Participacoes S.A.	8.1%	R$105.8M	Trimmed−R$27.3M	▲ 38.5%	Retail Trade
MULT3	Multiplan Empreendimentos Imobiliarios SA	7.9%	R$103.7M	Trimmed−R$12.7M	▲ 19.3%	Finance
RAIL3	Rumo SA	7.5%	R$98.6M	Held	▲ 18.8%	Transportation
GGPS3	GPS Participacoes e Empreendimentos SA	7.2%	R$94.6M	AddedR$3.6M	▼ 2.2%	Commercial Services
INBR32	Inter & Co., Inc.	5.9%	R$77.0M	Held	▼ 20.1%	BDR
ITUB4	Itau Unibanco Holding SA	3.2%	R$41.2M	New	▲ 12.2%	Finance
HAPV3	Hapvida Participacoes e Investimentos SA	2.9%	R$37.7M	Held	▼ 5.4%	Health Services
RENT3	Localiza Rent A Car SA	2.6%	R$34.0M	New	▲ 12.5%	Finance
STOC34	StoneCo Ltd.	2.5%	R$32.7M	AddedR$25.3M	▼ 17.3%	BDR
EQPA3	Equatorial Para Distribuidora de Energia SA	1.9%	R$24.6M	Held	▼ 18.0%	Utilities
MATD3	Hospital Mater Dei SA	1.3%	R$17.5M	Held	▲ 11.0%	Health Services
XPBR31	XP Inc.	0.8%	R$11.0M	New	▲ 62.5%	BDR
GMAT3	Grupo Mateus SA	0.6%	R$8.4M	Trimmed−R$20.5M	▲ 20.0%	Retail Trade
FIEI3	Fica Empreendimentos Imobiliarios SA	0.1%	R$1.3M	Held	–	Finance
ENGI4	Energisa SA	0.0%	R$29.64	Held	▲ 37.0%	Utilities

Exited this month