IP VALUE HEDGE MASTER

Ações Livre · CNPJ 11.456.177/0001-13 · benchmark Não se aplica

Portfolio as of January 2026

AUM

R$575.0M

In stocks

R$240.5M

Stocks

YTD

▲ 9.8%

12 months

▲ 14.3%

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. December 2025

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
EQTL3	Equatorial S.A.	17.7%	R$42.5M	AddedR$5.7M	▲ 21.2%	Utilities
ITSA4	Itausa SA	16.6%	R$40.0M	Trimmed−R$21.4M	▲ 15.7%	Finance
RENT3	Localiza Rent A Car SA	10.8%	R$25.9M	Trimmed−R$2.4M	▲ 9.2%	Finance
GOGL34	Alphabet Inc	10.1%	R$24.2M	Trimmed−R$3.6M	▼ 3.7%	BDR
M1TA34	Meta Platforms Inc	9.0%	R$21.6M	Trimmed−R$8.5M	▼ 6.9%	BDR
GGPS3	GPS Participacoes e Empreendimentos SA	8.7%	R$21.0M	AddedR$3.0M	▼ 12.8%	Commercial Services
MSFT34	Microsoft Corp	8.5%	R$20.4M	Held	▲ 17.5%	BDR
AMZO34	Amazon.com, Inc.	7.6%	R$18.2M	Held	▲ 4.3%	BDR
ITUB3	Itau Unibanco Holding S.A.	3.9%	R$9.4M	Held	▲ 25.9%	Finance
PETR4	Petroleo Brasileiro SA	2.5%	R$6.1M	New	▲ 54.2%	Energy Minerals
TSMC34	Taiwan Semiconductor Manufacturing Co., Ltd. ADR	2.5%	R$5.9M	Held	▲ 22.8%	BDR
BBAS3	Banco do Brasil S.A.	1.0%	R$2.5M	New	▼ 4.0%	Finance
BPAC11	Banco BTG Pactual SA	0.6%	R$1.4M	Trimmed−R$374.7K	▲ 36.3%	Finance
RENT4	Localiza Rent A Car SA	0.4%	R$1.1M	Held	▲ 10.1%	Finance
ITUB4	Itau Unibanco Holding SA	0.1%	R$189.9K	Trimmed−R$10.3M	▲ 7.3%	Finance
TIMS3	TIM S.A.	0.0%	R$54.7K	Trimmed−R$43.4K	▼ 22.3%	Communications
BBDC4	Banco Bradesco SA	0.0%	R$27.9K	New	▼ 3.0%	Finance
VIVT3	Telefonica Brasil S.A.	0.0%	R$373.8	New	▼ 13.9%	Communications