SPHERE

Multimercados Invest. no Exterior · CNPJ 11.769.285/0001-46 · benchmark Não se aplica

Portfolio as of July 2026

AUM

R$2.2B

In stocks

R$791.3M

Stocks

YTD

▼ 36.7%

12 months

▼ 35.2%

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

No complete previous month to compare

Stock	Company	% of stock portfolio	Value	Since then	Sector
RAIL3	Rumo SA	52.2%	R$412.8M	▲ 33.7%	Transportation
BRAV3	Brava Energia SA	46.5%	R$368.3M	▲ 5.9%	Energy Minerals
AXIA7	AXIA Energia SA	0.8%	R$6.1M	▲ 14.3%	Utilities
TOTS3	TOTVS S.A.	0.1%	R$1.1M	▲ 35.4%	Technology Services
CURY3	Cury Construtora e Incorporadora SA	0.0%	R$389.9K	▲ 8.8%	Finance
CSAN3	Cosan S.A.	0.0%	R$384.9K	▲ 29.5%	Utilities
JHSF3	JHSF Participacoes S.A.	0.0%	R$297.3K	▲ 28.3%	Finance
LREN3	Lojas Renner S.A.	0.0%	R$289.5K	▲ 9.8%	Retail Trade
CAML3	Camil Alimentos SA	0.0%	R$260.6K	▲ 45.4%	Process Industries
FLRY3	Fleury SA	0.0%	R$162.8K	▲ 64.5%	Health Services
HAPV3	Hapvida Participacoes e Investimentos SA	0.0%	R$133.8K	▼ 15.3%	Health Services
VTRU3	Vitru Educacao SA	0.0%	R$123.1K	▲ 59.5%	Commercial Services
ALOS3	Allos S.A.	0.0%	R$111.1K	▲ 31.8%	Finance
GMAT3	Grupo Mateus SA	0.0%	R$91.0K	▲ 40.0%	Retail Trade
POMO3	Marcopolo SA	0.0%	R$67.5K	▼ 5.9%	Producer Manufacturing
CXSE3	Caixa Seguridade Participacoes SA	0.0%	R$61.3K	▲ 5.1%	Finance
CPFE3	CPFL Energia S.A.	0.0%	R$53.4K	▲ 8.5%	Utilities
ISAE4	Isa Energia Brasil SA	0.0%	R$48.1K	▲ 8.2%	Utilities
CMIN3	CSN Mineracao SA	0.0%	R$47.5K	▼ 12.4%	Non-Energy Minerals
SIMH3	Simpar SA	0.0%	R$45.4K	▲ 116.6%	Transportation
PSSA3	Porto Seguro S.A.	0.0%	R$41.7K	▼ 3.8%	Finance
HYPE3	Hypera S.A.	0.0%	R$40.9K	▲ 28.1%	Health Technology
EGIE3	ENGIE Brasil Energia S.A.	0.0%	R$39.1K	▲ 4.8%	Utilities
PAGS34	PagSeguro Digital Ltd.	0.0%	R$38.6K	▲ 22.3%	BDR
TFCO4	Track & Field Co SA	0.0%	R$35.9K	▲ 0.4%	Retail Trade
DESK3	Desktop SA	0.0%	R$32.0K	▲ 4.2%	Communications
MOTV3	Motiva Infraestrutura de Mobilidade SA	0.0%	R$26.8K	▲ 38.2%	Transportation
RAIZ4	Raizen SA	0.0%	R$15.7K	▲ 57.7%	Retail Trade
INBR32	Inter & Co., Inc.	0.0%	R$14.8K	▲ 17.0%	BDR
UGPA3	Ultrapar Participacoes S.A.	0.0%	R$12.1K	▲ 20.3%	Retail Trade
TIMS3	TIM S.A.	0.0%	R$10.8K	▼ 2.0%	Communications
MDNE3	Moura Dubeux Engenharia SA	0.0%	R$9.6K	▲ 24.0%	Finance
CPLE3	Companhia Paranaense de Energia	0.0%	R$7.5K	▲ 19.0%	Utilities
VULC3	Vulcabras SA	0.0%	R$6.2K	▲ 18.1%	Consumer Non-Durables
BBSE3	BB Seguridade Participacoes SA	0.0%	R$6.2K	▲ 2.5%	Finance
HBOR3	Helbor Empreendimentos S.A.	0.0%	R$6.1K	▲ 41.7%	Consumer Durables
CMIG4	Companhia Energetica de Minas Gerais SA	0.0%	R$5.4K	▲ 4.3%	Utilities
GFSA3	Gafisa S.A.	0.0%	R$3.3K	▲ 44.4%	Finance
TUPY3	Tupy S.A.	0.0%	R$3.1K	▲ 29.9%	Producer Manufacturing
SMTO3	Sao Martinho S.A.	0.0%	R$2.9K	▲ 46.5%	Process Industries
GGBR4	Gerdau S.A.	0.0%	R$1.6K	▲ 5.1%	Non-Energy Minerals
STOC34	StoneCo Ltd.	0.0%	R$859.5	▲ 5.9%	BDR
RCSL4	Recrusul SA	0.0%	R$220.46	▲ 163.0%	Producer Manufacturing
KLBN4	Klabin SA	0.0%	R$7.28	▲ 1.4%	Non-Energy Minerals
AZTE3	Azevedo & Travassos Energia S.A	0.0%	R$3.26	▼ 25.8%	Energy Minerals

Short positions

Borrowed shares the fund has to return