SPX FALCON MASTER

Ações Livre · CNPJ 15.831.948/0001-66 · benchmark Ibovespa

Portfolio as of March 2026

AUM

R$8.1B

In stocks

R$6.4B

Stocks

YTD

▲ 31.8%

12 months

▲ 44.2%

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

Changes vs. February 2026

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
ALOS3	Allos S.A.	9.9%	R$634.0M	AddedR$20.9M	▲ 17.7%	Finance
UGPA3	Ultrapar Participacoes S.A.	8.2%	R$524.3M	AddedR$46.3M	▲ 38.5%	Retail Trade
ENEV3	Eneva S.A.	7.3%	R$470.0M	AddedR$146.3M	▲ 30.4%	Utilities
AXIA3	AXIA Energia SA	5.5%	R$350.7M	AddedR$92.6M	▲ 1.2%	Utilities
AXIA6	–	4.9%	R$315.4M	AddedR$11.7M	–	Other
GOAU4	Metalurgica Gerdau SA	4.1%	R$266.2M	Trimmed−R$43.0M	▲ 39.7%	Non-Energy Minerals
PETR4	Petroleo Brasileiro SA	4.1%	R$263.3M	AddedR$93.2M	▲ 19.6%	Energy Minerals
SMFT3	Smartfit Escola de Ginastica e Danca SA	3.8%	R$245.3M	AddedR$68.0M	▲ 33.9%	Consumer Services
SUZB3	Suzano S.A.	3.8%	R$244.8M	AddedR$31.0M	▼ 18.3%	Process Industries
PSSA3	Porto Seguro S.A.	3.3%	R$211.0M	AddedR$27.2M	▲ 4.2%	Finance
CPLE3	Companhia Paranaense de Energia	3.3%	R$210.2M	Trimmed−R$129.4M	▲ 14.4%	Utilities
DIRR3	Direcional Engenharia S.A.	2.8%	R$180.4M	AddedR$55.3M	▼ 14.1%	Finance
RAIL3	Rumo SA	2.7%	R$173.6M	Trimmed−R$47.5M	▲ 18.8%	Transportation
DXCO3	Dexco SA	2.1%	R$134.3M	AddedR$8.8M	▲ 75.6%	Producer Manufacturing
AXIA7	AXIA Energia SA	2.0%	R$128.6M	AddedR$5.5M	▲ 5.0%	Utilities
AZZA3	Azzas 2154 SA	1.7%	R$110.6M	Trimmed−R$14.5M	▲ 5.7%	Consumer Non-Durables
GGPS3	GPS Participacoes e Empreendimentos SA	1.7%	R$110.2M	Trimmed−R$13.9M	▼ 2.2%	Commercial Services
HYPE3	Hypera S.A.	1.7%	R$109.5M	Held	▲ 17.1%	Health Technology
ITSA4	Itausa SA	1.7%	R$107.0M	Trimmed−R$69.3M	▲ 13.0%	Finance
RDOR3	Rede D'Or Sao Luiz SA	1.6%	R$105.8M	AddedR$94.7M	▲ 13.1%	Health Services
VBBR3	Vibra Energia SA	1.5%	R$93.9M	AddedR$6.9M	▲ 16.0%	Retail Trade
PNVL3	Dimed S.A. Distribuidora de Medicamentos	1.4%	R$93.2M	AddedR$3.7M	▲ 11.4%	Retail Trade
BMOB3	Bemobi Mobile Tech SA	1.4%	R$90.0M	Trimmed−R$2.6M	▲ 24.6%	Technology Services
NEOE3	–	1.4%	R$87.2M	AddedR$7.8M	–	Other
VTRU3	Vitru Educacao SA	1.3%	R$81.4M	Held	▲ 51.5%	Commercial Services
ASAI3	Sendas Distribuidora SA	1.2%	R$79.6M	Trimmed−R$31.3M	▲ 47.5%	Retail Trade
ISAE4	Isa Energia Brasil SA	1.2%	R$75.4M	Held	▲ 0.0%	Utilities
ODPV3	–	1.1%	R$69.1M	New	–	Other
CBAV3	Companhia Brasileira de Aluminio	1.1%	R$68.7M	AddedR$6.4M	▲ 7.3%	Non-Energy Minerals
HBSA3	Hidrovias do Brasil SA	0.9%	R$60.5M	Trimmed−R$1.5M	▲ 0.7%	Transportation
ROXO34	Nu Holdings Ltd.	0.9%	R$55.4M	AddedR$1.3M	▲ 2.2%	BDR
MBRF3	MBRF Global Foods Company S.A.	0.8%	R$50.8M	AddedR$2.3M	▼ 14.3%	Consumer Non-Durables
INBR32	Inter & Co., Inc.	0.8%	R$48.8M	AddedR$5.1M	▼ 20.1%	BDR
POMO4	Marcopolo SA	0.7%	R$45.2M	AddedR$6.5M	▼ 20.2%	Producer Manufacturing
ITUB4	Itau Unibanco Holding SA	0.7%	R$43.4M	AddedR$5.3M	▲ 12.2%	Finance
EZTC3	EZ TEC Empreendimentos e Participacoes SA	0.6%	R$38.4M	AddedR$2.2M	▲ 35.9%	Finance
EQTL3	Equatorial S.A.	0.6%	R$38.3M	AddedR$29.3M	▲ 21.6%	Utilities
ORVR3	Orizon Valorizacao de Residuos SA	0.6%	R$36.1M	AddedR$15.6M	▲ 15.2%	Utilities
XPBR31	XP Inc.	0.6%	R$35.4M	Held	▲ 62.5%	BDR
GGBR4	Gerdau S.A.	0.5%	R$33.2M	AddedR$32.3M	▲ 38.2%	Non-Energy Minerals
CYRE4	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.5%	R$30.5M	New	▲ 29.2%	Finance
CLSC4	Centrais Eletricas de Santa Catarina SA	0.5%	R$29.5M	Held	▲ 31.4%	Utilities
CSED3	Cruzeiro do Sul Educacional SA	0.4%	R$26.2M	AddedR$1.8M	▲ 32.7%	Consumer Services
CSAN3	Cosan S.A.	0.4%	R$24.6M	AddedR$1.4M	▼ 2.0%	Utilities
RENT4	Localiza Rent A Car SA	0.3%	R$17.0M	AddedR$2.8M	▲ 13.4%	Finance
MULT3	Multiplan Empreendimentos Imobiliarios SA	0.2%	R$15.4M	AddedR$9.7M	▲ 19.3%	Finance
FLRY3	Fleury SA	0.2%	R$13.8M	Trimmed−R$93.0M	▲ 77.0%	Health Services
RENT3	Localiza Rent A Car SA	0.2%	R$11.1M	New	▲ 12.5%	Finance
TIMS3	TIM S.A.	0.1%	R$9.6M	Trimmed−R$22.6M	▼ 30.7%	Communications
CSMG3	Companhia de Saneamento de Minas Gerais	0.1%	R$8.2M	AddedR$6.8M	▲ 10.1%	Utilities
BBDC3	Banco Bradesco SA	0.1%	R$8.0M	Held	▲ 9.1%	Finance
AUAU3	Uniao Pet Participacoes SA	0.1%	R$7.3M	Held	▲ 51.6%	Process Industries
VIVT3	Telefonica Brasil S.A.	0.1%	R$6.9M	Trimmed−R$4.4M	▼ 21.9%	Communications
RADL3	Raia Drogasil S.A.	0.1%	R$6.9M	AddedR$5.2M	▼ 8.2%	Retail Trade
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.1%	R$6.8M	Trimmed−R$3.9M	▲ 26.0%	Finance
EGIE3	ENGIE Brasil Energia S.A.	0.1%	R$6.6M	AddedR$6.4M	▼ 4.8%	Utilities
BBDC4	Banco Bradesco SA	0.1%	R$6.5M	AddedR$4.5M	▲ 7.9%	Finance
PETR3	Petroleo Brasileiro SA	0.1%	R$6.4M	Trimmed−R$376.7K	▲ 20.3%	Energy Minerals
SMTO3	Sao Martinho S.A.	0.1%	R$5.7M	Trimmed−R$7.9M	▲ 0.3%	Process Industries
SIMH3	Simpar SA	0.1%	R$5.4M	AddedR$5.0M	▲ 45.2%	Transportation

Exited this month

Short positions

Borrowed shares the fund has to return