ABSOLUTE HEDGE MASTER

Multimercados Macro · CNPJ 18.422.264/0001-07 · benchmark DI de um dia

Portfolio as of September 2025

AUM

R$1.2B

In stocks

R$111.0M

Stocks

YTD

▲ 10.9%

12 months

▲ 13.6%

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. August 2025

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
PORT3	–	17.2%	R$19.1M	Held	–	Other
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	13.5%	R$15.0M	Trimmed−R$2.6M	▲ 27.0%	Utilities
PRIO3	Prio SA	7.4%	R$8.2M	Trimmed−R$1.5M	▲ 86.9%	Energy Minerals
ENEV3	Eneva S.A.	4.8%	R$5.3M	Trimmed−R$392.2K	▲ 93.4%	Utilities
ITSA4	Itausa SA	4.5%	R$5.0M	Trimmed−R$256.9K	▲ 37.8%	Finance
NEOE3	–	4.4%	R$4.8M	AddedR$1.8M	–	Other
RDOR3	Rede D'Or Sao Luiz SA	4.2%	R$4.7M	Trimmed−R$1.1M	▲ 4.8%	Health Services
RAIL3	Rumo SA	3.1%	R$3.5M	Held	▲ 20.9%	Transportation
STBP3	–	3.0%	R$3.3M	Trimmed−R$36.9M	–	Other
SMFT3	Smartfit Escola de Ginastica e Danca SA	3.0%	R$3.3M	Trimmed−R$345.6K	▼ 3.9%	Consumer Services
SRNA3	–	2.9%	R$3.3M	AddedR$2.6M	–	Other
ELET6	–	2.6%	R$2.9M	AddedR$166.4K	–	Other
GGPS3	GPS Participacoes e Empreendimentos SA	2.2%	R$2.4M	Trimmed−R$741.7K	▲ 3.7%	Commercial Services
CPLE3	Companhia Paranaense de Energia	2.1%	R$2.4M	AddedR$101.5K	▲ 46.1%	Utilities
EQTL3	Equatorial S.A.	1.9%	R$2.1M	AddedR$380.6K	▲ 34.2%	Utilities
INTB3	Intelbras SA Industria de Telecomunicacao Eletronica Brasileir	1.7%	R$1.8M	Held	▲ 67.9%	Technology Services
BBDC3	Banco Bradesco SA	1.5%	R$1.7M	AddedR$370.1K	▲ 19.7%	Finance
ALOS3	Allos S.A.	1.2%	R$1.4M	Held	▲ 38.2%	Finance
MULT3	Multiplan Empreendimentos Imobiliarios SA	1.2%	R$1.3M	AddedR$1.2M	▲ 30.5%	Finance
CVCB3	CVC Brasil Operadora e Agencia de Viagens SA	1.1%	R$1.2M	AddedR$191.9K	▼ 14.4%	Consumer Services
PLPL3	Plano & Plano Desenvolvimento Imobiliario Ltda	1.0%	R$1.1M	Trimmed−R$140.0K	▼ 52.6%	Finance
PRNR3	Priner Servicos Industriais SA	1.0%	R$1.1M	AddedR$149.5K	▲ 21.9%	Industrial Services
UGPA3	Ultrapar Participacoes S.A.	0.9%	R$993.0K	Trimmed−R$448.2K	▲ 81.0%	Retail Trade
VULC3	Vulcabras SA	0.9%	R$986.5K	Trimmed−R$224.4K	▼ 16.5%	Consumer Non-Durables
BBAS3	Banco do Brasil S.A.	0.8%	R$941.9K	Trimmed−R$817.3K	▲ 9.6%	Finance
BBDC4	Banco Bradesco SA	0.8%	R$879.8K	Trimmed−R$55.6K	▲ 16.9%	Finance
DXCO3	Dexco SA	0.7%	R$727.8K	AddedR$40.0K	▲ 59.7%	Producer Manufacturing
NATU3	Natura Cosmeticos SA	0.6%	R$708.1K	AddedR$145.1K	▼ 18.2%	Consumer Non-Durables
MGLU3	Magazine Luiza S.A.	0.6%	R$701.5K	AddedR$571.3K	▲ 48.5%	Retail Trade
HYPE3	Hypera S.A.	0.6%	R$638.7K	AddedR$272.8K	▲ 19.9%	Health Technology
ASAI3	Sendas Distribuidora SA	0.6%	R$636.4K	AddedR$330.0K	▲ 47.0%	Retail Trade
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.5%	R$583.3K	Trimmed−R$297.8K	▲ 33.3%	Finance
CSMG3	Companhia de Saneamento de Minas Gerais	0.5%	R$582.9K	AddedR$141.4K	▲ 84.3%	Utilities
WEGE3	WEG SA	0.5%	R$548.9K	Trimmed−R$76.8K	▲ 33.3%	Producer Manufacturing
RENT3	Localiza Rent A Car SA	0.5%	R$527.9K	AddedR$172.9K	▲ 39.1%	Finance
BPAN4	–	0.5%	R$516.1K	Held	–	Other
AZZA3	Azzas 2154 SA	0.4%	R$482.4K	AddedR$36.2K	▼ 9.9%	Consumer Non-Durables
BRAV3	Brava Energia SA	0.4%	R$451.6K	AddedR$424.1K	▲ 16.6%	Energy Minerals
POMO4	Marcopolo SA	0.4%	R$446.4K	Trimmed−R$85.5K	▼ 38.9%	Producer Manufacturing
IRBR3	IRB Brasil Resseguros SA	0.4%	R$396.9K	Held	▲ 42.5%	Finance
CXSE3	Caixa Seguridade Participacoes SA	0.3%	R$305.2K	Trimmed−R$205.5K	▲ 40.9%	Finance
SLCE3	SLC Agricola S.A.	0.2%	R$261.9K	Trimmed−R$83.7K	▲ 17.1%	Process Industries
ITUB3	Itau Unibanco Holding S.A.	0.2%	R$261.2K	Trimmed−R$75.5K	▲ 57.0%	Finance
GOAU4	Metalurgica Gerdau SA	0.2%	R$219.9K	Held	▲ 67.0%	Non-Energy Minerals
PETR4	Petroleo Brasileiro SA	0.2%	R$217.1K	Trimmed−R$991.0K	▲ 85.0%	Energy Minerals
VIVT3	Telefonica Brasil S.A.	0.2%	R$212.3K	New	▼ 5.5%	Communications
TEND3	Construtora Tenda SA	0.2%	R$208.7K	AddedR$193.1K	▲ 9.6%	Finance
VBBR3	Vibra Energia SA	0.2%	R$200.3K	AddedR$52.5K	▲ 59.8%	Retail Trade
EGIE3	ENGIE Brasil Energia S.A.	0.2%	R$184.4K	Trimmed−R$468.5K	▲ 7.5%	Utilities
ODPV3	–	0.2%	R$170.8K	Held	–	Other
SOJA3	Boa Safra Sementes SA	0.1%	R$153.6K	Trimmed−R$40.6K	▼ 18.1%	Process Industries
ANIM3	Anima Holding SA	0.1%	R$143.0K	New	▲ 49.9%	Consumer Services
HAPV3	Hapvida Participacoes e Investimentos SA	0.1%	R$137.8K	AddedR$2.8K	▼ 73.4%	Health Services
LREN3	Lojas Renner S.A.	0.1%	R$130.2K	Trimmed−R$6.0K	▼ 1.3%	Retail Trade
GMAT3	Grupo Mateus SA	0.1%	R$125.8K	New	▼ 18.8%	Retail Trade
ITUB4	Itau Unibanco Holding SA	0.1%	R$117.8K	Trimmed−R$1.8M	▲ 28.7%	Finance
B3SA3	B3 SA - Brasil, Bolsa, Balcao	0.1%	R$96.4K	AddedR$4.8K	▲ 76.9%	Finance
CPLE6	–	0.1%	R$95.9K	AddedR$34.1K	–	Other
ECOR3	EcoRodovias Infraestrutura e Logistica S.A.	0.1%	R$95.5K	New	▲ 75.6%	Transportation
USIM5	Usinas Siderurgicas de Minas Gerais SA-Usiminas	0.1%	R$93.5K	New	▲ 60.3%	Non-Energy Minerals