ITAÚ ALVORADA MASTER

Multimercados Macro · CNPJ 18.981.231/0001-99 · benchmark DI de um dia

Portfolio as of January 2026

AUM

R$101.9M

In stocks

R$23.6M

Stocks

YTD

▲ 12.6%

12 months

▲ 17.1%

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
ITSA4	Itausa SA	18.3%	R$4.3M	▲ 15.7%	Finance
ENEV3	Eneva S.A.	13.4%	R$3.2M	▲ 51.5%	Utilities
NEOE3	–	8.6%	R$2.0M	–	Other
CPLE3	Companhia Paranaense de Energia	7.5%	R$1.8M	▲ 33.9%	Utilities
AXIA7	AXIA Energia SA	5.9%	R$1.4M	▲ 12.6%	Utilities
AXIA6	–	4.4%	R$1.0M	–	Other
RADL3	Raia Drogasil S.A.	3.9%	R$910.8K	▼ 11.8%	Retail Trade
RAIL3	Rumo SA	3.4%	R$808.8K	▲ 30.8%	Transportation
ABEV3	Ambev SA	3.3%	R$784.3K	▲ 13.5%	Consumer Non-Durables
NATU3	Natura Cosmeticos SA	2.7%	R$632.2K	▼ 12.8%	Consumer Non-Durables
AXIA3	AXIA Energia SA	2.5%	R$596.9K	▲ 9.0%	Utilities
CBAV3	Companhia Brasileira de Aluminio	2.1%	R$501.5K	▲ 10.7%	Non-Energy Minerals
LREN3	Lojas Renner S.A.	1.9%	R$439.0K	▲ 0.0%	Retail Trade
HAPV3	Hapvida Participacoes e Investimentos SA	1.8%	R$415.8K	▼ 26.5%	Health Services
CSAN3	Cosan S.A.	1.7%	R$396.3K	▼ 10.7%	Utilities
ALOS3	Allos S.A.	1.6%	R$389.0K	▲ 15.5%	Finance
ASAI3	Sendas Distribuidora SA	1.6%	R$370.9K	▲ 63.1%	Retail Trade
ITUB4	Itau Unibanco Holding SA	1.5%	R$357.3K	▲ 7.3%	Finance
VBBR3	Vibra Energia SA	1.4%	R$333.4K	▲ 27.5%	Retail Trade
RDOR3	Rede D'Or Sao Luiz SA	1.4%	R$331.9K	▲ 4.0%	Health Services
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	1.4%	R$322.8K	▲ 15.4%	Utilities
CEAB3	C&A Modas SA	1.1%	R$268.1K	▲ 19.6%	Retail Trade
HYPE3	Hypera S.A.	1.1%	R$250.5K	▲ 8.1%	Health Technology
MULT3	Multiplan Empreendimentos Imobiliarios SA	1.0%	R$248.0K	▲ 15.2%	Finance
MOTV3	Motiva Infraestrutura de Mobilidade SA	1.0%	R$233.7K	▲ 21.7%	Transportation
BBAS3	Banco do Brasil S.A.	1.0%	R$232.1K	▼ 4.0%	Finance
ARML3	Armac Locacao Logistica e Servicos SA	0.6%	R$151.3K	▲ 45.9%	Finance
PETR4	Petroleo Brasileiro SA	0.6%	R$138.7K	▲ 54.2%	Energy Minerals
TIMS3	TIM S.A.	0.5%	R$128.8K	▼ 22.3%	Communications
RENT3	Localiza Rent A Car SA	0.5%	R$127.8K	▲ 9.2%	Finance
AZZA3	Azzas 2154 SA	0.5%	R$124.2K	▲ 1.6%	Consumer Non-Durables
SUZB3	Suzano S.A.	0.5%	R$110.3K	▼ 14.0%	Process Industries
TOTS3	TOTVS S.A.	0.4%	R$92.1K	▼ 5.6%	Technology Services
BBDC4	Banco Bradesco SA	0.4%	R$84.5K	▼ 3.0%	Finance
ITUB3	Itau Unibanco Holding S.A.	0.2%	R$38.3K	▲ 25.9%	Finance
SMFT3	Smartfit Escola de Ginastica e Danca SA	0.1%	R$23.6K	▲ 15.9%	Consumer Services
EQTL3	Equatorial S.A.	0.1%	R$21.3K	▲ 21.2%	Utilities
ESPA3	MPM Corporeos SA	0.1%	R$16.3K	▼ 7.8%	Consumer Services
CMIG4	Companhia Energetica de Minas Gerais SA	0.1%	R$12.0K	▲ 3.0%	Utilities
EGIE3	ENGIE Brasil Energia S.A.	0.0%	R$2.5K	▼ 4.7%	Utilities

Short positions

Borrowed shares the fund has to return