NAVI LONG SHORT MASTER

Multimercados L/S - Direcional · CNPJ 32.812.338/0001-34 · benchmark OUTROS

Portfolio as of March 2025

AUM

R$70.1M

In stocks

R$364.0M

Stocks

YTD

▲ 16.2%

12 months

▲ 19.9%

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 2025

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
ELET3	–	13.4%	R$48.7M	Trimmed−R$3.5M	–	Other
EQTL3	Equatorial S.A.	10.8%	R$39.3M	Held	▲ 54.9%	Utilities
ITSA4	Itausa SA	8.9%	R$32.5M	Held	▲ 67.2%	Finance
ELET6	–	6.6%	R$23.9M	Trimmed−R$1.7M	–	Other
VBBR3	Vibra Energia SA	6.5%	R$23.7M	Held	▲ 120.9%	Retail Trade
PRIO3	Prio SA	5.8%	R$21.2M	Trimmed−R$1.9M	▲ 79.0%	Energy Minerals
SUZB3	Suzano S.A.	5.1%	R$18.6M	Trimmed−R$3.3M	▼ 19.9%	Process Industries
LREN3	Lojas Renner S.A.	4.4%	R$16.2M	AddedR$1.6M	▲ 22.1%	Retail Trade
PETR4	Petroleo Brasileiro SA	4.1%	R$15.1M	Trimmed−R$1.5M	▲ 56.6%	Energy Minerals
EZTC3	EZ TEC Empreendimentos e Participacoes SA	4.1%	R$15.0M	AddedR$813.7K	▲ 58.9%	Finance
MRVE3	MRV Engenharia e Participacoes S.A.	4.0%	R$14.7M	Trimmed−R$702.1K	▲ 63.4%	Consumer Durables
HAPV3	Hapvida Participacoes e Investimentos SA	4.0%	R$14.5M	AddedR$3.8M	▼ 71.2%	Health Services
PETR3	Petroleo Brasileiro SA	3.6%	R$13.0M	Trimmed−R$493.9K	▲ 58.9%	Energy Minerals
GGBR4	Gerdau S.A.	3.3%	R$12.0M	AddedR$716.8K	▲ 62.2%	Non-Energy Minerals
CCRO3	–	2.8%	R$10.0M	AddedR$715.9K	–	Other
VALE3	Vale S.A.	2.3%	R$8.4M	AddedR$788.1K	▲ 15.4%	Non-Energy Minerals
MDNE3	Moura Dubeux Engenharia SA	2.0%	R$7.3M	Trimmed−R$168.8K	▲ 112.3%	Finance
JBSS3	–	1.8%	R$6.5M	AddedR$1.7M	–	Other
BBDC4	Banco Bradesco SA	1.8%	R$6.5M	New	▲ 63.2%	Finance
DESK3	Desktop SA	1.5%	R$5.4M	Trimmed−R$207.8K	▲ 146.3%	Communications
ALOS3	Allos S.A.	1.5%	R$5.3M	AddedR$893.6K	▲ 86.6%	Finance
VTRU3	Vitru Educacao SA	0.9%	R$3.2M	Trimmed−R$83.1K	▲ 209.4%	Commercial Services
RADL3	Raia Drogasil S.A.	0.6%	R$2.3M	Trimmed−R$67.1K	▲ 13.4%	Retail Trade
CMIG4	Companhia Energetica de Minas Gerais SA	0.1%	R$220.4K	New	▲ 15.3%	Utilities
ITUB4	Itau Unibanco Holding SA	0.1%	R$220.2K	Trimmed−R$213.8K	▲ 60.0%	Finance
CSMG3	Companhia de Saneamento de Minas Gerais	0.0%	R$162.0K	New	▲ 221.8%	Utilities
BRAP4	Bradespar SA	0.0%	R$103.9K	New	▲ 11.9%	Finance
RECV3	Petroreconcavo SA	0.0%	R$74.9K	AddedR$73.8K	▼ 22.7%	Energy Minerals
ENEV3	Eneva S.A.	0.0%	R$12.8K	New	▲ 170.5%	Utilities
RAPT4	Randoncorp S.A.	0.0%	R$6.4K	New	▼ 3.0%	Producer Manufacturing
ONCO3	Oncoclinicas do Brasil Servicos Medicos SA	0.0%	R$5.5K	Trimmed−R$5.5K	▼ 82.7%	Health Services
NTCO3	–	0.0%	R$249.75	Trimmed−R$749.25	–	Other

Exited this month

Short positions

Borrowed shares the fund has to return