NAVI FENDER MASTER

Ações Livre · CNPJ 34.546.288/0001-16 · benchmark Não se aplica

Portfolio as of April 2025

AUM

R$238.6M

In stocks

R$516.5M

Stocks

YTD

▲ 27.0%

12 months

▲ 34.9%

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. March 2025

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
EQTL3	Equatorial S.A.	11.8%	R$60.7M	Trimmed−R$5.7M	▲ 34.7%	Utilities
ELET3	–	10.8%	R$55.7M	Trimmed−R$23.1M	–	Other
ITSA4	Itausa SA	10.2%	R$52.9M	Trimmed−R$2.8M	▲ 47.7%	Finance
PETR4	Petroleo Brasileiro SA	8.3%	R$43.1M	AddedR$24.8M	▲ 94.1%	Energy Minerals
ELET6	–	6.9%	R$35.7M	Trimmed−R$3.1M	–	Other
VBBR3	Vibra Energia SA	6.8%	R$35.1M	Trimmed−R$2.9M	▲ 109.0%	Retail Trade
PRIO3	Prio SA	5.2%	R$26.6M	Held	▲ 111.4%	Energy Minerals
CCRO3	–	5.0%	R$25.7M	AddedR$8.4M	–	Other
MRVE3	MRV Engenharia e Participacoes S.A.	4.5%	R$23.4M	Trimmed−R$687.9K	▲ 41.0%	Consumer Durables
LREN3	Lojas Renner S.A.	4.2%	R$21.6M	Trimmed−R$7.8M	▲ 2.2%	Retail Trade
HAPV3	Hapvida Participacoes e Investimentos SA	4.0%	R$20.8M	Trimmed−R$1.7M	▼ 72.6%	Health Services
EZTC3	EZ TEC Empreendimentos e Participacoes SA	3.7%	R$19.0M	Held	▲ 82.0%	Finance
SUZB3	Suzano S.A.	3.3%	R$17.2M	Trimmed−R$9.0M	▼ 15.3%	Process Industries
VALE3	Vale S.A.	3.1%	R$16.2M	AddedR$4.3M	▲ 23.8%	Non-Energy Minerals
PETR3	Petroleo Brasileiro SA	2.6%	R$13.5M	Trimmed−R$1.2M	▲ 102.3%	Energy Minerals
MDNE3	Moura Dubeux Engenharia SA	2.4%	R$12.4M	Held	▲ 86.1%	Finance
GGBR4	Gerdau S.A.	1.8%	R$9.1M	Trimmed−R$7.3M	▲ 75.1%	Non-Energy Minerals
DESK3	Desktop SA	1.7%	R$8.9M	Trimmed−R$288.9K	▲ 110.0%	Communications
VTRU3	Vitru Educacao SA	1.1%	R$5.7M	Held	▲ 170.6%	Commercial Services
ALOS3	Allos S.A.	1.0%	R$5.0M	Trimmed−R$3.9M	▲ 67.9%	Finance
CMIG4	Companhia Energetica de Minas Gerais SA	0.8%	R$4.4M	AddedR$4.1M	▲ 8.0%	Utilities
INTB3	Intelbras SA Industria de Telecomunicacao Eletronica Brasileir	0.7%	R$3.5M	New	▲ 39.8%	Technology Services
ROXO34	Nu Holdings Ltd.	0.0%	R$201.2K	New	▲ 9.8%	BDR

Exited this month

Short positions

Borrowed shares the fund has to return