CAPSTONE MACRO MASTER

Multimercados Macro · CNPJ 35.803.288/0001-17

Portfolio as of June 2026

AUM

R$12.1B

In stocks

R$7.9B

Stocks

123

YTD

▲ 3.4%

12 months

▲ 7.7%

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. May 2026

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
VALE3	Vale S.A.	11.7%	R$929.7M	AddedR$65.4M	▼ 16.0%	Non-Energy Minerals
ITUB4	Itau Unibanco Holding SA	8.8%	R$699.1M	AddedR$77.7M	▲ 15.7%	Finance
PETR4	Petroleo Brasileiro SA	5.4%	R$431.8M	Trimmed−R$39.3M	▲ 54.0%	Energy Minerals
BBDC4	Banco Bradesco SA	4.0%	R$316.7M	AddedR$7.6M	▲ 14.3%	Finance
EQTL3	Equatorial S.A.	3.8%	R$300.7M	AddedR$49.9M	▲ 27.3%	Utilities
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	3.5%	R$278.1M	AddedR$40.1M	▲ 9.8%	Utilities
ABEV3	Ambev SA	3.1%	R$248.5M	Trimmed−R$18.8M	▲ 3.4%	Consumer Non-Durables
CPLE3	Companhia Paranaense de Energia	3.0%	R$235.7M	Trimmed−R$74.2M	▲ 17.5%	Utilities
AXIA3	AXIA Energia SA	2.8%	R$221.7M	AddedR$51.5M	▲ 9.0%	Utilities
ITSA4	Itausa SA	2.7%	R$212.7M	AddedR$23.0M	▲ 18.1%	Finance
ENEV3	Eneva S.A.	2.6%	R$210.1M	Trimmed−R$4.8M	▲ 19.8%	Utilities
WEGE3	WEG SA	2.6%	R$206.0M	AddedR$36.0M	▲ 4.0%	Producer Manufacturing
AXIA7	AXIA Energia SA	2.4%	R$191.4M	AddedR$10.0M	▲ 12.2%	Utilities
PETR3	Petroleo Brasileiro SA	2.4%	R$190.0M	Trimmed−R$12.6M	▲ 55.2%	Energy Minerals
PRIO3	Prio SA	2.4%	R$188.8M	AddedR$52.0M	▲ 36.6%	Energy Minerals
RENT3	Localiza Rent A Car SA	2.2%	R$177.9M	AddedR$29.5M	▲ 27.3%	Finance
EMBJ3	Embraer S.A.	2.1%	R$166.4M	AddedR$29.8M	▲ 11.0%	Electronic Technology
B3SA3	B3 SA - Brasil, Bolsa, Balcao	2.0%	R$158.7M	AddedR$15.7M	▲ 63.2%	Finance
MOTV3	Motiva Infraestrutura de Mobilidade SA	1.9%	R$152.3M	AddedR$64.2M	▲ 39.5%	Transportation
SMFT3	Smartfit Escola de Ginastica e Danca SA	1.9%	R$152.3M	AddedR$14.6M	▲ 30.3%	Consumer Services
ALOS3	Allos S.A.	1.9%	R$150.8M	Trimmed−R$37.2M	▲ 27.2%	Finance
VBBR3	Vibra Energia SA	1.7%	R$136.9M	Trimmed−R$95.7M	▲ 22.7%	Retail Trade
GOAU4	Metalurgica Gerdau SA	1.7%	R$131.9M	Held	▲ 29.5%	Non-Energy Minerals
BBAS3	Banco do Brasil S.A.	1.6%	R$125.0M	AddedR$16.1M	▲ 21.5%	Finance
RDOR3	Rede D'Or Sao Luiz SA	1.4%	R$112.6M	AddedR$28.0M	▲ 27.0%	Health Services
CSMG3	Companhia de Saneamento de Minas Gerais	1.2%	R$98.5M	AddedR$28.0M	▲ 6.0%	Utilities
ISAE4	Isa Energia Brasil SA	1.0%	R$81.8M	Trimmed−R$13.6M	▲ 3.5%	Utilities
TOTS3	TOTVS S.A.	1.0%	R$80.4M	Trimmed−R$1.7M	▲ 46.6%	Technology Services
SUZB3	Suzano S.A.	1.0%	R$79.2M	AddedR$10.0M	▲ 6.7%	Process Industries
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	1.0%	R$77.5M	AddedR$59.0M	▲ 49.5%	Finance
UGPA3	Ultrapar Participacoes S.A.	1.0%	R$76.2M	AddedR$54.8M	▲ 52.6%	Retail Trade
TEND3	Construtora Tenda SA	0.9%	R$70.7M	Held	▼ 21.8%	Finance
LREN3	Lojas Renner S.A.	0.9%	R$67.7M	AddedR$39.4M	▲ 1.2%	Retail Trade
RADL3	Raia Drogasil S.A.	0.8%	R$66.0M	AddedR$25.1M	▲ 28.6%	Retail Trade
DIRR3	Direcional Engenharia S.A.	0.8%	R$63.5M	Trimmed−R$4.2M	▼ 18.0%	Finance
EGIE3	ENGIE Brasil Energia S.A.	0.7%	R$52.3M	New	▼ 10.3%	Utilities
VIVT3	Telefonica Brasil S.A.	0.6%	R$50.0M	Trimmed−R$1.8M	▼ 5.2%	Communications
CMIG4	Companhia Energetica de Minas Gerais SA	0.6%	R$47.0M	AddedR$4.7M	▲ 8.8%	Utilities
ORVR3	Orizon Valorizacao de Residuos SA	0.6%	R$44.7M	Held	▲ 3.9%	Utilities
RAIL3	Rumo SA	0.6%	R$44.2M	AddedR$20.5M	▲ 43.7%	Transportation
MBRF3	MBRF Global Foods Company S.A.	0.5%	R$38.8M	AddedR$5.1M	▲ 2.8%	Consumer Non-Durables
BBDC3	Banco Bradesco SA	0.5%	R$36.2M	AddedR$6.3M	▲ 15.6%	Finance
CSAN3	Cosan S.A.	0.4%	R$35.3M	AddedR$15.8M	▲ 42.4%	Utilities
BBSE3	BB Seguridade Participacoes SA	0.4%	R$34.3M	AddedR$30.8M	▲ 8.0%	Finance
BRAV3	Brava Energia SA	0.4%	R$34.1M	Trimmed−R$775.9K	▲ 8.7%	Energy Minerals
TIMS3	TIM S.A.	0.4%	R$30.6M	AddedR$3.9M	▼ 12.9%	Communications
HYPE3	Hypera S.A.	0.4%	R$29.8M	AddedR$3.3M	▲ 30.9%	Health Technology
CURY3	Cury Construtora e Incorporadora SA	0.3%	R$27.0M	AddedR$4.1M	▼ 6.6%	Finance
ASAI3	Sendas Distribuidora SA	0.3%	R$24.5M	AddedR$10.2M	▲ 60.0%	Retail Trade
NATU3	Natura Cosmeticos SA	0.3%	R$24.0M	AddedR$19.3M	▼ 12.4%	Consumer Non-Durables
CXSE3	Caixa Seguridade Participacoes SA	0.3%	R$21.4M	AddedR$12.4M	▲ 8.0%	Finance
VIVA3	Vivara Participacoes SA	0.2%	R$19.7M	Trimmed−R$36.4M	▲ 20.8%	Consumer Durables
OPCT3	OceanPact Servicos Maritimos SA	0.2%	R$18.2M	Trimmed−R$2.4M	▼ 4.2%	Commercial Services
AURE3	Auren Energia SA	0.2%	R$18.1M	AddedR$1.9M	▲ 31.0%	Utilities
YDUQ3	YDUQS Participacoes SA	0.2%	R$17.4M	AddedR$380.1K	▲ 63.1%	Commercial Services
INBR32	Inter & Co., Inc.	0.2%	R$17.1M	AddedR$911.0K	▲ 18.5%	BDR
CPFE3	CPFL Energia S.A.	0.2%	R$15.2M	AddedR$2.3M	▲ 11.8%	Utilities
POMO4	Marcopolo SA	0.2%	R$13.5M	AddedR$1.2M	▼ 17.4%	Producer Manufacturing
TFCO4	Track & Field Co SA	0.1%	R$11.6M	Trimmed−R$2.1M	▼ 1.6%	Retail Trade
HAPV3	Hapvida Participacoes e Investimentos SA	0.1%	R$11.0M	AddedR$1.2M	▼ 6.5%	Health Services

Exited this month

Short positions

Borrowed shares the fund has to return