SAFRA LONG BIAS MASTER

Ações Livre · CNPJ 37.388.322/0001-60 · benchmark Ibovespa

Portfolio as of March 2026

AUM

R$172.7M

In stocks

R$207.5M

Stocks

YTD

▲ 30.7%

12 months

▲ 44.4%

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 2026

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
PETR4	Petroleo Brasileiro SA	7.4%	R$15.4M	AddedR$3.7M	▲ 19.6%	Energy Minerals
VALE3	Vale S.A.	6.4%	R$13.2M	Held	▼ 20.7%	Non-Energy Minerals
BBDC4	Banco Bradesco SA	6.0%	R$12.4M	AddedR$4.0M	▲ 7.9%	Finance
PRNR3	Priner Servicos Industriais SA	3.5%	R$7.2M	Trimmed−R$183.3K	▲ 5.7%	Industrial Services
TEND3	Construtora Tenda SA	3.4%	R$7.1M	Held	▼ 8.3%	Finance
DESK3	Desktop SA	3.4%	R$7.0M	AddedR$3.8M	▲ 6.8%	Communications
PETR3	Petroleo Brasileiro SA	3.0%	R$6.2M	Trimmed−R$2.1M	▲ 20.3%	Energy Minerals
MDNE3	Moura Dubeux Engenharia SA	2.9%	R$6.0M	Held	▼ 5.0%	Finance
DIRR3	Direcional Engenharia S.A.	2.5%	R$5.1M	AddedR$244.7K	▼ 14.1%	Finance
RDOR3	Rede D'Or Sao Luiz SA	2.4%	R$5.0M	Held	▲ 13.1%	Health Services
VBBR3	Vibra Energia SA	2.3%	R$4.7M	Held	▲ 16.0%	Retail Trade
BMOB3	Bemobi Mobile Tech SA	2.2%	R$4.6M	AddedR$112.8K	▲ 24.6%	Technology Services
ALOS3	Allos S.A.	2.2%	R$4.5M	Held	▲ 17.7%	Finance
AXIA3	AXIA Energia SA	2.1%	R$4.4M	AddedR$275.2K	▲ 1.2%	Utilities
ECOR3	EcoRodovias Infraestrutura e Logistica S.A.	2.1%	R$4.4M	AddedR$391.2K	▲ 63.1%	Transportation
B3SA3	B3 SA - Brasil, Bolsa, Balcao	2.0%	R$4.2M	Held	▲ 28.9%	Finance
CBAV3	Companhia Brasileira de Aluminio	1.9%	R$3.9M	Held	▲ 7.3%	Non-Energy Minerals
RENT3	Localiza Rent A Car SA	1.7%	R$3.5M	Held	▲ 12.5%	Finance
VAMO3	Vamos Locacao de Caminhoes, Maquinas e Equipamentos SA	1.7%	R$3.5M	AddedR$1.8M	▲ 78.5%	Finance
TFCO4	Track & Field Co SA	1.6%	R$3.4M	Held	▼ 9.9%	Retail Trade
EQTL3	Equatorial S.A.	1.6%	R$3.3M	AddedR$578.9K	▲ 21.6%	Utilities
ITSA4	Itausa SA	1.6%	R$3.3M	Held	▲ 13.0%	Finance
ORVR3	Orizon Valorizacao de Residuos SA	1.5%	R$3.2M	Held	▲ 15.2%	Utilities
AXIA7	AXIA Energia SA	1.5%	R$3.1M	AddedR$71.3K	▲ 5.0%	Utilities
EMBJ3	Embraer S.A.	1.5%	R$3.0M	AddedR$2.1M	▲ 18.0%	Electronic Technology
CSMG3	Companhia de Saneamento de Minas Gerais	1.5%	R$3.0M	Held	▲ 10.1%	Utilities
ITUB4	Itau Unibanco Holding SA	1.4%	R$2.9M	Trimmed−R$926.3K	▲ 12.2%	Finance
PRIO3	Prio SA	1.3%	R$2.8M	Held	▲ 7.6%	Energy Minerals
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	1.3%	R$2.6M	Held	▲ 2.8%	Utilities
AXIA6	–	1.2%	R$2.5M	Held	–	Other
CPLE3	Companhia Paranaense de Energia	1.2%	R$2.5M	AddedR$89.5K	▲ 14.4%	Utilities
ENEV3	Eneva S.A.	1.2%	R$2.5M	AddedR$336.2K	▲ 30.4%	Utilities
XPBR31	XP Inc.	1.2%	R$2.4M	Trimmed−R$1.5M	▲ 62.5%	BDR
MOVI3	Movida Participacoes SA	1.2%	R$2.4M	AddedR$965.7K	▲ 54.6%	Finance
COCE5	Companhia Energetica do Ceara-COELCE	1.1%	R$2.3M	Held	▲ 21.0%	Utilities
QUAL3	Qualicorp Consultoria e Corretora de Seguros S.A.	1.1%	R$2.2M	AddedR$418.5K	▲ 3.8%	Health Services
AURA33	Aura Minerals Inc	1.1%	R$2.2M	Trimmed−R$1.1M	▲ 1.4%	BDR
MULT3	Multiplan Empreendimentos Imobiliarios SA	0.9%	R$2.0M	Held	▲ 19.3%	Finance
USIM3	Usinas Siderurgicas de Minas Gerais SA-Usiminas	0.9%	R$1.8M	Held	▼ 0.8%	Non-Energy Minerals
RADL3	Raia Drogasil S.A.	0.8%	R$1.7M	Held	▼ 8.2%	Retail Trade
HAPV3	Hapvida Participacoes e Investimentos SA	0.8%	R$1.7M	Trimmed−R$921.1K	▼ 5.4%	Health Services
BEEF3	Minerva S.A.	0.8%	R$1.7M	AddedR$1.2M	▲ 1.9%	Distribution Services
MOTV3	Motiva Infraestrutura de Mobilidade SA	0.7%	R$1.5M	AddedR$755.7K	▲ 29.0%	Transportation
GOAU4	Metalurgica Gerdau SA	0.7%	R$1.5M	Held	▲ 39.7%	Non-Energy Minerals
VIVT3	Telefonica Brasil S.A.	0.7%	R$1.4M	Held	▼ 21.9%	Communications
COGN3	Cogna Educacao S.A.	0.7%	R$1.4M	Held	▲ 2.8%	Commercial Services
BPAC11	Banco BTG Pactual SA	0.6%	R$1.3M	Held	▲ 45.2%	Finance
BBDC3	Banco Bradesco SA	0.6%	R$1.3M	Held	▲ 9.1%	Finance
NATU3	Natura Cosmeticos SA	0.6%	R$1.1M	New	▼ 26.7%	Consumer Non-Durables
RAIL3	Rumo SA	0.5%	R$1.1M	AddedR$407.9K	▲ 18.8%	Transportation
YDUQ3	YDUQS Participacoes SA	0.5%	R$1.1M	Held	▲ 19.6%	Commercial Services
CSAN3	Cosan S.A.	0.5%	R$1.0M	Held	▼ 2.0%	Utilities
LREN3	Lojas Renner S.A.	0.5%	R$1.0M	Held	▼ 0.2%	Retail Trade
TOTS3	TOTVS S.A.	0.5%	R$997.1K	New	▲ 20.4%	Technology Services
SMFT3	Smartfit Escola de Ginastica e Danca SA	0.5%	R$976.7K	Trimmed−R$72.8K	▲ 33.9%	Consumer Services
CYRE4	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.5%	R$941.6K	New	▲ 29.2%	Finance
TIMS3	TIM S.A.	0.4%	R$900.7K	Held	▼ 30.7%	Communications
ARML3	Armac Locacao Logistica e Servicos SA	0.4%	R$830.3K	Trimmed−R$70.5K	▲ 42.1%	Finance
VIVA3	Vivara Participacoes SA	0.4%	R$798.5K	Trimmed−R$896.5K	▲ 6.6%	Consumer Durables
HBRE3	HBR Realty Empreendimentos Imobiliarios SA	0.4%	R$740.7K	New	▲ 15.3%	Finance

Exited this month

SUZB3R$5.8K

TTEN3R$1.6M

Short positions

Borrowed shares the fund has to return