TÁVOLA EQUITY HEDGE 15

Multimercados L/S - Direcional · CNPJ 40.575.693/0001-65 · benchmark DI de um dia

Portfolio as of October 2025

AUM

R$163.1M

In stocks

R$234.8M

Stocks

YTD

▲ 19.1%

12 months

▲ 17.9%

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. September 2025

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
ITSA4	Itausa SA	10.1%	R$23.8M	AddedR$864.4K	▲ 35.6%	Finance
ORVR3	Orizon Valorizacao de Residuos SA	7.1%	R$16.6M	AddedR$598.5K	▲ 48.2%	Utilities
HAPV3	Hapvida Participacoes e Investimentos SA	7.0%	R$16.5M	AddedR$3.9M	▼ 69.5%	Health Services
XPBR31	XP Inc.	5.6%	R$13.1M	AddedR$1.4M	▲ 63.4%	BDR
PRIO3	Prio SA	5.6%	R$13.1M	AddedR$1.0M	▲ 97.8%	Energy Minerals
SUZB3	Suzano S.A.	5.3%	R$12.4M	Trimmed−R$772.5K	▼ 13.3%	Process Industries
TEND3	Construtora Tenda SA	4.7%	R$11.0M	AddedR$1.8M	▲ 21.3%	Finance
SMFT3	Smartfit Escola de Ginastica e Danca SA	4.5%	R$10.6M	AddedR$2.5M	▲ 1.9%	Consumer Services
INTB3	Intelbras SA Industria de Telecomunicacao Eletronica Brasileir	4.5%	R$10.5M	AddedR$910.2K	▲ 65.4%	Technology Services
PGMN3	Empreendimentos Pague Menos SA	3.9%	R$9.2M	AddedR$3.6M	▲ 46.2%	Retail Trade
RAIL3	Rumo SA	3.9%	R$9.1M	Trimmed−R$827.8K	▲ 21.2%	Transportation
GMAT3	Grupo Mateus SA	3.9%	R$9.1M	Trimmed−R$425.0K	▼ 12.4%	Retail Trade
HBRE3	HBR Realty Empreendimentos Imobiliarios SA	3.6%	R$8.5M	AddedR$325.8K	▼ 27.4%	Finance
PETR4	Petroleo Brasileiro SA	2.8%	R$6.5M	AddedR$1.1M	▲ 95.7%	Energy Minerals
VALE3	Vale S.A.	2.7%	R$6.4M	Held	▲ 0.3%	Non-Energy Minerals
ALPA4	Alpargatas SA	2.6%	R$6.1M	Held	▲ 69.6%	Consumer Non-Durables
MRVE3	MRV Engenharia e Participacoes S.A.	2.4%	R$5.7M	Trimmed−R$182.2K	▲ 10.4%	Consumer Durables
RAPT4	Randoncorp S.A.	2.4%	R$5.7M	Trimmed−R$946.8K	▲ 35.0%	Producer Manufacturing
ELET3	–	2.4%	R$5.5M	Trimmed−R$202.4K	–	Other
BBDC4	Banco Bradesco SA	2.3%	R$5.4M	AddedR$312.4K	▲ 13.9%	Finance
RENT3	Localiza Rent A Car SA	1.6%	R$3.8M	Trimmed−R$3.3M	▲ 39.2%	Finance
AZZA3	Azzas 2154 SA	1.3%	R$2.9M	AddedR$545.5K	▼ 5.4%	Consumer Non-Durables
POMO4	Marcopolo SA	1.2%	R$2.8M	AddedR$2.6M	▼ 31.0%	Producer Manufacturing
COCE5	Companhia Energetica do Ceara-COELCE	0.7%	R$1.7M	Held	▲ 30.6%	Utilities
VIVT3	Telefonica Brasil S.A.	0.6%	R$1.5M	AddedR$1.1M	▲ 0.5%	Communications
NATU3	Natura Cosmeticos SA	0.6%	R$1.3M	AddedR$545.1K	▼ 15.1%	Consumer Non-Durables
CSAN3	Cosan S.A.	0.5%	R$1.1M	New	▼ 14.3%	Utilities
EZTC3	EZ TEC Empreendimentos e Participacoes SA	0.2%	R$543.5K	AddedR$265.3K	▲ 30.3%	Finance
CASH3	Meliuz SA	0.2%	R$503.8K	New	▲ 13.2%	Commercial Services
CSMG3	Companhia de Saneamento de Minas Gerais	0.2%	R$479.9K	New	▲ 68.2%	Utilities
COGN3	Cogna Educacao S.A.	0.2%	R$473.5K	Trimmed−R$92.4K	▼ 4.4%	Commercial Services
SYNE3	Syn Prop e Tech SA	0.2%	R$467.4K	AddedR$141.1K	▼ 21.7%	Finance
YDUQ3	YDUQS Participacoes SA	0.2%	R$466.1K	Trimmed−R$12.8K	▲ 1.9%	Commercial Services
DIRR3	Direcional Engenharia S.A.	0.2%	R$453.4K	Trimmed−R$47.5K	▼ 32.7%	Finance
TIMS3	TIM S.A.	0.2%	R$451.8K	Trimmed−R$23.1K	▼ 21.6%	Communications
SRNA3	–	0.2%	R$444.3K	Trimmed−R$4.1M	–	Other
ANIM3	Anima Holding SA	0.2%	R$438.1K	AddedR$212.2K	▲ 45.6%	Consumer Services
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	0.2%	R$437.8K	Trimmed−R$39.5K	▲ 27.3%	Utilities
JHSF3	JHSF Participacoes S.A.	0.2%	R$436.3K	Trimmed−R$87.0K	▲ 115.3%	Finance
UNIP6	Unipar Carbocloro SA	0.2%	R$433.1K	Trimmed−R$49.7K	▼ 12.7%	Process Industries
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.2%	R$432.7K	Trimmed−R$51.8K	▲ 34.3%	Finance
BMOB3	Bemobi Mobile Tech SA	0.2%	R$429.1K	Trimmed−R$103.2K	▲ 42.7%	Technology Services
LAVV3	LAVVI Empreendimentos Imobiliarios SA	0.2%	R$429.1K	Trimmed−R$71.8K	▲ 4.5%	Finance
CEAB3	C&A Modas SA	0.2%	R$422.5K	Held	▼ 12.2%	Retail Trade
MDNE3	Moura Dubeux Engenharia SA	0.2%	R$409.2K	Trimmed−R$66.4K	▲ 10.8%	Finance
PCAR3	Companhia Brasileira de Distribuicao	0.2%	R$403.1K	Trimmed−R$56.0K	▼ 17.0%	Retail Trade
MOVI3	Movida Participacoes SA	0.2%	R$389.8K	AddedR$141.7K	▲ 143.7%	Finance
SEER3	Grupo Ser Educacional SA	0.2%	R$383.8K	Trimmed−R$95.7K	▲ 75.8%	Consumer Services
PLPL3	Plano & Plano Desenvolvimento Imobiliario Ltda	0.2%	R$357.9K	AddedR$133.0K	▼ 44.6%	Finance
TTEN3	Tres Tentos Agroindustrial SA	0.1%	R$257.8K	AddedR$17.6K	▼ 13.0%	Commercial Services
VULC3	Vulcabras SA	0.1%	R$249.5K	Trimmed−R$217.1K	▼ 28.8%	Consumer Non-Durables
ENEV3	Eneva S.A.	0.1%	R$241.7K	Trimmed−R$100.7K	▲ 74.8%	Utilities
MOTV3	Motiva Infraestrutura de Mobilidade SA	0.1%	R$238.2K	Trimmed−R$11.1K	▲ 28.5%	Transportation
VIVA3	Vivara Participacoes SA	0.1%	R$230.9K	Trimmed−R$12.5K	▼ 11.4%	Consumer Durables
CPLE6	–	0.1%	R$228.3K	Trimmed−R$25.1K	–	Other
GUAR3	–	0.1%	R$227.9K	Trimmed−R$6.1K	–	Other
EMBR3	–	0.1%	R$226.2K	Trimmed−R$278.4K	–	Other
TFCO4	Track & Field Co SA	0.1%	R$222.8K	New	▼ 18.6%	Retail Trade
TGMA3	Tegma Gestao Logistica S.A.	0.1%	R$222.2K	Held	▲ 38.4%	Transportation
ECOR3	EcoRodovias Infraestrutura e Logistica S.A.	0.1%	R$219.2K	Held	▲ 72.5%	Transportation

Exited this month

Short positions

Borrowed shares the fund has to return