BTG CLAVE ALPHA MACRO III

Multimercados Livre · CNPJ 42.730.656/0001-00 · benchmark Não se aplica

Portfolio as of February 2025

AUM

R$78.2M

In stocks

R$20.0M

Stocks

YTD

▲ 24.7%

12 months

▲ 28.8%

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. January 2025

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
PETR3	Petroleo Brasileiro SA	12.1%	R$2.4M	New	▲ 66.1%	Energy Minerals
ITSA4	Itausa SA	7.6%	R$1.5M	New	▲ 79.7%	Finance
EMBR3	–	7.0%	R$1.4M	AddedR$1.0M	–	Other
VALE3	Vale S.A.	5.4%	R$1.1M	Held	▲ 18.7%	Non-Energy Minerals
BBSE3	BB Seguridade Participacoes SA	5.4%	R$1.1M	AddedR$799.3K	▲ 11.8%	Finance
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	4.7%	R$940.5K	AddedR$377.0K	▲ 97.3%	Finance
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	4.6%	R$913.8K	AddedR$309.3K	▲ 76.7%	Utilities
WEGE3	WEG SA	4.4%	R$881.5K	AddedR$761.6K	▲ 0.8%	Producer Manufacturing
CPLE6	–	4.1%	R$828.9K	New	–	Other
EQTL3	Equatorial S.A.	4.1%	R$815.2K	AddedR$365.2K	▲ 64.9%	Utilities
RDOR3	Rede D'Or Sao Luiz SA	3.3%	R$663.7K	AddedR$265.9K	▲ 62.2%	Health Services
CPFE3	CPFL Energia S.A.	3.0%	R$609.5K	Trimmed−R$98.2K	▲ 42.7%	Utilities
CXSE3	Caixa Seguridade Participacoes SA	2.8%	R$552.7K	AddedR$117.6K	▲ 40.1%	Finance
POMO4	Marcopolo SA	2.6%	R$527.6K	AddedR$348.6K	▼ 25.9%	Producer Manufacturing
SLCE3	SLC Agricola S.A.	2.5%	R$491.3K	New	▲ 6.5%	Process Industries
ROXO34	Nu Holdings Ltd.	2.2%	R$438.9K	New	▲ 20.7%	BDR
BBAS3	Banco do Brasil S.A.	2.1%	R$422.9K	Trimmed−R$150.8K	▼ 11.4%	Finance
CSMG3	Companhia de Saneamento de Minas Gerais	2.1%	R$417.3K	Trimmed−R$97.3K	▲ 173.1%	Utilities
MELI34	MercadoLibre, Inc.	2.0%	R$395.8K	New	▼ 23.3%	BDR
DIRR3	Direcional Engenharia S.A.	2.0%	R$393.2K	AddedR$157.4K	▲ 16.7%	Finance
CURY3	Cury Construtora e Incorporadora SA	1.9%	R$389.2K	AddedR$98.9K	▲ 54.4%	Finance
VIVT3	Telefonica Brasil S.A.	1.6%	R$327.7K	Trimmed−R$96.8K	▲ 33.2%	Communications
NTCO3	–	1.6%	R$322.9K	AddedR$59.2K	–	Other
TIMS3	TIM S.A.	1.6%	R$320.6K	Trimmed−R$147.3K	▲ 17.7%	Communications
B3SA3	B3 SA - Brasil, Bolsa, Balcao	1.3%	R$263.6K	AddedR$10.0K	▲ 128.0%	Finance
CCRO3	–	1.3%	R$259.6K	AddedR$22.2K	–	Other
TFCO4	Track & Field Co SA	0.9%	R$187.8K	AddedR$90.3K	▲ 50.2%	Retail Trade
VBBR3	Vibra Energia SA	0.8%	R$169.3K	New	▲ 130.8%	Retail Trade
GMAT3	Grupo Mateus SA	0.8%	R$156.8K	New	▼ 11.6%	Retail Trade
PLPL3	Plano & Plano Desenvolvimento Imobiliario Ltda	0.8%	R$156.2K	New	▼ 18.5%	Finance
RAIL3	Rumo SA	0.7%	R$136.2K	New	▲ 14.0%	Transportation
SMFT3	Smartfit Escola de Ginastica e Danca SA	0.5%	R$99.8K	New	▲ 43.8%	Consumer Services
CRFB3	–	0.5%	R$91.4K	New	–	Other
TEND3	Construtora Tenda SA	0.4%	R$86.3K	AddedR$61.2K	▲ 94.2%	Finance
TOTS3	TOTVS S.A.	0.4%	R$85.7K	Trimmed−R$364.2K	▲ 20.3%	Technology Services
HAPV3	Hapvida Participacoes e Investimentos SA	0.3%	R$68.2K	Trimmed−R$219.1K	▼ 69.8%	Health Services
HYPE3	Hypera S.A.	0.3%	R$64.8K	Trimmed−R$229.6K	▲ 43.0%	Health Technology
SMTO3	Sao Martinho S.A.	0.0%	R$635.1	Held	▲ 0.5%	Process Industries
ISAE4	Isa Energia Brasil SA	0.0%	R$232	Held	▲ 25.4%	Utilities
GGPS3	GPS Participacoes e Empreendimentos SA	0.0%	R$26.9	Held	▲ 45.8%	Commercial Services
CBAV3	Companhia Brasileira de Aluminio	0.0%	R$20.76	Held	▲ 117.1%	Non-Energy Minerals
BRAV3	Brava Energia SA	0.0%	R$18.01	Held	▲ 16.4%	Energy Minerals
RECV3	Petroreconcavo SA	0.0%	R$15.89	Held	▼ 19.8%	Energy Minerals

Exited this month

Short positions

Borrowed shares the fund has to return