ACE Capital Saires

ACE CAPITAL SAIRES GESTORA DE RECURSOS LTDA.

Portfolio as of December 2025compared with October 2025

In stocks

R$10.9M

Stocks

146

Top 10: 28%

Funds

YTD

▲ 11.8%

AUM-weighted average

Past performance is no guarantee of future results.

Disclosed so far

Stock holdings disclosed each month

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Funds can keep positions confidential for up to 180 days, so recent months show up incomplete (hatched) until the confidentiality period ends. The portfolio shown is from the last complete month.

This month

Buys: +R$6.3M
Sells: −R$3.6M
New positions: 42
Exited: 29

Sectors

Finance31.4%
Utilities12.9%
Consumer Non-Durables8.4%
Retail Trade6.5%
Producer Manufacturing5.4%
Health Services4.6%

Portfolio

All of the manager's funds combined · since then: today's price vs. Dec/25

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
RDOR3	Rede D'Or Sao Luiz SA	3.1%	R$341.1K	New	▲ 8.6%	Health Services
ITSA4	Itausa SA	3.1%	R$338.7K	AddedR$297.8K	▲ 35.3%	Finance
ABEV3	Ambev SA	2.9%	R$314.6K	Trimmed−R$110.9K	▲ 21.6%	Consumer Non-Durables
BBDC3	Banco Bradesco SA	2.8%	R$302.6K	AddedR$262.1K	▲ 16.9%	Finance
CMIG4	Companhia Energetica de Minas Gerais SA	2.8%	R$301.3K	AddedR$273.3K	▲ 5.6%	Utilities
EGIE3	ENGIE Brasil Energia S.A.	2.8%	R$300.5K	AddedR$269.2K	▼ 0.4%	Utilities
BBAS3	Banco do Brasil S.A.	2.8%	R$300.3K	AddedR$151.2K	▲ 10.4%	Finance
BBSE3	BB Seguridade Participacoes SA	2.7%	R$296.4K	Held	▲ 17.0%	Finance
ITUB4	Itau Unibanco Holding SA	2.7%	R$295.0K	AddedR$122.4K	▲ 24.4%	Finance
AURE3	Auren Energia SA	2.2%	R$244.5K	AddedR$210.1K	▲ 28.1%	Utilities
BBDC4	Banco Bradesco SA	2.1%	R$227.4K	AddedR$105.5K	▲ 13.7%	Finance
AZZA3	Azzas 2154 SA	2.1%	R$226.4K	AddedR$223.9K	▲ 8.0%	Consumer Non-Durables
TOTS3	TOTVS S.A.	2.0%	R$218.8K	AddedR$105.2K	▼ 0.0%	Technology Services
CXSE3	Caixa Seguridade Participacoes SA	2.0%	R$217.7K	AddedR$144.6K	▲ 28.1%	Finance
WEGE3	WEG SA	1.7%	R$184.3K	AddedR$155.2K	▲ 0.6%	Producer Manufacturing
AXIA6	–	1.7%	R$183.5K	New	–	Other
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	1.7%	R$180.7K	AddedR$142.2K	▲ 38.2%	Finance
CPFE3	CPFL Energia S.A.	1.6%	R$175.9K	Trimmed−R$175.9K	▼ 6.0%	Utilities
PETR4	Petroleo Brasileiro SA	1.6%	R$172.6K	Trimmed−R$21.6K	▲ 88.9%	Energy Minerals
MILS3	Mills Locacao Servicos e Logistica S.A.	1.6%	R$169.4K	AddedR$128.8K	▲ 16.1%	Finance
NEOE3	–	1.5%	R$161.9K	AddedR$119.8K	–	Other
MOTV3	Motiva Infraestrutura de Mobilidade SA	1.5%	R$158.1K	Trimmed−R$105.4K	▲ 35.5%	Transportation
PETR3	Petroleo Brasileiro SA	1.4%	R$149.8K	New	▲ 99.1%	Energy Minerals
UGPA3	Ultrapar Participacoes S.A.	1.4%	R$148.4K	AddedR$121.2K	▲ 90.3%	Retail Trade
MBRF3	MBRF Global Foods Company S.A.	1.3%	R$144.6K	AddedR$114.6K	▼ 7.2%	Consumer Non-Durables
TUPY3	Tupy S.A.	1.3%	R$141.3K	AddedR$111.8K	▲ 66.2%	Producer Manufacturing
VBBR3	Vibra Energia SA	1.3%	R$136.8K	AddedR$96.3K	▲ 44.8%	Retail Trade
ENEV3	Eneva S.A.	1.2%	R$133.2K	AddedR$90.8K	▲ 58.6%	Utilities
ITUB3	Itau Unibanco Holding S.A.	1.2%	R$132.8K	AddedR$103.7K	▲ 45.3%	Finance
YDUQ3	YDUQS Participacoes SA	1.2%	R$126.6K	New	▲ 19.0%	Commercial Services
CMIN3	CSN Mineracao SA	1.2%	R$125.9K	AddedR$100.8K	▼ 8.3%	Non-Energy Minerals
EMBJ3	Embraer S.A.	1.1%	R$124.0K	New	▲ 2.5%	Electronic Technology
INTB3	Intelbras SA Industria de Telecomunicacao Eletronica Brasileir	1.1%	R$121.9K	AddedR$82.4K	▲ 70.4%	Technology Services
VAMO3	Vamos Locacao de Caminhoes, Maquinas e Equipamentos SA	1.1%	R$115.3K	New	▲ 105.6%	Finance
TIMS3	TIM S.A.	1.1%	R$115.2K	AddedR$81.1K	▼ 10.8%	Communications
SIMH3	Simpar SA	1.1%	R$115.2K	AddedR$105.4K	▲ 60.9%	Transportation
MDIA3	M. Dias Branco SA Industria e Comercio de Alimentos	0.9%	R$100.6K	AddedR$74.3K	▼ 17.4%	Consumer Non-Durables
MGLU3	Magazine Luiza S.A.	0.9%	R$100.4K	AddedR$78.0K	▲ 51.9%	Retail Trade
VIVA3	Vivara Participacoes SA	0.9%	R$99.7K	AddedR$59.8K	▼ 16.9%	Consumer Durables
LREN3	Lojas Renner S.A.	0.9%	R$95.5K	AddedR$91.5K	▲ 11.0%	Retail Trade
MULT3	Multiplan Empreendimentos Imobiliarios SA	0.9%	R$95.4K	Trimmed−R$60.0K	▲ 39.3%	Finance
DXCO3	Dexco SA	0.9%	R$94.0K	AddedR$43.0K	▲ 65.4%	Producer Manufacturing
CSNA3	Companhia Siderurgica Nacional	0.8%	R$91.2K	AddedR$64.4K	▼ 32.8%	Non-Energy Minerals
EZTC3	EZ TEC Empreendimentos e Participacoes SA	0.8%	R$86.5K	AddedR$60.4K	▲ 38.4%	Finance
CPLE3	Companhia Paranaense de Energia	0.7%	R$74.6K	AddedR$35.3K	▲ 34.9%	Utilities
CEAB3	C&A Modas SA	0.7%	R$71.5K	Held	▲ 11.8%	Retail Trade
BMGB4	Banco Bmg SA BMG	0.6%	R$66.3K	AddedR$2.5K	▲ 45.1%	Finance
BRSR6	Banco do Estado do Rio Grande do Sul SA	0.6%	R$64.0K	AddedR$30.5K	▲ 19.3%	Finance
PRNR3	Priner Servicos Industriais SA	0.5%	R$58.9K	New	▲ 29.6%	Industrial Services
VULC3	Vulcabras SA	0.5%	R$58.1K	Trimmed−R$132.3K	▼ 18.0%	Consumer Non-Durables
PGMN3	Empreendimentos Pague Menos SA	0.5%	R$57.2K	New	▼ 6.4%	Retail Trade
MOVI3	Movida Participacoes SA	0.5%	R$53.7K	Held	▲ 104.5%	Finance
KEPL3	Kepler Weber SA	0.5%	R$52.2K	New	▼ 19.1%	Producer Manufacturing
JHSF3	JHSF Participacoes S.A.	0.5%	R$50.8K	Trimmed−R$96.7K	▲ 78.9%	Finance
CSED3	Cruzeiro do Sul Educacional SA	0.4%	R$47.9K	AddedR$2.5K	▲ 14.1%	Consumer Services
ALPA4	Alpargatas SA	0.4%	R$46.6K	Trimmed−R$26.3K	▲ 50.3%	Consumer Non-Durables
BRAV3	Brava Energia SA	0.4%	R$45.5K	Trimmed−R$64.0K	▲ 24.5%	Energy Minerals
ECOR3	EcoRodovias Infraestrutura e Logistica S.A.	0.4%	R$44.5K	Held	▲ 29.7%	Transportation
RANI3	Irani Papel e Embalagem SA	0.4%	R$44.3K	AddedR$13.9K	▼ 4.6%	Process Industries
BMOB3	Bemobi Mobile Tech SA	0.4%	R$43.1K	AddedR$40.9K	▲ 47.3%	Technology Services