Acuto Capital

ACUTO CAPITAL LTDA.

Portfolio as of December 2025compared with November 2025

In stocks

R$146.5M

Stocks

Top 10: 90%

Funds

YTD

▲ 16.4%

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$9.0M
Sells: −R$27.3M
New positions: 2
Exited: 2

Sectors

BDRs45.9%
Finance25.2%
Utilities13.5%
Retail Trade8.8%
Process Industries3.3%
Consumer Services3.2%

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
MELI34	MercadoLibre, Inc.	21.9%	R$32.1M	Trimmed−R$1.4M	▼ 15.1%	BDR
ROXO34	Nu Holdings Ltd.	13.1%	R$19.2M	Trimmed−R$5.2M	▼ 17.8%	BDR
RENT3	Localiza Rent A Car SA	12.5%	R$18.3M	Held	▲ 21.3%	Finance
ENEV3	Eneva S.A.	10.3%	R$15.0M	Trimmed−R$555.0K	▲ 58.6%	Utilities
PGMN3	Empreendimentos Pague Menos SA	8.8%	R$12.9M	Held	▼ 6.4%	Retail Trade
CURY3	Cury Construtora e Incorporadora SA	5.7%	R$8.3M	New	▲ 1.6%	Finance
XPBR31	XP Inc.	5.6%	R$8.2M	Trimmed−R$2.8M	▲ 73.2%	BDR
S2EA34	Sea Limited ADR A	5.3%	R$7.8M	Held	▼ 42.1%	BDR
B3SA3	B3 SA - Brasil, Bolsa, Balcao	3.4%	R$4.9M	Held	▲ 70.7%	Finance
SUZB3	Suzano S.A.	3.3%	R$4.9M	Trimmed−R$4.0M	▼ 17.6%	Process Industries
EQTL3	Equatorial S.A.	3.3%	R$4.8M	Trimmed−R$885.5K	▲ 28.8%	Utilities
BBAS3	Banco do Brasil S.A.	3.2%	R$4.7M	Trimmed−R$3.9M	▲ 10.4%	Finance
SMFT3	Smartfit Escola de Ginastica e Danca SA	3.2%	R$4.7M	Trimmed−R$419.4K	▲ 10.1%	Consumer Services
RENT4	Localiza Rent A Car SA	0.5%	R$670.3K	New	▲ 23.8%	Finance