Armor

ARMOR GESTORA DE RECURSOS LTDA.

Portfolio as of January 2026compared with December 2025

In stocks

R$78.5M

Stocks

Top 10: 97%

Funds

YTD

▲ 12.1%

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$6.0M
Sells: −R$39.1M
New positions: 0
Exited: 1

Sectors

Non-Energy Minerals36.0%
Finance19.2%
BDRs16.6%
Utilities13.1%
Process Industries6.4%
Consumer Non-Durables3.4%

Portfolio

All of the manager's funds combined · since then: today's price vs. Jan/26

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
VALE3	Vale S.A.	28.9%	R$22.7M	AddedR$5.4M	▼ 22.4%	Non-Energy Minerals
ITUB4	Itau Unibanco Holding SA	19.2%	R$15.0M	AddedR$618.8K	▲ 7.3%	Finance
CTGP34	Citigroup Inc.	12.9%	R$10.1M	Trimmed−R$5.2M	▲ 1.0%	BDR
AXIA3	AXIA Energia SA	9.4%	R$7.4M	Trimmed−R$4.6M	▲ 9.0%	Utilities
GGBR4	Gerdau S.A.	7.1%	R$5.6M	Trimmed−R$1.1M	▲ 17.1%	Non-Energy Minerals
SUZB3	Suzano S.A.	6.4%	R$5.0M	Trimmed−R$784.3K	▼ 14.0%	Process Industries
AXIA7	AXIA Energia SA	3.7%	R$2.9M	Held	▲ 12.6%	Utilities
MELI34	MercadoLibre, Inc.	3.6%	R$2.9M	Trimmed−R$506.6K	▼ 17.3%	BDR
ABEV3	Ambev SA	3.4%	R$2.7M	Trimmed−R$7.4M	▲ 13.5%	Consumer Non-Durables
WEGE3	WEG SA	2.7%	R$2.1M	Held	▼ 5.7%	Producer Manufacturing
PETR4	Petroleo Brasileiro SA	2.7%	R$2.1M	Trimmed−R$9.8M	▲ 54.2%	Energy Minerals

Exited this month

BBDC4R$9.8M

Funds

Quota return, after fees

Fund	Class	AUM	YTD	12 months	Latest portfolio
ARMOR AXE MASTER	Multimercados Livre	R$1.4B	▲ 12.0%	▲ 16.2%	Jun/26
ARMOR PREVIDÊNCIA	Previdência Multimercado Livre	R$199.7M	▲ 10.4%	▲ 14.0%	May/26
JCETA	Multimercados Invest. no Exterior	R$184.0M	▲ 15.3%	▲ 19.2%	Jun/26

Past performance is no guarantee of future results.