Bayes Capital
BAYES CAPITAL MANAGEMENT INVESTIMENTOS LTDA.
Portfolio as of March 2026compared with February 2026
In stocks
R$333.6M
Stocks
136
Top 10: 30%
Funds
2
YTD
▲ 20.9%
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$61.9M
- Sells
- −R$53.8M
- New positions
- 8
- Exited
- 7
Sectors
- Finance21.1%
- Energy Minerals9.8%
- Utilities7.9%
- Process Industries7.7%
- Producer Manufacturing6.5%
- Retail Trade6.3%
Portfolio
All of the manager's funds combined · since then: today's price vs. Mar/26
| Stock | Company | % of stock portfolio | Value | Month | Since then | Sector |
|---|---|---|---|---|---|---|
 PETR4 | Petroleo Brasileiro SA | 5.3% | R$17.6M | AddedR$6.3M | ▲ 19.6% | Energy Minerals |
 PETR3 | Petroleo Brasileiro SA | 3.9% | R$12.9M | New | ▲ 20.3% | Energy Minerals |
 FIQE3 | Unifique Telecomunicacoes SA | 3.3% | R$11.0M | Held | ▼ 10.8% | Communications |
 LEVE3 | Mahle-Metal Leve S.A. | 2.8% | R$9.3M | AddedR$3.6M | ▲ 11.0% | Producer Manufacturing |
 JHSF3 | JHSF Participacoes S.A. | 2.7% | R$8.9M | Trimmed−R$674.9K | ▲ 53.1% | Finance |
 SLCE3 | SLC Agricola S.A. | 2.7% | R$8.9M | AddedR$1.4M | ▼ 8.7% | Process Industries |
 MOTV3 | Motiva Infraestrutura de Mobilidade SA | 2.4% | R$8.0M | Trimmed−R$943.1K | ▲ 29.0% | Transportation |
 OPCT3 | OceanPact Servicos Maritimos SA | 2.4% | R$7.9M | Trimmed−R$380.3K | ▲ 7.0% | Commercial Services |
 UGPA3 | Ultrapar Participacoes S.A. | 2.2% | R$7.5M | Trimmed−R$2.9M | ▲ 38.5% | Retail Trade |
 RANI3 | Irani Papel e Embalagem SA | 2.2% | R$7.2M | Held | ▼ 15.3% | Process Industries |
 ABEV3 | Ambev SA | 2.1% | R$7.1M | AddedR$2.6M | ▲ 10.5% | Consumer Non-Durables |
 RIAA3 | RIACHUELO | 1.9% | R$6.4M | Held | ▲ 20.4% | Distribution Services |
 ALLD3 | Allied Tecnologia SA | 1.9% | R$6.3M | AddedR$1.2M | ▲ 2.6% | Technology Services |
 CPFE3 | CPFL Energia S.A. | 1.8% | R$6.1M | Held | ▲ 2.7% | Utilities |
 EUCA4 | Eucatex S.A. Industria E Comercio | 1.8% | R$6.0M | Held | ▲ 27.1% | Non-Energy Minerals |
 CYRE3 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 1.8% | R$6.0M | Trimmed−R$1.9M | ▲ 26.0% | Finance |
 CSUD3 | CSU Digital SA | 1.6% | R$5.3M | AddedR$278.5K | ▼ 1.9% | Commercial Services |
 ITUB4 | Itau Unibanco Holding SA | 1.6% | R$5.3M | Held | ▲ 12.2% | Finance |
 GOAU4 | Metalurgica Gerdau SA | 1.6% | R$5.3M | Trimmed−R$1.9M | ▲ 39.7% | Non-Energy Minerals |
 CAML3 | Camil Alimentos SA | 1.5% | R$5.1M | AddedR$405.4K | ▲ 12.2% | Process Industries |
 LOGG3 | Log Commercial Properties e Participacoes SA | 1.5% | R$4.9M | Held | ▲ 10.4% | Industrial Services |
 SEER3 | Grupo Ser Educacional SA | 1.5% | R$4.9M | AddedR$4.4M | ▲ 35.1% | Consumer Services |
 WIZC3 | WIZ Co Participacoes e Corretagem de Seguros SA | 1.4% | R$4.7M | Trimmed−R$1.1M | ▼ 18.6% | Finance |
 POMO4 | Marcopolo SA | 1.4% | R$4.7M | AddedR$1.4M | ▼ 20.2% | Producer Manufacturing |
 INTB3 | Intelbras SA Industria de Telecomunicacao Eletronica Brasileir | 1.4% | R$4.6M | Held | ▲ 35.0% | Technology Services |
 TECN3 | Technos S.A. | 1.4% | R$4.5M | Trimmed−R$659.5K | ▲ 17.5% | Consumer Durables |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 1.2% | R$4.2M | New | ▲ 2.8% | Utilities |
 FLRY3 | Fleury SA | 1.2% | R$4.1M | Held | ▲ 77.0% | Health Services |
 BRSR6 | Banco do Estado do Rio Grande do Sul SA | 1.2% | R$4.1M | Held | ▲ 5.4% | Finance |
 MILS3 | Mills Locacao Servicos e Logistica S.A. | 1.2% | R$4.0M | AddedR$2.1M | ▲ 17.5% | Finance |
 CMIG4 | Companhia Energetica de Minas Gerais SA | 1.1% | R$3.7M | AddedR$2.8M | ▼ 6.2% | Utilities |
 ODPV3 | – | 1.1% | R$3.7M | AddedR$3.7M | – | Other |
 PINE4 | Banco PINE S.A. | 1.0% | R$3.5M | Trimmed−R$486.4K | ▲ 26.1% | Finance |
 BMOB3 | Bemobi Mobile Tech SA | 1.0% | R$3.5M | Trimmed−R$179.3K | ▲ 24.6% | Technology Services |
 ISAE4 | Isa Energia Brasil SA | 1.0% | R$3.4M | Held | ▲ 0.0% | Utilities |
 ALOS3 | Allos S.A. | 1.0% | R$3.3M | Trimmed−R$2.0M | ▲ 17.7% | Finance |
 GGBR4 | Gerdau S.A. | 1.0% | R$3.3M | Trimmed−R$1.3M | ▲ 38.2% | Non-Energy Minerals |
 BBDC4 | Banco Bradesco SA | 1.0% | R$3.2M | Held | ▲ 7.9% | Finance |
 SHUL4 | Schulz S.A.Non-Cum Perp | 1.0% | R$3.2M | AddedR$1.4M | ▲ 2.3% | Producer Manufacturing |
 ABCB4 | Banco ABC Brasil SA Conv | 0.9% | R$3.1M | AddedR$129.0K | ▲ 17.5% | Finance |
 CXSE3 | Caixa Seguridade Participacoes SA | 0.9% | R$3.1M | AddedR$2.1M | ▲ 16.0% | Finance |
 VULC3 | Vulcabras SA | 0.9% | R$2.9M | Held | ▼ 6.2% | Consumer Non-Durables |
 SYNE3 | Syn Prop e Tech SA | 0.9% | R$2.9M | Trimmed−R$811.6K | ▼ 2.2% | Finance |
 COGN3 | Cogna Educacao S.A. | 0.8% | R$2.7M | Trimmed−R$292.6K | ▲ 2.8% | Commercial Services |
 JBSS32 | JBS N.V. | 0.8% | R$2.7M | Trimmed−R$112.0K | ▼ 30.9% | BDR |
 ITSA4 | Itausa SA | 0.8% | R$2.7M | Held | ▲ 13.0% | Finance |
 ASAI3 | Sendas Distribuidora SA | 0.8% | R$2.7M | Held | ▲ 47.5% | Retail Trade |
 DEXP3 | Dexxos Participacoes SA | 0.8% | R$2.6M | AddedR$410.0K | ▲ 14.8% | Process Industries |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 0.8% | R$2.6M | Trimmed−R$6.2M | ▲ 10.1% | Utilities |
 TRIS3 | Trisul S.A. | 0.8% | R$2.5M | Trimmed−R$154.1K | ▲ 18.4% | Consumer Durables |
 LAVV3 | LAVVI Empreendimentos Imobiliarios SA | 0.7% | R$2.5M | AddedR$1.7M | ▲ 9.5% | Finance |
 EZTC3 | EZ TEC Empreendimentos e Participacoes SA | 0.7% | R$2.3M | Trimmed−R$3.0M | ▲ 35.9% | Finance |
 ECOR3 | EcoRodovias Infraestrutura e Logistica S.A. | 0.7% | R$2.3M | Held | ▲ 63.1% | Transportation |
 MYPK3 | Iochpe Maxion S.A. | 0.7% | R$2.3M | AddedR$685.4K | ▲ 32.1% | Producer Manufacturing |
 TFCO4 | Track & Field Co SA | 0.7% | R$2.3M | AddedR$99.8K | ▼ 9.9% | Retail Trade |
 PGMN3 | Empreendimentos Pague Menos SA | 0.7% | R$2.3M | Held | ▼ 8.2% | Retail Trade |
 RECV3 | Petroreconcavo SA | 0.7% | R$2.3M | AddedR$391.3K | ▼ 9.2% | Energy Minerals |
 CPLE3 | Companhia Paranaense de Energia | 0.6% | R$2.2M | Held | ▲ 14.4% | Utilities |
 TIMS3 | TIM S.A. | 0.6% | R$2.1M | AddedR$1.8M | ▼ 30.7% | Communications |
 PNVL3 | Dimed S.A. Distribuidora de Medicamentos | 0.6% | R$2.1M | Trimmed−R$251.3K | ▲ 11.4% | Retail Trade |
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| AZ QUEST BAYES SISTEMÁTICO | Ações Livre | R$386.3M | ▲ 21.1% | ▲ 31.1% | Aug/26 |
| AZ QUEST BAYES LONG SHORT SISTEMÁTICO MASTER | Multimercados L/S - Direcional | R$55.2M | ▲ 19.6% | ▲ 26.4% | Jun/26 |
Past performance is no guarantee of future results.