Cardinal Partners

CARDINAL PARTNERS INVESTIMENTOS LTDA.

Portfolio as of March 2026compared with February 2026

In stocks

R$33.5M

Stocks

Top 10: 100%

Funds

YTD

▲ 24.4%

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$9.4M
Sells: −R$12.7M
New positions: 2
Exited: 4

Sectors

Utilities27.9%
Energy Minerals24.6%
Finance20.3%
Other11.1%
Non-Energy Minerals8.1%
Retail Trade8.0%

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	17.9%	R$6.0M	New	▲ 19.6%	Energy Minerals
ITUB4	Itau Unibanco Holding SA	12.6%	R$4.2M	Trimmed−R$169.6K	▲ 12.2%	Finance
CPLE3	Companhia Paranaense de Energia	11.3%	R$3.8M	Trimmed−R$388.8K	▲ 14.4%	Utilities
AXIA6	–	11.1%	R$3.7M	AddedR$1.0M	–	Other
SBSP3	Companhia de Saneamento Basico do Estado de Sao Paulo SABESP	10.1%	R$3.4M	Held	▲ 2.8%	Utilities
VALE3	Vale S.A.	8.1%	R$2.7M	Trimmed−R$1.7M	▼ 20.7%	Non-Energy Minerals
RADL3	Raia Drogasil S.A.	8.0%	R$2.7M	AddedR$181.2K	▼ 8.2%	Retail Trade
BBDC4	Banco Bradesco SA	7.7%	R$2.6M	Trimmed−R$322.1K	▲ 7.9%	Finance
PRIO3	Prio SA	6.7%	R$2.2M	New	▲ 7.6%	Energy Minerals
EQTL3	Equatorial S.A.	6.6%	R$2.2M	Trimmed−R$1.0M	▲ 21.6%	Utilities