Constância
CONSTÂNCIA INVESTIMENTOS LTDA.
Portfolio as of February 2026compared with January 2026
In stocks
R$849.7M
Stocks
100
Top 10: 35%
Funds
2
YTD
▲ 13.4%
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$120.6M
- Sells
- −R$149.1M
- New positions
- 6
- Exited
- 5
Sectors
- Finance42.7%
- Utilities21.7%
- Transportation6.7%
- Consumer Non-Durables5.7%
- Energy Minerals4.8%
- Process Industries3.1%
Portfolio
All of the manager's funds combined · since then: today's price vs. Feb/26
| Stock | Company | % of stock portfolio | Value | Month | Since then | Sector |
|---|---|---|---|---|---|---|
 MOTV3 | Motiva Infraestrutura de Mobilidade SA | 4.2% | R$35.5M | AddedR$14.8M | ▲ 22.5% | Transportation |
 ITUB4 | Itau Unibanco Holding SA | 4.2% | R$35.4M | AddedR$5.7M | ▲ 4.3% | Finance |
 ITSA4 | Itausa SA | 4.2% | R$35.4M | Trimmed−R$3.4M | ▲ 10.7% | Finance |
 ALOS3 | Allos S.A. | 4.0% | R$33.7M | Trimmed−R$4.6M | ▲ 9.2% | Finance |
 AXIA3 | AXIA Energia SA | 3.8% | R$32.4M | Trimmed−R$772.0K | ▼ 3.3% | Utilities |
 EZTC3 | EZ TEC Empreendimentos e Participacoes SA | 3.0% | R$25.4M | Trimmed−R$3.5M | ▲ 20.3% | Finance |
 ISAE4 | Isa Energia Brasil SA | 2.9% | R$25.1M | AddedR$745.7K | ▲ 2.2% | Utilities |
 CYRE3 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2.9% | R$24.8M | Trimmed−R$4.0M | ▲ 12.0% | Finance |
 CPLE3 | Companhia Paranaense de Energia | 2.9% | R$24.7M | Trimmed−R$1.2M | ▲ 20.4% | Utilities |
 BRAP4 | Bradespar SA | 2.8% | R$24.1M | Trimmed−R$1.8M | ▼ 19.3% | Finance |
 JHSF3 | JHSF Participacoes S.A. | 2.7% | R$23.0M | Trimmed−R$1.4M | ▲ 43.0% | Finance |
 COGN3 | Cogna Educacao S.A. | 2.5% | R$21.3M | AddedR$4.5M | ▼ 7.1% | Commercial Services |
 PETR4 | Petroleo Brasileiro SA | 2.4% | R$20.5M | AddedR$2.3M | ▲ 48.0% | Energy Minerals |
 ENGI11 | Energisa SA | 2.3% | R$19.3M | AddedR$6.7M | ▲ 25.3% | Utilities |
 VULC3 | Vulcabras SA | 2.1% | R$17.5M | Trimmed−R$1.7M | ▼ 13.6% | Consumer Non-Durables |
 CMIG4 | Companhia Energetica de Minas Gerais SA | 2.0% | R$17.4M | AddedR$3.7M | ▼ 2.0% | Utilities |
 BRSR6 | Banco do Estado do Rio Grande do Sul SA | 2.0% | R$16.7M | Trimmed−R$2.2M | ▼ 2.2% | Finance |
 ECOR3 | EcoRodovias Infraestrutura e Logistica S.A. | 1.7% | R$14.5M | Trimmed−R$428.4K | ▲ 28.4% | Transportation |
 VALE3 | Vale S.A. | 1.6% | R$14.0M | Trimmed−R$5.2M | ▼ 26.0% | Non-Energy Minerals |
 MDNE3 | Moura Dubeux Engenharia SA | 1.6% | R$13.9M | Trimmed−R$7.7M | ▼ 7.0% | Finance |
 EQTL3 | Equatorial S.A. | 1.6% | R$13.7M | Trimmed−R$1.1M | ▲ 17.7% | Utilities |
 RIAA3 | RIACHUELO | 1.6% | R$13.4M | New | ▲ 11.7% | Distribution Services |
 TAEE11 | Transmissora Alianca De Energia Eletrica S.A. | 1.5% | R$13.0M | Trimmed−R$4.5M | ▲ 3.8% | Industrial Services |
 BBDC4 | Banco Bradesco SA | 1.5% | R$12.8M | AddedR$2.5M | ▼ 2.2% | Finance |
 AZZA3 | Azzas 2154 SA | 1.4% | R$12.2M | AddedR$3.3M | ▲ 3.8% | Consumer Non-Durables |
 SAPR11 | Companhia de Saneamento do Parana - Sanepar | 1.4% | R$11.9M | Trimmed−R$705.0K | ▼ 9.4% | Utilities |
 SANB11 | Banco Santander (Brasil) S.A. | 1.3% | R$11.2M | AddedR$5.5M | ▼ 15.8% | Finance |
 BBSE3 | BB Seguridade Participacoes SA | 1.3% | R$10.9M | AddedR$1.8M | ▲ 22.0% | Finance |
 ANIM3 | Anima Holding SA | 1.3% | R$10.8M | AddedR$5.1M | ▲ 0.2% | Consumer Services |
 TEND3 | Construtora Tenda SA | 1.3% | R$10.7M | Trimmed−R$2.0M | ▼ 5.5% | Finance |
 CPFE3 | CPFL Energia S.A. | 1.2% | R$10.2M | Trimmed−R$8.4M | ▼ 0.6% | Utilities |
 ABEV3 | Ambev SA | 1.1% | R$9.6M | Trimmed−R$12.8M | ▲ 3.6% | Consumer Non-Durables |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 1.1% | R$9.4M | New | ▲ 5.9% | Utilities |
 ABCB4 | Banco ABC Brasil SA Conv | 1.1% | R$9.3M | Trimmed−R$320.1K | ▲ 10.0% | Finance |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 1.1% | R$9.1M | AddedR$2.3M | ▲ 7.8% | Finance |
 IGTI11 | Iguatemi SA | 1.0% | R$8.7M | AddedR$4.3M | ▲ 10.9% | Finance |
 CXSE3 | Caixa Seguridade Participacoes SA | 1.0% | R$8.4M | Trimmed−R$1.8M | ▲ 19.7% | Finance |
 BRAV3 | Brava Energia SA | 1.0% | R$8.3M | Trimmed−R$1.6M | ▲ 12.5% | Energy Minerals |
 CURY3 | Cury Construtora e Incorporadora SA | 0.9% | R$7.9M | Trimmed−R$11.4M | ▼ 15.7% | Finance |
 LAVV3 | LAVVI Empreendimentos Imobiliarios SA | 0.9% | R$7.7M | Trimmed−R$927.9K | ▼ 15.2% | Finance |
 ALPA4 | Alpargatas SA | 0.9% | R$7.2M | Trimmed−R$8.2M | ▲ 16.7% | Consumer Non-Durables |
 PRIO3 | Prio SA | 0.8% | R$7.2M | Held | ▲ 30.8% | Energy Minerals |
 SUZB3 | Suzano S.A. | 0.8% | R$7.1M | AddedR$4.0M | ▼ 26.9% | Process Industries |
 UNIP6 | Unipar Carbocloro SA | 0.8% | R$6.8M | Trimmed−R$1.6M | ▼ 12.1% | Process Industries |
 BMOB3 | Bemobi Mobile Tech SA | 0.8% | R$6.4M | Held | ▲ 38.3% | Technology Services |
 RDOR3 | Rede D'Or Sao Luiz SA | 0.7% | R$6.4M | AddedR$4.7M | ▲ 9.4% | Health Services |
 TGMA3 | Tegma Gestao Logistica S.A. | 0.7% | R$6.1M | Trimmed−R$595.7K | ▲ 27.8% | Transportation |
 AXIA7 | AXIA Energia SA | 0.7% | R$6.0M | Trimmed−R$301.1K | ▲ 0.7% | Utilities |
 MOVI3 | Movida Participacoes SA | 0.7% | R$5.7M | Trimmed−R$1.4M | ▲ 34.8% | Finance |
 ALUP11 | Alupar Investimento SA | 0.7% | R$5.6M | Trimmed−R$128.0K | ▲ 7.8% | Utilities |
 VAMO3 | Vamos Locacao de Caminhoes, Maquinas e Equipamentos SA | 0.7% | R$5.6M | AddedR$2.6M | ▲ 50.9% | Finance |
 B3SA3 | B3 SA - Brasil, Bolsa, Balcao | 0.7% | R$5.6M | AddedR$3.6M | ▲ 32.5% | Finance |
 LOGG3 | Log Commercial Properties e Participacoes SA | 0.6% | R$5.3M | Trimmed−R$2.3M | ▲ 7.6% | Industrial Services |
 RECV3 | Petroreconcavo SA | 0.6% | R$5.2M | Trimmed−R$2.7M | ▲ 3.4% | Energy Minerals |
 VIVA3 | Vivara Participacoes SA | 0.6% | R$5.1M | AddedR$2.9M | ▼ 11.3% | Consumer Durables |
 SLCE3 | SLC Agricola S.A. | 0.5% | R$4.6M | AddedR$347.7K | ▲ 3.6% | Process Industries |
 DIRR3 | Direcional Engenharia S.A. | 0.5% | R$4.5M | Trimmed−R$155.0K | ▼ 30.0% | Finance |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 0.5% | R$4.5M | Trimmed−R$2.3M | ▲ 16.2% | Utilities |
 EGIE3 | ENGIE Brasil Energia S.A. | 0.5% | R$4.5M | AddedR$262.7K | ▼ 7.2% | Utilities |
 PSSA3 | Porto Seguro S.A. | 0.5% | R$4.3M | Trimmed−R$1.7M | ▲ 0.6% | Finance |
Exited this month
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| CONSTÂNCIA FUNDAMENTO | Ações Livre | R$562.5M | ▲ 13.5% | ▲ 21.6% | Mar/26 |
| VINHEDO | Ações Valor/Crescimento | R$78.2M | ▲ 13.0% | ▲ 21.8% | Mar/26 |
Past performance is no guarantee of future results.