Dahlia Capital
DAHLIA CAPITAL GESTÃO DE RECURSOS LTDA.
Portfolio as of March 2026compared with February 2026
In stocks
R$1.1B
Stocks
34
Top 10: 55%
Funds
7
YTD
▲ 16.7%
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$230.4M
- Sells
- −R$139.0M
- New positions
- 5
- Exited
- 3
Sectors
- Finance37.5%
- Utilities26.1%
- Retail Trade15.5%
- Non-Energy Minerals7.5%
- BDRs6.3%
- Energy Minerals3.7%
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 |
|---|---|---|---|---|---|---|
 AXIA3 | AXIA Energia SA | 7.2% | R$79.7M | Trimmed−R$17.1M | ▲ 1.2% | Utilities |
 VALE3 | Vale S.A. | 6.7% | R$74.2M | Trimmed−R$2.0M | ▼ 20.7% | Non-Energy Minerals |
 ITUB4 | Itau Unibanco Holding SA | 6.6% | R$73.4M | AddedR$4.1M | ▲ 12.2% | Finance |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 5.9% | R$65.7M | AddedR$28.4M | ▲ 19.3% | Finance |
 BBDC4 | Banco Bradesco SA | 4.9% | R$54.1M | AddedR$3.4M | ▲ 7.9% | Finance |
 RADL3 | Raia Drogasil S.A. | 4.8% | R$53.7M | AddedR$5.8M | ▼ 8.2% | Retail Trade |
 B3SA3 | B3 SA - Brasil, Bolsa, Balcao | 4.8% | R$53.1M | AddedR$49.4M | ▲ 28.9% | Finance |
 CURY3 | Cury Construtora e Incorporadora SA | 4.7% | R$52.3M | AddedR$19.4M | ▼ 7.4% | Finance |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 4.6% | R$51.4M | AddedR$2.2M | ▲ 2.8% | Utilities |
 RENT3 | Localiza Rent A Car SA | 4.3% | R$47.8M | AddedR$22.0M | ▲ 12.5% | Finance |
 CPLE3 | Companhia Paranaense de Energia | 4.2% | R$46.8M | Trimmed−R$15.9M | ▲ 14.4% | Utilities |
 ROXO34 | Nu Holdings Ltd. | 3.9% | R$43.4M | New | ▲ 2.2% | BDR |
 ENEV3 | Eneva S.A. | 3.7% | R$41.0M | Trimmed−R$30.5M | ▲ 30.4% | Utilities |
 EQTL3 | Equatorial S.A. | 3.5% | R$39.2M | AddedR$2.4M | ▲ 21.6% | Utilities |
 CYRE3 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3.4% | R$37.9M | AddedR$3.9M | ▲ 26.0% | Finance |
 CEAB3 | C&A Modas SA | 3.4% | R$37.2M | AddedR$878.5K | ▲ 17.9% | Retail Trade |
 VBBR3 | Vibra Energia SA | 3.2% | R$35.4M | AddedR$1.8M | ▲ 16.0% | Retail Trade |
 XPBR31 | XP Inc. | 2.4% | R$26.8M | New | ▲ 62.5% | BDR |
 PETR4 | Petroleo Brasileiro SA | 2.3% | R$25.2M | Trimmed−R$41.3M | ▲ 19.6% | Energy Minerals |
 TFCO4 | Track & Field Co SA | 2.2% | R$24.8M | Held | ▼ 9.9% | Retail Trade |
 ODPV3 | – | 2.0% | R$22.6M | Trimmed−R$1.9M | – | Other |
 CSAN3 | Cosan S.A. | 2.0% | R$22.3M | AddedR$2.7M | ▼ 2.0% | Utilities |
 LREN3 | Lojas Renner S.A. | 1.9% | R$20.5M | Trimmed−R$3.9M | ▼ 0.2% | Retail Trade |
 PRIO3 | Prio SA | 1.4% | R$15.9M | Held | ▲ 7.6% | Energy Minerals |
 DIRR3 | Direcional Engenharia S.A. | 1.3% | R$14.8M | Trimmed−R$22.5M | ▼ 14.1% | Finance |
 VIVA3 | Vivara Participacoes SA | 1.1% | R$12.1M | Trimmed−R$2.2M | ▲ 6.6% | Consumer Durables |
 CBAV3 | Companhia Brasileira de Aluminio | 0.8% | R$8.4M | AddedR$1.4M | ▲ 7.3% | Non-Energy Minerals |
 ORVR3 | Orizon Valorizacao de Residuos SA | 0.6% | R$7.2M | Held | ▲ 15.2% | Utilities |
 ITSA4 | Itausa SA | 0.6% | R$6.8M | AddedR$2.1M | ▲ 13.0% | Finance |
 BPAC11 | Banco BTG Pactual SA | 0.4% | R$4.0M | New | ▲ 45.2% | Finance |
 BBAS3 | Banco do Brasil S.A. | 0.3% | R$3.4M | AddedR$719.9K | ▲ 5.2% | Finance |
 RDOR3 | Rede D'Or Sao Luiz SA | 0.3% | R$2.8M | New | ▲ 13.1% | Health Services |
 CYRE4 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 0.2% | R$2.0M | New | ▲ 29.2% | Finance |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 0.2% | R$1.8M | AddedR$530.8K | ▲ 10.1% | Utilities |
Exited this month
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| DAHLIA TOTAL RETURN MASTER | Multimercados Livre | R$1.3B | ▲ 16.2% | ▲ 21.1% | Sep/26 |
| DAHLIA AÇÕES MASTER | Ações Índice Ativo | R$251.5M | ▲ 24.7% | ▲ 32.7% | Mar/26 |
| DAHLIA EQUITY HEDGE MASTER | Multimercados Livre | R$227.2M | ▲ 6.5% | ▲ 8.4% | Sep/26 |
| DAHLIA TOTAL RETURN MASTER | Ações Livre | R$120.7M | ▲ 16.3% | ▲ 21.4% | Sep/26 |
| DAHLIA MASTER PREVIDENCIÁRIO | Previdência Ações Ativo | R$90.6M | ▲ 24.2% | ▲ 32.1% | Mar/26 |
| DAHLIA 100 | Previdência Multimercado Livre | R$66.7M | ▲ 24.0% | ▲ 32.3% | Sep/26 |
| DAHLIA PREV TOTAL RETURN 70 | Previdência Multimercado Livre | R$56.8M | ▲ 14.9% | ▲ 19.9% | Sep/26 |
Past performance is no guarantee of future results.