Guepardo

GUEPARDO INVESTIMENTOS LTDA

Portfolio as of March 2026compared with February 2026

In stocks

R$3.7B

Stocks

Top 10: 100%

Funds

YTD

▲ 35.2%

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$43.4M
Sells: −R$5.1M
New positions: 0
Exited: 0

Sectors

Retail Trade47.9%
Finance21.3%
Transportation12.8%
Health Services7.5%
Non-Energy Minerals5.5%
Consumer Non-Durables4.8%

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
UGPA3	Ultrapar Participacoes S.A.	33.3%	R$1.2B	Held	▲ 38.5%	Retail Trade
ALOS3	Allos S.A.	21.3%	R$793.3M	Held	▲ 17.7%	Finance
GMAT3	Grupo Mateus SA	14.6%	R$546.7M	AddedR$22.6M	▲ 20.0%	Retail Trade
RAIL3	Rumo SA	12.8%	R$477.2M	Held	▲ 18.8%	Transportation
FLRY3	Fleury SA	7.5%	R$281.4M	Held	▲ 77.0%	Health Services
VULC3	Vulcabras SA	4.8%	R$178.5M	Trimmed−R$5.1M	▼ 6.2%	Consumer Non-Durables
GGBR4	Gerdau S.A.	3.4%	R$127.2M	Held	▲ 38.2%	Non-Energy Minerals
GOAU4	Metalurgica Gerdau SA	2.1%	R$77.8M	AddedR$19.3M	▲ 39.7%	Non-Energy Minerals
MYPK3	Iochpe Maxion S.A.	0.2%	R$7.6M	AddedR$1.5M	▲ 32.1%	Producer Manufacturing

Funds

Quota return, after fees

Fund	Class	AUM	YTD	12 months	Latest portfolio
GUEPARDO INSTITUCIONAL MASTER	Ações Livre	R$4.2B	▲ 35.5%	▲ 40.9%	Mar/26
GUEPARDO MASTER	Ações Livre	R$652.5M	▲ 35.6%	▲ 41.0%	Mar/26
GUEPARDO PREVIDÊNCIA	Previdência Multimercado Livre	R$375.7M	▲ 32.2%	▲ 34.6%	Jun/26
GUEPARDO LONG BIAS RV	Multimercados Livre	R$123.4M	▲ 31.9%	▲ 37.2%	Jun/26

Past performance is no guarantee of future results.