Ibiuna Macro

IBIUNA MACRO GESTÃO DE RECURSOS LTDA.

Portfolio as of March 2026compared with February 2026

In stocks

R$396.1M

Stocks

Top 10: 71%

Funds

YTD

▲ 15.6%

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$140.7M
Sells: −R$92.7M
New positions: 5
Exited: 5

Sectors

Finance34.2%
Utilities24.2%
Retail Trade13.1%
Energy Minerals11.9%
Consumer Durables6.1%
Health Services4.5%

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	11.9%	R$47.3M	AddedR$18.6M	▲ 19.6%	Energy Minerals
CSMG3	Companhia de Saneamento de Minas Gerais	8.6%	R$34.0M	Trimmed−R$727.0K	▲ 10.1%	Utilities
AXIA3	AXIA Energia SA	7.2%	R$28.7M	AddedR$21.2M	▲ 1.2%	Utilities
MULT3	Multiplan Empreendimentos Imobiliarios SA	6.8%	R$27.0M	Trimmed−R$582.1K	▲ 19.3%	Finance
B3SA3	B3 SA - Brasil, Bolsa, Balcao	6.8%	R$26.8M	New	▲ 28.9%	Finance
CPLE3	Companhia Paranaense de Energia	6.7%	R$26.6M	Trimmed−R$574.0K	▲ 14.4%	Utilities
VIVA3	Vivara Participacoes SA	6.1%	R$24.0M	AddedR$2.6M	▲ 6.6%	Consumer Durables
DIRR3	Direcional Engenharia S.A.	5.9%	R$23.3M	AddedR$9.1M	▼ 14.1%	Finance
ITUB4	Itau Unibanco Holding SA	5.6%	R$22.2M	New	▲ 12.2%	Finance
PGMN3	Empreendimentos Pague Menos SA	5.4%	R$21.4M	New	▼ 8.2%	Retail Trade
CEAB3	C&A Modas SA	4.8%	R$18.9M	Trimmed−R$2.9M	▲ 17.9%	Retail Trade
RDOR3	Rede D'Or Sao Luiz SA	4.5%	R$18.0M	Held	▲ 13.1%	Health Services
VALE3	Vale S.A.	3.9%	R$15.5M	AddedR$1.6M	▼ 20.7%	Non-Energy Minerals
IRBR3	IRB Brasil Resseguros SA	3.6%	R$14.1M	Trimmed−R$4.8M	▲ 27.9%	Finance
CURY3	Cury Construtora e Incorporadora SA	3.1%	R$12.2M	AddedR$2.3M	▼ 7.4%	Finance
UGPA3	Ultrapar Participacoes S.A.	2.9%	R$11.5M	New	▲ 38.5%	Retail Trade
POMO4	Marcopolo SA	2.0%	R$8.1M	Trimmed−R$173.6K	▼ 20.2%	Producer Manufacturing
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	1.7%	R$6.7M	Trimmed−R$9.6M	▲ 26.0%	Finance
AXIA7	AXIA Energia SA	1.7%	R$6.6M	Trimmed−R$198.2K	▲ 5.0%	Utilities
CYRE4	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.8%	R$3.1M	New	▲ 29.2%	Finance