Kadima
KADIMA GESTAO DE INVESTIMENTOS LTDA
Portfolio as of September 2025compared with August 2025
In stocks
R$114.1M
Stocks
62
Top 10: 49%
Funds
3
YTD
▲ 11.1%
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$11.9M
- Sells
- −R$22.1M
- New positions
- 5
- Exited
- 6
Sectors
- Finance30.3%
- Commercial Services10.7%
- Retail Trade9.5%
- Other9.3%
- Communications9.1%
- Utilities6.7%
Portfolio
All of the manager's funds combined · since then: today's price vs. Sep/25
| Stock | Company | % of stock portfolio | Value | Month | Since then | Sector |
|---|---|---|---|---|---|---|
 COGN3 | Cogna Educacao S.A. | 8.0% | R$9.2M | AddedR$884.4K | ▲ 7.0% | Commercial Services |
 TIMS3 | TIM S.A. | 7.5% | R$8.5M | Trimmed−R$392.5K | ▼ 19.0% | Communications |
 CEAB3 | C&A Modas SA | 7.0% | R$8.0M | Trimmed−R$1.4M | ▼ 12.9% | Retail Trade |
 MDNE3 | Moura Dubeux Engenharia SA | 6.2% | R$7.1M | Trimmed−R$1.9M | ▲ 2.4% | Finance |
 TEND3 | Construtora Tenda SA | 4.1% | R$4.7M | Trimmed−R$1.9M | ▲ 9.6% | Finance |
 MYPK3 | Iochpe Maxion S.A. | 3.8% | R$4.3M | Trimmed−R$436.3K | ▲ 1.3% | Producer Manufacturing |
 EMBR3 | – | 3.3% | R$3.7M | Trimmed−R$505.8K | – | Other |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 3.2% | R$3.6M | AddedR$845.0K | ▲ 84.3% | Utilities |
 JHSF3 | JHSF Participacoes S.A. | 3.2% | R$3.6M | Trimmed−R$345.5K | ▲ 119.3% | Finance |
 ANIM3 | Anima Holding SA | 3.0% | R$3.4M | Trimmed−R$409.5K | ▲ 49.9% | Consumer Services |
 DIRR3 | Direcional Engenharia S.A. | 2.9% | R$3.3M | Trimmed−R$431.7K | ▼ 29.4% | Finance |
 TOTS3 | TOTVS S.A. | 2.8% | R$3.2M | Trimmed−R$1.1M | ▼ 8.4% | Technology Services |
 UNIP6 | Unipar Carbocloro SA | 2.8% | R$3.2M | AddedR$3.1M | ▼ 12.4% | Process Industries |
 ITSA4 | Itausa SA | 2.8% | R$3.2M | Trimmed−R$494.4K | ▲ 37.8% | Finance |
 PSSA3 | Porto Seguro S.A. | 2.6% | R$3.0M | Trimmed−R$1.4M | ▲ 5.5% | Finance |
 NEOE3 | – | 2.3% | R$2.7M | AddedR$1.5M | – | Other |
 BBDC4 | Banco Bradesco SA | 2.3% | R$2.7M | AddedR$171.6K | ▲ 16.9% | Finance |
 YDUQ3 | YDUQS Participacoes SA | 2.1% | R$2.4M | Trimmed−R$1.1M | ▲ 12.1% | Commercial Services |
 POMO4 | Marcopolo SA | 2.1% | R$2.4M | AddedR$1.0M | ▼ 38.9% | Producer Manufacturing |
 VULC3 | Vulcabras SA | 2.1% | R$2.4M | Trimmed−R$511.7K | ▼ 16.5% | Consumer Non-Durables |
 ITUB4 | Itau Unibanco Holding SA | 2.0% | R$2.3M | Trimmed−R$152.4K | ▲ 28.7% | Finance |
 VIVA3 | Vivara Participacoes SA | 1.8% | R$2.1M | Trimmed−R$359.9K | ▼ 3.3% | Consumer Durables |
 VIVT3 | Telefonica Brasil S.A. | 1.7% | R$1.9M | AddedR$231.7K | ▼ 5.5% | Communications |
 ELET3 | – | 1.7% | R$1.9M | Trimmed−R$283.6K | – | Other |
 TGMA3 | Tegma Gestao Logistica S.A. | 1.6% | R$1.8M | AddedR$118.0K | ▲ 45.2% | Transportation |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 1.6% | R$1.8M | Trimmed−R$1.1M | ▲ 27.0% | Utilities |
 CURY3 | Cury Construtora e Incorporadora SA | 1.3% | R$1.5M | Trimmed−R$100.3K | ▼ 5.3% | Finance |
 ODPV3 | – | 1.3% | R$1.5M | AddedR$716.3K | – | Other |
 VALE3 | Vale S.A. | 1.1% | R$1.2M | Held | ▲ 13.7% | Non-Energy Minerals |
 CPFE3 | CPFL Energia S.A. | 1.1% | R$1.2M | AddedR$535.8K | ▲ 27.1% | Utilities |
 TFCO4 | Track & Field Co SA | 0.9% | R$1.1M | New | ▼ 13.3% | Retail Trade |
 ABCB4 | Banco ABC Brasil SA Conv | 0.8% | R$918.4K | AddedR$41.9K | ▲ 28.4% | Finance |
 LREN3 | Lojas Renner S.A. | 0.8% | R$891.2K | Trimmed−R$1.9M | ▼ 1.3% | Retail Trade |
 ASAI3 | Sendas Distribuidora SA | 0.7% | R$835.0K | Trimmed−R$154.1K | ▲ 47.0% | Retail Trade |
 ABEV3 | Ambev SA | 0.7% | R$825.7K | Trimmed−R$801.6K | ▲ 39.4% | Consumer Non-Durables |
 CMIG4 | Companhia Energetica de Minas Gerais SA | 0.7% | R$792.8K | AddedR$93.7K | ▲ 6.1% | Utilities |
 ECOR3 | EcoRodovias Infraestrutura e Logistica S.A. | 0.6% | R$725.1K | Trimmed−R$21.1K | ▲ 75.6% | Transportation |
 CPLE6 | – | 0.6% | R$676.2K | AddedR$291.1K | – | Other |
 TTEN3 | Tres Tentos Agroindustrial SA | 0.6% | R$643.1K | Trimmed−R$1.0M | ▼ 0.4% | Commercial Services |
 PETR4 | Petroleo Brasileiro SA | 0.6% | R$635.5K | Trimmed−R$66.1K | ▲ 85.0% | Energy Minerals |
 CYRE3 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 0.5% | R$626.3K | Trimmed−R$79.8K | ▲ 33.3% | Finance |
 MILS3 | Mills Locacao Servicos e Logistica S.A. | 0.5% | R$623.0K | AddedR$522.0K | ▲ 36.7% | Finance |
 BRSR6 | Banco do Estado do Rio Grande do Sul SA | 0.4% | R$438.6K | Trimmed−R$677.6K | ▲ 52.1% | Finance |
 PETR3 | Petroleo Brasileiro SA | 0.4% | R$408.7K | Trimmed−R$43.9K | ▲ 92.0% | Energy Minerals |
 EZTC3 | EZ TEC Empreendimentos e Participacoes SA | 0.3% | R$325.5K | AddedR$304.1K | ▲ 47.0% | Finance |
 BEEF3 | Minerva S.A. | 0.3% | R$292.3K | New | ▼ 35.9% | Distribution Services |
 HBSA3 | Hidrovias do Brasil SA | 0.2% | R$236.5K | Trimmed−R$23.5K | ▲ 22.3% | Transportation |
 CVCB3 | CVC Brasil Operadora e Agencia de Viagens SA | 0.2% | R$202.8K | Trimmed−R$40.8K | ▼ 14.4% | Consumer Services |
 GUAR3 | – | 0.2% | R$176.1K | AddedR$19.9K | – | Other |
 ORVR3 | Orizon Valorizacao de Residuos SA | 0.1% | R$128.2K | AddedR$55.8K | ▲ 47.4% | Utilities |
 SIMH3 | Simpar SA | 0.1% | R$119.3K | Trimmed−R$11.0K | ▲ 67.3% | Transportation |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 0.1% | R$119.2K | Trimmed−R$255.9K | ▲ 30.5% | Finance |
 B3SA3 | B3 SA - Brasil, Bolsa, Balcao | 0.1% | R$117.9K | Trimmed−R$12.1K | ▲ 76.9% | Finance |
 MRVE3 | MRV Engenharia e Participacoes S.A. | 0.1% | R$94.6K | AddedR$53.6K | ▲ 12.1% | Consumer Durables |
 RDOR3 | Rede D'Or Sao Luiz SA | 0.1% | R$88.4K | Trimmed−R$197.8K | ▲ 4.8% | Health Services |
 EQTL3 | Equatorial S.A. | 0.1% | R$77.6K | Held | ▲ 34.2% | Utilities |
 LWSA3 | LWSA S.A. | 0.0% | R$51.3K | New | ▲ 21.6% | Technology Services |
 MGLU3 | Magazine Luiza S.A. | 0.0% | R$45.1K | New | ▲ 48.5% | Retail Trade |
 MOTV3 | Motiva Infraestrutura de Mobilidade SA | 0.0% | R$34.2K | Trimmed−R$116.1K | ▲ 37.1% | Transportation |
 AURE3 | Auren Energia SA | 0.0% | R$24.6K | AddedR$8.2K | ▲ 48.0% | Utilities |
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| KADIMA XP SEGUROS PREV | Previdência Multimercado Livre | R$89.1M | ▲ 11.4% | ▲ 13.1% | Sep/26 |
| KADIMA | Previdência Multimercado Livre | R$72.7M | ▲ 10.7% | ▲ 12.2% | Sep/26 |
| KADIMA HIGH VOL MASTER | Multimercados Livre | R$20.1M | – | – | Jun/26 |
Past performance is no guarantee of future results.