Módulo Capital
MÓDULO CAPITAL GESTÃO DE RECURSOS LTDA
Portfolio as of March 2026compared with February 2026
In stocks
R$185.9M
Stocks
35
Top 10: 66%
Funds
4
YTD
▲ 19.4%
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$24.7M
- Sells
- −R$8.5M
- New positions
- 4
- Exited
- 0
Sectors
- Consumer Non-Durables20.5%
- Finance16.8%
- Transportation15.7%
- Utilities11.7%
- Retail Trade6.9%
- Non-Energy Minerals5.0%
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 |
|---|---|---|---|---|---|---|
 ALPA4 | Alpargatas SA | 15.1% | R$28.1M | AddedR$1.1M | ▲ 44.7% | Consumer Non-Durables |
 HBSA3 | Hidrovias do Brasil SA | 14.3% | R$26.7M | Held | ▲ 0.7% | Transportation |
 ITSA4 | Itausa SA | 8.6% | R$16.1M | Held | ▲ 13.0% | Finance |
 EQTL3 | Equatorial S.A. | 5.6% | R$10.4M | Trimmed−R$660.5K | ▲ 21.6% | Utilities |
 PETR4 | Petroleo Brasileiro SA | 4.4% | R$8.3M | Held | ▲ 19.6% | Energy Minerals |
 MBRF3 | MBRF Global Foods Company S.A. | 4.0% | R$7.4M | AddedR$3.5M | ▼ 14.3% | Consumer Non-Durables |
 VALE3 | Vale S.A. | 3.8% | R$7.0M | Held | ▼ 20.7% | Non-Energy Minerals |
 ASAI3 | Sendas Distribuidora SA | 3.6% | R$6.6M | AddedR$3.9M | ▲ 47.5% | Retail Trade |
 RENT3 | Localiza Rent A Car SA | 3.5% | R$6.4M | AddedR$3.2M | ▲ 12.5% | Finance |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 3.1% | R$5.9M | AddedR$2.9M | ▲ 19.3% | Finance |
 AXIA6 | – | 3.0% | R$5.6M | Held | – | Other |
 GGPS3 | GPS Participacoes e Empreendimentos SA | 2.9% | R$5.4M | Trimmed−R$718.1K | ▼ 2.2% | Commercial Services |
 TUPY3 | Tupy S.A. | 2.8% | R$5.2M | Held | ▲ 51.6% | Producer Manufacturing |
 CSAN3 | Cosan S.A. | 2.2% | R$4.1M | Held | ▼ 2.0% | Utilities |
 CMIG4 | Companhia Energetica de Minas Gerais SA | 2.2% | R$4.1M | Held | ▼ 6.2% | Utilities |
 SMFT3 | Smartfit Escola de Ginastica e Danca SA | 2.2% | R$4.1M | AddedR$1.5M | ▲ 33.9% | Consumer Services |
 ROXO34 | Nu Holdings Ltd. | 2.1% | R$3.8M | AddedR$2.6M | ▲ 2.2% | BDR |
 AMZO34 | Amazon.com, Inc. | 2.0% | R$3.7M | Held | ▲ 22.1% | BDR |
 NEOE3 | – | 1.8% | R$3.3M | Held | – | Other |
 LREN3 | Lojas Renner S.A. | 1.7% | R$3.2M | Trimmed−R$2.8M | ▼ 0.2% | Retail Trade |
 B3SA3 | B3 SA - Brasil, Bolsa, Balcao | 1.4% | R$2.6M | Held | ▲ 28.9% | Finance |
 NATU3 | Natura Cosmeticos SA | 1.4% | R$2.6M | Trimmed−R$3.6M | ▼ 26.7% | Consumer Non-Durables |
 ECOR3 | EcoRodovias Infraestrutura e Logistica S.A. | 1.4% | R$2.5M | Held | ▲ 63.1% | Transportation |
 USIM5 | Usinas Siderurgicas de Minas Gerais SA-Usiminas | 1.3% | R$2.4M | Held | ▲ 0.6% | Non-Energy Minerals |
 VIVA3 | Vivara Participacoes SA | 1.2% | R$2.3M | AddedR$1.0M | ▲ 6.6% | Consumer Durables |
 RADL3 | Raia Drogasil S.A. | 0.8% | R$1.5M | New | ▼ 8.2% | Retail Trade |
 PGMN3 | Empreendimentos Pague Menos SA | 0.8% | R$1.4M | New | ▼ 8.2% | Retail Trade |
 CPLE3 | Companhia Paranaense de Energia | 0.7% | R$1.3M | New | ▲ 14.4% | Utilities |
 AXIA7 | AXIA Energia SA | 0.6% | R$1.1M | Held | ▲ 5.0% | Utilities |
 SEER3 | Grupo Ser Educacional SA | 0.5% | R$940.9K | Trimmed−R$726.1K | ▲ 35.1% | Consumer Services |
 MSFT34 | Microsoft Corp | 0.5% | R$853.3K | Held | ▲ 38.3% | BDR |
 ENEV3 | Eneva S.A. | 0.4% | R$652.8K | New | ▲ 30.4% | Utilities |
 RENT4 | Localiza Rent A Car SA | 0.1% | R$239.1K | Held | ▲ 13.4% | Finance |
 IGTI4 | Iguatemi SA Perp | 0.1% | R$121.3K | Held | ▲ 16.3% | Finance |
 BPAC5 | Banco BTG Pactual SA | 0.0% | R$45.16 | Held | ▲ 135.7% | Finance |
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| MÓDULO MASTER | Ações Valor/Crescimento | R$106.2M | ▲ 20.5% | ▲ 26.6% | Mar/26 |
| SILCAR | Ações Livre | R$63.3M | ▲ 13.6% | ▲ 21.7% | Jun/26 |
| AVIA | Ações Valor/Crescimento | R$60.3M | ▲ 23.9% | ▲ 43.3% | Mar/26 |
| MÓDULO CORE | Ações Valor/Crescimento | R$55.6M | ▲ 18.9% | ▲ 23.4% | Mar/26 |
Past performance is no guarantee of future results.