Principal
PRINCIPAL ASSET MANAGEMENT LTDA.
Portfolio as of March 2026compared with February 2026
In stocks
R$690.2M
Stocks
84
Top 10: 70%
Funds
5
YTD
▲ 10.2%
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$115.6M
- Sells
- −R$128.5M
- New positions
- 3
- Exited
- 5
Sectors
- Finance32.1%
- Energy Minerals14.3%
- Utilities14.1%
- Retail Trade11.0%
- Non-Energy Minerals8.9%
- Health Services5.8%
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 |
|---|---|---|---|---|---|---|
 ITUB4 | Itau Unibanco Holding SA | 11.0% | R$76.1M | Trimmed−R$4.6M | ▲ 12.2% | Finance |
 VALE3 | Vale S.A. | 8.8% | R$60.8M | AddedR$12.7M | ▼ 20.7% | Non-Energy Minerals |
 CPLE3 | Companhia Paranaense de Energia | 8.2% | R$56.7M | Trimmed−R$10.8M | ▲ 14.4% | Utilities |
 PRIO3 | Prio SA | 7.1% | R$49.2M | AddedR$47.8M | ▲ 7.6% | Energy Minerals |
 PETR4 | Petroleo Brasileiro SA | 6.5% | R$45.1M | AddedR$39.5M | ▲ 19.6% | Energy Minerals |
 VBBR3 | Vibra Energia SA | 6.3% | R$43.7M | Trimmed−R$3.4M | ▲ 16.0% | Retail Trade |
 RENT3 | Localiza Rent A Car SA | 6.1% | R$41.9M | Held | ▲ 12.5% | Finance |
 RDOR3 | Rede D'Or Sao Luiz SA | 5.8% | R$40.1M | AddedR$5.0M | ▲ 13.1% | Health Services |
 BBDC4 | Banco Bradesco SA | 5.4% | R$37.3M | Held | ▲ 7.9% | Finance |
 DIRR3 | Direcional Engenharia S.A. | 4.8% | R$33.3M | Held | ▼ 14.1% | Finance |
 EQTL3 | Equatorial S.A. | 4.4% | R$30.6M | Held | ▲ 21.6% | Utilities |
 SMFT3 | Smartfit Escola de Ginastica e Danca SA | 4.1% | R$28.6M | AddedR$1.4M | ▲ 33.9% | Consumer Services |
 SUZB3 | Suzano S.A. | 3.3% | R$23.0M | Held | ▼ 18.3% | Process Industries |
 ECOR3 | EcoRodovias Infraestrutura e Logistica S.A. | 2.3% | R$16.2M | Trimmed−R$1.1M | ▲ 63.1% | Transportation |
 TFCO4 | Track & Field Co SA | 2.2% | R$15.4M | Held | ▼ 9.9% | Retail Trade |
 VIVA3 | Vivara Participacoes SA | 2.1% | R$14.7M | Trimmed−R$7.7M | ▲ 6.6% | Consumer Durables |
 PNVL3 | Dimed S.A. Distribuidora de Medicamentos | 2.0% | R$14.0M | AddedR$2.2M | ▲ 11.4% | Retail Trade |
 CYRE3 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 1.8% | R$12.6M | Trimmed−R$10.3M | ▲ 26.0% | Finance |
 BBDC3 | Banco Bradesco SA | 0.9% | R$6.2M | Held | ▲ 9.1% | Finance |
 NEOE3 | – | 0.7% | R$5.1M | Held | – | Other |
 PETR3 | Petroleo Brasileiro SA | 0.6% | R$4.0M | Trimmed−R$72.2M | ▲ 20.3% | Energy Minerals |
 AXIA3 | AXIA Energia SA | 0.6% | R$3.8M | Held | ▲ 1.2% | Utilities |
 CYRE4 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 0.5% | R$3.8M | New | ▲ 29.2% | Finance |
 SBSP3 | Companhia de Saneamento Basico do Estado de Sao Paulo SABESP | 0.4% | R$2.6M | Trimmed−R$16.5M | ▲ 2.8% | Utilities |
 B3SA3 | B3 SA - Brasil, Bolsa, Balcao | 0.3% | R$2.4M | AddedR$1.1M | ▲ 28.9% | Finance |
 ITSA4 | Itausa SA | 0.3% | R$2.1M | Held | ▲ 13.0% | Finance |
 WEGE3 | WEG SA | 0.2% | R$1.7M | Held | ▼ 4.4% | Producer Manufacturing |
 BBAS3 | Banco do Brasil S.A. | 0.2% | R$1.6M | Held | ▲ 5.2% | Finance |
 RENT4 | Localiza Rent A Car SA | 0.2% | R$1.4M | Held | ▲ 13.4% | Finance |
 EMBJ3 | Embraer S.A. | 0.2% | R$1.2M | Held | ▲ 18.0% | Electronic Technology |
 ENEV3 | Eneva S.A. | 0.2% | R$1.2M | Held | ▲ 30.4% | Utilities |
 ASAI3 | Sendas Distribuidora SA | 0.1% | R$1.0M | Held | ▲ 47.5% | Retail Trade |
 AXIA7 | AXIA Energia SA | 0.1% | R$878.3K | Held | ▲ 5.0% | Utilities |
 MOVI3 | Movida Participacoes SA | 0.1% | R$765.6K | AddedR$202.7K | ▲ 54.6% | Finance |
 SIMH3 | Simpar SA | 0.1% | R$739.5K | New | ▲ 45.2% | Transportation |
 MULT3 | Multiplan Empreendimentos Imobiliarios SA | 0.1% | R$734.8K | Trimmed−R$299.0K | ▲ 19.3% | Finance |
 ALOS3 | Allos S.A. | 0.1% | R$726.2K | Trimmed−R$136.5K | ▲ 17.7% | Finance |
 GGBR4 | Gerdau S.A. | 0.1% | R$664.2K | AddedR$634.6K | ▲ 38.2% | Non-Energy Minerals |
 RADL3 | Raia Drogasil S.A. | 0.1% | R$622.6K | Held | ▼ 8.2% | Retail Trade |
 CMIG4 | Companhia Energetica de Minas Gerais SA | 0.1% | R$615.7K | Held | ▼ 6.2% | Utilities |
 UGPA3 | Ultrapar Participacoes S.A. | 0.1% | R$562.9K | Held | ▲ 38.5% | Retail Trade |
 ABEV3 | Ambev SA | 0.1% | R$446.0K | Held | ▲ 10.5% | Consumer Non-Durables |
 AZZA3 | Azzas 2154 SA | 0.1% | R$427.0K | AddedR$237.1K | ▲ 5.7% | Consumer Non-Durables |
 VIVT3 | Telefonica Brasil S.A. | 0.1% | R$418.1K | Held | ▼ 21.9% | Communications |
 RAIL3 | Rumo SA | 0.1% | R$399.0K | Held | ▲ 18.8% | Transportation |
 AXIA6 | – | 0.1% | R$364.8K | Held | – | Other |
 LREN3 | Lojas Renner S.A. | 0.0% | R$334.4K | Held | ▼ 0.2% | Retail Trade |
 MOTV3 | Motiva Infraestrutura de Mobilidade SA | 0.0% | R$295.6K | Held | ▲ 29.0% | Transportation |
 EGIE3 | ENGIE Brasil Energia S.A. | 0.0% | R$284.9K | Held | ▼ 4.8% | Utilities |
 CSMG3 | Companhia de Saneamento de Minas Gerais | 0.0% | R$282.7K | Held | ▲ 10.1% | Utilities |
 ISAE4 | Isa Energia Brasil SA | 0.0% | R$276.4K | Held | ▲ 0.0% | Utilities |
 INTB3 | Intelbras SA Industria de Telecomunicacao Eletronica Brasileir | 0.0% | R$272.5K | AddedR$93.8K | ▲ 35.0% | Technology Services |
 NATU3 | Natura Cosmeticos SA | 0.0% | R$272.5K | Held | ▼ 26.7% | Consumer Non-Durables |
 MBRF3 | MBRF Global Foods Company S.A. | 0.0% | R$258.9K | Held | ▼ 14.3% | Consumer Non-Durables |
 CPFE3 | CPFL Energia S.A. | 0.0% | R$229.2K | Held | ▲ 2.7% | Utilities |
 TIMS3 | TIM S.A. | 0.0% | R$222.4K | Held | ▼ 30.7% | Communications |
 GMAT3 | Grupo Mateus SA | 0.0% | R$184.2K | New | ▲ 20.0% | Retail Trade |
 PSSA3 | Porto Seguro S.A. | 0.0% | R$171.7K | Held | ▲ 4.2% | Finance |
 GOAU4 | Metalurgica Gerdau SA | 0.0% | R$160.5K | Held | ▲ 39.7% | Non-Energy Minerals |
 TOTS3 | TOTVS S.A. | 0.0% | R$136.3K | Held | ▲ 20.4% | Technology Services |
Exited this month
Funds
Quota return, after fees
| Fund | Class | AUM | YTD | 12 months | Latest portfolio |
|---|---|---|---|---|---|
| PRINCIPAL CLARITAS BRASILPREV QUANT | Previdência Multimercado Livre | R$98.0M | ▲ 9.4% | ▲ 13.7% | Jun/26 |
| PRINCIPAL CLARITAS LIQUIDEZ MASTER | Multimercados Macro | R$84.4M | ▲ 10.9% | ▲ 14.8% | May/25 |
| PRINCIPAL CLARITAS LONG SHORT MASTER | Multimercados L/S - Direcional | R$78.5M | ▲ 10.0% | ▲ 13.5% | Jun/26 |
| PRINCIPAL CLARITAS PREVIDÊNCIA | Previdência Multimercado Livre | R$52.0M | ▲ 10.5% | ▲ 14.2% | May/25 |
| PRINCIPAL CLARITAS VALOR | Ações Livre | R$51.7M | – | – | Mar/26 |
Past performance is no guarantee of future results.