SUL América

SUL AMÉRICA INVESTIMENTOS GESTORA DE RECURSOS S.A.

Portfolio as of March 2026compared with February 2026

In stocks

R$48.2M

Stocks

Top 10: 98%

Funds

YTD

▲ 15.3%

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$3.2M
Sells: −R$3.1M
New positions: 1
Exited: 0

Sectors

Utilities38.5%
Finance24.3%
Consumer Non-Durables14.0%
Commercial Services9.2%
Consumer Services8.1%
Retail Trade5.9%

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
ITSA4	Itausa SA	15.4%	R$7.4M	Held	▲ 13.0%	Finance
EQTL3	Equatorial S.A.	13.3%	R$6.4M	Held	▲ 21.6%	Utilities
NATU3	Natura Cosmeticos SA	12.6%	R$6.1M	Held	▼ 26.7%	Consumer Non-Durables
CSAN3	Cosan S.A.	10.5%	R$5.1M	Held	▼ 2.0%	Utilities
GGPS3	GPS Participacoes e Empreendimentos SA	9.2%	R$4.4M	Held	▼ 2.2%	Commercial Services
RENT3	Localiza Rent A Car SA	8.5%	R$4.1M	Held	▲ 12.5%	Finance
SMFT3	Smartfit Escola de Ginastica e Danca SA	8.1%	R$3.9M	AddedR$388.6K	▲ 33.9%	Consumer Services
ENEV3	Eneva S.A.	7.4%	R$3.6M	Trimmed−R$930.3K	▲ 30.4%	Utilities
ORVR3	Orizon Valorizacao de Residuos SA	7.3%	R$3.5M	Held	▲ 15.2%	Utilities
PGMN3	Empreendimentos Pague Menos SA	5.9%	R$2.9M	New	▼ 8.2%	Retail Trade
VULC3	Vulcabras SA	1.4%	R$691.0K	Trimmed−R$2.2M	▼ 6.2%	Consumer Non-Durables
RENT4	Localiza Rent A Car SA	0.4%	R$199.0K	Held	▲ 13.4%	Finance

Funds

Quota return, after fees

Fund	Class	AUM	YTD	12 months	Latest portfolio
ATHENA TOTAL RETURN MASTER	Ações Invest. no Exterior	R$74.6M	▲ 15.3%	▲ 20.9%	Sep/26

Past performance is no guarantee of future results.