SVN

SVN GESTORA DE RECURSOS LTDA

Portfolio as of November 2025compared with October 2025

In stocks

R$40.3M

Stocks

Top 10: 100%

Funds

YTD

▲ 20.1%

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$9.7M
Sells: −R$10.3M
New positions: 3
Exited: 2

Sectors

Utilities20.3%
Technology Services17.5%
Health Services17.4%
BDRs13.9%
Consumer Non-Durables13.7%
Energy Minerals9.9%

Portfolio

All of the manager's funds combined · since then: today's price vs. Nov/25

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
CSAN3	Cosan S.A.	20.2%	R$8.2M	AddedR$2.6M	▼ 14.4%	Utilities
INTB3	Intelbras SA Industria de Telecomunicacao Eletronica Brasileir	17.5%	R$7.0M	Trimmed−R$3.5M	▲ 51.8%	Technology Services
HAPV3	Hapvida Participacoes e Investimentos SA	17.4%	R$7.0M	AddedR$930.6K	▼ 32.3%	Health Services
MELI34	MercadoLibre, Inc.	13.9%	R$5.6M	AddedR$4.0M	▼ 15.1%	BDR
AZZA3	Azzas 2154 SA	13.7%	R$5.5M	Trimmed−R$4.7M	▼ 6.2%	Consumer Non-Durables
PRIO3	Prio SA	9.9%	R$4.0M	Trimmed−R$223.3K	▲ 91.5%	Energy Minerals
BEEF3	Minerva S.A.	2.7%	R$1.1M	New	▼ 30.5%	Distribution Services
SUZB3	Suzano S.A.	2.6%	R$1.0M	New	▼ 10.9%	Process Industries
HYPE3	Hypera S.A.	1.3%	R$503.8K	Held	▲ 1.7%	Health Technology
BBAS3	Banco do Brasil S.A.	0.7%	R$274.1K	Trimmed−R$1.1M	▲ 7.7%	Finance
COCE5	Companhia Energetica do Ceara-COELCE	0.1%	R$30.7K	Trimmed−R$205.7K	▲ 23.5%	Utilities
AXIA3	AXIA Energia SA	0.0%	R$1.3K	New	▼ 5.2%	Utilities
ALOS3	Allos S.A.	0.0%	R$453.6	Held	▲ 25.9%	Finance