Trígono Capital

TRÍGONO CAPITAL LTDA

Portfolio as of June 2025compared with May 2025

In stocks

R$1.4B

Stocks

Top 10: 86%

Funds

YTD

▲ 1.4%

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$14.6M
Sells: −R$79.1M
New positions: 1
Exited: 2

Sectors

Producer Manufacturing63.9%
Non-Energy Minerals10.9%
Process Industries9.8%
Commercial Services3.1%
Finance2.4%
Utilities2.4%

Portfolio

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

Stock	Company	% of stock portfolio	Value	Month	Since then	Sector
TUPY3	Tupy S.A.	18.5%	R$257.0M	Held	▲ 12.1%	Producer Manufacturing
LEVE3	Mahle-Metal Leve S.A.	16.9%	R$234.4M	Trimmed−R$6.5M	▲ 28.5%	Producer Manufacturing
KEPL3	Kepler Weber SA	14.8%	R$205.2M	Held	▼ 2.2%	Producer Manufacturing
SHUL4	Schulz S.A.Non-Cum Perp	11.3%	R$156.9M	Trimmed−R$5.3M	▼ 1.7%	Producer Manufacturing
FESA4	Cia de Ferro Ligas da Bahia-Ferbasa	8.4%	R$117.4M	Trimmed−R$6.6M	▼ 2.1%	Non-Energy Minerals
SMTO3	Sao Martinho S.A.	6.0%	R$83.8M	Trimmed−R$13.8M	▲ 21.1%	Process Industries
TTEN3	Tres Tentos Agroindustrial SA	3.1%	R$43.7M	Held	▼ 7.8%	Commercial Services
RSUL4	Metalurgica Riosulense SA	2.6%	R$35.9M	Held	▼ 29.6%	Producer Manufacturing
EUCA4	Eucatex S.A. Industria E Comercio	2.5%	R$34.5M	AddedR$2.2M	▲ 37.6%	Non-Energy Minerals
BAZA3	Banco da Amazonia S.A.	2.2%	R$30.4M	Trimmed−R$8.9M	▲ 4.2%	Finance
WLMM4	WLM Participacoes e Comercio de Maquinas e Veiculos SA	1.9%	R$26.7M	Held	▼ 30.7%	Distribution Services
TGMA3	Tegma Gestao Logistica S.A.	1.9%	R$26.5M	Trimmed−R$878.0K	▲ 43.6%	Transportation
RECV3	Petroreconcavo SA	1.8%	R$25.2M	AddedR$8.8M	▼ 11.1%	Energy Minerals
AURA33	Aura Minerals Inc	1.4%	R$19.5M	Trimmed−R$4.6M	▲ 194.9%	BDR
RANI3	Irani Papel e Embalagem SA	1.2%	R$16.5M	Trimmed−R$14.8M	▲ 13.9%	Process Industries
CEBR5	Companhia Energetica de Brasilia - CEB	0.9%	R$12.5M	Trimmed−R$463.3K	▲ 27.9%	Utilities
CRPG6	Tronox Pigmentos do Brasil SA	0.9%	R$12.1M	Held	▼ 50.2%	Process Industries
JALL3	Jalles Machado SA	0.8%	R$10.9M	AddedR$231.0K	▼ 20.3%	Process Industries
EMAE4	EMAE-Empresa Metropolitana de Aguas e Energia SA	0.8%	R$10.7M	Trimmed−R$1.2M	▲ 37.6%	Utilities
CRPG5	Tronox Pigmentos do Brasil SA	0.7%	R$10.0M	Trimmed−R$464.8K	▼ 40.5%	Process Industries
CEBR3	Companhia Energetica de Brasilia - CEB	0.6%	R$8.8M	Trimmed−R$1.0M	▲ 33.0%	Utilities
PTNT4	–	0.4%	R$5.1M	Trimmed−R$694.6K	–	Other
BBAS3	Banco do Brasil S.A.	0.2%	R$3.3M	New	▲ 9.6%	Finance
SUZB3	Suzano S.A.	0.2%	R$2.6M	Trimmed−R$153.6K	▼ 17.2%	Process Industries
CEBR6	Companhia Energetica de Brasilia - CEB	0.1%	R$1.4M	Trimmed−R$155.8K	▲ 38.7%	Utilities
FESA3	Cia de Ferro Ligas da Bahia	0.0%	R$138.1K	Held	▼ 3.4%	Non-Energy Minerals

Exited this month

JSLG3R$1.9M

PETR4R$11.7M

Funds

Quota return, after fees

Fund	Class	AUM	YTD	12 months	Latest portfolio
TRÍGONO FLAGSHIP SMALL CAPS MASTER	Ações Small Caps	R$200.6M	▼ 4.2%	▲ 13.5%	Mar/26
TRIGONO 70 PREVIDÊNCIA	Previdência Multimercado Livre	R$105.1M	▲ 9.6%	▲ 22.5%	Jun/26
TRÍGONO ICATU 100	Previdência Ações Ativo	R$85.6M	▲ 10.2%	▲ 26.8%	Jun/26
TRIGONO VERBIER MASTER	Ações Livre	R$80.7M	▲ 5.4%	▲ 17.3%	Mar/26
TRIGONO DELPHOS INCOME	Ações Dividendos	R$69.0M	▼ 10.6%	▲ 2.4%	Mar/26
TRIGONO ANTARES	Ações Livre	R$66.2M	–	–	Mar/26

Past performance is no guarantee of future results.