Trilha

TRILHA INVESTIMENTOS LTDA

Portfolio as of March 2026compared with February 2026

In stocks

R$648.1M

Stocks

Top 10: 44%

Funds

YTD

▲ 18.1%

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$15.2M
Sells: −R$10.0M
New positions: 1
Exited: 1

Sectors

Finance27.1%
Utilities14.7%
Retail Trade10.5%
Process Industries8.3%
BDRs7.2%
Consumer Non-Durables6.6%

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	6.5%	R$42.1M	Held	▲ 13.0%	Finance
CSAN3	Cosan S.A.	6.0%	R$38.7M	Held	▼ 2.0%	Utilities
SLCE3	SLC Agricola S.A.	4.4%	R$28.5M	Trimmed−R$3.2M	▼ 8.7%	Process Industries
BBDC3	Banco Bradesco SA	4.4%	R$28.3M	AddedR$752.0K	▲ 9.1%	Finance
BRAV3	Brava Energia SA	4.0%	R$25.7M	Trimmed−R$822.8K	▲ 1.9%	Energy Minerals
SUZB3	Suzano S.A.	3.9%	R$25.2M	AddedR$1.8M	▼ 18.3%	Process Industries
GOAU4	Metalurgica Gerdau SA	3.9%	R$25.1M	Held	▲ 39.7%	Non-Energy Minerals
RDOR3	Rede D'Or Sao Luiz SA	3.8%	R$24.9M	AddedR$2.9M	▲ 13.1%	Health Services
AXIA3	AXIA Energia SA	3.6%	R$23.1M	Held	▲ 1.2%	Utilities
UGPA3	Ultrapar Participacoes S.A.	3.5%	R$22.7M	Trimmed−R$1.0M	▲ 38.5%	Retail Trade
WEGE3	WEG SA	3.2%	R$20.8M	Held	▼ 4.4%	Producer Manufacturing
ABCB4	Banco ABC Brasil SA Conv	3.2%	R$20.8M	AddedR$1.2M	▲ 17.5%	Finance
ENEV3	Eneva S.A.	3.0%	R$19.6M	Trimmed−R$1.3M	▲ 30.4%	Utilities
ASAI3	Sendas Distribuidora SA	3.0%	R$19.4M	AddedR$758.4K	▲ 47.5%	Retail Trade
ANIM3	Anima Holding SA	3.0%	R$19.4M	AddedR$645.0K	▲ 19.5%	Consumer Services
B3SA3	B3 SA - Brasil, Bolsa, Balcao	2.8%	R$18.4M	Held	▲ 28.9%	Finance
RENT3	Localiza Rent A Car SA	2.8%	R$18.0M	Held	▲ 12.5%	Finance
MBRF3	MBRF Global Foods Company S.A.	2.7%	R$17.5M	Trimmed−R$1.2M	▼ 14.3%	Consumer Non-Durables
MELI34	MercadoLibre, Inc.	2.5%	R$16.3M	AddedR$742.0K	▲ 5.6%	BDR
EZTC3	EZ TEC Empreendimentos e Participacoes SA	2.4%	R$15.8M	Held	▲ 35.9%	Finance
MULT3	Multiplan Empreendimentos Imobiliarios SA	2.3%	R$15.1M	Held	▲ 19.3%	Finance
VALE3	Vale S.A.	2.2%	R$14.6M	Held	▼ 20.7%	Non-Energy Minerals
RADL3	Raia Drogasil S.A.	2.2%	R$14.0M	Held	▼ 8.2%	Retail Trade
AXIA7	AXIA Energia SA	2.1%	R$13.7M	AddedR$1.2M	▲ 5.0%	Utilities
HAPV3	Hapvida Participacoes e Investimentos SA	2.1%	R$13.5M	AddedR$2.0M	▼ 5.4%	Health Services
CYRE3	Cyrela Brazil Realty SA Empreendimentos e Participacoes	2.1%	R$13.4M	Held	▲ 26.0%	Finance
AZZA3	Azzas 2154 SA	2.0%	R$12.9M	Held	▲ 5.7%	Consumer Non-Durables
NATU3	Natura Cosmeticos SA	1.9%	R$12.3M	Trimmed−R$1.0M	▼ 26.7%	Consumer Non-Durables
GMAT3	Grupo Mateus SA	1.8%	R$12.0M	Held	▲ 20.0%	Retail Trade
ESPA3	MPM Corporeos SA	1.8%	R$11.6M	Held	▼ 30.6%	Consumer Services
MSFT34	Microsoft Corp	1.7%	R$10.9M	Held	▲ 38.3%	BDR
DXCO3	Dexco SA	1.7%	R$10.7M	Held	▲ 75.6%	Producer Manufacturing
NVDC34	NVIDIA Corporation	1.5%	R$9.8M	Held	▲ 20.3%	BDR
ASML34	ASML Holding NV ADR	1.5%	R$9.5M	Held	▲ 21.0%	BDR
CYRE4	Cyrela Brazil Realty SA Empreendimentos e Participacoes	0.5%	R$3.2M	New	▲ 29.2%	Finance
RENT4	Localiza Rent A Car SA	0.1%	R$678.0K	Held	▲ 13.4%	Finance