Portfolio analytics

Four portfolios.

Apoena Research runs four portfolios: two personal multi-asset plans and two company treasuries. Each is shown here on its own, by its codename — its share of the whole, its return since its first complete valuation, what it holds and how much it has moved — in percentages only.

Δ Delta48.50%
Θ Theta29.44%
Γ Gamma4.26%
ρ Rho17.80%

Each portfolio's share of everything Apoena Research reports on, at 21 September 2026: a percentage of the whole, never an amount.

Before 1 October 2026

The written investment policy takes effect on 1 October 2026. Every figure on this page is from before it: the portfolios' history, shown so that nothing is left out, and not yet a record kept under the policy.

Percentages only

Every figure on this page is a return, a weight or a count, read as of 21 September 2026 from exports checked against their own manifests. No amount, no name and no account is printed.

Portfolio 1

Δ Delta

The book that moves with the market: listed shares at home and abroad, the crypto account and the fixed income beside them.

This period: 30 August 2026 to 21 September 2026.

Portfolio 2

Θ Theta

Carry: the overnight repo, government bonds and bank paper, earning the rate as the days pass.

Share29.44%

Since Jun 2024+36.48%

This period+0.42%

Valuations29

This period: 30 August 2026 to 21 September 2026.

Portfolio 3

Γ Gamma

The first company's book, the widest mix of the four: funds, bank paper, government bonds and listed shares.

This period: 6 September 2026 to 21 September 2026.

Portfolio 4

ρ Rho

The second company's book, fixed income alone: what moves it is the rate.

This period: 31 August 2026 to 21 September 2026.

Returns

How each portfolio has moved.

Time-weighted returns, chained from one complete valuation to the next, in Brazilian reais.

Δ Delta
Θ Theta
Γ Gamma
ρ Rho

Each line is one portfolio's time-weighted return, in percent, from its own first complete valuation; each starts at zero on its own date. Δ Delta 42 point(s); Θ Theta 29 point(s); Γ Gamma 9 point(s); ρ Rho 6 point(s).

By calendar year

Δ Delta
Θ Theta
Γ Gamma
ρ Rho
The CDI over the same months

Each bar is one portfolio's time-weighted return in a calendar year, in percent; the rule across it is the CDI compounded over the same months. The table below gives every figure, and marks a year the portfolio held for only part of. The bars of 2026 carry no CDI rule where the CDI series read here does not yet cover the year's last sub-period. 9 bar(s); zero is on the axis.

Portfolio	2023	2024	2025	2026
Δ Delta	+6.37% part of the yearCDI +9.48%	-1.65%CDI +10.88%	+6.62%CDI +14.32%	-3.12% to date
Θ Theta	—	+4.11% part of the yearCDI +5.38%	+11.75%CDI +14.32%	+17.30% to date
Γ Gamma	—	—	—	+7.22% to date
ρ Rho	—	—	—	+9.30% to date

Method

A year reads 'part of the year' where the portfolio's first or last valuation in it is not the year's own boundary, and 'to date' for the year still open. Beneath each return, the CDI compounded over exactly the same sub-periods.

Each against the CDI

Against the CDI

Δ Delta

+8.07% from 31 March 2023 to 21 September 2026. The CDI series read here does not yet cover 30 August 2026 to 21 September 2026; to 30 August 2026, over the same sub-periods, Δ Delta returned +5.70% and the CDI +51.64%. 14 of its 41 sub-periods, ringed on the curve, are approximations: a deposit or withdrawal of more than 10% of the value was not valued on its own day.

Δ Delta
CDI
An approximation

Δ Delta and the CDI compounded over exactly the same sub-periods, in percent. Δ Delta 42 point(s), 14 ringed; CDI 41 point(s), 1 with no value and not drawn.

Against the CDI

Θ Theta

+36.48% from 30 June 2024 to 21 September 2026. The CDI series read here does not yet cover 30 August 2026 to 21 September 2026; to 30 August 2026, over the same sub-periods, Θ Theta returned +35.91% and the CDI +31.64%. 9 of its 28 sub-periods, ringed on the curve, are approximations: a deposit or withdrawal of more than 10% of the value was not valued on its own day.

Θ Theta
CDI
An approximation

Θ Theta and the CDI compounded over exactly the same sub-periods, in percent. Θ Theta 29 point(s), 9 ringed; CDI 28 point(s), 1 with no value and not drawn.

Against the CDI

Γ Gamma

+7.22% from 31 January 2026 to 21 September 2026. The CDI series read here does not yet cover 31 August 2026 to 21 September 2026; to 31 August 2026, over the same sub-periods, Γ Gamma returned +3.33% and the CDI +8.07%.

Γ Gamma
CDI

Γ Gamma and the CDI compounded over exactly the same sub-periods, in percent. Γ Gamma 9 point(s); CDI 8 point(s), 1 with no value and not drawn.

Against the CDI

ρ Rho

+9.30% from 31 May 2026 to 21 September 2026. The CDI series read here does not yet cover 12 September 2026 to 21 September 2026; to 12 September 2026, over the same sub-periods, ρ Rho returned +8.97% and the CDI +3.90%. 2 of its 5 sub-periods, ringed on the curve, are approximations: a deposit or withdrawal of more than 10% of the value was not valued on its own day.

ρ Rho
CDI
An approximation

ρ Rho and the CDI compounded over exactly the same sub-periods, in percent. ρ Rho 6 point(s), 2 ringed; CDI 5 point(s), 1 with no value and not drawn.

Assets

What each portfolio holds.

Each portfolio's asset mix at the date, as weights of its own value, and its largest holdings.

Asset mix

Δ Delta

Government bonds14.52%
Fixed income33.53%
Brazilian equities13.26%
International equities2.26%
Real estate & alternatives23.77%Alternatives 18.52% · REITs / FIIs 5.26%
Crypto11.89%
Cash0.77%

Weights of the portfolio's value at the date, by asset class. Real estate funds and alternatives share a colour, and the key gives each its own weight.

Largest holdings

Holding	Weight
ETHCrypto	11.27%
NTN-B - AGO/2030Government bonds	10.56%
CDB BANCO XP S.A. - AGO/2030Fixed income	10.28%
Leto Corporate FIC de FIF RF CP LP - Feeder III - RLFixed income	8.89%
SPX Seahawk Deb Incentivadas Advisory FIF CIC Incentivado…Real estate & alternatives	8.58%

Asset mix

Θ Theta

Arrives with the next close

Theta's asset mix returns with the next close. Its September statement carries the overnight cash sweep under a name the classification does not yet recognise, so the sweep reads as Brazilian equities; a weight is not published until it is right.

Asset mix

Γ Gamma

Government bonds22.40%
Fixed income30.64%
Brazilian equities16.93%
International equities11.38%
Real estate & alternatives14.61%
Cash4.04%

Weights of the portfolio's value at the date, by asset class. Real estate funds and alternatives share a colour, and the key gives each its own weight.

Largest holdings

Holding	Weight
NTN-B - MAI/2027Government bonds	22.40%
Itaú Optimus Distribuidores FIF CIC RF LP - Resp LimitadaFixed income	19.26%
Leto Corporate FIC de FIF RF CP LP - Feeder III - RLFixed income	11.38%
M1TA34International equities	11.38%
BPAC11Brazilian equities	5.69%

Asset mix

ρ Rho

Arrives with the next close

Rho's asset mix returns with the next close. Its September statement carries the overnight cash sweep under a name the classification does not yet recognise, so the sweep reads as Brazilian equities; a weight is not published until it is right.

Risk

How much each has moved about.

Δ Delta
Θ Theta
Γ Gamma
ρ Rho

How far each portfolio stood below the highest point its own chain had reached, in percent, at each valuation point; zero is a new high, and each line's lowest point is the maximum drawdown in the table. Δ Delta's deepest fall, Aug 2025 to Jun 2026, runs through 6 sub-period(s) whose return is an approximation. Θ Theta's deepest fall, Feb 2026 to Mar 2026, runs through 1 sub-period(s) whose return is an approximation. Δ Delta 42 point(s); Θ Theta 29 point(s); Γ Gamma 9 point(s); ρ Rho 6 point(s).

Portfolio	Volatility	Max drawdown	Sharpe	Sortino	Monthly observations
Δ Delta	8.37%	-10.97% Aug 2025 to Jun 2026	-1.15	-1.26	39
Θ Theta	2.75%	-2.85% Feb 2026 to Mar 2026	-1.40	-1.27	25
Γ Gamma	—	-1.62% Apr 2026 to Jun 2026	—	—	7
ρ Rho	—	0.00% no fall yet	—	—	3

Method

Volatility is the sample standard deviation of the monthly returns, annualised by the square root of twelve; the drawdown is measured at the valuation points; Sharpe and Sortino take the CDI as the risk-free rate. A statistic is printed only once enough monthly observations exist, and every one here is an estimate from a short record.

Not yet computed

Γ Gamma, volatility: 7 of 12 monthly observations; first possible 28 February 2027 if every month-end from 31 October 2026 on is a closing point
ρ Rho, volatility: 3 of 12 monthly observations; first possible 30 June 2027 if every month-end from 31 October 2026 on is a closing point

Policy · in force from 1 October 2026

The investment policy

The rules the portfolios are managed under from the inception date, as decided on 14 September 2026.

Objective for the two personal plans: 110% of the CDI a year, before tax, counted from the inception date. Each company treasury follows a policy of its own.
Each personal plan follows a written plan with its own drawdown limit: 10% for one and 20% for the other. A breach of a drawdown limit brings a written review; it never forces a sale.
Rebalancing: each sleeve may drift from its target by a quarter of the target, never by less than 2 points and never by more than 5. A sleeve outside its band is brought back within a month. The portfolios are reviewed quarterly and read monthly.
Concentration: at most 10% in any one share, fund or coin, and at most 15% with any one banking group. Government bonds are not capped. The five largest holdings are at most 60%, counting credit and equity only. Credit issued by the custodian's own bank is at most 15% of each portfolio.
Deposit insurance: bank deposits and bank paper stay within the Brazilian deposit guarantee (FGC) per holder and institution.
Cash: a reserve held inside a plan is outside its return goal; money earmarked for transfer is held outside the portfolios.
Target weights for each sleeve are set per plan and are published with the first figures after inception.

Method

How the figures are made

Each portfolio is valued on its own: every account it holds, on one valuation rule at each date. A date is a valuation point only when every one of its accounts is valued on it; a month without one is left out and named, never filled in.
Returns are time-weighted and chain-linked between those complete valuation points. A deposit or withdrawal is taken at the end of the sub-period it falls in.
Where a deposit or withdrawal of more than a tenth of the value was not valued on its own day, that sub-period's return is an approximation, ringed on each portfolio's curve: Δ Delta 14 of 41; Θ Theta 9 of 28; ρ Rho 2 of 5 sub-periods.
The CDI is Banco Central do Brasil's daily series (SGS 12), compounded over exactly each portfolio's own sub-periods, in each calendar year and over the whole record.
The distance below the highest point is read at the same valuation points, and its lowest point is the maximum drawdown the risk table prints: the page is not written if the two differ.
A share of the whole is a portfolio's value over the value of all the portfolios together, on the same ledger at the same date; the four shares make one whole.
Every figure is read from an export that was checked, file by file, against its own manifest before it was read; the ledger it comes from is named below by its fingerprint.

Disclosures

What this page is, and is not

These are proprietary, family and company accounts, not third-party mandates. Apoena Research manages no outside money and offers no product, advice or recommendation; this page describes what the accounts did.
Returns are time-weighted, in Brazilian reais, net of trading costs and of taxes withheld at source, and before any tax the holders pay directly. No management or performance fee is charged.
Valuations are the custodians' own statement values. Foreign holdings are converted at the Banco Central do Brasil's PTAX rate, and crypto is priced at a dated market price. Nothing is interpolated: a month without a complete valuation is a gap, and it is named.
Each portfolio is shown on its own; no composite of them is claimed, and the shares of the whole describe their size relative to each other, not a return.
The record is short, and every risk statistic here is an estimate from a small sample of months. Past performance does not guarantee future results.