Apoena Research
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; a sub-period holding a deposit or withdrawal of at least a tenth of its opening value that no valuation met within a day is day-weighted instead (Modified Dietz), an approximation. 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.
Period 2026-09, valued 21 September 2026. Read from the ledger f1f52051f5f83891 through exports checked against their manifests (ae1878930e6feb2c, dd6e81ad5a5b9dd1, b73bfbf341e2feaf, 9b6513afbeb96e61, d10a19a37ff8eef4). Generated 2026-09-23T13:01:39+00:00.