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 one of at least a tenth of the sub-period's opening value met no valuation within a day, every deposit and withdrawal of that sub-period is instead counted from the day it arrived (a day-weighted return, Modified Dietz, since 22 September 2026).
Such a sub-period's return is an approximation still, ringed on each portfolio's curve and marked in its month table: Δ Delta 14 of 41; Θ Theta 9 of 28; ρ Rho 2 of 5 sub-periods.
Restated on 22 September 2026 when large deposits began to count from the day they arrived, Δ Delta: since Mar 2023 +8.07% to +8.66%; May 2023 +0.32% to +0.33%; Sep 2023 -1.82% to -0.24%; Apr 2024 -0.40% to -0.40%; May 2024 +0.64% to +0.60%; Jan 2025 -0.96% to -1.32%; Jun 2025 -3.25% to -3.11%; Jul 2025 +6.74% to +5.71%; Aug 2025 +3.46% to +4.27%; Sep 2025 -1.63% to -1.49%; Oct 2025 -1.45% to -1.41%; Nov 2025 +0.54% to +0.41%; Dec 2025 +0.80% to +0.57%; Feb 2026 -6.32% to -6.68%; Jun 2026 -2.88% to -2.94%.
Restated on 22 September 2026 when large deposits began to count from the day they arrived, Θ Theta: since Jun 2024 +36.48% to +27.60%; Aug 2024 +0.70% to +0.69%; Jan 2025 +0.80% to +0.85%; Feb 2025 +0.55% to +0.75%; Oct 2025 +1.11% to +1.04%; Dec 2025 +0.88% to +1.03%; Mar 2026 -2.85% to -4.91%; Jun 2026 +13.12% to +7.97%; Jul 2026 +0.74% to +0.55%; Aug 2026 +1.09% to +1.05%.
Restated on 22 September 2026 when large deposits began to count from the day they arrived, ρ Rho: since May 2026 +9.30% to +4.19%; Aug 2026 +6.03% to +1.12%; Sep 2026 +0.74% to +0.69%.
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. A portfolio's figures are stated at its last month-end close, the last point the CDI series read here reaches for every portfolio; a share of the CDI is the portfolio's return over the CDI's over the same sub-periods.
A period on a portfolio's page runs from a month-end close to the last one: three, six, twelve and twenty-four months back, the year to date, a calendar year or since the first valuation. Its deepest fall is measured against the highest point the portfolio's own record had reached, and its best and worst month are its monthly observations, returns between consecutive month-end closes.
The distance below the highest point is read at the valuation points, and its lowest point is the maximum drawdown each portfolio's page prints: the site 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 in each page's footer by its fingerprint.

Disclosures

What this site 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; 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.