Apoena ResearchAs of 21 Sep 2026

Performance

Every portfolio, at the last close.

The four side by side at each one's last month-end close, against the CDI compounded over exactly the same sub-periods.

PortfolioFirst valuationUnit valueAug 2026202612 monthsSince startCDI, same period% of CDIShare of the whole
Δ DeltaPersonal plan · multi-asset31 March 2023106.28+0.91%-5.66%-7.47%+6.28%+51.64%12.16%48.50%
Θ ThetaPersonal plan · carry30 June 2024127.07+1.05% °+8.86%+13.18%+27.07%+31.64%85.55%29.44%
Γ GammaCompany treasury31 January 2026103.33-0.70%+3.33%—+3.33%+8.07%41.32%4.26%
ρ RhoCompany treasury · fixed income31 May 2026103.47+1.12% °+3.47%—+3.47%+3.47%100.20%17.80%

Each portfolio at its last month-end close (Δ Delta 30 August 2026; Θ Theta 30 August 2026; Γ Gamma 31 August 2026; ρ Rho 31 August 2026), where the CDI series read here reaches every one of them. The unit value is 100 at the portfolio's first complete valuation. “—”: fewer than twelve months of record. ° marks a month that was day-weighted and restated. The share of the whole is at 21 September 2026, the latest valuation.

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.

The whole

Each one's share.

Each portfolio's share of the wholeΔ Delta 48.50%; Θ Theta 29.44%; Γ Gamma 4.26%; ρ Rho 17.80%Δ Delta: 48.50%Θ Theta: 29.44%Γ Gamma: 4.26%ρ Rho: 17.80%4portfolios
  • 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.

Returns

How each has moved.

Each portfolio's return since its first valuationΔ Delta: 42 point(s) drawn, 0 with no value; Θ Theta: 29 point(s) drawn, 0 with no value; Γ Gamma: 9 point(s) drawn, 0 with no value; ρ Rho: 6 point(s) drawn, 0 with no value0%+5%+10%+15%+20%+25%202420252026Δ Delta: 8.66 on 2026-09-21Θ Theta: 27.60 on 2026-09-21Γ Gamma: 7.22 on 2026-09-21ρ Rho: 4.19 on 2026-09-21Θ Theta +27.60%Δ Delta +8.66%Γ Gamma +7.22%ρ Rho +4.19%
Each line is one portfolio's time-weighted return, in percent, from its own first complete valuation to the latest; 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).

Below each one's own high

Each portfolio's distance below its own highest pointΔ Delta: 42 point(s) drawn, 0 with no value; Θ Theta: 29 point(s) drawn, 0 with no value; Γ Gamma: 9 point(s) drawn, 0 with no value; ρ Rho: 6 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%202420252026Δ Delta: -5.40 on 2026-09-21Θ Theta: 0.00 on 2026-09-21Γ Gamma: 0.00 on 2026-09-21ρ Rho: 0.00 on 2026-09-21Θ Theta 0.00%Γ Gamma 0.00%ρ Rho 0.00%Δ Delta -5.40%
How far each portfolio stood below the highest point its own record had reached, in percent, at each valuation point; each line's lowest point is its maximum drawdown. Δ Delta 42 point(s); Θ Theta 29 point(s); Γ Gamma 9 point(s); ρ Rho 6 point(s).

By calendar year

Each portfolio's return in each calendar year, against the CDI9 bar(s) in 4 group(s), zero on the axis0%+5%+10%+15%Δ Delta 2023: +8.08%, part of the yearThe CDI 2023, over Δ Delta's months: +9.48%2023Δ Delta 2024: -1.68%The CDI 2024, over Δ Delta's months: +10.88%Θ Theta 2024: +4.11%, part of the yearThe CDI 2024, over Θ Theta's months: +5.38%2024Δ Delta 2025: +6.02%The CDI 2025, over Δ Delta's months: +14.32%Θ Theta 2025: +12.12%The CDI 2025, over Θ Theta's months: +14.32%2025Δ Delta 2026: -3.55%, to dateΘ Theta 2026: +9.32%, to dateΓ Gamma 2026: +7.22%, to dateρ Rho 2026: +4.19%, to date2026
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.
Portfolio2023202420252026
Δ Delta+8.08% part of the yearCDI +9.48%-1.68%CDI +10.88%+6.02%CDI +14.32%-3.55% to date
Θ Theta—+4.11% part of the yearCDI +5.38%+12.12%CDI +14.32%+9.32% to date
Γ Gamma———+7.22% to date
ρ Rho———+4.19% 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, to the latest valuation. Beneath each return, the CDI compounded over exactly the same sub-periods.

Month by month

Every month, all four.

Δ Delta

JanFebMarAprMayJunJulAugSepOctNovDecYearCDI% of CDI
2026to date1.25%-6.68%°1.43%-0.70%-2.32%-2.94%°3.62%0.91%2.24%-3.55%°+9.27%¹-61.11%¹
2025-1.32%°-2.38%-1.83%2.30%4.62%-3.11%°5.71%°4.27%°-1.49%°-1.41%°0.41%°0.57%°+6.02%°+14.32%42.02%
20240.48%0.97%0.91%-0.40%°0.60%°0.80%0.95%-4.16%-0.09%0.60%0.02%-2.24%-1.68%°+10.88%-15.46%
2023part of the year0.30%0.33%°2.06%1.13%—-0.24%°²-0.01%2.30%1.97%+8.08%°+9.48%85.25%

° Day-weighted: the month held a deposit or withdrawal of at least a tenth of its sub-period's opening value that no valuation met within a day, so every deposit and withdrawal of that sub-period counts from the day it arrived (Modified Dietz), an approximation still; restated on 22 September 2026: Feb 2026 -6.32% to -6.68%; Jun 2026 -2.88% to -2.94%; 2026 -3.12% to -3.55%; 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%; 2025 +6.62% to +6.02%; Apr 2024 -0.40% to -0.40%; May 2024 +0.64% to +0.60%; 2024 -1.65% to -1.68%; May 2023 +0.32% to +0.33%; Sep 2023 -1.82% to -0.24%; 2023 +6.37% to +8.08%.

— No complete valuation that month; the next month's figure covers both.

² Sep 2023 covers the months from 31 July 2023.

Italic: the month still open, to the latest valuation, 21 September 2026.

¹ 2026's CDI and share of it run to the 30 August 2026 close, over the year's return to that close (-5.66%); the Year column runs to the latest valuation.

Θ Theta

JanFebMarAprMayJunJulAugSepOctNovDecYearCDI% of CDI
2026to date1.04%0.67%-4.91%°1.42%1.16%7.97%°0.55%°1.05%°0.42%+9.32%°+9.27%¹95.65%¹
20250.85%°0.75%°1.23%1.07%1.07%0.92%1.14%0.57%1.02%1.04%°0.82%1.03%°+12.12%°+14.32%84.59%
2024part of the year0.92%0.69%°0.85%0.93%0.32%0.34%+4.11%°+5.38%76.34%

° Day-weighted: the month held a deposit or withdrawal of at least a tenth of its sub-period's opening value that no valuation met within a day, so every deposit and withdrawal of that sub-period counts from the day it arrived (Modified Dietz), an approximation still; restated on 22 September 2026: 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%; 2026 +17.30% to +9.32%; 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%; 2025 +11.75% to +12.12%; Aug 2024 +0.70% to +0.69%; 2024 +4.11% to +4.11%.

Italic: the month still open, to the latest valuation, 21 September 2026.

¹ 2026's CDI and share of it run to the 30 August 2026 close, over the year's return to that close (+8.86%); the Year column runs to the latest valuation.

Γ Gamma

JanFebMarAprMayJunJulAugSepOctNovDecYearCDI% of CDI
2026to date1.10%1.33%1.20%-0.07%-1.55%2.03%-0.70%3.77%+7.22%+8.07%¹41.32%¹

Italic: the month still open, to the latest valuation, 21 September 2026.

¹ 2026's CDI and share of it run to the 31 August 2026 close, over the year's return to that close (+3.33%); the Year column runs to the latest valuation.

ρ Rho

JanFebMarAprMayJunJulAugSepOctNovDecYearCDI% of CDI
2026to date1.12%1.20%1.12%°0.69%°+4.19%°+3.47%¹100.20%¹

° Day-weighted: the month held a deposit or withdrawal of at least a tenth of its sub-period's opening value that no valuation met within a day, so every deposit and withdrawal of that sub-period counts from the day it arrived (Modified Dietz), an approximation still; restated on 22 September 2026: Aug 2026 +6.03% to +1.12%; Sep 2026 +0.74% to +0.69%; 2026 +9.30% to +4.19%.

Italic: the month still open, to the latest valuation, 21 September 2026.

¹ 2026's CDI and share of it run to the 31 August 2026 close, over the year's return to that close (+3.47%); the Year column runs to the latest valuation.