How we invest

Three mandates

From 2 November 2026 the portfolio runs under three mandates, each with its own written investment policy, goal and loss limits. The family's allocation policy sets how much goes to each.

The portfolio moves to these weights from 2 November 2026 with new money, coupons and maturities; no bond held to maturity is sold to get there, so until then a mandate outside its range is on its way, not in breach.

Macro

Brazil's yield curve and global shares hedged into reais, with a tactical layer in rates, currencies, gold, bitcoin and the index. Each position is sized by what it adds to the portfolio's risk. Loss limits: a review at a 7.5% fall from peak, less risk at 12.5%, a 20% ceiling; at most 30% in unhedged currency.

Equities

Shares listed on B3, held directly and chosen company by company, long-biased; index futures only to set the market exposure and options only to protect. Shares abroad sit in Macro. Loss limits: a review at a 15% fall from peak, less risk at 22.5%, a 30% ceiling; net exposure 70% to 100%, at most 30% sold short.

Credit

Listed credit funds (real-estate, infrastructure and agribusiness receivables) and high-grade private credit held directly: debentures, bank paper and senior receivables funds. Credit analysis by Alexandre Vallim. Loss limits: a review at a 7% fall from peak, less risk at 10%, a 15% ceiling; at most 5% with any one economic group.

The rules from 2 November 2026

Set in October 2026, in force from 2 November 2026, for the whole family portfolio: the family's allocation policy decides how much goes to each mandate, and each mandate follows its own written investment policy. This site does not yet report compliance with these rules.

Goal

Each mandate's goal is set against the CDI or its own benchmark and judged over rolling 36 months; a single year is reported, not judged. The family's benchmark is the three mandates' benchmarks at their target weights. A goal, not a promise or a forecast.

Rebalancing

A mandate 5 points from its target is brought halfway back within 30 days; at the edge of its range, within 15 days. New money, coupons and maturities come first, then futures within each mandate's own rules; nothing held to maturity is sold to rebalance.

Loss limits

Each mandate has three: a fall from peak that brings a written review, a deeper one that cuts its risk by hedging, and a ceiling that calls a meeting. None forces the sale of a bond held to maturity.

Borrowing

None: what each mandate holds is never more than it is worth. Derivatives are listed on B3 and used to hedge or to set an exposure.

Cash

Money set aside for spending is kept outside the portfolio and its goals.

Review

Once a year, or sooner when a holder's tolerance for risk, a mandate's expected return or the expected path of the Selic changes.