One portfolio · three mandates
The family portfolio
Every account the family holds, valued together on one rule at one date and measured against the CDI.
October so far, to 19 Oct: +2.34%°. Not part of any figure above.
Returns to 30 September 2026, the last month-end valuation, in reais, before personal tax · record before the mandates of 2 November 2026 · ° estimated month: a large deposit arrived on a day with no valuation · past performance is no guarantee of future results. How we measure →
Return
Against the CDI
- The family portfolio
- CDI
- estimated month
- Point at the chart for any month
The family portfolio +5.01%CDI +4.59%Difference +0.42 pts
| Date | The family portfolio, cumulative | CDI, cumulative |
|---|---|---|
| 31 May 2026 | 0.00% | 0.00% |
| 30 Jun 2026° | −1.34% | +1.12% |
| 31 Jul 2026° | +1.21% | +2.35% |
| 31 Aug 2026° | +2.17% | +3.47% |
| 21 Sep 2026 | +3.71% | +4.22% |
| 30 Sep 2026 | +5.01% | +4.59% |
Growth since 31 May 2026, in %, to 30 Sep 2026.
Month by month
Up in 3 of 4 months
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | CDI | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026to Sep | −1.34° | +2.59° | +0.95° | +2.78 | +2.34°to 19 Oct | +5.01 | +4.59 |
2026 (to Sep)+5.01% · CDI +4.59%
% per month. ° Estimated: a large deposit or withdrawal arrived on a day with no valuation, so the month counts it from the day it arrived. Hatched: the month so far, not in the year.
Holdings · at 19 Oct 2026
What it owns
Fixed income19 holdings63.67%+1.59%since purchase
- Bank notes (LCI, LCA)3 holdings35.55%+0.37%
- Bank deposits (CDB)7 holdings14.28%+1.78%
- Credit and fixed-income funds5 holdings11.59%+4.30%
- Corporate bonds (debentures)2 holdings1.62%+4.25%
- Real-estate receivables (CRI)2 holdings0.64%+13.06%
Brazilian equities22 holdings14.28%+3.31%since purchase
- Brazilian shares22 holdings14.28%+3.31%
Alternatives5 holdings6.52%+5.62%since purchase
- Multi-strategy and infrastructure funds2 holdings4.93%+3.94%
- Listed alternative funds2 holdings1.40%+7.53%
- Structured notes (COE)1 holding0.19%+48.17%
- Other alternatives0 holdings0.00%—
Government bonds5 holdings6.32%+1.93%since purchase
- Inflation-linked Treasury bonds (NTN-B)2 holdings4.03%+1.19%
- Fixed-rate Treasury bonds with coupons (NTN-F)2 holdings1.32%+2.16%
- Fixed-rate Treasury bonds (LTN)1 holding0.97%+4.80%
Crypto5 holdings3.40%−24.47%since purchase
- Coins5 holdings3.40%−24.47%
Real estate funds10 holdings2.59%−4.42%since purchase, on 9 of 10
- Real-estate funds (FIIs)10 holdings2.59%−4.42%on 9 of 10
Cash5 holdings2.16%—
- Cash and the overnight repo5 holdings2.16%—
International equities2 holdings1.05%+16.89%since purchase
- US shares through BDRs2 holdings1.05%+16.89%
Weights of the portfolio's value at the latest valuation, 19 October 2026. Gain since purchase is what the holdings are worth against what was paid for them, before any income they paid; it is not a return. Open a class to see its niches.
Risk
How much it swings
Too short for volatility and the Sharpe ratio: they need 12 monthly returns and arrive with the May 2027 figures if every month closes. Worst fall so far −1.34%, May 2026 → Jun 2026.
Distance below the previous high
From 2 November 2026
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.
Macro
45%of the portfolio · range 40% to 50%
CDI + 3.0% a year over rolling 36 months
Benchmark: 57% Brazil's five-year fixed rate, 39% the S&P 500 hedged into reais, 4% CDI
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
10%of the portfolio · range 5% to 15%
1.0 point a year above its benchmark over rolling 36 months
Benchmark: 85% Ibovespa, 15% CDI
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
45%of the portfolio · range 40% to 50%
CDI + 1.75% a year over rolling 36 months
Benchmark: the CDI
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 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.
Policy
The rules from 2 November 2026
- Mandates: Macro 45%, Equities 10% and Credit 45% from 2 November 2026, each within its range (How we invest).
- Goals: Macro CDI + 3.0% a year; Equities 1.0 point a year above 85% Ibovespa and 15% CDI; Credit CDI + 1.75% a year; each over 36 months. Goals, not promises.
- Loss limits: one per mandate, each a written review, a cut in risk and a ceiling; never a forced sale of a bond held to maturity.
- No borrowing: what the portfolio holds is never more than it is worth.