Apoena ResearchAs of 21 Sep 2026

Portfolio 1 · Personal plan · multi-asset

Δ Delta

The book that moves with the market: listed shares at home and abroad, the crypto account and the fixed income beside them.

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.

Objective

110% of the CDI a year, before tax

In force from 1 October 2026. Everything before that date is history, shown so that nothing is left out.

CloseUnit valueAug 20262026 to the close12 monthsSince startCDI, same period% of CDIShare of the wholeValuations
30 August 2026106.28+0.91%-5.66%-7.47%+6.28%+51.64%12.16%48.50%42

At the 30 August 2026 close, the last month-end the CDI series read here reaches; the unit value is 100 at the first complete valuation, 31 March 2023. Since the close: the valuation of 21 September 2026, +8.66% since the start, in the month table below. The share of the whole and the count of valuations are at 21 September 2026.

Performance

Choose a period.

A preset or a calendar year: the chart and the figures under it follow. The figures run to the last month-end close, against the CDI compounded over exactly the same sub-periods; the curve runs on to the latest valuation.

  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 3M: from 31 May 2026Δ Delta: 5 point(s) drawn, 0 with no value; CDI: 4 point(s) drawn, 1 with no value-2%0%+2%+4%Jun 2026Jul 2026Aug 2026Sep 2026Δ Delta 2026-06-30: a return that is an approximationΔ Delta: 3.76 on 2026-09-21CDI: 3.41 on 2026-08-30Δ Delta +3.76%CDI +3.41%
Δ Delta and the CDI, each from zero at 31 May 2026, in percent. Δ Delta 5 point(s), 1 ringed; CDI 4 point(s), 1 with no value and not drawn.
  • Δ Delta
Δ Delta: distance below its own highest point, 3MΔ Delta: 5 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%Jun 2026Jul 2026Aug 2026Sep 2026Δ Delta: -5.40 on 2026-09-21Δ Delta -5.40%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 5 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 30 August 2026 close, the last month-end the CDI series read here reaches.

Return+1.48%31 May 2026 to the 30 August 2026 close
CDI+3.41%Over the same sub-periods
% of CDI43.47%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-11.50%Aug 2025 to Jun 2026
Best · worst month+3.62% · -2.94%Jul 2026 · Jun 2026; 3 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 6M: from 28 February 2026Δ Delta: 8 point(s) drawn, 0 with no value; CDI: 7 point(s) drawn, 1 with no value-4%-2%0%+2%+4%+6%Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Δ Delta 2026-06-30: a return that is an approximationΔ Delta: 2.08 on 2026-09-21CDI: 6.94 on 2026-08-30CDI +6.94%Δ Delta +2.08%
Δ Delta and the CDI, each from zero at 28 February 2026, in percent. Δ Delta 8 point(s), 1 ringed; CDI 7 point(s), 1 with no value and not drawn.
  • Δ Delta
Δ Delta: distance below its own highest point, 6MΔ Delta: 8 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Δ Delta: -5.40 on 2026-09-21Δ Delta -5.40%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 8 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 30 August 2026 close, the last month-end the CDI series read here reaches.

Return-0.16%28 February 2026 to the 30 August 2026 close
CDI+6.94%Over the same sub-periods
% of CDI-2.32%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-11.50%Aug 2025 to Jun 2026
Best · worst month+3.62% · -2.94%Jul 2026 · Jun 2026; 6 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, YTD: from 31 December 2025Δ Delta: 10 point(s) drawn, 0 with no value; CDI: 9 point(s) drawn, 1 with no value-10%-5%0%+5%+10%Jan 2026Feb 2026Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Δ Delta 2026-02-28: a return that is an approximationΔ Delta 2026-06-30: a return that is an approximationΔ Delta: -3.55 on 2026-09-21CDI: 9.27 on 2026-08-30CDI +9.27%Δ Delta -3.55%
Δ Delta and the CDI, each from zero at 31 December 2025, in percent. Δ Delta 10 point(s), 2 ringed; CDI 9 point(s), 1 with no value and not drawn.
  • Δ Delta
Δ Delta: distance below its own highest point, YTDΔ Delta: 10 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%Jan 2026Feb 2026Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Δ Delta: -5.40 on 2026-09-21Δ Delta -5.40%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 10 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 30 August 2026 close, the last month-end the CDI series read here reaches.

Return-5.66%31 December 2025 to the 30 August 2026 close
CDI+9.27%Over the same sub-periods
% of CDI-61.11%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-11.50%Aug 2025 to Jun 2026
Best · worst month+3.62% · -6.68%Jul 2026 · Feb 2026; 8 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 12M: from 31 August 2025Δ Delta: 14 point(s) drawn, 0 with no value; CDI: 13 point(s) drawn, 1 with no value-10%-5%0%+5%+10%+15%Sep 2025Nov 2025Jan 2026Mar 2026May 2026Jul 2026Sep 2026Δ Delta 2025-09-30: a return that is an approximationΔ Delta 2025-10-31: a return that is an approximationΔ Delta 2025-11-30: a return that is an approximationΔ Delta 2025-12-31: a return that is an approximationΔ Delta 2026-02-28: a return that is an approximationΔ Delta 2026-06-30: a return that is an approximationΔ Delta: -5.40 on 2026-09-21CDI: 14.57 on 2026-08-30CDI +14.57%Δ Delta -5.40%
Δ Delta and the CDI, each from zero at 31 August 2025, in percent. Δ Delta 14 point(s), 6 ringed; CDI 13 point(s), 1 with no value and not drawn.
  • Δ Delta
Δ Delta: distance below its own highest point, 12MΔ Delta: 14 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%Sep 2025Nov 2025Jan 2026Mar 2026May 2026Jul 2026Sep 2026Δ Delta: -5.40 on 2026-09-21Δ Delta -5.40%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 14 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 30 August 2026 close, the last month-end the CDI series read here reaches.

Return-7.47%31 August 2025 to the 30 August 2026 close
CDI+14.57%Over the same sub-periods
% of CDI-51.28%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-11.50%Aug 2025 to Jun 2026
Best · worst month+3.62% · -6.68%Jul 2026 · Feb 2026; 12 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 2Y: from 31 August 2024Δ Delta: 26 point(s) drawn, 0 with no value; CDI: 25 point(s) drawn, 1 with no value0%+10%+20%+30%20252026Δ Delta 2025-01-31: a return that is an approximationΔ Delta 2025-06-30: a return that is an approximationΔ Delta 2025-07-31: a return that is an approximationΔ Delta 2025-08-31: a return that is an approximationΔ Delta 2025-09-30: a return that is an approximationΔ Delta 2025-10-31: a return that is an approximationΔ Delta 2025-11-30: a return that is an approximationΔ Delta 2025-12-31: a return that is an approximationΔ Delta 2026-02-28: a return that is an approximationΔ Delta 2026-06-30: a return that is an approximationΔ Delta: 0.49 on 2026-09-21CDI: 29.33 on 2026-08-30CDI +29.33%Δ Delta +0.49%
Δ Delta and the CDI, each from zero at 31 August 2024, in percent. Δ Delta 26 point(s), 10 ringed; CDI 25 point(s), 1 with no value and not drawn.
  • Δ Delta
Δ Delta: distance below its own highest point, 2YΔ Delta: 26 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%20252026Δ Delta: -5.40 on 2026-09-21Δ Delta -5.40%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 26 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 30 August 2026 close, the last month-end the CDI series read here reaches.

Return-1.71%31 August 2024 to the 30 August 2026 close
CDI+29.33%Over the same sub-periods
% of CDI-5.84%The return over the CDI's
Annualised-0.86%Compound, per year
Deepest below its high-11.50%Aug 2025 to Jun 2026
Best · worst month+5.71% · -6.68%Jul 2025 · Feb 2026; 24 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, since start: from 31 March 2023Δ Delta: 42 point(s) drawn, 0 with no value; CDI: 41 point(s) drawn, 1 with no value0%+10%+20%+30%+40%+50%202420252026Δ Delta 2023-05-31: a return that is an approximationΔ Delta 2023-09-30: a return that is an approximationΔ Delta 2024-04-30: a return that is an approximationΔ Delta 2024-05-31: a return that is an approximationΔ Delta 2025-01-31: a return that is an approximationΔ Delta 2025-06-30: a return that is an approximationΔ Delta 2025-07-31: a return that is an approximationΔ Delta 2025-08-31: a return that is an approximationΔ Delta 2025-09-30: a return that is an approximationΔ Delta 2025-10-31: a return that is an approximationΔ Delta 2025-11-30: a return that is an approximationΔ Delta 2025-12-31: a return that is an approximationΔ Delta 2026-02-28: a return that is an approximationΔ Delta 2026-06-30: a return that is an approximationΔ Delta: 8.66 on 2026-09-21CDI: 51.64 on 2026-08-30CDI +51.64%Δ Delta +8.66%
Δ Delta and the CDI, each from zero at 31 March 2023, in percent. Δ Delta 42 point(s), 14 ringed; CDI 41 point(s), 1 with no value and not drawn.
  • Δ Delta
Δ Delta: distance below its own highest point, since startΔ Delta: 42 point(s) drawn, 0 with no value-10%-7.5%-5%-2.5%0%202420252026Δ Delta: -5.40 on 2026-09-21Δ Delta -5.40%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 42 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 30 August 2026 close, the last month-end the CDI series read here reaches.

Return+6.28%31 March 2023 to the 30 August 2026 close
CDI+51.64%Over the same sub-periods
% of CDI12.16%The return over the CDI's
Annualised+1.80%Compound, per year
Deepest below its high-11.50%Aug 2025 to Jun 2026
Best · worst month+5.71% · -6.68%Jul 2025 · Feb 2026; 39 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 2023: from 31 March 2023Δ Delta: 9 point(s) drawn, 0 with no value; CDI: 9 point(s) drawn, 0 with no value0%+2%+4%+6%+8%Apr 2023May 2023Jun 2023Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Dec 2023Δ Delta 2023-05-31: a return that is an approximationΔ Delta 2023-09-30: a return that is an approximationΔ Delta: 8.08 on 2023-12-31CDI: 9.48 on 2023-12-31CDI +9.48%Δ Delta +8.08%
Δ Delta and the CDI, each from zero at 31 March 2023, in percent. Δ Delta 9 point(s), 2 ringed; CDI 9 point(s).
  • Δ Delta
Δ Delta: distance below its own highest point, 2023Δ Delta: 9 point(s) drawn, 0 with no value-0.25%-0.2%-0.15%-0.1%-0.05%0%Apr 2023May 2023Jun 2023Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Dec 2023Δ Delta: 0.00 on 2023-12-31Δ Delta 0.00%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 9 point(s).
Return+8.08%31 March 2023 to the 31 December 2023 close
CDI+9.48%Over the same sub-periods
% of CDI85.25%The return over the CDI's
Annualised—A calendar year's return is its own
Deepest below its high-0.25%Jul 2023 to Oct 2023
Best · worst month+2.30% · -0.01%Nov 2023 · Oct 2023; 7 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 2024: from 31 December 2023Δ Delta: 13 point(s) drawn, 0 with no value; CDI: 13 point(s) drawn, 0 with no value0%+2.5%+5%+7.5%+10%Jan 2024Feb 2024Mar 2024Apr 2024May 2024Jun 2024Jul 2024Aug 2024Sep 2024Oct 2024Nov 2024Dec 2024Δ Delta 2024-04-30: a return that is an approximationΔ Delta 2024-05-31: a return that is an approximationΔ Delta: -1.68 on 2024-12-31CDI: 10.88 on 2024-12-31CDI +10.88%Δ Delta -1.68%
Δ Delta and the CDI, each from zero at 31 December 2023, in percent. Δ Delta 13 point(s), 2 ringed; CDI 13 point(s).
  • Δ Delta
Δ Delta: distance below its own highest point, 2024Δ Delta: 13 point(s) drawn, 0 with no value-6%-4%-2%0%Jan 2024Feb 2024Mar 2024Apr 2024May 2024Jun 2024Jul 2024Aug 2024Sep 2024Oct 2024Nov 2024Dec 2024Δ Delta: -5.82 on 2024-12-31Δ Delta -5.82%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 13 point(s).
Return-1.68%31 December 2023 to the 31 December 2024 close
CDI+10.88%Over the same sub-periods
% of CDI-15.46%The return over the CDI's
Annualised—A calendar year's return is its own
Deepest below its high-5.82%Jul 2024 to Dec 2024
Best · worst month+0.97% · -4.16%Feb 2024 · Aug 2024; 12 monthly observation(s)
  • Δ Delta
  • CDI
  • An approximation
Δ Delta against the CDI, 2025: from 31 December 2024Δ Delta: 13 point(s) drawn, 0 with no value; CDI: 13 point(s) drawn, 0 with no value-5%0%+5%+10%+15%Jan 2025Feb 2025Mar 2025Apr 2025May 2025Jun 2025Jul 2025Aug 2025Sep 2025Oct 2025Nov 2025Dec 2025Δ Delta 2025-01-31: a return that is an approximationΔ Delta 2025-06-30: a return that is an approximationΔ Delta 2025-07-31: a return that is an approximationΔ Delta 2025-08-31: a return that is an approximationΔ Delta 2025-09-30: a return that is an approximationΔ Delta 2025-10-31: a return that is an approximationΔ Delta 2025-11-30: a return that is an approximationΔ Delta 2025-12-31: a return that is an approximationΔ Delta: 6.02 on 2025-12-31CDI: 14.32 on 2025-12-31CDI +14.32%Δ Delta +6.02%
Δ Delta and the CDI, each from zero at 31 December 2024, in percent. Δ Delta 13 point(s), 8 ringed; CDI 13 point(s).
  • Δ Delta
Δ Delta: distance below its own highest point, 2025Δ Delta: 13 point(s) drawn, 0 with no value-10%-8%-6%-4%-2%0%Jan 2025Feb 2025Mar 2025Apr 2025May 2025Jun 2025Jul 2025Aug 2025Sep 2025Oct 2025Nov 2025Dec 2025Δ Delta: -1.92 on 2025-12-31Δ Delta -1.92%
How far the portfolio stood below the highest point its own record had reached, in percent, at each valuation point; zero is a new high. Δ Delta 13 point(s).
Return+6.02%31 December 2024 to the 31 December 2025 close
CDI+14.32%Over the same sub-periods
% of CDI42.02%The return over the CDI's
Annualised—A calendar year's return is its own
Deepest below its high-10.93%Jul 2024 to Mar 2025
Best · worst month+5.71% · -3.11%Jul 2025 · Jun 2025; 12 monthly observation(s)

Month by month

Every month since the start.

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.

Policy · in force from 1 October 2026

How it is run.

The policy in words, as decided on 14 September 2026: nothing here is a live check of the book against it.

  • Objective for the two personal plans: 110% of the CDI a year, before tax, counted from the inception date. Each company treasury follows a policy of its own.
  • Each personal plan follows a written plan with its own drawdown limit: 10% for one and 20% for the other. A breach of a drawdown limit brings a written review; it never forces a sale.
  • Rebalancing: each sleeve may drift from its target by a quarter of the target, never by less than 2 points and never by more than 5. A sleeve outside its band is brought back within a month. The portfolios are reviewed quarterly and read monthly.
  • Concentration: at most 10% in any one share, fund or coin, and at most 15% with any one banking group. Government bonds are not capped. The five largest holdings are at most 60%, counting credit and equity only. Credit issued by the custodian's own bank is at most 15% of each portfolio.
  • Deposit insurance: bank deposits and bank paper stay within the Brazilian deposit guarantee (FGC) per holder and financial conglomerate.
  • Cash: a reserve held inside a plan is outside its return goal; money earmarked for transfer is held outside the portfolios.
  • Target weights for each sleeve are set per plan and are published with the first figures after inception.

At a glance

Type
Personal plan · multi-asset
First complete valuation
31 March 2023
Valuations to date
42
Benchmark
The CDI, Banco Central do Brasil's daily series (SGS 12)
Objective
110% of the CDI a year, before tax
Returns
Time-weighted, in Brazilian reais, chained between complete valuations; 14 of its 41 sub-periods day-weighted
Fees
No management or performance fee is charged.

Risk

How much it has moved.

Over the whole record, at month-end closes. Volatility is the standard deviation of the monthly returns, annualised; Sharpe and Sortino take the CDI as the risk-free rate. Volatility, Sharpe and Sortino need 12 monthly observations; the drawdown, 2 sub-periods, read at every valuation point. Every figure is an estimate from a short record.

Volatility8.32%Annualised
Max drawdown-11.50%Aug 2025 to Jun 2026
Sharpe-1.19Against the CDI
Sortino-1.29Against the CDI
Monthly observations39Returns between consecutive month-end closes
An approximation in the path

The deepest fall, Aug 2025 to Jun 2026, runs through 6 day-weighted sub-period(s), whose returns are approximations.

Assets

What it holds.

The asset mix at the latest valuation, 21 September 2026, as weights of the portfolio's own value, and its largest holdings.

Δ Delta: what it holds, by asset classGovernment bonds 14.52%; Fixed income 33.53%; Brazilian equities 13.26%; International equities 2.26%; Real estate & alternatives 23.77%; Crypto 11.89%; Cash 0.77%Government bonds: 14.52%Fixed income: 33.53%Brazilian equities: 13.26%International equities: 2.26%Real estate & alternatives: 23.77%Crypto: 11.89%Cash: 0.77%33.53%Fixed income
  • Government bonds14.52%
  • Fixed income33.53%
  • Brazilian equities13.26%
  • International equities2.26%
  • Real estate & alternatives23.77%Alternatives 18.52% · REITs / FIIs 5.26%
  • Crypto11.89%
  • Cash0.77%
Weights of the portfolio's value at the latest valuation, by asset class. Real estate funds and alternatives share a colour, and the key gives each its own weight.

Largest holdings

HoldingWeight
ETHCrypto11.27%
NTN-B - AGO/2030Government bonds10.56%
CDB BANCO XP S.A. - AGO/2030Fixed income10.28%
Leto Corporate FIC de FIF RF CP LP - Feeder III - RLFixed income8.89%
SPX Seahawk Deb Incentivadas Advisory FIF CIC Incentivado…Real estate & alternatives8.58%

Files

The figures, to download.

Month-by-month returnsCSV · ratios to six places