Macro · higher risk
F Fontaine
Brazilian and global shares, crypto, bonds and credit funds in one portfolio.
Returns to 30 September 2026, the last month-end valuation, in reais, before personal tax · the investment policy applies from 1 October 2026; earlier months are history · ° estimated month: a large deposit arrived on a day with no valuation · past performance is no guarantee of future results. How we measure →
Return
Fontaine against the CDI
- F Fontaine
- CDI
- estimated month
- Point at the chart for any month
F Fontaine +11.83% · +3.24% a yearCDI +53.36%Difference −41.53 pts
| Date | F Fontaine, cumulative | CDI, cumulative |
|---|---|---|
| 31 Mar 2023 | 0.00% | 0.00% |
| 30 Apr 2023 | +0.30% | +0.92% |
| 31 May 2023° | +0.70% | +2.05% |
| 30 Jun 2023 | +2.79% | +3.15% |
| 31 Jul 2023 | +3.95% | +4.25% |
| 30 Sep 2023° | +3.81% | +6.46% |
| 31 Oct 2023 | +3.81% | +7.53% |
| 30 Nov 2023 | +6.20% | +8.51% |
| 31 Dec 2023 | +8.29% | +9.48% |
| 31 Jan 2024 | +8.82% | +10.54% |
| 29 Feb 2024 | +9.87% | +11.42% |
| 31 Mar 2024 | +10.88% | +12.35% |
| 30 Apr 2024° | +10.44% | +13.35% |
| 31 May 2024° | +11.13% | +14.29% |
| 30 Jun 2024 | +12.01% | +15.19% |
| 31 Jul 2024 | +13.11% | +16.24% |
| 31 Aug 2024 | +8.40% | +17.25% |
| 30 Sep 2024 | +8.31% | +18.22% |
| 31 Oct 2024 | +8.96% | +19.32% |
| 30 Nov 2024 | +8.98% | +20.27% |
| 31 Dec 2024 | +6.53% | +21.39% |
| 31 Jan 2025° | +5.34% | +22.62% |
| 28 Feb 2025 | +2.86% | +23.83% |
| 31 Mar 2025 | +0.97% | +25.02% |
| 30 Apr 2025 | +3.30% | +26.34% |
| 31 May 2025 | +8.08% | +27.78% |
| 30 Jun 2025° | +4.76% | +29.18% |
| 31 Jul 2025° | +10.75% | +30.83% |
| 31 Aug 2025° | +15.62% | +32.35% |
| 30 Sep 2025° | +13.92% | +33.97% |
| 31 Oct 2025° | +12.41% | +35.67% |
| 30 Nov 2025° | +12.87% | +37.10% |
| 31 Dec 2025° | +13.52% | +38.78% |
| 31 Jan 2026 | +15.14% | +40.39% |
| 28 Feb 2026° | +10.39% | +41.79% |
| 31 Mar 2026 | +8.97% | +43.51% |
| 30 Apr 2026 | +8.21% | +45.07% |
| 31 May 2026 | +5.84% | +46.63% |
| 30 Jun 2026° | +3.38% | +48.27% |
| 31 Jul 2026 | +7.17% | +50.07% |
| 30 Aug 2026 | +8.19% | +51.64% |
| 21 Sep 2026 | +10.62% | +52.81% |
| 30 Sep 2026 | +11.83% | +53.36% |
Growth since 31 Mar 2023, in %, to 30 Sep 2026.
F Fontaine −1.83%CDI +14.47%Difference −16.30 pts
| Date | F Fontaine, cumulative | CDI, cumulative |
|---|---|---|
| 30 Sep 2025 | 0.00% | 0.00% |
| 31 Oct 2025° | −1.33% | +1.28% |
| 30 Nov 2025° | −0.92% | +2.34% |
| 31 Dec 2025° | −0.35% | +3.59% |
| 31 Jan 2026 | +1.07% | +4.80% |
| 28 Feb 2026° | −3.10% | +5.84% |
| 31 Mar 2026 | −4.34% | +7.12% |
| 30 Apr 2026 | −5.01% | +8.29% |
| 31 May 2026 | −7.10% | +9.45% |
| 30 Jun 2026° | −9.25% | +10.68% |
| 31 Jul 2026 | −5.92% | +12.02% |
| 30 Aug 2026 | −5.03% | +13.19% |
| 21 Sep 2026 | −2.90% | +14.07% |
| 30 Sep 2026 | −1.83% | +14.47% |
Growth since 30 Sep 2025, in %, to 30 Sep 2026.
F Fontaine −1.49%CDI +10.51%Difference −12.00 pts
| Date | F Fontaine, cumulative | CDI, cumulative |
|---|---|---|
| 31 Dec 2025 | 0.00% | 0.00% |
| 31 Jan 2026 | +1.43% | +1.16% |
| 28 Feb 2026° | −2.76% | +2.17% |
| 31 Mar 2026 | −4.01% | +3.41% |
| 30 Apr 2026 | −4.68% | +4.54% |
| 31 May 2026 | −6.77% | +5.66% |
| 30 Jun 2026° | −8.93% | +6.84% |
| 31 Jul 2026 | −5.59% | +8.14% |
| 30 Aug 2026 | −4.70% | +9.27% |
| 21 Sep 2026 | −2.56% | +10.11% |
| 30 Sep 2026 | −1.49% | +10.51% |
Growth since 31 Dec 2025, in %, to 30 Sep 2026.
Month by month
Up in 24 of 41 months
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | CDI | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.43 | −4.12° | −1.29 | −0.70 | −2.19 | −2.32° | +3.66 | +0.95 | +3.37 | −1.49 | +10.51 | ||||
| 2025 | −1.12° | −2.36 | −1.83 | +2.31 | +4.62 | −3.07° | +5.72° | +4.40° | −1.47° | −1.33° | +0.41° | +0.57° | +6.56 | +14.32 | |
| 2024 | +0.49 | +0.97 | +0.91 | −0.40° | +0.63° | +0.80 | +0.98 | −4.16 | −0.09 | +0.60 | +0.02 | −2.24 | −1.63 | +10.88 | |
| 2023from Apr | +0.30 | +0.39° | +2.08 | +1.13 | Aug–Sep −0.14° | 0.00 | +2.30 | +1.97 | +8.29 | +9.48 | |||||
2026−1.49% · CDI +10.51%
2025+6.56% · CDI +14.32%
2024−1.63% · CDI +10.88%
2023 (from Apr)+8.29% · CDI +9.48%
% 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. Months shown as one: no complete valuation between them, so one figure covers them. Earlier published figures →
Holdings · at 5 Oct 2026
What Fontaine owns
By asset class
Largest holdings
- Ether (ETH)crypto11.14%
- NTN-B Aug 2030inflation-linked Treasury bond10.15%
- Banco XP CDB Aug 2030bank deposit9.72%
- Leto Corporatecredit fund8.43%
- SPX Seahawkinfrastructure debenture fund7.98%
Weights of Fontaine's value at the latest valuation, 5 October 2026.
Risk
How much it swings
Measured on 40 month-to-month returns since 31 Mar 2023. A short record: read these as estimates.
Distance below the previous high
More statistics
Sharpe ratio −1.10 (below zero: it earned less than the CDI) · Sortino ratio −1.24 · 40 monthly returns · 14 of 42 periods estimated.
Policy
The rules from 1 October 2026
- Goal: 110% of the CDI a year, before tax, until the portfolio runs its mandate from 2 November 2026 (About). A goal, not a promise.
- Loss limit: a written review at a 10% or 20% fall from peak (one limit per personal portfolio), never a forced sale.
- Spread: at most 10% in any one share, fund or coin; government bonds not capped.
- Targets: published with the first figures after 1 October.