Apoena ResearchAs of 21 Sep 2026

Portfolio 3 · Company treasury

Γ Gamma

The first company's book: funds, bank paper, government bonds and listed shares.

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

The company's own policy

Its targets and limits are the company's own and are not published here; this site describes what the account did.

CloseUnit valueAug 20262026 to the close12 monthsSince startCDI, same period% of CDIShare of the wholeValuations
31 August 2026103.33-0.70%+3.33%—+3.33%+8.07%41.32%4.26%9

At the 31 August 2026 close, the last month-end the CDI series read here reaches; the unit value is 100 at the first complete valuation, 31 January 2026. Since the close: the valuation of 21 September 2026, +7.22% 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.

12M2Y
  • Γ Gamma
  • CDI
Γ Gamma against the CDI, 3M: from 31 May 2026Γ Gamma: 5 point(s) drawn, 0 with no value; CDI: 4 point(s) drawn, 1 with no value-1%0%+1%+2%+3%Jun 2026Jul 2026Aug 2026Sep 2026Γ Gamma: 3.50 on 2026-09-21CDI: 3.47 on 2026-08-31Γ Gamma +3.50%CDI +3.47%
Γ Gamma and the CDI, each from zero at 31 May 2026, in percent. Γ Gamma 5 point(s); CDI 4 point(s), 1 with no value and not drawn.
  • Γ Gamma
Γ Gamma: distance below its own highest point, 3MΓ Gamma: 5 point(s) drawn, 0 with no value-1.5%-1%-0.5%0%Jun 2026Jul 2026Aug 2026Sep 2026Γ Gamma: 0.00 on 2026-09-21Γ Gamma 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. Γ Gamma 5 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 31 August 2026 close, the last month-end the CDI series read here reaches.

Return-0.26%31 May 2026 to the 31 August 2026 close
CDI+3.47%Over the same sub-periods
% of CDI-7.43%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-1.62%Apr 2026 to Jun 2026
Best · worst month+2.03% · -1.55%Jul 2026 · Jun 2026; 3 monthly observation(s)
  • Γ Gamma
  • CDI
Γ Gamma against the CDI, 6M: from 28 February 2026Γ Gamma: 8 point(s) drawn, 0 with no value; CDI: 7 point(s) drawn, 1 with no value0%+2%+4%+6%Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Γ Gamma: 6.06 on 2026-09-21CDI: 7.00 on 2026-08-31CDI +7.00%Γ Gamma +6.06%
Γ Gamma and the CDI, each from zero at 28 February 2026, in percent. Γ Gamma 8 point(s); CDI 7 point(s), 1 with no value and not drawn.
  • Γ Gamma
Γ Gamma: distance below its own highest point, 6MΓ Gamma: 8 point(s) drawn, 0 with no value-1.5%-1%-0.5%0%Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Γ Gamma: 0.00 on 2026-09-21Γ Gamma 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. Γ Gamma 8 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 31 August 2026 close, the last month-end the CDI series read here reaches.

Return+2.21%28 February 2026 to the 31 August 2026 close
CDI+7.00%Over the same sub-periods
% of CDI31.60%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-1.62%Apr 2026 to Jun 2026
Best · worst month+2.03% · -1.55%Jul 2026 · Jun 2026; 6 monthly observation(s)
  • Γ Gamma
  • CDI
Γ Gamma against the CDI, since start: from 31 January 2026Γ Gamma: 9 point(s) drawn, 0 with no value; CDI: 8 point(s) drawn, 1 with no value0%+2%+4%+6%+8%Feb 2026Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Γ Gamma: 7.22 on 2026-09-21CDI: 8.07 on 2026-08-31CDI +8.07%Γ Gamma +7.22%
Γ Gamma and the CDI, each from zero at 31 January 2026, in percent. Γ Gamma 9 point(s); CDI 8 point(s), 1 with no value and not drawn.
  • Γ Gamma
Γ Gamma: distance below its own highest point, since startΓ Gamma: 9 point(s) drawn, 0 with no value-1.5%-1%-0.5%0%Feb 2026Mar 2026Apr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026Γ Gamma: 0.00 on 2026-09-21Γ Gamma 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. Γ Gamma 9 point(s).

The curve runs to the latest valuation, 21 September 2026; the figures beside it run to the 31 August 2026 close, the last month-end the CDI series read here reaches.

Return+3.33%31 January 2026 to the 31 August 2026 close
CDI+8.07%Over the same sub-periods
% of CDI41.32%The return over the CDI's
Annualised—Not annualised over a year or less
Deepest below its high-1.62%Apr 2026 to Jun 2026
Best · worst month+2.03% · -1.55%Jul 2026 · Jun 2026; 7 monthly observation(s)

Month by month

Every month since the start.

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.

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.

  • Each company treasury follows a policy of its own, apart from the personal plans'.
  • Valued and measured exactly as the personal plans: time-weighted returns chained between complete valuations, against the CDI over the same sub-periods.

At a glance

Type
Company treasury
First complete valuation
31 January 2026
Valuations to date
9
Benchmark
The CDI, Banco Central do Brasil's daily series (SGS 12)
Objective
The company's own policy
Returns
Time-weighted, in Brazilian reais, chained between complete valuations
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.

Volatility—7 of 12 monthly observations
Max drawdown-1.62%Apr 2026 to Jun 2026
Sharpe—7 of 12 monthly observations
Sortino—7 of 12 monthly observations
Monthly observations7Returns between consecutive month-end closes

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.

Γ Gamma: what it holds, by asset classGovernment bonds 22.40%; Fixed income 30.64%; Brazilian equities 16.93%; International equities 11.38%; Real estate & alternatives 14.61%; Cash 4.04%Government bonds: 22.40%Fixed income: 30.64%Brazilian equities: 16.93%International equities: 11.38%Real estate & alternatives: 14.61%Cash: 4.04%30.64%Fixed income
  • Government bonds22.40%
  • Fixed income30.64%
  • Brazilian equities16.93%
  • International equities11.38%
  • Real estate & alternatives14.61%
  • Cash4.04%
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
NTN-B - MAI/2027Government bonds22.40%
Itaú Optimus Distribuidores FIF CIC RF LP - Resp LimitadaFixed income19.26%
Leto Corporate FIC de FIF RF CP LP - Feeder III - RLFixed income11.38%
M1TA34International equities11.38%
BPAC11Brazilian equities5.69%

Files

The figures, to download.

Month-by-month returnsCSV · ratios to six places