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Macro letters, portfolio reports and company research, newest first. Read them on the page or download the file.

Portfolio Report · 28 Oct 2026 · 6 min read

The family portfolio beat the CDI until the vote; now we will sell its Brazilian shares

Ahead of the CDI to 30 September, 5.01% against 4.59%; the run-off of 25 October cost an estimated 5.9% in a day, and the Brazilian shares will be sold.

  • From 31 May to 30 September the portfolio returned 5.01% against the CDI's 4.59%, ahead in two of the four months.
  • On 26 October alone it lost an estimated 5.9%; on 27 October it stood 5.2% below its value of 19 October.
  • The Brazilian shares will be sold, the moment chosen by price, and none held for one to two years; the CDI stays the yardstick.
Read →PDF · 4 pages · 268 KB
What the family portfolio held on 19 October 2026, by classBrazilian shares 14%19 Oct14%64%9%Brazilian sharesFixed incomeAlternativesGovernment bondsOther

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The author's own analysis on the date written, for information and education. Not investment advice, an offer of financial products or an offer to manage third-party capital. Views may change without notice.