Composição Diária do Ibovespa desde 1999 - Dados Trimestrais

1999 1T 1999 2T 1999 3T 1999 4T 2000 1T 2000 2T 2000 3T

1999 2000
Ativos 1T 2T 3T 4T 1T 2T 3T
AGEN11
ALLL11
ALLL3
AMBV4 -16.3 -10.2 -10.9 -9.3 238.1
BBAS3 3.8 4.8 2.8 7.1 12.5 7.0 14.9
BBDC4 8.0 8.0 7.8 11.8 9.4 9.6 10.1
BISA3
BRAP4 -12.7
BRFS3 25.8 34.5 42.4 36.5 21.8 24.5 28.3
BRKM5 24.6 4.1 5.2 6.5 4.4 4.3 4.5
BRML3
BRTO3 5.8 11.2 62.8 -36.8 -517.9 74.1 21.3
BRTO4 10.5 18.0 72.9 -44.9 -524.9 89.8 31.0
BTOW3
BVMF3
CCPR3
CCRO3
CESP6
CGAS5 -20.5 -13.3 -7.5 -5.0 -8.6 -15.1 -70.4
CIEL3
CLSC6 -7.0 -4.6 -4.4 442.6 40.5 14.7 18.0
CMIG4 63.4 103.8 349.6 191.0 11.2 10.0 9.8
CPFE3
CPLE6 12.7 16.0 14.2 16.6 10.3 11.3 9.7
CRUZ3 4.3 6.2 5.3 6.1 6.7 6.2 5.6
CSAN3
CSNA3 4.7 8.5 21.1 15.1 14.3 13.8 8.2
CTIP3
CYRE3 6.4 5.6 5.5 4.4 4.3 4.4 3.8
DASA3
DTEX3
ECOD3
ELET3 6.1 6.2 5.7 36.6 -21.3 -23.9 -29.1
ELET6 6.6 6.6 5.8 39.9 -23.0 -25.8 -30.4
ELPL4 -4.8 -13.3 -28.4 12.1 12.1 10.7 11.6
ELPL6 -4.8 -13.3 -28.4 12.1 12.1 10.7 11.6
EMBR3 2.9 6.8 10.9 10.0 8.7 9.9 10.7
ENBR3
FIBR3 -72.5 -559.4 91.9 52.9 24.3 19.6 20.0
GFSA3
GGBR4 4.1 6.6 5.4 7.7 7.2 6.4 7.1
GOAU4 2.0 3.6 3.0 4.4 4.0 3.7 3.9
GOLL4
HGTX3
HYPE3
 ITSA4 3.0 3.0 2.9 6.1 6.4 6.3 6.0
ITUB4 5.6 5.5 5.5 9.5 12.0 11.5 3.6
JBSS3
KLBN4 -1.8 -3.5 -4.1 -9.6 19.7 17.7 12.7
LAME4 1.6 1.3 2.1 10.0 -16.0 -18.5 -9.5
LIGT3
LLXL3
LREN3
MMXM3
MRFG3
MRVE3
NATU3
NETC4 -0.9 -2.6 -3.1 -14.1 -20.5 -18.0 -24.9
OGXP3
OIBR3
OIBR4
PCAR4 41.7 136.8 288.3 94.1 33.1 24.0 25.7
PCAR5 41.7 136.8 288.3 94.1 33.1 24.0 25.7
PDGR3
PETR3 -78.4 -211.0 207.1 24.5 8.6 7.9 6.5
PETR4 -98.2 -302.3 264.2 28.2 9.2 8.1 6.2
PRTX3
RDCD3
RENT3
RSID3 -38.6 -24.5 100.7 6.7 2.5 2.9 2.7
SANB11
SBSP3 -12.3 -11.7 -11.1 -25.6 7.8 5.4 8.2
SUZB5
TAMM4 -3.0 -2.7 -2.3 -15.0 10.3
TCSL3 7.7 10.2 17.7 38.3 65.0 149.5 83.7
TCSL4 10.2 14.6 26.9 58.4 98.8 204.8 108.8
TIMP3
TLPP4 15.6 20.9 17.8 28.9 31.2 17.4 11.8
TMAR5
TNLP3 22.1 -91.6 -29.9 113.6 1882.0 65.0 29.1
TNLP4 40.9 -182.2 -42.5 169.5 2928.0 78.5 37.5
TRPL4 9.0 27.9 35.3 -805.4 96.9
UGPA3
UGPA4 12.6 8.3 7.7 8.6
USIM3 1.4 3.2 4.1 4.4 6.8 4.6 4.6
USIM5 1.8 4.8 6.2 7.1 8.4 7.6 8.1
VAGR3
VALE3 6.4 8.7 11.3 13.0 9.9 10.0 8.0
VALE5 8.9 12.1 15.1 15.5 11.8 11.3 8.8
VIVO4 13.1 15.6 44.5 94.8 155.7 124.7 81.3
VIVT4
Empresas Antigas
BRFS3 Perdigão PRGA3 25.8 34.5 42.4 36.5 21.8 24.5 28.3
FIBR3 Aracruz ARCZ6 -72.5 -559.4 91.9 52.9 24.3 19.6 20.0
FIBR3 Votorantim VCPA4 -72.5 -559.4 91.9 52.9 24.3 19.6 20.0
FIBR3 Votorantim VCPA3 -72.5 -559.4 91.9 52.9 24.3 19.6 20.0
DTEX3 Duratex DURA4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
BRTO4 Brasil Telecom BRTP4 10.5 18.0 72.9 -44.9 -524.9 89.8 31.0
BRFS3 Sadia SDIA4 25.8 34.5 42.4 36.5 21.8 24.5 28.3
PCAR5 Pão de Açucar PCAR4 41.7 136.8 288.3 94.1 33.1 24.0 25.7
BBAS3 Banco do Brasl BNCA3 3.8 4.8 2.8 7.1 12.5 7.0 14.9
ITUB4 Itaú ITAU4 5.6 5.5 5.5 9.5 12.0 11.5 3.6
BRTO3 Brasil Telecom BRTP3 5.8 11.2 62.8 -36.8 -517.9 74.1 21.3
ITUB4 Unibanco UBBR11 5.6 5.5 5.5 9.5 12.0 11.5 3.6
VIVO4 Telemig TMCP4 13.1 15.6 44.5 94.8 155.7 124.7 81.3
Arcelormittal ACES4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
Cemig CMIG3 39.2 64.0 219.4 115.6 8.0 7.5 7.6
Caemi CMET4
Belgo ARCE3
Embratel EBTP4 892.5 -117.3 21.6 37.7 23.5 21.3 18.6
BTOW3 Submarino SUBA3
UGPA4 Ipiranga PTIP4 -1.0 12.6 8.3 7.7 8.6
ELPL6 Eletropaulo ELPL4 -1.0 -1.0 -1.0 -1.0 -1.0
CESP6 Cesp CESP4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
Contax CTAX4
Contax CTAX3
EMBR3 Embraer EMBR4 2.9 6.8 10.9 10.0 8.7 9.9 10.7
TLPP4 Telesp TSPP4 15.6 20.9 17.8 28.9 31.2 17.4 11.8
VIVO4 Tele Centro Oeste TCOC4 13.1 15.6 44.5 94.8 155.7 124.7 81.3
VIVO4 Celular CRT CRTP5 13.1 15.6 44.5 94.8 155.7 124.7 81.3
LIGT3 Light LIGH3 265.9 -10.3 -5.1 -11.0 -20.2 -46.5 42.8
VIVO4 Tele Leste Celular TLCP4 13.1 15.6 44.5 94.8 155.7 124.7 81.3
ACES4 Siderúrgica Tubarão CSTB4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
Tractabel TBLE3 -8.6 -5.4 -5.1 -13.6 11.0 13.2 9.4
NETC4 Net PLIM4 -0.9 -2.6 -3.1 -14.1 -20.5 -18.0 -24.9
Embratel EBTP3 448.9 -62.9 12.6 24.5 16.3 16.6 14.8
TCSL4 Tim TNEP4 10.2 14.6 26.9 58.4 98.8 204.8 108.8
PETR4 Petrobrás PN BRDT4 -98.2 -302.3 264.2 28.2 9.2 8.1
Inepar INEP4 28.7 14.2 -16.7 -2.2 -1.2 -0.7 -0.8
BBAS3 Banco Brasil BBAS4 3.8 4.8 2.8 7.1 12.5 7.0 14.9
BRKM5 Copene (Braskem) CPNE5 24.6 4.1 5.2 6.5 4.4 4.3 4.5
TLPP4 Telefônica TDBH4 15.6 20.9 17.8 28.9 31.2 17.4 11.8
BRTO4 Brasil Telecom TCSP4 10.5 18.0 72.9 -44.9 -524.9 89.8 31.0
BRTO4 Brasil Telecom TEPR4 10.5 18.0 72.9 -44.9 -524.9 89.8 31.0
BRTO3 Brasil Telecom TCSP3 5.8 11.2 62.8 -36.8 -517.9 74.1 21.3
TBLE3 Gerasul (Tractebel) GRSU3 -8.6 -5.4 -5.1 -13.6 11.0 13.2 9.4
TMAR5 Telemar TMAR6
KLBN4 Klabin KLAB4 -1.8 -3.5 -4.1 -9.6 19.7 17.7 12.7
BRTO4 Telerj (Oi) TERJ4 10.5 18.0 72.9 -44.9 -524.9 89.8 31.0
 Banespa (Santander) BESP4 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
GGBR4 Gerdau COGU4 4.1 6.6 5.4 7.7 7.2 6.4 7.1
BRTO4 Conc. Rio Terê CRGT5 10.5 18.0 72.9 -44.9 -524.9 89.8 31.0
AMBV4 Brahma BRHA4 -16.3 -10.2 -10.9 -9.3 238.1
Aes Tietê GETI4 6,745.0 -4.9 -5.7 -6.4 -6.4
BRKM5 Copesul (Braskem) CPSL3 24.6 4.1 5.2 6.5 4.4 4.3 4.5
TELB4 Tele BR RCTB PN (TelebrRCTB41 -0.3 -0.1 0.6 1.2 2.1 -3.3 -4.5
TELB3 Tele BR RCTB ON (TelebRCTB31 -0.4 -0.1 0.7 1.2 2.1 -4.4 -4.5
TLPP4 Telesp TLSP4 15.6 20.9 17.8 28.9 31.2 17.4 11.8
TLPP4 Telesp TSPC6 15.6 20.9 17.8 28.9 31.2 17.4 11.8
UGPA4 Ultrapar GEPA4 -1.0 -1.0 -1.0 12.6 8.3 7.7 8.6
WHRL3 Whirpool WHMT3 -58.4 -24.7 -23.5 -32.9 -1.0 -1.0 10.5
TLPP3 Telesp TLSP3 9.8 11.5 12.0 16.5 18.5 10.1 8.1
TLPP3 Telesp TLPP3 9.8 11.5 12.0 16.5 18.5 10.1 8.1
CPFE3 CPFL PALF3 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
FIBR3 Cimento Votorantim PSIM4 -72.5 -559.4 91.9 52.9 24.3 19.6 20.0
Brasmotor BMTO4 -30.6 -21.9 -21.2 -26.0 19.5 12.6 11.8
ados Trimestrais
2000 4T 2001 1T 2001 2T 2001 3T 2001 4T 2002 1T 2002 2T 2002 3T 2002 4T 2003 1T 2003 2T 2003 3T
2000 2001 2002 2003
4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T

39.4 25.4 21.0 19.6 24.6 24.2 17.4 13.1 14.1 12.3 14.6 17.7
4.4 5.0 7.7 5.5 7.0 6.4 4.0 3.4 3.6 3.6 4.3 5.1
11.3 11.1 9.6 7.6 8.3 9.3 7.9 5.9 7.9 8.4 7.9 8.0

13.8 87.7 19.3 8.9 -9.9 -8.6 -1.1 -0.8 -3.9 -3.8 4.3 2.1
34.4 33.4 15.6 10.8 9.3 9.4 12.8 20.9 88.1 -96.0 67.1 20.9
4.7 9.0 16.6 8.8 -33.8 -12.8 -1.8 -0.4 -0.8 -1.0 -10.6 1.7

18.8 13.2 19.1 17.1 19.9 17.8 11.9 11.6 13.8 11.4 14.1 14.8
19.6 14.5 23.0 20.9 25.0 23.4 14.2 12.9 14.4 11.4 14.8 15.2

3.3 3.5 1.6 1.7 -6.6 28.3 6.0

30.3 48.0 58.5 30.4 17.1 15.1 9.9 9.6 5.9 5.2 8.7 9.7

111.0 25.1 25.1 -39.9 -4.0 -8.0 -11.1 -8.8 -1.4 -1.1 -1.2 -1.9
10.8 13.6 20.6 -39.4 11.0 7.7 -12.0 -7.0 -4.3 -3.8 10.0 5.8

10.0 13.4 14.5 18.3 9.7 8.0 6.4 5.8 -8.6 -4.7 -15.9 -254.0
5.3 6.4 6.1 5.1 6.8 7.0 6.1 5.4 5.7 5.9 7.8 9.5

2.7 2.5 2.3 1.1 8.8 10.3 46.5 -3.1 -16.8 12.1 6.9 6.8

4.7 5.4 5.1 6.5 5.9 6.1 7.7 5.6 4.2 4.8 7.0 5.3

7.9 6.6 4.4 3.9 5.5 8.6 7.7 2.1 11.5 17.1 -8.0 -3.5
7.9 6.4 4.1 3.5 5.2 7.6 7.1 2.1 11.5 18.9 -8.9 -3.9
15.8 43.3 33.3 143.3 5.8 4.5 4.0 19.9 -1.2 -1.1 -1.7 -7.5
15.8 43.3 33.3 143.3 5.8 4.5 4.0 19.9 -1.2 -1.1 -1.7 -7.5
10.1 10.9 11.0 4.2 7.0 7.4 10.9 9.9 7.6 4.8 7.1 8.4

14.4 14.1 18.0 18.6 22.0 24.3 35.3 57.0 40.1 27.5 16.1 17.8

5.1 5.7 5.0 3.4 5.2 6.6 6.2 4.1 4.9 3.8 5.2 7.1
3.3 3.4 2.8 2.2 2.8 3.4 3.1 2.3 2.8 2.2 2.8 4.0
 6.4 4.4 4.8 3.7 4.8 6.3 5.0 3.9 4.0 3.7 4.3 5.2
11.9 9.4 9.5 -22.6 7.0 7.8 7.3 6.0 8.8 7.5 7.6 7.8

81.1 -8.9 -8.7 -3.1 11.5 6.1 -11.1 -2.2 -4.5 -11.0 2.4 2.1
-12.8 -23.3 -6.4 -125.1 5.1 6.4 5.0 4.8 6.2 7.1 7.7 11.9

-354.5 0.8

-16.0 -7.4 -4.7 -2.3 -3.3 -2.4 -0.7 -0.6 -0.8 -0.5 -0.8 -2.7

23.0 20.9 19.9 14.2 22.3 23.0 21.6 20.6 25.2 21.0 21.0 24.0
23.0 20.9 19.9 14.2 22.3 23.0 21.6 20.6 25.2 21.0 21.0 24.0

5.2 5.4 5.6 5.1 5.5 7.6 6.8 4.5 5.8 3.9 4.2 4.3
4.9 4.9 5.1 4.9 5.4 7.2 6.3 4.1 5.1 3.6 3.8 4.0

5.4 21.9 63.5 -7.5 -5.8 -3.9 -1.3 -4.1 8.2 6.1 7.8 39.7

9.5 19.8 74.2 -14.7 17.4 10.4 48.0 -6.1 -4.0 -3.9 40.7 4.7

400.2 -2.4 -0.8

86.8 55.4 36.3 15.8 17.1 14.1 15.7 10.3 10.2 11.5 8.7 8.3
112.1 72.2 43.0 18.3 20.3 16.2 18.8 13.1 14.3 10.5 9.9 10.3

9.3 8.9 8.2 7.1 9.9 11.1 11.9 10.1 15.8 14.1 14.1 14.0
-228.2 298.9 49.8 -389.9 33.1 16.1 12.3 13.9 17.5
16.6 14.6 14.3 26.7 82.2 97.9 -62.3 -22.7 -20.6 -11.8 -38.5 121.8
21.8 16.2 16.5 29.5 98.3 110.9 -75.1 -30.5 -28.1 -16.3 -52.9 159.6
18.7 17.5 8.5 5.4 13.7 12.6 8.7 5.3 5.0 4.9 5.1 6.6

7.6 8.7 7.8 5.9 7.5 8.5 7.8 7.9 7.8 6.3 6.9 7.3
5.6 7.9 9.2 10.0 4.9 6.4 -51.2 -1.6 -4.5 109.0 2.8 2.1
8.6 10.2 9.4 10.7 6.1 6.5 -56.2 -1.4 -4.6 140.6 3.8 2.8

8.5 8.9 9.2 6.7 6.6 8.2 11.8 29.5 19.6 13.7 8.7 8.5
8.7 9.6 9.1 7.0 6.8 7.8 11.1 28.2 18.6 13.2 8.1 7.6
61.9 346.2 -42.1 -5.3 -3.5 -2.4 -1.5 -2.9 -4.4 -4.2 -4.9 -6.0
34.4 33.4 15.6 10.8 9.3 9.4 12.8 20.9 88.1 -96.0 67.1 20.9
14.4 14.1 18.0 18.6 22.0 24.3 35.3 57.0 40.1 27.5 16.1 17.8
14.4 14.1 18.0 18.6 22.0 24.3 35.3 57.0 40.1 27.5 16.1 17.8
14.4 14.1 18.0 18.6 22.0 24.3 35.3 57.0 40.1 27.5 16.1 17.8

19.6 14.5 23.0 20.9 25.0 23.4 14.2 12.9 14.4 11.4 14.8 15.2
34.4 33.4 15.6 10.8 9.3 9.4 12.8 20.9 88.1 -96.0 67.1 20.9
23.0 20.9 19.9 14.2 22.3 23.0 21.6 20.6 25.2 21.0 21.0 24.0
4.4 5.0 7.7 5.5 7.0 6.4 4.0 3.4 3.6 3.6 4.3 5.1
11.9 9.4 9.5 -22.6 7.0 7.8 7.3 6.0 8.8 7.5 7.6 7.8
18.8 13.2 19.1 17.1 19.9 17.8 11.9 11.6 13.8 11.4 14.1 14.8
11.9 9.4 9.5 -22.6 7.0 7.8 7.3 6.0 8.8 7.5 7.6 7.8
61.9 346.2 -42.1 -5.3 -3.5 -2.4 -1.5 -2.9 -4.4 -4.2 -4.9 -6.0
-1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
9.0 12.9 19.9 -38.0 10.5 7.2 -11.2 -6.6 -3.8 -2.9 8.0 4.4

17.1 16.8 24.5 -25.2 -6.1 -4.7 -0.7 -0.8 -2.0 -1.9 -6.4 9.4

7.6 8.7 7.8 5.9 7.5 8.5 7.8 7.9 7.8 6.3 6.9 7.3
-1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
-1.0 -1.0 -1.0 -529.9 3.1 2.8 -1.1 -0.2 -0.2 -0.2 -0.9 0.7

10.1 10.9 11.0 4.2 7.0 7.4 10.9 9.9 7.6 4.8 7.1 8.4
9.3 8.9 8.2 7.1 9.9 11.1 11.9 10.1 15.8 14.1 14.1 14.0
61.9 346.2 -42.1 -5.3 -3.5 -2.4 -1.5 -2.9 -4.4 -4.2 -4.9 -6.0
61.9 346.2 -42.1 -5.3 -3.5 -2.4 -1.5 -2.9 -4.4 -4.2 -4.9 -6.0
-11.6 -6.1 -2.9 -1.2 -1.8 -2.0 -5.8 -1.5 -1.4 -0.7 -0.7 -1.2
61.9 346.2 -42.1 -5.3 -3.5 -2.4 -1.5 -2.9 -4.4 -4.2 -4.9 -6.0
-1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
10.9 15.2 18.4 43.7 4.5 4.8 5.4 10.9 -12.4 -19.5 31.5 8.3
-16.0 -7.4 -4.7 -2.3 -3.3 -2.4 -0.7 -0.6 -0.8 -0.5 -0.8 -2.7
13.0 15.6 25.0 -26.2 -6.7 -5.6 -1.3 -1.0 -2.2 -2.3 -7.0 8.9
112.1 72.2 43.0 18.3 20.3 16.2 18.8 13.1 14.3 10.5 9.9 10.3
6.2 4.9 4.9 5.1 4.9 5.4 7.2 6.3 4.1 5.1 3.6 3.8
-0.7 -0.7 -0.8 -0.5 -0.7 -0.5 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2
4.4 5.0 7.7 5.5 7.0 6.4 4.0 3.4 3.6 3.6 4.3 5.1
4.7 9.0 16.6 8.8 -33.8 -12.8 -1.8 -0.4 -0.8 -1.0 -10.6 1.7
9.3 8.9 8.2 7.1 9.9 11.1 11.9 10.1 15.8 14.1 14.1 14.0
19.6 14.5 23.0 20.9 25.0 23.4 14.2 12.9 14.4 11.4 14.8 15.2
19.6 14.5 23.0 20.9 25.0 23.4 14.2 12.9 14.4 11.4 14.8 15.2
18.8 13.2 19.1 17.1 19.9 17.8 11.9 11.6 13.8 11.4 14.1 14.8
10.9 15.2 18.4 43.7 4.5 4.8 5.4 10.9 -12.4 -19.5 31.5 8.3
-228.2
81.1 -8.9 -8.7 -3.1 11.5 6.1 -11.1 -2.2 -4.5 -11.0 2.4 2.1
19.6 14.5 23.0 20.9 25.0 23.4 14.2 12.9 14.4 11.4 14.8 15.2
-1.0 -1.0
5.1 5.7 5.0 3.4 5.2 6.6 6.2 4.1 4.9 3.8 5.2 7.1
19.6 14.5 23.0 20.9 25.0 23.4 14.2 12.9 14.4 11.4 14.8 15.2
39.4 25.4 21.0 19.6 24.6 24.2 17.4 13.1 14.1 12.3 14.6 17.7
20.1 20.9 57.8 -12.6 42.4 37.0 10.3 5.1 -427.3 -29.8 -33.3 28.7
4.7 9.0 16.6 8.8 -33.8 -12.8 -1.8 -0.4 -0.8 -1.0 -10.6 1.7
12.2 6.6 0.4 0.4 0.8 0.5 -14.8 2.1 1.0 1.5 1.3 1.7
8.1 6.6 0.4 0.4 0.5 0.5 -4.9 2.1 1.9 1.5 1.3 1.7
9.3 8.9 8.2 7.1 9.9 11.1 11.9 10.1 15.8 14.1 14.1 14.0
9.3 8.9 8.2 7.1 9.9 11.1 11.9 10.1 15.8 14.1 14.1 14.0
7.6 8.7 7.8 5.9 7.5 8.5 7.8 7.9 7.8 6.3 6.9 7.3
-1.0 -1.0 -1.0 -1.0 74.2 -30.4 -18.5 -1.0 -1.0 4.9 -1.0 -214.7
6.3 6.9 6.9 6.3 7.9 8.8 8.6 7.0 10.4 10.9 10.1 12.2
6.3 6.9 6.9 6.3 7.9 8.8 8.6 7.0 10.4 10.9 10.1 12.2
-1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0
14.4 14.1 18.0 18.6 22.0 24.3 35.3 57.0 40.1 27.5 16.1 17.8
6.9 10.9 8.2 5.0 189.7 -36.7 -20.3 27.5 6.4 3.4 5.0 121.0
 2003 4T 2004 1T 2004 2T 2004 3T 2004 4T 2005 1T 2005 2T 2005 3T 2005 4T 2006 1T 2006 2T 2006 3T
2003 2004 2005 2006
4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T

20.6 20.9 29.7 26.2 34.6 39.1 59.7

20.6 20.9 29.7 26.2 34.6 39.1 59.7
20.6 19.0 17.7 33.2 36.6 44.4 45.3 42.0 38.3 29.8 26.5 27.9
7.5 6.9 6.1 6.5 8.7 7.1 7.2 8.4 8.2 8.1 6.8 7.1
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9.6 9.7 14.4 16.5 15.0 10.3 9.6 7.1 7.1 7.8 8.6 12.0
27.7 31.1 37.4 23.8 25.2 21.0 11.0 28.5 15.9 14.8 8.8 7.8
9.9 9.1 11.6 12.4 9.7 10.0 9.9 9.6 9.6 10.1 9.6 9.7
178.1 52.3 24.0 16.4 -171.9 512.0 199.0 57.2 26.0 26.4 21.0 20.5
178.1 52.3 24.0 16.4 -171.9 512.0 199.0 57.2 26.0 26.4 21.0 20.5

178.1 52.3 24.0 16.4 -171.9 512.0 199.0 57.2 26.0 26.4 21.0 20.5
6.0 7.0 5.6 6.4 8.5 8.8
12.0 13.4 15.3 15.8 13.3 12.3 13.2 11.8 10.9 11.7 12.4 12.9
86.6 82.5 132.1 93.9 41.7 35.0 33.4 60.2 -47.4 -128.2 115.5 19.3
65.9 53.7 16.0 7.5 8.0 6.6 19.1 15.5 13.8 16.8 11.0 10.1
-60.7 -93.9 133.6 -674.0 186.5 -1,072.0 -132.9 131.2 38.4 47.0 50.2 53.2
6.2 8.4 8.6 9.7 11.8 17.6 13.3 15.6 9.7 5.5 7.0 8.0
8.1 -5.3 11.1 5.4 13.5 14.5 -8.7 4.3 1.3 0.9 1.3 2.7
8.7 10.8 14.9 15.0 14.9 9.8 10.1 8.2 4.3 5.3 6.2 9.0
71.5 84.1 16.3 13.1 11.9 12.5 10.7 -15.1 -1.1 -0.9 -2.1 -18.9
9.9 9.1 11.6 12.4 9.7 10.0 9.9 9.6 9.6 10.1 9.6 9.7
14.2 9.4 11.3 11.5 12.8 12.0 9.2 8.4 7.4 11.5 -6.5 -8.8
14.2 9.4 11.3 11.5 12.8 12.0 9.2 8.4 7.4 11.5 -6.5 -8.8
36.1 25.4 27.3 21.9 21.9 24.8 25.6 24.8 30.2 52.9 -27.5 -15.8
12.0 13.4 15.3 15.8 13.3 12.3 13.2 11.8 10.9 11.7 12.4 12.9

10.4 11.0 10.7 9.7 9.8 10.0 11.0 51.3 -8.7 -6.6 -10.3 22.6
14.2 9.4 11.3 11.5 12.8 12.0 9.2 8.4 7.4 11.5 -6.5 -8.8
 8.1 8.7 12.0 12.4 15.2 14.9 17.2 9.2 7.5 8.6 45.5 59.9
14.2 9.4 11.3 11.5 12.8 12.0 9.2 8.4 7.4 11.5 -6.5 -8.8
24.2 26.2 30.7 29.4 28.5 28.3 21.7 20.0 20.4 17.4 16.5 17.4
9.7 10.0 11.7 10.0 10.4 9.0 10.5 8.9 8.2 9.1 9.7 9.1
71.5 84.1 16.3 13.1 11.9 12.5 10.7 -15.1 -1.1 -0.9 -2.1 -18.9
-0.2 -0.2 -0.7 -0.5 -18.6 -11.7 -4.1 -2.6 -7.0 -13.9 -19.0 -34.2
-0.1 -0.1 -0.4 -0.3 -18.9 -11.7 -4.0 -2.5 -6.8 -9.9 -14.1 -19.8
9.9 9.1 11.6 12.4 9.7 10.0 9.9 9.6 9.6 10.1 9.6 9.7
9.9 9.1 11.6 12.4 9.7 10.0 9.9 9.6 9.6 10.1 9.6 9.7
13.8 18.9 24.7 39.2 47.1 35.8 27.8 17.5 17.7 19.3 22.2 24.4
8.8 8.0 15.1 18.3 11.9 8.5 9.0 5.9 6.8 6.3 10.4 13.2
8.5 8.3 10.8 11.8 10.0 8.8 8.9 8.3 7.7 8.0 9.1 8.6
8.5 8.3 10.8 11.8 10.0 8.8 8.9 8.3 7.7 8.0 9.1 8.6
10.3 8.9 11.4 10.6 9.8 11.7 12.4 13.0 11.3 11.8 12.3 12.8
33.9 29.0 32.2 33.5 33.3 33.3 31.9 -110.8 -7.1 -3.9 -10.4 -46.3
5.7 5.2 13.7 18.0 11.7 9.7 10.2 4.8 4.1 6.1 8.6 11.3
 2009 4T 2010 1T 2010 2T 2010 3T 2010 4T 2011 1T 2011 2T 2011 3T 2011 4T 2012 1T 2012 2T 2012 3T
2009 2010 2011 2012
4T 1T 2T 3T 4T 1T 2T 3T 4T 1T 2T 3T

322.5 149.6 64.6 72.4 43.1

322.5 149.6 64.6 72.4 43.1 45.0 38.3 24.6 26.1 25.7 27.7 25.6
18.0 16.5 17.7 18.9 20.7 17.6 19.2 21.6 24.3 26.5 26.8 24.7
7.5 7.0 5.6 7.7 7.6 6.9 6.2 5.4 5.5 6.3 4.8 6.2
14.1 13.4 11.3 13.8 12.3 12.0 11.0 9.4 10.7 11.0 10.3 11.1
14.6 11.7 12.5 10.4 10.0 11.1 7.5 13.6 26.0 -4.1 -4.0
14.0 15.7 12.0 10.2 8.6 6.7 6.2 5.6 5.5 6.8 7.5 7.6
160.9 50.2 48.6 55.8 29.7 23.9 15.9 17.5 23.2 27.6 41.1 82.2
18.4 25.7 -11.8 -14.7 8.6 8.0 11.0 356.8 -20.7 -17.8 -5.1 -9.6
13.5 14.5 18.3 17.3 20.4 11.9 13.2
-16.2 -14.8 9.3 7.7 4.7 6.3 6.0 4.7 7.0 5.4 18.0 20.7
-9.9 -10.7 7.1 5.7 3.7 5.2 5.3 4.2 6.5 4.7 15.7 17.0
106.7 80.6 93.0 122.1 157.8 360.7 -95.8 -27.5 -14.4 -9.2 -5.7 -10.0
28.4 26.2 22.5 26.2 23.5 21.4 18.9 16.1 18.5 21.0 19.1 23.1
17.0 15.2 11.7 15.4 13.4
25.0 25.5 25.1 27.1 31.2 31.7 33.4 35.5 24.3 26.1 27.1 29.1
16.4 19.2 -49.1 -32.5 95.0 80.9 83.6 -103.1 99.7 45.9 44.5 13.7
5.9 6.0 5.4 5.0 8.4
13.6 13.9 12.0 11.0 10.0 10.4 12.0 13.1 14.5 17.3 18.6 15.0
10.9 5.5 5.4 5.2 5.6
9.2 8.3 9.0 9.5 8.1 9.4 9.1 8.0 9.4 11.8 12.3 7.3
10.2 9.6 10.2 9.5 12.9 14.2 14.3 13.0 15.9 17.3 16.7 15.3
12.8 13.4 17.3 16.4 11.5 11.6 10.7 8.2 9.2 10.7 11.9 9.2
11.9 13.7 16.3 19.0 19.1 17.0 19.9 18.9 21.9 26.3 27.1 25.2
16.3 8.9 14.0 11.1 14.3 13.4 3.3 3.4 3.7 5.3 43.6 29.6
16.1 19.6 15.2 21.3 15.7 14.7 9.7 6.5 5.9 7.8 16.1 208.4
30.6 25.1 26.0
14.2 11.1 10.1 14.0 15.4 13.1 14.7 12.4 12.6 12.6 10.5 12.2
62.0 71.5 51.3 33.2 31.8 30.5 36.2
41.4 29.1 20.7 17.5 17.8 16.6 15.4 10.8 13.1 16.5 15.3 18.8
-22.7 123.2 -49.2 -30.7 -47.3 -22.9 -17.1 -11.8 -4.0 -5.9 -3.7 -4.6
45.1 19.2 5.8 4.9 11.2 9.9 12.4 5.9 6.5 6.2 4.1 3.9
39.4 23.3 6.9 5.8 13.5 12.3 15.6 7.8 9.7 8.6 5.6 5.9
5.0 5.6 4.1 3.3 4.0 4.3 4.8 4.0 3.9 4.6 3.5 3.8
5.0 5.6 4.1 3.3 4.0 4.3 4.8 4.0 3.9 4.6 3.5 3.8
7.7 8.5 12.6 16.1 15.2 14.2 11.7 16.2 55.7 116.4 182.4 37.0

9.5 9.2 8.0 3.6 20.7 12.6 9.0 -19.0 -7.4 -5.5 -4.1 -9.2
46.4 39.7 27.4 25.3 12.5 28.5 117.4 -16.5 -1.9 -2.0 -1.3 -2.3
37.2 27.0 14.3 14.2 16.0 15.1 15.9 11.9 12.4 15.1 14.8 19.1
38.5 28.1 13.0 12.7 12.3 11.7 11.2 4.8 9.7 13.0 12.7 17.4
7.8 6.9 12.4 14.1 31.7 22.7 -106.9 -4.1 -4.5 -3.8 -2.0 -3.2
20.9 21.9 17.5 17.8 24.4 19.3 23.9
56.4 37.1 -274.6 -97.5 -172.3 -57.3 72.5
 11.8 12.0 10.2 11.7 13.1 12.0 11.5 8.8 10.3 10.3 8.7 9.0
22.9 22.1 17.2 19.6 17.7 16.7 14.9 11.1 13.1 13.6 11.2 12.4
100.2 29.3 41.5 41.2 -69.7 -65.8 -30.7 -13.9 -57.6 -78.5 165.1 29.2
28.9 27.7 -79.7 -294.7 9.6 9.2 7.1 16.7 40.2 15.5 54.2 13.4
77.7 51.9 48.6 48.9 40.5 35.0 38.9 37.0 34.7 44.6 44.8 48.7
9.0 9.1 8.2 7.6 9.0 11.1 14.1 19.3 17.2 16.8 16.3 12.1
-127.7 -133.4 -49.5 -59.4 -258.2 -249.5 -196.8 -116.7 -59.4 -51.0 -40.1 -56.4
25.3 23.1 23.1 24.8 22.4 20.3 21.4 18.2 17.6 23.7 22.1 25.7
-20.4 -54.2 -26.7 -82.6 114.0 32.3 16.4 -276.3 -214.7 -166.7 -7.0 -8.3
11.5 17.4 56.9 36.8 23.0 213.7 -4.8 -4.0 -5.4 -5.2 -52.1
19.5 14.4 12.5 12.8 11.9 9.4 8.8 6.6 6.8 8.6 6.6 9.4
22.8 22.7 24.3 27.8 27.6 26.3 22.4 18.2 18.8 20.6 23.6 26.6
11.2 11.4 9.3 16.7 25.2
-549.2 -281.3 3536.0 -467.9 -523.7 -296.5 -123.9 -187.0 -91.3 -85.4 -20.6 -16.8
6.3 6.0 4.7 7.0 5.4 18.0 20.7
5.2 5.3 4.2 6.5 4.7 15.7 17.0
25.7 22.4 26.7 27.3 24.7 30.0 30.7 24.3 24.3 30.1 23.0 24.5
25.7 22.4 26.7 27.3 24.7 30.0 30.7 24.3 24.3 30.1 23.0 24.5
20.0 14.0 15.4 16.3 14.2 11.4 10.7 7.4 9.4 14.0 -22.2 -12.4
12.2 11.1 8.5 11.7 11.4 11.1 8.4 7.1 9.1 10.1 13.0 16.7
10.7 9.9 7.4 10.5 10.2 9.7 7.6 6.5 8.5 9.7 12.5 16.0
-147.1 -100.6 -64.2 -34.4 -19.4 -33.5 -35.0
14.0 15.5 11.7 12.2 10.1 10.8 11.6 12.9 13.5 14.1 14.1 14.1
19.6 19.7 17.7 17.7 22.5 25.8 30.7
20.0 13.8 11.6 13.1 11.3 19.6 24.0 21.9 27.3 22.9 9.5 10.8
50.4 34.8 25.0 25.4 22.2 19.5 19.0 14.8 15.9 18.7 18.6 19.7
5.2 4.7 6.1 5.2 6.0 7.1 6.3 7.6 9.7 10.4 13.0 11.5
7.8 6.0 47.2 92.2 -75.9 -7.4 -736.1
4.6 4.1 25.2 10.8 9.5 5.8 5.1 -14.6 -16.7 -19.6 -19.6 -19.6
51.9 31.8 26.3 23.3 7.6 8.8 8.5 7.0 17.5 21.0 20.2 14.1
31.1 22.6 14.5 17.5 6.2 8.8 8.5 7.0 17.5 21.0 20.2 14.1
8.8 8.5 7.0 17.5 21.0 20.2 14.1
10.0 9.1 7.8 8.7 8.9 8.5 18.1 16.0 13.4 13.0 11.6 11.2
2.8 2.1 1.8 1.5 8.0 5.2 5.3 4.2 6.5 4.7 15.7 17.0
4.1 3.1 2.8 2.2 8.9 6.3 6.0 4.7 7.0 5.4 18.0 20.7
3.4 2.6 2.0 1.7 6.7 5.2 5.3 4.2 6.5 4.7 15.7 17.0
9.0 8.5 8.7 9.9 10.3 9.7 9.3 7.9 9.7 10.4 10.7 7.1
17.8 17.7 18.5 20.5 25.7 28.4 26.7
25.2 24.9 20.8 21.9 18.9 17.8 17.7 18.5 20.5 25.7 28.4 26.7
19.9 17.9 13.6 14.2 13.8 24.0 26.9 46.0 74.6 106.6 -312.7 -43.4
19.7 17.5 13.8 12.5 12.4 17.0 15.7 22.5 44.1 64.6 -256.0 -37.8
-22.9 -17.1 -11.8 -4.0 -5.9 -3.7 -4.6
25.7 30.5 15.4 12.3 9.9 7.4 6.3 5.8 5.6 6.9 7.6 8.3
21.9 26.4 13.4 10.9 8.7 6.6 5.7 5.3 5.4 6.7 7.4 8.0
25.7 21.1 18.9 14.9 11.3 8.5 18.1 16.0 13.4 13.0 11.6 11.2
8.5 18.1 16.0 13.4 13.0 11.6 11.2
 Fonte de Dados: Majer & Majer
2012 4T 2013 1T 2013 2T 2013 3T 2013 4T
2012 2013
4T 1T 2T 3T 4T

24.1
25.5
6.0
11.8
-5.1
24.1
45.3
-14.0
7.0
19.7
17.9
-14.7
25.8

29.5
42.9

16.1

4.5
16.8
12.4
28.7
22.4
-41.2
23.7
11.3
48.3
17.8
-11.2
-1.2
-2.1
26.0
26.0
15.3

-17.7
-16.4
21.6
20.7
-2.4
22.2
51.1
 10.3
14.1
23.2
15.6
46.4
10.7
-58.1
27.9
-3.5
-18.1
11.0
29.4

-12.4
19.7
17.9
22.7
22.7
-2.0
12.2
12.2

14.1
31.4
-9.2
17.8
10.4
-42.7
-19.6
13.7
13.7
13.7
12.4
17.9
19.7
17.9
6.0
24.9
24.9
-21.7
-20.3
-11.2
23.3
22.5
12.4
12.4
BMFBovespa Boletim > Indicadores > composição carteira teórica (retroativo)
 1999 2000
1999 3T 1999 4T 2000 1T 2000 2T
45 45 46 46 44 44 52 52
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
RCTB41 37.12% 0.59 RCTB41 33.88% 1.19 RCTB41 36.32% 2.06 PETR4 10.19% 8.10
PETR4 10.17% 264.20 PETR4 8.96% 28.20 PETR4 9.03% 9.18 TNLP4 8.47% 78.48
RCTB31 6.50% 0.74 RCTB31 7.35% 1.19 RCTB31 8.08% 2.06 ELET6 6.90% -25.79
ELET6 6.16% 5.76 ELET6 5.86% 39.90 TLPP4 5.58% 31.22 TSPP4 5.24% 17.37
TLSP4 4.93% 17.76 TLPP4 4.69% 28.89 ELET6 4.68% -23.03 BBDC4 5.04% 9.56
ELET3 3.36% 5.66 VALE5 3.58% 15.53 BBDC4 3.35% 9.43 EBTP4 4.90% 21.30
BBDC4 3.19% 7.81 BBDC4 3.41% 11.76 VALE5 3.28% 11.78 PLIM4 4.58% -18.02
VALE5 3.10% 15.10 CMIG4 3.10% 190.98 BESP4 2.96% -1.00 TCSP4 4.49% 89.81
CMIG4 3.09% 349.56 ELET3 2.85% 36.58 CMIG4 2.25% 11.24 CMIG4 4.20% 9.96
TSPC6 1.75% 17.76 BESP4 2.79% -1.00 ELET3 2.20% -21.31 VALE5 3.97% 11.35
BESP4 1.65% -1.00 EMBR3 1.54% 10.01 TSPP4 1.79% 31.22 ELET3 3.39% -23.92
BBAS4 1.54% 2.76 TSPC6 1.36% 28.89 EMBR3 1.52% 8.70 EMBR3 2.29% 9.95
ITAU4 1.20% 5.47 PETR3 1.35% 24.52 PETR3 1.46% 8.56 TNLP3 2.26% 65.01
USIM5 1.15% 6.19 BBAS4 1.35% 7.09 ITAU4 1.24% 12.00 PETR3 2.24% 7.87
TERJ4 1.11% 72.94 ITAU4 1.29% 9.49 BBAS4 1.08% 12.48 BESP4 2.23% -1.00
ELPL4 1.06% -28.44 USIM5 1.20% 7.11 TERJ4 1.06% -524.89 EBTP3 1.82% 16.61
LIGH3 1.02% -5.09 CPLE6 1.13% 16.59 LIGH3 1.05% -20.24 ITAU4 1.76% 11.53
CLSC6 1.02% -4.39 CLSC6 1.09% 442.58 USIM5 1.05% 8.36 ITSA4 1.55% 6.29
CPLE6 1.00% 14.19 LIGH3 0.99% -11.02 ELPL4 0.97% 12.07 CPLE6 1.42% 11.31
BRHA4 0.84% -16.34 INEP4 0.92% -2.17 CPLE6 0.94% 10.31 TCOC4 1.34% 124.69
CESP4 0.79% -1.00 TERJ4 0.91% -44.87 CLSC6 0.82% 40.48 BBAS4 1.28% 6.97
GEPA4 0.79% -1.00 ELPL4 0.87% 12.11 BRHA4 0.80% -10.88 USIM5 1.25% 7.58
GETI4 0.79% 6,745.00 ITSA4 0.87% 6.07 CESP4 0.80% -1.00 CLSC6 1.25% 14.74
INEP4 0.79% -16.73 CESP4 0.80% -1.00 ITSA4 0.77% 6.40 TCSP3 1.22% 74.13
BRDT4 0.68% -302.25 BRHA4 0.78% -10.18 TRPL4 0.76% 35.32 TCSL4 1.18% 204.85
ITSA4 0.63% 2.91 GETI4 0.65% -4.88 GETI4 0.69% -5.70 CESP4 1.06% -1.00
CSNA3 0.48% 21.09 BRDT4 0.61% 264.20 INEP4 0.56% -1.19 ACES4 1.05% -1.00
WHMT3 0.38% -23.47 CSNA3 0.55% 15.13 WHMT3 0.50% -1.00 TNEP4 1.04% 204.85
TLSP3 0.35% 12.00 GEPA4 0.53% 12.60 CSNA3 0.48% 14.33 BRHA4 1.00% -9.30
GRSU3 0.33% -5.11 WHMT3 0.50% -32.90 PTIP4 0.46% 8.28 TERJ4 0.98% 89.81
CRUZ3 0.33% 5.27 TRPL4 0.48% 27.87 BRDT4 0.45% 28.20 ELPL4 0.85% 10.66
TEPR4 0.31% 72.94 CSTB4 0.45% -1.00 TLPP3 0.41% 18.54 EMBR4 0.83% 9.95
CSTB4 0.30% -1.00 PTIP4 0.44% 12.60 CSTB4 0.40% -1.00 CSNA3 0.70% 13.83
KLAB4 0.28% -4.13 CRUZ3 0.41% 6.08 TEPR4 0.36% -524.89 LIGH3 0.70% -46.54
PTIP4 0.26% -1.00 TLPP3 0.32% 16.50 CRUZ3 0.33% 6.69 INEP4 0.69% -0.73
TRPL4 0.26% 9.01 GRSU3 0.30% -13.59 GRSU3 0.30% 11.00 BRDT4 0.64% 9.18
PALF3 0.25% -1.00 TEPR4 0.29% -44.87 KLAB4 0.29% 19.70 SBSP3 0.63% 5.42
CMIG3 0.23% 219.38 KLAB4 0.29% -9.63 ARCZ6 0.20% 24.26 TEPR4 0.62% 89.81
ARCZ6 0.19% 91.90 ARCZ6 0.25% 52.87 CPNE5 0.17% 4.42 TRPL4 0.58% -805.40
BBAS3 0.14% 2.76 VCPA4 0.21% 52.87 CMIG3 0.16% 8.04 GETI4 0.52% -6.37
PSIM4 0.14% 91.90 CMIG3 0.19% 115.58 VCPA4 0.16% 24.26 CRUZ3 0.51% 6.21
CPNE5 0.12% 5.18 BBAS3 0.17% 7.09 BBAS3 0.13% 12.48 PTIP4 0.45% 7.65
BMTO4 0.12% -21.19 CPNE5 0.17% 6.46 DURA4 0.06% -1.00 CSTB4 0.44% -1.00
DURA4 0.06% -1.00 BMTO4 0.13% -26.00 CPSL3 0.05% 4.42 VCPA4 0.36% 19.60
CPSL3 0.04% 5.18 DURA4 0.06% -1.00 ARCZ6 0.36% 19.60
CPSL3 0.06% 6.46 KLAB4 0.36% 17.70
GRSU3 0.30% 13.18
CPNE5 0.25% 4.28
BBAS3 0.22% 6.97
CMIG3 0.19% 7.49
DURA4 0.10% -1.00
CPSL3 0.09% 4.28
 0 0 0 0
Cortes 1999 3T 1999 4T 2000 1T 2000 2T
40 3.25 10.68 6.71 6.38
0
2000 2001
2000 3T 2000 4T 2001 1T 2001 2T 2001 3T
57 57 56 56 56 56 56 56 57 57
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%)
PETR4 8.86% 6.22 TNLP4 9.75% 21.75 PETR4 10.16% 4.88 TNLP4 11.21% 16.46 TNLP4 12.88%
TNLP4 8.39% 37.55 PETR4 8.92% 4.89 TNLP4 8.59% 16.22 PETR4 9.85% 5.07 PETR4 10.23%
PLIM4 7.32% -24.86 PLIM4 8.39% -16.03 PLIM4 5.87% -7.40 PLIM4 5.35% -4.68 BBDC4 5.72%
BBDC4 5.14% 10.05 EBTP4 4.58% 17.13 VALE5 4.21% 9.56 BBDC4 4.61% 9.60 PLIM4 4.58%
EBTP4 4.39% 18.56 TCSP4 4.33% 19.59 BESP4 4.16% -1.00 TCSP4 4.25% 22.97 TCSP4 4.38%
ELET6 4.26% -30.42 TSPP4 3.77% 9.28 PETR3 3.94% 5.35 TSPP4 4.16% 8.19 EBTP4 3.98%
TSPP4 4.24% 11.80 BBDC4 3.73% 11.26 ELET6 3.87% 6.36 EBTP4 4.14% 24.53 VALE5 3.94%
TCSP4 3.94% 31.01 PETR3 3.36% 5.19 TCSP4 3.47% 14.53 PETR3 3.91% 5.65 PETR3 3.78%
CMIG4 3.89% 9.80 VALE5 3.32% 8.65 EBTP4 3.37% 16.85 VALE5 3.34% 9.10 ELET6 3.51%
VALE5 3.33% 8.77 CMIG4 3.18% 10.81 BBDC4 3.30% 11.12 CMIG4 3.03% 20.64 TEPR4 3.22%
PETR3 2.75% 6.52 ELET6 3.05% 7.88 CMIG4 3.27% 13.61 TEPR4 2.49% 22.97 CMIG4 2.87%
ELET3 2.64% -29.14 BESP4 2.51% -1.00 ELET3 2.61% 6.60 ELET6 2.47% 4.09 ITAU4 2.76%
BESP4 2.59% -1.00 TEPR4 2.19% 19.59 TSPP4 2.47% 8.86 ITAU4 2.23% 9.49 TSPP4 2.37%
TNLP3 1.90% 29.06 BRAP4 2.12% 13.84 BRAP4 1.94% 87.74 EBTP3 1.84% 24.98 ELET3 1.90%
EBTP3 1.86% 14.80 ELET3 2.07% 7.89 EBTP3 1.77% 15.64 BRAP4 1.80% 19.32 ITSA4 1.59%
ITSA4 1.77% 5.97 EBTP3 1.96% 13.03 TEPR4 1.75% 14.53 TCSL4 1.70% 43.01 TCSL4 1.54%
EMBR3 1.73% 10.74 ITAU4 1.80% 11.92 ITAU4 1.74% 9.36 ITSA4 1.67% 4.77 EBTP3 1.53%
ITAU4 1.72% 3.61 TNLP3 1.65% 16.57 TNLP3 1.71% 14.60 ELET3 1.58% 4.44 TMCP4 1.50%
TCOC4 1.38% 81.33 ITSA4 1.62% 6.40 ITSA4 1.57% 4.37 TMCP4 1.52% -42.07 AMBV4 1.48%
TCSP3 1.35% 21.32 TCSL4 1.41% 112.06 CESP4 1.48% -1.00 TCOC4 1.51% -42.07 TNEP4 1.38%
USIM5 1.27% 8.07 TCOC4 1.41% 61.90 TCSP3 1.46% 13.18 TNLP3 1.47% 14.31 BRAP4 1.36%
ACES4 1.26% -1.00 TCSP3 1.38% 18.78 CSNA3 1.33% 2.48 TCSP3 1.35% 19.14 TNLP3 1.35%
CPLE6 1.21% 9.65 ACES4 1.17% -1.00 TCOC4 1.27% 346.16 CSNA3 1.33% 2.35 TCOC4 1.33%
CLSC6 1.10% 18.03 CESP4 1.13% -1.00 EMBR3 1.25% 10.88 TNEP4 1.33% 43.01 BBAS4 1.16%
AMBV4 1.09% 238.12 USIM5 1.08% 8.58 CPLE6 1.17% 13.40 ARCZ6 1.30% 18.03 TCSP3 1.16%
BBAS4 1.05% 14.91 CSNA3 1.06% 2.72 ACES4 1.17% -1.00 BBAS4 1.22% 7.69 CPLE6 1.12%
EMBR4 0.98% 10.74 AMBV4 1.02% 39.43 EMBR4 1.16% 10.88 AMBV4 1.18% 21.04 CSNA3 1.02%
TCSL4 0.97% 108.78 TNEP4 1.01% 112.06 AMBV4 1.15% 25.36 EMBR4 1.11% 10.99 USIM5 0.99%
TEPR4 0.96% 31.01 CPLE6 0.98% 10.05 USIM5 1.14% 10.24 CESP4 1.08% -1.00 ARCZ6 0.98%
CESP4 0.92% -1.00 EMBR4 0.92% 10.06 TCSL4 1.13% 72.24 TLCP4 1.06% -42.07 CESP4 0.97%
LIGH3 0.86% 42.81 EMBR3 0.91% 10.06 CRTP5 1.04% 346.16 CPLE6 1.05% 14.50 EMBR3 0.85%
SBSP3 0.85% 8.23 ARCZ6 0.88% 14.36 TLCP4 1.02% 346.16 EMBR3 1.04% 10.99 TLPP4 0.82%
TERJ4 0.82% 31.01 TMCP4 0.88% 61.90 SBSP3 1.00% 19.84 CRTP5 0.91% -42.07 ACES4 0.82%
TNEP4 0.79% 108.78 SBSP3 0.87% 9.50 BBAS4 0.99% 4.98 USIM5 0.89% 9.41 GGBR4 0.81%
TMCP4 0.78% 81.33 TLCP4 0.80% 61.90 ARCZ6 0.94% 14.07 SBSP3 0.88% 74.21 EMBR4 0.76%
CSNA3 0.76% 8.20 BBAS4 0.79% 4.36 GGBR4 0.92% 5.71 GGBR4 0.80% 4.96 CRUZ3 0.72%
CSTB4 0.75% -1.00 COGU4 0.78% 5.15 TLPP4 0.80% 8.86 ACES4 0.78% -1.00 CGAS5 0.69%
ELPL4 0.69% 11.57 CLSC6 0.72% 111.03 TNEP4 0.79% 72.24 TLPP4 0.75% 8.19 ELPL4 0.69%
COGU4 0.69% 7.06 TLPP4 0.71% 9.28 CLSC6 0.78% 25.15 ELPL4 0.66% 33.26 SBSP3 0.64%
CRGT5 0.67% 31.01 CRTP5 0.68% 61.90 TRPL4 0.76% 17.46 TRPL4 0.65% 8.48 TMAR6 0.56%
TLCP4 0.67% 81.33 TRPL4 0.65% 18.68 CRUZ3 0.69% 6.35 TERJ4 0.63% 22.97 BRDT4 0.56%
INEP4 0.66% -0.78 CSTB4 0.63% -1.00 TMCP4 0.68% 346.16 CRUZ3 0.62% 6.07 TCSL3 0.50%
TRPL4 0.64% 96.95 ELPL4 0.60% 15.76 CSTB4 0.68% -1.00 CSTB4 0.61% -1.00 CLSC6 0.50%
TCSL3 0.58% 83.68 LIGH3 0.60% -11.55 BRDT4 0.64% 4.89 TCSL3 0.61% 36.35 VCPA4 0.50%
BRDT4 0.57% 8.10 TCSL3 0.59% 86.82 ELPL4 0.59% 43.32 VCPA4 0.54% 18.03 CRTP5 0.49%
TLPP4 0.57% 11.80 TERJ4 0.59% 19.59 LIGH3 0.57% -6.06 CLSC6 0.54% 25.07 TRPL4 0.48%
PTIP4 0.53% 8.59 INEP4 0.54% -0.74 TERJ4 0.54% 14.53 INEP4 0.49% -0.76 TLCP4 0.48%
CRTP5 0.52% 81.33 BRDT4 0.48% 6.22 INEP4 0.50% -0.66 LIGH3 0.44% -2.92 CSTB4 0.41%
ARCZ6 0.51% 19.99 VCPA4 0.46% 14.36 VCPA4 0.49% 14.07 BRDT4 0.44% 4.88 CPNE5 0.34%
CRUZ3 0.48% 5.63 CRUZ3 0.46% 5.32 TCSL3 0.47% 55.43 CPNE5 0.33% 16.60 INEP4 0.33%
KLAB4 0.46% 12.72 KLAB4 0.37% 81.12 CPNE5 0.34% 9.00 KLAB4 0.30% -8.73 LIGH3 0.31%
VCPA4 0.44% 19.99 CPNE5 0.31% 4.72 PTIP4 0.30% 8.72 GRSU3 0.30% 18.35 KLAB4 0.29%
BRAP4 0.41% -12.69 PTIP4 0.27% 7.63 KLAB4 0.27% -8.94 PTIP4 0.25% 7.77 BBAS3 0.26%
CPNE5 0.32% 4.50 GRSU3 0.20% 10.91 GRSU3 0.26% 15.23 BBAS3 0.23% 7.69 GRSU3 0.20%
GRSU3 0.26% 9.36 BBAS3 0.18% 4.36 BBAS3 0.24% 4.98 CMIG3 0.20% 19.89 PTIP4 0.20%
BBAS3 0.23% 14.91 CMIG3 0.15% 9.00 CMIG3 0.18% 12.92 TDBH4 0.04% 8.19 CMIG3 0.20%
CMIG3 0.18% 7.55 TDBH4 0.03%

0 0 0 0
2000 3T 2000 4T 2001 1T 2001 2T
11.30 9.68 8.27 10.87
 2002
2001 3T 2001 4T 2002 1T 2002 2T 2002 3T
57 57 57 57 57 57 55 55
P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
29.53 TNLP4 13.10% 98.35 PETR4 10.96% 7.15 TNLP4 15.10% -75.06 TNLP4 13.48% -30.47
4.91 PETR4 9.10% 5.40 TNLP4 10.74% 110.91 PETR4 9.62% 6.33 PETR4 9.24% 4.12
7.63 TSPP4 5.69% 9.90 BBDC4 5.85% 9.32 TSPP4 4.93% 11.91 BBDC4 4.92% 5.95
-2.26 BBDC4 5.05% 8.33 ELET6 4.08% 7.63 BBDC4 4.44% 7.85 TSPP4 4.54% 10.07
20.91 EBTP4 4.61% -6.08 TSPP4 3.92% 11.13 VALE5 4.14% 11.07 EBTP4 4.50% -0.75
-25.19 PLIM4 3.95% -3.25 EBTP4 3.72% -4.68 ELET6 3.33% 7.06 VALE5 4.17% 28.25
6.97 ELET6 3.28% 5.16 PETR3 3.68% 7.59 EMBR4 3.19% 10.93 ITAU4 3.43% 6.03
5.06 TCSP4 3.25% 25.00 VALE5 3.47% 7.84 PETR3 3.18% 6.83 EMBR4 3.28% 9.87
3.54 VALE5 2.98% 6.84 TCSP4 3.37% 23.44 BRTP4 3.05% 14.25 BRTP4 3.18% 12.94
20.91 PETR3 2.96% 5.54 TEPR4 2.90% 23.44 ITAU4 2.99% 7.31 PETR3 3.16% 4.49
-39.39 TEPR4 2.83% 25.00 ITAU4 2.83% 7.81 CMIG4 2.92% -12.04 ELET6 2.97% 2.11
-22.59 ITAU4 2.59% 6.99 CMIG4 2.71% 7.74 BRTO4 2.91% 14.25 BRTO4 2.91% 12.94
7.14 CMIG4 2.52% 10.98 PLIM4 2.50% -2.42 TMAR5 2.12% -389.92 CMIG4 2.50% -7.04
3.85 EMBR4 1.72% 6.96 ELET3 1.99% 8.62 TNEP4 1.96% 18.84 TMAR5 2.11% 33.09
3.70 EBTP3 1.69% -6.69 EMBR4 1.81% 7.40 PLIM4 1.88% -0.67 AMBV4 2.07% 13.15
18.28 ELET3 1.55% 5.51 ITSA4 1.64% 6.26 TMCP4 1.83% -1.52 TCOC4 2.04% -2.92
-26.24 AMBV4 1.51% 24.61 USIM5 1.61% 6.49 AMBV4 1.79% 17.36 BBAS3 1.69% 3.38
-5.27 TMCP4 1.51% -3.50 AMBV4 1.50% 24.22 TCOC4 1.68% -1.52 ITSA4 1.53% 3.86
19.64 TCOC4 1.50% -3.50 EBTP3 1.48% -5.59 EMBR3 1.49% 10.93 TMCP4 1.49% -2.92
18.28 ITSA4 1.42% 4.75 BBAS4 1.40% 6.38 TCSL4 1.49% 18.84 TNEP4 1.48% 13.08
8.87 BBAS4 1.40% 6.97 EMBR3 1.39% 7.40 USIM5 1.45% -56.16 PLIM4 1.35% -0.61
26.71 TNEP4 1.38% 20.33 TCOC4 1.36% -2.41 ITSA4 1.39% 5.03 CSNA3 1.31% -3.10
-5.27 TMAR5 1.37% 298.90 CPLE6 1.31% 8.02 ELET3 1.37% 7.73 USIM5 1.31% -1.44
5.47 USIM5 1.32% 6.09 TNEP4 1.24% 16.25 EBTP4 1.29% -0.72 TCSL4 1.27% 13.08
17.07 EMBR3 1.31% 6.96 TMCP4 1.20% -2.41 TNLP3 1.23% -62.33 SBSP3 1.15% -6.12
18.35 TNLP3 1.29% 82.18 TMAR5 1.19% 49.75 BBAS4 1.17% 3.96 CPLE6 1.13% 5.82
1.06 TCSL4 1.28% 20.33 CRTP5 1.15% -2.41 CRTP5 1.13% -1.52 EMBR3 1.12% 9.87
10.70 CPLE6 1.25% 9.67 TCSL4 1.12% 16.25 CSNA3 1.11% 46.52 TNLP3 1.03% -22.69
18.59 CRTP5 1.21% -3.50 TNLP3 1.11% 97.93 CPLE6 1.07% 6.38 ELET3 1.01% 2.08
-529.93 BRAP4 0.94% -9.88 CSNA3 1.08% 10.27 TLPP4 1.01% 11.91 GGBR4 1.01% 4.08
4.23 CESP4 0.94% 3.11 GGBR4 1.02% 6.60 GGBR4 0.92% 6.21 TLPP4 0.95% 10.07
7.14 CSNA3 0.92% 8.84 CESP4 0.94% 2.80 ELPL4 0.76% 3.96 CRUZ3 0.93% 5.43
-1.00 TLCP4 0.87% -3.50 BRAP4 0.92% -8.58 BRAP4 0.74% -1.15 EBTP3 0.92% -0.99
3.37 TCSP3 0.82% 19.89 TLPP4 0.88% 11.13 TLCP4 0.73% -1.52 CRTP5 0.85% -2.92
4.23 CGAS5 0.80% 17.06 ACES4 0.85% -1.00 ARCZ6 0.71% 35.32 ARCZ6 0.74% 56.99
5.08 ACES4 0.76% -1.00 TCSP3 0.84% 17.75 BRTP3 0.71% 11.85 BRAP4 0.70% -0.76
30.44 TLPP4 0.73% 9.90 SBSP3 0.81% 10.38 TRPL4 0.70% 8.67 BRTP3 0.68% 11.57
143.34 GGBR4 0.72% 5.23 TRPL4 0.81% 12.57 CESP4 0.69% -1.08 CSTB4 0.67% -1.00
-14.71 SBSP3 0.72% 17.39 CRUZ3 0.79% 7.03 CRUZ3 0.65% 6.10 VCPA4 0.67% 56.99
-228.25 ELPL4 0.71% 5.75 ARCZ6 0.76% 24.33 SBSP3 0.63% 48.03 TLCP4 0.64% -2.92
5.07 TRPL4 0.70% 13.67 TLCP4 0.75% -2.41 ACES4 0.63% -1.00 ELPL4 0.63% 19.92
15.78 CRUZ3 0.68% 6.82 CGAS5 0.72% 15.13 CLSC6 0.62% -11.08 CESP4 0.58% -0.19
-39.90 ARCZ6 0.61% 21.98 ELPL4 0.69% 4.54 BRDT4 0.56% 7.15 TRPL4 0.56% 5.32
18.59 TCSL3 0.49% 17.06 BRDT4 0.58% 5.40 EBTP3 0.55% -1.35 CLSC6 0.56% -8.79
-5.27 CLSC6 0.47% -3.99 CLSC6 0.58% -7.99 TCSL3 0.53% 15.69 ACES4 0.55% -1.00
5.42 BRDT4 0.45% 4.91 CSTB4 0.48% -1.00 VCPA4 0.53% 35.32 BRDT4 0.53% 6.33
-5.27 VCPA4 0.40% 21.98 TCSL3 0.45% 14.09 CSTB4 0.52% -1.00 TCSL3 0.42% 10.30
-1.00 CSTB4 0.38% -1.00 VCPA4 0.44% 24.33 CGAS5 0.48% 9.86 CGAS5 0.37% 9.62
8.78 CPNE5 0.35% -33.78 CPNE5 0.40% -12.84 CPNE5 0.33% -1.76 TBLE3 0.37% 10.88
-0.51 LIGH3 0.32% -1.81 BBAS3 0.35% 6.38 LIGH3 0.30% -5.79 BRKM5 0.29% -0.39
-1.21 INEP4 0.32% -0.74 TBLE3 0.31% 4.80 TBLE3 0.30% 5.43 LIGH3 0.23% -1.47
-3.13 BBAS3 0.30% 6.97 LIGH3 0.29% -2.01 BBAS3 0.26% 3.96 KLBN4 0.23% -2.20
5.47 GRSU3 0.27% 4.47 KLBN4 0.27% 6.14 KLBN4 0.23% -11.10 INEP4 0.21% -0.13
43.67 KLBN4 0.23% 11.45 INEP4 0.27% -0.54 CMIG3 0.20% -11.21 PTIP4 0.17% 7.87
5.87 CMIG3 0.20% 10.48 CMIG3 0.21% 7.19 INEP4 0.18% -0.13 CMIG3 0.15% -6.61
-38.01 PTIP4 0.16% 7.50 PTIP4 0.18% 8.54 PTIP4 0.17% 7.82
 7.14 TDBH4 0.11% 9.90 TDBH4 0.10% 11.13 TDBH4 0.13% 11.91

0 0 0 0 0
2001 3T 2001 4T 2002 1T 2002 2T 2002 3T
9.97 6.82 7.40 6.34 6.06
 2003
2002 4T 2003 1T 2003 2T 2003 3T 2003 4T
55 55 54 54 54 54 54 54 54 54
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%)
TNLP4 13.26% -28.13 TNLP4 14.07% -16.28 TNLP4 13.56% -52.90 TNLP4 13.63% 159.57 TNLP4 13.79%
PETR4 8.91% 5.14 PETR4 9.82% 3.56 PETR4 9.08% 3.83 PETR4 8.82% 3.99 PETR4 8.58%
BBDC4 5.90% 7.85 BBDC4 6.62% 8.39 EBTP4 6.37% -6.44 EBTP4 6.82% 9.40 EBTP4 5.91%
TSPP4 4.83% 15.76 TSPP4 4.86% 14.09 BBDC4 5.29% 7.91 TSPP4 5.30% 14.03 BBDC4 4.72%
EBTP4 4.75% -2.00 ITAU4 4.34% 7.49 TSPP4 4.79% 14.06 BBDC4 4.82% 7.97 TSPP4 4.53%
ITAU4 3.92% 8.79 EBTP4 4.28% -1.95 ITAU4 3.76% 7.63 ELET6 3.43% -3.89 VALE5 3.28%
ELET6 3.71% 11.45 ELET6 3.18% 18.86 ELET6 3.39% -8.94 ITAU4 3.11% 7.82 ELET6 3.22%
PETR3 3.12% 5.85 PETR3 3.10% 3.90 EMBR4 3.33% 7.06 VALE5 3.10% 7.63 CMIG4 3.09%
CMIG4 2.91% -4.28 CMIG4 2.78% -3.83 PETR3 2.99% 4.18 CMIG4 2.94% 5.79 ITAU4 2.95%
VALE5 2.74% 18.56 BRTP4 2.76% 11.44 VALE5 2.65% 8.08 PETR3 2.56% 4.33 EMBR4 2.48%
EMBR4 2.66% 7.59 VALE5 2.45% 13.22 CSNA3 2.54% 6.90 EMBR4 2.45% 8.44 BRTO4 2.47%
BRTP4 2.65% 14.38 TCOC4 2.26% -4.19 BRTP4 2.48% 14.81 BRTO4 2.13% 15.16 PETR3 2.43%
BRTO4 2.37% 14.38 BRTO4 2.23% 11.44 BRTO4 2.38% 14.81 CSNA3 2.13% 6.78 USIM5 2.41%
PLIM4 2.00% -0.76 CSNA3 2.19% 12.12 CMIG4 2.34% 9.97 TMAR5 2.13% 17.53 CSNA3 2.37%
TMAR5 1.94% 16.08 BBAS3 2.09% 3.63 TCOC4 1.97% -4.88 BRTP4 2.10% 15.16 BRTP4 2.01%
TCOC4 1.93% -4.37 USIM5 1.97% 140.58 USIM5 1.85% 3.82 USIM5 2.10% 2.79 AMBV4 1.98%
BBAS3 1.87% 3.59 EMBR4 1.86% 4.83 GGBR4 1.77% 5.17 PLIM4 2.02% -2.65 CPLE6 1.97%
AMBV4 1.74% 14.09 AMBV4 1.84% 12.33 TMAR5 1.68% 13.94 TCOC4 1.98% -5.99 TMAR5 1.96%
CSNA3 1.72% -16.78 ITSA4 1.76% 3.65 BBAS3 1.67% 4.26 CPLE6 1.82% -254.02 GGBR4 1.91%
ITSA4 1.56% 3.99 TMAR5 1.72% 12.26 AMBV4 1.63% 14.56 AMBV4 1.57% 17.73 TCOC4 1.71%
CPLE6 1.52% -8.55 TMCP4 1.35% -4.19 ITSA4 1.53% 4.31 GGBR4 1.50% 7.09 PLIM4 1.65%
USIM5 1.41% -4.60 PLIM4 1.33% -0.51 SBSP3 1.41% 40.74 VALE3 1.42% 8.54 SBSP3 1.34%
GGBR4 1.37% 4.93 GGBR4 1.29% 3.78 TMCP4 1.37% -4.88 BBAS3 1.33% 5.07 ITSA4 1.22%
TMCP4 1.36% -4.37 CPLE6 1.25% -4.74 CPLE6 1.33% -15.89 SBSP3 1.25% 4.69 VALE3 1.22%
TNEP4 1.26% 14.29 TNEP4 1.16% 10.47 VALE3 1.31% 8.67 TMCP4 1.19% -5.99 EBTP3 1.17%
SBSP3 1.24% -4.03 SBSP3 1.10% -3.94 PLIM4 1.11% -0.76 ITSA4 1.17% 5.18 TNLP3 1.13%
ELET3 1.23% 11.53 TNLP3 1.08% -11.76 TNLP3 1.06% -38.52 ELET3 1.10% -3.48 BBAS3 1.11%
VALE3 1.22% 19.57 VALE3 1.08% 13.74 EBTP3 1.03% -7.03 TNLP3 1.07% 121.84 TMCP4 1.10%
TCSL4 1.09% 14.29 TCSL4 0.97% 10.47 ELET3 1.01% -8.05 TCSL4 1.06% 10.27 ELET3 1.09%
TNLP3 1.02% -20.61 ELET3 0.95% 17.09 CRUZ3 1.01% 7.84 EBTP3 1.03% 8.94 TCSL4 1.08%
TLPP4 0.87% 15.76 CRUZ3 0.87% 5.89 TCSL4 1.01% 9.86 TNEP4 0.97% 10.27 ACES4 1.06%
EBTP3 0.87% -2.23 EBTP3 0.84% -2.34 TNEP4 1.00% 9.86 ELPL4 0.95% -7.51 CSTB4 1.06%
ELPL4 0.86% -1.25 TLPP4 0.79% 14.09 EMBR3 0.86% 7.06 CSTB4 0.90% -1.00 VCPA4 0.95%
EMBR3 0.77% 7.59 ELPL4 0.72% -1.09 CSTB4 0.78% -1.00 TLPP4 0.81% 14.03 ELPL4 0.91%
CRUZ3 0.75% 5.67 CSTB4 0.71% -1.00 TLPP4 0.77% 14.06 CRUZ3 0.74% 9.47 TNEP4 0.91%
ARCZ6 0.70% 40.06 CRTP5 0.71% -4.19 ARCZ6 0.71% 16.10 VCPA4 0.73% 17.80 TLPP4 0.79%
CRTP5 0.66% -4.37 ACES4 0.70% -1.00 ACES4 0.69% -1.00 ACES4 0.71% -1.00 ARCZ6 0.79%
CSTB4 0.62% -1.00 ARCZ6 0.69% 27.53 ELPL4 0.64% -1.67 ARCZ6 0.70% 17.80 EMBR3 0.74%
VCPA4 0.57% 40.06 BRAP4 0.62% -3.75 VCPA4 0.61% 16.10 CRTP5 0.69% -5.99 CRTP5 0.71%
BRAP4 0.56% -3.94 VCPA4 0.61% 27.53 CRTP5 0.61% -4.88 EMBR3 0.64% 8.44 CRUZ3 0.68%
ACES4 0.54% -1.00 BRTP3 0.56% 11.40 BRAP4 0.49% 4.35 CLSC6 0.54% -1.91 CLSC6 0.61%
CLSC6 0.54% -1.43 EMBR3 0.50% 4.83 BRTP3 0.45% 14.12 CESP4 0.50% 0.70 BRKM5 0.58%
BRDT4 0.53% 4.12 TLCP4 0.49% -4.19 CLSC6 0.45% -1.19 BRAP4 0.47% 2.10 CESP4 0.49%
BRTP3 0.52% 13.84 TRPL4 0.48% 4.94 TLCP4 0.42% -4.88 TRPL4 0.41% 6.57 BRAP4 0.49%
TLCP4 0.51% -4.37 TCSL3 0.47% 11.54 TRPL4 0.42% 5.14 CGAS5 0.40% 9.70 KLBN4 0.48%
CESP4 0.51% -0.23 CLSC6 0.44% -1.09 CESP4 0.39% -0.94 BRKM5 0.40% 1.69 BRTP3 0.42%
TRPL4 0.45% 4.98 CESP4 0.42% -0.20 TBLE3 0.38% 31.46 BRTP3 0.40% 14.82 CGAS5 0.41%
TCSL3 0.34% 10.22 TBLE3 0.36% -19.52 TCSL3 0.32% 8.70 TLCP4 0.39% -5.99 TRPL4 0.40%
TBLE3 0.30% -12.45 KLBN4 0.34% -11.01 KLBN4 0.31% 2.44 KLBN4 0.34% 2.09 TCSL3 0.38%
BRKM5 0.28% -0.81 BRKM5 0.27% -0.97 BRKM5 0.28% -10.63 TCSL3 0.33% 8.26 TLCP4 0.32%
CGAS5 0.27% 5.91 CGAS5 0.26% 5.21 CGAS5 0.28% 8.70 PTIP4 0.29% 7.27 PTIP4 0.30%
PTIP4 0.21% 7.81 PTIP4 0.19% 6.26 PTIP4 0.19% 6.92 TBLE3 0.26% 8.34 TBLE3 0.26%
LIGH3 0.20% -1.42 CMIG3 0.11% -2.92 LIGH3 0.13% -0.65 LIGH3 0.24% -1.22 LIGH3 0.24%
KLBN4 0.19% -4.54 LIGH3 0.10% -0.65 CMIG3 0.10% 7.99 CMIG3 0.11% 4.39 CMIG3 0.12%
CMIG3 0.13% -3.80
 0 0 0 0
2002 3T 2002 4T 2003 1T 2003 2T 2003 3T
5.96 5.76 5.28 6.02
 2004
2003 4T 2004 1T 2004 2T 2004 3T 2004 4T
54 54 54 54 55 55 53 53
P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
26.35 TNLP4 12.01% 14.57 TNLP4 13.53% 20.35 TNLP4 10.95% 15.74 TNLP4 11.31% 24.99
4.78 PETR4 9.91% 5.84 PETR4 8.14% 4.95 PETR4 9.67% 6.05 PETR4 8.82% 6.00
14.57 TSPP4 6.27% 13.60 BBDC4 4.49% 8.87 VALE5 4.16% 11.16 USIM5 4.78% 3.98
10.45 EBTP4 5.17% 13.03 EBTP4 4.49% 108.12 USIM5 3.74% 4.41 VALE5 4.53% 11.58
14.08 BBDC4 4.34% 9.16 TSPP4 4.31% 10.89 ELET6 3.51% 9.00 CSNA3 3.75% 6.79
12.69 VALE5 3.05% 12.34 VALE5 3.39% 10.05 EBTP4 3.47% -39.47 EBTP4 3.62% -5.55
75.19 CSNA3 3.02% 14.26 USIM5 3.21% 5.26 BBDC4 3.36% 8.79 TSPP4 3.56% 11.47
7.14 CMIG4 2.98% 6.12 ITAU4 3.14% 15.49 TSPP4 3.35% 11.56 ELET6 3.37% 16.29
16.41 PETR3 2.89% 6.64 ELET6 3.07% 3.96 CMIG4 3.27% 7.40 GGBR4 3.31% 4.98
21.36 ITAU4 2.86% 17.41 CMIG4 3.00% 6.15 CSNA3 3.02% 6.78 CMIG4 2.89% 7.60
-327.31 USIM5 2.84% 6.76 AMBV4 2.75% 17.69 PETR3 2.83% 6.68 BBDC4 2.82% 9.96
5.26 ELET6 2.71% 20.39 CSNA3 2.64% 8.05 ITAU4 2.70% 13.77 ITAU4 2.73% 9.54
5.83 EMBR4 2.30% 18.93 GGBR4 2.35% 6.07 AMBV4 2.70% 33.19 PETR3 2.53% 6.58
10.62 GGBR4 2.17% 7.83 BRTO4 2.29% -107.03 BRTO4 2.42% -131.16 AMBV4 2.50% 36.59
-327.31 BRTO4 2.08% -220.96 EMBR4 2.27% 11.36 GGBR4 2.35% 5.21 BRTO4 2.29% 26.10
20.59 TCOC4 2.08% -22.45 PETR3 2.25% 5.48 PLIM4 2.04% -4.36 CMET4 2.02% 61.72
21.75 BRTP4 1.87% -220.96 CPLE6 1.89% 35.38 TCOC4 1.92% -18.84 PLIM4 1.81% -27.26
18.60 TMAR5 1.86% 17.25 TCOC4 1.84% -32.59 CPLE6 1.71% 13.42 BRKM5 1.78% 17.53
7.96 CPLE6 1.59% 10.83 BRTP4 1.76% -107.03 BRTP4 1.63% -131.16 TCSL4 1.77% 9.92
-13.85 AMBV4 1.59% 18.96 TMAR5 1.69% 13.92 EMBR4 1.58% 7.53 ACES4 1.59% 3.73
-6.88 PLIM4 1.51% -6.25 PLIM4 1.65% -3.44 BRKM5 1.46% 767.47 BRTP4 1.54% 26.10
5.58 TMCP4 1.31% -22.45 CSTB4 1.34% -1.00 ACES4 1.43% -1.00 EMBR4 1.53% 8.88
10.47 ACES4 1.28% -1.00 ITSA4 1.33% 10.20 ELET3 1.43% 9.68 CPLE6 1.51% 8.48
14.61 SBSP3 1.23% 5.23 EBTP3 1.25% 177.68 CMET4 1.39% 42.89 ELET3 1.46% 16.00
21.02 ITSA4 1.21% 10.71 ACES4 1.24% -1.00 VALE3 1.34% 13.07 CSTB4 1.40% 3.73
20.42 TNLP3 1.16% 13.18 VCPA4 1.22% 25.70 TMAR5 1.32% 10.09 VALE3 1.35% 13.62
7.49 VALE3 1.15% 14.42 VALE3 1.22% 12.13 CSTB4 1.27% -1.00 TMAR5 1.33% 17.80
-13.85 TCSL4 1.14% 12.25 SBSP3 1.16% 10.29 EBTP3 1.17% -91.27 VCPA4 1.29% 29.05
80.68 BBAS3 1.11% 6.87 TNLP3 1.15% 17.36 TNLP3 1.16% 14.82 TNLP3 1.29% 26.22
12.19 CSTB4 1.09% -1.00 ELET3 1.14% 3.97 VCPA4 1.14% 24.94 TCOC4 1.27% -17.19
-1.00 VCPA4 1.07% 25.05 TMCP4 1.08% -32.59 ITSA4 1.12% 8.79 ITSA4 1.15% 6.01
-1.00 EBTP3 1.05% 19.32 BBAS3 1.06% 6.14 TMCP4 1.10% -18.84 TMCP4 1.13% -17.19
21.37 ELPL4 0.93% 53.16 BRKM5 0.99% -8.00 TCSL4 1.08% 11.60 SBSP3 1.08% 8.74
35.30 TNEP4 0.88% 12.25 TCSL4 0.97% 11.96 TNEP4 1.00% 11.60 ARCZ6 1.08% 29.05
12.19 TLPP4 0.86% 13.60 TNEP4 0.92% 11.96 SBSP3 1.00% 6.61 CLSC6 0.95% 4.34
14.08 ELET3 0.83% 19.85 ARCZ6 0.89% 25.70 CLSC6 0.98% 3.63 BBAS3 0.83% 8.71
21.37 ARCZ6 0.82% 25.05 ELPL4 0.81% -56.59 ELPL4 0.97% -55.84 ELPL4 0.75% 549.40
21.36 CLSC6 0.74% 3.84 EMBR3 0.77% 11.36 ARCZ6 0.87% 24.94 BRAP4 0.64% 21.95
-13.85 CRTP5 0.73% -22.45 CRTP5 0.74% -32.59 CRTP5 0.84% -18.84 TLPP4 0.63% 11.47
12.03 CRUZ3 0.71% 12.48 TLPP4 0.72% 10.89 BBAS3 0.84% 6.48 EMBR3 0.61% 8.88
3.72 EMBR3 0.70% 18.93 CRUZ3 0.68% 11.10 CESP4 0.67% -3.92 KLBN4 0.61% 10.89
21.88 BRKM5 0.65% 64.31 CLSC6 0.64% 3.12 TLPP4 0.65% 11.56 CRUZ3 0.60% 14.86
2.49 BRAP4 0.54% -112.92 KLBN4 0.60% 27.36 CRUZ3 0.63% 12.35 CRTP5 0.58% -17.19
-16.66 KLBN4 0.54% 3.64 CGAS5 0.51% 11.84 KLBN4 0.61% 10.28 CESP4 0.57% 40.83
3.45 TCSL3 0.44% 10.02 CESP4 0.49% -1.11 EMBR3 0.60% 7.53 BRTP3 0.46% 27.38
-343.46 BRTP3 0.43% -217.40 TRPL4 0.48% 6.78 BRAP4 0.55% 69.88 CGAS5 0.45% 13.09
20.73 CGAS5 0.40% 16.96 BRAP4 0.44% 12.94 CGAS5 0.48% 12.04 TRPL4 0.44% 6.25
9.30 CESP4 0.38% 5.99 BRTP3 0.39% -104.58 BRTP3 0.42% -140.74 TCSL3 0.42% 9.48
8.94 TRPL4 0.34% 7.02 TLCP4 0.36% -32.59 TRPL4 0.40% 6.49 PTIP4 0.39% 8.58
-13.85 PTIP4 0.32% 9.69 TCSL3 0.31% 9.65 TCSL3 0.38% 9.45 TLCP4 0.27% -17.19
10.55 TBLE3 0.30% 11.31 PTIP4 0.29% 7.41 PTIP4 0.37% 8.81 LIGH3 0.23% -24.32
10.11 TLCP4 0.26% -22.45 LIGH3 0.28% -11.47 TLCP4 0.33% -18.84 CMIG3 0.19% 6.66
-6.22 LIGH3 0.18% -6.75 TBLE3 0.24% 12.40 LIGH3 0.27% 24.97 TBLE3 0.17% 8.25
5.02 CMIG3 0.12% 4.24 CMIG3 0.14% 4.45 CMIG3 0.19% 6.01
TBLE3 0.17% 8.83
 0 0 0 0 0
2003 4T 2004 1T 2004 2T 2004 3T 2004 4T
12.18 10.37 9.60 8.43 11.84
 2005
2005 1T 2005 2T 2005 3T 2005 4T 2006 1T
52 52 55 55 57 57 57 57 54
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo
PETR4 9.22% 6.01 TNLP4 10.98% 19.36 TNLP4 8.32% 15.50 PETR4 9.23% 6.96 PETR4
USIM5 5.26% 3.49 PETR4 9.35% 6.15 PETR4 7.72% 8.01 TNLP4 8.12% 15.45 VALE5
VALE5 4.99% 11.75 VALE5 5.82% 7.76 VALE5 7.59% 10.85 VALE5 8.10% 9.35 USIM5
CSNA3 4.60% 7.13 USIM5 3.90% 2.15 USIM5 5.77% 3.12 USIM5 5.59% 3.20 TNLP4
BBDC4 3.35% 10.41 GGBR4 3.54% 3.20 CMET4 4.49% 14.72 CSNA3 4.23% 7.28 CSNA3
EBTP4 3.12% -4.87 CMET4 3.53% 9.97 CSNA3 4.34% 6.68 CMET4 4.13% 7.60 CMET4
TSPP4 3.11% 11.22 CSNA3 3.39% 4.60 GGBR4 4.12% 5.37 BBDC4 3.78% 12.03 GGBR4
GGBR4 3.11% 4.16 EBTP4 3.31% -26.12 ELET6 3.77% -53.94 GGBR4 3.51% 6.29 BBDC4
ITAU4 2.95% 9.63 ELET6 3.22% -20.90 BBDC4 3.16% 10.48 BRKM5 2.91% 10.04 ELET6
PLIM4 2.95% 76.83 BBDC4 3.06% 9.25 ITAU4 2.40% 10.59 ITAU4 2.77% 11.99 ITAU4
ELET6 2.90% 12.91 CMIG4 2.84% 6.45 CMIG4 2.38% 7.12 ELET6 2.75% 22.95 VIVO4
PETR3 2.75% 6.85 ITAU4 2.69% 9.02 EBTP4 2.37% -182.29 CMIG4 2.33% 7.69 CMIG4
CMIG4 2.71% 6.07 PETR3 2.66% 6.95 BRTO4 2.33% -463.55 BRTO4 2.21% -18.38 BRKM5
AMBV4 2.64% 44.36 BRTO4 2.55% 31.30 BRKM5 2.31% 7.18 EBTP4 2.19% 38.55 VALE3
CMET4 2.16% 62.06 AMBV4 2.02% 45.34 VALE3 2.03% 12.37 VALE3 2.19% 10.66 PETR3
BRTO4 1.84% 37.99 TSPP4 1.86% 9.84 PETR3 1.97% 9.04 NETC4 2.18% 33.67 BRTO4
TCSL4 1.76% 8.16 NETC4 1.77% 19.51 NETC4 1.79% 36.81 PETR3 2.00% 7.72 NETC4
ACES4 1.71% 3.45 VALE3 1.65% 9.06 ELET3 1.75% -56.07 ITSA4 1.64% 10.18 ITSA4
CPLE6 1.60% 9.44 BRKM5 1.60% 4.40 TSPP4 1.52% 8.36 UBBR11 1.56% 11.99 ARCE3
VALE3 1.49% 13.91 ELET3 1.51% -22.70 CPLE6 1.50% 12.36 ARCE3 1.49% 7.82 UBBR11
CSTB4 1.49% 3.45 BRTP4 1.46% 31.30 CSTB4 1.41% 2.79 TSPP4 1.41% 9.31 ELET3
BRKM5 1.44% 11.02 TNLP3 1.39% 26.88 ITSA4 1.39% 7.52 CPLE6 1.31% 9.80 CPLE6
EMBR4 1.42% 8.88 EMBR4 1.39% 9.83 AMBV4 1.34% 42.05 ELET3 1.28% 22.02 EBTP4
TNLP3 1.38% 29.65 ITSA4 1.33% 5.82 UBBR11 1.26% 10.59 AMBV4 1.25% 38.27 GOAU4
BRTP4 1.34% 37.99 CPLE6 1.32% 9.16 GOAU4 1.18% 3.84 SDIA4 1.19% 22.88 BRAP4
ELET3 1.33% 13.40 TMAR5 1.28% 10.64 TMAR5 1.16% 9.52 TNLP3 1.18% 19.85 AMBV4
TCOC4 1.29% -18.27 VCPA4 1.20% 20.50 VCPA4 1.15% 24.76 GOAU4 1.16% 4.74 TCSL4
ITSA4 1.21% 5.89 ARCZ6 1.16% 20.50 SDIA4 1.14% 24.43 BRAP4 1.11% 8.14 BBAS3
TMAR5 1.20% 15.50 TCSL4 1.16% 7.99 TNLP3 1.11% 21.34 VCPA4 1.08% 27.14 VCPA4
TMCP4 1.13% -18.27 CSTB4 1.11% 2.39 BBAS3 1.10% 8.40 TMAR5 1.08% 8.94 ARCZ6
VCPA4 1.02% 24.84 SBSP3 1.09% 4.21 BRAP4 1.05% 9.58 BBAS3 0.99% 8.24 SDIA4
ARCZ6 1.00% 24.84 ACES4 1.08% 2.39 BRTP4 1.04% -463.55 TCSL4 0.97% 11.94 SBSP3
SBSP3 0.89% 6.76 UBBR11 1.07% 9.02 ACES4 1.04% 2.79 ARCZ6 0.94% 27.14 TNLP3
CLSC6 0.80% 4.08 BBAS3 1.02% 7.16 TCSL4 1.03% 9.93 BRTP4 0.91% -18.38 TMAR5
BBAS3 0.75% 7.11 GOAU4 0.94% 2.40 EMBR4 0.99% 15.70 SBSP3 0.86% 5.17 ACES4
BRAP4 0.75% 13.97 CLSC6 0.94% 3.67 ARCZ6 0.96% 24.76 EMBR4 0.86% 18.18 CLSC6
ELPL4 0.70% 1,163.00 BRAP4 0.82% 7.38 CLSC6 0.94% 5.44 ACES4 0.81% 3.16 BRTP4
TLPP4 0.63% 11.22 TCOC4 0.81% -8.24 SBSP3 0.94% 4.91 CLSC6 0.79% 5.43 PTIP4
EMBR3 0.61% 8.88 TMCP4 0.81% -8.24 TMCP4 0.68% -7.13 PTIP4 0.70% 8.83 TMCP4
CRTP5 0.57% -18.27 ELPL4 0.71% 29.01 TCOC4 0.65% -7.13 TMCP4 0.64% -6.57 EMBR4
CRUZ3 0.54% 12.83 BRTP3 0.67% 48.35 PTIP4 0.58% 8.40 TCOC4 0.63% -6.57 CESP4
KLBN4 0.50% 8.74 KLBN4 0.61% 8.38 CESP4 0.58% 2.96 BRTP3 0.60% -32.00 CRUZ3
TRPL4 0.49% 6.87 TLPP4 0.60% 9.84 ELPL4 0.58% -22.80 CRUZ3 0.58% 12.78 KLBN4
CGAS5 0.47% 12.75 EMBR3 0.58% 9.83 TRPL4 0.55% 8.40 KLBN4 0.54% 12.32 BRTP3
CESP4 0.47% -74.29 CESP4 0.57% 1.87 TLPP4 0.54% 8.36 TLPP4 0.53% 9.31 TLPP4
BRTP3 0.45% 47.10 CRUZ3 0.55% 13.93 BRTP3 0.53% -853.10 ELPL4 0.49% -22.69 ELPL4
TCSL3 0.43% 7.95 CRTP5 0.54% -8.24 CRUZ3 0.52% 13.56 TRPL4 0.49% 8.42 CGAS5
PTIP4 0.39% 7.62 TRPL4 0.52% 7.84 KLBN4 0.49% 11.34 EMBR3 0.40% 18.18 TCSL3
TBLE3 0.20% 9.52 PTIP4 0.43% 7.77 EMBR3 0.45% 15.70 CESP4 0.39% -7.19 EMBR3
LIGH3 0.20% -20.50 TCSL3 0.40% 9.11 CGAS5 0.42% 10.76 CGAS5 0.39% 9.51 TRPL4
TLCP4 0.19% -18.27 CGAS5 0.37% 9.60 CRTP5 0.41% -7.13 CRTP5 0.32% -6.57 LIGT3
CMIG3 0.18% 5.23 LIGH3 0.25% -28.60 TCSL3 0.31% 12.54 TCSL3 0.32% 12.39 CTAX4
TLCP4 0.24% -8.24 CTAX4 0.22% 11.37 LIGH3 0.28% 8.44 CMIG3
CMIG3 0.22% 5.19 TLCP4 0.20% -7.13 CTAX4 0.25% 18.00 CTAX3
TBLE3 0.13% 8.30 CMIG3 0.19% 5.64 CMIG3 0.19% 6.48
LIGH3 0.16% -60.58 TLCP4 0.16% -6.57
 CTAX3 0.04% 7.90 CTAX3 0.04% 13.31

0 0 0 0
2004 4T 2005 1T 2005 2T 2005 3T 2005 4T
7.61 9.19 8.93 11.30
 2006
2006 1T 2006 2T 2006 3T 2006 4T 2007 1T
54 54 54 56 56 58 58 58 58
Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%)
9.61% 7.49 VALE5 12.59% 9.48 PETR4 12.28% 6.18 PETR4 13.80% 8.38 PETR4 12.53%
7.86% 10.44 PETR4 11.61% 6.85 VALE5 11.13% 7.81 VALE5 9.95% 9.91 VALE5 11.51%
7.50% 5.63 USIM5 5.61% 5.61 TNLP4 5.02% 11.07 BBDC4 4.54% 17.14 USIM5 5.05%
6.19% 14.08 TNLP4 5.32% 10.06 BBDC4 4.96% 14.65 USIM5 4.12% 7.25 BBDC4 4.29%
5.42% 12.96 CSNA3 4.00% 12.67 USIM5 4.43% 4.77 TNLP4 3.58% 10.05 CSNA3 3.37%
4.04% 7.94 BBDC4 3.99% 11.01 ITAU4 3.47% 11.97 ITAU4 3.31% 13.87 TNLP4 3.18%
3.89% 7.78 GGBR4 3.17% 7.71 CSNA3 2.94% 11.72 GGBR4 2.65% 8.09 ITAU4 3.04%
3.83% 13.01 ITAU4 2.99% 11.31 GGBR4 2.71% 6.88 CSNA3 2.52% 15.01 VALE3 2.85%
2.94% 105.29 BRKM5 2.92% 40.99 VALE3 2.55% 9.07 PETR3 2.47% 9.17 GGBR4 2.81%
2.87% 11.96 EBTP4 2.81% 22.18 BRKM5 2.33% 710.76 VALE3 2.45% 11.67 PETR3 2.30%
2.36% -14.04 VALE3 2.44% 11.24 NETC4 2.19% 28.40 CMIG4 2.11% 9.90 NETC4 2.13%
2.25% 8.95 NETC4 2.31% 33.79 ELET6 2.16% 11.79 UBBR11 1.92% 13.87 CMIG4 1.97%
2.17% 9.76 CMIG4 2.28% 9.15 PETR3 2.12% 6.91 NETC4 1.91% 86.60 BRKM5 1.84%
2.10% 11.79 ELET6 2.22% 19.05 CMIG4 2.07% 8.49 VIVO4 1.89% 178.09 ITSA4 1.83%
2.04% 8.09 PETR3 2.22% 7.68 VIVO4 2.04% -8.56 ELET6 1.86% 23.29 ARCE3 1.81%
1.96% -18.79 ARCE3 1.65% 32.25 UBBR11 1.96% 11.97 BRKM5 1.85% 71.46 TNLP3 1.73%
1.95% 31.53 ITSA4 1.62% 8.91 EBTP4 1.76% -83.53 ITSA4 1.76% 6.15 ELET6 1.69%
1.88% 11.16 BRTO4 1.61% -22.27 ITSA4 1.74% 5.79 CSAN3 1.75% 40.11 UBBR11 1.69%
1.63% 32.53 UBBR11 1.55% 11.31 ARCE3 1.72% 12.99 TNLP3 1.64% 17.49 BRAP4 1.66%
1.53% 11.96 VIVO4 1.53% -6.61 TNLP3 1.68% 24.97 ARCE3 1.62% 11.99 BBAS3 1.63%
1.44% 107.05 SDIA4 1.40% 35.58 CPLE6 1.47% 5.96 BBAS3 1.60% 8.74 VIVO4 1.51%
1.38% 9.98 CPLE6 1.35% 5.34 SDIA4 1.37% 61.58 BRAP4 1.41% 11.55 CSAN3 1.42%
1.33% 18.33 EMBR3 1.32% 26.45 ELET3 1.35% 12.57 ELET3 1.40% 24.85 AMBV4 1.38%
1.27% 5.63 AMBV4 1.28% 26.53 BRTO4 1.34% -49.65 TAMM4 1.31% 18.01 ALLL11 1.26%
1.19% 10.05 BRAP4 1.25% 8.85 BRAP4 1.33% 8.46 AMBV4 1.31% 24.21 ELET3 1.22%
1.17% 29.81 GOAU4 1.21% 5.73 AMBV4 1.31% 27.95 CPLE6 1.27% 5.51 SDIA4 1.20%
1.16% 91.97 VCPA4 1.11% 34.24 BBAS3 1.30% 7.09 TCSL4 1.19% -60.70 CPLE6 1.19%
1.14% 8.13 ELET3 1.09% 19.94 EMBR3 1.16% 25.36 ALLL11 1.15% 170.44 GOAU4 1.17%
1.12% 33.91 ARCZ6 1.04% 34.24 GOAU4 1.08% 5.08 CCRO3 1.13% 21.25 EMBR3 1.16%
1.00% 33.91 TNLP3 0.89% 21.32 TCSL4 1.05% -65.14 EMBR3 1.12% 27.65 BRTO4 1.10%
0.98% 23.81 PRGA3 0.88% 35.58 CCRO3 0.97% 18.12 SDIA4 1.11% 101.96 CCRO3 1.07%
0.95% 5.22 CCRO3 0.87% 13.51 VCPA4 0.93% 34.00 BRTO4 1.11% 14.21 TAMM4 1.06%
0.94% 18.71 SBSP3 0.87% 6.54 PRGA3 0.92% 61.58 GOAU4 1.08% 6.11 TCSL4 1.04%
0.88% 7.87 TCSL4 0.85% -110.50 ARCZ6 0.87% 34.00 GOLL4 1.05% 18.19 GOLL4 1.02%
0.85% 4.31 BBAS3 0.85% 6.80 TMAR5 0.87% 7.01 PRGA3 1.04% 101.96 SUBA3 0.98%
0.85% 5.57 TMAR5 0.81% 6.33 TAMM4 0.85% 21.30 NATU3 1.03% 27.51 PRGA3 0.94%
0.74% -18.79 CLSC6 0.80% 4.67 SBSP3 0.83% 8.35 SUBA3 0.90% 690.30 NATU3 0.78%
0.73% 11.82 BRTP4 0.73% -22.27 NATU3 0.71% 23.60 ARCZ6 0.89% 33.92 VCPA4 0.76%
0.66% -14.04 PTIP4 0.65% 10.66 LIGT3 0.71% -7.34 VCPA4 0.86% 33.92 LIGT3 0.75%
0.65% 25.49 LIGT3 0.61% 50.16 BRTP4 0.69% -49.65 PCAR4 0.82% 99.73 ARCZ6 0.71%
0.65% 59.52 KLBN4 0.58% 13.25 PCAR4 0.69% 52.24 SBSP3 0.75% 10.71 SBSP3 0.69%
0.64% 15.67 BRTP3 0.58% -58.25 ALLL11 0.67% 59.71 CYRE3 0.73% 29.83 BRTP4 0.68%
0.56% 12.77 ACES4 0.54% 5.58 CLSC6 0.62% 4.98 LIGT3 0.72% -15.71 CESP6 0.68%
0.53% -35.00 TRPL4 0.54% 7.33 KLBN4 0.60% 10.90 BRTP4 0.67% 14.21 CYRE3 0.66%
0.52% 9.99 TMCP4 0.51% -6.61 BRTP3 0.58% -118.40 TMAR5 0.67% 7.27 PCAR4 0.64%
0.45% -30.36 CRUZ3 0.51% 13.58 TMCP4 0.56% -8.56 CESP6 0.63% -69.17 CRUZ3 0.60%
0.39% 9.96 TLPP4 0.50% 8.49 CRUZ3 0.55% 13.25 KLBN4 0.56% 10.37 KLBN4 0.59%
0.39% 98.18 ELPL4 0.44% -48.61 PTIP4 0.51% 11.09 CRUZ3 0.54% 14.14 TMAR5 0.57%
0.39% 25.49 CGAS5 0.39% 8.47 CESP6 0.47% -14.83 ELPL6 0.52% 12.21 BRTP3 0.55%
0.39% 7.90 CESP4 0.34% -4.94 TRPL4 0.45% 6.91 CLSC6 0.51% 6.18 PTIP4 0.54%
0.25% 19.72 TCSL3 0.32% -149.42 TLPP4 0.40% 8.78 TCSL3 0.49% -102.56 CLSC6 0.49%
0.22% 16.76 CMIG3 0.21% 8.13 TCSL3 0.40% -102.22 BRTP3 0.47% 36.13 ELPL6 0.44%
0.18% 7.23 CTAX4 0.18% 15.16 ACES4 0.37% 6.10 TMCP4 0.47% 178.09 TMCP4 0.44%
0.03% 12.57 CTAX3 0.03% 9.14 ELPL6 0.34% 12.33 PTIP4 0.42% 13.82 TCSL3 0.40%
CGAS5 0.32% 8.67 TRPL4 0.42% 38.16 TRPL4 0.40%
CMIG3 0.15% 7.38 TLPP4 0.36% 9.89 ACES4 0.34%
 CGAS5 0.30% 9.92 TLPP4 0.34%
ACES4 0.26% 6.01 CGAS5 0.34%

0 0 0 0
2006 1T 2006 2T 2006 3T 2006 4T
10.45 11.32 9.31 10.90
 2007
2007 1T 2007 2T 2007 3T 2007 4T 2008 1T
59 59 63 63 64 64 64 64
P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%)
8.62 PETR4 14.43% 9.75 PETR4 14.03% 11.75 PETR4 13.55% 17.61 VALE5 12.60%
9.69 VALE5 9.20% 9.75 VALE5 12.11% 13.54 VALE5 12.02% 12.48 PETR4 11.93%
7.98 USIM5 4.16% 8.51 BBDC4 3.89% 14.41 BBDC4 3.90% 14.37 USIM5 4.11%
16.08 BBDC4 4.07% 15.79 USIM5 3.38% 9.74 USIM5 3.22% 8.64 BBDC4 3.59%
14.88 ITAU4 3.17% 15.10 VALE3 3.14% 16.07 VALE3 3.14% 14.58 VALE3 3.36%
7.73 TNLP4 3.00% 8.87 ITAU4 2.77% 14.73 ITAU4 2.92% 14.14 CSNA3 3.08%
13.32 GGBR4 2.89% 12.01 PETR3 2.53% 13.76 GGBR4 2.59% 15.16 GGBR4 2.85%
11.48 PETR3 2.55% 11.10 CSNA3 2.39% 13.87 UBBR11 2.59% 14.14 ITAU4 2.74%
8.72 VALE3 2.48% 11.60 GGBR4 2.29% 12.36 CSNA3 2.47% 14.76 TNLP4 2.55%
9.66 CSNA3 2.47% 12.17 UBBR11 2.28% 14.73 PETR3 2.45% 20.91 UBBR11 2.31%
82.52 UBBR11 1.98% 15.10 ALLL11 2.06% 80.92 ITSA4 2.36% 10.67 ITSA4 2.22%
9.17 CMIG4 1.97% 10.11 ITSA4 2.04% 10.60 ALLL11 1.99% 61.68 PETR3 2.20%
84.11 ITSA4 1.94% 7.69 TNLP4 1.95% 8.14 BBAS3 1.89% 14.88 CSAN3 2.01%
6.54 ELET6 1.90% 34.84 CSAN3 1.92% 20.63 TNLP4 1.78% 5.83 CMIG4 1.79%
12.44 BBAS3 1.88% 14.91 TAMM4 1.75% 35.33 NETC4 1.77% 41.72 ALLL11 1.60%
16.17 TAMM4 1.79% 25.56 BBAS3 1.70% 15.03 CMIG4 1.76% 9.11 NETC4 1.60%
16.47 NETC4 1.71% 132.07 CMIG4 1.69% 9.15 GOLL4 1.57% 32.97 BRAP4 1.59%
13.32 ALLL11 1.70% 905.01 BRAP4 1.67% 17.38 CSAN3 1.53% 65.47 BBAS3 1.52%
11.80 TNLP3 1.64% 18.45 NETC4 1.63% 93.86 BRAP4 1.52% 15.34 ELET6 1.37%
10.77 ELET3 1.57% 35.46 GOLL4 1.56% 18.29 TAMM4 1.47% 49.83 NATU3 1.36%
52.27 BRAP4 1.44% 12.90 ELET6 1.45% 118.71 CYRE3 1.29% 20.39 AMBV4 1.35%
21.13 GOLL4 1.43% 19.14 BTOW3 1.42% 195.13 AMBV4 1.26% 28.52 CYRE3 1.29%
26.16 VIVO4 1.42% 24.05 CYRE3 1.37% 21.60 CESP6 1.25% 79.64 BRKM5 1.27%
353.40 BRKM5 1.39% 16.28 ELET3 1.24% 124.25 BTOW3 1.24% 129.35 ELET3 1.23%
16.87 CSAN3 1.34% 16.74 NATU3 1.23% 21.11 NATU3 1.19% 15.96 TAMM4 1.22%
63.60 AMBV4 1.33% 30.70 TCSL4 1.22% -673.97 ELET6 1.19% 16.75 TCSL4 1.15%
4.85 NATU3 1.32% 25.87 AMBV4 1.19% 29.42 TCSL4 1.17% 186.48 VIVO4 1.14%
6.82 CPLE6 1.30% 8.87 BRKM5 1.16% 13.13 BRKM5 1.12% 11.91 BTOW3 1.08%
31.09 PRGA3 1.22% 53.18 VIVO4 1.08% 16.41 PRGA3 1.12% 59.30 LREN3 1.08%
9.40 SUBA3 1.18% 257.85 CCRO3 1.08% 21.86 LREN3 1.12% 28.08 PRGA3 1.07%
19.13 GOAU4 1.16% 9.76 PRGA3 1.07% 45.71 ELET3 1.05% 17.46 SDIA4 1.06%
16.34 CCRO3 1.14% 23.00 CESP6 1.04% 112.51 CCRO3 1.01% 19.00 CPLE6 1.05%
-93.94 CYRE3 1.03% 24.10 TNLP3 0.97% 11.96 VIVO4 1.00% -171.92 CCRO3 1.02%
20.02 TCSL4 1.01% 133.62 ARCZ6 0.93% 33.53 SDIA4 0.97% 59.30 GOLL4 0.98%
325.94 ARCZ6 1.00% 32.18 LREN3 0.90% 33.51 ARCZ6 0.95% 33.28 BRTO4 0.97%
63.60 BRTO4 0.99% 11.30 SDIA4 0.87% 45.71 CPLE6 0.93% 6.63 GOAU4 0.96%
21.48 EMBR3 0.92% 37.35 BRTO4 0.86% 11.55 EMBR3 0.89% 25.16 CPFE3 0.94%
28.95 SDIA4 0.91% 53.18 ELPL6 0.85% 6.36 GFSA3 0.89% 38.73 ARCZ6 0.93%
-16.16 CPFE3 0.89% 11.38 CPLE6 0.85% 7.26 LAME4 0.88% 113.89 CESP6 0.87%
28.95 PCAR4 0.87% 178.38 GOAU4 0.84% 9.80 GOAU4 0.88% 12.51 TNLP3 0.86%
10.59 LREN3 0.84% 36.87 EMBR3 0.82% 23.79 ELPL6 0.85% 8.54 ELPL6 0.85%
9.40 CESP6 0.84% 462.00 VCPA4 0.82% 33.53 BRTO4 0.84% 12.84 PCAR4 0.85%
-54.46 VCPA4 0.83% 32.18 CPFE3 0.80% 10.55 CPFE3 0.82% 9.83 EMBR3 0.82%
28.04 SBSP3 0.79% 11.08 GFSA3 0.78% 62.53 TNLP3 0.80% 9.99 GFSA3 0.81%
111.35 ELPL6 0.68% 8.14 LAME4 0.77% 182.65 DURA4 0.78% 28.63 LAME4 0.78%
13.43 BRTP4 0.66% 11.30 KLBN4 0.67% 9.73 PCAR4 0.77% 36.87 VCPA4 0.73%
10.98 KLBN4 0.58% 10.67 PCAR4 0.66% 50.64 VCPA4 0.76% 33.28 BRTP4 0.67%
5.87 TMAR5 0.56% 6.79 DURA4 0.65% 51.36 BRTP4 0.68% 12.84 DURA4 0.63%
25.36 TCSL3 0.54% 215.36 BRTP4 0.62% 11.55 SBSP3 0.61% 8.94 SBSP3 0.60%
18.87 CRUZ3 0.52% 13.35 SBSP3 0.59% 9.96 KLBN4 0.58% 9.76 CRUZ3 0.55%
4.49 BRTP3 0.49% 27.27 TCSL3 0.56% -997.45 BNCA3 0.57% 14.88 KLBN4 0.55%
7.82 LIGT3 0.48% 12.26 CRUZ3 0.55% 14.20 CRUZ3 0.54% 16.23 BNCA3 0.54%
52.27 TRPL4 0.44% 19.07 LIGT3 0.48% 6.41 TCSL3 0.46% 257.64 TRPL4 0.44%
-149.32 CLSC6 0.41% 5.08 BRTP3 0.42% 21.93 LIGT3 0.39% 5.41 TMAR5 0.42%
16.21 TMCP4 0.37% 24.05 TRPL4 0.37% 19.57 TRPL4 0.38% 6.75 TCSL3 0.42%
6.96 TLPP4 0.36% 11.64 PTIP4 0.33% 39.15 BRTP3 0.36% 21.88 BRTP3 0.41%
 9.13 PTIP4 0.35% 24.73 TMAR5 0.31% 6.90 TMAR5 0.30% 6.15 LIGT3 0.33%
11.83 CGAS5 0.26% 12.66 CLSC6 0.31% 5.93 TLPP4 0.29% 9.68 TLPP4 0.31%
ACES4 0.18% 5.59 TLPP4 0.27% 12.38 PTIP4 0.27% 47.14 UGPA4 0.30%
TMCP4 0.27% 16.41 CLSC6 0.26% 4.74 CLSC6 0.28%
CGAS5 0.23% 12.08 TMCP4 0.24% -171.92 CGAS5 0.27%
ACES4 0.17% 6.37 CGAS5 0.23% 10.62 TMCP4 0.27%
CCPR3 0.13% 82.06 ACES4 0.15% 8.53 ACES4 0.16%
CCPR3 0.13% 54.87 CCPR3 0.11%

0 0 0 0
2007 1T 2007 2T 2007 3T 2007 4T
10.52 13.31 12.57 13.36
 2008
2008 1T 2008 2T 2008 3T 2008 4T 2009 1T
66 66 66 66 66 66 65 65
P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
14.56 PETR4 16.17% 15.62 PETR4 17.39% 9.73 PETR4 16.72% 5.50 PETR4 19.17% 6.98
13.28 VALE5 11.85% 14.76 VALE5 12.23% 7.41 VALE5 11.88% 6.02 VALE5 12.21% 6.47
10.40 BBDC4 3.48% 12.49 BBDC4 4.12% 11.57 BVMF3 4.36% 19.06 ITAU4 5.41% 5.21
11.88 GGBR4 3.18% 17.21 ITAU4 3.72% 13.02 BBDC4 3.70% 9.10 BVMF3 4.73% 16.47
17.34 USIM5 3.11% 12.31 PETR3 3.14% 11.71 ITAU4 3.47% 5.36 CSNA3 3.98% 6.47
17.21 PETR3 3.08% 19.08 VALE3 3.09% 8.29 CSNA3 3.45% 4.92 PETR3 3.61% 8.65
14.94 VALE3 3.06% 17.77 BVMF3 3.03% 32.77 VALE3 3.27% 6.98 BBDC4 3.48% 9.79
12.20 CSNA3 2.84% 19.18 UBBR11 2.76% 13.02 GGBR4 3.10% 7.48 VALE3 3.36% 7.50
7.48 ITAU4 2.84% 12.29 CSNA3 2.65% 14.21 PETR3 3.06% 6.61 USIM5 3.17% 6.11
12.20 UBBR11 2.40% 12.29 BBAS3 2.64% 8.25 USIM5 3.05% 4.14 BBAS3 2.62% 5.34
9.31 ITSA4 2.37% 11.38 ITSA4 2.60% 11.25 UBBR11 2.42% 5.36 GGBR4 2.44% 8.55
16.09 BBAS3 2.28% 10.11 USIM5 2.42% 6.09 BBAS3 2.40% 4.28 ITSA4 2.14% 4.42
-170.57 CMIG4 2.12% 9.95 GGBR4 2.23% 9.16 ITSA4 2.24% 4.52 CMIG4 1.64% 9.88
8.42 CESP6 2.01% 41.69 CMIG4 1.94% 9.78 CMIG4 1.64% 8.36 BRAP4 1.30% 6.86
40.26 ALLL11 1.73% 38.68 CYRE3 1.34% 18.81 ALLL11 1.42% 27.29 ALLL11 1.28% 34.19
34.99 TNLP4 1.68% 7.08 AMBV4 1.32% 20.01 CYRE3 1.26% 11.78 CYRE3 1.15% 11.17
17.69 NETC4 1.45% 33.38 TNLP4 1.25% 6.93 CESP6 1.21% -2.10 LAME4 1.15% 57.78
9.80 BRAP4 1.32% 17.54 BRAP4 1.23% 6.96 LAME4 1.20% 53.02 TNLP4 1.13% 20.33
13.20 BTOW3 1.27% 95.38 NETC4 1.21% 60.18 BRAP4 1.20% 5.96 NETC4 1.12% -128.15
16.69 ELET6 1.21% 12.01 LAME4 1.15% 77.98 SDIA4 1.14% 167.53 AMBV4 1.12% 17.44
28.28 ELET3 1.17% 13.65 GFSA3 1.14% 15.81 AMBV4 1.12% 20.37 RDCD3 0.96% 15.29
18.13 PRGA3 1.09% 60.42 ALLL11 1.13% 32.18 TNLP4 1.09% 11.46 CESP6 0.96% -1.88
12.46 CYRE3 1.07% 20.38 TAMM4 1.02% -535.89 ELET3 0.95% 4.78 GFSA3 0.95% 7.15
14.04 LAME4 1.04% 106.17 TCSL4 1.01% 131.19 ELET6 0.95% 4.46 ELET6 0.91% 5.26
70.43 AMBV4 1.03% 21.70 ELET6 1.00% 5.75 NETC4 0.95% -47.38 SDIA4 0.88% -58.41
-1,072.00 CSAN3 1.01% -70.17 PRGA3 1.00% 83.21 RDCD3 0.93% 14.46 ELET3 0.87% 5.44
511.99 GOAU4 1.00% 15.15 CESP6 0.96% 58.35 GFSA3 0.93% 6.30 ELPL6 0.81% 5.34
103.68 SDIA4 0.98% 60.42 ELET3 0.94% 6.76 GOAU4 0.92% 6.69 PRGA3 0.79% -58.41
24.21 TAMM4 0.94% 30.22 GOLL4 0.91% -3.04 BTOW3 0.90% 34.89 BTOW3 0.76% 34.74
56.23 CPLE6 0.93% 7.47 BTOW3 0.89% 63.81 PRGA3 0.89% 167.53 VIVO4 0.74% 26.45
56.23 LREN3 0.91% 22.49 LREN3 0.86% 17.00 LREN3 0.86% 11.73 NATU3 0.72% 16.57
7.28 ELPL6 0.88% 11.29 RDCD3 0.84% 15.94 ARCZ6 0.78% -7.10 LREN3 0.72% 11.86
17.28 GOLL4 0.88% -13.38 NATU3 0.79% 15.28 TCSL4 0.76% 38.38 GOAU4 0.71% 7.51
51.32 DURA4 0.84% 17.25 EMBR3 0.77% 28.50 GOLL4 0.74% -1.62 TCSL4 0.68% 47.02
11.97 TCSL4 0.84% -132.90 VIVO4 0.77% 57.22 VIVO4 0.72% 26.02 JBSS3 0.64% -26.02
12.43 CCRO3 0.82% 20.60 CPLE6 0.75% 5.96 TAMM4 0.71% -2.11 CPLE6 0.60% 6.02
11.74 BRKM5 0.81% 10.67 GOAU4 0.70% 8.61 ELPL6 0.69% 4.15 USIM3 0.59% 5.49
33.32 NATU3 0.79% 14.81 ELPL6 0.68% 8.78 JBSS3 0.66% 273.32 DURA4 0.54% 7.14
45.59 ARCZ6 0.79% 31.89 PCAR4 0.68% 26.62 EMBR3 0.66% 15.93 EMBR3 0.53% 14.80
9.72 GFSA3 0.79% 18.86 BRKM5 0.65% -15.08 CPLE6 0.65% 6.09 CPFE3 0.52% 11.76
8.28 VIVO4 0.77% 198.97 CPFE3 0.65% 12.98 NATU3 0.64% 15.50 RSID3 0.51% 5.60
38.96 BNCA3 0.73% 10.11 DURA4 0.64% 8.86 USIM3 0.62% 4.03 PCAR4 0.51% 22.84
21.01 BRTP4 0.69% 9.23 ARCZ6 0.64% -110.82 VCPA4 0.62% -7.10 CCRO3 0.49% 11.97
22.92 PCAR4 0.69% 32.90 CCRO3 0.64% 15.25 CCRO3 0.61% 13.35 CSAN3 0.47% -6.68
107.59 BRTO4 0.69% 9.23 VCPA4 0.63% -110.82 CSAN3 0.60% -7.84 CRUZ3 0.46% 9.67
33.32 CPFE3 0.62% 12.42 SDIA4 0.62% 83.21 RSID3 0.57% 6.12 GOLL4 0.45% -1.21
11.97 TNLP3 0.60% 8.15 CRUZ3 0.56% 14.05 PCAR4 0.55% 28.00 UGPA4 0.45% 19.35
18.65 VCPA4 0.60% 31.89 TNLP3 0.55% 8.32 DURA4 0.55% 5.47 ARCZ6 0.44% -3.89
8.30 JBSS3 0.59% -19.90 JBSS3 0.47% 36.49 BRKM5 0.54% -1.12 BRKM5 0.43% -0.95
15.60 SBSP3 0.56% 8.31 BRTO4 0.45% 8.39 CPFE3 0.52% 11.34 TAMM4 0.43% -1.46
9.98 CRUZ3 0.54% 17.12 BRTP4 0.45% 8.39 CRUZ3 0.49% 11.12 TNLP3 0.41% 23.77
9.80 UGPA4 0.53% 27.82 USIM3 0.43% 5.76 BRTP4 0.44% 7.43 TRPL4 0.40% 8.69
7.17 USIM3 0.52% 11.80 CSAN3 0.41% -6.70 UGPA4 0.44% 17.72 BRTP4 0.39% 11.51
7.65 EMBR3 0.51% 10.97 TRPL4 0.41% 7.93 BRTO4 0.42% 7.43 BNCA3 0.38% 5.34
-1,370.00 KLBN4 0.46% 10.96 BNCA3 0.40% 8.25 TNLP3 0.42% 13.77 BRTO4 0.36% 11.51
24.80 TRPL4 0.44% 8.74 UGPA4 0.39% 17.47 SBSP3 0.40% 7.33 SBSP3 0.35% 7.21
 4.15 RSID3 0.41% 15.00 KLBN4 0.36% 51.29 BNCA3 0.40% 4.28 VCPA4 0.34% -3.89
9.97 BRTP3 0.35% 25.65 RSID3 0.35% 6.18 TRPL4 0.37% 7.58 KLBN4 0.28% -6.59
35.77 TLPP4 0.29% 9.91 SBSP3 0.35% 6.17 KLBN4 0.36% -8.71 BRTP3 0.27% 52.94
5.74 TCSL3 0.27% -174.29 BRTP3 0.32% 24.78 TMAR5 0.30% 8.71 TMAR5 0.26% 13.27
11.21 LIGT3 0.27% 5.48 TCSL3 0.31% 232.49 BRTP3 0.28% 30.23 TCSL3 0.22% 95.99
511.99 TMAR5 0.25% 7.87 LIGT3 0.27% 5.12 LIGT3 0.20% 4.47 LIGT3 0.21% 4.26
8.75 CLSC6 0.20% 5.20 TMAR5 0.25% 6.04 TCSL3 0.20% 63.88 TLPP4 0.19% 10.11
31.83 CGAS5 0.19% 11.38 TLPP4 0.21% 9.57 TLPP4 0.19% 9.56 CLSC6 0.10% 6.93
TMCP4 0.11% 198.97 CLSC6 0.15% 4.57 CLSC6 0.12% 5.21 CGAS5 0.09% 7.32
CCPR3 0.10% 25.90 CGAS5 0.15% 9.60 CGAS5 0.11% 7.71

0 0 0 0 0
2008 1T 2008 2T 2008 3T 2008 4T 2009 1T
12.78 14.15 10.24 7.75 8.22
 2009
2009 2T 2009 3T 2009 4T 2010 1T
64 64 63 63 63 63 63 63
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
PETR4 16.80% 8.04 PETR4 15.42% 9.92 PETR4 12.56% 10.75 VALE5 13.35% 26.41
VALE5 10.97% 8.40 VALE5 12.37% 20.37 VALE5 11.67% 21.90 PETR4 11.80% 9.86
ITUB4 5.57% 6.35 ITUB4 5.71% 8.09 ITUB4 4.71% 22.95 ITUB4 4.70% 22.06
BVMF3 5.23% 32.92 BVMF3 4.60% 34.39 BVMF3 4.35% 28.42 BVMF3 4.18% 26.22
GGBR4 4.25% 45.52 BBDC4 4.08% 14.55 GGBR4 3.79% 37.18 USIM5 3.70% 17.48
BBDC4 3.79% 11.81 GGBR4 3.62% 59.93 BBDC4 3.66% 14.15 GGBR4 3.66% 27.00
USIM5 3.59% 10.79 VALE3 3.59% 22.92 VALE3 3.24% 25.69 VALE3 3.64% 30.46
CSNA3 3.42% 8.27 PETR3 3.34% 11.58 PETR3 3.15% 12.20 BBDC4 3.55% 13.37
PETR3 3.35% 9.94 CSNA3 3.09% 7.54 USIM5 3.07% 19.67 CSNA3 3.43% 19.56
VALE3 3.04% 9.71 USIM5 3.01% 15.62 CSNA3 2.77% 16.15 PETR3 2.93% 11.06
BBAS3 2.50% 6.16 ITSA4 2.51% 7.03 ITSA4 2.57% 11.81 ITSA4 2.63% 12.02
ITSA4 2.18% 5.49 BBAS3 2.35% 8.98 FIBR3 2.27% 9.48 BRFS3 2.20% 50.17
CMIG4 1.52% 10.08 PRGA3 2.29% 265.80 BBAS3 2.18% 7.52 BBAS3 2.18% 7.05
CYRE3 1.38% 16.58 RDCD3 1.54% 13.36 BRFS3 2.14% 160.89 FIBR3 2.17% 9.22
ALLL11 1.31% 57.57 CMIG4 1.53% 10.01 RDCD3 1.86% 14.00 RDCD3 2.05% 15.48
SDIA4 1.22% -100.87 ALLL11 1.31% 85.81 CYRE3 1.64% 14.19 CMIG4 1.41% 8.26
RDCD3 1.18% 15.35 ARCZ6 1.29% -46.25 CMIG4 1.55% 9.19 MMXM3 1.40% -54.23
GOAU4 1.10% 41.27 CYRE3 1.24% 16.28 ALLL11 1.41% 322.50 ALLL11 1.37% 149.63
AMBV4 1.05% 16.53 BRAP4 1.09% 13.87 GFSA3 1.32% 46.38 CYRE3 1.37% 11.08
BRAP4 1.04% 6.70 GFSA3 1.05% 14.49 MMXM3 1.07% -20.35 BRAP4 1.12% 15.73
ARCZ6 1.01% -10.42 TNLP4 1.01% 265.59 LAME4 1.03% 77.74 GFSA3 1.12% 39.70
LAME4 1.01% 65.52 AMBV4 0.99% 17.38 BRAP4 1.01% 14.00 LREN3 0.97% 23.06
CESP6 0.97% -3.88 LAME4 0.95% 91.44 TNLP4 1.00% 3.40 GOAU4 0.95% 28.07
ELET3 0.94% 10.26 GOAU4 0.91% 44.50 ELET3 0.96% 45.15 EMBR3 0.95% 8.52
PRGA3 0.88% -100.87 ELET3 0.90% 20.80 LREN3 0.96% 25.26 ELET3 0.95% 19.16
GOLL4 0.86% -4.51 MMXM3 0.89% -4.76 GOAU4 0.94% 38.55 USIM3 0.89% 17.88
ELET6 0.83% 9.13 ELET6 0.88% 18.76 RSID3 0.92% 20.03 ELET6 0.88% 23.30
USIM3 0.82% 10.75 TCSL4 0.85% 53.24 AMBV4 0.92% 17.99 LAME4 0.86% 51.89
LREN3 0.81% 17.84 LREN3 0.85% 25.83 GOLL4 0.90% 7.77 AMBV4 0.84% 16.50
ELPL6 0.80% 5.92 CESP6 0.81% -5.56 ELET6 0.89% 39.41 CESP6 0.83% 19.21
TNLP4 0.80% 52.94 NETC4 0.77% 19.31 EMBR3 0.88% 7.72 NETC4 0.83% 11.41
GFSA3 0.79% 10.14 NATU3 0.73% 21.36 NETC4 0.87% 11.18 TCSL4 0.83% 22.56
TAMM4 0.78% -5.41 VIVO4 0.72% 20.51 TCSL4 0.87% 31.13 TNLP4 0.83% 2.60
NETC4 0.76% 115.46 JBSS3 0.69% -44.88 OGXP3 0.87% -549.24 OGXP3 0.82% -281.29
BTOW3 0.76% 60.70 ELPL6 0.68% 5.67 CESP6 0.84% 16.45 NATU3 0.78% 22.66
VIVO4 0.75% 21.01 EMBR3 0.68% 7.76 VIVO4 0.79% 25.66 GOLL4 0.77% 6.88
TCSL4 0.71% 50.17 CPLE6 0.66% 8.36 NATU3 0.78% 22.84 ELPL6 0.75% 5.60
JBSS3 0.71% 40.92 GOLL4 0.66% 1,300.00 USIM3 0.74% 19.95 RSID3 0.73% 13.79
CCRO3 0.65% 16.98 RSID3 0.66% 18.58 LLXL3 0.73% -127.70 VIVO4 0.71% 21.06
CPLE6 0.64% 7.27 USIM3 0.65% 15.15 TAMM4 0.72% 4.62 CCRO3 0.62% 25.50
VCPA4 0.61% -10.42 BTOW3 0.65% 107.44 JBSS3 0.70% 100.24 CPLE6 0.62% 13.40
NATU3 0.61% 18.29 VCPA3 0.63% -46.25 BTOW3 0.70% 106.73 LLXL3 0.59% -133.43
EMBR3 0.58% 8.76 TAMM4 0.57% -34.12 ELPL6 0.68% 4.99 JBSS3 0.59% 29.31
RSID3 0.57% 12.38 PCAR5 0.57% 26.57 MRVE3 0.68% 19.54 MRVE3 0.58% 14.43
CRUZ3 0.56% 10.52 CRUZ3 0.54% 12.16 PDGR3 0.68% 20.01 CRUZ3 0.57% 13.71
PCAR4 0.54% 23.11 CCRO3 0.53% 17.17 CSAN3 0.65% 16.32 PDGR3 0.56% 14.05
CSAN3 0.51% -68.41 UGPA4 0.48% 24.45 CCRO3 0.64% 25.01 TAMM4 0.56% 4.08
DURA4 0.50% 22.77 CPFE3 0.48% 12.81 CPLE6 0.64% 12.80 BTOW3 0.55% 80.55
BRKM5 0.48% -2.08 CSAN3 0.47% 15.33 PCAR5 0.61% 25.70 PCAR5 0.55% 22.36
CPFE3 0.47% 12.26 BRKM5 0.45% -18.92 CPFE3 0.53% 10.23 CPFE3 0.54% 9.62
UGPA4 0.43% 22.21 KLBN4 0.40% 22.62 CRUZ3 0.53% 11.92 CSAN3 0.54% 8.93
TRPL4 0.39% 8.30 DURA4 0.39% 273.43 DTEX3 0.52% 41.38 UGPA4 0.54% 24.90
BNCA3 0.37% 6.16 BRTO4 0.38% -8.84 UGPA4 0.51% 25.16 DTEX3 0.48% 29.12
SBSP3 0.36% 7.19 SBSP3 0.37% 8.78 BRKM5 0.51% 18.41 BRKM5 0.46% 25.70
BRTO4 0.33% -6.48 TRPL4 0.37% 8.79 LIGT3 0.45% 9.00 LIGT3 0.45% 9.07
KLBN4 0.31% -10.33 BRTP4 0.34% -8.84 KLBN4 0.42% 28.87 KLBN4 0.42% 27.67
BRTP4 0.29% -6.48 TNLP3 0.31% 317.12 BRTO4 0.40% -9.89 SBSP3 0.35% 4.69
TMAR5 0.27% 33.55 TMAR5 0.30% 348.30 SBSP3 0.39% 5.20 TRPL4 0.30% 8.46
TNLP3 0.26% 62.58 LIGT3 0.30% 7.83 TRPL4 0.33% 9.05 BRTO4 0.27% -10.72
LIGT3 0.23% 7.01 TLPP4 0.20% 9.67 TMAR5 0.27% 2.85 TMAR5 0.21% 2.06
TLPP4 0.17% 9.56 TCSL3 0.15% 70.87 TNLP3 0.25% 4.10 TNLP3 0.21% 3.15
TCSL3 0.15% 96.60 CLSC6 0.09% 13.66 TLPP4 0.19% 10.00 TLPP4 0.17% 9.12
CGAS5 0.11% 9.37 CGAS5 0.09% 10.76 TCSL3 0.14% 51.85 TCSL3 0.14% 31.77
CLSC6 0.11% 10.81

0 0 0 0
2009 2T 2009 3T 2009 4T 2010 1T
8.93 12.19 15.81 16.71
 2010
2010 2T 2010 3T 2010 4T 2011 1T
65 65 68 68 68 68 69 69
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
VALE5 9.75% 13.35 VALE5 11.25% 10.90 VALE5 12.12% 8.65 VALE5 11.75% 6.57
PETR4 9.10% 7.40 PETR4 9.64% 10.48 PETR4 9.69% 10.16 PETR4 10.33% 9.74
BVMF3 4.82% 22.45 BVMF3 4.01% 26.22 ITUB4 3.77% 17.71 OGXP3 4.35% -296.54
ITUB4 4.07% 17.16 ITUB4 3.75% 19.57 BVMF3 3.73% 23.48 ITUB4 3.62% 16.72
BBDC4 3.49% 11.31 OGXP3 3.65% -467.91 OGXP3 3.37% -523.69 BVMF3 3.47% 21.42
GGBR4 3.08% 14.35 BBDC4 2.93% 13.85 VALE3 3.01% 9.87 GGBR4 2.95% 15.09
ITSA4 2.68% 10.21 GGBR4 2.84% 14.16 BBDC4 2.93% 12.26 VALE3 2.89% 7.40
OGXP3 2.60% 3,536.00 VALE3 2.79% 12.32 GGBR4 2.85% 16.05 PETR3 2.84% 11.14
USIM5 2.54% 13.76 USIM5 2.66% 12.53 PDGR3 2.67% 14.24 BBDC4 2.83% 12.01
VALE3 2.50% 15.37 PDGR3 2.61% 16.29 BBAS3 2.57% 7.64 USIM5 2.82% 16.96
PDGR3 2.50% 15.37 BBAS3 2.56% 7.72 PETR3 2.53% 11.37 BBAS3 2.70% 6.88
PETR3 2.39% 8.54 PETR3 2.54% 11.67 USIM5 2.27% 12.36 PDGR3 2.38% 11.37
CSNA3 2.33% 15.20 CSNA3 2.43% 21.26 ITSA4 2.26% 13.07 CSNA3 2.31% 14.74
CYRE3 2.14% 10.14 ITSA4 2.16% 11.66 CSNA3 2.23% 15.72 ITSA4 1.95% 12.03
BBAS3 2.05% 5.62 CYRE3 2.02% 13.96 CYRE3 1.77% 15.40 CYRE3 1.74% 13.09
BRFS3 2.04% 48.65 CIEL3 1.60% 11.02 BRFS3 1.57% 29.67 GFSA3 1.46% 28.49
CIEL3 1.86% 11.97 FIBR3 1.60% 3.62 CIEL3 1.47% 10.03 FIBR3 1.35% 12.60
GFSA3 1.81% 27.39 GFSA3 1.58% 25.34 GFSA3 1.46% 12.49 CIEL3 1.34% 10.41
FIBR3 1.64% 8.00 RDCD3 1.47% 12.16 FIBR3 1.43% 20.69 MRVE3 1.32% 9.39
RDCD3 1.58% 11.74 BRFS3 1.41% 55.78 MMXM3 1.21% 114.03 MMXM3 1.31% 32.26
ALLL11 1.45% 64.59 MMXM3 1.37% -82.64 MRVE3 1.20% 11.87 BRFS3 1.26% 23.88
LREN3 1.38% 23.08 MRVE3 1.18% 12.82 RDCD3 1.17% 10.12 RDCD3 1.23% 10.81
CMIG4 1.29% 9.00 ALLL11 1.18% 72.42 CMIG4 1.13% 8.07 JBSS3 1.18% -65.78
RSID3 1.29% 11.65 RSID3 1.13% 13.05 LAME4 1.10% 40.51 CMIG4 1.10% 9.40
MRVE3 1.27% 12.50 LAME4 1.08% 48.87 ALLL3 1.07% 43.09 ALLL3 1.08% 44.97
LAME4 1.23% 48.61 GOLL4 1.08% 14.09 AMBV4 1.07% 20.74 LAME4 1.07% 34.95
MMXM3 1.15% -26.68 CMIG4 1.06% 9.51 ECOD3 1.07% -47.32 RSID3 1.04% 19.56
GOLL4 1.09% 12.35 JBSS3 1.05% 41.24 TAMM4 1.05% 9.55 LREN3 1.01% 20.30
LLXL3 1.03% -49.50 ECOD3 1.01% -30.75 SANB11 1.04% 22.22 BRAP4 0.98% 6.72
JBSS3 1.02% 41.46 SANB11 0.99% 25.38 GOLL4 1.04% 31.68 TNLP4 0.92% 5.22
NATU3 0.98% 24.34 TAMM4 0.99% 10.78 RSID3 1.04% 11.27 PCAR5 0.92% 30.04
EMBR3 0.96% 12.59 LREN3 0.97% 24.82 JBSS3 1.03% -69.73 HYPE3 0.92% 56.41
ELET3 0.94% 5.80 BRAP4 0.94% 10.18 BRAP4 1.03% 8.61 TCSL4 0.91% 8.75
AMBV4 0.93% 17.67 LLXL3 0.91% -59.40 LREN3 0.95% 22.40 TAMM4 0.90% 5.77
TCSL4 0.91% 14.48 TCSL4 0.87% 17.47 TCSL4 0.91% 6.15 SANB11 0.90% 19.51
TNLP4 0.91% 1.98 AMBV4 0.86% 18.90 PCAR5 0.91% 24.73 ECOD3 0.86% -22.90
TAMM4 0.88% 25.19 TNLP4 0.86% 1.66 VIVO4 0.90% 11.28 GOLL4 0.84% 22.74
CESP6 0.87% -49.11 NATU3 0.83% 27.77 TNLP4 0.86% 6.67 CCRO3 0.79% 31.68
CSAN3 0.87% 13.95 ELET3 0.81% 4.90 CCRO3 0.86% 31.19 VIVO4 0.78% 8.52
BRAP4 0.86% 12.04 CCRO3 0.77% 27.06 NATU3 0.86% 27.62 NATU3 0.77% 26.33
NETC4 0.82% 9.30 BTOW3 0.76% 122.07 CSAN3 0.84% 14.32 AMBV4 0.77% 17.64
GOAU4 0.81% 13.02 EMBR3 0.76% 16.15 ELET3 0.84% 11.20 GOAU4 0.76% 11.66
ELET6 0.79% 6.89 VIVO4 0.75% 14.88 EMBR3 0.77% 15.23 ELET3 0.75% 9.90
ECOD3 0.73% -49.18 PCAR5 0.75% 27.29 BTOW3 0.76% 157.78 CSAN3 0.73% 13.41
ELPL6 0.73% 4.08 NETC4 0.75% 16.73 GOAU4 0.72% 12.35 MRFG3 0.73% 23.04
CCRO3 0.72% 25.08 CSAN3 0.74% 11.07 BRKM5 0.71% 8.62 BISA3 0.71% 9.96
VIVO4 0.71% 18.92 GOAU4 0.73% 12.66 ELET6 0.71% 13.48 CESP6 0.65% 80.88
PCAR5 0.69% 26.73 ELET6 0.67% 5.78 CESP6 0.68% 95.04 CPLE6 0.65% 11.56
DTEX3 0.69% 20.74 BISA3 0.62% 12.54 LIGT3 0.66% 9.02 ELPL4 0.64% 4.29
CPLE6 0.66% 17.27 MRFG3 0.62% 56.87 CPLE6 0.63% 11.50 ELET6 0.64% 12.29
USIM3 0.62% 13.56 CESP6 0.61% -32.50 BISA3 0.61% 10.42 EMBR3 0.63% 14.20
BTOW3 0.61% 93.02 USIM3 0.61% 14.22 ELPL4 0.59% 3.99 BTOW3 0.63% 360.73
BRKM5 0.60% -11.85 BRKM5 0.57% -14.71 DTEX3 0.56% 17.75 BRKM5 0.58% 7.96
CPFE3 0.57% 10.19 CPLE6 0.57% 16.41 MRFG3 0.55% 36.81 LIGT3 0.56% 11.13
CRUZ3 0.57% 16.33 DTEX3 0.56% 17.46 USIM3 0.52% 13.77 DTEX3 0.55% 16.64
UGPA4 0.55% 20.83 ELPL6 0.54% 3.30 KLBN4 0.51% 9.59 USIM3 0.51% 24.05
 LIGT3 0.51% 8.23 LIGT3 0.54% 7.57 UGPA4 0.50% 18.85 KLBN4 0.51% 9.20
BRTO4 0.43% 7.09 UGPA4 0.46% 21.87 LLXL3 0.47% -258.24 LLXL3 0.47% -249.49
KLBN4 0.43% -79.74 CRUZ3 0.43% 18.95 CRUZ3 0.46% 19.08 UGPA4 0.46% 17.80
SBSP3 0.37% 6.08 CPFE3 0.42% 9.51 CPFE3 0.46% 12.86 CPFE3 0.45% 14.20
TRPL4 0.28% 8.70 KLBN4 0.40% -294.69 SBSP3 0.42% 5.95 CRUZ3 0.40% 16.99
TNLP3 0.25% 2.76 BRTO4 0.36% 5.69 BRTO4 0.41% 3.67 PRTX3 0.39% -100.56
TMAR5 0.25% 1.79 SBSP3 0.35% 5.24 PRTX3 0.36% -147.06 BRTO4 0.39% 5.22
TLPP4 0.19% 7.76 TNLP3 0.25% 2.16 TNLP3 0.26% 8.87 SBSP3 0.29% 7.07
TCSL3 0.16% 26.31 TRPL4 0.22% 9.90 TRPL4 0.24% 10.30 TNLP3 0.27% 6.33
TMAR5 0.21% 1.53 TMAR5 0.23% 7.96 TRPL4 0.20% 9.75
TLPP4 0.15% 8.74 TLPP4 0.16% 8.87 TMAR5 0.18% 5.22
TCSL3 0.14% 23.27 TCSL3 0.13% 7.61 TCSL3 0.17% 8.75
TLPP4 0.15% 8.52
0 0 0 0
2010 2T 2010 3T 2010 4T 2011 1T
11.52 11.87 12.04 11.78
 2011
2011 2T 2011 3T 2011 4T 2012 1T
68 68 68 68 68 68 68 68
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
PETR4 9.74% 7.57 PETR4 9.74% 6.45 PETR4 10.14% 8.47 VALE5 9.18% 6.69
VALE5 9.35% 5.66 VALE5 9.35% 5.30 VALE5 9.68% 5.37 PETR4 8.14% 9.72
OGXP3 5.25% -123.90 OGXP3 5.25% -187.05 OGXP3 6.18% -91.35 OGXP3 5.26% -85.36
ITUB4 4.44% 14.94 ITUB4 4.44% 11.12 ITUB4 4.55% 13.07 ITUB4 4.63% 13.55
BVMF3 3.45% 18.86 BVMF3 3.45% 16.06 BVMF3 3.55% 18.52 BBDC4 3.39% 10.97
BBDC4 3.30% 11.02 BBDC4 3.30% 9.39 GGBR4 3.41% 12.43 PDGR3 3.37% 13.97
BBAS3 3.14% 6.21 BBAS3 3.14% 5.40 BBDC4 3.35% 10.66 BBAS3 3.20% 6.26
GGBR4 3.05% 15.88 GGBR4 3.05% 11.86 PETR3 3.08% 9.06 BVMF3 3.12% 21.04
PETR3 3.00% 8.38 PETR3 3.00% 7.06 VALE3 2.90% 5.60 VALE3 2.99% 6.92
VALE3 2.87% 6.27 VALE3 2.87% 5.77 BBAS3 2.71% 5.54 GGBR4 2.76% 15.13
PDGR3 2.61% 10.68 PDGR3 2.61% 7.40 USIM5 2.61% 44.15 PETR3 2.60% 10.12
USIM5 2.53% 15.69 USIM5 2.53% 22.49 PDGR3 2.37% 9.36 ITSA4 2.39% 10.31
ITSA4 2.18% 11.47 ITSA4 2.18% 8.78 ITSA4 2.24% 10.30 USIM5 1.93% 64.65
CYRE3 1.91% 14.68 CYRE3 1.91% 12.40 CYRE3 1.80% 12.60 CYRE3 1.77% 12.61
MRVE3 1.67% 8.80 MRVE3 1.67% 6.61 CSNA3 1.68% 5.89 GFSA3 1.74% -1.99
GFSA3 1.66% 117.42 GFSA3 1.66% -16.53 CIEL3 1.46% 14.53 MRVE3 1.73% 8.64
CSNA3 1.61% 9.66 CSNA3 1.61% 6.47 BRFS3 1.41% 23.24 HYPE3 1.70% -172.33
HYPE3 1.45% 37.11 HYPE3 1.45% -274.57 RDCD3 1.41% 13.53 RDCD3 1.50% 14.08
BRFS3 1.31% 15.91 BRFS3 1.31% 17.48 MRVE3 1.39% 6.80 CSNA3 1.50% 7.85
CIEL3 1.30% 11.96 CIEL3 1.30% 13.08 GFSA3 1.31% -1.88 AMBV4 1.47% 26.47
AMBV4 1.25% 19.15 AMBV4 1.25% 21.59 AMBV4 1.29% 24.28 BRFS3 1.44% 27.62
MMXM3 1.21% 16.38 MMXM3 1.21% -276.25 MMXM3 1.04% -214.73 CIEL3 1.35% 17.31
RDCD3 1.21% 11.61 RDCD3 1.21% 12.87 JBSS3 1.01% -57.65 RSID3 1.25% 22.91
RSID3 1.18% 23.99 RSID3 1.18% 21.86 SANB11 1.01% 15.92 MMXM3 1.18% -166.75
LREN3 1.15% 21.36 LREN3 1.15% 18.20 LAME4 1.01% 34.69 TIMP3 1.15% 21.00
SANB11 1.10% 19.00 SANB11 1.10% 14.80 RSID3 0.99% 27.29 OIBR4 1.11% 4.69
TIMP3 1.08% 8.50 TIMP3 1.08% 6.98 CMIG4 0.98% 9.40 SANB11 1.10% 18.70
LAME4 1.05% 38.91 LAME4 1.05% 37.01 LREN3 0.97% 17.65 CMIG4 1.07% 11.81
CMIG4 0.98% 9.08 CMIG4 0.98% 7.96 GOAU4 0.97% 9.72 BRML3 1.06% 20.44
PCAR4 0.98% 30.67 PCAR4 0.98% 24.26 PCAR4 0.95% 24.28 CCRO3 1.05% 26.06
NATU3 0.98% 22.44 NATU3 0.98% 18.17 TIMP3 0.94% 17.48 LREN3 1.04% 23.69
TLPP4 0.91% 18.07 TLPP4 0.91% 15.96 NATU3 0.94% 18.82 LAME4 1.00% 44.64
FIBR3 0.90% 9.03 FIBR3 0.90% -18.95 VIVT4 0.90% 13.41 NATU3 0.98% 20.58
ALLL3 0.90% 38.32 ALLL3 0.90% 24.60 HYPE3 0.87% -97.49 VIVT4 0.90% 12.99
GOAU4 0.87% 11.24 GOAU4 0.87% 4.83 GOLL4 0.85% -4.48 HGTX3 0.87% 24.35
JBSS3 0.86% -30.68 JBSS3 0.86% -13.90 BRAP4 0.84% 5.47 ALLL3 0.84% 25.71
BRAP4 0.84% 6.20 BRAP4 0.84% 5.57 ALLL3 0.83% 26.11 MRFG3 0.83% -5.43
BRML3 0.80% 14.50 BRML3 0.80% 18.26 CSAN3 0.82% 3.74 GOLL4 0.81% -3.82
CCRO3 0.80% 33.38 CCRO3 0.80% 35.46 FIBR3 0.80% -7.43 PCAR4 0.81% 30.10
GOLL4 0.77% -106.89 GOLL4 0.77% -4.11 BRML3 0.78% 17.29 FIBR3 0.79% -5.52
CSAN3 0.75% 3.26 CSAN3 0.75% 3.39 CCRO3 0.75% 24.30 JBSS3 0.78% -78.47
BISA3 0.73% 11.14 BISA3 0.73% 7.55 ELPL4 0.73% 3.89 GOAU4 0.76% 12.97
TNLP4 0.72% 5.28 TNLP4 0.72% 4.21 KLBN4 0.67% 40.18 BISA3 0.75% 26.03
ELPL4 0.71% 4.82 ELPL4 0.71% 3.98 ELET3 0.66% 6.47 BRAP4 0.75% 6.83
MRFG3 0.69% 213.70 MRFG3 0.69% -4.77 BISA3 0.64% 13.64 BRKM5 0.74% -17.79
BRKM5 0.69% 11.04 BRKM5 0.69% 356.75 ELET6 0.64% 9.73 ELPL4 0.71% 4.59
ELET3 0.63% 12.37 ELET3 0.63% 5.92 HGTX3 0.63% 17.85 CSAN3 0.70% 5.31
CPLE6 0.60% 10.68 CPLE6 0.60% 8.24 TNLP4 0.63% 6.52 DASA3 0.68% 31.83
HGTX3 0.59% 21.87 HGTX3 0.59% 17.53 EMBR3 0.63% 55.71 RENT3 0.66% 22.54
CESP6 0.57% 83.65 CESP6 0.57% -103.08 MRFG3 0.59% -3.97 CRUZ3 0.63% 26.27
ECOD3 0.57% -17.07 ECOD3 0.57% -11.80 CPLE6 0.57% 9.20 KLBN4 0.62% 15.46
LIGT3 0.56% 14.11 LIGT3 0.56% 19.27 CESP6 0.57% 99.69 CPLE6 0.56% 10.71
ELET6 0.56% 15.62 ELET6 0.56% 7.85 VAGR3 0.55% -3.97 UGPA3 0.56% 25.75
LLXL3 0.55% -196.78 LLXL3 0.55% -116.67 LIGT3 0.53% 17.17 EMBR3 0.55% 116.36
EMBR3 0.55% 11.66 EMBR3 0.55% 16.24 UGPA3 0.53% 20.53 LIGT3 0.53% 16.76
KLBN4 0.54% 7.06 KLBN4 0.54% 16.72 BRKM5 0.53% -20.67 ELET3 0.51% 6.24
 DTEX3 0.53% 15.37 DTEX3 0.53% 10.80 CRUZ3 0.52% 21.86 DTEX3 0.50% 16.51
UGPA3 0.49% 17.73 UGPA3 0.49% 18.47 LLXL3 0.49% -59.36 CESP6 0.49% 45.91
CRUZ3 0.49% 19.90 CRUZ3 0.49% 18.89 TAMM4 0.45% -16.67 ELET6 0.49% 8.63
TAMM4 0.48% 5.05 TAMM4 0.48% -14.63 USIM3 0.43% 74.60 LLXL3 0.47% -51.05
BTOW3 0.44% -95.81 BTOW3 0.44% -27.47 CPFE3 0.41% 15.92 CPFE3 0.42% 17.34
USIM3 0.42% 26.89 USIM3 0.42% 45.96 DTEX3 0.40% 13.11 BTOW3 0.38% -9.20
CPFE3 0.38% 14.26 CPFE3 0.38% 12.98 BRTO4 0.36% 6.52 TAMM4 0.37% -19.62
BRTO4 0.38% 5.28 BRTO4 0.38% 4.21 BTOW3 0.31% -14.38 VAGR3 0.36% -5.89
SBSP3 0.28% 6.32 SBSP3 0.28% 7.63 SBSP3 0.30% 9.69 SBSP3 0.31% 10.36
TNLP3 0.18% 6.00 TNLP3 0.18% 4.72 TRPL4 0.19% 9.67 USIM3 0.30% 106.58
TRPL4 0.18% 9.28 TRPL4 0.18% 7.90 TNLP3 0.18% 7.01 OIBR3 0.27% 5.37
TMAR5 0.13% 5.28 TMAR5 0.13% 4.21 TMAR5 0.16% 6.52 TRPL4 0.18% 10.43

0 0 0 0
2011 2T 2011 3T 2011 4T 2012 1T
11.33 9.10 9.31 10.85
 2012 2018
2012 2T 2012 3T 2012 4T 4/24/2018
68 68 68 68 69 69 64 69 Atual
Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L Ativo Part (%) P/L
VALE5 9.18% 7.43 VALE5 9.18% 7.98 VALE5 9.45% 22.53 ITUB4 11.36% 15.79
PETR4 8.14% 12.51 PETR4 8.14% 16.03 PETR4 8.36% 12.19 VALE3 10.64% 14.24
OGXP3 5.26% -20.65 OGXP3 5.26% -16.75 OGXP3 5.23% -12.45 BBDC4 7.86% 15.70
ITUB4 4.63% 11.15 ITUB4 4.63% 12.42 ITUB4 4.49% 14.13 ABEV3 6.84% 50.28
BBDC4 3.39% 10.26 BBDC4 3.39% 11.11 PDGR3 3.62% -2.03 PETR4 6.60% -657.49
PDGR3 3.37% -22.25 PDGR3 3.37% -12.41 BBDC4 3.24% 11.82 PETR3 4.69% -712.18
BBAS3 3.20% 4.85 BBAS3 3.20% 6.19 BBAS3 3.20% 5.96 B3SA3 3.71% 40.89
BVMF3 3.12% 19.08 BVMF3 3.12% 23.14 BVMF3 3.10% 25.80 ITSA4 3.71% 11.73
VALE3 2.99% 7.61 VALE3 2.99% 8.26 VALE3 3.01% 23.31 BBAS3 3.22% 9.73
GGBR4 2.76% 14.84 GGBR4 2.76% 19.13 GGBR4 2.74% 21.63 UGPA3 1.83% 22.27
PETR3 2.60% 12.95 PETR3 2.60% 16.69 PETR3 2.58% 12.20 LREN3 1.67% 32.50
ITSA4 2.39% 8.67 ITSA4 2.39% 9.04 USIM5 2.45% -20.29 KROT3 1.49% 12.39
USIM5 1.93% -256.02 USIM5 1.93% -37.82 ITSA4 2.38% 10.35 CIEL3 1.49% 12.53
CYRE3 1.77% 10.47 CYRE3 1.77% 12.24 GFSA3 1.76% -16.39 VIVT4 1.45% 17.96
GFSA3 1.74% -1.26 GFSA3 1.74% -2.29 CSNA3 1.75% -41.16 BBDC3 1.42% 14.73
MRVE3 1.73% 6.61 MRVE3 1.73% 9.42 MRVE3 1.68% 10.96 BRFS3 1.39% -18.28
HYPE3 1.70% -57.28 HYPE3 1.70% 72.51 HYPE3 1.57% 51.14 BBSE3 1.33% 0.00
RDCD3 1.50% 14.08 RDCD3 1.50% 14.08 CYRE3 1.51% 11.29 SUZB3 1.27% 23.40
CSNA3 1.50% 16.13 CSNA3 1.50% 208.41 AMBV4 1.44% 25.47 EMBR3 1.23% 22.05
AMBV4 1.47% 26.79 AMBV4 1.47% 24.74 BRFS3 1.35% 45.26 GGBR4 1.18% -80.06
BRFS3 1.44% 41.07 BRFS3 1.44% 82.23 CIEL3 1.32% 16.13 RAIL3 1.14% -85.84
CIEL3 1.35% 18.59 CIEL3 1.35% 14.99 RDCD3 1.30% 14.08 FIBR3 1.10% 34.29
RSID3 1.25% 9.51 RSID3 1.25% 10.76 OIBR4 1.25% 17.85 SANB11 1.04% 18.39
MMXM3 1.18% -7.01 MMXM3 1.18% -8.29 MMXM3 1.18% -3.51 RENT3 1.02% 38.26
TIMP3 1.15% 20.16 TIMP3 1.15% 14.13 TIMP3 1.14% 13.68 JBSS3 1.02% 46.99
OIBR4 1.11% 15.67 OIBR4 1.11% 17.02 RSID3 1.12% -9.24 RADL3 1.02% 43.63
SANB11 1.10% 18.57 SANB11 1.10% 19.69 CCRO3 1.10% 29.45 EQTL3 0.97% 13.75
CMIG4 1.07% 12.30 CMIG4 1.07% 7.28 BRML3 1.06% 7.03 CCRO3 0.96% 13.62
BRML3 1.06% 11.93 BRML3 1.06% 13.23 SANB11 1.04% 17.85 LAME4 0.96% 132.30
CCRO3 1.05% 27.13 CCRO3 1.05% 29.11 LREN3 0.98% 27.86 WEGE3 0.92% 31.50
LREN3 1.04% 22.08 LREN3 1.04% 25.67 HGTX3 0.97% 22.17 TIMP3 0.90% 30.73
LAME4 1.00% 44.79 LAME4 1.00% 48.74 LAME4 0.94% 46.43 HYPE3 0.90% 20.78
NATU3 0.98% 23.60 NATU3 0.98% 26.63 NATU3 0.94% 29.36 BRKM5 0.89% 9.24
VIVT4 0.90% 11.63 VIVT4 0.90% 11.23 VIVT4 0.88% 12.38 SBSP3 0.84% 0.00
HGTX3 0.87% 19.29 HGTX3 0.87% 23.88 BISA3 0.82% -5.08 PCAR4 0.82% 32.13
ALLL3 0.84% 27.72 ALLL3 0.84% 25.58 JBSS3 0.80% 23.15 ESTC3 0.78% 26.62
MRFG3 0.83% -5.16 MRFG3 0.83% -52.14 BRKM5 0.80% -13.96 KLBN11 0.73% 42.31
GOLL4 0.81% -1.98 GOLL4 0.81% -3.19 FIBR3 0.79% -17.73 BRML3 0.66% -12.20
PCAR4 0.81% 22.97 PCAR4 0.81% 24.53 GOLL4 0.79% -2.38 FLRY3 0.58% 26.26
FIBR3 0.79% -4.10 FIBR3 0.79% -9.19 CMIG4 0.78% 4.51 CMIG4 0.58% 10.56
JBSS3 0.78% 165.12 JBSS3 0.78% 29.20 BRAP4 0.75% 24.07 BRAP4 0.57% 5.38
GOAU4 0.76% 12.66 GOAU4 0.76% 17.35 SUZB5 0.73% -42.70 EGIE3 0.53% 11.92
BISA3 0.75% -4.07 BISA3 0.75% -4.01 CSAN3 0.72% 22.43 MGLU3 0.48% 48.93
BRAP4 0.75% 7.51 BRAP4 0.75% 7.62 GOAU4 0.72% 20.69 MULT3 0.41% 35.36
BRKM5 0.74% -5.10 BRKM5 0.74% -9.63 ALLL3 0.70% 24.08 CSAN3 0.41% 11.72
ELPL4 0.71% 3.53 ELPL4 0.71% 3.80 MRFG3 0.70% -18.07 USIM5 0.40% 48.45
CSAN3 0.70% 43.60 CSAN3 0.70% 29.60 RENT3 0.68% 31.39 NATU3 0.40% 20.74
DASA3 0.68% 30.54 DASA3 0.68% 36.17 CRUZ3 0.67% 28.70 CSNA3 0.39% 1,233.26
RENT3 0.66% 25.78 RENT3 0.66% 30.74 KLBN4 0.67% 15.61 QUAL3 0.38% 16.87
CRUZ3 0.63% 27.14 CRUZ3 0.63% 25.18 DASA3 0.64% 48.28 ELET3 0.35% -13.80
KLBN4 0.62% 54.23 KLBN4 0.62% 13.36 CTIP3 0.63% 23.67 ELET6 0.34% -16.37
CPLE6 0.56% 11.92 CPLE6 0.56% 9.17 ELPL4 0.60% 26.04 GOAU4 0.33% -38.65
UGPA3 0.56% 28.42 UGPA3 0.56% 26.66 PCAR4 0.60% 22.68 VVAR11 0.31% 71.18
EMBR3 0.55% 182.37 EMBR3 0.55% 36.97 UGPA3 0.59% 24.93 MRVE3 0.30% 9.92
LIGT3 0.53% 16.31 LIGT3 0.53% 12.11 EMBR3 0.57% 15.33 SMLS3 0.29% 18.76
ELET3 0.51% 4.07 ELET3 0.51% 3.92 LLXL3 0.51% -58.10 ENBR3 0.28% 13.39
 DTEX3 0.50% 15.33 DTEX3 0.50% 18.78 DTEX3 0.49% 17.79 SAPR11 0.28% 8.64
CESP6 0.49% 44.51 CESP6 0.49% 13.68 CPFE3 0.44% 16.80 TAEE11 0.28% 11.14
ELET6 0.49% 5.57 ELET6 0.49% 5.90 LIGT3 0.44% 10.74 MRFG3 0.24% -10.51
LLXL3 0.47% -40.14 LLXL3 0.47% -56.38 CPLE6 0.43% 12.38 CYRE3 0.23% -56.38
CPFE3 0.42% 16.69 CPFE3 0.42% 15.28 ELET6 0.42% -2.06 IGTA3 0.22% 28.98
BTOW3 0.38% -5.75 BTOW3 0.38% -10.00 ELET3 0.41% -1.24 CPLE6 0.18% 6.70
TAMM4 0.37% -19.62 TAMM4 0.37% -19.62 USIM3 0.40% -21.67 ECOR3 0.13% 13.69
VAGR3 0.36% -3.65 VAGR3 0.36% -4.56 BTOW3 0.37% -14.69 CPFE3 0.09% 20.79
SBSP3 0.31% 13.04 SBSP3 0.31% 11.53 SBSP3 0.31% 10.35
USIM3 0.30% -312.73 USIM3 0.30% -43.43 CESP6 0.29% 42.91
OIBR3 0.27% 17.95 OIBR3 0.27% 20.72 VAGR3 0.29% -11.16
TRPL4 0.18% 10.69 TRPL4 0.18% 7.09 OIBR3 0.27% 19.66
TRPL4 0.12% 5.97
0 0 0 2
2012 2T 2012 3T 2012 4T 43214
9.65 11.15 12.38 11.12
P/L Trimestral do Ibovespa
1999 1T 1999 2T 1999 3T 1999 4T 2000 1T 2000 2T
1999 2000
Base de Dados 1T 2T 3T 4T 1T 2T
P/L Histórico 3.25 10.68 6.71 6.38
P/L Bloomberg
P/L Bloomberg Hist. Corrigido 3.25 10.68 6.71 6.38
 2000 3T 2000 4T 2001 1T 2001 2T 2001 3T 2001 4T 2002 1T 2002 2T 2002 3T 2002 4T
2000 2001 2002
3T 4T 1T 2T 3T 4T 1T 2T 3T 4T
11.30 9.68 8.27 10.87 9.97 6.82 7.40 6.34 6.06 5.96
355.23 358.21 261.67 334.05 326.10 274.05 212.14 277.24
11.30 9.68 8.27 10.87 9.97 6.82 7.40 6.34 6.06 5.96
2003 1T 2003 2T 2003 3T 2003 4T 2004 1T 2004 2T 2004 3T 2004 4T 2005 1T 2005 2T
2003 2004 2005
1T 2T 3T 4T 1T 2T 3T 4T 1T 2T
5.76 5.28 6.02 12.18 10.37 9.60 8.43 11.84 7.61 9.19
277.36 319.16 393.91 547.08 544.76 520.32 571.90 644.50 654.70 616.33
5.76 5.28 6.02 12.18 10.37 9.60 8.43 11.84 7.61 9.19
 2005 3T 2005 4T 2006 1T 2006 2T 2006 3T 2006 4T 2007 1T 2007 2T 2007 3T 2007 4T
2005 2006 2007
3T 4T 1T 2T 3T 4T 1T 2T 3T 4T
8.93 11.30 10.45 11.32 9.31 10.90 10.52 13.31 12.57 13.36
0.21 0.53 0.53 0.37 0.61 10.72 9.88 11.50 13.26 14.16
8.93 11.30 10.45 11.32 9.31 10.72 9.88 11.50 13.26 14.16
2008 1T 2008 2T 2008 3T 2008 4T 2009 1T 2009 2T 2009 3T 2009 4T 2010 1T 2010 2T
2008 2009 2010
1T 2T 3T 4T 1T 2T 3T 4T 1T 2T
12.78 14.15 10.24 7.75 8.22 8.93 12.19 15.81 16.71 11.52
11.81 12.65 9.75 7.20 10.30 14.07 16.22 18.02 13.44 11.24
11.81 12.65 9.75 7.20 10.30 14.07 16.22 18.02 13.44 11.24
 2010 3T 2010 4T 2011 1T 2011 2T 2011 3T 2011 4T 2012 1T 2012 2T 2012 3T 2012 4T 2013 1T
2010 2011 2012 2013
3T 4T 1T 2T 3T 4T 1T 2T 3T 4T 1T
11.87 12.04 11.78 11.33 9.10 9.31 10.85 9.65
13.03 12.89 10.60 10.04 8.93 10.20 10.83 9.97 14.09 17.57 11.60
13.03 12.89 10.60 10.04 8.93 10.20 10.83 9.97 14.09 17.57 11.60
2013 2T 2013 3T 2013 4T 2014 1T 2014 2T 2014 3T 2014 4T 2015 1T 2015 2T 2015 3T 2015 4T
2013 2014 2015
2T 3T 4T 1T 2T 3T 4T 1T 2T 3T 4T

10.75 13.53 13.97 10.21 11.11 11.89 11.92 12.58 14.29 12.70 12.76
10.75 13.53 13.97 10.21 11.11 11.89 11.92 12.58 14.29 12.70 12.76
2016 1T 2016 2T 2016 3T 2016 4T 2017 1T 2017 2T 2017 3T 2017 4T 2018 1T 2018 2T
2016 2017 2018
1T 2T 3T 4T 1T 2T 3T 4T 1T 2T

14.06 13.15 14.75 15.53 12.11 11.71 14.33 14.64 12.91

14.06 13.15 14.75 15.53 12.11 11.71 14.33 14.64 12.91
 2018 3T 2018 4T
2018
3T 4T
 Comparação entre Ibovespa e A
Base de dados Bloomberg a partir do 4T 2016 B
dez-18 0.18% 85,520.42 13.03 15.37 11.25
DATA IBOV Ibovespa Nominal P/L Ibov (L) P/L P/L Real Regressão
1 Jan-99 20.46% 8,172.00 ND 7.28
2 Feb-99 9.04% 8,911.00 ND 7.31
3 Mar-99 20.03% 10,696.00 ND 7.35
4 Apr-99 6.12% 11,351.00 ND 7.38
5 May-99 -2.30% 11,090.00 ND 7.41
6 1999 2T Jun-99 4.84% 11,627.00 0.00 7.44
7 Jul-99 -10.19% 10,442.00 ND 7.47
8 Aug-99 1.18% 10,565.00 ND 7.50
9 1999 3T Sep-99 5.12% 11,106.00 3.25 3,415.23 7.54
10 Oct-99 5.35% 11,700.00 ND 2,810.33 7.57
11 Nov-99 17.77% 13,779.00 ND 2,205.43 7.60
12 1999 4T Dec-99 24.04% 17,092.00 10.68 1,600.53 7.63
13 Jan-00 -4.12% 16,388.00 ND 1,952.86 6.53 6.37 7.66
14 Feb-00 7.76% 17,660.00 ND 2,305.20 7.37 7.20 7.69
15 2000 1T Mar-00 0.91% 17,820.00 6.71 2,657.54 7.48 7.32 7.73
16 Apr-00 -12.81% 15,538.00 ND 2,645.36 6.42 6.28 7.76
17 May-00 -3.74% 14,957.00 ND 2,633.19 6.11 5.99 7.79
18 2000 2T Jun-00 11.84% 16,728.00 6.38 2,621.02 6.77 6.64 7.82
19 Jul-00 -1.63% 16,455.00 ND 2,217.32 6.62 6.40 7.85
20 Aug-00 5.42% 17,347.00 ND 1,813.63 7.05 6.74 7.89
21 2000 3T Sep-00 -8.18% 15,928.00 11.30 1,409.93 6.62 6.32 7.92
22 Oct-00 -6.66% 14,867.00 ND 1,465.26 6.64 6.37 7.95
23 Nov-00 -10.63% 13,287.00 ND 1,520.59 6.25 6.01 7.98
24 2000 4T Dec-00 14.84% 15,259.00 9.68 1,575.91 7.37 7.09 8.01
25 Jan-01 15.82% 17,673.00 ND 1,632.22 8.55 8.20 8.04
26 Feb-01 -10.08% 15,891.00 ND 1,688.53 7.78 7.47 8.08
27 2001 1T Mar-01 -9.14% 14,438.00 8.27 1,744.84 7.26 6.97 8.11
28 Apr-01 3.32% 14,918.00 ND 1,609.56 7.79 7.48 8.14
29 May-01 -1.80% 14,650.00 ND 1,474.27 8.02 7.71 8.17
30 2001 2T Jun-01 -0.61% 14,560.00 10.87 1,338.99 8.41 8.10 8.20
31 Jul-01 -5.54% 13,754.00 ND 1,248.15 8.47 8.11 8.23
32 Aug-01 -6.64% 12,841.00 ND 1,157.32 8.32 7.96 8.27
33 2001 3T Sep-01 -17.17% 10,636.00 9.97 1,066.49 7.14 6.86 8.30
34 Oct-01 6.85% 11,365.00 ND 1,374.35 7.78 7.44 8.33
35 Nov-01 13.79% 12,932.00 ND 1,682.22 8.90 8.50 8.36
36 2001 4T Dec-01 5.00% 13,578.00 6.82 1,990.08 9.26 8.84 8.39
37 Jan-02 -6.31% 12,721.00 ND 1,924.01 8.48 8.11 8.42
38 Feb-02 10.31% 14,033.00 ND 1,857.93 9.20 8.84 8.46
39 2002 1T Mar-02 -5.54% 13,255.00 7.40 1,791.85 8.61 8.28 8.49
40 Apr-02 -1.28% 13,085.00 ND 1,780.42 8.48 8.15 8.52
41 May-02 -1.71% 12,861.00 ND 1,768.99 8.26 7.97 8.55
42 2002 2T Jun-02 -13.39% 11,139.00 6.34 1,757.56 7.04 6.81 8.58
43 Jul-02 -12.35% 9,763.00 ND 1,645.73 6.04 5.81 8.61
44 Aug-02 6.34% 10,382.00 ND 1,533.90 6.29 6.04 8.65
45 2002 3T Sep-02 -16.94% 8,623.00 6.06 1,422.07 5.13 4.91 8.68
46 Oct-02 17.92% 10,168.00 ND 1,578.45 5.94 5.65 8.71
47 Nov-02 3.35% 10,509.00 ND 1,734.84 6.08 5.64 8.74
48 2002 4T Dec-02 7.22% 11,268.00 5.96 1,891.22 6.51 5.96 8.77
49 Jan-03 -2.90% 10,941.00 ND 1,913.75 6.35 5.75 8.80
50 Feb-03 -6.03% 10,281.00 ND 1,936.29 5.97 5.39 8.84
51 2003 1T Mar-03 9.66% 11,274.00 5.76 1,958.82 6.52 5.89 8.87
52 Apr-03 11.38% 12,557.00 ND 2,124.85 7.20 6.53 8.90
53 May-03 6.89% 13,422.00 ND 2,290.87 7.57 6.93 8.93
54 2003 2T Jun-03 -3.35% 12,973.00 5.28 2,456.89 7.14 6.64 8.96
55 Jul-03 4.62% 13,572.00 ND 2,525.06 7.24 6.81 8.99
56 Aug-03 11.80% 15,174.00 ND 2,593.23 7.79 7.40 9.03
57 2003 3T Sep-03 5.52% 16,011.00 6.02 2,661.39 7.87 7.50 9.06
58 Oct-03 12.31% 17,982.00 ND 2,382.65 8.41 8.08 9.09
59 Nov-03 12.25% 20,184.00 ND 2,103.90 9.15 8.84 9.12
60 2003 4T Dec-03 10.17% 22,236.00 12.18 1,825.15 9.94 9.62 9.15
61 Jan-04 -1.73% 21,851.00 ND 1,928.80 9.79 9.47 9.18
62 Feb-04 -0.44% 21,755.00 ND 2,032.45 9.75 9.42 9.22
63 2004 1T Mar-04 1.78% 22,142.00 10.37 2,136.10 9.88 9.56 9.25
64 Apr-04 -11.45% 19,607.00 ND 2,158.53 8.69 8.41 9.28
65 May-04 -0.32% 19,545.00 ND 2,180.95 8.66 8.37 9.31
66 2004 2T Jun-04 8.21% 21,149.00 9.60 2,203.38 9.40 9.07 9.34
67 Jul-04 5.62% 22,337.00 ND 2,387.96 10.03 9.63 9.37
68 Aug-04 2.09% 22,803.00 ND 2,572.55 10.29 9.87 9.41
69 2004 3T Sep-04 1.94% 23,245.00 8.43 2,757.13 10.50 10.10 9.44
70 Oct-04 -0.83% 23,052.00 ND 2,575.38 10.37 10.00 9.47
71 Nov-04 9.01% 25,128.00 ND 2,393.62 11.23 10.82 9.50
72 2004 4T Dec-04 4.25% 26,196.00 11.84 2,211.86 11.58 11.13 9.53
73 Jan-05 -7.04% 24,351.00 ND 2,639.67 10.61 10.20 9.56
74 Feb-05 15.56% 28,139.00 ND 3,067.49 11.95 11.49 9.60
75 2005 1T Mar-05 -5.43% 26,611.00 7.61 3,495.30 10.90 10.49 9.63
76 Apr-05 -6.64% 24,844.00 ND 3,239.18 9.73 9.34 9.66
77 May-05 1.46% 25,207.00 ND 2,983.07 9.53 9.16 9.69
78 2005 2T Jun-05 -0.62% 25,051.00 9.19 2,726.96 9.24 8.93 9.72
79 Jul-05 3.96% 26,042.00 ND 2,997.08 9.46 9.16 9.75
80 Aug-05 7.69% 28,045.00 ND 3,267.19 10.00 9.72 9.79
81 2005 3T Sep-05 12.62% 31,584.00 8.93 3,537.31 11.03 10.75 9.82
82 Oct-05 -4.40% 30,194.00 ND 3,344.70 10.31 10.03 9.85
83 Nov-05 5.71% 31,917.00 ND 3,152.10 10.67 10.36 9.88
84 2005 4T Dec-05 4.82% 33,456.00 11.30 2,959.49 10.95 10.64 9.91
85 Jan-06 14.73% 38,383.00 ND 3,183.31 12.31 11.94 9.94
86 Feb-06 0.59% 38,610.00 ND 3,407.13 12.21 11.84 9.98
87 2006 1T Mar-06 -1.70% 37,952.00 10.45 3,630.95 11.89 11.54 10.01
88 Apr-06 6.35% 40,363.00 ND 3,499.16 12.60 12.26 10.04
89 May-06 -9.50% 36,530.00 ND 3,367.36 11.33 11.06 10.07
 90 2006 2T Jun-06 0.28% 36,631.00 11.32 3,235.57 11.25 11.04 10.10
91 Jul-06 1.22% 37,077.00 ND 3,462.04 11.24 11.05 10.13
92 Aug-06 -2.28% 36,232.00 ND 3,688.51 10.86 10.70 10.17
93 2006 3T Sep-06 0.60% 36,449.00 9.31 3,914.98 10.81 10.66 10.20
94 Oct-06 7.72% 39,263.00 ND 3,992.83 11.54 11.38 10.23
95 Nov-06 6.80% 41,932.00 ND 4,070.67 12.13 11.96 10.26
96 2006 4T Dec-06 6.06% 44,474.00 10.72 4,148.52 12.58 12.39 10.29
97 Jan-07 0.38% 44,642.00 9.83 4,541.90 12.29 12.07 10.32
98 Feb-07 -1.68% 43,892.00 9.38 4,678.39 11.72 11.49 10.36
99 2007 1T Mar-07 4.36% 45,805.00 9.88 4,638.00 11.89 11.65 10.39
100 Apr-07 6.88% 48,956.00 10.39 4,712.25 12.44 12.19 10.42
101 May-07 6.77% 52,268.00 11.00 4,751.63 12.95 12.69 10.45
102 2007 2T Jun-07 4.06% 54,392.00 11.50 4,731.24 13.10 12.84 10.48
103 Jul-07 -0.38% 54,183.00 11.29 4,799.21 12.67 12.42 10.51
104 Aug-07 0.84% 54,637.00 9.99 5,471.01 12.45 12.18 10.55
105 2007 3T Sep-07 10.67% 60,465.00 13.26 4,560.52 13.33 13.06 10.58
106 Oct-07 8.03% 65,318.00 14.53 4,496.74 14.23 13.95 10.61
107 Nov-07 -3.54% 63,006.00 14.03 4,490.14 13.60 13.32 10.64
108 2007 4T Dec-07 1.40% 63,886.00 14.16 4,512.93 13.69 13.35 10.67
109 Jan-08 -6.88% 59,490.00 11.75 5,062.03 12.66 12.33 10.70
110 Feb-08 6.72% 63,489.00 12.33 5,149.56 13.39 13.02 10.74
111 2008 1T Mar-08 -3.97% 60,968.00 11.81 5,163.62 12.75 12.39 10.77
112 Apr-08 11.32% 67,868.00 12.81 5,299.94 14.07 13.64 10.80
113 May-08 6.96% 72,593.00 13.95 5,203.20 14.89 14.40 10.83
114 2008 2T Jun-08 -10.43% 65,018.00 12.65 5,139.98 13.24 12.76 10.86
115 Jul-08 -8.48% 59,505.00 11.78 5,052.19 12.03 11.59 10.89
116 Aug-08 -6.43% 55,680.00 11.16 4,988.39 11.21 10.83 10.93
117 2008 3T Sep-08 -11.03% 49,541.00 9.75 5,080.99 10.06 9.74 10.96
118 Oct-08 -24.80% 37,257.00 7.26 5,130.86 7.50 7.26 10.99
119 Nov-08 -1.77% 36,596.00 7.12 5,138.88 7.29 7.07 11.02
120 2008 4T Dec-08 2.61% 37,550.00 7.20 5,215.09 7.40 7.19 11.05
121 Jan-09 4.66% 39,301.00 8.31 4,726.57 7.65 7.44 11.08
122 Feb-09 -2.84% 38,183.00 8.51 4,488.16 7.48 7.26 11.12
123 2009 1T Mar-09 7.18% 40,926.00 10.30 3,972.93 8.10 7.88 11.15
124 Apr-09 15.55% 47,290.00 12.44 3,802.25 9.55 9.29 11.18
125 May-09 12.49% 53,198.00 14.39 3,696.66 11.02 10.71 11.21
126 2009 2T Jun-09 -3.26% 51,465.00 14.07 3,657.73 10.94 10.64 11.24
127 Jul-09 6.41% 54,766.00 14.85 3,688.33 11.96 11.65 11.27
128 Aug-09 3.15% 56,489.00 15.16 3,726.06 12.65 12.34 11.31
129 2009 3T Sep-09 8.90% 61,518.00 16.22 3,792.92 14.11 13.78 11.34
130 Oct-09 0.05% 61,546.00 16.17 3,806.93 14.47 14.15 11.37
131 Nov-09 8.93% 67,044.00 17.54 3,823.09 16.18 15.82 11.40
132 2009 4T Dec-09 2.30% 68,588.00 18.02 3,807.20 17.01 16.62 11.43
133 Jan-10 -4.65% 65,402.00 13.01 5,028.40 16.70 16.27 11.46
134 Feb-10 1.68% 66,503.00 13.25 5,017.77 16.88 16.39 11.50
135 2010 1T Mar-10 5.82% 70,372.00 13.44 5,234.34 17.66 17.14 11.53
136 Apr-10 -4.04% 67,529.27 12.27 5,504.27 16.51 16.01 11.56
137 May-10 -6.64% 63,045.33 11.50 5,484.40 14.90 14.46 11.59
138 2010 2T Jun-10 -3.35% 60,933.31 11.24 5,421.85 13.91 13.56 11.62
139 Jul-10 10.80% 67,514.11 12.69 5,321.09 14.91 14.59 11.65
140 Aug-10 -3.51% 65,145.45 12.28 5,306.47 13.97 13.71 11.69
141 2010 3T Sep-10 6.58% 69,429.78 13.03 5,329.27 14.48 14.20 11.72
142 Oct-10 1.79% 70,673.30 13.30 5,313.72 14.35 14.02 11.75
143 Nov-10 -4.20% 67,705.40 12.87 5,260.43 13.41 13.04 11.78
144 2010 4T Dec-10 2.36% 69,304.81 12.89 5,377.17 13.41 13.01 11.81
145 Jan-11 -3.94% 66,574.88 10.29 6,470.52 12.56 12.14 11.84
146 Feb-11 1.21% 67,383.22 10.39 6,485.02 12.43 11.98 11.88
147 2011 1T Mar-11 1.79% 68,586.70 10.60 6,470.67 12.37 11.89 11.91
148 Apr-11 -3.58% 66,132.86 10.39 6,365.21 11.71 11.23 11.94
149 May-11 -2.29% 64,618.42 10.06 6,420.33 11.30 10.85 11.97
150 2011 2T Jun-11 -3.43% 62,404.00 10.04 6,213.82 10.77 10.37 12.00
151 Jul-11 -5.74% 58,823.00 9.62 6,112.51 10.04 9.71 12.03
152 Aug-11 -3.96% 56,495.00 9.43 5,991.06 9.53 9.23 12.07
153 2011 3T Sep-11 -7.38% 52,324.00 8.93 5,856.09 8.74 8.47 12.10
154 Oct-11 11.49% 58,338.00 10.38 5,621.38 9.68 9.39 12.13
155 Nov-11 -2.51% 56,875.00 10.16 5,599.68 9.40 9.11 12.16
156 2011 4T Dec-11 -0.21% 56,754.00 10.20 5,566.03 9.33 9.05 12.19
157 Jan-12 11.13% 63,072.00 10.17 6,201.96 10.34 10.02 12.22
158 Feb-12 4.34% 65,812.00 10.95 6,008.39 10.83 10.50 12.26
159 2012 1T Mar-12 -1.98% 64,511.00 10.83 5,954.06 10.69 10.39 12.29
160 Apr-12 -4.17% 61,820.00 10.57 5,848.09 10.32 10.01 12.32
161 May-12 -11.86% 54,490.00 9.42 5,785.10 9.16 8.89 12.35
162 2012 2T Jun-12 -0.25% 54,355.00 9.97 5,453.94 9.22 8.98 12.38
163 Jul-12 3.20% 56,097.00 10.99 5,105.03 9.62 9.37 12.41
164 Aug-12 1.72% 57,061.00 12.24 4,661.70 9.92 9.67 12.45
165 2012 3T Sep-12 3.71% 59,176.00 14.09 4,199.71 10.50 10.20 12.48
166 Oct-12 -3.56% 57,068.00 15.34 3,720.27 10.38 10.07 12.51
167 Nov-12 0.71% 57,475.00 16.32 3,521.32 10.76 10.42 12.54
168 2012 4T Dec-12 6.05% 60,952.00 17.57 3,468.12 11.79 11.37 12.57
169 Jan-13 -1.95% 59,761.00 11.59 5,156.66 11.97 11.49 12.60
170 Feb-13 -3.91% 57,424.00 11.83 4,853.48 11.70 11.23 12.64
171 2013 1T Mar-13 -1.87% 56,352.00 11.60 4,857.81 11.71 11.25 12.67
172 Apr-13 -0.78% 55,910.00 11.53 4,848.78 11.85 12.70
173 May-13 -4.30% 53,506.00 12.07 4,434.39 11.54 12.73
174 2013 2T Jun-13 -11.31% 47,457.00 10.75 4,413.50 10.49 12.76
175 Jul-13 1.64% 48,234.00 11.59 4,161.95 10.87 12.79
176 Aug-13 3.68% 50,008.00 12.62 3,961.58 11.47 12.83
177 2013 3T Sep-13 4.66% 52,338.00 13.53 3,869.65 12.17 12.86
178 Oct-13 3.66% 54,256.00 14.88 3,646.15 12.70 12.89
179 Nov-13 -3.27% 52,482.00 14.09 3,725.10 12.30 12.92
180 2013 4T Dec-13 -1.86% 51,507.00 13.97 3,686.23 12.03 12.95
181 Jan-14 -7.51% 47,639.00 9.54 4,993.02 11.08 12.98
182 Feb-14 -1.14% 47,094.00 9.49 4,963.13 10.98 13.02
183 2014 1T Mar-14 7.05% 50,415.00 10.21 4,937.13 11.73 13.05
184 Apr-14 2.40% 51,627.00 10.44 4,944.53 12.00 13.08
185 May-14 -0.75% 51,239.00 10.64 4,817.87 11.88 13.11
186 2014 2T Jun-14 3.76% 53,168.00 11.11 4,783.73 12.24 13.14
187 Jul-14 5.00% 55,829.00 11.96 4,669.39 12.76 13.17
188 Aug-14 9.78% 61,288.00 13.25 4,625.73 13.88 13.21
189 2014 3T Sep-14 -11.70% 54,116.00 11.89 4,551.32 12.10 13.24
190 Oct-14 0.95% 54,629.00 12.47 4,382.01 12.06 13.27
191 Nov-14 0.06% 54,664.00 12.77 4,281.89 11.91 13.30
192 2014 4T Dec-14 -8.52% 50,007.00 11.92 4,196.93 10.79 13.33
193 Jan-15 -6.20% 46,908.00 10.65 4,405.22 10.03 13.36
194 Feb-15 9.97% 51,583.00 12.13 4,251.52 11.14 13.40
195 2015 1T Mar-15 -0.84% 51,150.00 12.58 4,067.52 11.19 13.43
196 Apr-15 9.93% 56,229.00 15.17 3,705.54 12.50 13.46
197 May-15 -6.17% 52,760.00 14.27 3,696.18 12.00 13.49
198 2015 2T Jun-15 0.61% 53,081.00 14.29 3,713.92 12.34 13.52
199 Jul-15 -4.17% 50,865.00 13.75 3,699.54 12.08 13.55
200 Aug-15 -8.33% 46,626.00 12.76 3,654.44 11.29 13.59
201 2015 3T Sep-15 -3.36% 45,059.00 12.70 3,548.22 11.12 13.62
202 Oct-15 1.80% 45,869.00 12.81 3,580.01 11.56 13.65
203 Nov-15 -1.63% 45,120.00 13.18 3,422.19 11.57 13.68
204 2015 4T Dec-15 -3.92% 43,350.00 12.76 3,397.49 11.32 13.71
205 Jan-16 -6.79% 40,406.00 10.42 3,876.03 10.74 13.74
206 Feb-16 5.91% 42,794.00 11.75 3,641.04 11.51 13.78
207 2016 1T Mar-16 16.97% 50,055.00 14.06 3,560.90 13.65 13.81
208 Apr-16 7.70% 53,911.00 14.91 3,616.82 14.87 13.84
209 May-16 -10.09% 48,472.00 12.35 3,924.35 13.40 13.87
210 2016 2T Jun-16 6.30% 51,527.00 13.15 3,918.10 14.17 13.90
211 Jul-16 11.22% 57,308.00 14.29 4,011.50 15.69 13.93
212 Aug-16 1.03% 57,901.00 14.86 3,897.47 15.74 13.97
213 2016 3T Sep-16 0.80% 58,367.00 14.75 3,957.79 15.78 14.00
214 Oct-16 11.24% 64,925.00 15.96 4,067.93 17.39 14.03
215 Nov-16 -4.65% 61,906.00 16.09 3,848.03 16.40 14.06
216 2016 4T Dec-16 -2.71% 60,227.00 15.53 3,879.02 15.81 14.09
217 Jan-17 7.38% 64,671.00 12.77 5,063.92 16.80 14.12
218 Feb-17 3.08% 66,662.00 12.79 5,213.68 16.88 14.16
219 2017 1T Mar-17 -2.52% 64,984.00 12.11 5,365.39 15.93 14.19
220 Apr-17 0.64% 65,403.00 12.22 5,352.18 15.46 14.22
221 May-17 -4.12% 62,711.00 11.52 5,443.16 14.33 14.25
222 2017 2T Jun-17 0.30% 62,900.00 11.71 5,369.94 13.97 14.28
223 Jul-17 4.80% 65,920.00 12.54 5,256.27 14.26 14.31
224 Aug-17 7.46% 70,835.00 13.77 5,145.35 14.99 14.35
225 2017 3T Sep-17 4.88% 74,294.00 14.33 5,182.95 15.38 14.38
226 Oct-17 0.02% 74,308.00 14.28 5,203.00 15.07 14.41
227 Nov-17 -2.42% 72,512.00 13.83 5,241.96 14.42 14.44
228 2017 4T Dec-17 5.36% 76,402.00 14.64 5,219.08 14.86 14.47
229 Jan-18 11.14% 84,913.00 13.59 6,249.39 16.16 14.50
230 Feb-18 0.67% 85,481.00 13.13 6,512.48 15.97 14.54
231 2018 1T Mar-18 -0.13% 85,366.00 12.91 6,610.98 15.63 14.57
232 Apr-18 0.18% 85,520.42 13.03 6,563.85 15.37 14.60
233 May-18
234 2018 2T Jun-18
235 Jul-18
236 Aug-18
237 2018 3T Sep-18
238 Oct-18
239 Nov-18
240 2018 4T Dec-18

CARG Lucro
CARG Anual Lucro
0.0317 Média 0.00
7.2516 DP 2.00
-2 -1 1 2 5.26% Dados Relevantes
Var (-2DP) (-1DP) (+1DP) (+2DP) Var Regressão (%) Data Média
3.29 5.29 9.28 11.28 Jan-99 11.13
3.32 5.32 9.31 11.31 Feb-99 11.13
3.35 5.35 9.34 11.34 Mar-99 11.13
3.38 5.38 9.38 11.37 Apr-99 11.13
3.41 5.41 9.41 11.41 May-99 11.13
3.45 5.44 9.44 11.44 Jun-99 11.13
3.48 5.48 9.47 11.47 Jul-99 11.13
3.51 5.51 9.50 11.50 Aug-99 11.13
3.54 5.54 9.53 11.53 Sep-99 11.13
3.57 5.57 9.57 11.56 Oct-99 11.13
3.60 5.60 9.60 11.60 Nov-99 11.13
3.64 5.63 9.63 11.63 Dec-99 11.13
-1.13 3.67 5.67 9.66 11.66 -14.73% Jan-00 11.13
-0.33 3.70 5.70 9.69 11.69 -4.25% Feb-00 11.13
-0.24 3.73 5.73 9.72 11.72 -3.16% Mar-00 11.13
-1.34 3.76 5.76 9.76 11.75 -17.28% Apr-00 11.13
-1.68 3.79 5.79 9.79 11.79 -21.60% May-00 11.13
-1.05 3.83 5.82 9.82 11.82 -13.40% Jun-00 11.13
-1.23 3.86 5.86 9.85 11.85 -15.67% Jul-00 11.13
-0.83 3.89 5.89 9.88 11.88 -10.58% Aug-00 11.13
-1.30 3.92 5.92 9.91 11.91 -16.39% Sep-00 11.13
-1.31 3.95 5.95 9.95 11.94 -16.47% Oct-00 11.13
-1.73 3.98 5.98 9.98 11.98 -21.73% Nov-00 11.13
-0.64 4.02 6.01 10.01 12.01 -8.00% Dec-00 11.13
0.50 4.05 6.05 10.04 12.04 6.24% Jan-01 11.13
-0.29 4.08 6.08 10.07 12.07 -3.60% Feb-01 11.13
-0.85 4.11 6.11 10.10 12.10 -10.50% Mar-01 11.13
-0.34 4.14 6.14 10.14 12.13 -4.23% Apr-01 11.13
-0.15 4.17 6.17 10.17 12.17 -1.89% May-01 11.13
0.21 4.21 6.20 10.20 12.20 2.55% Jun-01 11.13
0.23 4.24 6.24 10.23 12.23 2.85% Jul-01 11.13
0.05 4.27 6.27 10.26 12.26 0.66% Aug-01 11.13
-1.15 4.30 6.30 10.29 12.29 -13.89% Sep-01 11.13
-0.55 4.33 6.33 10.33 12.32 -6.54% Oct-01 11.13
0.54 4.36 6.36 10.36 12.36 6.49% Nov-01 11.13
0.87 4.40 6.39 10.39 12.39 10.36% Dec-01 11.13
0.05 4.43 6.43 10.42 12.42 0.64% Jan-02 11.13
0.75 4.46 6.46 10.45 12.45 8.84% Feb-02 11.13
0.13 4.49 6.49 10.48 12.48 1.48% Mar-02 11.13
-0.04 4.52 6.52 10.52 12.51 -0.44% Apr-02 11.13
-0.29 4.55 6.55 10.55 12.55 -3.40% May-02 11.13
-1.54 4.59 6.58 10.58 12.58 -17.94% Jun-02 11.13
-2.57 4.62 6.62 10.61 12.61 -29.89% Jul-02 11.13
-2.35 4.65 6.65 10.64 12.64 -27.21% Aug-02 11.13
-3.55 4.68 6.68 10.67 12.67 -40.88% Sep-02 11.13
-2.76 4.71 6.71 10.71 12.70 -31.75% Oct-02 11.13
-2.66 4.74 6.74 10.74 12.74 -30.41% Nov-02 11.13
-2.27 4.78 6.77 10.77 12.77 -25.84% Dec-02 11.13
-2.46 4.81 6.81 10.80 12.80 -27.91% Jan-03 11.13
-2.87 4.84 6.84 10.83 12.83 -32.47% Feb-03 11.13
-2.35 4.87 6.87 10.86 12.86 -26.49% Mar-03 11.13
-1.70 4.90 6.90 10.90 12.89 -19.06% Apr-03 11.13
-1.36 4.93 6.93 10.93 12.93 -15.19% May-03 11.13
-1.82 4.97 6.96 10.96 12.96 -20.27% Jun-03 11.13
-1.75 5.00 7.00 10.99 12.99 -19.47% Jul-03 11.13
-1.23 5.03 7.03 11.02 13.02 -13.66% Aug-03 11.13
-1.19 5.06 7.06 11.05 13.05 -13.15% Sep-03 11.13
-0.68 5.09 7.09 11.09 13.08 -7.49% Oct-03 11.13
0.03 5.12 7.12 11.12 13.12 0.33% Nov-03 11.13
0.79 5.16 7.15 11.15 13.15 8.64% Dec-03 11.13
0.61 5.19 7.19 11.18 13.18 6.65% Jan-04 11.13
0.53 5.22 7.22 11.21 13.21 5.76% Feb-04 11.13
0.64 5.25 7.25 11.24 13.24 6.88% Mar-04 11.13
-0.58 5.28 7.28 11.28 13.27 -6.29% Apr-04 11.13
-0.65 5.31 7.31 11.31 13.31 -7.02% May-04 11.13
0.06 5.35 7.34 11.34 13.34 0.67% Jun-04 11.13
0.65 5.38 7.38 11.37 13.37 6.98% Jul-04 11.13
0.88 5.41 7.41 11.40 13.40 9.40% Aug-04 11.13
1.06 5.44 7.44 11.43 13.43 11.23% Sep-04 11.13
0.90 5.47 7.47 11.47 13.46 9.55% Oct-04 11.13
1.73 5.50 7.50 11.50 13.50 18.16% Nov-04 11.13
2.05 5.54 7.53 11.53 13.53 21.46% Dec-04 11.13
1.05 5.57 7.57 11.56 13.56 10.95% Jan-05 11.13
2.36 5.60 7.60 11.59 13.59 24.57% Feb-05 11.13
1.28 5.63 7.63 11.62 13.62 13.27% Mar-05 11.13
0.07 5.66 7.66 11.66 13.65 0.73% Apr-05 11.13
-0.16 5.69 7.69 11.69 13.69 -1.60% May-05 11.13
-0.48 5.73 7.72 11.72 13.72 -4.93% Jun-05 11.13
-0.30 5.76 7.76 11.75 13.75 -3.06% Jul-05 11.13
0.21 5.79 7.79 11.78 13.78 2.18% Aug-05 11.13
1.22 5.82 7.82 11.81 13.81 12.38% Sep-05 11.13
0.46 5.85 7.85 11.85 13.84 4.71% Oct-05 11.13
0.79 5.88 7.88 11.88 13.88 7.97% Nov-05 11.13
1.04 5.92 7.91 11.91 13.91 10.48% Dec-05 11.13
2.37 5.95 7.95 11.94 13.94 23.82% Jan-06 11.13
2.23 5.98 7.98 11.97 13.97 22.38% Feb-06 11.13
1.89 6.01 8.01 12.00 14.00 18.85% Mar-06 11.13
2.57 6.04 8.04 12.04 14.03 25.56% Apr-06 11.13
1.26 6.07 8.07 12.07 14.07 12.52% May-06 11.13
 1.15 6.11 8.10 12.10 14.10 11.37% Jun-06 11.13
1.11 6.14 8.14 12.13 14.13 10.93% Jul-06 11.13
0.69 6.17 8.17 12.16 14.16 6.81% Aug-06 11.13
0.61 6.20 8.20 12.19 14.19 6.00% Sep-06 11.13
1.31 6.23 8.23 12.23 14.22 12.78% Oct-06 11.13
1.87 6.26 8.26 12.26 14.26 18.19% Nov-06 11.13
2.29 6.30 8.29 12.29 14.29 22.27% Dec-06 11.13
1.96 6.33 8.33 12.32 14.32 19.02% Jan-07 11.13
1.36 6.36 8.36 12.35 14.35 13.13% Feb-07 11.13
1.50 6.39 8.39 12.38 14.38 14.47% Mar-07 11.13
2.02 6.42 8.42 12.42 14.41 19.37% Apr-07 11.13
2.50 6.45 8.45 12.45 14.45 23.88% May-07 11.13
2.62 6.49 8.48 12.48 14.48 24.95% Jun-07 11.13
2.15 6.52 8.52 12.51 14.51 20.48% Jul-07 11.13
1.90 6.55 8.55 12.54 14.54 18.05% Aug-07 11.13
2.75 6.58 8.58 12.57 14.57 25.99% Sep-07 11.13
3.62 6.61 8.61 12.61 14.60 34.10% Oct-07 11.13
2.96 6.64 8.64 12.64 14.64 27.80% Nov-07 11.13
3.01 6.68 8.67 12.67 14.67 28.24% Dec-07 11.13
1.96 6.71 8.71 12.70 14.70 18.29% Jan-08 11.13
2.65 6.74 8.74 12.73 14.73 24.72% Feb-08 11.13
1.98 6.77 8.77 12.76 14.76 18.43% Mar-08 11.13
3.27 6.80 8.80 12.80 14.79 30.26% Apr-08 11.13
4.06 6.83 8.83 12.83 14.83 37.52% May-08 11.13
2.38 6.87 8.86 12.86 14.86 21.87% Jun-08 11.13
1.14 6.90 8.90 12.89 14.89 10.45% Jul-08 11.13
0.29 6.93 8.93 12.92 14.92 2.61% Aug-08 11.13
-0.90 6.96 8.96 12.95 14.95 -8.22% Sep-08 11.13
-3.49 6.99 8.99 12.99 14.98 -31.78% Oct-08 11.13
-3.73 7.02 9.02 13.02 15.02 -33.89% Nov-08 11.13
-3.66 7.06 9.05 13.05 15.05 -33.08% Dec-08 11.13
-3.43 7.09 9.09 13.08 15.08 -30.95% Jan-09 11.13
-3.64 7.12 9.12 13.11 15.11 -32.74% Feb-09 11.13
-3.05 7.15 9.15 13.14 15.14 -27.33% Mar-09 11.13
-1.63 7.18 9.18 13.18 15.17 -14.59% Apr-09 11.13
-0.19 7.21 9.21 13.21 15.21 -1.71% May-09 11.13
-0.30 7.25 9.24 13.24 15.24 -2.65% Jun-09 11.13
0.69 7.28 9.28 13.27 15.27 6.09% Jul-09 11.13
1.34 7.31 9.31 13.30 15.30 11.90% Aug-09 11.13
2.77 7.34 9.34 13.33 15.33 24.45% Sep-09 11.13
3.10 7.37 9.37 13.37 15.36 27.29% Oct-09 11.13
4.78 7.40 9.40 13.40 15.40 41.96% Nov-09 11.13
5.57 7.44 9.43 13.43 15.43 48.76% Dec-09 11.13
5.24 7.47 9.47 13.46 15.46 45.70% Jan-10 11.13
5.38 7.50 9.50 13.49 15.49 46.80% Feb-10 11.13
6.13 7.53 9.53 13.52 15.52 53.20% Mar-10 11.13
4.95 7.56 9.56 13.56 15.55 42.84% Apr-10 11.13
 3.31 7.59 9.59 13.59 15.59 28.53% May-10 11.13
2.29 7.63 9.62 13.62 15.62 19.68% Jun-10 11.13
3.26 7.66 9.66 13.65 15.65 27.95% Jul-10 11.13
2.28 7.69 9.69 13.68 15.68 19.53% Aug-10 11.13
2.76 7.72 9.72 13.71 15.71 23.56% Sep-10 11.13
2.61 7.75 9.75 13.75 15.74 22.17% Oct-10 11.13
1.63 7.78 9.78 13.78 15.78 13.83% Nov-10 11.13
1.60 7.82 9.81 13.81 15.81 13.51% Dec-10 11.13
0.72 7.85 9.85 13.84 15.84 6.06% Jan-11 11.13
0.56 7.88 9.88 13.87 15.87 4.69% Feb-11 11.13
0.47 7.91 9.91 13.90 15.90 3.93% Mar-11 11.13
-0.22 7.94 9.94 13.94 15.93 -1.88% Apr-11 11.13
-0.67 7.97 9.97 13.97 15.97 -5.58% May-11 11.13
-1.23 8.01 10.00 14.00 16.00 -10.28% Jun-11 11.13
-2.00 8.04 10.04 14.03 16.03 -16.60% Jul-11 11.13
-2.53 8.07 10.07 14.06 16.06 -21.00% Aug-11 11.13
-3.35 8.10 10.10 14.09 16.09 -27.72% Sep-11 11.13
-2.45 8.13 10.13 14.13 16.12 -20.21% Oct-11 11.13
-2.77 8.16 10.16 14.16 16.16 -22.74% Nov-11 11.13
-2.86 8.20 10.19 14.19 16.19 -23.46% Dec-11 11.13
-1.88 8.23 10.23 14.22 16.22 -15.38% Jan-12 11.13
-1.42 8.26 10.26 14.25 16.25 -11.61% Feb-12 11.13
-1.60 8.29 10.29 14.28 16.28 -13.01% Mar-12 11.13
-2.00 8.32 10.32 14.32 16.31 -16.25% Apr-12 11.13
-3.19 8.35 10.35 14.35 16.35 -25.84% May-12 11.13
-3.16 8.39 10.38 14.38 16.38 -25.55% Jun-12 11.13
-2.80 8.42 10.42 14.41 16.41 -22.53% Jul-12 11.13
-2.52 8.45 10.45 14.44 16.44 -20.25% Aug-12 11.13
-1.98 8.48 10.48 14.47 16.47 -15.88% Sep-12 11.13
-2.13 8.51 10.51 14.51 16.50 -17.05% Oct-12 11.13
-1.78 8.54 10.54 14.54 16.54 -14.20% Nov-12 11.13
-0.78 8.58 10.57 14.57 16.57 -6.20% Dec-12 11.13
-0.64 8.61 10.61 14.60 16.60 -5.05% Jan-13 11.13
-0.93 8.64 10.64 14.63 16.63 -7.38% Feb-13 11.13
-0.95 8.67 10.67 14.66 16.66 -7.52% Mar-13 11.13
-0.85 8.70 10.70 14.70 16.69 -6.70% Apr-13 11.13
-1.19 8.73 10.73 14.73 16.73 -9.34% May-13 11.13
-2.27 8.77 10.76 14.76 16.76 -17.79% Jun-13 11.13
-1.92 8.80 10.80 14.79 16.79 -15.02% Jul-13 11.13
-1.35 8.83 10.83 14.82 16.82 -10.53% Aug-13 11.13
-0.68 8.86 10.86 14.85 16.85 -5.33% Sep-13 11.13
-0.19 8.89 10.89 14.89 16.88 -1.47% Oct-13 11.13
-0.62 8.92 10.92 14.92 16.92 -4.78% Nov-13 11.13
-0.93 8.96 10.95 14.95 16.95 -7.15% Dec-13 11.13
-1.91 8.99 10.99 14.98 16.98 -14.70% Jan-14 11.13
-2.03 9.02 11.02 15.01 17.01 -15.61% Feb-14 11.13
-1.31 9.05 11.05 15.04 17.04 -10.07% Mar-14 11.13
-1.08 9.08 11.08 15.08 17.07 -8.27% Apr-14 11.13
-1.23 9.11 11.11 15.11 17.11 -9.35% May-14 11.13
-0.90 9.15 11.14 15.14 17.14 -6.85% Jun-14 11.13
-0.41 9.18 11.18 15.17 17.17 -3.11% Jul-14 11.13
0.67 9.21 11.21 15.20 17.20 5.09% Aug-14 11.13
-1.14 9.24 11.24 15.23 17.23 -8.58% Sep-14 11.13
-1.21 9.27 11.27 15.27 17.26 -9.09% Oct-14 11.13
-1.39 9.30 11.30 15.30 17.30 -10.46% Nov-14 11.13
-2.55 9.34 11.33 15.33 17.33 -19.10% Dec-14 11.13
-3.34 9.37 11.37 15.36 17.36 -24.98% Jan-15 11.13
-2.25 9.40 11.40 15.39 17.39 -16.83% Feb-15 11.13
-2.24 9.43 11.43 15.42 17.42 -16.65% Mar-15 11.13
-0.96 9.46 11.46 15.46 17.45 -7.12% Apr-15 11.13
-1.49 9.49 11.49 15.49 17.49 -11.01% May-15 11.13
-1.18 9.53 11.52 15.52 17.52 -8.74% Jun-15 11.13
-1.48 9.56 11.56 15.55 17.55 -10.91% Jul-15 11.13
-2.30 9.59 11.59 15.58 17.58 -16.93% Aug-15 11.13
-2.49 9.62 11.62 15.61 17.61 -18.31% Sep-15 11.13
-2.09 9.65 11.65 15.65 17.64 -15.28% Oct-15 11.13
-2.11 9.68 11.68 15.68 17.68 -15.43% Nov-15 11.13
-2.39 9.72 11.71 15.71 17.71 -17.42% Dec-15 11.13
-3.00 9.75 11.75 15.74 17.74 -21.85% Jan-16 11.13
-2.26 9.78 11.78 15.77 17.77 -16.44% Feb-16 11.13
-0.16 9.81 11.81 15.80 17.80 -1.13% Mar-16 11.13
1.03 9.84 11.84 15.84 17.83 7.48% Apr-16 11.13
-0.47 9.87 11.87 15.87 17.87 -3.39% May-16 11.13
0.27 9.91 11.90 15.90 17.90 1.93% Jun-16 11.13
1.75 9.94 11.94 15.93 17.93 12.58% Jul-16 11.13
1.77 9.97 11.97 15.96 17.96 12.69% Aug-16 11.13
1.78 10.00 12.00 15.99 17.99 12.72% Sep-16 11.13
3.36 10.03 12.03 16.03 18.02 23.96% Oct-16 11.13
2.34 10.06 12.06 16.06 18.06 16.65% Nov-16 11.13
1.72 10.10 12.09 16.09 18.09 12.18% Dec-16 11.13
2.67 10.13 12.13 16.12 18.12 18.94% Jan-17 11.13
2.73 10.16 12.16 16.15 18.15 19.26% Feb-17 11.13
1.74 10.19 12.19 16.18 18.18 12.27% Mar-17 11.13
1.24 10.22 12.22 16.22 18.21 8.73% Apr-17 11.13
0.08 10.25 12.25 16.25 18.25 0.59% May-17 11.13
-0.31 10.29 12.28 16.28 18.28 -2.16% Jun-17 11.13
-0.05 10.32 12.32 16.31 18.31 -0.37% Jul-17 11.13
0.64 10.35 12.35 16.34 18.34 4.48% Aug-17 11.13
1.00 10.38 12.38 16.37 18.37 6.98% Sep-17 11.13
0.66 10.41 12.41 16.41 18.40 4.56% Oct-17 11.13
-0.02 10.44 12.44 16.44 18.44 -0.11% Nov-17 11.13
0.38 10.48 12.47 16.47 18.47 2.65% Dec-17 11.13
1.66 10.51 12.51 16.50 18.50 11.42% Jan-18 11.13
1.43 10.54 12.54 16.53 18.53 9.85% Feb-18 11.13
1.06 10.57 12.57 16.56 18.56 7.30% Mar-18 11.13
0.77 10.60 12.60 16.60 18.59 5.26% Apr-18 11.13
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18

3.96% CARG Anual PL Regressão

MM12 0 1 2 3 4 5 Ibovespa Nominal P/L
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
5.13 8.46 10.57 11.89 13.61 17.66
6.77 5.13 8.46 10.57 11.89 13.61 17.66
6.94 5.13 8.46 10.57 11.89 13.61 17.66
6.97 5.13 8.46 10.57 11.89 13.61 17.66
6.95 5.13 8.46 10.57 11.89 13.61 17.66
7.07 5.13 8.46 10.57 11.89 13.61 17.66
7.23 5.13 8.46 10.57 11.89 13.61 17.66
7.36 5.13 8.46 10.57 11.89 13.61 17.66
7.52 5.13 8.46 10.57 11.89 13.61 17.66
7.62 5.13 8.46 10.57 11.89 13.61 17.66
7.67 5.13 8.46 10.57 11.89 13.61 17.66
7.76 5.13 8.46 10.57 11.89 13.61 17.66
7.98 5.13 8.46 10.57 11.89 13.61 17.66
8.14 5.13 8.46 10.57 11.89 13.61 17.66
8.13 5.13 8.46 10.57 11.89 13.61 17.66
8.25 5.13 8.46 10.57 11.89 13.61 17.66
8.37 5.13 8.46 10.57 11.89 13.61 17.66
8.42 5.13 8.46 10.57 11.89 13.61 17.66
8.44 5.13 8.46 10.57 11.89 13.61 17.66
8.33 5.13 8.46 10.57 11.89 13.61 17.66
8.13 5.13 8.46 10.57 11.89 13.61 17.66 8.6 K 5.13
7.96 5.13 8.46 10.57 11.89 13.61 17.66
7.79 5.13 8.46 10.57 11.89 13.61 17.66
7.64 5.13 8.46 10.57 11.89 13.61 17.66
7.40 5.13 8.46 10.57 11.89 13.61 17.66
7.17 5.13 8.46 10.57 11.89 13.61 17.66
6.99 5.13 8.46 10.57 11.89 13.61 17.66
6.73 5.13 8.46 10.57 11.89 13.61 17.66
6.55 5.13 8.46 10.57 11.89 13.61 17.66
6.44 5.13 8.46 10.57 11.89 13.61 17.66
6.39 5.13 8.46 10.57 11.89 13.61 17.66
6.40 5.13 8.46 10.57 11.89 13.61 17.66
6.50 5.13 8.46 10.57 11.89 13.61 17.66
6.62 5.13 8.46 10.57 11.89 13.61 17.66
6.85 5.13 8.46 10.57 11.89 13.61 17.66
7.05 5.13 8.46 10.57 11.89 13.61 17.66
7.31 5.13 8.46 10.57 11.89 13.61 17.66
7.60 5.13 8.46 10.57 11.89 13.61 17.66
7.88 5.13 8.46 10.57 11.89 13.61 17.66
8.20 5.13 8.46 10.57 11.89 13.61 17.66
8.48 5.13 8.46 10.57 11.89 13.61 17.66
8.60 5.13 8.46 10.57 11.89 13.61 17.66
8.69 5.13 8.46 10.57 11.89 13.61 17.66
8.88 5.13 8.46 10.57 11.89 13.61 17.66
9.11 5.13 8.46 10.57 11.89 13.61 17.66
9.32 5.13 8.46 10.57 11.89 13.61 17.66
9.54 5.13 8.46 10.57 11.89 13.61 17.66
9.70 5.13 8.46 10.57 11.89 13.61 17.66
9.88 5.13 8.46 10.57 11.89 13.61 17.66
10.01 5.13 8.46 10.57 11.89 13.61 17.66
10.08 5.13 8.46 10.57 11.89 13.61 17.66
10.27 5.13 8.46 10.57 11.89 13.61 17.66
10.35 5.13 8.46 10.57 11.89 13.61 17.66
10.44 5.13 8.46 10.57 11.89 13.61 17.66
10.51 5.13 8.46 10.57 11.89 13.61 17.66
10.50 5.13 8.46 10.57 11.89 13.61 17.66
10.45 5.13 8.46 10.57 11.89 13.61 17.66
10.42 5.13 8.46 10.57 11.89 13.61 17.66
10.47 5.13 8.46 10.57 11.89 13.61 17.66
10.46 5.13 8.46 10.57 11.89 13.61 17.66
10.42 5.13 8.46 10.57 11.89 13.61 17.66
10.37 5.13 8.46 10.57 11.89 13.61 17.66
10.51 5.13 8.46 10.57 11.89 13.61 17.66
10.53 5.13 8.46 10.57 11.89 13.61 17.66
10.61 5.13 8.46 10.57 11.89 13.61 17.66
10.85 5.13 8.46 10.57 11.89 13.61 17.66
11.00 5.13 8.46 10.57 11.89 13.61 17.66
11.17 5.13 8.46 10.57 11.89 13.61 17.66
11.32 5.13 8.46 10.57 11.89 13.61 17.66
11.39 5.13 8.46 10.57 11.89 13.61 17.66
11.37 5.13 8.46 10.57 11.89 13.61 17.66
11.47 5.13 8.46 10.57 11.89 13.61 17.66
11.59 5.13 8.46 10.57 11.89 13.61 17.66
11.73 5.13 8.46 10.57 11.89 13.61 17.66
11.73 5.13 8.46 10.57 11.89 13.61 17.66
11.69 5.13 8.46 10.57 11.89 13.61 17.66
11.69 5.13 8.46 10.57 11.89 13.61 17.66
11.67 5.13 8.46 10.57 11.89 13.61 17.66
11.81 5.13 8.46 10.57 11.89 13.61 17.66
11.96 5.13 8.46 10.57 11.89 13.61 17.66
12.08 5.13 8.46 10.57 11.89 13.61 17.66
12.21 5.13 8.46 10.57 11.89 13.61 17.66
12.42 5.13 8.46 10.57 11.89 13.61 17.66
12.65 5.13 8.46 10.57 11.89 13.61 17.66
12.77 5.13 8.46 10.57 11.89 13.61 17.66
12.86 5.13 8.46 10.57 11.89 13.61 17.66
12.89 5.13 8.46 10.57 11.89 13.61 17.66
13.03 5.13 8.46 10.57 11.89 13.61 17.66
13.10 5.13 8.46 10.57 11.89 13.61 17.66
13.24 5.13 8.46 10.57 11.89 13.61 17.66
13.40 5.13 8.46 10.57 11.89 13.61 17.66
13.41 5.13 8.46 10.57 11.89 13.61 17.66
13.36 5.13 8.46 10.57 11.89 13.61 17.66
13.26 5.13 8.46 10.57 11.89 13.61 17.66 37.3 K 7.50
12.98 5.13 8.46 10.57 11.89 13.61 17.66
12.42 5.13 8.46 10.57 11.89 13.61 17.66
11.90 5.13 8.46 10.57 11.89 13.61 17.66
11.37 5.13 8.46 10.57 11.89 13.61 17.66
10.96 5.13 8.46 10.57 11.89 13.61 17.66
10.46 5.13 8.46 10.57 11.89 13.61 17.66
10.08 5.13 8.46 10.57 11.89 13.61 17.66
9.70 5.13 8.46 10.57 11.89 13.61 17.66
9.38 5.13 8.46 10.57 11.89 13.61 17.66
9.18 5.13 8.46 10.57 11.89 13.61 17.66
9.18 5.13 8.46 10.57 11.89 13.61 17.66
9.30 5.13 8.46 10.57 11.89 13.61 17.66
9.64 5.13 8.46 10.57 11.89 13.61 17.66
10.22 5.13 8.46 10.57 11.89 13.61 17.66
10.96 5.13 8.46 10.57 11.89 13.61 17.66
11.76 5.13 8.46 10.57 11.89 13.61 17.66
12.51 5.13 8.46 10.57 11.89 13.61 17.66 70.4 K 17.66
13.30 5.13 8.46 10.57 11.89 13.61 17.66
14.09 5.13 8.46 10.57 11.89 13.61 17.66
14.67 5.13 8.46 10.57 11.89 13.61 17.66
15.00 5.13 8.46 10.57 11.89 13.61 17.66
15.24 5.13 8.46 10.57 11.89 13.61 17.66
15.49 5.13 8.46 10.57 11.89 13.61 17.66
15.60 5.13 8.46 10.57 11.89 13.61 17.66
15.63 5.13 8.46 10.57 11.89 13.61 17.66
15.62 5.13 8.46 10.57 11.89 13.61 17.66
15.39 5.13 8.46 10.57 11.89 13.61 17.66
15.09 5.13 8.46 10.57 11.89 13.61 17.66
14.74 5.13 8.46 10.57 11.89 13.61 17.66
14.37 5.13 8.46 10.57 11.89 13.61 17.66
13.93 5.13 8.46 10.57 11.89 13.61 17.66
13.53 5.13 8.46 10.57 11.89 13.61 17.66
13.23 5.13 8.46 10.57 11.89 13.61 17.66
12.97 5.13 8.46 10.57 11.89 13.61 17.66
12.57 5.13 8.46 10.57 11.89 13.61 17.66
12.20 5.13 8.46 10.57 11.89 13.61 17.66
11.72 5.13 8.46 10.57 11.89 13.61 17.66
11.33 5.13 8.46 10.57 11.89 13.61 17.66
11.00 5.13 8.46 10.57 11.89 13.61 17.66
10.66 5.13 8.46 10.57 11.89 13.61 17.66
10.47 5.13 8.46 10.57 11.89 13.61 17.66
10.34 5.13 8.46 10.57 11.89 13.61 17.66
10.20 5.13 8.46 10.57 11.89 13.61 17.66
10.08 5.13 8.46 10.57 11.89 13.61 17.66
9.90 5.13 8.46 10.57 11.89 13.61 17.66
9.77 5.13 8.46 10.57 11.89 13.61 17.66
9.74 5.13 8.46 10.57 11.89 13.61 17.66
9.77 5.13 8.46 10.57 11.89 13.61 17.66
9.92 5.13 8.46 10.57 11.89 13.61 17.66
9.97 5.13 8.46 10.57 11.89 13.61 17.66
10.09 5.13 8.46 10.57 11.89 13.61 17.66
10.29 5.13 8.46 10.57 11.89 13.61 17.66
10.43 5.13 8.46 10.57 11.89 13.61 17.66
10.50 5.13 8.46 10.57 11.89 13.61 17.66
10.59 5.13 8.46 10.57 11.89 13.61 17.66
10.71 5.13 8.46 10.57 11.89 13.61 17.66
10.91 5.13 8.46 10.57 11.89 13.61 17.66
11.02 5.13 8.46 10.57 11.89 13.61 17.66
11.12 5.13 8.46 10.57 11.89 13.61 17.66
11.25 5.13 8.46 10.57 11.89 13.61 17.66
11.39 5.13 8.46 10.57 11.89 13.61 17.66
11.59 5.13 8.46 10.57 11.89 13.61 17.66
11.71 5.13 8.46 10.57 11.89 13.61 17.66
11.73 5.13 8.46 10.57 11.89 13.61 17.66
11.66 5.13 8.46 10.57 11.89 13.61 17.66
11.60 5.13 8.46 10.57 11.89 13.61 17.66
11.60 5.13 8.46 10.57 11.89 13.61 17.66
11.61 5.13 8.46 10.57 11.89 13.61 17.66
11.64 5.13 8.46 10.57 11.89 13.61 17.66
11.79 5.13 8.46 10.57 11.89 13.61 17.66
11.95 5.13 8.46 10.57 11.89 13.61 17.66
12.15 5.13 8.46 10.57 11.89 13.61 17.66
12.14 5.13 8.46 10.57 11.89 13.61 17.66
12.09 5.13 8.46 10.57 11.89 13.61 17.66
12.05 5.13 8.46 10.57 11.89 13.61 17.66
11.95 5.13 8.46 10.57 11.89 13.61 17.66
11.86 5.13 8.46 10.57 11.89 13.61 17.66
11.88 5.13 8.46 10.57 11.89 13.61 17.66
11.83 5.13 8.46 10.57 11.89 13.61 17.66
11.87 5.13 8.46 10.57 11.89 13.61 17.66
11.88 5.13 8.46 10.57 11.89 13.61 17.66
11.89 5.13 8.46 10.57 11.89 13.61 17.66
11.83 5.13 8.46 10.57 11.89 13.61 17.66
11.62 5.13 8.46 10.57 11.89 13.61 17.66
11.54 5.13 8.46 10.57 11.89 13.61 17.66
11.50 5.13 8.46 10.57 11.89 13.61 17.66
11.47 5.13 8.46 10.57 11.89 13.61 17.66
11.51 5.13 8.46 10.57 11.89 13.61 17.66
11.57 5.13 8.46 10.57 11.89 13.61 17.66
11.60 5.13 8.46 10.57 11.89 13.61 17.66
11.81 5.13 8.46 10.57 11.89 13.61 17.66
12.01 5.13 8.46 10.57 11.89 13.61 17.66
12.12 5.13 8.46 10.57 11.89 13.61 17.66
12.27 5.13 8.46 10.57 11.89 13.61 17.66
12.57 5.13 8.46 10.57 11.89 13.61 17.66
12.95 5.13 8.46 10.57 11.89 13.61 17.66
13.33 5.13 8.46 10.57 11.89 13.61 17.66
13.82 5.13 8.46 10.57 11.89 13.61 17.66
14.22 5.13 8.46 10.57 11.89 13.61 17.66
14.60 5.13 8.46 10.57 11.89 13.61 17.66
15.10 5.13 8.46 10.57 11.89 13.61 17.66
15.55 5.13 8.46 10.57 11.89 13.61 17.66
15.74 5.13 8.46 10.57 11.89 13.61 17.66
15.79 5.13 8.46 10.57 11.89 13.61 17.66
15.86 5.13 8.46 10.57 11.89 13.61 17.66
15.85 5.13 8.46 10.57 11.89 13.61 17.66
15.73 5.13 8.46 10.57 11.89 13.61 17.66
15.67 5.13 8.46 10.57 11.89 13.61 17.66
15.63 5.13 8.46 10.57 11.89 13.61 17.66
15.44 5.13 8.46 10.57 11.89 13.61 17.66
15.28 5.13 8.46 10.57 11.89 13.61 17.66
15.20 5.13 8.46 10.57 11.89 13.61 17.66
15.14 5.13 8.46 10.57 11.89 13.61 17.66
15.07 5.13 8.46 10.57 11.89 13.61 17.66
Var Regressão (%)
-40.88%
-31.78%

53.20%
100,000

Ibovespa e P/L Histórico (da

Pontuação
Ibovespa
Evolução Mensal do Ibovespa (Gráfico em log)

Ibovespa Mensal chega a 36.600 pontos

10,000

Mar/2010: P/L Máximo

Crise de 2002. 8.000 pontos

P/L Mensal do Ibovespa

P/L chega a 7,50

P/L Mínimo = 5,13

1,000
Jan-99 Dec-99Nov-00 Oct-01 Sep-02 Aug-03 Jul-04 Jun-05May-06Apr-07 Mar-08Feb-09 Jan-10 Dec-10Nov-11 Oct-12 Sep
 50.00

Histórico (dados mensais até

45.00
abril/2018)
85.520

40.00

Mensal chega a 36.600 pontos 35.00

30.00

25.00
P/L
Mar/2010: P/L Máximo = 17,66
20.00
15,37

15.00

10.00

P/L chega a 7,50

5.00

0.00
Jan-10 Dec-10Nov-11 Oct-12 Sep-13 Aug-14 Jul-15 Jun-16May-17Apr-18
Ibov Mensal Atual 85,520
P/L Atual 15.37
Data do últi 12/30/1986 12/30/1987 12/29/1988 12/28/1989 12/28/1990 12/30/1991 12/30/1992 12/30/1993 12/29/1994 12/28/1995
IBOV 9.2599993897E-06 1.2489998779E-05
0.00033082 0.0061615 0.025156 0.60776 6.7805 375.44998169 4353.9 4299

IBOV
90000

80000
76402.08
70000

60000

50000

40000

30000

20000
17091
10000
4353.9
0
1/1/1986 1/1/1989 1/1/1992 1/1/1995 1/1/1998 1/1/2001 1/1/2004 1/1/2007 1/1/2010 1/1/2013 1/1/2016
 12/30/1996 12/30/1997 12/30/1998 12/30/1999 12/28/2000 12/28/2001 12/30/2002 12/30/2003 12/30/2004 12/29/2005 12/28/2006
7039.9 10196 6784 17091 15259 13577 11268 22236 26196 33455 44473

76402.08

1/2016
12/28/2007 12/30/2008 12/30/2009 12/30/2010 12/29/2011 12/28/2012 12/30/2013 12/30/2014 12/30/2015 12/29/2016 12/28/2017
63886 37550 68588 69304 56754 60952 51507 50007 43349 60227 76402.08
5/28/2018
75355.84
 P/L Histórico do Ibovespa (dados men
Mar/2010: P/L Máximo = 17,66

Média Histórica = 11,13

P/L chega a 7,50

P/L Mensal do Ibovespa

P/L Mínimo = 5,13

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan
 P/L

(dados mensais até abril/2018)20.00

ar/2010: P/L Máximo = 17,66
18.00
15,37
16.00

14.00

12.00

10.00

8.00

L chega a 7,50
6.00

4.00

2.00

0.00
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Ibov Mensal Atual 85,520
P/L Atual 15.37
 P/L Histórico do Ibovespa (dados mensa

5°

4°

3°

2°

P/L chega a 7,50

1°

P/L Mensal do Ibovespa P/L Mínimo = 5,13

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Ja

P/L Ibovespa Quintil

5° 13.61 17.99
4° 11.89 13.61
3° 10.57 11.89
2° 8.46 10.57
1° 5.42 8.46
 P/L

ados mensais até abril/2018)20.00

18.00
15,37
Mar/2010: P/L Máximo = 17,66
16.00

14.00

12.00

10.00

8.00
P/L chega a 7,50
6.00

4.00

2.00

0.00
09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Ibov Mensal Atual 85,520
P/L Atual 15.37
200%
P/L Histórico do Ibovespa (dados men
Maio/2008: P/L Máximo = 17,66

150%

100% P/L Mensal do Ibovespa

Variação P/L Mínimo = 5,13

50%

Variação do P/L em relação a regressão

0%

Mínima 2002: -40,88% Mínima 2008: -31,17%

-50%
Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju
 P/L

dados mensais
: P/L Máximo = 17,66
até março/2013)
20.00

15,37

15.00
regressão linear P/L

10.00

nimo = 5,13
Máxima 2010: 53,20%
5.00

0.00
5,26%

Mínima 2008: -31,17%

-5.00
Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja Ju Ja
Ibov Mensal Atual 85,520
P/L Atual 15.37

Regressão
Min 2002 -40.88%
Max 2008 37.52%
Min 2008 -33.89%
Atual 5.26%
 PL Ibov Regressão

100,000 40.00
Ibovespa Nominal
Índice Preço/Lucro trimestral do Ibovespa 70,4 K
35.00
Ibovespa
Nominal
P/L 85.520,42
30.00

37,3 K
25.00

10,000 15,3720.00
17,66

8,6 K 15.00

10.00
(+2DP)
(+1DP)
Regressão 7,50 5.00
(-1DP)
5,13
(-2DP)
P/L Ibovespa
1,000 0.00
Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Page 98