⚠️

Channel opinions, not investment recommendations. Medium-term view (1–2 years) subject to change.

📚 Not sure what each asset is? Here we discuss whether to invest now. First, understand what each asset is, its risk, and how to trade it — in the Asset Guide.

Recommended Exposure

3 Bullish 4 Neutral 3 Bearish

Portfolio Performance

If you had followed the portfolio since Jan/2026
In Jan/2026 you had R$ 100,000
Today (May 29) would be worth R$ 102,910
+2.9%
Period~4 months
Monthly yield
Annualized

What would a R$ 100,000 portfolio built in Jan/2026 following the channel's allocation be worth today — considering price return of indices + yield (dividends/interest) for each asset class, and incorporating rebalancings. This is the objective way to measure, over the years, whether the macro thesis is correct.

Return per sector since Jan/2026 (price + yield)
IBOV
+11.4%
Cash
+5.6%
Real Estate
+3.4%
FIIs
+2.0%
IPCA+
+1.5%
USD
+0.2%
TLT
−1.7%
SectorJan weightIndex + yieldReturnOn R$ 100k
Ibovespa (IBOV)10%Ibovespa TR (w/ div.)+11.4%+R$ 1,140
Cash (CDI)15%CDI+5.6%+R$ 840
Real Estate15%FipeZap +4.5%/yr+3.4%+R$ 510
FIIs20%IFIX (w/ dist.)+2.0%+R$ 400
IPCA+ Treasury10%IMA-B+1.5%+R$ 150
USD20%USD/BRL +7%/yr+0.2%+R$ 40
TLT10%TLT (R$) +3.5%/yr−1.7%−R$ 170
Portfolio100%+2.9%+R$ 2,910
1st move · rebalancing May 29

So far there has been a single move (Jan → May). The result was driven by Ibovespa (+11.4%) and Cash (+5.6%); TLT (−1.7%) was the only negative and the USD barely moved (+0.2%) — the 7% p.a. carry nearly offset the FX decline. With each new rebalancing (every few months), this number evolves and measures the macro thesis over the long run.

Methodology: R$ 100,000 in the Jan/2026 allocation, return per class = index return + yield: USD USD/BRL + 7% p.a. (stablecoin); TLT in BRL + 3.5% p.a.; Real Estate FipeZap + 4.5% p.a. (rent); FIIs IFIX (already includes distributions); Ibovespa total return (with dividends); Cash CDI; IPCA+ IMA-B. Approximate values, updated May 29, 2026. Does not include costs/taxes. Not an investment recommendation.

Change History

29 May

Macro rebalancing: FIIs downgraded to Neutral, more USD and real-asset protection

With Brazil's macro deteriorating (rising debt/GDP, long-term interest rates under pressure with no turnaround in sight without a change of government), we reduced Brazil-dependent risk and reinforced direct wealth protection. FIIs fall from Bullish to Neutral (20% → 10%): they keep generating income, but assets that depend on Brazil unlocking value tend to drift sideways or down in this environment. In return, USD rises to 25% (strong currency, ~R$ 5 vs. the R$ 6.20 peak, removes Brazil risk), Real Estate auctions rise to 25% (physical asset, no manager, rising rents, purchase discount) and IPCA+ Treasury falls to 5% (attractive rate, but if deterioration continues rates will rise further, marking the bond down). Cash (CDI) stays at 15% as dry powder yielding 14.5% to capture dips. Read the full article with the thesis for each sector.

FIIs → 10% (Neutral) USD → 25% Real Estate → 25% IPCA+ → 5%
28 Jan

Adjustment: USD to Bullish, Ibovespa to Bearish

USD at R$ 5.18 — entry point. Ibovespa with stretched valuations after a 34% rally. Reduced from 15% to 10% in IBOV, increased to 20% in USD.

USD → 20% (Bullish) IBOV → 10% (Bearish)
27 Jan

Rebalancing: Gold as Barometer

FIIs 20%, USD 15%, Real Estate 15%, Ibovespa 15%, Cash 15%, TLT 10%, IPCA+ 10%. FIIs moved to Bullish.

FIIs → 20% IBOV → 15% USD → Neutral
07 Jan

Real Estate moves to Bullish

Auctions grew 86% in 2024. Unique opportunity with discounts of up to 60%. Read the full article.

Neutral → Bullish
05 Jan

New Rebalancing + Real Estate

USD 25%, Cash 20%, TLT 15%, Real Estate 15%, FIIs 10%, IPCA+ 10%, IBOV 5%.

+Real Estate 15% +S&P500 0%
04 Jan

Portfolio Rebalancing

Cash 25%, USD 25%, TLT 20%, FIIs 15%, IPCA+ 10%, IBOV 5%.

USD → 25% TLT → 20%
04 Jan

Bitcoin moves to Bearish

End of cycle, Strategy risk, exposure zeroed out.

Bullish → Bearish
04 Jan

Gold moves to Neutral

Stretched prices, waiting for a correction before entry.

Bullish → Neutral
04 Jan

TLT moves to Bullish

Historically low prices, limited downside, protective asset.

Neutral → Bullish
04 Jan

IPCA+ moves to Neutral

High rates but real fiscal risk. Mark-to-market can be negative.

Bullish → Neutral
04 Jan

App Launch

First version of the channel outlook.

+4 Bullish +3 Neutral