PRAGMA GESTAO DE PATRIMONIO LTD

Consequently, the portfolio has shifted from a diversified basket of assets to a highly concentrated holding list. The number of holdings dropped to just 5, resulting in an extremely high concentration risk where the top three positions command over 72% of the total assets. This move suggests a pivot from a diversified investment approach to a high-conviction, "best ideas" strategy, or potentially a preparation for fund closure or significant capital return to investors.

2. Key Holdings

The remaining portfolio consists exclusively of high-quality, large-cap "compounder" type businesses. The top holding is Alphabet Inc. (GOOG), representing 34.02% of the portfolio ($13.93M). Despite a reduction of 12.7% during the quarter, Alphabet remains the anchor position.