Wealth High Governance Capital Ltda

Not a single line in this $333M, 46-stock book survived Q1 2026 untouched: 23 positions were sold to zero, 23 opened fresh, and all 20 survivors were resized. Wealth High Governance Capital Ltda used the full-book rebalance to make one unambiguous factor call — every bank-linked holding (Citigroup, Morgan Stanley, the KRE regional-bank ETF) was liquidated while a precious-metals stack was assembled almost from scratch: Pan American Silver (PAAS) doubled to 5.2% of assets, Alamos Gold and Kinross arrived as new stakes, Barrick grew 80%, and a new $12.4M Freeport-McMoRan position added copper. The lithium-and-solar complex financed part of the switch — SQM sold entirely, Albemarle cut 57%, the TAN solar ETF trimmed 70%.

The other tell is structural: the new No. 1 holding, Comfort Systems USA (FIX) at 5.8%, did not exist in the book 90 days ago, and share counts across unrelated names land on a shared grid — four positions within a rounding error of 87,700 shares, five near 105,200 — the signature of target-weight model sizing rather than bottom-up accumulation. The durable signal in this filing is the factor rotation, not conviction in any single ticker.