# Master CR10 — execução econômica e CDI +15 pontos

75 de 75 trajetórias registradas; R$1 milhão por livro independente.
Paper retrospectivo conhecido, custos simulados, antes da tributação completa. 2026 é parcial até26/10.
C0 usa economic; Q0 usa economic-risk, universo ampliado e teto cripto30%. Não são o mesmo controle.
CDI+15 é diferença de retornos nos mesmos12meses. CAGR é crescimento composto do intervalo inteiro.
Janelas móveis se sobrepõem e não representam probabilidades futuras.

## Critério previamente definido

melhoria econômica sustentada não demonstrada.

| Janela | Cenário | PE menos C3 | Resultado |
|---|---|---:|---|
|2020-2026|base|R$ -145.028,28|não superou|
|2020-2026|ambos|R$ 34.141,67|superou|
|2024-2026|base|R$ 181.440,05|superou|
|2024-2026|ambos|R$ -27.464,40|não superou|

## Matriz completa

| Janela | Cenário | Braço | Estado | Patrimônio final | Crescimento a.a. | Excesso anualizado CDI | Maior queda | Exposição média | Custos totais | Dos quais FX | Fills | Meta +15 / janelas 12m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020-2026 | base | C0 | complete | R$ 2.707.282,49 | 15,74% | 5,64 pp | 8,38% | 28,46% | R$ 147.648,71 | R$ 38.846,96 | 449 | 530/2124 |
| 2020-2026 | base | C1 | complete | R$ 2.675.318,50 | 15,54% | 5,44 pp | 8,89% | 29,33% | R$ 142.955,12 | R$ 36.530,75 | 442 | 527/2124 |
| 2020-2026 | base | C2 | complete | R$ 2.866.248,36 | 16,71% | 6,62 pp | 8,40% | 27,77% | R$ 148.209,61 | R$ 39.292,66 | 435 | 645/2124 |
| 2020-2026 | base | C3 | complete | R$ 2.834.811,57 | 16,52% | 6,43 pp | 8,90% | 28,64% | R$ 143.811,73 | R$ 37.198,69 | 428 | 647/2124 |
| 2020-2026 | base | P | complete | R$ 2.727.676,37 | 15,86% | 5,77 pp | 7,84% | 29,49% | R$ 133.086,97 | R$ 45.152,42 | 356 | 505/2124 |
| 2020-2026 | base | E | complete | R$ 3.063.381,73 | 17,85% | 7,76 pp | 9,69% | 32,76% | R$ 179.003,26 | R$ 48.417,57 | 486 | 610/2124 |
| 2020-2026 | base | PE | complete | R$ 2.689.783,29 | 15,63% | 5,53 pp | 9,53% | 31,90% | R$ 149.797,90 | R$ 51.259,20 | 418 | 476/2124 |
| 2020-2026 | base | R | complete | R$ 2.743.252,77 | 15,96% | 5,87 pp | 9,25% | 32,64% | R$ 129.521,12 | R$ 30.748,16 | 413 | 488/2124 |
| 2020-2026 | base | Q0 | complete | R$ 2.663.593,56 | 15,46% | 5,37 pp | 7,88% | 27,09% | R$ 242.176,61 | R$ 70.039,02 | 708 | 456/2124 |
| 2020-2026 | base | Q1 | complete | R$ 2.432.691,59 | 13,93% | 3,84 pp | 8,21% | 26,70% | R$ 229.771,35 | R$ 65.111,42 | 714 | 436/2124 |
| 2024-2026 | base | C3 | complete | R$ 1.306.996,52 | 11,63% | -1,76 pp | 6,58% | 35,78% | R$ 42.344,62 | R$ 9.063,41 | 206 | 0/525 |
| 2024-2026 | base | PE | complete | R$ 1.488.436,57 | 17,75% | 4,36 pp | 9,63% | 41,01% | R$ 44.496,12 | R$ 13.025,41 | 184 | 28/525 |
| 2024-2026 | base | R | complete | R$ 1.420.366,86 | 15,51% | 2,12 pp | 9,25% | 45,67% | R$ 37.101,98 | R$ 6.112,61 | 186 | 21/525 |
| 2024-2026 | base | Q0 | complete | R$ 1.242.411,35 | 9,33% | -4,06 pp | 6,73% | 35,35% | R$ 67.964,52 | R$ 17.286,12 | 341 | 0/525 |
| 2024-2026 | base | Q1 | complete | R$ 1.252.198,42 | 9,68% | -3,71 pp | 6,57% | 34,89% | R$ 67.103,20 | R$ 16.297,19 | 344 | 0/525 |
| 2020-2026 | custos-3x | C0 | complete | R$ 2.070.513,57 | 11,27% | 1,18 pp | 10,03% | 3,94% | R$ 66.732,64 | R$ 25.087,89 | 111 | 186/2124 |
| 2020-2026 | custos-3x | C1 | complete | R$ 2.072.219,57 | 11,28% | 1,19 pp | 10,34% | 3,98% | R$ 67.054,28 | R$ 25.022,74 | 112 | 188/2124 |
| 2020-2026 | custos-3x | C2 | complete | R$ 2.053.218,72 | 11,13% | 1,04 pp | 10,03% | 3,99% | R$ 66.652,91 | R$ 24.861,97 | 113 | 185/2124 |
| 2020-2026 | custos-3x | C3 | complete | R$ 2.054.910,51 | 11,15% | 1,05 pp | 10,34% | 4,04% | R$ 66.971,94 | R$ 24.797,36 | 114 | 187/2124 |
| 2020-2026 | custos-3x | P | complete | R$ 2.189.064,89 | 12,18% | 2,09 pp | 8,97% | 19,55% | R$ 290.424,45 | R$ 100.431,07 | 317 | 246/2124 |
| 2020-2026 | custos-3x | E | complete | R$ 1.716.809,38 | 8,25% | -1,84 pp | 10,27% | 1,08% | R$ 27.095,68 | R$ 11.488,78 | 43 | 0/2124 |
| 2020-2026 | custos-3x | PE | complete | R$ 1.717.869,66 | 8,26% | -1,83 pp | 10,11% | 1,11% | R$ 27.049,61 | R$ 11.716,85 | 43 | 0/2124 |
| 2020-2026 | custos-3x | R | complete | R$ 1.717.869,66 | 8,26% | -1,83 pp | 10,11% | 1,11% | R$ 27.049,61 | R$ 11.716,85 | 43 | 0/2124 |
| 2020-2026 | custos-3x | Q0 | complete | R$ 1.894.168,93 | 9,83% | -0,27 pp | 8,54% | 21,17% | R$ 411.934,26 | R$ 116.118,89 | 548 | 291/2124 |
| 2020-2026 | custos-3x | Q1 | complete | R$ 1.897.136,12 | 9,85% | -0,24 pp | 8,75% | 21,78% | R$ 407.268,72 | R$ 113.671,22 | 541 | 288/2124 |
| 2024-2026 | custos-3x | C3 | complete | R$ 1.343.983,19 | 12,91% | -0,47 pp | 5,25% | 19,84% | R$ 73.860,06 | R$ 18.348,44 | 111 | 0/525 |
| 2024-2026 | custos-3x | PE | complete | R$ 1.305.367,58 | 11,57% | -1,82 pp | 9,30% | 21,84% | R$ 108.607,01 | R$ 30.097,27 | 168 | 1/525 |
| 2024-2026 | custos-3x | R | complete | R$ 1.305.367,58 | 11,57% | -1,82 pp | 9,30% | 21,84% | R$ 108.607,01 | R$ 30.097,27 | 168 | 1/525 |
| 2024-2026 | custos-3x | Q0 | complete | R$ 1.127.693,49 | 5,06% | -8,33 pp | 6,76% | 19,59% | R$ 130.028,46 | R$ 44.539,98 | 205 | 0/525 |
| 2024-2026 | custos-3x | Q1 | complete | R$ 1.140.179,08 | 5,54% | -7,85 pp | 6,42% | 21,78% | R$ 131.367,98 | R$ 44.715,22 | 199 | 0/525 |
| 2020-2026 | atraso-1 | C0 | complete | R$ 2.611.444,44 | 15,13% | 5,03 pp | 7,15% | 28,40% | R$ 144.004,33 | R$ 47.706,38 | 409 | 522/2124 |
| 2020-2026 | atraso-1 | C1 | complete | R$ 2.596.548,70 | 15,03% | 4,94 pp | 7,50% | 29,29% | R$ 142.240,54 | R$ 47.227,23 | 403 | 522/2124 |
| 2020-2026 | atraso-1 | C2 | complete | R$ 2.710.668,60 | 15,76% | 5,66 pp | 7,15% | 27,80% | R$ 140.322,16 | R$ 47.814,97 | 387 | 572/2124 |
| 2020-2026 | atraso-1 | C3 | complete | R$ 2.712.605,56 | 15,77% | 5,68 pp | 7,50% | 27,83% | R$ 140.542,12 | R$ 47.782,39 | 389 | 566/2124 |
| 2020-2026 | atraso-1 | P | complete | R$ 2.467.326,45 | 14,17% | 4,08 pp | 8,94% | 29,28% | R$ 121.939,23 | R$ 42.436,12 | 344 | 443/2124 |
| 2020-2026 | atraso-1 | E | complete | R$ 3.288.951,57 | 19,09% | 9,00 pp | 9,49% | 30,50% | R$ 176.433,84 | R$ 60.366,41 | 415 | 609/2124 |
| 2020-2026 | atraso-1 | PE | complete | R$ 2.718.860,01 | 15,81% | 5,71 pp | 9,09% | 29,97% | R$ 135.479,45 | R$ 56.353,40 | 341 | 426/2124 |
| 2020-2026 | atraso-1 | R | complete | R$ 2.768.715,67 | 16,12% | 6,02 pp | 9,98% | 33,17% | R$ 111.538,89 | R$ 30.779,67 | 342 | 534/2124 |
| 2020-2026 | atraso-1 | Q0 | complete | R$ 2.432.979,64 | 13,94% | 3,84 pp | 9,61% | 25,06% | R$ 226.462,37 | R$ 72.117,48 | 676 | 402/2124 |
| 2020-2026 | atraso-1 | Q1 | complete | R$ 2.359.118,79 | 13,42% | 3,33 pp | 9,16% | 24,83% | R$ 216.248,32 | R$ 66.595,28 | 658 | 400/2124 |
| 2024-2026 | atraso-1 | C3 | complete | R$ 1.377.260,55 | 14,05% | 0,67 pp | 5,61% | 38,51% | R$ 39.612,93 | R$ 9.084,69 | 187 | 0/525 |
| 2024-2026 | atraso-1 | PE | complete | R$ 1.446.524,55 | 16,38% | 2,99 pp | 9,20% | 45,42% | R$ 34.822,19 | R$ 11.495,39 | 144 | 13/525 |
| 2024-2026 | atraso-1 | R | complete | R$ 1.380.573,69 | 14,17% | 0,78 pp | 10,02% | 42,60% | R$ 26.370,59 | R$ 4.661,15 | 143 | 19/525 |
| 2024-2026 | atraso-1 | Q0 | complete | R$ 1.197.967,09 | 7,70% | -5,68 pp | 7,27% | 30,10% | R$ 69.503,98 | R$ 21.362,45 | 338 | 0/525 |
| 2024-2026 | atraso-1 | Q1 | complete | R$ 1.189.669,51 | 7,40% | -5,99 pp | 8,45% | 29,45% | R$ 64.336,84 | R$ 18.244,89 | 320 | 0/525 |
| 2020-2026 | ambos | C0 | complete | R$ 2.048.633,49 | 11,10% | 1,00 pp | 11,42% | 4,13% | R$ 64.596,45 | R$ 23.720,10 | 106 | 212/2124 |
| 2020-2026 | ambos | C1 | complete | R$ 2.049.355,26 | 11,10% | 1,01 pp | 11,40% | 4,13% | R$ 64.607,65 | R$ 23.724,45 | 106 | 212/2124 |
| 2020-2026 | ambos | C2 | complete | R$ 2.038.119,60 | 11,01% | 0,92 pp | 11,04% | 4,11% | R$ 65.223,92 | R$ 23.598,30 | 110 | 194/2124 |
| 2020-2026 | ambos | C3 | complete | R$ 2.038.847,13 | 11,02% | 0,93 pp | 11,02% | 4,11% | R$ 65.235,46 | R$ 23.602,69 | 110 | 194/2124 |
| 2020-2026 | ambos | P | complete | R$ 2.193.361,36 | 12,22% | 2,12 pp | 9,41% | 20,60% | R$ 268.593,11 | R$ 89.244,53 | 304 | 130/2124 |
| 2020-2026 | ambos | E | complete | R$ 2.414.496,97 | 13,81% | 3,71 pp | 9,99% | 21,59% | R$ 280.406,39 | R$ 92.675,77 | 296 | 287/2124 |
| 2020-2026 | ambos | PE | complete | R$ 2.072.988,80 | 11,29% | 1,20 pp | 10,27% | 4,88% | R$ 66.153,92 | R$ 26.246,45 | 106 | 161/2124 |
| 2020-2026 | ambos | R | complete | R$ 2.093.658,83 | 11,45% | 1,36 pp | 10,23% | 4,86% | R$ 63.917,19 | R$ 24.426,28 | 104 | 177/2124 |
| 2020-2026 | ambos | Q0 | complete | R$ 1.767.146,76 | 8,71% | -1,38 pp | 8,35% | 20,18% | R$ 364.084,15 | R$ 108.092,66 | 495 | 243/2124 |
| 2020-2026 | ambos | Q1 | complete | R$ 1.861.180,54 | 9,54% | -0,55 pp | 8,16% | 21,31% | R$ 384.439,58 | R$ 104.607,10 | 526 | 254/2124 |
| 2024-2026 | ambos | C3 | complete | R$ 1.363.018,08 | 13,57% | 0,18 pp | 5,02% | 20,61% | R$ 73.591,55 | R$ 18.344,14 | 110 | 0/525 |
| 2024-2026 | ambos | PE | complete | R$ 1.335.553,69 | 12,62% | -0,76 pp | 6,24% | 21,42% | R$ 88.966,08 | R$ 26.770,68 | 133 | 1/525 |
| 2024-2026 | ambos | R | complete | R$ 1.335.553,69 | 12,62% | -0,76 pp | 6,24% | 21,42% | R$ 88.966,08 | R$ 26.770,68 | 133 | 1/525 |
| 2024-2026 | ambos | Q0 | complete | R$ 1.173.100,46 | 6,78% | -6,61 pp | 6,60% | 19,98% | R$ 127.610,66 | R$ 46.644,94 | 187 | 0/525 |
| 2024-2026 | ambos | Q1 | complete | R$ 1.166.728,56 | 6,54% | -6,85 pp | 6,68% | 19,95% | R$ 123.799,46 | R$ 43.336,28 | 188 | 0/525 |
| 2020-2026 | caixa-90cdi | C0 | complete | R$ 2.603.245,06 | 15,07% | 4,98 pp | 8,39% | 28,47% | R$ 144.689,33 | R$ 38.214,03 | 449 | 521/2124 |
| 2020-2026 | caixa-90cdi | C1 | complete | R$ 2.572.789,48 | 14,87% | 4,78 pp | 8,90% | 29,34% | R$ 140.067,69 | R$ 35.914,41 | 442 | 518/2124 |
| 2020-2026 | caixa-90cdi | C2 | complete | R$ 2.773.527,84 | 16,15% | 6,05 pp | 8,41% | 27,92% | R$ 145.463,04 | R$ 38.810,10 | 435 | 652/2124 |
| 2020-2026 | caixa-90cdi | C3 | complete | R$ 2.749.690,98 | 16,00% | 5,91 pp | 8,92% | 28,79% | R$ 141.366,38 | R$ 36.783,13 | 428 | 650/2124 |
| 2020-2026 | caixa-90cdi | P | complete | R$ 2.642.662,41 | 15,33% | 5,23 pp | 8,16% | 29,42% | R$ 132.526,64 | R$ 44.684,07 | 361 | 494/2124 |
| 2020-2026 | caixa-90cdi | E | complete | R$ 2.838.595,17 | 16,54% | 6,45 pp | 9,96% | 32,59% | R$ 175.507,85 | R$ 47.462,77 | 498 | 601/2124 |
| 2020-2026 | caixa-90cdi | PE | complete | R$ 2.827.130,03 | 16,47% | 6,38 pp | 9,89% | 31,42% | R$ 144.591,96 | R$ 46.980,55 | 405 | 693/2124 |
| 2020-2026 | caixa-90cdi | R | complete | R$ 2.747.685,43 | 15,99% | 5,89 pp | 9,50% | 33,02% | R$ 118.110,59 | R$ 23.948,08 | 405 | 667/2124 |
| 2020-2026 | caixa-90cdi | Q0 | complete | R$ 2.561.768,95 | 14,80% | 4,71 pp | 7,89% | 27,08% | R$ 237.131,00 | R$ 68.524,51 | 709 | 438/2124 |
| 2020-2026 | caixa-90cdi | Q1 | complete | R$ 2.353.480,46 | 13,38% | 3,29 pp | 8,22% | 26,62% | R$ 225.471,62 | R$ 63.749,25 | 714 | 423/2124 |
| 2024-2026 | caixa-90cdi | C3 | complete | R$ 1.287.726,13 | 10,95% | -2,44 pp | 6,81% | 35,78% | R$ 42.040,93 | R$ 9.017,63 | 206 | 0/525 |
| 2024-2026 | caixa-90cdi | PE | complete | R$ 1.409.577,42 | 15,15% | 1,76 pp | 9,89% | 40,62% | R$ 43.926,94 | R$ 12.784,80 | 200 | 24/525 |
| 2024-2026 | caixa-90cdi | R | complete | R$ 1.367.914,32 | 13,74% | 0,35 pp | 9,50% | 45,03% | R$ 35.847,09 | R$ 6.219,30 | 190 | 15/525 |
| 2024-2026 | caixa-90cdi | Q0 | complete | R$ 1.219.720,22 | 8,50% | -4,88 pp | 6,74% | 35,21% | R$ 67.291,09 | R$ 17.071,91 | 341 | 0/525 |
| 2024-2026 | caixa-90cdi | Q1 | complete | R$ 1.230.960,31 | 8,91% | -4,47 pp | 6,60% | 34,82% | R$ 66.697,00 | R$ 16.122,41 | 345 | 0/525 |

## Comparações pareadas

|Janela|Cenário|Candidato|Controle|Δ patrimônio|Δ crescimento pp|Δ custos|Δ queda pp|
|---|---|---|---|---:|---:|---:|---:|
|2020-2026|ambos|C1|C0|R$ 721,77|0,01|R$ 11,20|-0,02|
|2020-2026|ambos|C2|C0|R$ -10.513,89|-0,08|R$ 627,47|-0,38|
|2020-2026|ambos|C3|C0|R$ -9.786,35|-0,08|R$ 639,02|-0,40|
|2020-2026|ambos|P|C3|R$ 154.514,23|1,20|R$ 203.357,65|-1,61|
|2020-2026|ambos|E|C3|R$ 375.649,84|2,79|R$ 215.170,92|-1,03|
|2020-2026|ambos|PE|C3|R$ 34.141,67|0,27|R$ 918,46|-0,75|
|2020-2026|ambos|R|PE|R$ 20.670,03|0,16|R$ -2.236,73|-0,03|
|2020-2026|ambos|Q1|Q0|R$ 94.033,79|0,83|R$ 20.355,43|-0,19|
|2020-2026|atraso-1|C1|C0|R$ -14.895,74|-0,10|R$ -1.763,79|0,35|
|2020-2026|atraso-1|C2|C0|R$ 99.224,16|0,63|R$ -3.682,17|0,00|
|2020-2026|atraso-1|C3|C0|R$ 101.161,12|0,64|R$ -3.462,21|0,35|
|2020-2026|atraso-1|P|C3|R$ -245.279,10|-1,60|R$ -18.602,89|1,43|
|2020-2026|atraso-1|E|C3|R$ 576.346,01|3,32|R$ 35.891,72|1,99|
|2020-2026|atraso-1|PE|C3|R$ 6.254,45|0,04|R$ -5.062,67|1,58|
|2020-2026|atraso-1|R|PE|R$ 49.855,66|0,31|R$ -23.940,57|0,89|
|2020-2026|atraso-1|Q1|Q0|R$ -73.860,85|-0,51|R$ -10.214,05|-0,45|
|2020-2026|base|C1|C0|R$ -31.963,99|-0,20|R$ -4.693,59|0,51|
|2020-2026|base|C2|C0|R$ 158.965,88|0,97|R$ 560,90|0,01|
|2020-2026|base|C3|C0|R$ 127.529,09|0,78|R$ -3.836,98|0,52|
|2020-2026|base|P|C3|R$ -107.135,20|-0,66|R$ -10.724,77|-1,06|
|2020-2026|base|E|C3|R$ 228.570,16|1,33|R$ 35.191,53|0,79|
|2020-2026|base|PE|C3|R$ -145.028,28|-0,89|R$ 5.986,17|0,63|
|2020-2026|base|R|PE|R$ 53.469,48|0,33|R$ -20.276,78|-0,28|
|2020-2026|base|Q1|Q0|R$ -230.901,97|-1,53|R$ -12.405,26|0,33|
|2020-2026|caixa-90cdi|C1|C0|R$ -30.455,58|-0,20|R$ -4.621,64|0,51|
|2020-2026|caixa-90cdi|C2|C0|R$ 170.282,77|1,07|R$ 773,71|0,01|
|2020-2026|caixa-90cdi|C3|C0|R$ 146.445,92|0,93|R$ -3.322,95|0,52|
|2020-2026|caixa-90cdi|P|C3|R$ -107.028,57|-0,67|R$ -8.839,74|-0,76|
|2020-2026|caixa-90cdi|E|C3|R$ 88.904,19|0,54|R$ 34.141,47|1,05|
|2020-2026|caixa-90cdi|PE|C3|R$ 77.439,05|0,47|R$ 3.225,58|0,98|
|2020-2026|caixa-90cdi|R|PE|R$ -79.444,60|-0,49|R$ -26.481,37|-0,40|
|2020-2026|caixa-90cdi|Q1|Q0|R$ -208.288,49|-1,42|R$ -11.659,38|0,33|
|2020-2026|custos-3x|C1|C0|R$ 1.706,00|0,01|R$ 321,64|0,30|
|2020-2026|custos-3x|C2|C0|R$ -17.294,86|-0,14|R$ -79,73|0,00|
|2020-2026|custos-3x|C3|C0|R$ -15.603,06|-0,12|R$ 239,30|0,30|
|2020-2026|custos-3x|P|C3|R$ 134.154,38|1,04|R$ 223.452,51|-1,36|
|2020-2026|custos-3x|E|C3|R$ -338.101,13|-2,89|R$ -39.876,27|-0,06|
|2020-2026|custos-3x|PE|C3|R$ -337.040,85|-2,88|R$ -39.922,33|-0,23|
|2020-2026|custos-3x|R|PE|R$ 0,00|0,00|R$ 0,00|0,00|
|2020-2026|custos-3x|Q1|Q0|R$ 2.967,19|0,03|R$ -4.665,54|0,21|
|2024-2026|ambos|PE|C3|R$ -27.464,40|-0,95|R$ 15.374,53|1,22|
|2024-2026|ambos|R|PE|R$ 0,00|0,00|R$ 0,00|0,00|
|2024-2026|ambos|Q1|Q0|R$ -6.371,90|-0,24|R$ -3.811,20|0,08|
|2024-2026|atraso-1|PE|C3|R$ 69.263,99|2,32|R$ -4.790,74|3,59|
|2024-2026|atraso-1|R|PE|R$ -65.950,86|-2,21|R$ -8.451,61|0,82|
|2024-2026|atraso-1|Q1|Q0|R$ -8.297,58|-0,31|R$ -5.167,14|1,19|
|2024-2026|base|PE|C3|R$ 181.440,05|6,12|R$ 2.151,51|3,05|
|2024-2026|base|R|PE|R$ -68.069,71|-2,24|R$ -7.394,15|-0,38|
|2024-2026|base|Q1|Q0|R$ 9.787,07|0,35|R$ -861,32|-0,16|
|2024-2026|caixa-90cdi|PE|C3|R$ 121.851,29|4,20|R$ 1.886,01|3,08|
|2024-2026|caixa-90cdi|R|PE|R$ -41.663,10|-1,41|R$ -8.079,85|-0,40|
|2024-2026|caixa-90cdi|Q1|Q0|R$ 11.240,08|0,41|R$ -594,09|-0,14|
|2024-2026|custos-3x|PE|C3|R$ -38.615,61|-1,34|R$ 34.746,95|4,05|
|2024-2026|custos-3x|R|PE|R$ 0,00|0,00|R$ 0,00|0,00|
|2024-2026|custos-3x|Q1|Q0|R$ 12.485,60|0,48|R$ 1.339,52|-0,33|

## Decomposição e limitações

Identidade: capital inicial + PnL dos ativos + juros do caixa/reserva + FX de caixa/recebíveis − custos de conversão = patrimônio final.
O PnL dos ativos já contém taxas e deslizamento. Custos totais incluem FX e não são descontados novamente nessa identidade.
Correções de liquidação e avaliação não são automaticamente novas fontes de alpha. Atribuição contábil não prova causalidade.
Ordens propostas, ordens-filhas, fills e ciclos completos são medidas distintas. Menor giro não prova maior lucro.
Permanência ou veto podem perder oportunidades. Ganhos futuros de ordens não executadas são diagnósticos, não lucro realizado.
A rota IVVB11 tem custos, horários, liquidez e acompanhamento próprios; negociação em reais não elimina risco cambial.
Gatilhos de10% não garantem perda máxima: gaps e liquidez podem ultrapassá-los. Sem promoção automática ou ordens reais.
Evidência: summary.json, diagnostics.json, verification.json, manifest.json e run-receipt.json. Arquivamento remoto tem recibo separado.