REGIS · PESQUISA RETROSPECTIVA · BRL

Master CR10

Execução econômica mais realista · referência CDI +15 pontos em12meses

R$1 milhão por livro · custos modelados · antes de impostos completos · corte26/10/2026

Resultado da candidata previamente definida

melhoria econômica sustentada não demonstrada

A aprovação exige PE acima de C3 no base e no estresse combinado, em ambas as datas de início, com limites verificados. Não equivale a promessa de CDI+15.

Curvas base — 2020-2026

● CR6 original ● Liquidação corrigida ● Carteira real na avaliação ● Referência corrigida ● Ordens-filhas ● Persistência ● Candidata CR10 ● CR9 original ● CR9 corrigida ● CR10 + IVVB11 ┄ CDI
R$ 3.340.617,86R$ 2.707.446,40R$ 2.074.274,93R$ 1.441.103,46R$ 807.932,002020-01-022026-10-26

Curvas base — 2024-2026

● Referência corrigida ● Candidata CR10 ● CR9 original ● CR9 corrigida ● CR10 + IVVB11 ┄ CDI
R$ 1.560.047,51R$ 1.404.486,15R$ 1.248.924,80R$ 1.093.363,44R$ 937.802,092024-05-202026-10-26

Matriz completa

Comparações entre modelos devem usar a mesma janela e cenário. Q0/Q1 preservam o mandato CR9, distinto da base CR6.

JanelaCenárioBraçoEstadoPatrimônio finalCrescimento a.a.Excesso anualizado CDIMaior quedaExposição médiaCustos totaisDos quais FXFillsMeta +15 / janelas 12m
2020-2026baseC0completeR$ 2.707.282,4915,74%5,64 pp8,38%28,46%R$ 147.648,71R$ 38.846,96449530/2124
2020-2026baseC1completeR$ 2.675.318,5015,54%5,44 pp8,89%29,33%R$ 142.955,12R$ 36.530,75442527/2124
2020-2026baseC2completeR$ 2.866.248,3616,71%6,62 pp8,40%27,77%R$ 148.209,61R$ 39.292,66435645/2124
2020-2026baseC3completeR$ 2.834.811,5716,52%6,43 pp8,90%28,64%R$ 143.811,73R$ 37.198,69428647/2124
2020-2026basePcompleteR$ 2.727.676,3715,86%5,77 pp7,84%29,49%R$ 133.086,97R$ 45.152,42356505/2124
2020-2026baseEcompleteR$ 3.063.381,7317,85%7,76 pp9,69%32,76%R$ 179.003,26R$ 48.417,57486610/2124
2020-2026basePEcompleteR$ 2.689.783,2915,63%5,53 pp9,53%31,90%R$ 149.797,90R$ 51.259,20418476/2124
2020-2026baseRcompleteR$ 2.743.252,7715,96%5,87 pp9,25%32,64%R$ 129.521,12R$ 30.748,16413488/2124
2020-2026baseQ0completeR$ 2.663.593,5615,46%5,37 pp7,88%27,09%R$ 242.176,61R$ 70.039,02708456/2124
2020-2026baseQ1completeR$ 2.432.691,5913,93%3,84 pp8,21%26,70%R$ 229.771,35R$ 65.111,42714436/2124
2024-2026baseC3completeR$ 1.306.996,5211,63%-1,76 pp6,58%35,78%R$ 42.344,62R$ 9.063,412060/525
2024-2026basePEcompleteR$ 1.488.436,5717,75%4,36 pp9,63%41,01%R$ 44.496,12R$ 13.025,4118428/525
2024-2026baseRcompleteR$ 1.420.366,8615,51%2,12 pp9,25%45,67%R$ 37.101,98R$ 6.112,6118621/525
2024-2026baseQ0completeR$ 1.242.411,359,33%-4,06 pp6,73%35,35%R$ 67.964,52R$ 17.286,123410/525
2024-2026baseQ1completeR$ 1.252.198,429,68%-3,71 pp6,57%34,89%R$ 67.103,20R$ 16.297,193440/525
2020-2026custos-3xC0completeR$ 2.070.513,5711,27%1,18 pp10,03%3,94%R$ 66.732,64R$ 25.087,89111186/2124
2020-2026custos-3xC1completeR$ 2.072.219,5711,28%1,19 pp10,34%3,98%R$ 67.054,28R$ 25.022,74112188/2124
2020-2026custos-3xC2completeR$ 2.053.218,7211,13%1,04 pp10,03%3,99%R$ 66.652,91R$ 24.861,97113185/2124
2020-2026custos-3xC3completeR$ 2.054.910,5111,15%1,05 pp10,34%4,04%R$ 66.971,94R$ 24.797,36114187/2124
2020-2026custos-3xPcompleteR$ 2.189.064,8912,18%2,09 pp8,97%19,55%R$ 290.424,45R$ 100.431,07317246/2124
2020-2026custos-3xEcompleteR$ 1.716.809,388,25%-1,84 pp10,27%1,08%R$ 27.095,68R$ 11.488,78430/2124
2020-2026custos-3xPEcompleteR$ 1.717.869,668,26%-1,83 pp10,11%1,11%R$ 27.049,61R$ 11.716,85430/2124
2020-2026custos-3xRcompleteR$ 1.717.869,668,26%-1,83 pp10,11%1,11%R$ 27.049,61R$ 11.716,85430/2124
2020-2026custos-3xQ0completeR$ 1.894.168,939,83%-0,27 pp8,54%21,17%R$ 411.934,26R$ 116.118,89548291/2124
2020-2026custos-3xQ1completeR$ 1.897.136,129,85%-0,24 pp8,75%21,78%R$ 407.268,72R$ 113.671,22541288/2124
2024-2026custos-3xC3completeR$ 1.343.983,1912,91%-0,47 pp5,25%19,84%R$ 73.860,06R$ 18.348,441110/525
2024-2026custos-3xPEcompleteR$ 1.305.367,5811,57%-1,82 pp9,30%21,84%R$ 108.607,01R$ 30.097,271681/525
2024-2026custos-3xRcompleteR$ 1.305.367,5811,57%-1,82 pp9,30%21,84%R$ 108.607,01R$ 30.097,271681/525
2024-2026custos-3xQ0completeR$ 1.127.693,495,06%-8,33 pp6,76%19,59%R$ 130.028,46R$ 44.539,982050/525
2024-2026custos-3xQ1completeR$ 1.140.179,085,54%-7,85 pp6,42%21,78%R$ 131.367,98R$ 44.715,221990/525
2020-2026atraso-1C0completeR$ 2.611.444,4415,13%5,03 pp7,15%28,40%R$ 144.004,33R$ 47.706,38409522/2124
2020-2026atraso-1C1completeR$ 2.596.548,7015,03%4,94 pp7,50%29,29%R$ 142.240,54R$ 47.227,23403522/2124
2020-2026atraso-1C2completeR$ 2.710.668,6015,76%5,66 pp7,15%27,80%R$ 140.322,16R$ 47.814,97387572/2124
2020-2026atraso-1C3completeR$ 2.712.605,5615,77%5,68 pp7,50%27,83%R$ 140.542,12R$ 47.782,39389566/2124
2020-2026atraso-1PcompleteR$ 2.467.326,4514,17%4,08 pp8,94%29,28%R$ 121.939,23R$ 42.436,12344443/2124
2020-2026atraso-1EcompleteR$ 3.288.951,5719,09%9,00 pp9,49%30,50%R$ 176.433,84R$ 60.366,41415609/2124
2020-2026atraso-1PEcompleteR$ 2.718.860,0115,81%5,71 pp9,09%29,97%R$ 135.479,45R$ 56.353,40341426/2124
2020-2026atraso-1RcompleteR$ 2.768.715,6716,12%6,02 pp9,98%33,17%R$ 111.538,89R$ 30.779,67342534/2124
2020-2026atraso-1Q0completeR$ 2.432.979,6413,94%3,84 pp9,61%25,06%R$ 226.462,37R$ 72.117,48676402/2124
2020-2026atraso-1Q1completeR$ 2.359.118,7913,42%3,33 pp9,16%24,83%R$ 216.248,32R$ 66.595,28658400/2124
2024-2026atraso-1C3completeR$ 1.377.260,5514,05%0,67 pp5,61%38,51%R$ 39.612,93R$ 9.084,691870/525
2024-2026atraso-1PEcompleteR$ 1.446.524,5516,38%2,99 pp9,20%45,42%R$ 34.822,19R$ 11.495,3914413/525
2024-2026atraso-1RcompleteR$ 1.380.573,6914,17%0,78 pp10,02%42,60%R$ 26.370,59R$ 4.661,1514319/525
2024-2026atraso-1Q0completeR$ 1.197.967,097,70%-5,68 pp7,27%30,10%R$ 69.503,98R$ 21.362,453380/525
2024-2026atraso-1Q1completeR$ 1.189.669,517,40%-5,99 pp8,45%29,45%R$ 64.336,84R$ 18.244,893200/525
2020-2026ambosC0completeR$ 2.048.633,4911,10%1,00 pp11,42%4,13%R$ 64.596,45R$ 23.720,10106212/2124
2020-2026ambosC1completeR$ 2.049.355,2611,10%1,01 pp11,40%4,13%R$ 64.607,65R$ 23.724,45106212/2124
2020-2026ambosC2completeR$ 2.038.119,6011,01%0,92 pp11,04%4,11%R$ 65.223,92R$ 23.598,30110194/2124
2020-2026ambosC3completeR$ 2.038.847,1311,02%0,93 pp11,02%4,11%R$ 65.235,46R$ 23.602,69110194/2124
2020-2026ambosPcompleteR$ 2.193.361,3612,22%2,12 pp9,41%20,60%R$ 268.593,11R$ 89.244,53304130/2124
2020-2026ambosEcompleteR$ 2.414.496,9713,81%3,71 pp9,99%21,59%R$ 280.406,39R$ 92.675,77296287/2124
2020-2026ambosPEcompleteR$ 2.072.988,8011,29%1,20 pp10,27%4,88%R$ 66.153,92R$ 26.246,45106161/2124
2020-2026ambosRcompleteR$ 2.093.658,8311,45%1,36 pp10,23%4,86%R$ 63.917,19R$ 24.426,28104177/2124
2020-2026ambosQ0completeR$ 1.767.146,768,71%-1,38 pp8,35%20,18%R$ 364.084,15R$ 108.092,66495243/2124
2020-2026ambosQ1completeR$ 1.861.180,549,54%-0,55 pp8,16%21,31%R$ 384.439,58R$ 104.607,10526254/2124
2024-2026ambosC3completeR$ 1.363.018,0813,57%0,18 pp5,02%20,61%R$ 73.591,55R$ 18.344,141100/525
2024-2026ambosPEcompleteR$ 1.335.553,6912,62%-0,76 pp6,24%21,42%R$ 88.966,08R$ 26.770,681331/525
2024-2026ambosRcompleteR$ 1.335.553,6912,62%-0,76 pp6,24%21,42%R$ 88.966,08R$ 26.770,681331/525
2024-2026ambosQ0completeR$ 1.173.100,466,78%-6,61 pp6,60%19,98%R$ 127.610,66R$ 46.644,941870/525
2024-2026ambosQ1completeR$ 1.166.728,566,54%-6,85 pp6,68%19,95%R$ 123.799,46R$ 43.336,281880/525
2020-2026caixa-90cdiC0completeR$ 2.603.245,0615,07%4,98 pp8,39%28,47%R$ 144.689,33R$ 38.214,03449521/2124
2020-2026caixa-90cdiC1completeR$ 2.572.789,4814,87%4,78 pp8,90%29,34%R$ 140.067,69R$ 35.914,41442518/2124
2020-2026caixa-90cdiC2completeR$ 2.773.527,8416,15%6,05 pp8,41%27,92%R$ 145.463,04R$ 38.810,10435652/2124
2020-2026caixa-90cdiC3completeR$ 2.749.690,9816,00%5,91 pp8,92%28,79%R$ 141.366,38R$ 36.783,13428650/2124
2020-2026caixa-90cdiPcompleteR$ 2.642.662,4115,33%5,23 pp8,16%29,42%R$ 132.526,64R$ 44.684,07361494/2124
2020-2026caixa-90cdiEcompleteR$ 2.838.595,1716,54%6,45 pp9,96%32,59%R$ 175.507,85R$ 47.462,77498601/2124
2020-2026caixa-90cdiPEcompleteR$ 2.827.130,0316,47%6,38 pp9,89%31,42%R$ 144.591,96R$ 46.980,55405693/2124
2020-2026caixa-90cdiRcompleteR$ 2.747.685,4315,99%5,89 pp9,50%33,02%R$ 118.110,59R$ 23.948,08405667/2124
2020-2026caixa-90cdiQ0completeR$ 2.561.768,9514,80%4,71 pp7,89%27,08%R$ 237.131,00R$ 68.524,51709438/2124
2020-2026caixa-90cdiQ1completeR$ 2.353.480,4613,38%3,29 pp8,22%26,62%R$ 225.471,62R$ 63.749,25714423/2124
2024-2026caixa-90cdiC3completeR$ 1.287.726,1310,95%-2,44 pp6,81%35,78%R$ 42.040,93R$ 9.017,632060/525
2024-2026caixa-90cdiPEcompleteR$ 1.409.577,4215,15%1,76 pp9,89%40,62%R$ 43.926,94R$ 12.784,8020024/525
2024-2026caixa-90cdiRcompleteR$ 1.367.914,3213,74%0,35 pp9,50%45,03%R$ 35.847,09R$ 6.219,3019015/525
2024-2026caixa-90cdiQ0completeR$ 1.219.720,228,50%-4,88 pp6,74%35,21%R$ 67.291,09R$ 17.071,913410/525
2024-2026caixa-90cdiQ1completeR$ 1.230.960,318,91%-4,47 pp6,60%34,82%R$ 66.697,00R$ 16.122,413450/525
2020-2026 · CR6 original

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 948719.8030722908,
    "cash_interest": 730600.6528774471,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 66808.99210930009,
    "fx_cost_effect": -38846.962559049236
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim16,78%2,74%14,04 ppnão
2021sim14,71%4,42%10,29 ppnão
2022sim13,88%12,39%1,49 ppnão
2023sim23,09%13,04%10,05 ppnão
2024sim20,65%10,88%9,77 ppnão
2025sim9,04%14,32%-5,28 ppnão
2026parcial9,60%11,46%-1,87 ppnão

Resultados mensais

2020-01: -1,89%2020-02: -0,42%2020-03: 0,16%2020-04: 0,29%2020-05: -0,07%2020-06: 1,04%2020-07: 3,36%2020-08: 3,18%2020-09: 0,15%2020-10: 1,28%2020-11: 4,65%2020-12: 4,12%2021-01: 7,34%2021-02: 0,13%2021-03: 1,38%2021-04: 2,76%2021-05: -0,82%2021-06: 0,20%2021-07: -0,43%2021-08: 1,67%2021-09: -1,53%2021-10: 5,16%2021-11: 0,45%2021-12: -2,10%2022-01: 0,99%2022-02: 0,34%2022-03: -2,82%2022-04: 0,33%2022-05: 1,44%2022-06: -0,82%2022-07: 5,30%2022-08: 6,09%2022-09: -2,01%2022-10: 2,51%2022-11: 0,98%2022-12: 1,12%2023-01: 1,14%2023-02: -0,93%2023-03: -0,22%2023-04: 0,79%2023-05: -0,39%2023-06: 5,74%2023-07: 2,09%2023-08: 2,48%2023-09: 2,89%2023-10: 1,21%2023-11: 3,19%2023-12: 3,15%2024-01: 2,21%2024-02: 8,10%2024-03: 2,75%2024-04: -3,32%2024-05: 0,55%2024-06: 2,19%2024-07: -0,12%2024-08: 1,21%2024-09: -2,94%2024-10: 3,51%2024-11: 5,64%2024-12: -0,30%2025-01: 0,12%2025-02: -0,85%2025-03: 1,32%2025-04: 0,38%2025-05: 2,18%2025-06: -2,28%2025-07: 1,37%2025-08: 3,30%2025-09: -1,93%2025-10: 1,27%2025-11: 1,42%2025-12: 2,57%2026-01: 8,99%2026-02: 1,82%2026-03: -2,96%2026-04: 0,89%2026-05: -1,30%2026-06: -2,17%2026-07: 0,72%2026-08: 1,85%2026-09: 2,21%2026-10: -0,38%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 2527.452217237584,
    "ITUB4": 6493.258332518734,
    "PETR4": 8275.999997154011
  },
  "pending_count": 2,
  "cash_brl": 1038376.5395528228,
  "cash_usd": 102515.60695805441,
  "blocks": {
    "caixa-banda-ou-liquidez": 16,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 192,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 192,
    "partial_buys": 105,
    "partial_sells": 87,
    "monetary_turnover_brl": 60451336.86807443,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.08289105539609865,
    "max_usd_cash_fraction": 0.6282626379898472,
    "retained_closed_market_observations": 0,
    "retained_without_current_signal_observations": 642,
    "avg_absolute_target_gap_fraction": 0.14181333132363302,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1021211.5503397221,
        "risk_nav": 935607.5654679876,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.08382590741679041,
        "total_halted": false,
        "total_high_water": 1021211.5503397221
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1293509.8811538694,
        "risk_nav": 1227532.8183214464,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.051006230252813034,
        "total_halted": false,
        "total_high_water": 1293509.8811538694
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1362104.3827145025,
        "risk_nav": 1287547.2316533353,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.05473673824658298,
        "total_halted": false,
        "total_high_water": 1362104.3827145025
      },
      {
        "day": "2022-03-15",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1379407.1406487813,
        "risk_nav": 1309833.9836051897,
        "session": 552,
        "to": "paused",
        "total_drawdown": 0.05043699934079582,
        "total_halted": false,
        "total_high_water": 1379407.1406487813
      },
      {
        "day": "2022-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1578089.0291588241,
        "risk_nav": 1495087.3409743742,
        "session": 708,
        "to": "paused",
        "total_drawdown": 0.052596327995951375,
        "total_halted": false,
        "total_high_water": 1578089.0291588241
      },
      {
        "day": "2025-09-25",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2451128.7070852104,
        "risk_nav": 2327598.9555584914,
        "session": 1440,
        "to": "paused",
        "total_drawdown": 0.05039708896952044,
        "total_halted": false,
        "total_high_water": 2451128.7070852104
      },
      {
        "day": "2026-03-13",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2773344.8103856705,
        "risk_nav": 2633665.874806274,
        "session": 1556,
        "to": "paused",
        "total_drawdown": 0.050364792382225354,
        "total_halted": false,
        "total_high_water": 2773344.8103856705
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · Liquidação corrigida

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 939387.0805302185,
    "cash_interest": 722247.9745659331,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 50214.18962476119,
    "fx_cost_effect": -36530.74879128237
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim14,96%2,74%12,22 ppnão
2021sim14,49%4,42%10,06 ppnão
2022sim14,16%12,39%1,77 ppnão
2023sim23,10%13,04%10,06 ppnão
2024sim20,73%10,88%9,86 ppnão
2025sim9,09%14,32%-5,24 ppnão
2026parcial9,82%11,46%-1,64 ppnão

Resultados mensais

2020-01: -1,89%2020-02: -0,70%2020-03: -1,14%2020-04: 0,28%2020-05: -0,07%2020-06: 1,04%2020-07: 3,36%2020-08: 3,18%2020-09: 0,15%2020-10: 1,28%2020-11: 4,65%2020-12: 4,12%2021-01: 7,34%2021-02: 0,13%2021-03: 1,38%2021-04: 2,76%2021-05: -0,82%2021-06: 0,20%2021-07: -0,43%2021-08: 1,68%2021-09: -1,67%2021-10: 4,93%2021-11: 0,52%2021-12: -2,02%2022-01: 1,29%2022-02: 0,35%2022-03: -0,34%2022-04: -2,93%2022-05: 3,61%2022-06: -0,96%2022-07: 4,80%2022-08: 5,73%2022-09: -1,96%2022-10: 2,07%2022-11: 0,90%2022-12: 1,12%2023-01: 1,14%2023-02: -0,93%2023-03: -0,21%2023-04: 0,79%2023-05: -0,39%2023-06: 5,74%2023-07: 2,09%2023-08: 2,48%2023-09: 2,89%2023-10: 1,22%2023-11: 3,19%2023-12: 3,15%2024-01: 2,21%2024-02: 8,10%2024-03: 2,76%2024-04: -3,31%2024-05: 0,56%2024-06: 2,19%2024-07: -0,11%2024-08: 1,22%2024-09: -2,93%2024-10: 3,52%2024-11: 5,65%2024-12: -0,30%2025-01: 0,12%2025-02: -0,85%2025-03: 1,33%2025-04: 0,38%2025-05: 2,18%2025-06: -2,28%2025-07: 1,38%2025-08: 3,32%2025-09: -1,93%2025-10: 1,28%2025-11: 1,42%2025-12: 2,57%2026-01: 8,99%2026-02: 1,82%2026-03: -2,81%2026-04: 0,89%2026-05: -1,29%2026-06: -2,15%2026-07: 0,74%2026-08: 1,85%2026-09: 2,22%2026-10: -0,38%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 2497.6081622717584,
    "ITUB4": 6416.594577358386,
    "PETR4": 8177.924487949164
  },
  "pending_count": 2,
  "cash_brl": 1026182.7157782384,
  "cash_usd": 101296.14833530542,
  "blocks": {
    "caixa-banda-ou-liquidez": 16,
    "closed-execution-calendar": 247,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 189,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 189,
    "partial_buys": 105,
    "partial_sells": 84,
    "monetary_turnover_brl": 59034832.308133565,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.08219535081312072,
    "max_usd_cash_fraction": 0.6342812375196457,
    "retained_closed_market_observations": 654,
    "retained_without_current_signal_observations": 654,
    "avg_absolute_target_gap_fraction": 0.14374148751502044,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1020473.4658854046,
        "risk_nav": 929775.5295467657,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.08887828970638212,
        "total_halted": false,
        "total_high_water": 1020473.4658854046
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1273302.3998734779,
        "risk_nav": 1208356.325261941,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.051006009741276115,
        "total_halted": false,
        "total_high_water": 1273302.3998734779
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1340837.0030683705,
        "risk_nav": 1267443.9590000845,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.05473673824658287,
        "total_halted": false,
        "total_high_water": 1340837.0030683705
      },
      {
        "day": "2022-10-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1556112.1439724572,
        "risk_nav": 1472520.636275032,
        "session": 711,
        "to": "paused",
        "total_drawdown": 0.053718177074328244,
        "total_halted": false,
        "total_high_water": 1556112.1439724572
      },
      {
        "day": "2025-09-25",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2416771.7369921478,
        "risk_nav": 2295269.3396956,
        "session": 1440,
        "to": "paused",
        "total_drawdown": 0.05027466824308635,
        "total_halted": false,
        "total_high_water": 2416771.7369921478
      },
      {
        "day": "2026-03-13",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2734976.170272572,
        "risk_nav": 2597563.2868733015,
        "session": 1556,
        "to": "paused",
        "total_drawdown": 0.05024280828946881,
        "total_halted": false,
        "total_high_water": 2734976.170272572
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · Carteira real na avaliação

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 1061855.219687244,
    "cash_interest": 769088.0032276942,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 74597.79894583157,
    "fx_cost_effect": -39292.65731176336
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim16,74%2,74%14,00 ppnão
2021sim15,79%4,42%11,37 ppnão
2022sim13,97%12,39%1,57 ppnão
2023sim23,27%13,04%10,23 ppnão
2024sim25,70%10,88%14,83 ppnão
2025sim9,55%14,32%-4,77 ppnão
2026parcial9,60%11,46%-1,87 ppnão

Resultados mensais

2020-01: -1,89%2020-02: -0,46%2020-03: 0,15%2020-04: 0,29%2020-05: -0,07%2020-06: 1,04%2020-07: 3,36%2020-08: 3,18%2020-09: 0,15%2020-10: 1,28%2020-11: 4,65%2020-12: 4,12%2021-01: 7,34%2021-02: 0,13%2021-03: 1,38%2021-04: 2,76%2021-05: -0,82%2021-06: 0,20%2021-07: -0,43%2021-08: 1,69%2021-09: -0,92%2021-10: 5,36%2021-11: 1,02%2021-12: -2,55%2022-01: 1,06%2022-02: 0,34%2022-03: -2,82%2022-04: 0,33%2022-05: 1,44%2022-06: -0,82%2022-07: 5,30%2022-08: 6,09%2022-09: -2,01%2022-10: 2,51%2022-11: 0,98%2022-12: 1,12%2023-01: 1,14%2023-02: -0,93%2023-03: -0,22%2023-04: 0,79%2023-05: -0,39%2023-06: 5,74%2023-07: 2,09%2023-08: 2,48%2023-09: 2,89%2023-10: 1,21%2023-11: 3,19%2023-12: 3,31%2024-01: 3,27%2024-02: 8,99%2024-03: 2,76%2024-04: -0,78%2024-05: 0,79%2024-06: 2,20%2024-07: -0,13%2024-08: 0,70%2024-09: -3,04%2024-10: 3,54%2024-11: 5,64%2024-12: -0,30%2025-01: 0,12%2025-02: -0,85%2025-03: 1,32%2025-04: 0,38%2025-05: 2,18%2025-06: -2,28%2025-07: 1,98%2025-08: 3,43%2025-09: -2,18%2025-10: 1,28%2025-11: 1,42%2025-12: 2,57%2026-01: 8,99%2026-02: 1,82%2026-03: -2,96%2026-04: 0,89%2026-05: -1,30%2026-06: -2,17%2026-07: 0,72%2026-08: 1,85%2026-09: 2,21%2026-10: -0,38%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 2675.858844776254,
    "ITUB4": 6874.528674365078,
    "PETR4": 8761.949144168968
  },
  "pending_count": 2,
  "cash_brl": 1099347.8051218856,
  "cash_usd": 108535.10572244768,
  "blocks": {
    "caixa-banda-ou-liquidez": 16,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 187,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 187,
    "partial_buys": 102,
    "partial_sells": 85,
    "monetary_turnover_brl": 60937953.598206595,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.08079471249709913,
    "max_usd_cash_fraction": 0.6282353533817001,
    "retained_closed_market_observations": 638,
    "retained_without_current_signal_observations": 638,
    "avg_absolute_target_gap_fraction": 0.13757707304506556,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1021053.260261216,
        "risk_nav": 935313.3114410974,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.08397206312056993,
        "total_halted": false,
        "total_high_water": 1021053.260261216
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1293108.7563935951,
        "risk_nav": 1227152.1534228437,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.05100623025297624,
        "total_halted": false,
        "total_high_water": 1293108.7563935951
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1361681.9864098025,
        "risk_nav": 1287147.9559446021,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.05473673824658287,
        "total_halted": false,
        "total_high_water": 1361681.9864098025
      },
      {
        "day": "2022-03-15",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1392706.0533492116,
        "risk_nav": 1322722.259230616,
        "session": 552,
        "to": "paused",
        "total_drawdown": 0.05025022613371777,
        "total_halted": false,
        "total_high_water": 1392706.0533492116
      },
      {
        "day": "2022-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1593616.833921745,
        "risk_nav": 1509798.440224927,
        "session": 708,
        "to": "paused",
        "total_drawdown": 0.0525963279959516,
        "total_halted": false,
        "total_high_water": 1593616.833921745
      },
      {
        "day": "2025-09-25",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2600389.5213126666,
        "risk_nav": 2461821.4592978773,
        "session": 1440,
        "to": "paused",
        "total_drawdown": 0.05328742516422724,
        "total_halted": false,
        "total_high_water": 2600389.5213126666
      },
      {
        "day": "2026-03-13",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2936189.7288787514,
        "risk_nav": 2788309.142788951,
        "session": 1556,
        "to": "paused",
        "total_drawdown": 0.05036479238222524,
        "total_halted": false,
        "total_high_water": 2936189.7288787514
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · Referência corrigida

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 1051636.540919007,
    "cash_interest": 760213.9593737696,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 60159.75943726799,
    "fx_cost_effect": -37198.686427174456
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim14,92%2,74%12,18 ppnão
2021sim15,77%4,42%11,35 ppnão
2022sim14,15%12,39%1,76 ppnão
2023sim23,29%13,04%10,25 ppnão
2024sim25,79%10,88%14,91 ppnão
2025sim9,60%14,32%-4,72 ppnão
2026parcial9,82%11,46%-1,64 ppnão

Resultados mensais

2020-01: -1,88%2020-02: -0,73%2020-03: -1,14%2020-04: 0,28%2020-05: -0,07%2020-06: 1,04%2020-07: 3,36%2020-08: 3,18%2020-09: 0,15%2020-10: 1,28%2020-11: 4,65%2020-12: 4,12%2021-01: 7,34%2021-02: 0,13%2021-03: 1,38%2021-04: 2,76%2021-05: -0,82%2021-06: 0,20%2021-07: -0,43%2021-08: 1,70%2021-09: -0,94%2021-10: 5,23%2021-11: 1,08%2021-12: -2,49%2022-01: 1,28%2022-02: 0,35%2022-03: -0,34%2022-04: -2,93%2022-05: 3,61%2022-06: -0,96%2022-07: 4,80%2022-08: 5,73%2022-09: -1,96%2022-10: 2,07%2022-11: 0,90%2022-12: 1,12%2023-01: 1,14%2023-02: -0,93%2023-03: -0,21%2023-04: 0,79%2023-05: -0,39%2023-06: 5,74%2023-07: 2,09%2023-08: 2,48%2023-09: 2,89%2023-10: 1,22%2023-11: 3,19%2023-12: 3,31%2024-01: 3,27%2024-02: 8,99%2024-03: 2,76%2024-04: -0,78%2024-05: 0,80%2024-06: 2,20%2024-07: -0,12%2024-08: 0,70%2024-09: -3,03%2024-10: 3,55%2024-11: 5,65%2024-12: -0,30%2025-01: 0,12%2025-02: -0,85%2025-03: 1,33%2025-04: 0,38%2025-05: 2,18%2025-06: -2,28%2025-07: 1,99%2025-08: 3,45%2025-09: -2,18%2025-10: 1,28%2025-11: 1,42%2025-12: 2,57%2026-01: 8,99%2026-02: 1,82%2026-03: -2,81%2026-04: 0,89%2026-05: -1,29%2026-06: -2,15%2026-07: 0,74%2026-08: 1,85%2026-09: 2,22%2026-10: -0,38%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 2646.506774709611,
    "ITUB4": 6799.129373479442,
    "PETR4": 8665.463577255146
  },
  "pending_count": 2,
  "cash_brl": 1087360.1193418568,
  "cash_usd": 107335.06835497211,
  "blocks": {
    "caixa-banda-ou-liquidez": 16,
    "closed-execution-calendar": 237,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 184,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 184,
    "partial_buys": 102,
    "partial_sells": 82,
    "monetary_turnover_brl": 59554780.77787655,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.0811158183340846,
    "max_usd_cash_fraction": 0.6342541345538156,
    "retained_closed_market_observations": 650,
    "retained_without_current_signal_observations": 650,
    "avg_absolute_target_gap_fraction": 0.13947567722847948,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1020315.659225899,
        "risk_nav": 929483.1563949005,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.08902392314542351,
        "total_halted": false,
        "total_high_water": 1020315.659225899
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1272906.9680435655,
        "risk_nav": 1207981.0628317972,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.051006009741276115,
        "total_halted": false,
        "total_high_water": 1272906.9680435655
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1340420.5979553424,
        "risk_nav": 1267050.3465447328,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.05473673824658276,
        "total_halted": false,
        "total_high_water": 1340420.5979553424
      },
      {
        "day": "2022-10-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1572914.351829705,
        "risk_nav": 1488420.2601553644,
        "session": 711,
        "to": "paused",
        "total_drawdown": 0.053718177074328466,
        "total_halted": false,
        "total_high_water": 1572914.351829705
      },
      {
        "day": "2025-09-25",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2566251.5805873284,
        "risk_nav": 2429825.382665393,
        "session": 1440,
        "to": "paused",
        "total_drawdown": 0.053161661527632464,
        "total_halted": false,
        "total_high_water": 2566251.5805873284
      },
      {
        "day": "2026-03-13",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2898025.8283237247,
        "risk_nav": 2752420.8722133264,
        "session": 1556,
        "to": "paused",
        "total_drawdown": 0.05024280828946892,
        "total_halted": false,
        "total_high_water": 2898025.8283237247
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · Persistência

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 987752.7075344562,
    "cash_interest": 762751.194068952,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 22324.886544623936,
    "fx_cost_effect": -45152.41838489991
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim16,15%2,74%13,41 ppnão
2021sim12,19%4,42%7,77 ppnão
2022sim14,20%12,39%1,81 ppnão
2023sim23,29%13,04%10,25 ppnão
2024sim21,66%10,88%10,78 ppnão
2025sim10,60%14,32%-3,73 ppnão
2026parcial10,50%11,46%-0,97 ppnão

Resultados mensais

2020-01: -1,38%2020-02: -0,43%2020-03: 2,26%2020-04: 0,28%2020-05: -0,07%2020-06: 0,45%2020-07: 3,13%2020-08: 4,46%2020-09: -1,20%2020-10: 1,14%2020-11: 1,73%2020-12: 4,92%2021-01: 6,82%2021-02: 0,13%2021-03: 1,38%2021-04: 2,77%2021-05: -1,27%2021-06: 0,20%2021-07: -1,21%2021-08: 1,14%2021-09: -1,69%2021-10: 5,09%2021-11: 1,09%2021-12: -2,48%2022-01: 1,32%2022-02: 0,35%2022-03: -0,34%2022-04: -2,93%2022-05: 3,61%2022-06: -0,96%2022-07: 4,80%2022-08: 5,73%2022-09: -1,96%2022-10: 2,07%2022-11: 0,90%2022-12: 1,12%2023-01: 1,14%2023-02: -0,93%2023-03: -0,21%2023-04: 0,79%2023-05: -0,39%2023-06: 5,74%2023-07: 2,09%2023-08: 2,48%2023-09: 2,89%2023-10: 1,22%2023-11: 3,19%2023-12: 3,31%2024-01: 3,27%2024-02: 8,99%2024-03: 2,22%2024-04: -4,85%2024-05: 0,33%2024-06: 1,07%2024-07: 0,60%2024-08: 0,57%2024-09: -1,88%2024-10: 3,28%2024-11: 6,75%2024-12: 0,13%2025-01: 0,36%2025-02: -0,92%2025-03: 1,48%2025-04: 0,61%2025-05: 2,18%2025-06: -1,90%2025-07: 1,95%2025-08: 3,45%2025-09: -2,18%2025-10: 1,28%2025-11: 1,42%2025-12: 2,57%2026-01: 8,99%2026-02: 3,34%2026-03: -3,20%2026-04: 0,43%2026-05: -2,05%2026-06: -2,23%2026-07: 0,73%2026-08: 1,85%2026-09: 2,22%2026-10: 0,48%

Estado final e diagnóstico

{
  "positions": {
    "PETR4": 12266.75981094738
  },
  "pending_count": 0,
  "cash_brl": 1584139.7799613343,
  "cash_usd": 95798.39174338283,
  "blocks": {
    "caixa-banda-ou-liquidez": 11,
    "closed-execution-calendar": 92,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 147,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 147,
    "partial_buys": 76,
    "partial_sells": 71,
    "monetary_turnover_brl": 47327207.058286704,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.058412209897542124,
    "max_usd_cash_fraction": 0.5588092624453656,
    "retained_closed_market_observations": 632,
    "retained_without_current_signal_observations": 632,
    "avg_absolute_target_gap_fraction": 0.06207340841217861,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1030526.6464556584,
        "risk_nav": 954305.7962743244,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.07396300759760466,
        "total_halted": false,
        "total_high_water": 1030526.6464556584
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1296583.5511033847,
        "risk_nav": 1215239.5669461475,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.06273717115107158,
        "total_halted": false,
        "total_high_water": 1296583.5511033847
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1347101.4155072416,
        "risk_nav": 1268717.9851450347,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.058186732980821776,
        "total_halted": false,
        "total_high_water": 1347101.4155072416
      },
      {
        "day": "2022-10-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1541260.748874073,
        "risk_nav": 1458467.0310483435,
        "session": 711,
        "to": "paused",
        "total_drawdown": 0.053718177074328355,
        "total_halted": false,
        "total_high_water": 1541260.748874073
      },
      {
        "day": "2024-04-30",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2120040.452705405,
        "risk_nav": 2008344.5897883833,
        "session": 1085,
        "to": "paused",
        "total_drawdown": 0.052685722470288576,
        "total_halted": false,
        "total_high_water": 2120040.452705405
      },
      {
        "day": "2025-09-25",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2454227.0416466594,
        "risk_nav": 2323660.6466871155,
        "session": 1440,
        "to": "paused",
        "total_drawdown": 0.05320061784990382,
        "total_halted": false,
        "total_high_water": 2454227.0416466594
      },
      {
        "day": "2026-03-06",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2802867.1089546843,
        "risk_nav": 2662329.8997312333,
        "session": 1551,
        "to": "paused",
        "total_drawdown": 0.05014051817671217,
        "total_halted": false,
        "total_high_water": 2802867.1089546843
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · Ordens-filhas

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 1322294.6965223001,
    "cash_interest": 771052.3174393085,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 18452.281698314473,
    "fx_cost_effect": -48417.56587473082
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim14,68%2,74%11,94 ppnão
2021sim23,43%4,42%19,01 ppsim
2022sim14,84%12,39%2,45 ppnão
2023sim24,09%13,04%11,05 ppnão
2024sim25,52%10,88%14,64 ppnão
2025sim12,83%14,32%-1,49 ppnão
2026parcial7,23%11,46%-4,24 ppnão

Resultados mensais

2020-01: -2,61%2020-02: -0,66%2020-03: 0,26%2020-04: 0,17%2020-05: 0,45%2020-06: 0,44%2020-07: 3,22%2020-08: 3,67%2020-09: -0,47%2020-10: 0,85%2020-11: 4,58%2020-12: 4,14%2021-01: 8,93%2021-02: 5,02%2021-03: 8,52%2021-04: -2,20%2021-05: 0,46%2021-06: -0,51%2021-07: -0,73%2021-08: -0,59%2021-09: -0,54%2021-10: 4,57%2021-11: -0,04%2021-12: -0,87%2022-01: -0,24%2022-02: 0,53%2022-03: 0,74%2022-04: -3,17%2022-05: 3,55%2022-06: -1,10%2022-07: 4,36%2022-08: 5,79%2022-09: -1,99%2022-10: 3,72%2022-11: 1,00%2022-12: 1,12%2023-01: 1,10%2023-02: -0,67%2023-03: 0,13%2023-04: 0,82%2023-05: -0,36%2023-06: 5,86%2023-07: 2,11%2023-08: 2,51%2023-09: 2,93%2023-10: 1,29%2023-11: 3,16%2023-12: 3,09%2024-01: 2,20%2024-02: 8,19%2024-03: 2,90%2024-04: -3,32%2024-05: 1,67%2024-06: 2,69%2024-07: -0,14%2024-08: 1,14%2024-09: -2,67%2024-10: 2,99%2024-11: 7,54%2024-12: 0,37%2025-01: -0,73%2025-02: -1,01%2025-03: 1,08%2025-04: 1,65%2025-05: 2,30%2025-06: -2,09%2025-07: -0,94%2025-08: 1,14%2025-09: 0,46%2025-10: 2,66%2025-11: 2,68%2025-12: 5,15%2026-01: 8,37%2026-02: 2,38%2026-03: -3,90%2026-04: -0,07%2026-05: -2,94%2026-06: -0,61%2026-07: 1,22%2026-08: 2,15%2026-09: 2,31%2026-10: -1,38%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 3178.291167756886,
    "PETR4": 9923.638645564892
  },
  "pending_count": 2,
  "cash_brl": 1458687.4455387988,
  "cash_usd": 103620.2366355182,
  "blocks": {
    "caixa-banda-ou-liquidez": 25,
    "child-authorization-expired": 30,
    "closed-execution-calendar": 302,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 226,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 226,
    "partial_buys": 122,
    "partial_sells": 104,
    "monetary_turnover_brl": 71882382.63657425,
    "child_instructions": 291,
    "avg_usd_cash_fraction": 0.08348725665252679,
    "max_usd_cash_fraction": 0.6187404557056616,
    "retained_closed_market_observations": 655,
    "retained_without_current_signal_observations": 655,
    "avg_absolute_target_gap_fraction": 0.04650876611572405,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1012307.6769353761,
        "risk_nav": 923054.0809316002,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.08816844723926132,
        "total_halted": false,
        "total_high_water": 1012307.6769353761
      },
      {
        "day": "2021-04-24",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1475587.1814919496,
        "risk_nav": 1391794.212819724,
        "session": 327,
        "to": "paused",
        "total_drawdown": 0.05678618635566035,
        "total_halted": false,
        "total_high_water": 1475587.1814919496
      },
      {
        "day": "2022-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1669013.4042014051,
        "risk_nav": 1585093.4727578522,
        "session": 708,
        "to": "paused",
        "total_drawdown": 0.05028116085365253,
        "total_halted": false,
        "total_high_water": 1669013.4042014051
      },
      {
        "day": "2025-08-02",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2645637.078721285,
        "risk_nav": 2508331.6708255466,
        "session": 1401,
        "to": "paused",
        "total_drawdown": 0.05189880690744708,
        "total_halted": false,
        "total_high_water": 2645637.078721285
      },
      {
        "day": "2026-03-05",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 3226030.6390981255,
        "risk_nav": 3046200.1129838936,
        "session": 1550,
        "to": "paused",
        "total_drawdown": 0.055743589020749496,
        "total_halted": false,
        "total_high_water": 3226030.6390981255
      },
      {
        "day": "2026-06-05",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 3226030.6390981255,
        "risk_nav": 2913689.2058784384,
        "session": 1612,
        "to": "paused",
        "total_drawdown": 0.09681911555155154,
        "total_halted": false,
        "total_high_water": 3226030.6390981255
      },
      {
        "day": "2026-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 3226030.6390981255,
        "risk_nav": 3063381.7297851923,
        "session": 1711,
        "to": "paused",
        "total_drawdown": 0.05041765795454556,
        "total_halted": false,
        "total_high_water": 3226030.6390981255
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · Candidata CR10

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 1010810.364914163,
    "cash_interest": 700222.187632464,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 30009.93660743656,
    "fx_cost_effect": -51259.19622679933
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim16,50%2,74%13,76 ppnão
2021sim13,10%4,42%8,68 ppnão
2022sim12,43%12,39%0,04 ppnão
2023sim23,66%13,04%10,62 ppnão
2024sim18,39%10,88%7,51 ppnão
2025sim12,84%14,32%-1,49 ppnão
2026parcial9,91%11,46%-1,55 ppnão

Resultados mensais

2020-01: -1,41%2020-02: -0,28%2020-03: 1,77%2020-04: 0,17%2020-05: 0,45%2020-06: 0,43%2020-07: 3,45%2020-08: 4,70%2020-09: -1,22%2020-10: 1,14%2020-11: 1,46%2020-12: 4,95%2021-01: 5,94%2021-02: 0,13%2021-03: 2,65%2021-04: 2,57%2021-05: -1,42%2021-06: 0,24%2021-07: -1,49%2021-08: 1,40%2021-09: -1,19%2021-10: 5,91%2021-11: 1,01%2021-12: -2,96%2022-01: 0,82%2022-02: 0,09%2022-03: -3,26%2022-04: 0,15%2022-05: 2,06%2022-06: -0,95%2022-07: 5,58%2022-08: 5,85%2022-09: -2,18%2022-10: 1,97%2022-11: 0,89%2022-12: 1,12%2023-01: 0,92%2023-02: 0,07%2023-03: -0,09%2023-04: 1,26%2023-05: -1,32%2023-06: 5,93%2023-07: 2,13%2023-08: 2,53%2023-09: 2,96%2023-10: 0,98%2023-11: 3,16%2023-12: 3,09%2024-01: 2,20%2024-02: 8,23%2024-03: 2,60%2024-04: -5,25%2024-05: 0,54%2024-06: 2,11%2024-07: 0,04%2024-08: -0,11%2024-09: -1,53%2024-10: 2,49%2024-11: 6,92%2024-12: -0,56%2025-01: -0,42%2025-02: -1,22%2025-03: 1,26%2025-04: 2,53%2025-05: 2,28%2025-06: -2,34%2025-07: 0,18%2025-08: -0,50%2025-09: 0,34%2025-10: 2,44%2025-11: 2,69%2025-12: 5,13%2026-01: 8,34%2026-02: 2,90%2026-03: -3,92%2026-04: -0,09%2026-05: -3,01%2026-06: -0,60%2026-07: 1,11%2026-08: 1,90%2026-09: 2,93%2026-10: 0,46%

Estado final e diagnóstico

{
  "positions": {
    "PETR4": 12774.917374177507
  },
  "pending_count": 0,
  "cash_brl": 1529099.3989459947,
  "cash_usd": 93767.26129295147,
  "blocks": {
    "autonomia-ou-dados-bloquearam": 1,
    "caixa-banda-ou-liquidez": 27,
    "child-authorization-expired": 48,
    "closed-execution-calendar": 194,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 163,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 163,
    "partial_buys": 84,
    "partial_sells": 79,
    "monetary_turnover_brl": 52271217.365845054,
    "child_instructions": 309,
    "avg_usd_cash_fraction": 0.06382978171336301,
    "max_usd_cash_fraction": 0.6042742555661741,
    "retained_closed_market_observations": 654,
    "retained_without_current_signal_observations": 654,
    "avg_absolute_target_gap_fraction": 0.04734003839456635,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1028453.8650704063,
        "risk_nav": 948397.2985015623,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.0778416701884469,
        "total_halted": false,
        "total_high_water": 1028453.8650704063
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1299728.6387260747,
        "risk_nav": 1218403.18074979,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.0625711056547893,
        "total_halted": false,
        "total_high_water": 1299728.6387260747
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1349916.6902695799,
        "risk_nav": 1274344.3899343046,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.05598293648786823,
        "total_halted": false,
        "total_high_water": 1349916.6902695799
      },
      {
        "day": "2022-03-14",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1363965.9528095822,
        "risk_nav": 1293308.59091947,
        "session": 551,
        "to": "paused",
        "total_drawdown": 0.051802878029739596,
        "total_halted": false,
        "total_high_water": 1363965.9528095822
      },
      {
        "day": "2022-10-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1535183.7155927364,
        "risk_nav": 1451996.3825450619,
        "session": 711,
        "to": "paused",
        "total_drawdown": 0.0541872169452734,
        "total_halted": false,
        "total_high_water": 1535183.7155927364
      },
      {
        "day": "2024-04-30",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2098198.145195813,
        "risk_nav": 1969919.4054756355,
        "session": 1085,
        "to": "paused",
        "total_drawdown": 0.061137571784578015,
        "total_halted": false,
        "total_high_water": 2098198.145195813
      },
      {
        "day": "2025-08-02",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2292226.0193382343,
        "risk_nav": 2170152.408954696,
        "session": 1401,
        "to": "paused",
        "total_drawdown": 0.05325548586992357,
        "total_halted": false,
        "total_high_water": 2292226.0193382343
      },
      {
        "day": "2026-03-05",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2768593.119445279,
        "risk_nav": 2620755.1707751015,
        "session": 1550,
        "to": "paused",
        "total_drawdown": 0.05339822151251983,
        "total_halted": false,
        "total_high_water": 2768593.119445279
      },
      {
        "day": "2026-06-05",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2768593.119445279,
        "risk_nav": 2504903.2642557644,
        "session": 1612,
        "to": "paused",
        "total_drawdown": 0.09524326754172818,
        "total_halted": false,
        "total_high_water": 2768593.119445279
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · CR10 + IVVB11

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 1128970.0460074458,
    "cash_interest": 677373.0105160051,
    "reserve_interest": 0.0,
    "cash_receivable_fx": -32342.130103553125,
    "fx_cost_effect": -30748.155126462512
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim14,51%2,74%11,77 ppnão
2021sim11,52%4,42%7,10 ppnão
2022sim15,08%12,39%2,69 ppnão
2023sim23,66%13,04%10,62 ppnão
2024sim19,40%10,88%8,53 ppnão
2025sim16,37%14,32%2,05 ppnão
2026parcial8,63%11,46%-2,83 ppnão

Resultados mensais

2020-01: -1,15%2020-02: -0,00%2020-03: -0,68%2020-04: 0,17%2020-05: 0,36%2020-06: 0,55%2020-07: 3,47%2020-08: 4,42%2020-09: -1,32%2020-10: 1,12%2020-11: 1,74%2020-12: 5,20%2021-01: 5,60%2021-02: 0,13%2021-03: 2,10%2021-04: 2,83%2021-05: -1,49%2021-06: 0,24%2021-07: -1,49%2021-08: 0,85%2021-09: -0,68%2021-10: 4,89%2021-11: 1,25%2021-12: -2,91%2022-01: 1,55%2022-02: 0,09%2022-03: -3,07%2022-04: 0,12%2022-05: 1,93%2022-06: -0,97%2022-07: 5,67%2022-08: 5,77%2022-09: -1,76%2022-10: 3,06%2022-11: 1,00%2022-12: 1,12%2023-01: 0,92%2023-02: 0,07%2023-03: -0,09%2023-04: 1,26%2023-05: -1,32%2023-06: 5,93%2023-07: 2,13%2023-08: 2,53%2023-09: 2,96%2023-10: 0,98%2023-11: 3,16%2023-12: 3,09%2024-01: 2,20%2024-02: 8,23%2024-03: 2,77%2024-04: -5,15%2024-05: 0,52%2024-06: 2,15%2024-07: -0,24%2024-08: 0,48%2024-09: -1,42%2024-10: 2,34%2024-11: 6,87%2024-12: -0,22%2025-01: -0,85%2025-02: -1,19%2025-03: 1,68%2025-04: 3,19%2025-05: 2,28%2025-06: -1,32%2025-07: 0,35%2025-08: 3,10%2025-09: -0,93%2025-10: 2,90%2025-11: 1,92%2025-12: 4,34%2026-01: 7,08%2026-02: 3,04%2026-03: -4,09%2026-04: 0,36%2026-05: -2,37%2026-06: -2,27%2026-07: 1,21%2026-08: 2,73%2026-09: 1,86%2026-10: 1,21%

Estado final e diagnóstico

{
  "positions": {
    "PETR4": 12807.943757061214
  },
  "pending_count": 0,
  "cash_brl": 1651691.8591440073,
  "cash_usd": 79692.89335184905,
  "blocks": {
    "caixa-banda-ou-liquidez": 37,
    "child-authorization-expired": 53,
    "closed-execution-calendar": 191,
    "liquidez-relativa-insuficiente": 3,
    "menos-de-dois-horizontes-acima-cdi": 1750,
    "preco-abaixo-media200": 5135,
    "restante-cancelado": 161,
    "sem-barra-nativa-atual": 4723,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1668,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 161,
    "partial_buys": 83,
    "partial_sells": 78,
    "monetary_turnover_brl": 52468691.182843655,
    "child_instructions": 320,
    "avg_usd_cash_fraction": 0.05564990922852055,
    "max_usd_cash_fraction": 0.4314080149320494,
    "retained_closed_market_observations": 674,
    "retained_without_current_signal_observations": 665,
    "avg_absolute_target_gap_fraction": 0.04691844498264067,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1037399.9873381258,
        "risk_nav": 949230.6153434034,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.0849907201377137,
        "total_halted": false,
        "total_high_water": 1037399.9873381258
      },
      {
        "day": "2021-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1273939.8113444885,
        "risk_nav": 1195521.6217646808,
        "session": 265,
        "to": "paused",
        "total_drawdown": 0.06155564719894169,
        "total_halted": false,
        "total_high_water": 1273939.8113444885
      },
      {
        "day": "2021-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1316583.6333840871,
        "risk_nav": 1244175.8154884647,
        "session": 345,
        "to": "paused",
        "total_drawdown": 0.054996747688187964,
        "total_halted": false,
        "total_high_water": 1316583.6333840871
      },
      {
        "day": "2022-03-15",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1317226.8696947442,
        "risk_nav": 1249459.36506174,
        "session": 552,
        "to": "paused",
        "total_drawdown": 0.051447101628521175,
        "total_halted": false,
        "total_high_water": 1317226.8696947442
      },
      {
        "day": "2022-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1513591.7311595497,
        "risk_nav": 1433217.1583420774,
        "session": 708,
        "to": "paused",
        "total_drawdown": 0.05310188418900652,
        "total_halted": false,
        "total_high_water": 1513591.7311595497
      },
      {
        "day": "2024-04-30",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2081573.4200242774,
        "risk_nav": 1959525.0699180523,
        "session": 1085,
        "to": "paused",
        "total_drawdown": 0.058632738548708874,
        "total_halted": false,
        "total_high_water": 2081573.4200242774
      },
      {
        "day": "2026-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2810871.26473103,
        "risk_nav": 2662425.984026705,
        "session": 1555,
        "to": "paused",
        "total_drawdown": 0.052811127484534426,
        "total_halted": false,
        "total_high_water": 2810871.26473103
      },
      {
        "day": "2026-06-24",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2810871.26473103,
        "risk_nav": 2550881.3303820635,
        "session": 1625,
        "to": "paused",
        "total_drawdown": 0.09249442961374632,
        "total_halted": false,
        "total_high_water": 2810871.26473103
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {
      "SPY": "IVVB11"
    }
  }
}
2020-2026 · CR9 original

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 807890.0032893617,
    "cash_interest": 755859.7703921931,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 169882.80259126984,
    "fx_cost_effect": -70039.01786623232
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim15,65%2,74%12,91 ppnão
2021sim19,75%4,42%15,33 ppsim
2022sim16,32%12,39%3,93 ppnão
2023sim18,70%13,04%5,66 ppnão
2024sim14,67%10,88%3,79 ppnão
2025sim15,15%14,32%0,83 ppnão
2026parcial5,50%11,46%-5,97 ppnão

Resultados mensais

2020-01: -1,33%2020-02: 0,32%2020-03: -0,06%2020-04: 0,28%2020-05: 0,24%2020-06: 0,48%2020-07: 1,41%2020-08: 4,94%2020-09: -1,02%2020-10: 1,03%2020-11: 3,16%2020-12: 5,43%2021-01: 8,08%2021-02: 4,35%2021-03: -0,14%2021-04: 0,21%2021-05: 0,30%2021-06: -1,96%2021-07: 0,97%2021-08: 1,20%2021-09: -1,07%2021-10: 8,88%2021-11: 0,41%2021-12: -2,37%2022-01: -0,70%2022-02: 0,76%2022-03: 0,93%2022-04: 0,21%2022-05: 2,14%2022-06: -0,90%2022-07: 4,55%2022-08: 5,98%2022-09: -2,05%2022-10: 2,49%2022-11: 0,97%2022-12: 1,12%2023-01: 1,23%2023-02: -0,93%2023-03: -0,99%2023-04: 0,78%2023-05: -0,46%2023-06: 5,43%2023-07: 1,11%2023-08: -0,22%2023-09: 3,16%2023-10: 1,77%2023-11: 2,86%2023-12: 3,74%2024-01: 1,50%2024-02: 5,76%2024-03: 2,19%2024-04: -2,51%2024-05: 1,26%2024-06: 0,05%2024-07: -0,37%2024-08: 1,29%2024-09: -2,39%2024-10: 2,68%2024-11: 6,50%2024-12: -1,75%2025-01: -0,41%2025-02: -1,27%2025-03: 1,13%2025-04: 2,39%2025-05: 0,88%2025-06: 1,16%2025-07: 1,91%2025-08: 4,02%2025-09: 2,04%2025-10: 0,02%2025-11: 1,09%2025-12: 1,32%2026-01: 7,41%2026-02: 3,50%2026-03: -2,12%2026-04: -1,14%2026-05: -1,77%2026-06: 0,91%2026-07: 1,12%2026-08: 1,76%2026-09: 0,96%2026-10: -4,76%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 2707.876381985765,
    "ITUB4": 5838.074747459445,
    "PETR4": 7201.987109477132
  },
  "pending_count": 3,
  "cash_brl": 854556.7785496166,
  "cash_usd": 141067.14263630696,
  "blocks": {
    "caixa-banda-ou-liquidez": 2,
    "liquidez-relativa-insuficiente": 53,
    "menos-de-dois-horizontes-acima-cdi": 2650,
    "preco-abaixo-media200": 7280,
    "restante-cancelado": 237,
    "sem-barra-nativa-atual": 7831,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 2697,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 237,
    "partial_buys": 144,
    "partial_sells": 93,
    "monetary_turnover_brl": 96308920.37211868,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.0951549825625046,
    "max_usd_cash_fraction": 0.6193151624118868,
    "retained_closed_market_observations": 0,
    "retained_without_current_signal_observations": 640,
    "avg_absolute_target_gap_fraction": 0.1751369683090252,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1030785.8941876825,
        "risk_nav": 949559.9648938117,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.07880000080703609,
        "total_halted": false,
        "total_high_water": 1030785.8941876825
      },
      {
        "day": "2021-03-24",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1359147.9478619695,
        "risk_nav": 1284349.4073400772,
        "session": 307,
        "to": "paused",
        "total_drawdown": 0.05503340577422444,
        "total_halted": false,
        "total_high_water": 1359147.9478619695
      },
      {
        "day": "2022-01-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1442893.720451847,
        "risk_nav": 1367059.9331974792,
        "session": 517,
        "to": "paused",
        "total_drawdown": 0.05255673801852856,
        "total_halted": false,
        "total_high_water": 1442893.720451847
      },
      {
        "day": "2022-10-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1661850.7858934484,
        "risk_nav": 1577710.396115037,
        "session": 711,
        "to": "paused",
        "total_drawdown": 0.0506305322310725,
        "total_halted": false,
        "total_high_water": 1661850.7858934484
      },
      {
        "day": "2025-04-04",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2241855.043370283,
        "risk_nav": 2122041.9200674687,
        "session": 1320,
        "to": "paused",
        "total_drawdown": 0.05344374234058147,
        "total_halted": false,
        "total_high_water": 2241855.043370283
      },
      {
        "day": "2025-10-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2608989.532033027,
        "risk_nav": 2471670.3945252253,
        "session": 1458,
        "to": "paused",
        "total_drawdown": 0.05263307338791712,
        "total_halted": false,
        "total_high_water": 2608989.532033027
      },
      {
        "day": "2026-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2809108.9743191446,
        "risk_nav": 2660061.518984034,
        "session": 1600,
        "to": "paused",
        "total_drawdown": 0.05305862346306289,
        "total_halted": false,
        "total_high_water": 2809108.9743191446
      },
      {
        "day": "2026-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2855745.9057663204,
        "risk_nav": 2663593.5584065923,
        "session": 1711,
        "to": "paused",
        "total_drawdown": 0.06728622002809637,
        "total_halted": false,
        "total_high_water": 2855745.9057663204
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2020-2026 · CR9 corrigida

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 743949.1777665366,
    "cash_interest": 706122.3943259387,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 47731.43485313571,
    "fx_cost_effect": -65111.415351849035
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2020sim15,15%2,74%12,41 ppnão
2021sim17,99%4,42%13,57 ppnão
2022sim15,88%12,39%3,49 ppnão
2023sim18,09%13,04%5,05 ppnão
2024sim10,81%10,88%-0,07 ppnão
2025sim11,60%14,32%-2,72 ppnão
2026parcial5,80%11,46%-5,66 ppnão

Resultados mensais

2020-01: -1,50%2020-02: 0,04%2020-03: -0,14%2020-04: 0,29%2020-05: 0,24%2020-06: 0,50%2020-07: 1,47%2020-08: 4,94%2020-09: -1,03%2020-10: 1,03%2020-11: 3,17%2020-12: 5,43%2021-01: 8,07%2021-02: 4,35%2021-03: -0,31%2021-04: 0,21%2021-05: 0,30%2021-06: -1,88%2021-07: 0,78%2021-08: 1,07%2021-09: -1,25%2021-10: 7,71%2021-11: 0,47%2021-12: -2,22%2022-01: -1,27%2022-02: 0,90%2022-03: 0,93%2022-04: 0,22%2022-05: 2,14%2022-06: -0,89%2022-07: 4,55%2022-08: 5,98%2022-09: -2,05%2022-10: 2,50%2022-11: 0,99%2022-12: 1,12%2023-01: 1,23%2023-02: -0,93%2023-03: -0,98%2023-04: 0,79%2023-05: -1,02%2023-06: 5,43%2023-07: 1,11%2023-08: -0,20%2023-09: 3,16%2023-10: 1,77%2023-11: 2,86%2023-12: 3,74%2024-01: 1,51%2024-02: 5,76%2024-03: 2,19%2024-04: -2,49%2024-05: 1,26%2024-06: -0,21%2024-07: -0,37%2024-08: -2,57%2024-09: 0,41%2024-10: 1,42%2024-11: 5,90%2024-12: -2,09%2025-01: -0,20%2025-02: -0,97%2025-03: 1,40%2025-04: 0,49%2025-05: 1,66%2025-06: -1,26%2025-07: 2,08%2025-08: 3,25%2025-09: 1,74%2025-10: 0,53%2025-11: 1,09%2025-12: 1,31%2026-01: 7,42%2026-02: 3,36%2026-03: -1,80%2026-04: -1,15%2026-05: -1,92%2026-06: 0,90%2026-07: 1,12%2026-08: 1,76%2026-09: 1,05%2026-10: -4,59%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 2473.2000016799866,
    "ITUB4": 5331.7922697304675,
    "PETR4": 6570.840623716411
  },
  "pending_count": 3,
  "cash_brl": 876584.5756768084,
  "cash_usd": 109832.90680588452,
  "blocks": {
    "caixa-banda-ou-liquidez": 2,
    "closed-execution-calendar": 260,
    "liquidez-relativa-insuficiente": 53,
    "menos-de-dois-horizontes-acima-cdi": 2650,
    "preco-abaixo-media200": 7280,
    "restante-cancelado": 242,
    "sem-barra-nativa-atual": 7831,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 2697,
    "volume-observado-invalido": 19
  },
  "diagnostics": {
    "partial_fills": 242,
    "partial_buys": 145,
    "partial_sells": 97,
    "monetary_turnover_brl": 92220901.90620567,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.1083796033169223,
    "max_usd_cash_fraction": 0.5974124694731449,
    "retained_closed_market_observations": 642,
    "retained_without_current_signal_observations": 644,
    "avg_absolute_target_gap_fraction": 0.17408934146877492,
    "soft_pause_episodes": [
      {
        "day": "2020-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1028234.2469962796,
        "risk_nav": 943794.9894290502,
        "session": 49,
        "to": "paused",
        "total_drawdown": 0.082120643047921,
        "total_halted": false,
        "total_high_water": 1028234.2469962796
      },
      {
        "day": "2021-03-24",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1353199.4031171377,
        "risk_nav": 1278858.582730187,
        "session": 307,
        "to": "paused",
        "total_drawdown": 0.05493707742975962,
        "total_halted": false,
        "total_high_water": 1353199.4031171377
      },
      {
        "day": "2022-01-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1412090.6464945439,
        "risk_nav": 1341469.725799773,
        "session": 523,
        "to": "paused",
        "total_drawdown": 0.0500116057493083,
        "total_halted": false,
        "total_high_water": 1412090.6464945439
      },
      {
        "day": "2022-10-31",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1623704.33675178,
        "risk_nav": 1541658.963211402,
        "session": 711,
        "to": "paused",
        "total_drawdown": 0.050529749587606365,
        "total_halted": false,
        "total_high_water": 1623704.33675178
      },
      {
        "day": "2024-08-10",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2046001.0048876891,
        "risk_nav": 1943555.0104630715,
        "session": 1156,
        "to": "paused",
        "total_drawdown": 0.05007133143135534,
        "total_halted": false,
        "total_high_water": 2046001.0048876891
      },
      {
        "day": "2025-10-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2378484.58941904,
        "risk_nav": 2249762.756152838,
        "session": 1458,
        "to": "paused",
        "total_drawdown": 0.05411926309669424,
        "total_halted": false,
        "total_high_water": 2378484.58941904
      },
      {
        "day": "2026-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2555579.835857271,
        "risk_nav": 2422469.243355779,
        "session": 1600,
        "to": "paused",
        "total_drawdown": 0.05208625871664074,
        "total_halted": false,
        "total_high_water": 2555579.835857271
      },
      {
        "day": "2026-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 2603690.279481089,
        "risk_nav": 2432691.591593762,
        "session": 1711,
        "to": "paused",
        "total_drawdown": 0.0656755103458031,
        "total_halted": false,
        "total_high_water": 2603690.279481089
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2024-2026 · Referência corrigida

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 149238.99762639546,
    "cash_interest": 185505.06626684265,
    "reserve_interest": 0.0,
    "cash_receivable_fx": -18684.132734643666,
    "fx_cost_effect": -9063.412266199603
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2024parcial8,31%6,54%1,77 ppnão
2025sim9,88%14,32%-4,45 ppnão
2026parcial9,82%11,46%-1,64 ppnão

Resultados mensais

2024-05: -0,46%2024-06: 0,80%2024-07: 0,22%2024-08: 0,82%2024-09: -2,60%2024-10: 2,89%2024-11: 6,85%2024-12: -0,23%2025-01: -0,02%2025-02: -0,98%2025-03: 1,43%2025-04: 0,55%2025-05: 2,18%2025-06: -2,01%2025-07: 1,96%2025-08: 3,45%2025-09: -2,18%2025-10: 1,28%2025-11: 1,42%2025-12: 2,57%2026-01: 8,99%2026-02: 1,82%2026-03: -2,81%2026-04: 0,89%2026-05: -1,29%2026-06: -2,15%2026-07: 0,74%2026-08: 1,85%2026-09: 2,22%2026-10: -0,38%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 1220.1781502325782,
    "ITUB4": 3134.754530539387,
    "PETR4": 3995.232288707493
  },
  "pending_count": 2,
  "cash_brl": 501329.93111298676,
  "cash_usd": 49487.08479116883,
  "blocks": {
    "caixa-banda-ou-liquidez": 7,
    "closed-execution-calendar": 68,
    "liquidez-relativa-insuficiente": 2,
    "menos-de-dois-horizontes-acima-cdi": 697,
    "preco-abaixo-media200": 1750,
    "restante-cancelado": 106,
    "sem-barra-nativa-atual": 1679,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 794
  },
  "diagnostics": {
    "partial_fills": 106,
    "partial_buys": 60,
    "partial_sells": 46,
    "monetary_turnover_brl": 18128642.968927935,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.12579229718099086,
    "max_usd_cash_fraction": 0.5804591766706088,
    "retained_closed_market_observations": 232,
    "retained_without_current_signal_observations": 232,
    "avg_absolute_target_gap_fraction": 0.18924593304357037,
    "soft_pause_episodes": [
      {
        "day": "2025-09-25",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1183210.6547479576,
        "risk_nav": 1120276.2624322886,
        "session": 343,
        "to": "paused",
        "total_drawdown": 0.05318950777118803,
        "total_halted": false,
        "total_high_water": 1183210.6547479576
      },
      {
        "day": "2026-03-13",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1336141.5993043464,
        "risk_nav": 1269010.093082914,
        "session": 459,
        "to": "paused",
        "total_drawdown": 0.05024280828946881,
        "total_halted": false,
        "total_high_water": 1336141.5993043464
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2024-2026 · Candidata CR10

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 306084.8862968062,
    "cash_interest": 184726.60690909333,
    "reserve_interest": 0.0,
    "cash_receivable_fx": 10650.484605710313,
    "fx_cost_effect": -13025.411611677147
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2024parcial16,19%6,54%9,64 ppnão
2025sim16,47%14,32%2,15 ppnão
2026parcial9,99%11,46%-1,47 ppnão

Resultados mensais

2024-05: -0,34%2024-06: 4,48%2024-07: -0,01%2024-08: 0,68%2024-09: -0,65%2024-10: 4,38%2024-11: 7,47%2024-12: -0,54%2025-01: -0,72%2025-02: -1,37%2025-03: 1,17%2025-04: 1,54%2025-05: 0,67%2025-06: -0,85%2025-07: 2,00%2025-08: 3,69%2025-09: -1,02%2025-10: 2,66%2025-11: 2,53%2025-12: 5,28%2026-01: 7,88%2026-02: 2,74%2026-03: -3,92%2026-04: -0,09%2026-05: -3,01%2026-06: -0,60%2026-07: 1,22%2026-08: 2,80%2026-09: 2,55%2026-10: 0,50%

Estado final e diagnóstico

{
  "positions": {
    "PETR4": 6785.496697112765
  },
  "pending_count": 0,
  "cash_brl": 858426.8083434874,
  "cash_usd": 52485.69556907263,
  "blocks": {
    "caixa-banda-ou-liquidez": 26,
    "child-authorization-expired": 27,
    "closed-execution-calendar": 99,
    "liquidez-relativa-insuficiente": 2,
    "menos-de-dois-horizontes-acima-cdi": 697,
    "preco-abaixo-media200": 1750,
    "restante-cancelado": 87,
    "sem-barra-nativa-atual": 1679,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 794
  },
  "diagnostics": {
    "partial_fills": 87,
    "partial_buys": 45,
    "partial_sells": 42,
    "monetary_turnover_brl": 15973018.464417776,
    "child_instructions": 164,
    "avg_usd_cash_fraction": 0.12297444310333697,
    "max_usd_cash_fraction": 0.6543010185521784,
    "retained_closed_market_observations": 242,
    "retained_without_current_signal_observations": 242,
    "avg_absolute_target_gap_fraction": 0.06386920969893371,
    "soft_pause_episodes": [
      {
        "day": "2025-04-04",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1181175.9126643627,
        "risk_nav": 1121899.317094725,
        "session": 223,
        "to": "paused",
        "total_drawdown": 0.05018439246354778,
        "total_halted": false,
        "total_high_water": 1181175.9126643627
      },
      {
        "day": "2026-03-05",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1523668.5499176322,
        "risk_nav": 1441355.1537386389,
        "session": 453,
        "to": "paused",
        "total_drawdown": 0.054023164147768976,
        "total_halted": false,
        "total_high_water": 1523668.5499176322
      },
      {
        "day": "2026-06-05",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1523668.5499176322,
        "risk_nav": 1377084.8494184953,
        "session": 515,
        "to": "paused",
        "total_drawdown": 0.09620445372260333,
        "total_halted": false,
        "total_high_water": 1523668.5499176322
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2024-2026 · CR10 + IVVB11

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 297892.29841322475,
    "cash_interest": 158498.7195125014,
    "reserve_interest": 0.0,
    "cash_receivable_fx": -29911.55064749648,
    "fx_cost_effect": -6112.607951917365
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2024parcial12,38%6,54%5,83 ppnão
2025sim16,35%14,32%2,02 ppnão
2026parcial8,63%11,46%-2,83 ppnão

Resultados mensais

2024-05: -0,13%2024-06: 4,36%2024-07: -0,23%2024-08: 0,13%2024-09: -1,80%2024-10: 2,92%2024-11: 7,02%2024-12: -0,22%2025-01: -0,90%2025-02: -1,18%2025-03: 1,69%2025-04: 3,20%2025-05: 2,28%2025-06: -1,31%2025-07: 0,35%2025-08: 3,10%2025-09: -0,93%2025-10: 2,90%2025-11: 1,92%2025-12: 4,34%2026-01: 7,08%2026-02: 3,04%2026-03: -4,09%2026-04: 0,36%2026-05: -2,37%2026-06: -2,27%2026-07: 1,21%2026-08: 2,73%2026-09: 1,86%2026-10: 1,21%

Estado final e diagnóstico

{
  "positions": {
    "PETR4": 6631.535758940516
  },
  "pending_count": 0,
  "cash_brl": 855192.2021538961,
  "cash_usd": 41262.382316822506,
  "blocks": {
    "caixa-banda-ou-liquidez": 27,
    "child-authorization-expired": 33,
    "closed-execution-calendar": 96,
    "liquidez-relativa-insuficiente": 2,
    "menos-de-dois-horizontes-acima-cdi": 697,
    "preco-abaixo-media200": 1750,
    "restante-cancelado": 88,
    "sem-barra-nativa-atual": 1679,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 794
  },
  "diagnostics": {
    "partial_fills": 88,
    "partial_buys": 48,
    "partial_sells": 40,
    "monetary_turnover_brl": 16259329.105917461,
    "child_instructions": 169,
    "avg_usd_cash_fraction": 0.12227249247288206,
    "max_usd_cash_fraction": 0.431368721813067,
    "retained_closed_market_observations": 266,
    "retained_without_current_signal_observations": 261,
    "avg_absolute_target_gap_fraction": 0.06994072661855164,
    "soft_pause_episodes": [
      {
        "day": "2026-03-12",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1455377.5305143883,
        "risk_nav": 1378517.3825760905,
        "session": 458,
        "to": "paused",
        "total_drawdown": 0.05281114097668693,
        "total_halted": false,
        "total_high_water": 1455377.5305143883
      },
      {
        "day": "2026-06-24",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1455377.5305143883,
        "risk_nav": 1320763.1982234628,
        "session": 528,
        "to": "paused",
        "total_drawdown": 0.09249444179844357,
        "total_halted": false,
        "total_high_water": 1455377.5305143883
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {
      "SPY": "IVVB11"
    }
  }
}
2024-2026 · CR9 original

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 141994.70534415494,
    "cash_interest": 149038.26123759753,
    "reserve_interest": 0.0,
    "cash_receivable_fx": -31335.49000103369,
    "fx_cost_effect": -17286.123655553685
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2024parcial7,51%6,54%0,96 ppnão
2025sim9,54%14,32%-4,78 ppnão
2026parcial5,50%11,46%-5,97 ppnão

Resultados mensais

2024-05: -1,06%2024-06: 0,58%2024-07: -0,51%2024-08: 1,41%2024-09: -1,76%2024-10: 3,38%2024-11: 6,63%2024-12: -1,11%2025-01: -0,22%2025-02: -1,24%2025-03: 1,16%2025-04: 0,14%2025-05: 1,69%2025-06: -1,47%2025-07: 2,12%2025-08: 2,90%2025-09: 1,87%2025-10: -0,06%2025-11: 1,09%2025-12: 1,26%2026-01: 7,41%2026-02: 3,50%2026-03: -2,12%2026-04: -1,14%2026-05: -1,77%2026-06: 0,91%2026-07: 1,12%2026-08: 1,76%2026-09: 0,96%2026-10: -4,76%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 1263.0666532480432,
    "COPX": 0.0214122725544712,
    "ITUB4": 2723.1219145085915,
    "PETR4": 3359.3112120523197
  },
  "pending_count": 3,
  "cash_brl": 398601.8193511399,
  "cash_usd": 65797.83316714794,
  "blocks": {
    "caixa-banda-ou-liquidez": 1,
    "liquidez-relativa-insuficiente": 11,
    "menos-de-dois-horizontes-acima-cdi": 1079,
    "preco-abaixo-media200": 2414,
    "restante-cancelado": 148,
    "sem-barra-nativa-atual": 2795,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1224
  },
  "diagnostics": {
    "partial_fills": 148,
    "partial_buys": 90,
    "partial_sells": 58,
    "monetary_turnover_brl": 28658929.804514788,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.195280396911173,
    "max_usd_cash_fraction": 0.7039964918531915,
    "retained_closed_market_observations": 0,
    "retained_without_current_signal_observations": 249,
    "avg_absolute_target_gap_fraction": 0.24049729076555962,
    "soft_pause_episodes": [
      {
        "day": "2025-10-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1225420.1284446588,
        "risk_nav": 1155008.9781505521,
        "session": 361,
        "to": "paused",
        "total_drawdown": 0.0574587838568269,
        "total_halted": false,
        "total_high_water": 1225420.1284446588
      },
      {
        "day": "2026-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1310287.2995756785,
        "risk_nav": 1240765.1636611249,
        "session": 503,
        "to": "paused",
        "total_drawdown": 0.05305869631573745,
        "total_halted": false,
        "total_high_water": 1310287.2995756785
      },
      {
        "day": "2026-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1332040.6013209033,
        "risk_nav": 1242411.352925165,
        "session": 614,
        "to": "paused",
        "total_drawdown": 0.06728717451019006,
        "total_halted": false,
        "total_high_water": 1332040.6013209033
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}
2024-2026 · CR9 corrigida

Revisão da identidade financeira: reconciled

{
  "status": "reconciled",
  "parts": {
    "initial": 1000000.0,
    "assets_net_trading": 140296.3028781054,
    "cash_interest": 157382.10039614976,
    "reserve_interest": 0.0,
    "cash_receivable_fx": -29182.7917431171,
    "fx_cost_effect": -16297.188433864494
  },
  "residual_brl": 0.0,
  "cost_note": "asset PnL already includes trading costs; total costs are not subtracted again"
}

Anos-calendário

AnoCompletoCarteiraCDIExcessoMeta +15
2024parcial7,64%6,54%1,10 ppnão
2025sim9,95%14,32%-4,37 ppnão
2026parcial5,80%11,46%-5,66 ppnão

Resultados mensais

2024-05: -1,06%2024-06: 0,72%2024-07: -0,80%2024-08: 1,38%2024-09: -1,82%2024-10: 3,75%2024-11: 6,62%2024-12: -1,11%2025-01: -0,24%2025-02: -1,22%2025-03: 1,18%2025-04: 0,15%2025-05: 1,58%2025-06: -1,53%2025-07: 2,15%2025-08: 3,05%2025-09: 1,60%2025-10: 0,53%2025-11: 1,09%2025-12: 1,30%2026-01: 7,42%2026-02: 3,36%2026-03: -1,80%2026-04: -1,15%2026-05: -1,92%2026-06: 0,90%2026-07: 1,12%2026-08: 1,76%2026-09: 1,05%2026-10: -4,59%

Estado final e diagnóstico

{
  "positions": {
    "BOVA11": 1273.0496347376757,
    "ITUB4": 2744.4752534638737,
    "PETR4": 3382.2603308505195
  },
  "pending_count": 3,
  "cash_brl": 451211.25389131997,
  "cash_usd": 56535.153564786575,
  "blocks": {
    "caixa-banda-ou-liquidez": 1,
    "closed-execution-calendar": 94,
    "liquidez-relativa-insuficiente": 11,
    "menos-de-dois-horizontes-acima-cdi": 1079,
    "preco-abaixo-media200": 2414,
    "restante-cancelado": 148,
    "sem-barra-nativa-atual": 2795,
    "tendencia-liquida-nao-cobre-cdi-custos-buffer": 1224
  },
  "diagnostics": {
    "partial_fills": 148,
    "partial_buys": 90,
    "partial_sells": 58,
    "monetary_turnover_brl": 28741933.536655966,
    "child_instructions": 0,
    "avg_usd_cash_fraction": 0.2055283982922999,
    "max_usd_cash_fraction": 0.7044448603843265,
    "retained_closed_market_observations": 249,
    "retained_without_current_signal_observations": 249,
    "avg_absolute_target_gap_fraction": 0.24118633242337595,
    "soft_pause_episodes": [
      {
        "day": "2025-10-21",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1226117.9463007627,
        "risk_nav": 1158481.4865225232,
        "session": 361,
        "to": "paused",
        "total_drawdown": 0.055163094205007646,
        "total_halted": false,
        "total_high_water": 1226117.9463007627
      },
      {
        "day": "2026-05-19",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1315453.5979342887,
        "risk_nav": 1246936.6100441488,
        "session": 503,
        "to": "paused",
        "total_drawdown": 0.05208620661172314,
        "total_halted": false,
        "total_high_water": 1315453.5979342887
      },
      {
        "day": "2026-10-26",
        "from": "active",
        "healthy_streak": 0,
        "risk_hwm": 1340217.9188953133,
        "risk_nav": 1252198.4230972736,
        "session": 614,
        "to": "paused",
        "total_drawdown": 0.06567551034580299,
        "total_halted": false,
        "total_high_water": 1340217.9188953133
      }
    ],
    "opportunity_cost_scope": "paired portfolio deltas; tracking gaps are not realized missed profits",
    "forecast_scope": "trend scores are not calibrated probabilities; no new error-based veto",
    "execution_map": {}
  }
}

Comparações e premissas

## 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.