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Some of the Brazilian factor ETFs tracked by DEX PRO closed lower on Friday, September 25. HIGH11 slipped 0.11%, AUVP11 lost 0.44% and DIVO11 fell 0.45%. A stock that had helped some of these funds two sessions earlier now weighed on them: Petrobras.
The Ibovespa declined 0.27% to 183,476.86 points as oil came under pressure and investors assessed September’s IPCA-15 inflation reading, which rose 0.70% after a 0.40% decline in August. Talks between the United States and Iran contributed to the decline in crude; PETR4 lost 2.58% and PRIO3 fell 2.24%.
At the same time, strength appeared outside the oil sector: Magazine Luiza rose 7.30%, Azza3 gained 12.97%, and banks including Itaú and Bradesco ended higher.
HIGH11 (Nu Asset): down 0.11%
HIGH11 selects higher-beta Ibovespa stocks, which tend to react more strongly to market swings. This does not mean the fund must fall more than the index on every negative trading day. Its holdings matter too. In the portfolio examined in DEX’s previous analysis, consumer discretionary accounted for 51.6% and MGLU3 had a weight of about 6%.
Magazine Luiza’s 7.30% rise provided a visible offset to broader market weakness. Gains were uneven among consumer stocks, however: COGN3 fell 2.75% on Friday. HIGH11’s 0.11% decline reflects the net result of a market-sensitive portfolio whose components did not all move together. The fund was still up 1.85% for the week.
AUVP11 (BTG Asset): down 0.44%
AUVP11 combines fundamental screens, including profitability and debt, but its selection process does not eliminate concentration in large positions. In the holdings analyzed by DEX on September 23, PETR4 weighed 14.62% and PETR3 weighed 12.64%: together, the two Petrobras share classes accounted for 27.26%. ITUB4 represented 16.41% and BBDC4 6.93%.
This structure helps explain Friday’s reversal. PETR4 fell 2.58% and PETR3 also declined, while major bank shares rose.
AUVP11 closed down 0.44%, consistent with the opposing effects of a large oil exposure and rising financial stocks. The difference from September 23, when Petrobras had supported the fund, illustrates how the same portfolio structure can produce opposite outcomes within days.
BVBR11 (Investo): down 0.35%
BVBR11 tracks a defensive factor strategy that combines quality, value and lower volatility.
In the manager’s disclosed portfolio, Vale represented 15.30%, Petrobras preferred shares 14.60% and Petrobras common shares 4.36%. Financial stocks accounted for 31.76%, including an 11.48% weight in Itaú Unibanco.
On Friday, PETR4’s decline made the energy allocation a source of pressure, while Itaú’s gain helped cushion the impact. Vale rose 0.16%, providing only a small contribution relative to the fund’s oil exposure.
DIVO11 (Itaú Asset): down 0.45%
DIVO11 tracks B3’s dividend index, whose constituent selection draws on companies’ history of shareholder payouts.
In the portfolio DEX recently examined, PETR4 weighed 5.38% and PETR3 4.98%. Petrobras therefore accounted for 10.36% of the basket. Itaúsa, BB Seguridade and Copel were also among its relevant positions.
With both Petrobras share classes falling, that allocation stopped protecting the ETF and began weighing on its return.
