Credit: iStock
SMAL11 gained 2.08% in the final trading session of September, outperforming the Ibovespa’s 1.37% rise. Out of the 105 fund holdings traded across the two sessions, 82 closed higher yesterday, September 30.
The breadth of the rally is significant because the ETF’s two largest positions moved in the opposite direction. Copasa (CSMG3) represented 6.24% of the portfolio and fell 1.09%, while Totvs (TOTS3) held a 5.04% weighting and lost 3.49%. SMAL11’s appreciation was therefore driven by the remainder of the basket, with contributions from food retail, services, real estate, and other domestic-focused businesses.
SMAL11 (BlackRock): +2.08%
Assaí (ASAI3), accounting for 4.27% of the portfolio, rose 3.70%. Smart Fit (SMFT3) advanced 4.77% with a 2.85% weight. Magazine Luiza (MGLU3) experienced a much larger swing, jumping 12.52%, but its 0.85% portfolio weight limited its net contribution.
Gains extended beyond retail. Cosan (CSAN3) surged 6.45% with a 2.64% stake; Multiplan (MULT3) rose 3.46% with a 2.99% weight; and Allos (ALOS3) gained 2.50% at a 4.13% weighting. Fleury (FLRY3), Taesa (TAEE11), and Lojas Renner (LREN3) also advanced, underscoring broad gain distribution across multiple industries.
On the downside, Totvs’ drop shaved approximately 0.18 percentage points off the basket, while Copasa’s decline subtracted roughly 0.07 percentage points. These losses were more than offset by the collective gain of advancing holdings. The session highlights a defining characteristic of small-cap ETFs: when a rally is broad-based, total fund returns can overcome downside pressure from even their largest individual holdings.
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This content is for informational and educational purposes only and does not constitute an investment recommendation.
