Inter Asset's Inter Dividendos equity fund ranked among the top-performing Brazilian stock funds in the first half of 2026, outperforming the benchmark Ibovespa index.
The fund recorded a return of 10.24 percent over the six-month period, exceeding the 6.7 percent gain logged by the benchmark Ibovespa index over the same timeframe.
Over the preceding 12 months, Inter Dividendos achieved a cumulative return of 24.35 percent while achieving a competitive risk index score in the study.
Methodology of the Valor fund guide
The ranking forms part of the Guia de Fundos do Valor, an investment evaluation survey compiled by financial consultant Marcelo d'Agosto. The tool categorizes investment portfolios into practical groups to help investors diversify their allocations effectively across Brazilian asset classes.
Performance data for the analysis was sourced from Morningstar, an independent financial information platform that provides asset comparison tools and assigns fund classifications from one to five stars based on historical risk-adjusted performance.
To qualify for the first-half 2026 stock fund ranking, portfolios had to meet three specific criteria: accessibility through commercial banks and brokerage firms, an operating history of at least three years, and net equity exceeding 100 million Brazilian reals.
The study noted that while performance metrics are recent, they do not guarantee future investment results or indicate that a fund is suitable for every investor profile. Financial experts cited in the guide recommended reviewing at least three years of return history and assessing management quality before selecting where to invest, emphasizing that the ranking is informative rather than an investment recommendation.
Top-performing stock funds in the study
The study evaluated ten major stock funds in the Brazilian market during the first six months of 2026.
The funds included in the ranking, along with their recorded profitability figures, were:
- DrysEquitasSelection at 22.24 percent
- OpportunityLogica II at 16.13 percent
- ItauAsgard at 24.29 percent
- Itaú AçõesDunamis at 20.61 percent
- MAAM Ações at 13.21 percent
- 3G Radar at 23.48 percent
- Inter Dividendos at 16.99 percent
- Polo I Ações at 11.94 percent
- BB Dividendos at 16.91 percent
- SafraMultidividendos at 16.56 percent
Investment strategy and active management
Inter Dividendos is an equity fund designed primarily to preserve and multiply capital over a long-term investment horizon.
The portfolio is managed by Inter Asset, the asset management subsidiary operating within the Grupo Inter financial ecosystem.
Inter Asset uses an active management strategy driven by structured fundamental analysis. The management team focuses on acquiring shares in companies with sound economic fundamentals, strong cash flow generation, and an established history of dividend distribution.
Utility and energy sector holdings
According to the fund's July portfolio report, its holdings are concentrated in prominent companies across major sectors of the Brazilian economy.
In the power sector, the portfolio includes Companhia Energética de Minas Gerais, known as Cemig. Cemig is a major Brazilian utility with integrated operations in energy generation, transmission, and distribution, providing stable revenues by supplying millions of consumers mainly in Minas Gerais state.
The fund also holds Companhia de Saneamento do Paraná, or Sanepar, a basic sanitation provider with over 50 years of operation. Sanepar benefits from regulated tariffs that ensure predictable cash flows, while continuous infrastructure investments expand its network and customer base.
Additional utility exposure comes from Companhia Paranaense de Energia, known as Copel, a major power firm co-owned by the state of Paraná that operates a generation portfolio focused on renewable hydroelectric and wind energy.
Banking and financial services holdings
Within financial services, Inter Dividendos holds shares in Itaú Unibanco, Brazil's largest private bank and a leading Latin American financial institution. Itaú maintains diversified revenue streams across multiple product lines, supported by scale, cost efficiency, and strict risk management.
The portfolio includes BB Seguridade, a leading insurance, private pension, and capitalization company in Brazil. The firm operates an integrated distribution model through a strategic partnership with state-owned Banco do Brasil, granting privileged access to a large client base alongside partnerships with insurers Mapfre and Brasilprev.
State-owned lender Caixa Econômica Federal forms another financial allocation. As the largest public financial institution in Brazil, Caixa combines commercial banking with the execution of public policies, providing profitable operations alongside social sector exposure.
Resource, industrial, and telecom assets
In energy commodities, the fund holds Petróleo Brasileiro S.A., known as Petrobras, one of the world's largest oil producers. Petrobras possesses recognized deepwater drilling technology, abundant offshore reserves, competitive operating costs, and a track record of generous dividend payouts.
The fund also holds mining giant Vale, which operates across extraction, processing, global logistics, and sales. Vale benefits from structural iron ore demand in China and other developing nations, as well as growing global demand for nickel and copper driven by electrification.
Domestic consumer exposure is provided by athletic footwear manufacturer Vulcabras, highlighted in the July report for its growth potential within a resilient segment of the Brazilian economy.
The fund holds Mahle Metal Leve, a subsidiary of German group Mahle that manufactures automotive components in Brazil. The company diversifies revenue between vehicle manufacturers and the replacement aftermarket, drawing on German technical expertise and engine component leadership.
Telecommunications operator TIM Brasil completes the asset list, selected for cost efficiency, focus on high-value subscriber segments, pricing discipline, operational improvements, and attractive dividend distribution.
Fund subscription and investment minimums
Investors seeking to invest in Inter Dividendos can access the equity fund web page and follow the registration guidelines.
Subscribing requires holding or opening an account on one of the designated investment platforms, with a minimum initial investment of 100 Brazilian reals.
