The stock market upturn (11.22%) and the recovery of government bond prices, especially in the case of those with a longer duration, contributed to the fund industry’s healthy performance in July, reinforcing the first-half tendency. All Equity funds recorded positive returns, led by the FMPFGTS and Sector types, which moved up by more than 15%, driven by the increase in Petrobras and Vale’s share prices (26% and 15.2%, respectively). The Sustainability/Governance funds, most of which adopt benchmarks that do not include Petrobras and which have been reducing their exposure to Vale, also performed well, with returns of 12.31%.