For the third consecutive month, stock market and fixed income portfolio appreciation, exemplified by the 7.70% upturn in the Ibovespa and the 2.89% increase in the IMA‐General, were reflected in investment fund returns. In this scenario, the Equity fund class was once again the best performer, led by the FMP‐FGTS and Single Equity types, with respective upturns of 26.91% and 23.28%, fueled by the appreciation of Vale and Petrobras shares, which are predominant in these portfolios. With an appreciation close to that of the Ibovespa the Indexed type (7.23%) also recorded a healthy result. Less correlated with the index, the Active Index (5.74%) and Free Portfolio types (4.95%) also generated high returns, albeit lagging the Ibovespa.