Agora exchanges Cyrela and Yduqs for Pine and Alupar in small caps portfolio
In the small caps portfolio, Alupar and Banco Pine replace Cyrela and Yduqs. In the dividend portfolio, Telefônica replaces Allos.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 2 MIN
Ágora has revised two of its portfolios for November 2026. According to Money Times, Cyrela (CYRE3) and Yduqs (YDUQ3) leave the small caps portfolio, giving way to Alupar (ALUP11) and Banco Pine (PINE4). With this, the list now has five shares with 20% each: Smart Fit (SMFT3), Copasa (CSMG3), Alupar, Banco Pine and JHSF (JHSF3).
In the dividend portfolio for the same month, Ágora removes Allos (ALOS3) and includes Telefônica Brasil (VIVT3), according to the same vehicle. According to Ágora, the change in market perception favors companies with more immediate cash and less exposure to the cost of capital.
Regarding Alupar, the house highlights predictable revenues, inflation-adjusted contracts and recurring dividends. It also points to low exposure to economic activity and a more stable cash flow. According to the analysis, projects still under construction should support a gradual increase in RAP (allowed annual revenue).
In the case of Telefônica Brasil, Ágora cites solid cash generation, low macroeconomic sensitivity and a defensive profile in a scenario of high long interest rates. In the revisions, the house barely changed the revenue forecasts for 2026 and 2027. The variation is in the composition of revenue, with different weight between the mobile and fixed segments.
The same Money Times headline mentions the extension of B3's trading hours from 11/3. The source text, however, does not provide details about the measure, which is why it is not detailed here.
What changes for the investor
For those who follow small caps, the exchange changes the composition of a reference portfolio in which all securities have the same weight. In practice, Cyrela and Yduqs leave and Pine and Alupar enter, without the analysis providing price projections for these shares. The effect on the market will depend on how these securities react to the next results, especially in relation to the assumptions cited by Ágora, such as the contractual correction for inflation and cash generation.
Automatically translated from Portuguese.
