Director-linked funds at AXIA Energia (NYSE: EBR) report open-market sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Investment vehicles managed by Radar Gestora, with AXIA Energia S.A. director Pedro Batista de Lima Filho as a partner, reported open-market sales of a net 234,300 AXIA shares on Class "B1" Preferred Shares and Common Shares.
The sales were executed at weighted average prices of 54.35 BRL59.77 BRL5.2540 BRL per USD$10.34 and $11.38 per share. Following these trades, individual managed accounts still show substantial positions, including 4,498,777524,546
The footnotes state that entities such as Maliko Investments LLC, Manuka Investments LLC, and several Brazilian investment funds are portfolio-managed by Radar Gestora. Each entity and Mr. Filho disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest, emphasizing these are transactions by managed accounts rather than personal trades.
Positive
- None.
Negative
- None.
Insights
Managed accounts tied to an AXIA director reported net open-market share sales.
The filing shows investment vehicles managed by Radar Gestora, where director Pedro Batista de Lima Filho is a partner, executed open-market sales totaling 234,300 AXIA Energia S.A. shares. These include both Class "B1" Preferred and Common Shares, with no derivative exercises reported.
Prices were reported as weighted averages of 54.35 BRL and 59.77 BRL per share, converted using a 5.2540 BRL per USD rate, resulting in U.S. dollar prices near $10.34 and $11.38. Brokerage commissions and other execution costs, if any, are excluded from the reported prices.
The footnotes clarify that entities such as Maliko and Manuka Investments LLC and several Brazilian equity funds are the actual holders, and both these entities and Mr. Filho disclaim beneficial ownership beyond any pecuniary interest. Subsequent disclosures in company filings may provide additional context on how these managed-account positions evolve relative to AXIA’s overall share base.
Insider Trade Summary
Net Seller: 234,300 shares ($2,450,014)
Net Sell
13 txns
Insider
Batista de Lima Filho Pedro
Role
null
Sold
234,300 shs ($2.45M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 113,400 | $10.34 | $1.17M |
| Sale | Common Shares | 27,400 | $10.34 | $283K |
| Sale | Common Shares | 33,400 | $10.34 | $345K |
| Sale | Common Shares | 33,800 | $10.34 | $349K |
| Sale | Class "B1" Preferred Shares | 14,400 | $11.38 | $164K |
| Sale | Class "B1" Preferred Shares | 3,400 | $11.38 | $39K |
| Sale | Class "B1" Preferred Shares | 4,200 | $11.38 | $48K |
| Sale | Class "B1" Preferred Shares | 4,300 | $11.38 | $49K |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
| holding | Class "B1" Preferred Shares | -- | -- | -- |
Holdings After Transaction:
Common Shares — 1,783,000 shares (Indirect, By managed account);
Class "B1" Preferred Shares — 15,152,700 shares (Indirect, By managed account);
Common Shares — 51,115 shares (Direct, null)
Footnotes (1)
- The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA Energia S.A. ("AXIA"), any security holder of AXIA, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $54.35 Brazilian reals ("BRL") per share, has been converted to U.S. dollars ("USD") using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate, applicable to transactions through June 30, 2026), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price. Pedro Batista de Lima Filho ("Mr. Filho") is a partner at Radar Gestora de Recursos Ltda. ("Radar Gestora"), which is responsible for the portfolio management of MALIKO INVESTMENTS LLC - BANCO BTG PACTUAL S/A ("Maliko") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Maliko. For the purposes of this filing, each of Maliko and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Maliko or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of MANUKA INVESTMENTS LLC - BANCO BTG PACTUAL S/A ("Manuka") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Manuka. For the purposes of this filing, each of Manuka and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Manuka or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of RADAR MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Radar") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Radar. For the purposes of this filing, each of Radar and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Radar or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of INFRAD MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Infrad") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. Mr. Filho may be deemed to indirectly beneficially own these shares by virtue of its relationship with Infrad. For the purposes of this filing, each of Infrad and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Infrad or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of TUCURUI MASTER FUNDO DE INVESTIMENTO FINANCEIRO EM ACOES ("Tucurui") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. For the purposes of this filing, each of Tucurui and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Tucurui or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. Mr. Filho is a partner at Radar Gestora, which is responsible for the portfolio management of XINGO MASTER FUNDO DE INVESTIMENTO FINANCEIRO DE ACOES ("Xingo") and receives a performance-based compensation in his capacity as a partner of Radar Gestora. For the purposes of this filing, each of Xingo and Mr. Filho disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein. This filing shall not be deemed an admission that Xingo or Mr. Filho is the beneficial owner of any of the reported securities for purposes of Section 16 of the Exchange Act, or otherwise. The price reported in column 4 is a weighted average price. The reporting person undertakes to provide to AXIA, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price. The weighted average price, $59.77 BRL per share, has been converted to USD using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange as of March 31, 2026 (the most recently published quarterly rate, applicable to transactions through June 30, 2026), at a rate of 5.2540 BRL per USD (fiscaldata.treasury.gov). Brokerage commissions and other costs of execution, if any, are excluded from the reported price.
Key Figures
Net shares sold: 234,300 shares
Weighted avg price (common, BRL): 54.35 BRL/share
Weighted avg price (preferred, BRL): 59.77 BRL/share
+5 more
8 metrics
Net shares sold
234,300 shares
Net open-market sales reported in Form 4
Weighted avg price (common, BRL)
54.35 BRL/share
Weighted average sale price converted to USD
Weighted avg price (preferred, BRL)
59.77 BRL/share
Weighted average sale price converted to USD
FX rate
5.2540 BRL per USD
Treasury Reporting Rates of Exchange as of March 31, 2026
Sample holding after sale (B1 preferred)
4,498,777 shares
Total Class "B1" Preferred Shares in one managed account after a sale
Sample holding after sale (common)
524,546 shares
Total Common Shares in one managed account after a sale
Individual sale size (common)
113,400 shares
Largest single common-share sale at $10.3400 per share
Individual sale size (preferred)
14,400 shares
Largest single Class "B1" Preferred Share sale at $11.3800 per share
Key Terms
weighted average price, beneficial ownership, pecuniary interest, performance-based compensation, +2 more
6 terms
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficial ownership financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein"
performance-based compensation financial
"receives a performance-based compensation in his capacity as a partner of Radar Gestora"
Pay that rises or falls with measurable results, where employees or executives receive bonuses, stock, or other rewards only if specific performance goals are met. Investors care because it aligns the interests of managers with owners—like paying a driver by miles driven rather than time—so it can encourage stronger company results, affect future earnings and risk-taking, and signal confidence (or potential incentives for short-term decisions).
Treasury Reporting Rates of Exchange financial
"using the U.S. Department of the Treasury Bureau of the Fiscal Service Treasury Reporting Rates of Exchange"
portfolio management financial
"which is responsible for the portfolio management of MALIKO INVESTMENTS LLC"
Portfolio management is the process of selecting, organizing, and overseeing a collection of investments to achieve specific financial goals. It involves making decisions about where to put money, balancing risk and reward, and adjusting the mix of investments over time, much like a gardener tending to different plants to ensure a healthy, thriving garden. This helps investors grow their wealth steadily while managing potential losses.
FAQ
What insider activity did AXIA Energia (EBR) report in this Form 4?
The Form 4 reports that managed accounts tied to AXIA Energia director Pedro Batista de Lima Filho sold a net 234,300 Class "B1" Preferred and Common Shares in open-market transactions, while still holding sizeable remaining positions in multiple investment vehicles.
What AXIA Energia (EBR) holdings remain after the reported sales?
Despite the sales, individual managed accounts still report large positions. Examples include 4,498,777 Class "B1" Preferred Shares in one account and 524,546 Common Shares in another, indicating continued substantial exposure through the various investment vehicles managed by Radar Gestora.
How is the exchange rate handled in the AXIA Energia (EBR) Form 4 prices?
Reported prices use weighted average BRL amounts converted to U.S. dollars using the U.S. Treasury Reporting Rates of Exchange as of March 31, 2026, at 5.2540 BRL per USD. This standardized rate applies to transactions through June 30, 2026, per the disclosure.