What smart money is saying about Fleury
FLRY3.SA
No fund has written a full thesis on Fleury in our archive, but 3 fund letters report a position in it — most recently Liontrust Latin America Fund in September 2026.
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3
Reported positions
0
Bought
1
Sold
3
Letters
Position history
Between Q2 2026 and Q3 2026, 3 fund letters reported a position in Fleury, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q2 2026 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 3 positions · 1 move
- September 2026
“Within the Fund, positive contributions came from Mexican discount retailer BBB Foods, Brazilian healthcare company Fleury and Chilean bank Itaú Chile,”
Fleury - September 2026
“The second largest contributor was Fleury (+52%, +98 bps), the leading Brazilian diagnostic and healthcare service provider.”
Fleury - ExitedGuepardo InvestimentosJune 2026
“Fleury Fleury delivered a very positive result in the quarter, maintaining the trend observed in recent periods, with consistent growth both for the Fleury brand and for the group's other brands and regions of operation. The Fleury brand presented growth of 12% both in the quarter and in the half-year, compared to the same periods of the previous year. The other regions also had a very positive performance. Considering the service units segment as a whole, organic growth was 12%, reaching 15% when considering the acquisitions made in the last 12 months. This performance reflects the group's good execution, driven by the expansion of the service offering and the differentiation of the brands, factors that have been contributing to market share gains in the regions where Fleury operates. We highlight especially the performance of the premium segment in São Paulo, where the company maintains a highly relevant competitive position. The company also showed good performance in cost control and managed to keep the operating margin stable. As a result, EBITDA grew 15% compared to the same period of the previous year, demonstrating the company's ability to combine revenue growth with maintaining profitability. Source: Fleury S.A. Guepardo Investimentos | Av. Brigadeiro Faria Lima, 3015, 8th floor – São Paulo, SP – Brazil 01452-000 | +55 (11) 3103-9200 12 Letter to Investors – no. 118 2nd Quarter of 2026 Net income showed an even more expressive evolution, with growth of 45% year over year. This result was favored by the effect of operating and financial leverage, by greater tax efficiency and by the reduction of depreciation expenses, the latter related, among other factors, to the lower need for investments in technology. We are satisfied with the performance that Fleury has been presenting. The combination of consistent growth, market share gains, margin stability and good generation of results reinforces our confidence in the investment thesis and should contribute to a satisfactory return for shareholders. Considering the new opportunities we found in the market, with a more favorable return relationship and, in our consideration, risk similar to Fleury's, we chose to divest from Fleury at this moment.”
Fleury
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