Portuguese 
Fat Cattle Futures Index Led Gains on B3 Between January and June 2026; State Companies, Public Utilities, and Fixed Income Also Featured Among Highlights, While Ibovespa Rose 6.76%
The Fat Cattle Futures Index ended the first half of 2026 at the top of gains among B3 indices, with an accumulated appreciation of 16.38% from January to June.
This result placed the indicator ahead of the State Companies Index, which rose 15.96%, and the Public Utilities Index, which increased by 10.89%. Meanwhile, the Ibovespa recorded an appreciation of 6.76% for the semester.
The figures are part of a survey released by B3 on Wednesday (12) and reveal a shift in the profile of the segments that occupied the top positions in the market compared to the same period in 2025.
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Key Numbers from the First Half of 2026
Fat Cattle: +16.38% | State Companies: +15.96% | Public Utilities: +10.89% | Ibovespa: +6.76%
Fat Cattle Takes the Lead Among B3 Indices
First of all, the Fat Cattle Futures Index rose 16.38% and achieved the best performance in the survey for the first half.
In second place was the State Companies Index, which appreciated by 15.96%. In third place, the Public Utilities Index increased by 10.89%.
This last indicator includes companies in the sectors of electricity, sanitation, and gas.
Moreover, the rankings show that gains were not concentrated solely among these three groups. Equity and fixed income indices also occupied significant positions.
The Ten Indices with the Highest Gains During the Period
| Index | Appreciation |
|---|---|
| Fat Cattle Futures Index | 16.38% |
| State Companies Index | 15.96% |
| Public Utilities Index | 10.89% |
| Governance Index | 8.37% |
| MidLarge Cap | 7.92% |
| IDEB Ultra Quality DI | 7.64% |
| IBrX 50 | 7.43% |
| Financial Letter S1 D1 | 7.30% |
| Low Turnover Treasury Selic | 7.05% |
| Treasury Selic | 7.05% |
Therefore, four of the ten indices with the highest gains belong to fixed income.
At the same time, this performance occurred against a backdrop of still high interest rates and investors’ search for alternatives considered lower risk.
Ibovespa Rises 6.76%, But Falls Behind the Leaders
While Fat Cattle led the survey, the Ibovespa, the main index of the Brazilian stock exchange, accumulated an increase of 6.76% from January to June 2026.
However, beyond the differences in percentages, the results indicate a significant change in the composition of the highest gains.
In the first half of 2025, the highlights were mainly concentrated in the real estate sector, corporate governance, and financial institutions.
During that period, the Real Estate Index led with a 46.41% increase. Following that, the IGPTW rose by 34.76%.
The Ibov BR+ Cap 5% showed an increase of 32.95%, while the Financial Index rose 31.96%. Meanwhile, the Ibov BR+ Equal Weight climbed 31.54%.
Additionally, the Ibovespa itself recorded a rise of 15.44% in the first six months of 2025.
From real estate to agribusiness: leadership shifts in 2026
Consequently, the comparison between the two periods reveals a change in the profile of the indices with the highest appreciation.
In 2025, real estate, finance, and governance had greater prominence. By 2026, agribusiness, state-owned companies, and public utilities moved to the top positions.
According to Hênio Scheidt, Product Manager at B3, this year’s best performances became concentrated in more specific segments of the economy.
In this scenario, agribusiness, state-owned companies, and public utilities gained ground, accompanied by fixed income indices related to public and private securities.
Thus, the Fat Cattle Futures Index took the top spot, while indicators linked to other sectors that had excelled in 2025 lost prominence.
Fixed income places four indices among the top ten gains
In addition to the performance of agribusiness and state-owned companies, another noteworthy trend in the survey is the presence of fixed income among the largest increases of the semester.
Of the ten indices that rose the most, four belong to this category.
The IDEB Ultra Qualidade DI increased by 7.64%, while the Letra Financeira S1 D1 recorded a rise of 7.30%.
Next, Tesouro Selic Low Turnover and Tesouro Selic both appreciated by 7.05%.
Therefore, the ranking for the first half showcases different asset classes and illustrates the simultaneous presence of agribusiness, equities, and fixed income among the largest gains recorded by B3.
B3 indices also serve as benchmarks for ETFs
In addition to tracking different market segments, B3 indices are also used as benchmarks for ETFs (Exchange Traded Funds).
These funds are traded on the exchange and aim to replicate the performance of a specific portfolio of assets.
Through these, investors can gain exposure to a diversified basket of assets in a single investment, without needing to acquire each stock or bond separately.
The Ibovespa and IBrX 50, for example, have ETFs that replicate their respective portfolios.
Similarly, there are products associated with sectoral and fixed income indices.
According to B3, new indices gaining relevance among investors can also serve as benchmarks for launching ETFs and other strategies.
As a result, different classes and segments of assets can become accessible through products linked to the indices tracked by the market.
And you, did you expect the Fat Cattle Futures Index to outperform the Ibovespa and lead the gains of B3 in the first half of 2026?
