diff --git a/CHANGELOG.md b/CHANGELOG.md
index 38323ff..e263276 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -14,6 +14,13 @@ adheres to [Semantic Versioning](https://semver.org/).
   (`22187946000141`) — exactly what the `--help` text advertises — got
   "No holdings". Both sides are now normalized to digits before comparing,
   so punctuated and bare forms return identical results.
+- **`cvm holdings` silently dropped BLC_2 (cotas de fundos).** CDA free-text
+  fund names contain stray double-quotes; the default `csv` dialect treated
+  them as quote chars and swallowed delimiters/newlines across rows, so whole
+  blocks parsed to garbage and matched nothing — the CLI printed a partial
+  table that looked complete. For a fund-of-funds (FIC) this hid ~99.8% of the
+  portfolio (e.g. Verde FIC's R$ 850.657.058,68 Verde Master position). The
+  reader now passes `quoting=csv.QUOTE_NONE`, keeping every `"` literal.
 
 ## [0.3.1] — 2026-04-29
 
diff --git a/src/findata/sources/cvm/holdings.py b/src/findata/sources/cvm/holdings.py
index 58be55a..16f9fe5 100644
--- a/src/findata/sources/cvm/holdings.py
+++ b/src/findata/sources/cvm/holdings.py
@@ -158,7 +158,15 @@ async def get_fund_holdings(
             if wanted_blocks is not None and block not in wanted_blocks:
                 continue
             with zf.open(entry) as f:
-                reader = csv.DictReader(io.StringIO(f.read().decode("iso-8859-1")), delimiter=";")
+                # CDA free-text names (esp. BLC_2 cotas de fundos) carry stray
+                # double-quotes; the default dialect would treat them as quote
+                # chars and swallow delimiters across rows, silently dropping
+                # whole blocks. QUOTE_NONE keeps every '"' as a literal char.
+                reader = csv.DictReader(
+                    io.StringIO(f.read().decode("iso-8859-1")),
+                    delimiter=";",
+                    quoting=csv.QUOTE_NONE,
+                )
                 for row in reader:
                     row_cnpj = _digits(row.get("CNPJ_FUNDO_CLASSE") or row.get("CNPJ_FUNDO"))
                     if row_cnpj != cnpj_norm:
diff --git a/tests/test_cvm_funds.py b/tests/test_cvm_funds.py
index f10b211..4c4e46d 100644
--- a/tests/test_cvm_funds.py
+++ b/tests/test_cvm_funds.py
@@ -145,6 +145,46 @@ async def test_holdings_bare_digit_cnpj_matches_punctuated() -> None:
     assert all(r.cnpj == "12.345.678/0001-99" for r in rows)  # output keeps CVM format
 
 
+def _make_cda_blc2_zip() -> bytes:
+    """BLC_2 (cotas de fundos) zip whose free-text name has a stray quote.
+
+    The first invested-fund name opens a double-quote that is only closed on
+    the next row. The default csv dialect treats ``"`` as a quote char, so it
+    swallows the delimiter/newline and merges both rows into one — silently
+    dropping the second fund-of-funds position. Real CDA files carry exactly
+    this pattern, which made an entire FIC portfolio vanish.
+    """
+    header = (
+        "TP_FUNDO_CLASSE;CNPJ_FUNDO_CLASSE;DENOM_SOCIAL;DT_COMPTC;TP_APLIC;"
+        "TP_ATIVO;EMISSOR_LIGADO;QT_POS_FINAL;VL_MERC_POS_FINAL;DS_ATIVO\n"
+    )
+    rows = (
+        "FIC;22.187.946/0001-41;VERDE FIC;2025-12-31;Cotas de Fundos;Cota de FI;"
+        'N;850657.05;850657058.68;"VERDE MASTER FIC\n'
+        "FIC;22.187.946/0001-41;VERDE FIC;2025-12-31;Cotas de Fundos;Cota de FI;"
+        'N;100;500000.00;OUTRO" FUNDO INVESTIDO\n'
+    )
+    buf = io.BytesIO()
+    with zipfile.ZipFile(buf, "w") as zf:
+        zf.writestr("cda_fi_BLC_2_202512.csv", (header + rows).encode("iso-8859-1"))
+    return buf.getvalue()
+
+
+@respx.mock
+async def test_holdings_blc2_stray_quote_not_dropped() -> None:
+    """A BLC_2 row with a stray quote in the fund name must not be dropped."""
+    respx.get(re.compile(r"https://.*cda_fi_202512\.zip")).mock(
+        return_value=httpx.Response(200, content=_make_cda_blc2_zip())
+    )
+    rows = await get_fund_holdings("22.187.946/0001-41", year=2025, month=12)
+    assert len(rows) == 2  # both fund-of-funds positions survive parsing
+    assert all(r.bloco == "BLC_2" for r in rows)
+    assert rows[0].valor_mercado == 850657058.68  # ~99.8% of PL — the big one
+    assert rows[1].valor_mercado == 500000.00
+    # stray quote is kept literally, not treated as a CSV quote char
+    assert rows[0].descricao == '"VERDE MASTER FIC'
+
+
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