Absolute Gestao de Investimentos Ltda. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Absolute Gestao de Investimentos Ltda. reported 35 stock positions worth $756.9 million . Its top holding was Cyberark Software Ltd./Israel (CYBR) at 12.2% of the portfolio, followed by iShares MSCI Emerging Market (EEM, 11.9% ) and Chart Industries (GTLS, 11.7% ). Compared with Q2 2025, it opened 25 new positions, sold out of 42, added to 4 and reduced 4. The biggest buy was a new position in Cyberark Software Ltd./Israel (CYBR) and the biggest sale an exit from Juniper Networks (JNPR).
Location SAO PAULO, D5
CIK 0001622610
Portfolio Value $756.9M (Q3 2025) Holdings 35 stocks · $756.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 CYBR Cyberark Software Ltd./Israel 190,897 $92.2M New EEM iShares MSCI Emerging Market 1,680,077 $89.7M Reduce -5.9% GTLS Chart Industries Inc. 440,746 $88.2M New EWZ iShares MSCI Brazil ETF 1,575,771 $48.8M New EMXC iShares MSCI Emr MRK Ex Chna 715,000 $48.3M New VRNA Verona Pharma Ltd. 413,432 $44.1M New K Kellanova 456,781 $37.5M Add +151.0% KWEB Kranesh Csi China Internet 742,042 $31.2M Add +1048.7% MRUS Merus NV 330,588 $31.1M New EFA iShares MSCI Eafe ETF 285,500 $26.7M New SAND Sandstorm Gold Ltd. 1,953,356 $24.5M New COOP Mr Cooper Group Inc. 112,372 $23.7M Reduce -30.8% EWA iShares MSCI Australia ETF 800,000 $21.6M New TECK Teck Resources Ltd.-CLS B 470,000 $20.6M New XP XP Inc. Class A 1,084,611 $20.4M Add +39.0% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1,250,747 $20.0M New EA Electronic Arts Inc. 80,000 $16.1M New WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 200,689 $15.3M New NVDA Nvidia Corp. 60,000 $11.2M New NSC Norfolk Southern Corp. 33,000 $9.9M New ARIS WATER SOLUTIONS INC-A 300,625 $7.4M New PAM Pampa Energia SA-Spon ADR 104,586 $6.3M Add +151.7% AVDX Avidxchange Holdings Inc. 451,998 $4.5M New FYBR Frontier Communications Pare 85,726 $3.2M Reduce -88.0% VALE Vale SA-SP ADR 200,000 $2.2M New NEM Newmont Corp. 20,000 $1.7M New EWW iShares MSCI Mexico ETF 22,000 $1.5M No change SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 60,000 $1.5M New URA Global X Uranium ETF 28,781 $1.4M New AMZN Amazon.com Inc. 5,328 $1.2M Reduce -27.3% OLN Olin Corp. 45,000 $1.1M New KVUE Kenvue Inc. 65,000 $1.1M New TIGO Millicom Intl Cellular S.A. 20,862 $1.0M No change SCCO Southern Copper Corp. 8,300 $1.0M New BBD Banco Bradesco-ADR 216,955 $733K New
Options reported separately and not counted above: ISHARES TR calls ($4.5M), ISHARES INC calls ($3.1M), ISHARES TR calls ($1.1M), STATE STR SPDR DOW JONES IND calls ($958K), SELECT SECTOR SPDR TR calls ($814K), KRANESHARES TRUST calls ($488K), GLOBAL X FDS calls ($424K), COINBASE GLOBAL INC calls ($420K), RIOT PLATFORMS INC calls ($290K), SPDR SERIES TRUST calls ($167K).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ JNPR Juniper Networks Inc. Sold out 0.00% −16.23 EEM iShares MSCI Emerging Market Reduce -5.9% 11.85% −16.16 FYBR Frontier Communications Pare Reduce -88.0% 0.42% −8.02 ALE Allete Inc. Sold out 0.00% −5.70 COOP Mr Cooper Group Inc. Reduce -30.8% 3.13% −4.75 PAGS Pagseguro Digital Ltd. Class A Sold out 0.00% −4.37 MAG Mag Silver Corp. Sold out 0.00% −3.30 NVEE NV5 Global Inc. Sold out 0.00% −1.68 VTEX Vtex Class A Sold out 0.00% −1.20 TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.89 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.89 GLOB Globant SA Sold out 0.00% −0.84 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.82 MS Morgan Stanley Sold out 0.00% −0.59 BAC Bank of America Corp. Sold out 0.00% −0.58 AMD Advanced Micro Devices Sold out 0.00% −0.58 FXI iShares China Large-Cap ETF Sold out 0.00% −0.54 SN Sharkninja Inc. Sold out 0.00% −0.48 LULU Lululemon Athletica Inc. Sold out 0.00% −0.46 C Citigroup Inc. Sold out 0.00% −0.42 RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −0.38 AMZN Amazon.com Inc. Reduce -27.3% 0.15% −0.37 UBER Uber Technologies Inc. Sold out 0.00% −0.32 SNOW Snowflake Inc. Sold out 0.00% −0.26 MRVL Marvell Technology Inc. Sold out 0.00% −0.25 META Meta Platforms Inc. Class A Sold out 0.00% −0.24 MU Micron Technology Inc. Sold out 0.00% −0.22 DLO Dlocal Ltd. Sold out 0.00% −0.17 GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −0.16 ORCL Oracle Corp. Sold out 0.00% −0.14 NFLX Netflix Inc. Sold out 0.00% −0.13 IREN Iren Ltd. Sold out 0.00% −0.12 ZETA Zeta Global Holdings Corp. Class A Sold out 0.00% −0.10 EMLC Vaneck JPM Em Local Curr BND Sold out 0.00% −0.08 FLR Fluor Corp. Sold out 0.00% −0.07 TPC Tutor Perini Corp. Sold out 0.00% −0.07 POWL Powell Industries Inc. Sold out 0.00% −0.07 EVR Evercore Inc. Class A Sold out 0.00% −0.07 AGX Argan Inc. Sold out 0.00% −0.07 LAZ Lazard Inc. Sold out 0.00% −0.07 SPRX Spear Alpha ETF Sold out 0.00% −0.07 CG The Carlyle Group Inc. Sold out 0.00% −0.07 TPG TPG Inc. Sold out 0.00% −0.07 ROAD Construction Partners Inc. Class A Sold out 0.00% −0.07 STRL Sterling Infrastructure Inc. Sold out 0.00% −0.07 GSRT GSR III Acquisition Corp. Sold out 0.00% −0.04
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ CYBR Cyberark Software Ltd./Israel New 12.19% +12.19 GTLS Chart Industries Inc. New 11.66% +11.66 EWZ iShares MSCI Brazil ETF New 6.45% +6.45 EMXC iShares MSCI Emr MRK Ex Chna New 6.38% +6.38 VRNA Verona Pharma Ltd. New 5.83% +5.83 MRUS Merus NV New 4.11% +4.11 EFA iShares MSCI Eafe ETF New 3.52% +3.52 KWEB Kranesh Csi China Internet Add +1048.7% 4.12% +3.40 SAND Sandstorm Gold Ltd. New 3.23% +3.23 EWA iShares MSCI Australia ETF New 2.85% +2.85 TECK Teck Resources Ltd.-CLS B New 2.73% +2.73 NU Nu Holdings Ltd./Cayman Isl-A New 2.65% +2.65 EA Electronic Arts Inc. New 2.13% +2.13 WNS WNS Holdings Ltd. New 2.02% +2.02 NVDA Nvidia Corp. New 1.48% +1.48 NSC Norfolk Southern Corp. New 1.31% +1.31 ARIS WATER SOLUTIONS INC-A New 0.98% +0.98 AVDX Avidxchange Holdings Inc. New 0.59% +0.59 VALE Vale SA-SP ADR New 0.29% +0.29 K Kellanova Add +151.0% 4.95% +0.24 NEM Newmont Corp. New 0.22% +0.22 SBS Cia Saneamento Basico DE-ADR New 0.20% +0.20 URA Global X Uranium ETF New 0.18% +0.18 OLN Olin Corp. New 0.15% +0.15 KVUE Kenvue Inc. New 0.14% +0.14 SCCO Southern Copper Corp. New 0.13% +0.13 BBD Banco Bradesco-ADR New 0.10% +0.10 PAM Pampa Energia SA-Spon ADR Add +151.7% 0.83% −0.11 XP XP Inc. Class A Add +39.0% 2.69% −2.43
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ISHARES TR call Add +80.5% 108,300 $4.5M ISHARES INC call Add +90.6% 47,426 $3.1M ISHARES TR call New 7,890 $1.1M STATE STR SPDR DOW JONES IND call Add +225.8% 3,910 $958K SELECT SECTOR SPDR TR call New 10,000 $814K ISHARES TR call Sold out 9,480 $493Kbefore exit KRANESHARES TRUST call New 12,800 $488K GLOBAL X FDS call New 5,000 $424K COINBASE GLOBAL INC call New 350 $420K RIOT PLATFORMS INC call New 2,800 $290K JPMORGAN CHASE & CO call Sold out 2,000 $257Kbefore exit SPDR SERIES TRUST call New 16,675 $167K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 34 $362.7M EA, WBS, NUVL, PBR.A, APGE Q1 2026 70 $875.3M EEM, EFA, HOLX, EA, PBR.A Q4 2025 41 $953.4M GTLS, CYBR, EA, DAY, EFA Q3 2025 35 $756.9M CYBR, EEM, GTLS, EWZ, EMXC Q2 2025 52 $307.5M EEM, JNPR, FYBR, COOP, ALE Q1 2025 37 $227.8M JNPR, FYBR, ALE, K, BABA Q4 2024 39 $235.3M HCP, GOOG, JNPR, FYBR, ALE Q3 2024 34 $294.5M HCP, AGR, AXONICS INC, STNE, SWN Q2 2024 28 $191.7M SWN, AXONICS INC, NVEI, ARCO, OLK Q1 2024 33 $324.4M PXD, TCN, ARCO, SP, XLF