Banco BTG Pactual S.A.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Banco BTG Pactual S.A. reported 151 stock positions worth $427.0 million. Its top holding was Nvidia (NVDA) at 9.2% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 9.1%) and Meta Platforms Class A (META, 8.0%). Compared with Q3 2024, it opened 65 new positions, sold out of 43, added to 37 and reduced 39. The biggest buy was Nvidia (NVDA, shares +95%) and the biggest sale Harley-Davidson (HOG, shares −76%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001536080
Portfolio Value
$427.0M (Q4 2024)
SEC Filing
0001085146-25-001013 ↗ filed Feb 12, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $321.2M Q1 2024 Q2 2024: $391.3M Q2 2024 Q3 2024: $384.5M Q3 2024 Q4 2024: $427.0M $427.0M Q4 2024 Q1 2025: $400.8M Q1 2025 Q2 2025: $491.5M Q2 2025 Q3 2025: $684.1M Q3 2025 Q4 2025: $564.5M Q4 2025 Q1 2026: $512.6M Q1 2026 Q2 2026: $751.6M Q2 2026

Holdings 151 stocks · $427.0M

NVDA Nvidia Corp. 9.16% 282,952 $39.1M Add +94.6%
TSM Taiwan Semiconductor-SP ADR 9.07% 192,190 $38.7M Add +17.2%
META Meta Platforms Inc. Class A 7.95% 56,683 $34.0M Add +39.3%
AMZN Amazon.com Inc. 3.98% 77,113 $17.0M Add +0.5%
MSFT Microsoft Corp. 3.94% 40,158 $16.8M Reduce -11.1%
AVGO Broadcom Inc. 2.59% 47,745 $11.1M Add +7.9%
GOOGL Alphabet Inc. Class A 2.59% 58,346 $11.1M Reduce -5.0%
BRK.B Berkshire Hathaway Inc. Class B 2.40% 22,721 $10.2M Add +123.1%
SPLV Invesco S&P 500 Low Volatili 2.38% 145,587 $10.1M Reduce -7.6%
XLF SS Financial Select Sector 2.26% 200,000 $9.6M New
CPA Copa Holdings SA Class A 2.05% 102,000 $8.7M Reduce -14.4%
URA Global X Uranium ETF 1.93% 293,696 $8.3M Reduce -32.0%
FUN Six Flags Entertainment Corp. 1.92% 171,501 $8.2M Reduce -53.2%
BN Brookfield Corp. 1.67% 124,275 $7.2M Reduce -44.6%
GGAL Grupo Financiero Galicia-ADR 1.62% 100,803 $6.9M Reduce -3.6%
GOOG Alphabet Inc. Class C 1.52% 34,053 $6.5M Reduce -30.4%
GS Goldman Sachs Group Inc. 1.35% 10,057 $5.8M Add +285.0%
KWEB Kranesh Csi China Internet 1.33% 197,450 $5.7M Reduce -2.1%
VTEX Vtex Class A 1.21% 866,856 $5.2M Add +112.2%
BABA Alibaba Group Holding-SP ADR 1.21% 60,778 $5.2M Add +1.3%
MELI MercadoLibre Inc. 1.13% 2,744 $4.8M Reduce -1.6%
GDX Vaneck Gold Miners ETF 1.13% 135,996 $4.8M Reduce -13.9%
PAGS Pagseguro Digital Ltd. Class A 1.08% 721,900 $4.6M Add +171.5%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 1.02% 97,500 $4.3M Reduce -23.6%
ARCO Arcos Dorados Holdings Inc. Class A 1.01% 575,258 $4.3M Reduce -42.3%
EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 0.97% 88,200 $4.1M Add +3.8%
SOXQ Invesco PHLX Semiconductor 0.94% 101,745 $4.0M Reduce -1.3%
UBER Uber Technologies Inc. 0.93% 62,758 $4.0M New
IBKR Interactive Brokers Gro Class A 0.85% 20,000 $3.6M New
JPM JPMorgan Chase & Co. 0.82% 14,647 $3.5M Add +543.0%
XLV SS Health Care Select Sector 0.79% 24,375 $3.4M New
XLY SS Consumer Disc Select Sect 0.78% 14,997 $3.3M Reduce -36.1%
LPLA LPL Financial Holdings Inc. 0.77% 10,000 $3.3M Reduce -69.7%
SLV iShares Silver Trust 0.75% 119,560 $3.2M Add +0.3%
PM Philip Morris International 0.74% 26,000 $3.1M New
XLRE SS Real Estate Select Sector 0.73% 77,089 $3.1M New
SPYG SS SPDR P S&P 500 Growth ETF 0.73% 35,336 $3.1M Reduce -15.6%
CEG Constellation Energy 0.70% 12,250 $3.0M New
HOG Harley-Davidson Inc. 0.69% 100,000 $2.9M Reduce -75.9%
JD Jd.com Inc.-ADR 0.67% 83,000 $2.8M Reduce -5.7%
CRWD CrowdStrike Holdings Inc. Class A 0.63% 7,692 $2.7M Reduce -47.4%
GDXJ Vaneck Junior Gold Miners 0.58% 55,700 $2.5M Reduce -1.6%
MU Micron Technology Inc. 0.55% 26,748 $2.3M Add +100.0%
DELL Dell Technologies -C 0.55% 20,000 $2.3M Add +54.6%
CCJ Cameco Corp. 0.54% 44,505 $2.3M Reduce -44.5%
CRM Salesforce Inc. 0.53% 6,847 $2.3M Add +442.6%
C Citigroup Inc. 0.49% 30,000 $2.1M Reduce -33.3%
FXI iShares China Large-Cap ETF 0.49% 69,500 $2.1M Add +193.9%
WFC Wells Fargo & Co. 0.46% 28,111 $2.0M New
KRE SS SPDR S&P Regional Bank 0.45% 32,000 $1.9M New
SIL Global X Silver Miners ETF 0.44% 57,280 $1.9M Reduce -21.8%
IFS Intercorp Financial Services 0.44% 64,446 $1.9M New
NTRA Natera Inc. 0.44% 11,644 $1.9M New
NFLX Netflix Inc. 0.43% 2,090 $1.9M New
ECH iShares MSCI Chile ETF 0.43% 74,762 $1.9M Reduce -48.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.42% 40,073 $1.8M New
SPOT Spotify Technology SA 0.39% 3,622 $1.7M Add +68.0%
IXN iShares Global Tech ETF 0.38% 19,200 $1.6M Reduce -8.6%
ERO Ero Copper Corp. 0.38% 117,600 $1.6M New
ARGT Global X MSCI Argentina ETF 0.37% 18,000 $1.6M Add +317.7%
BIDU Baidu Inc. - Spon ADR 0.36% 18,500 $1.5M Add +193.7%
COP Conocophillips 0.36% 15,268 $1.5M New
BAP Credicorp Ltd. 0.35% 8,134 $1.5M Add +1.0%
ARES Ares Management Corp. Class A 0.33% 7,910 $1.4M New
VST Vistra Corp. 0.30% 8,653 $1.3M Add +3.5%
ASHR Xtrackers Harvest Csi 300 CH 0.30% 50,000 $1.3M New
BLK BlackRock Inc. 0.28% 1,170 $1.2M New
BDX Becton Dickinson and Co. 0.28% 5,251 $1.2M Add +243.2%
BKNG Booking Holdings Inc. 0.26% 226 $1.1M Add +48.7%
SPGI S&P Global Inc. 0.25% 2,186 $1.1M Add +180.3%
COHR Coherent Corp. 0.25% 10,600 $1.1M New
ESGU iShares ESG Aware MSCI USA 0.25% 8,200 $1.1M Add +86.4%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.23% 25,495 $979K Add +408.4%
GLD SPDR Gold Shares 0.20% 3,453 $847K Reduce -36.1%
ADM Archer-Daniels-Midland Co. 0.18% 15,593 $783K New
LH Labcorp Holdings Inc. 0.18% 3,396 $775K New
DHR Danaher Corp. 0.18% 3,354 $771K New
HLT Hilton Worldwide Holdings Inc. 0.17% 3,010 $738K No change
CRH CRH PLC 0.17% 7,627 $707K Add +86.9%
HUBS HubSpot Inc. 0.16% 1,000 $697K Add +33.7%
NICE Nice Ltd. - Spon ADR 0.16% 4,100 $695K Add +41.4%
ET Energy Transfer LP 0.16% 34,000 $670K New
KO The Coca-Cola Co. 0.15% 10,540 $652K Add +140.0%
ALIT Alight Inc. Class A 0.15% 93,022 $628K Add +126.1%
AMX America Movil Sab DE CV 0.15% 117,008 $626K Add +56.0%
AER Aercap Holdings NV 0.15% 6,447 $621K Reduce -23.9%
FISV Fiserv Inc. 0.14% 2,992 $616K New
METV Roundhill Ball Metaverse ETF 0.14% 42,400 $615K No change
MGM MGM Resorts International 0.14% 17,793 $599K New
FLUT Flutter Entertainment PLC-Di 0.14% 2,349 $598K New
FOXA Fox Corp. Class A 0.14% 12,000 $588K New
COPX Global X Copper Miners ETF 0.14% 15,010 $578K Reduce -15.5%
INSM Insmed Inc. 0.14% 8,240 $576K New
KKR KKR & Co. Inc. 0.13% 3,663 $546K New
LBRDK Liberty Broadband-C 0.13% 7,120 $541K New
LLY Eli Lilly & Co. 0.12% 668 $520K Add +186.7%
BA The Boeing Co. 0.12% 3,000 $516K New
EW Edwards Lifesciences Corp. 0.12% 7,000 $508K New
PGR Progressive Corp. 0.11% 2,034 $489K New
AMD Advanced Micro Devices 0.11% 4,012 $484K Reduce -0.5%

Show all 151 holdings

Options reported separately and not counted above: TSLA puts ($824K), PAGS puts ($467K), GLD calls ($443K), VTEX calls ($297K), KWEB puts ($182K), TSM puts ($77K), MU puts ($76K), EWZ calls ($54K), VST puts ($42K), ADM puts ($33K), MU calls ($31K), UBER calls ($30K), and 5 more.

Portfolio Sells Q3 2024 → Q4 2024

HOG Harley-Davidson Inc. Reduce -75.9% 0.69% −3.47
FUN Six Flags Entertainment Corp. Reduce -53.2% 1.92% −1.92
BN Brookfield Corp. Reduce -44.6% 1.67% −1.43
URA Global X Uranium ETF Reduce -32.0% 1.93% −1.28
ARCO Arcos Dorados Holdings Inc. Class A Reduce -42.3% 1.01% −1.25
LPLA LPL Financial Holdings Inc. Reduce -69.7% 0.77% −1.23
MSFT Microsoft Corp. Reduce -11.1% 3.94% −1.12
PAM Pampa Energia SA-Spon ADR Reduce -93.2% 0.11% −1.07
EMBJ Embraer SA-Spon ADR Sold out 0.00% −0.97
CPA Copa Holdings SA Class A Reduce -14.4% 2.05% −0.86
AAPL Apple Inc. Sold out 0.00% −0.83
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.81
SCHW Schwab (charles) Corp. Sold out 0.00% −0.76
VIST Vista Energy Sab DE CV Reduce -94.5% 0.05% −0.73
QCOM Qualcomm Inc. Sold out 0.00% −0.70
ALLY Ally Financial Inc. Sold out 0.00% −0.65
GOOG Alphabet Inc. Class C Reduce -30.4% 1.52% −0.61
ECH iShares MSCI Chile ETF Reduce -48.2% 0.43% −0.59
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.57
SPLV Invesco S&P 500 Low Volatili Reduce -7.6% 2.38% −0.56
DG Dollar General Corp. Sold out 0.00% −0.54
GDX Vaneck Gold Miners ETF Reduce -13.9% 1.13% −0.51
KWEB Kranesh Csi China Internet Reduce -2.1% 1.33% −0.46
CCJ Cameco Corp. Reduce -44.5% 0.54% −0.45
XLY SS Consumer Disc Select Sect Reduce -36.1% 0.78% −0.44
CRWD CrowdStrike Holdings Inc. Class A Reduce -47.4% 0.63% −0.44
STNE Stoneco Ltd. Class A Sold out 0.00% −0.44
FUTY Fidelity MSCI US Utilities Sold out 0.00% −0.41
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.40
MELI MercadoLibre Inc. Reduce -1.6% 1.13% −0.35
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.31
INTR Inter & Co. Inc. Class A Sold out 0.00% −0.29
LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −0.27
CI The Cigna Group Sold out 0.00% −0.26
TXN Texas Instruments Inc. Sold out 0.00% −0.26
JD Jd.com Inc.-ADR Reduce -5.7% 0.67% −0.25
C Citigroup Inc. Reduce -33.3% 0.49% −0.24
AXICY Centrais Eletricas Brasileir Reduce -91.7% 0.02% −0.24
SIL Global X Silver Miners ETF Reduce -21.8% 0.44% −0.22
XP XP Inc. Class A Sold out 0.00% −0.22
VNM Vaneck Vietnam ETF Sold out 0.00% −0.20
DIS The Walt Disney Co. Sold out 0.00% −0.20
GE General Electric Sold out 0.00% −0.19
SPYG SS SPDR P S&P 500 Growth ETF Reduce -15.6% 0.73% −0.18
EMR Emerson Electric Co. Sold out 0.00% −0.16
YMM Full Truck Alliance -SPN ADR Sold out 0.00% −0.16
SOXQ Invesco PHLX Semiconductor Reduce -1.3% 0.94% −0.15
GLD SPDR Gold Shares Reduce -36.1% 0.20% −0.14
GDXJ Vaneck Junior Gold Miners Reduce -1.6% 0.58% −0.13
HAL Halliburton Co. Sold out 0.00% −0.13

Portfolio Buys Q3 2024 → Q4 2024

NVDA Nvidia Corp. Add +94.6% 9.16% +4.57
XLF SS Financial Select Sector New 2.26% +2.26
META Meta Platforms Inc. Class A Add +39.3% 7.95% +1.90
TSM Taiwan Semiconductor-SP ADR Add +17.2% 9.07% +1.67
BRK.B Berkshire Hathaway Inc. Class B Add +123.1% 2.40% +1.18
GS Goldman Sachs Group Inc. Add +285.0% 1.35% +1.02
UBER Uber Technologies Inc. New 0.93% +0.93
IBKR Interactive Brokers Gro Class A New 0.85% +0.85
XLV SS Health Care Select Sector New 0.79% +0.79
PM Philip Morris International New 0.74% +0.74
XLRE SS Real Estate Select Sector New 0.73% +0.73
JPM JPMorgan Chase & Co. Add +543.0% 0.82% +0.70
CEG Constellation Energy New 0.70% +0.70
AVGO Broadcom Inc. Add +7.9% 2.59% +0.61
PAGS Pagseguro Digital Ltd. Class A Add +171.5% 1.08% +0.49
EDN Emp Distrib Y Comerc Nor-ADR Add +3.8% 0.97% +0.48
WFC Wells Fargo & Co. New 0.46% +0.46
KRE SS SPDR S&P Regional Bank New 0.45% +0.45
IFS Intercorp Financial Services New 0.44% +0.44
CRM Salesforce Inc. Add +442.6% 0.53% +0.44
NTRA Natera Inc. New 0.44% +0.44
NFLX Netflix Inc. New 0.43% +0.43
VTEX Vtex Class A Add +112.2% 1.21% +0.42
BAC Bank of America Corp. New 0.42% +0.42
ERO Ero Copper Corp. New 0.38% +0.38
COP Conocophillips New 0.36% +0.36
ARES Ares Management Corp. Class A New 0.33% +0.33
ASHR Xtrackers Harvest Csi 300 CH New 0.30% +0.30
ARGT Global X MSCI Argentina ETF Add +317.7% 0.37% +0.29
FXI iShares China Large-Cap ETF Add +193.9% 0.49% +0.29
BLK BlackRock Inc. New 0.28% +0.28
AMZN Amazon.com Inc. Add +0.5% 3.98% +0.26
COHR Coherent Corp. New 0.25% +0.25
MU Micron Technology Inc. Add +100.0% 0.55% +0.19
BIDU Baidu Inc. - Spon ADR Add +193.7% 0.36% +0.19
ADM Archer-Daniels-Midland Co. New 0.18% +0.18
BDX Becton Dickinson and Co. Add +243.2% 0.28% +0.18
SPOT Spotify Technology SA Add +68.0% 0.39% +0.18
LH Labcorp Holdings Inc. New 0.18% +0.18
DHR Danaher Corp. New 0.18% +0.18
SLB SLB Ltd. Add +408.4% 0.23% +0.17
ET Energy Transfer LP New 0.16% +0.16
SPGI S&P Global Inc. Add +180.3% 0.25% +0.15
DELL Dell Technologies -C Add +54.6% 0.55% +0.15
FISV Fiserv Inc. New 0.14% +0.14
MGM MGM Resorts International New 0.14% +0.14
FLUT Flutter Entertainment PLC-Di New 0.14% +0.14
FOXA Fox Corp. Class A New 0.14% +0.14
INSM Insmed Inc. New 0.14% +0.14
KKR KKR & Co. Inc. New 0.13% +0.13

Options Activity Q3 2024 → Q4 2024

TSLA Tesla Inc. put Reduce -77.9% 10,000 $824K
GLD SPDR Gold Shares call Reduce -16.7% 75,000 $443K
SMH Vaneck Semiconductor ETF put Sold out 60,000 $350Kbefore exit
VTEX Vtex Class A call New 30,000 $297K
BAX Baxter International Inc. put Sold out 6,500 $247Kbefore exit
AVGO Broadcom Inc. put Sold out 20,000 $205Kbefore exit
MSFT Microsoft Corp. put Sold out 13,000 $138Kbefore exit
AVGO Broadcom Inc. call Sold out 13,000 $134Kbefore exit
BABA Alibaba Group Holding-SP ADR put Sold out 30,000 $113Kbefore exit
AMD Advanced Micro Devices call Sold out 18,000 $112Kbefore exit
TSM Taiwan Semiconductor-SP ADR put Reduce -6.5% 29,000 $77K
MU Micron Technology Inc. put New 30,000 $76K
AAPL Apple Inc. put Sold out 20,000 $74Kbefore exit
XLP SS Consumer Staples Sel Sect put Sold out 100,000 $58Kbefore exit
EWZ iShares MSCI Brazil ETF call New 1,220,000 $54K
JD Jd.com Inc.-ADR put Sold out 37,000 $52Kbefore exit
AES AES Corp. call Sold out 37,500 $51Kbefore exit
GE General Electric put Sold out 16,000 $42Kbefore exit
VST Vistra Corp. put Reduce -20.0% 10,000 $42K
AES AES Corp. put Sold out 72,500 $40Kbefore exit
JBL Jabil Inc. put Sold out 12,500 $37Kbefore exit
NVDA Nvidia Corp. put Sold out 12,500 $35Kbefore exit
ADM Archer-Daniels-Midland Co. put New 27,500 $33K
MU Micron Technology Inc. call Add +20.0% 15,000 $31K
UBER Uber Technologies Inc. call New 30,000 $30K
EMR Emerson Electric Co. put Sold out 12,500 $19Kbefore exit
F Ford Motor Co. put New 65,000 $19K
GDX Vaneck Gold Miners ETF call New 450,000 $18K
ED Consolidated Edison Inc. call Sold out 12,500 $14Kbefore exit
SLB SLB Ltd. call Sold out 15,000 $14Kbefore exit
AMZN Amazon.com Inc. put Reduce -45.5% 12,000 $6K
GIS General Mills Inc. call Sold out 10,000 $5Kbefore exit
CAG Conagra Brands Inc. put New 12,500 $5K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024

AMBWQ Ambipar Emergency Respons-28 *W EXP 03/03/202 Sold out 120,000 $704Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 136$751.6MSPY, HYG, VOO, IWM, EWW
Q1 2026 102$512.6MHYG, SPY, EWW, VOO, IWM
Q4 2025 158$564.5MNVDA, META, MSFT, TSM, AMZN
Q3 2025 152$684.1MJBS, META, MSFT, NVDA, AMZN
Q2 2025 153$491.5MMETA, NVDA, GGAL, SBS, AMZN
Q1 2025 157$400.8MMETA, TSM, SBS, AMZN, MSFT
Q4 2024 151$427.0MNVDA, TSM, META, AMZN, MSFT
Q3 2024 129$384.5MTSM, META, MSFT, NVDA, HOG
Q2 2024 127$391.3MMELI, AMZN, TSM, STNE, SIX
Q1 2024 134$321.2MXP, URA, TSM, SBS, SPLV