Banco BTG Pactual S.A.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Banco BTG Pactual S.A. reported 153 stock positions worth $491.5 million. Its top holding was Meta Platforms Class A (META) at 6.9% of the portfolio, followed by Nvidia (NVDA, 6.3%) and Grupo Financiero Galicia-ADR (GGAL, 5.0%). Compared with Q1 2025, it opened 58 new positions, sold out of 62, added to 44 and reduced 44. The biggest buy was Nvidia (NVDA, shares +83%) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −52%).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001536080
- Portfolio Value
- $491.5M (Q2 2025)
- SEC Filing
- 0001085146-25-005301 ↗ filed Aug 14, 2025
Holdings Value
Holdings 153 stocks · $491.5M
| META Meta Platforms Inc. Class A | 6.94% | 46,193 | $34.1M | Add +29.0% |
| NVDA Nvidia Corp. | 6.26% | 194,735 | $30.8M | Add +83.2% |
| GGAL Grupo Financiero Galicia-ADR | 5.00% | 487,916 | $24.6M | Add +198.3% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 4.88% | 1,091,340 | $24.0M | Reduce -3.0% |
| AMZN Amazon.com Inc. | 4.70% | 105,282 | $23.1M | Add +37.1% |
| QQQ Invesco QQQ Trust Series 1 | 4.09% | 36,418 | $20.1M | Add +505.1% |
| MSFT Microsoft Corp. | 4.04% | 39,908 | $19.9M | Add +17.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 3.47% | 1,244,592 | $17.1M | Add +120.1% |
| KWEB Kranesh Csi China Internet | 2.98% | 426,700 | $14.6M | Add +304.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.72% | 59,066 | $13.4M | Reduce -52.1% |
| SPLV Invesco S&P 500 Low Volatili | 2.68% | 180,963 | $13.2M | Add +6.8% |
| C Citigroup Inc. | 2.17% | 125,246 | $10.7M | Add +56.3% |
| GOOGL Alphabet Inc. Class A | 2.10% | 58,555 | $10.3M | Add +15.7% |
| VTEX Vtex Class A | 1.92% | 1,427,230 | $9.4M | Reduce -14.6% |
| BABA Alibaba Group Holding-SP ADR | 1.85% | 80,000 | $9.1M | Add +1900.0% |
| KBWB Invesco KBW Bank ETF | 1.75% | 120,000 | $8.6M | Reduce -9.5% |
| JPM JPMorgan Chase & Co. | 1.69% | 28,574 | $8.3M | Reduce -31.1% |
| COF Capital One Financial Corp. | 1.64% | 37,880 | $8.1M | New |
| INTR Inter & Co. Inc. Class A | 1.56% | 1,028,854 | $7.6M | Add +5048.1% |
| MELI MercadoLibre Inc. | 1.53% | 2,871 | $7.5M | Reduce -40.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.47% | 152,850 | $7.2M | Add +162.4% |
| XP XP Inc. Class A | 1.39% | 339,000 | $6.8M | Reduce -25.6% |
| XLF SS Financial Select Sector | 1.39% | 130,000 | $6.8M | Reduce -35.0% |
| PAM Pampa Energia SA-Spon ADR | 1.32% | 93,583 | $6.5M | Add +467.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.27% | 12,801 | $6.2M | Add +227.6% |
| LPLA LPL Financial Holdings Inc. | 1.26% | 16,507 | $6.2M | New |
| GOOG Alphabet Inc. Class C | 1.21% | 33,555 | $6.0M | Add +28.8% |
| UBER Uber Technologies Inc. | 1.06% | 56,000 | $5.2M | Reduce -41.5% |
| INDA iShares MSCI India ETF | 0.91% | 80,000 | $4.5M | Add +700.0% |
| ENIC Enel Chile SA-ADR | 0.89% | 1,209,000 | $4.4M | New |
| URA Global X Uranium ETF | 0.74% | 93,346 | $3.6M | Reduce -23.9% |
| PAGS Pagseguro Digital Ltd. Class A | 0.69% | 350,000 | $3.4M | Reduce -28.6% |
| GEV GE Vernova Inc. | 0.67% | 6,253 | $3.3M | Reduce -43.0% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.67% | 120,000 | $3.3M | Add +6.2% |
| SOXQ Invesco PHLX Semiconductor | 0.61% | 68,945 | $3.0M | Reduce -6.8% |
| AVGO Broadcom Inc. | 0.57% | 10,125 | $2.8M | Reduce -56.7% |
| MRVL Marvell Technology Inc. | 0.57% | 36,000 | $2.8M | New |
| IBKR Interactive Brokers Gro Class A | 0.56% | 50,000 | $2.8M | New |
| KKR KKR & Co. Inc. | 0.55% | 20,239 | $2.7M | Add +15.7% |
| GLOB Globant SA | 0.50% | 27,000 | $2.5M | Add +217.7% |
| AMD Advanced Micro Devices | 0.47% | 16,425 | $2.3M | New |
| XLV SS Health Care Select Sector | 0.47% | 16,987 | $2.3M | Add +33.8% |
| XLRE SS Real Estate Select Sector | 0.46% | 54,660 | $2.3M | Add +28.2% |
| GDX Vaneck Gold Miners ETF | 0.46% | 43,350 | $2.3M | Reduce -74.8% |
| XLY SS Consumer Disc Select Sect | 0.44% | 10,024 | $2.2M | Add +24.7% |
| TGS Transportador Gas-ADR SP B | 0.44% | 82,657 | $2.1M | New |
| MA Mastercard Inc. Class A | 0.43% | 3,800 | $2.1M | New |
| BKNG Booking Holdings Inc. | 0.43% | 367 | $2.1M | Reduce -66.1% |
| F Ford Motor Co. filed as FORD MTR CO | 0.43% | 195,509 | $2.1M | New |
| FXI iShares China Large-Cap ETF | 0.43% | 57,406 | $2.1M | Reduce -18.3% |
| ZETA Zeta Global Holdings Corp. Class A | 0.38% | 121,000 | $1.9M | New |
| EWY iShares MSCI South Korea ETF | 0.38% | 26,000 | $1.9M | Add +550.0% |
| SLV iShares Silver Trust | 0.36% | 54,110 | $1.8M | Reduce -61.7% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.32% | 16,748 | $1.6M | Reduce -35.5% |
| SMIN iShares MSCI India Small-Cap | 0.32% | 20,500 | $1.6M | Reduce -2.4% |
| BN Brookfield Corp. | 0.31% | 24,275 | $1.5M | Reduce -80.5% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.30% | 47,000 | $1.5M | Add +13.3% |
| ESGU iShares ESG Aware MSCI USA | 0.29% | 10,650 | $1.4M | Add +36.5% |
| DHI D.R. Horton Inc. | 0.29% | 11,034 | $1.4M | New |
| GDXJ Vaneck Junior Gold Miners | 0.28% | 20,575 | $1.4M | Reduce -68.7% |
| FOXA Fox Corp. Class A | 0.27% | 24,000 | $1.3M | New |
| VLRS Controladora Vuela Cia-ADR | 0.27% | 280,000 | $1.3M | Reduce -28.9% |
| GS Goldman Sachs Group Inc. | 0.26% | 1,822 | $1.3M | Reduce -76.9% |
| BLK BlackRock Inc. | 0.25% | 1,170 | $1.2M | No change |
| VLO Valero Energy Corp. | 0.24% | 8,850 | $1.2M | New |
| HOG Harley-Davidson Inc. | 0.24% | 50,000 | $1.2M | Reduce -50.0% |
| HAS Hasbro Inc. | 0.23% | 15,462 | $1.1M | New |
| SPOT Spotify Technology SA | 0.23% | 1,480 | $1.1M | Add +64.6% |
| NTRA Natera Inc. | 0.23% | 6,700 | $1.1M | Reduce -22.7% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.22% | 13,564 | $1.1M | New |
| TGT Target Corp. | 0.20% | 10,000 | $987K | New |
| PRU Prudential Financial Inc. | 0.20% | 9,085 | $976K | New |
| DELL Dell Technologies -C | 0.20% | 7,898 | $968K | Reduce -79.4% |
| OXY Occidental Petroleum Corp. | 0.19% | 22,800 | $958K | New |
| KMB Kimberly-Clark Corp. | 0.19% | 7,200 | $928K | New |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.18% | 9,000 | $884K | New |
| SIL Global X Silver Miners ETF | 0.18% | 18,059 | $869K | Reduce -76.6% |
| EQT Eqt Corp. | 0.16% | 13,800 | $805K | Add +100.0% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.16% | 8,330 | $804K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.16% | 3,010 | $802K | Reduce -28.5% |
| AR Antero Resources Corp. | 0.16% | 19,200 | $773K | Add +100.0% |
| TDY Teledyne Technologies Inc. | 0.16% | 1,500 | $768K | Add +85.9% |
| GGB Gerdau SA -Spon ADR | 0.16% | 261,800 | $764K | Add +329.9% |
| COPX Global X Copper Miners ETF | 0.15% | 16,785 | $755K | Add +11.6% |
| IFS Intercorp Financial Services | 0.15% | 19,700 | $751K | Reduce -56.9% |
| METV Roundhill Ball Metaverse ETF | 0.15% | 43,850 | $747K | Add +3.4% |
| IBIT iShares Bitcoin Trust ETF | 0.15% | 12,150 | $744K | Add +179.3% |
| EXE Expand Energy Corp. | 0.15% | 6,300 | $737K | Add +100.0% |
| DTM DT Midstream Inc. | 0.15% | 6,700 | $736K | New |
| CSX CSX Corp. | 0.15% | 22,000 | $718K | New |
| SPGI S&P Global Inc. | 0.14% | 1,340 | $707K | No change |
| TRGP Targa Resources Corp. | 0.13% | 3,774 | $657K | New |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.13% | 39,400 | $647K | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.13% | 79,700 | $629K | Reduce -75.1% |
| TEVA Teva Pharmaceutical-SP ADR | 0.13% | 37,131 | $622K | No change |
| ADM Archer-Daniels-Midland Co. | 0.13% | 11,790 | $622K | New |
| ET Energy Transfer LP | 0.13% | 34,000 | $616K | No change |
| APA Apa Corp. | 0.12% | 33,082 | $605K | New |
| AMX America Movil Sab DE CV | 0.12% | 117,008 | $588K | New |
| DKS Dick's Sporting Goods Inc. | 0.11% | 2,821 | $558K | New |
Options reported separately and not counted above: NU calls ($7K).
Portfolio Sells Q1 2025 → Q2 2025
| TSM Taiwan Semiconductor-SP ADR | Reduce -52.1% | 2.72% | −2.38 |
| GE General Electric | Sold out | 0.00% | −1.63 |
| GDX Vaneck Gold Miners ETF | Reduce -74.8% | 0.46% | −1.52 |
| STNE Stoneco Ltd. Class A | Sold out | 0.00% | −1.44 |
| BN Brookfield Corp. | Reduce -80.5% | 0.31% | −1.32 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −1.27 |
| XLF SS Financial Select Sector | Reduce -35.0% | 1.39% | −1.10 |
| TIMB Tim SA-ADR | Sold out | 0.00% | −1.02 |
| VST Vistra Corp. | Sold out | 0.00% | −0.94 |
| JPM JPMorgan Chase & Co. | Reduce -31.1% | 1.69% | −0.85 |
| BKNG Booking Holdings Inc. | Reduce -66.1% | 0.43% | −0.81 |
| GS Goldman Sachs Group Inc. | Reduce -76.9% | 0.26% | −0.81 |
| MELI MercadoLibre Inc. | Reduce -40.2% | 1.53% | −0.81 |
| SLV iShares Silver Trust | Reduce -61.7% | 0.36% | −0.73 |
| BMA Banco Macro SA-ADR | Reduce -86.3% | 0.08% | −0.72 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.72 |
| UBER Uber Technologies Inc. | Reduce -41.5% | 1.06% | −0.68 |
| DELL Dell Technologies -C | Reduce -79.4% | 0.20% | −0.68 |
| TTWO Take-Two Interactive Softwre | Sold out | 0.00% | −0.67 |
| GDXJ Vaneck Junior Gold Miners | Reduce -68.7% | 0.28% | −0.65 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.63 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.61 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −0.59 |
| SIL Global X Silver Miners ETF | Reduce -76.6% | 0.18% | −0.58 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.58 |
| KOF Coca-Cola Femsa Sab-SP ADR | Sold out | 0.00% | −0.55 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.54 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -75.1% | 0.13% | −0.52 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.51 |
| CEPU Central Puerto-Sponsored ADR | Sold out | 0.00% | −0.50 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.42 |
| IXN iShares Global Tech ETF | Sold out | 0.00% | −0.41 |
| DRS Leonardo DRS Inc. | Sold out | 0.00% | −0.41 |
| AVGO Broadcom Inc. | Reduce -56.7% | 0.57% | −0.41 |
| HOG Harley-Davidson Inc. | Reduce -50.0% | 0.24% | −0.39 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.39 |
| SUPV Grupo Supervielle SA-SP ADR | Reduce -89.9% | 0.02% | −0.34 |
| OMAB Grupo Aeroportuario Cen-ADR | Sold out | 0.00% | −0.33 |
| KBWB Invesco KBW Bank ETF | Reduce -9.5% | 1.75% | −0.33 |
| CDNS Cadence Design SYS Inc. | Sold out | 0.00% | −0.29 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.27 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.26 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -28.6% | 0.69% | −0.25 |
| VLRS Controladora Vuela Cia-ADR | Reduce -28.9% | 0.27% | −0.24 |
| SPYI Neos S&P 500 High Income ETF | Sold out | 0.00% | −0.24 |
| IFS Intercorp Financial Services | Reduce -56.9% | 0.15% | −0.23 |
| EDN Emp Distrib Y Comerc Nor-ADR | Sold out | 0.00% | −0.22 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.21 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.21 |
| ECH iShares MSCI Chile ETF | Reduce -61.3% | 0.10% | −0.20 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +83.2% | 6.26% | +3.38 |
| QQQ Invesco QQQ Trust Series 1 | Add +505.1% | 4.09% | +3.38 |
| GGAL Grupo Financiero Galicia-ADR | Add +198.3% | 5.00% | +2.78 |
| KWEB Kranesh Csi China Internet | Add +304.6% | 2.98% | +2.06 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +120.1% | 3.47% | +2.03 |
| META Meta Platforms Inc. Class A | Add +29.0% | 6.94% | +1.79 |
| BABA Alibaba Group Holding-SP ADR | Add +1900.0% | 1.85% | +1.71 |
| COF Capital One Financial Corp. | New | 1.64% | +1.64 |
| INTR Inter & Co. Inc. Class A | Add +5048.1% | 1.56% | +1.53 |
| LPLA LPL Financial Holdings Inc. | New | 1.26% | +1.26 |
| AMZN Amazon.com Inc. | Add +37.1% | 4.70% | +1.05 |
| PAM Pampa Energia SA-Spon ADR | Add +467.2% | 1.32% | +1.00 |
| ENIC Enel Chile SA-ADR | New | 0.89% | +0.89 |
| MSFT Microsoft Corp. | Add +17.8% | 4.04% | +0.87 |
| BAC Bank of America Corp. | Add +162.4% | 1.47% | +0.87 |
| INDA iShares MSCI India ETF | Add +700.0% | 0.91% | +0.78 |
| C Citigroup Inc. | Add +56.3% | 2.17% | +0.75 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +227.6% | 1.27% | +0.75 |
| MRVL Marvell Technology Inc. | New | 0.57% | +0.57 |
| IBKR Interactive Brokers Gro Class A | New | 0.56% | +0.56 |
| AMD Advanced Micro Devices | New | 0.47% | +0.47 |
| TGS Transportador Gas-ADR SP B | New | 0.44% | +0.44 |
| MA Mastercard Inc. Class A | New | 0.43% | +0.43 |
| F Ford Motor Co. | New | 0.43% | +0.43 |
| ZETA Zeta Global Holdings Corp. Class A | New | 0.38% | +0.38 |
| EWY iShares MSCI South Korea ETF | Add +550.0% | 0.38% | +0.33 |
| DHI D.R. Horton Inc. | New | 0.29% | +0.29 |
| FOXA Fox Corp. Class A | New | 0.27% | +0.27 |
| GLOB Globant SA | Add +217.7% | 0.50% | +0.25 |
| VLO Valero Energy Corp. | New | 0.24% | +0.24 |
| HAS Hasbro Inc. | New | 0.23% | +0.23 |
| EL Estee Lauder Companies Class A | New | 0.22% | +0.22 |
| TGT Target Corp. | New | 0.20% | +0.20 |
| PRU Prudential Financial Inc. | New | 0.20% | +0.20 |
| GOOG Alphabet Inc. Class C | Add +28.8% | 1.21% | +0.20 |
| OXY Occidental Petroleum Corp. | New | 0.19% | +0.19 |
| KMB Kimberly-Clark Corp. | New | 0.19% | +0.19 |
| SJM The JM Smucker Co. | New | 0.18% | +0.18 |
| TROW T Rowe Price Group Inc. | New | 0.16% | +0.16 |
| DTM DT Midstream Inc. | New | 0.15% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +15.7% | 2.10% | +0.15 |
| CSX CSX Corp. | New | 0.15% | +0.15 |
| TRGP Targa Resources Corp. | New | 0.13% | +0.13 |
| BVN Cia DE Minas Buenaventur-ADR | New | 0.13% | +0.13 |
| ADM Archer-Daniels-Midland Co. | New | 0.13% | +0.13 |
| APA Apa Corp. | New | 0.12% | +0.12 |
| AMX America Movil Sab DE CV | New | 0.12% | +0.12 |
| DKS Dick's Sporting Goods Inc. | New | 0.11% | +0.11 |
| GGB Gerdau SA -Spon ADR | Add +329.9% | 0.16% | +0.11 |
| SPOT Spotify Technology SA | Add +64.6% | 0.23% | +0.11 |
Options Activity Q1 2025 → Q2 2025
| TSLA Tesla Inc. | put | Sold out | 10,000 | $920Kbefore exit |
| GE General Electric | put | Sold out | 42,500 | $472Kbefore exit |
| DELL Dell Technologies -C | put | Sold out | 40,000 | $380Kbefore exit |
| AVGO Broadcom Inc. | put | Sold out | 10,000 | $268Kbefore exit |
| KWEB Kranesh Csi China Internet | put | Sold out | 330,000 | $267Kbefore exit |
| BABA Alibaba Group Holding-SP ADR | put | Sold out | 60,000 | $219Kbefore exit |
| NVDA Nvidia Corp. | put | Sold out | 15,000 | $209Kbefore exit |
| JD Jd.com Inc.-ADR | put | Sold out | 80,000 | $168Kbefore exit |
| GOOG Alphabet Inc. Class C | put | Sold out | 10,000 | $144Kbefore exit |
| VST Vistra Corp. | put | Sold out | 12,500 | $133Kbefore exit |
| AMT American Tower Corp. | call | Sold out | 13,000 | $122Kbefore exit |
| CTRA Coterra Energy Inc. | put | Sold out | 110,400 | $116Kbefore exit |
| NVDA Nvidia Corp. | call | Sold out | 195,000 | $96Kbefore exit |
| AAPL Apple Inc. | put | Sold out | 10,000 | $96Kbefore exit |
| MU Micron Technology Inc. | call | Sold out | 32,500 | $85Kbefore exit |
| TSM Taiwan Semiconductor-SP ADR | call | Sold out | 50,000 | $68Kbefore exit |
| WDC Western Digital Corp. | put | Sold out | 22,500 | $50Kbefore exit |
| META Meta Platforms Inc. Class A | call | Sold out | 10,000 | $47Kbefore exit |
| ADM Archer-Daniels-Midland Co. | call | Sold out | 20,000 | $47Kbefore exit |
| WMT Walmart Inc. | call | Sold out | 10,000 | $41Kbefore exit |
| AFL Aflac Inc. | put | Sold out | 26,500 | $39Kbefore exit |
| COP Conocophillips | put | Sold out | 17,500 | $19Kbefore exit |
| UBER Uber Technologies Inc. | call | Sold out | 12,500 | $17Kbefore exit |
| D Dominion Energy Inc. | put | Sold out | 17,500 | $11Kbefore exit |
| NU Nu Holdings Ltd./Cayman Isl-A | call | New | 14,000 | $7K |
| GDX Vaneck Gold Miners ETF | put | Sold out | 84,000 | $6Kbefore exit |
| IVZ Invesco Ltd. | call | Sold out | 30,000 | $5Kbefore exit |
| AMZN Amazon.com Inc. | call | Sold out | 30,000 | $4Kbefore exit |
| MSFT Microsoft Corp. | call | Sold out | 20,000 | $4Kbefore exit |
| GOOGL Alphabet Inc. Class A | call | Sold out | 30,000 | $3Kbefore exit |
| WBA Walgreens Boots Alliance Inc. | put | Sold out | 26,000 | $780before exit |
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 | 136 | $751.6M | SPY, HYG, VOO, IWM, EWW |
| Q1 2026 | 102 | $512.6M | HYG, SPY, EWW, VOO, IWM |
| Q4 2025 | 158 | $564.5M | NVDA, META, MSFT, TSM, AMZN |
| Q3 2025 | 152 | $684.1M | JBS, META, MSFT, NVDA, AMZN |
| Q2 2025 | 153 | $491.5M | META, NVDA, GGAL, SBS, AMZN |
| Q1 2025 | 157 | $400.8M | META, TSM, SBS, AMZN, MSFT |
| Q4 2024 | 151 | $427.0M | NVDA, TSM, META, AMZN, MSFT |
| Q3 2024 | 129 | $384.5M | TSM, META, MSFT, NVDA, HOG |
| Q2 2024 | 127 | $391.3M | MELI, AMZN, TSM, STNE, SIX |
| Q1 2024 | 134 | $321.2M | XP, URA, TSM, SBS, SPLV |