Banco BTG Pactual S.A.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Banco BTG Pactual S.A. reported 152 stock positions worth $684.1 million. Its top holding was JBS NV-A (JBS) at 20.9% of the portfolio, followed by Meta Platforms Class A (META, 6.4%) and Microsoft (MSFT, 5.7%). Compared with Q2 2025, it opened 71 new positions, sold out of 72, added to 43 and reduced 30. The biggest buy was a new position in JBS NV-A (JBS) and the biggest sale an exit from Grupo Financiero Galicia-ADR (GGAL).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001536080
- Portfolio Value
- $684.1M (Q3 2025)
- SEC Filing
- 0001536080-25-000003 ↗ filed Nov 13, 2025
Holdings Value
Holdings 152 stocks · $684.1M
| JBS JBS NV-A | 20.93% | 9,589,738 | $143.2M | New |
| META Meta Platforms Inc. Class A | 6.36% | 59,215 | $43.5M | Add +28.2% |
| MSFT Microsoft Corp. | 5.73% | 75,628 | $39.2M | Add +89.5% |
| NVDA Nvidia Corp. | 5.46% | 200,333 | $37.4M | Add +2.9% |
| AMZN Amazon.com Inc. | 4.45% | 138,717 | $30.5M | Add +31.8% |
| KWEB Kranesh Csi China Internet | 3.14% | 510,700 | $21.5M | Add +19.7% |
| GOOGL Alphabet Inc. Class A | 2.69% | 75,576 | $18.4M | Add +29.1% |
| TSM Taiwan Semiconductor-SP ADR | 2.59% | 63,532 | $17.7M | Add +7.6% |
| BABA Alibaba Group Holding-SP ADR | 2.50% | 95,504 | $17.1M | Add +19.4% |
| SPLV Invesco S&P 500 Low Volatili | 2.09% | 194,213 | $14.3M | Add +7.3% |
| C Citigroup Inc. | 2.07% | 139,504 | $14.2M | Add +11.4% |
| GOOG Alphabet Inc. Class C | 1.89% | 53,212 | $13.0M | Add +58.6% |
| EWZ iShares MSCI Brazil ETF | 1.30% | 287,021 | $8.9M | New |
| V Visa Inc. Class A | 1.29% | 25,857 | $8.8M | New |
| EEM iShares MSCI Emerging Market | 1.26% | 161,350 | $8.6M | New |
| GDX Vaneck Gold Miners ETF | 1.23% | 110,000 | $8.4M | Add +153.8% |
| AVGO Broadcom Inc. | 1.21% | 25,108 | $8.3M | Add +148.0% |
| JPM JPMorgan Chase & Co. | 1.17% | 25,356 | $8.0M | Reduce -11.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.16% | 496,905 | $8.0M | Reduce -60.1% |
| KBWB Invesco KBW Bank ETF | 1.03% | 90,000 | $7.0M | Reduce -25.0% |
| AIQ Global X Art Intel & Tech | 1.00% | 139,100 | $6.9M | New |
| LPLA LPL Financial Holdings Inc. | 1.00% | 20,471 | $6.8M | Add +24.0% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.96% | 200,000 | $6.6M | Add +66.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.91% | 10,368 | $6.2M | Reduce -71.5% |
| UNH Unitedhealth Group Inc. | 0.86% | 16,966 | $5.9M | New |
| BKNG Booking Holdings Inc. | 0.80% | 1,012 | $5.5M | Add +175.8% |
| UBER Uber Technologies Inc. | 0.78% | 54,413 | $5.3M | Reduce -2.8% |
| IFS Intercorp Financial Services | 0.76% | 129,674 | $5.2M | Add +558.2% |
| PAM Pampa Energia SA-Spon ADR | 0.75% | 84,967 | $5.1M | Reduce -9.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.73% | 10,000 | $5.0M | Reduce -21.9% |
| SLV iShares Silver Trust | 0.64% | 103,260 | $4.4M | Add +90.8% |
| MA Mastercard Inc. Class A | 0.64% | 7,650 | $4.4M | Add +101.3% |
| TGS Transportador Gas-ADR SP B | 0.62% | 201,014 | $4.2M | Add +143.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.62% | 36,910 | $4.2M | New |
| INDA iShares MSCI India ETF | 0.61% | 80,000 | $4.2M | No change |
| CRWV Coreweave Inc. Class A | 0.60% | 30,000 | $4.1M | New |
| ZTS Zoetis Inc. | 0.60% | 27,829 | $4.1M | New |
| PDD PDD Holdings Inc. | 0.57% | 29,332 | $3.9M | New |
| KO The Coca-Cola Co. | 0.56% | 58,032 | $3.8M | New |
| JD Jd.com Inc.-ADR | 0.51% | 100,000 | $3.5M | New |
| XLY SS Consumer Disc Select Sect | 0.44% | 12,693 | $3.0M | Add +26.6% |
| GDXJ Vaneck Junior Gold Miners | 0.43% | 30,000 | $3.0M | Add +45.8% |
| XLV SS Health Care Select Sector | 0.43% | 21,108 | $2.9M | Add +24.3% |
| WDC Western Digital Corp. | 0.42% | 24,105 | $2.9M | New |
| XLRE SS Real Estate Select Sector | 0.42% | 68,405 | $2.9M | Add +25.1% |
| WYNN WYNN Resorts Ltd. | 0.42% | 22,197 | $2.8M | New |
| COF Capital One Financial Corp. | 0.41% | 49,380 | $2.8M | Add +30.4% |
| TEO Telecom Argentina SA-SP ADR | 0.40% | 374,805 | $2.7M | New |
| SOXQ Invesco PHLX Semiconductor | 0.40% | 54,345 | $2.7M | Reduce -21.2% |
| URA Global X Uranium ETF | 0.38% | 55,196 | $2.6M | Reduce -40.9% |
| LTH Life Time Group Holdings Inc. | 0.38% | 95,000 | $2.6M | New |
| IBIT iShares Bitcoin Trust ETF | 0.36% | 37,734 | $2.5M | Add +210.6% |
| TLT iShares 20+ Year Treasury BD | 0.34% | 26,000 | $2.3M | New |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.33% | 596,500 | $2.3M | New |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.33% | 21,633 | $2.3M | Add +29.2% |
| VIST Vista Energy Sab DE CV | 0.31% | 61,979 | $2.1M | New |
| VTEX Vtex Class A | 0.30% | 465,000 | $2.0M | Reduce -67.4% |
| FXI iShares China Large-Cap ETF | 0.29% | 49,056 | $2.0M | Reduce -14.6% |
| HWM Howmet Aerospace Inc. | 0.29% | 10,170 | $2.0M | New |
| CVS CVS Health Corp. | 0.29% | 26,287 | $2.0M | New |
| ESGU iShares ESG Aware MSCI USA | 0.27% | 12,850 | $1.9M | Add +20.7% |
| GLOB Globant SA | 0.27% | 32,200 | $1.8M | Add +19.3% |
| GS Goldman Sachs Group Inc. | 0.25% | 2,189 | $1.7M | Add +20.1% |
| APP AppLovin Corp. Class A | 0.25% | 2,381 | $1.7M | New |
| TASEKO MINES LTD | 0.25% | 400,000 | $1.7M | New |
| BN Brookfield Corp. | 0.24% | 24,275 | $1.7M | No change |
| CRM Salesforce Inc. | 0.24% | 6,917 | $1.6M | Add +386.1% |
| SIL Global X Silver Miners ETF | 0.21% | 20,000 | $1.4M | Add +10.8% |
| BLK BlackRock Inc. | 0.20% | 1,170 | $1.4M | No change |
| LTM Latam Airlines Group SA-ADR | 0.20% | 30,000 | $1.4M | New |
| DD Dupont DE Nemours Inc. | 0.20% | 17,423 | $1.4M | Add +182.2% |
| VST Vistra Corp. | 0.20% | 6,915 | $1.4M | New |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 0.19% | 109,912 | $1.3M | New |
| CFG Citizens Financial Group | 0.19% | 24,378 | $1.3M | New |
| VNET Vnet Group Inc.-ADR | 0.19% | 124,022 | $1.3M | New |
| BMA Banco Macro SA-ADR | 0.19% | 29,936 | $1.3M | Add +411.7% |
| KHC The Kraft Heinz Co. | 0.18% | 47,899 | $1.2M | New |
| XP XP Inc. Class A | 0.17% | 61,465 | $1.2M | Reduce -81.9% |
| PONY Pony AI Inc. | 0.16% | 50,000 | $1.1M | Add +30.4% |
| GEHC GE Healthcare Technology | 0.16% | 14,232 | $1.1M | New |
| AMD Advanced Micro Devices | 0.16% | 6,598 | $1.1M | Reduce -59.8% |
| TRGP Targa Resources Corp. | 0.16% | 6,340 | $1.1M | Add +68.0% |
| ZETA Zeta Global Holdings Corp. Class A | 0.15% | 50,000 | $994K | Reduce -58.7% |
| SILJ Amplify Junior Silver Miners | 0.14% | 40,000 | $924K | New |
| CI The Cigna Group | 0.13% | 3,138 | $905K | New |
| METV Roundhill Ball Metaverse ETF | 0.13% | 43,850 | $903K | No change |
| APA Apa Corp. | 0.13% | 37,019 | $899K | Add +11.9% |
| IBKR Interactive Brokers Gro Class A | 0.13% | 13,000 | $895K | Reduce -74.0% |
| FMX Fomento Economico Mex-SP ADR | 0.11% | 7,766 | $766K | New |
| QXO Qxo Inc. | 0.11% | 40,000 | $762K | New |
| OMAB Grupo Aeroportuario Cen-ADR | 0.10% | 6,908 | $718K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.10% | 13,118 | $677K | Reduce -91.4% |
| HLT Hilton Worldwide Holdings Inc. | 0.10% | 2,600 | $675K | Reduce -13.6% |
| ECH iShares MSCI Chile ETF | 0.10% | 20,123 | $663K | Add +29.0% |
| SPGI S&P Global Inc. | 0.10% | 1,340 | $652K | No change |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.09% | 15,065 | $647K | New |
| APO Apollo Global Management Inc. | 0.09% | 4,472 | $596K | New |
| IWO iShares Russell 2000 Growth | 0.09% | 1,850 | $592K | Add +85.0% |
| ET Energy Transfer LP | 0.09% | 34,000 | $583K | No change |
| BAP Credicorp Ltd. | 0.08% | 2,177 | $580K | Add +28.1% |
Options reported separately and not counted above: ISHARES INC calls ($326K), ISHARES TR puts ($288K), SPDR GOLD TR puts ($213K).
Portfolio Sells Q2 2025 → Q3 2025
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −5.00 |
| SBS Cia Saneamento Basico DE-ADR | Sold out | 0.00% | −4.88 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -71.5% | 0.91% | −3.18 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -60.1% | 1.16% | −2.31 |
| VTEX Vtex Class A | Reduce -67.4% | 0.30% | −1.62 |
| INTR Inter & Co. Inc. Class A | Reduce -98.9% | 0.02% | −1.54 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −1.53 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −1.39 |
| BAC Bank of America Corp. | Reduce -91.4% | 0.10% | −1.37 |
| XP XP Inc. Class A | Reduce -81.9% | 0.17% | −1.22 |
| ENIC Enel Chile SA-ADR | Sold out | 0.00% | −0.89 |
| KBWB Invesco KBW Bank ETF | Reduce -25.0% | 1.03% | −0.72 |
| PAGS Pagseguro Digital Ltd. Class A | Sold out | 0.00% | −0.69 |
| GEV GE Vernova Inc. | Reduce -91.6% | 0.05% | −0.63 |
| PAM Pampa Energia SA-Spon ADR | Reduce -9.2% | 0.75% | −0.57 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.57 |
| KKR KKR & Co. Inc. | Sold out | 0.00% | −0.55 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -21.9% | 0.73% | −0.53 |
| JPM JPMorgan Chase & Co. | Reduce -11.3% | 1.17% | −0.52 |
| IBKR Interactive Brokers Gro Class A | Reduce -74.0% | 0.13% | −0.43 |
| F Ford Motor Co. | Sold out | 0.00% | −0.43 |
| EWY iShares MSCI South Korea ETF | Sold out | 0.00% | −0.38 |
| URA Global X Uranium ETF | Reduce -40.9% | 0.38% | −0.35 |
| SMIN iShares MSCI India Small-Cap | Sold out | 0.00% | −0.32 |
| AMD Advanced Micro Devices | Reduce -59.8% | 0.16% | −0.32 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −0.30 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.29 |
| UBER Uber Technologies Inc. | Reduce -2.8% | 0.78% | −0.28 |
| FOXA Fox Corp. Class A | Sold out | 0.00% | −0.27 |
| VLO Valero Energy Corp. | Sold out | 0.00% | −0.24 |
| HOG Harley-Davidson Inc. | Sold out | 0.00% | −0.24 |
| ZETA Zeta Global Holdings Corp. Class A | Reduce -58.7% | 0.15% | −0.24 |
| HAS Hasbro Inc. | Sold out | 0.00% | −0.23 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.23 |
| NTRA Natera Inc. | Sold out | 0.00% | −0.23 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.22 |
| SOXQ Invesco PHLX Semiconductor | Reduce -21.2% | 0.40% | −0.21 |
| TGT Target Corp. | Sold out | 0.00% | −0.20 |
| PRU Prudential Financial Inc. | Sold out | 0.00% | −0.20 |
| VLRS Controladora Vuela Cia-ADR | Reduce -75.0% | 0.07% | −0.20 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.20 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.19 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.19 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.18 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.16 |
| TROW T Rowe Price Group Inc. | Sold out | 0.00% | −0.16 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.16 |
| TDY Teledyne Technologies Inc. | Sold out | 0.00% | −0.16 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.15 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −0.15 |
Portfolio Buys Q2 2025 → Q3 2025
| JBS JBS NV-A | New | 20.93% | +20.93 |
| MSFT Microsoft Corp. | Add +89.5% | 5.73% | +1.69 |
| EWZ iShares MSCI Brazil ETF | New | 1.30% | +1.30 |
| V Visa Inc. Class A | New | 1.29% | +1.29 |
| EEM iShares MSCI Emerging Market | New | 1.26% | +1.26 |
| AIQ Global X Art Intel & Tech | New | 1.00% | +1.00 |
| UNH Unitedhealth Group Inc. | New | 0.86% | +0.86 |
| GDX Vaneck Gold Miners ETF | Add +153.8% | 1.23% | +0.77 |
| GOOG Alphabet Inc. Class C | Add +58.6% | 1.89% | +0.68 |
| BABA Alibaba Group Holding-SP ADR | Add +19.4% | 2.50% | +0.65 |
| AVGO Broadcom Inc. | Add +148.0% | 1.21% | +0.64 |
| DIS The Walt Disney Co. | New | 0.62% | +0.62 |
| IFS Intercorp Financial Services | Add +558.2% | 0.76% | +0.61 |
| CRWV Coreweave Inc. Class A | New | 0.60% | +0.60 |
| ZTS Zoetis Inc. | New | 0.60% | +0.60 |
| GOOGL Alphabet Inc. Class A | Add +29.1% | 2.69% | +0.59 |
| PDD PDD Holdings Inc. | New | 0.57% | +0.57 |
| KO The Coca-Cola Co. | New | 0.56% | +0.56 |
| JD Jd.com Inc.-ADR | New | 0.51% | +0.51 |
| WDC Western Digital Corp. | New | 0.42% | +0.42 |
| WYNN WYNN Resorts Ltd. | New | 0.42% | +0.42 |
| TEO Telecom Argentina SA-SP ADR | New | 0.40% | +0.40 |
| LTH Life Time Group Holdings Inc. | New | 0.38% | +0.38 |
| BKNG Booking Holdings Inc. | Add +175.8% | 0.80% | +0.37 |
| TLT iShares 20+ Year Treasury BD | New | 0.34% | +0.34 |
| EVEX Eve Holding Inc. | New | 0.33% | +0.33 |
| VIST Vista Energy Sab DE CV | New | 0.31% | +0.31 |
| ASHR Xtrackers Harvest Csi 300 CH | Add +66.7% | 0.96% | +0.29 |
| HWM Howmet Aerospace Inc. | New | 0.29% | +0.29 |
| CVS CVS Health Corp. | New | 0.29% | +0.29 |
| SLV iShares Silver Trust | Add +90.8% | 0.64% | +0.28 |
| APP AppLovin Corp. Class A | New | 0.25% | +0.25 |
| TASEKO MINES LTD | New | 0.25% | +0.25 |
| IBIT iShares Bitcoin Trust ETF | Add +210.6% | 0.36% | +0.21 |
| MA Mastercard Inc. Class A | Add +101.3% | 0.64% | +0.20 |
| LTM Latam Airlines Group SA-ADR | New | 0.20% | +0.20 |
| VST Vistra Corp. | New | 0.20% | +0.20 |
| IRS Irsa -SP ADR | New | 0.19% | +0.19 |
| CFG Citizens Financial Group | New | 0.19% | +0.19 |
| VNET Vnet Group Inc.-ADR | New | 0.19% | +0.19 |
| TGS Transportador Gas-ADR SP B | Add +143.2% | 0.62% | +0.18 |
| KHC The Kraft Heinz Co. | New | 0.18% | +0.18 |
| CRM Salesforce Inc. | Add +386.1% | 0.24% | +0.16 |
| GEHC GE Healthcare Technology | New | 0.16% | +0.16 |
| KWEB Kranesh Csi China Internet | Add +19.7% | 3.14% | +0.16 |
| GDXJ Vaneck Junior Gold Miners | Add +45.8% | 0.43% | +0.15 |
| SILJ Amplify Junior Silver Miners | New | 0.14% | +0.14 |
| CI The Cigna Group | New | 0.13% | +0.13 |
| DD Dupont DE Nemours Inc. | Add +182.2% | 0.20% | +0.11 |
| FMX Fomento Economico Mex-SP ADR | New | 0.11% | +0.11 |
Options Activity Q2 2025 → Q3 2025
| ISHARES INC | call | New | 10,500 | $326K |
| ISHARES TR | put | New | 7,000 | $288K |
| SPDR GOLD TR | put | New | 600 | $213K |
| NU Nu Holdings Ltd./Cayman Isl-A | call | Sold out | 14,000 | $7Kbefore 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 |