Banco BTG Pactual S.A.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Banco BTG Pactual S.A. reported 158 stock positions worth $564.5 million. Its top holding was Nvidia (NVDA) at 9.3% of the portfolio, followed by Meta Platforms Class A (META, 7.9%) and Microsoft (MSFT, 6.7%). Compared with Q3 2025, it opened 78 new positions, sold out of 72, added to 37 and reduced 30. The biggest buy was Nvidia (NVDA, shares +41%) and the biggest sale an exit from JBS NV-A (JBS).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001536080
- Portfolio Value
- $564.5M (Q4 2025)
- SEC Filing
- 0001536080-26-000001 ↗ filed Feb 12, 2026
Holdings Value
Holdings 158 stocks · $564.5M
| NVDA Nvidia Corp. | 9.31% | 281,651 | $52.5M | Add +40.6% |
| META Meta Platforms Inc. Class A | 7.91% | 67,660 | $44.7M | Add +14.3% |
| MSFT Microsoft Corp. | 6.68% | 78,008 | $37.7M | Add +3.1% |
| TSM Taiwan Semiconductor-SP ADR | 5.93% | 110,096 | $33.5M | Add +73.3% |
| AMZN Amazon.com Inc. | 5.89% | 144,000 | $33.2M | Add +3.8% |
| GOOG Alphabet Inc. Class C | 3.15% | 56,605 | $17.8M | Add +6.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.88% | 971,116 | $16.3M | Add +95.4% |
| BABA Alibaba Group Holding-SP ADR | 2.60% | 100,013 | $14.7M | Add +4.7% |
| GOOGL Alphabet Inc. Class A | 2.45% | 44,120 | $13.8M | Reduce -41.6% |
| BKNG Booking Holdings Inc. | 2.42% | 2,553 | $13.7M | Add +152.3% |
| AVGO Broadcom Inc. | 2.19% | 35,691 | $12.4M | Add +42.1% |
| ASHR Xtrackers Harvest Csi 300 CH | 2.04% | 350,000 | $11.5M | Add +75.0% |
| FLUT Flutter Entertainment PLC-Di | 1.90% | 50,000 | $10.8M | New |
| V Visa Inc. Class A | 1.87% | 30,072 | $10.5M | Add +16.3% |
| AIQ Global X Art Intel & Tech | 1.56% | 172,818 | $8.8M | Add +24.2% |
| LTM Latam Airlines Group SA-ADR | 1.48% | 155,200 | $8.4M | Add +417.3% |
| PDD PDD Holdings Inc. | 1.39% | 68,967 | $7.8M | Add +135.1% |
| PAM Pampa Energia SA-Spon ADR | 1.38% | 88,217 | $7.8M | Add +3.8% |
| ADBE Adobe Inc. | 1.24% | 20,000 | $7.0M | New |
| GLOB Globant SA | 1.20% | 103,900 | $6.8M | Add +222.7% |
| LLY Eli Lilly & Co. | 1.19% | 6,240 | $6.7M | New |
| NKE Nike Inc. Class B | 1.12% | 99,190 | $6.3M | New |
| URA Global X Uranium ETF | 1.09% | 144,066 | $6.2M | Add +161.0% |
| MA Mastercard Inc. Class A | 1.08% | 10,645 | $6.1M | Add +39.1% |
| UBER Uber Technologies Inc. | 1.07% | 73,890 | $6.0M | Add +35.8% |
| SPLV Invesco S&P 500 Low Volatili | 1.06% | 83,513 | $6.0M | Reduce -57.0% |
| KBWB Invesco KBW Bank ETF | 0.97% | 65,000 | $5.5M | Reduce -27.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.93% | 10,496 | $5.3M | Add +5.0% |
| EWZ iShares MSCI Brazil ETF | 0.90% | 160,209 | $5.1M | Reduce -44.2% |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.90% | 212,083 | $5.1M | New |
| MELI MercadoLibre Inc. | 0.88% | 2,480 | $5.0M | New |
| GEV GE Vernova Inc. | 0.81% | 7,000 | $4.6M | Add +1228.3% |
| BMA Banco Macro SA-ADR | 0.76% | 47,477 | $4.3M | Add +58.6% |
| XLY SS Consumer Disc Select Sect | 0.76% | 35,693 | $4.3M | Add +40.6% |
| XLV SS Health Care Select Sector | 0.75% | 27,420 | $4.2M | Add +29.9% |
| WBD Warner Bros Discovery Inc. | 0.74% | 144,828 | $4.2M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.71% | 74,285 | $4.0M | New |
| URNJ Sprott Jr Uranium Miners ETF | 0.70% | 155,800 | $3.9M | New |
| HUT Hut 8 Corp. | 0.69% | 85,000 | $3.9M | Add +608.3% |
| TEO Telecom Argentina SA-SP ADR | 0.67% | 327,501 | $3.8M | Reduce -12.6% |
| C Citigroup Inc. | 0.65% | 31,472 | $3.7M | Reduce -77.4% |
| JPM JPMorgan Chase & Co. | 0.59% | 10,336 | $3.3M | Reduce -59.2% |
| TGS Transportador Gas-ADR SP B | 0.58% | 106,060 | $3.3M | Reduce -47.2% |
| IFS Intercorp Financial Services | 0.57% | 75,300 | $3.2M | Reduce -41.9% |
| SOXQ Invesco PHLX Semiconductor | 0.54% | 54,345 | $3.0M | No change |
| STNE Stoneco Ltd. Class A | 0.50% | 190,000 | $2.8M | New |
| ENIC Enel Chile SA-ADR | 0.49% | 690,017 | $2.8M | New |
| LPLA LPL Financial Holdings Inc. | 0.47% | 7,500 | $2.7M | Reduce -63.4% |
| UGP Ultrapar Particpac-Spon ADR | 0.47% | 697,900 | $2.6M | New |
| GDYN Grid Dynamics Holdings Inc. | 0.46% | 285,000 | $2.6M | New |
| DKNG Draftkings Inc. Class A | 0.43% | 70,000 | $2.4M | New |
| VTEX Vtex Class A | 0.40% | 604,100 | $2.3M | Add +29.9% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.36% | 21,279 | $2.0M | New |
| ACN Accenture PLC Class A | 0.35% | 7,400 | $2.0M | New |
| ESGU iShares ESG Aware MSCI USA | 0.34% | 13,051 | $1.9M | Add +1.6% |
| INTC Intel Corp. | 0.31% | 47,332 | $1.7M | New |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.30% | 39,716 | $1.7M | New |
| BN Brookfield Corp. | 0.30% | 36,412 | $1.7M | No change |
| IBIT iShares Bitcoin Trust ETF | 0.27% | 30,303 | $1.5M | Reduce -19.7% |
| BSX Boston Scientific Corp. | 0.26% | 15,300 | $1.5M | New |
| HWM Howmet Aerospace Inc. | 0.26% | 7,106 | $1.5M | Reduce -30.1% |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.24% | 346,500 | $1.4M | Reduce -41.9% |
| GPRK Geopark Ltd. | 0.24% | 185,884 | $1.4M | Add +132.3% |
| DXCM Dexcom Inc. | 0.24% | 20,345 | $1.4M | New |
| BLK BlackRock Inc. | 0.22% | 1,170 | $1.3M | No change |
| CPA Copa Holdings SA Class A | 0.22% | 10,090 | $1.2M | Add +185.0% |
| BHC Bausch Health Cos Inc. | 0.21% | 170,700 | $1.2M | New |
| GWW WW Grainger Inc. | 0.19% | 1,039 | $1.0M | New |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.18% | 9,690 | $1.0M | Reduce -55.2% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 0.18% | 35,900 | $999K | Add +76.0% |
| SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE | 0.17% | 14,244 | $980K | Reduce -5.5% |
| SPGI S&P Global Inc. | 0.17% | 1,831 | $957K | Add +36.6% |
| BAP Credicorp Ltd. | 0.16% | 3,200 | $918K | Add +47.0% |
| FXI iShares China Large-Cap ETF | 0.16% | 23,356 | $894K | Reduce -52.4% |
| MU Micron Technology Inc. | 0.15% | 3,022 | $863K | New |
| METV Roundhill Ball Metaverse ETF | 0.15% | 43,850 | $824K | No change |
| BSAC Banco Santander-Chile-ADR | 0.14% | 26,000 | $809K | New |
| LAUR Laureate Education Inc. | 0.14% | 24,000 | $808K | New |
| QXO Qxo Inc. | 0.14% | 40,000 | $772K | No change |
| CX Cemex Sab-Spons ADR Part Cer | 0.13% | 65,719 | $755K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.13% | 2,600 | $747K | No change |
| VST Vistra Corp. | 0.13% | 4,555 | $735K | Reduce -34.1% |
| GILD Gilead Sciences Inc. | 0.13% | 5,911 | $726K | New |
| EPU iShares MSCI Peru and Global | 0.13% | 10,000 | $724K | New |
| NEHI Neos Eth High Income ETF | 0.13% | 14,535 | $714K | New |
| VIV Telefonica Brasil-ADR | 0.13% | 59,600 | $707K | New |
| BA The Boeing Co. | 0.12% | 2,993 | $650K | Add +41.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.11% | 11,542 | $635K | Reduce -12.0% |
| IWO iShares Russell 2000 Growth | 0.11% | 1,850 | $598K | No change |
| ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER | 0.10% | 61,833 | $588K | New |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.10% | 1,173 | $564K | Add +4.5% |
| ET Energy Transfer LP | 0.10% | 34,000 | $561K | No change |
| UNH Unitedhealth Group Inc. | 0.09% | 1,609 | $531K | Reduce -90.5% |
| TMO Thermo Fisher Scientific Inc. | 0.09% | 860 | $498K | No change |
| CEPU Central Puerto-Sponsored ADR | 0.08% | 27,178 | $476K | New |
| AFYA Afya Ltd. Class A | 0.08% | 29,951 | $462K | New |
| MP MP Materials Corp. | 0.08% | 9,000 | $455K | New |
| ARGT Global X MSCI Argentina ETF | 0.07% | 4,500 | $411K | Reduce -11.8% |
| JBL Jabil Inc. | 0.07% | 1,745 | $398K | New |
| XP XP Inc. Class A | 0.07% | 23,909 | $391K | Reduce -61.1% |
Options reported separately and not counted above: EWZ calls ($8.8M), GLD calls ($8.6M), SMH puts ($2.0M), QQQ puts ($959K), EWZ puts ($228K).
Portfolio Sells Q3 2025 → Q4 2025
| JBS JBS NV-A | Sold out | 0.00% | −20.93 |
| KWEB Kranesh Csi China Internet | Sold out | 0.00% | −3.14 |
| C Citigroup Inc. | Reduce -77.4% | 0.65% | −1.42 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −1.26 |
| GDX Vaneck Gold Miners ETF | Reduce -97.7% | 0.04% | −1.19 |
| SPLV Invesco S&P 500 Low Volatili | Reduce -57.0% | 1.06% | −1.03 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.91 |
| UNH Unitedhealth Group Inc. | Reduce -90.5% | 0.09% | −0.76 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.64 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.62 |
| INDA iShares MSCI India ETF | Sold out | 0.00% | −0.61 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −0.60 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.60 |
| JPM JPMorgan Chase & Co. | Reduce -59.2% | 0.59% | −0.58 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.56 |
| LPLA LPL Financial Holdings Inc. | Reduce -63.4% | 0.47% | −0.52 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.51 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.43 |
| XLRE SS Real Estate Select Sector | Sold out | 0.00% | −0.42 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −0.42 |
| EWZ iShares MSCI Brazil ETF | Reduce -44.2% | 0.90% | −0.40 |
| LTH Life Time Group Holdings Inc. | Sold out | 0.00% | −0.38 |
| WDC Western Digital Corp. | Reduce -93.8% | 0.05% | −0.38 |
| COF Capital One Financial Corp. | Reduce -97.9% | 0.04% | −0.37 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.34 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −0.31 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.29 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.25 |
| TASEKO MINES LTD | Sold out | 0.00% | −0.25 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.24 |
| GOOGL Alphabet Inc. Class A | Reduce -41.6% | 2.45% | −0.24 |
| SIL Global X Silver Miners ETF | Sold out | 0.00% | −0.21 |
| APP AppLovin Corp. Class A | Reduce -84.3% | 0.04% | −0.21 |
| IFS Intercorp Financial Services | Reduce -41.9% | 0.57% | −0.20 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.20 |
| IRS Irsa -SP ADR | Sold out | 0.00% | −0.19 |
| CFG Citizens Financial Group | Sold out | 0.00% | −0.19 |
| VNET Vnet Group Inc.-ADR | Sold out | 0.00% | −0.19 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.18 |
| PONY Pony AI Inc. | Sold out | 0.00% | −0.16 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.16 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.16 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.16 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -55.2% | 0.18% | −0.15 |
| ZETA Zeta Global Holdings Corp. Class A | Sold out | 0.00% | −0.15 |
| FXI iShares China Large-Cap ETF | Reduce -52.4% | 0.16% | −0.14 |
| SILJ Amplify Junior Silver Miners | Sold out | 0.00% | −0.14 |
| CI The Cigna Group | Sold out | 0.00% | −0.13 |
| APA Apa Corp. | Sold out | 0.00% | −0.13 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.13 |
Portfolio Buys Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | Add +40.6% | 9.31% | +3.84 |
| TSM Taiwan Semiconductor-SP ADR | Add +73.3% | 5.93% | +3.33 |
| FLUT Flutter Entertainment PLC-Di | New | 1.90% | +1.90 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +95.4% | 2.88% | +1.72 |
| BKNG Booking Holdings Inc. | Add +152.3% | 2.42% | +1.62 |
| META Meta Platforms Inc. Class A | Add +14.3% | 7.91% | +1.56 |
| AMZN Amazon.com Inc. | Add +3.8% | 5.89% | +1.44 |
| LTM Latam Airlines Group SA-ADR | Add +417.3% | 1.48% | +1.29 |
| GOOG Alphabet Inc. Class C | Add +6.4% | 3.15% | +1.25 |
| ADBE Adobe Inc. | New | 1.24% | +1.24 |
| LLY Eli Lilly & Co. | New | 1.19% | +1.19 |
| NKE Nike Inc. Class B | New | 1.12% | +1.12 |
| ASHR Xtrackers Harvest Csi 300 CH | Add +75.0% | 2.04% | +1.07 |
| AVGO Broadcom Inc. | Add +42.1% | 2.19% | +0.98 |
| MSFT Microsoft Corp. | Add +3.1% | 6.68% | +0.96 |
| GLOB Globant SA | Add +222.7% | 1.20% | +0.93 |
| SBS Cia Saneamento Basico DE-ADR | New | 0.90% | +0.90 |
| MELI MercadoLibre Inc. | New | 0.88% | +0.88 |
| PDD PDD Holdings Inc. | Add +135.1% | 1.39% | +0.82 |
| GEV GE Vernova Inc. | Add +1228.3% | 0.81% | +0.76 |
| WBD Warner Bros Discovery Inc. | New | 0.74% | +0.74 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.71% | +0.71 |
| URA Global X Uranium ETF | Add +161.0% | 1.09% | +0.71 |
| URNJ Sprott Jr Uranium Miners ETF | New | 0.70% | +0.70 |
| PAM Pampa Energia SA-Spon ADR | Add +3.8% | 1.38% | +0.64 |
| HUT Hut 8 Corp. | Add +608.3% | 0.69% | +0.63 |
| V Visa Inc. Class A | Add +16.3% | 1.87% | +0.58 |
| BMA Banco Macro SA-ADR | Add +58.6% | 0.76% | +0.57 |
| AIQ Global X Art Intel & Tech | Add +24.2% | 1.56% | +0.55 |
| STNE Stoneco Ltd. Class A | New | 0.50% | +0.50 |
| ENIC Enel Chile SA-ADR | New | 0.49% | +0.49 |
| UGP Ultrapar Particpac-Spon ADR | New | 0.47% | +0.47 |
| GDYN Grid Dynamics Holdings Inc. | New | 0.46% | +0.46 |
| MA Mastercard Inc. Class A | Add +39.1% | 1.08% | +0.44 |
| DKNG Draftkings Inc. Class A | New | 0.43% | +0.43 |
| KOF Coca-Cola Femsa Sab-SP ADR | New | 0.36% | +0.36 |
| ACN Accenture PLC Class A | New | 0.35% | +0.35 |
| XLV SS Health Care Select Sector | Add +29.9% | 0.75% | +0.32 |
| XLY SS Consumer Disc Select Sect | Add +40.6% | 0.76% | +0.31 |
| INTC Intel Corp. | New | 0.31% | +0.31 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.30% | +0.30 |
| UBER Uber Technologies Inc. | Add +35.8% | 1.07% | +0.29 |
| BSX Boston Scientific Corp. | New | 0.26% | +0.26 |
| DXCM Dexcom Inc. | New | 0.24% | +0.24 |
| BHC Bausch Health Cos Inc. | New | 0.21% | +0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +5.0% | 0.93% | +0.20 |
| GWW WW Grainger Inc. | New | 0.19% | +0.19 |
| GPRK Geopark Ltd. | Add +132.3% | 0.24% | +0.17 |
| CPA Copa Holdings SA Class A | Add +185.0% | 0.22% | +0.15 |
| MU Micron Technology Inc. | New | 0.15% | +0.15 |
Options Activity Q3 2025 → Q4 2025
| EWZ iShares MSCI Brazil ETF | call | New | 41,000 | $8.8M |
| GLD SPDR Gold Shares | call | New | 1,600 | $8.6M |
| SMH Vaneck Semiconductor ETF | put | New | 1,000 | $2.0M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 900 | $959K |
| ISHARES INC | call | Sold out | 10,500 | $326Kbefore exit |
| ISHARES TR | put | Sold out | 7,000 | $288Kbefore exit |
| EWZ iShares MSCI Brazil ETF | put | New | 3,000 | $228K |
| SPDR GOLD TR | put | Sold out | 600 | $213Kbefore 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 |