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

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 Q4 2024 Q1 2025: $400.8M Q1 2025 Q2 2025: $491.5M Q2 2025 Q3 2025: $684.1M Q3 2025 Q4 2025: $564.5M $564.5M Q4 2025 Q1 2026: $512.6M Q1 2026 Q2 2026: $751.6M Q2 2026

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%
TECH Bio-Techne Corp. 0.07% 6,575 $387K New
COPX Global X Copper Miners ETF 0.06% 4,800 $345K Reduce -40.7%
SAP Sap SE-Sponsored ADR 0.06% 1,400 $340K No change
AUGO Aura Minerals Inc. 0.06% 6,702 $338K No change
TBBB BBB Foods Inc. Class A 0.06% 10,000 $334K New
QTUM Defiance Quantum ETF 0.06% 2,900 $318K New
SE Sea Ltd.-ADR 0.06% 2,448 $312K New
SPY SS SPDR S&P 500 ETF Trust-US 0.05% 444 $303K No change
PBR.A Petroleo Brasil-SP Pref ADR 0.05% 26,850 $303K Add +108.1%
ABVX Abivax SA-ADR 0.05% 2,243 $302K New
WWD Woodward Inc. 0.05% 1,000 $302K New
SNDK Sandisk Corp. 0.05% 1,205 $286K New
CVNA Carvana Co. 0.05% 651 $275K New
VRT Vertiv Holdings Co. Class A 0.05% 1,670 $271K New
ECHO Echostar Corp. Class A 0.05% 2,467 $268K New
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.05% 14,724 $266K New
LND Brasilagro-Cia Bra - SPN ADR 0.05% 74,071 $265K New
TLN Talen Energy Corp. 0.05% 703 $264K Add +0.7%
CPNG Coupang Inc. 0.05% 11,153 $263K New
NDAQ Nasdaq Inc. 0.05% 2,700 $262K No change
TDG Transdigm Group Inc. 0.05% 197 $262K New
TEVA Teva Pharmaceutical-SP ADR 0.05% 8,344 $260K New
FSLR First Solar Inc. 0.05% 984 $257K New
SPOT Spotify Technology SA 0.05% 442 $257K New
DAL Delta Air Lines Inc. 0.05% 3,696 $257K New
NTRA Natera Inc. 0.05% 1,119 $256K New
WDC Western Digital Corp. 0.05% 1,488 $256K Reduce -93.8%
COF Capital One Financial Corp. 0.04% 1,044 $253K Reduce -97.9%
APP AppLovin Corp. Class A 0.04% 374 $252K Reduce -84.3%
CRH CRH PLC 0.04% 2,015 $251K New
CDTX Cidara Therapeutics Inc. 0.04% 1,136 $251K New
GTLS Chart Industries Inc. 0.04% 1,216 $251K New
CYBR Cyberark Software Ltd./Israel 0.04% 558 $249K New
SGI Somnigroup International Inc. 0.04% 2,787 $249K New
EQT Eqt Corp. 0.04% 4,641 $249K New
PCG P G & E Corp. 0.04% 15,377 $247K New
NSC Norfolk Southern Corp. 0.04% 849 $245K New
UNP Union Pacific Corp. 0.04% 1,057 $245K New
AZN Astrazeneca PLC-Spons ADR 0.04% 2,608 $240K New
CRWD CrowdStrike Holdings Inc. Class A 0.04% 509 $239K New
IQV Iqvia Holdings Inc. 0.04% 1,000 $225K New
AEP American Electric Power 0.04% 1,923 $222K New
GDX Vaneck Gold Miners ETF 0.04% 2,526 $217K Reduce -97.7%
INSM Insmed Inc. 0.04% 1,240 $216K New
MCK McKesson Corp. 0.04% 260 $213K Reduce -29.7%
SUPV Grupo Supervielle SA-SP ADR 0.04% 17,831 $211K New
ROST Ross Stores Inc. 0.04% 1,132 $204K New
CINT Ci&t Inc./United States-A 0.03% 46,711 $190K Reduce -22.1%
SUZ Suzano SA - Spon ADR 0.03% 15,191 $142K New
ALMS Alumis Inc. 0.02% 14,302 $140K New
LUNG Pulmonx Corp. 0.02% 46,316 $102K New
DNUT Krispy Kreme Inc. 0.02% 24,332 $98K New
FEMY Femasys Inc. 0.02% 152,155 $88K New
ARKO Arko Corp. 0.01% 12,579 $57K New
ABEV Ambev SA-ADR 0.01% 20,400 $50K Reduce -80.6%
MERC Mercer International Inc. 0.01% 24,600 $49K New
JELD Jeld-Wen Holding Inc. 0.01% 15,300 $38K New
LGO Largo Inc. 0.00% 14,450 $14K Reduce -43.2%

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

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