Itau Unibanco Holding S.A.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Itau Unibanco Holding S.A. reported 363 stock positions worth $2.6 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 9.6% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 7.8%) and Petroleo Brasil-SP Pref ADR (PBR.A, 6.1%). Compared with Q4 2024, it opened 87 new positions, sold out of 85, added to 73 and reduced 139. The biggest buy was a new position in iShares 10-20 Year Treasury (TLH) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −49%).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001132597
Portfolio Value
$2.6B (Q1 2025)
SEC Filing
0001104659-25-048460 ↗ filed May 14, 2025

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $2.3B Q1 2024 Q2 2024: $2.4B Q2 2024 Q3 2024: $3.0B Q3 2024 Q4 2024: $3.2B Q4 2024 Q1 2025: $2.6B $2.6B Q1 2025 Q2 2025: $2.6B Q2 2025 Q3 2025: $2.9B Q3 2025 Q4 2025: $4.1B Q4 2025 Q1 2026: $4.2B Q1 2026 Q2 2026: $5.1B Q2 2026

Holdings 363 stocks · $2.6B
SPY SS SPDR S&P 500 ETF Trust-US 9.64% 445,877 $249.4M Reduce -48.6%
VOO Vanguard S&P 500 ETF 7.82% 393,640 $202.3M Add +8.8%
PBR.A Petroleo Brasil-SP Pref ADR 6.06% 12,233,480 $156.9M Reduce -6.0%
ITUB Itau Unibanco H-Spon PRF ADR 4.43% 21,455,970 $114.6M Add +22.5%
TLH iShares 10-20 Year Treasury 4.38% 1,092,068 $113.3M New
BAP Credicorp Ltd. 4.17% 600,541 $107.8M Reduce -65.0%
GOVT iShares US Treasury Bond ETF 4.15% 4,675,695 $107.5M Add +7637.6%
FMX Fomento Economico Mex-SP ADR 4.10% 1,112,036 $106.1M Add +105.4%
KOF Coca-Cola Femsa Sab-SP ADR 3.42% 1,004,136 $88.6M New
PBR Petroleo Brasileiro-Spon ADR 3.36% 6,147,013 $87.0M Reduce -67.8%
NVDA Nvidia Corp. 2.54% 606,127 $65.7M Reduce -10.0%
XLF SS Financial Select Sector 2.35% 1,219,971 $60.8M Add +16.9%
VGK Vanguard Ftse Europe ETF 2.28% 840,617 $59.0M Add +6777.3%
BBD Banco Bradesco-ADR 2.19% 26,266,116 $56.6M Reduce -20.7%
EWJ iShares MSCI Japan ETF 2.07% 783,310 $53.7M Reduce -25.7%
TSM Taiwan Semiconductor-SP ADR 2.05% 319,795 $53.1M Add +29.1%
MELI MercadoLibre Inc. 1.83% 25,032 $47.4M Add +99.3%
AAPL Apple Inc. 1.62% 188,910 $42.0M Add +96.3%
EMBJ Embraer SA-Spon ADR 1.62% 955,202 $41.9M Add +38.4%
META Meta Platforms Inc. Class A 1.58% 71,027 $40.9M Reduce -28.5%
AMZN Amazon.com Inc. 1.41% 191,335 $36.4M Reduce -47.7%
VALE Vale SA-SP ADR 1.22% 3,186,827 $31.5M Reduce -32.2%
TSLA Tesla Inc. 1.18% 117,673 $30.5M New
MSFT Microsoft Corp. 1.03% 70,949 $26.6M Reduce -63.1%
XLY SS Consumer Disc Select Sect 1.00% 130,501 $25.8M Add +162.2%
ACWX iShares MSCI Acwi Ex US ETF 0.97% 454,713 $25.2M Add +15.2%
GGAL Grupo Financiero Galicia-ADR 0.95% 469,272 $24.6M Add +112.3%
XLC SS Comm Select Sector SPDR 0.89% 239,045 $23.1M Add +32.6%
NFLX Netflix Inc. 0.87% 24,049 $22.4M Reduce -21.0%
TBBB BBB Foods Inc. Class A 0.70% 711,742 $18.2M New
NOW ServiceNow Inc. 0.64% 20,739 $16.5M Add +22.3%
CRWD CrowdStrike Holdings Inc. Class A 0.64% 46,614 $16.4M Reduce -9.0%
XLI SS Industrial Select Sector 0.63% 124,065 $16.3M New
TIMB Tim SA-ADR 0.62% 1,045,316 $16.1M Reduce -40.9%
PAM Pampa Energia SA-Spon ADR 0.62% 213,674 $16.1M Add +1122.0%
AVGO Broadcom Inc. 0.60% 92,881 $15.6M Add +17.8%
MA Mastercard Inc. Class A 0.58% 27,564 $15.1M Add +3105.1%
GLD SPDR Gold Shares 0.56% 50,238 $14.5M New
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.56% 50,000 $14.4M New
TIGO Millicom Intl Cellular S.A. 0.51% 460,698 $13.3M New
EEM iShares MSCI Emerging Market 0.49% 291,694 $12.7M Reduce -28.7%
BCH Banco DE Chile-ADR 0.43% 437,338 $11.1M Add +104.6%
XLB SS Materials Select Sector 0.40% 119,309 $10.3M Reduce -11.4%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.39% 579,489 $10.1M Add +62.4%
IYR iShares US Real Estate ETF 0.33% 89,255 $8.5M Add +823.5%
XLK SS Technology Select Sector 0.33% 40,820 $8.4M Add +79.0%
SUZ Suzano SA - Spon ADR 0.31% 870,012 $7.9M Reduce -76.4%
GGB Gerdau SA -Spon ADR 0.28% 2,678,300 $7.4M Add +44.4%
GOOGL Alphabet Inc. Class A 0.28% 46,993 $7.3M Reduce -71.1%
DBX ETF TR 0.27% 264,000 $7.0M New
BABA Alibaba Group Holding-SP ADR 0.25% 48,333 $6.4M Reduce -81.5%
XLE SS Energy Select Sector 0.24% 67,338 $6.3M Reduce -40.8%
XOM Exxon Mobil Corp. 0.24% 51,370 $6.1M New
RSP Invesco S&P 500 Equal Weight 0.22% 33,100 $5.7M Add +42.7%
AMX America Movil Sab DE CV 0.22% 401,896 $5.7M New
BBY Best Buy Co. Inc. 0.22% 76,308 $5.6M Add +7.3%
VIST Vista Energy Sab DE CV 0.22% 120,695 $5.6M Reduce -31.1%
GOOG Alphabet Inc. Class C 0.21% 34,033 $5.3M New
JPM JPMorgan Chase & Co. 0.19% 20,394 $5.0M New
KBWB Invesco KBW Bank ETF 0.18% 75,455 $4.7M New
BKR Baker Hughes Co. 0.18% 107,446 $4.7M Reduce -34.8%
RACE Ferrari NV 0.18% 10,600 $4.5M Reduce -8.6%
NEE Nextera Energy Inc. 0.17% 62,588 $4.4M Reduce -31.8%
DBA Invesco DB Agriculture Fund 0.17% 166,200 $4.4M Add +13.7%
ETN Eaton Corp. PLC 0.17% 16,080 $4.4M Add +140.7%
SMH Vaneck Semiconductor ETF 0.17% 20,462 $4.3M New
IVE iShares S&P 500 Value ETF 0.16% 22,230 $4.2M No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.15% 41,929 $3.9M Add +55.2%
INTC Intel Corp. 0.15% 169,074 $3.8M Add +34.0%
TME Tencent Music Entertainm-ADR 0.15% 60,000 $3.8M New
KDP Keurig Dr Pepper Inc. 0.15% 111,751 $3.8M New
COMPANHIA PARANAENSE ENERG C 0.14% 513,255 $3.7M Add +377.7%
BURL Burlington Stores Inc. 0.13% 14,140 $3.4M Reduce -6.5%
CRM Salesforce Inc. 0.13% 12,169 $3.3M Add +123.4%
BKNG Booking Holdings Inc. 0.13% 708 $3.3M Add +41.0%
RTX RTX Corp. 0.12% 24,293 $3.2M New
STNE Stoneco Ltd. Class A 0.11% 267,628 $2.8M New
CX Cemex Sab-Spons ADR Part Cer 0.11% 499,934 $2.8M Reduce -63.1%
URA Global X Uranium ETF 0.11% 120,000 $2.8M New
HD Home Depot Inc. 0.10% 7,306 $2.7M New
CIG Cia Energetica DE-Spon ADR 0.10% 1,487,314 $2.6M No change
CEG Constellation Energy 0.10% 12,758 $2.6M Reduce -24.9%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.10% 22,010 $2.5M New
NTRA Natera Inc. 0.10% 17,633 $2.5M Add +158.2%
XOP SS SPDR S&P Og Exp & Prod 0.09% 18,600 $2.5M No change
ADBE Adobe Inc. 0.09% 6,194 $2.4M Add +1354.0%
TGS Transportador Gas-ADR SP B 0.09% 88,486 $2.3M New
V Visa Inc. Class A 0.09% 6,476 $2.3M Add +47.9%
CSGP Costar Group Inc. 0.09% 27,993 $2.2M New
PAGS Pagseguro Digital Ltd. Class A 0.08% 288,041 $2.2M New
KKR KKR & Co. Inc. 0.08% 18,914 $2.2M New
ABBV Abbvie Inc. 0.08% 10,420 $2.2M Add +18.1%
CAG Conagra Brands Inc. 0.08% 73,905 $2.0M New
NOC Northrop Grumman Corp. 0.08% 3,831 $2.0M New
PEG Public Service Enterprise GP 0.07% 23,291 $1.9M Add +17.1%
AGRO Adecoagro SA 0.07% 170,724 $1.9M New
WMT Walmart Inc. 0.07% 19,746 $1.7M New
IBKR Interactive Brokers Gro Class A 0.06% 10,123 $1.7M Add +19.6%
LRCX Lam Research Corp. 0.06% 21,187 $1.5M Add +1501.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 15,392 $1.5M Add +55.8%
EVR Evercore Inc. Class A 0.06% 7,500 $1.5M Add +240.9%
ORCL Oracle Corp. 0.06% 10,600 $1.5M Reduce -29.3%
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 0.06% 79,960 $1.4M New
IFS Intercorp Financial Services 0.06% 43,310 $1.4M New
SE Sea Ltd.-ADR 0.05% 10,427 $1.4M Add +382.7%
ONON On Holding AG Class A filed as ON HLDG AG 0.05% 29,392 $1.3M New
BMA Banco Macro SA-ADR 0.05% 16,050 $1.2M New
COHR Coherent Corp. 0.05% 18,200 $1.2M New
TECK Teck Resources Ltd.-CLS B 0.04% 30,222 $1.1M Add +46.1%
NEM Newmont Corp. 0.04% 22,287 $1.1M Add +9.9%
TLN Talen Energy Corp. 0.04% 5,200 $1.0M Add +147.7%
SPOT Spotify Technology SA 0.04% 1,807 $994K New
QUAL iShares MSCI USA Quality Fac 0.04% 5,741 $981K New
EPI Wisdomtree India Earnings 0.04% 22,000 $962K No change
PDD PDD Holdings Inc. 0.04% 7,833 $927K New
CCJ Cameco Corp. 0.04% 22,182 $913K New
TLT iShares 20+ Year Treasury BD 0.04% 10,000 $910K New
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC 0.03% 15,362 $831K New
ASR Grupo Aeroportuario Sur-ADR 0.03% 2,764 $757K Reduce -77.5%
VST Vistra Corp. 0.03% 6,400 $752K Add +112.1%
IAU iShares Gold Trust 0.03% 12,374 $730K New
VRT Vertiv Holdings Co. Class A 0.03% 9,869 $713K Add +2313.0%
RL Ralph Lauren Corp. 0.03% 3,000 $662K New
BZ Kanzhun Ltd. - ADR 0.03% 34,422 $660K New
SNOW Snowflake Inc. 0.02% 4,404 $644K Add +1593.8%
WFC Wells Fargo & Co. 0.02% 8,581 $616K New
ZM Zoom Communications Inc. 0.02% 7,935 $585K Add +17.8%
DDOG Datadog Inc. Class A 0.02% 5,825 $578K Add +1714.6%
SONY Sony Group Corp. - SP ADR 0.02% 22,580 $573K Reduce -16.6%
LPLA LPL Financial Holdings Inc. 0.02% 1,737 $568K Add +1246.5%
EWY iShares MSCI South Korea ETF 0.02% 10,289 $556K New
OMAB Grupo Aeroportuario Cen-ADR 0.02% 6,902 $543K Add +3.2%
AMD Advanced Micro Devices 0.02% 5,221 $536K New
VLRS Controladora Vuela Cia-ADR 0.02% 102,326 $534K New
HEPS D-Market Electronic Serv-ADR 0.02% 186,107 $530K New
AZN Astrazeneca PLC-Spons ADR 0.02% 7,057 $519K Reduce -75.1%
IESC Ies Holdings Inc. filed as IES HLDGS INC 0.02% 2,999 $495K Add +42.8%
COIN Coinbase Global Inc. Class A 0.02% 2,800 $482K Reduce -3.1%
BP BP PLC-Spons ADR 0.02% 14,231 $481K New
INFY Infosys Ltd.-SP ADR 0.02% 26,177 $478K No change
GMF State Street SPDR S&P Emergi 0.02% 4,000 $463K No change
CMF iShares California Muni Bond 0.02% 8,083 $455K New
BLK BlackRock Finance Inc. 0.02% 478 $452K New
TIP iShares Tips Bond ETF 0.02% 3,766 $418K New
EPP iShares MSCI Pacific Ex Japa 0.02% 9,050 $399K No change
KO The Coca-Cola Co. 0.02% 5,481 $393K Reduce -99.2%
JNJ Johnson & Johnson 0.01% 2,198 $365K No change
SUPV Grupo Supervielle SA-SP ADR 0.01% 27,367 $357K New
MRVL Marvell Technology Group Ltd. 0.01% 5,800 $357K No change
PONY Pony AI Inc. 0.01% 40,000 $353K Reduce -60.0%
INTU Intuit Inc. 0.01% 554 $340K New
ERO Ero Copper Corp. 0.01% 27,430 $332K No change
RBLX Roblox Corp. Class A 0.01% 5,662 $330K Add +51.4%
URNM Sprott Uranium Miners ETF 0.01% 10,000 $324K New
DVMT Dell Technologies Inc. Class V 0.01% 3,400 $310K Reduce -94.3%
GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 0.01% 11,912 $302K New
ECH iShares MSCI Chile ETF 0.01% 9,999 $298K New
MCHI iShares MSCI China ETF 0.01% 5,400 $294K No change
METV Roundhill Ball Metaverse ETF 0.01% 20,200 $272K No change
MSCI MSCI Inc. 0.01% 481 $272K New
SOXX iShares Semiconductor ETF 0.01% 1,400 $263K Reduce -30.0%
HOOD Robinhood Markets Inc. Class A 0.01% 5,872 $244K Reduce -87.8%
CSANY Cosan SA -ADR 0.01% 42,296 $221K Reduce -97.1%
GE General Electric filed as GE AEROSPACE 0.01% 911 $182K New
AXP American Express Co. 0.01% 631 $170K Reduce -9.9%
BE Bloom Energy Corp. Class A 0.01% 8,498 $167K Reduce -0.4%
MDLZ Mondelez International Inc. Class A 0.01% 2,381 $162K Add +119.2%
ADP Automatic Data Processing 0.01% 516 $158K Reduce -9.8%
PGR Progressive Corp. 0.01% 553 $157K Reduce -8.4%
PLTR Palantir Technologies Inc. Class A 0.01% 1,797 $152K Reduce -9.8%
BX Blackstone Inc. 0.01% 998 $140K New
QCOM Qualcomm Inc. 0.00% 835 $128K Reduce -9.7%
PLUG Plug Power Inc. 0.00% 93,431 $126K Add +96.6%
PYPL PayPal Holdings Inc. 0.00% 1,868 $122K Reduce -97.4%
PANW Palo Alto Networks Inc. 0.00% 663 $113K Reduce -10.3%
CAT Caterpillar Inc. 0.00% 337 $111K New
MCO Moody's Corp. 0.00% 225 $105K New
AMAT Applied Materials Inc. 0.00% 704 $102K Reduce -99.1%
WM Waste Management Inc. 0.00% 417 $97K Reduce -0.2%
LCID Lucid Group Inc. 0.00% 39,579 $96K Add +844.4%
ANET Arista Networks Inc. 0.00% 1,210 $94K New
RIVN Rivian Automotive Inc. Class A 0.00% 7,586 $94K Add +509.8%
LIN Linde PLC 0.00% 202 $94K Reduce -50.0%
ADSK Autodesk Inc. 0.00% 352 $92K Add +70.0%
APOLLO GLOBAL MGMT LLC 0.00% 666 $91K New
EQIX Equinix Inc. 0.00% 111 $91K Reduce -0.9%
GILD Gilead Sciences Inc. 0.00% 809 $91K No change
LOW Lowe's Cos Inc. 0.00% 392 $91K New
REGN Regeneron Pharmaceuticals 0.00% 143 $91K Reduce -6.5%
APD Air Products & Chemicals Inc. 0.00% 304 $90K Reduce -0.3%
FTNT Fortinet Inc. 0.00% 920 $89K Reduce -10.2%
MCK McKesson Corp. 0.00% 130 $87K Reduce -9.7%
WOR Worthington Enterprises Inc. 0.00% 1,690 $85K Reduce -0.3%
KLAC KLA Corp. 0.00% 122 $83K Add +35.6%
FTI Technipfmc PLC 0.00% 2,597 $82K Reduce -0.3%
GTLS Chart Industries Inc. 0.00% 562 $81K Reduce -0.3%
MMM 3M Co. 0.00% 544 $80K New
EA Electronic Arts Inc. 0.00% 548 $79K Reduce -92.9%
EVEX Eve Holding Inc. filed as EVE HLDG INC 0.00% 23,748 $79K New
SHEL Shell PLC-ADR 0.00% 1,074 $79K Reduce -0.3%
MO Altria Group Inc. 0.00% 1,300 $78K Reduce -7.7%
APP AppLovin Corp. Class A 0.00% 277 $73K Reduce -10.1%
ARCO Arcos Dorados Holdings Inc. Class A 0.00% 9,041 $73K New
CTAS Cintas Corp. 0.00% 345 $71K Reduce -9.9%
ABNB Airbnb Inc. Class A 0.00% 574 $69K New
MS Morgan Stanley 0.00% 564 $66K Reduce -34.6%
ORLY O'reilly Automotive Inc. 0.00% 46 $66K Reduce -9.8%
SNPS Synopsys Inc. 0.00% 153 $66K Reduce -37.8%
CMI Cummins Inc. 0.00% 206 $65K Reduce -0.5%
UNP Union Pacific Corp. 0.00% 277 $65K Reduce -93.8%
JCI Johnson Controls Internation 0.00% 817 $65K Reduce -6.6%
AMP Ameriprise Financial Inc. 0.00% 130 $63K Reduce -9.7%
SCCO Southern Copper Corp. 0.00% 659 $62K Reduce -99.9%
DASH DoorDash Inc. Class A 0.00% 333 $61K Reduce -10.0%
FOXA Fox Corp. Class A 0.00% 1,055 $60K Add +3.6%
EOG EOG Resources Inc. 0.00% 459 $59K Reduce -9.5%
TDG Transdigm Group Inc. 0.00% 43 $59K Reduce -98.7%
AZO AutoZone Inc. 0.00% 15 $57K Reduce -11.8%
IR Ingersoll-Rand Inc. 0.00% 713 $57K New
PAYX Paychex Inc. 0.00% 370 $57K Reduce -9.5%
ALL Allstate Corp. 0.00% 268 $55K Reduce -9.5%
BLDP Ballard Power Systems Inc. 0.00% 49,321 $54K Reduce -0.4%
KSS Kohls Corp. 0.00% 6,539 $53K New
TTWO Take-Two Interactive Softwre 0.00% 255 $53K Add +3.7%
WLK Westlake Corp. 0.00% 534 $53K Reduce -0.6%
BBIO Bridgebio Pharma Inc. 0.00% 1,498 $52K No change
MTD Mettler-Toledo International 0.00% 44 $52K Reduce -2.2%
OLN Olin Corp. 0.00% 2,139 $52K Reduce -0.3%
PGRE Paramount Group Inc. 0.00% 4,344 $52K Add +3.6%
RSG Republic Services Inc. 0.00% 211 $51K No change
ABT Abbott Laboratories 0.00% 378 $50K Reduce -1.3%
AMGN Amgen Inc. 0.00% 158 $49K New
MET Metlife Inc. 0.00% 612 $49K Reduce -9.5%
BSX Boston Scientific Corp. 0.00% 477 $48K Reduce -1.2%
CC The Chemours Co. 0.00% 3,534 $48K Reduce -0.6%
HWM Howmet Aerospace Inc. 0.00% 368 $48K Reduce -97.2%
WBD Warner Bros Discovery Inc. 0.00% 4,493 $48K Add +3.1%
WDAY Workday Inc. Class A 0.00% 207 $48K New
GRMN Garmin Ltd. 0.00% 220 $48K Add +2.8%
BMRN Biomarin Pharmaceutical Inc. 0.00% 658 $47K Reduce -0.8%
BMY Bristol-Myers Squibb Co. 0.00% 764 $47K Reduce -1.0%
CPRT Copart Inc. 0.00% 822 $47K Reduce -10.3%
HPE Hewlett Packard Enterprise 0.00% 3,036 $47K Reduce -0.4%
ALNY Alnylam Pharmaceuticals Inc. 0.00% 170 $46K Reduce -0.6%
FICO Fair Isaac Corp. 0.00% 25 $46K Reduce -10.7%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.00% 47 $46K New
HAS Hasbro Inc. 0.00% 755 $46K Add +3.0%
RKT Rocket Cos Inc. Class A 0.00% 3,834 $46K Reduce -7.9%
LLY Eli Lilly & Co. 0.00% 54 $45K Reduce -1.8%
VRTX Vertex Pharmaceuticals Inc. 0.00% 92 $45K Reduce -1.1%
HY Hyster-Yale Inc. 0.00% 1,054 $44K Reduce -0.8%
PFE Pfizer Inc. 0.00% 1,720 $44K Reduce -99.7%
JAZZ Jazz Pharmaceuticals PLC 0.00% 358 $44K Reduce -1.1%
EW Edwards Lifesciences Corp. 0.00% 588 $43K No change
FAST Fastenal Co. 0.00% 552 $43K Reduce -9.7%
SIRI Sirius XM Holdings Inc. 0.00% 1,905 $43K Add +3.6%
SYK Stryker Corp. 0.00% 115 $43K Reduce -0.9%
DOCU Docusign Inc. 0.00% 513 $42K Add +3.0%
ROKU Roku Inc. 0.00% 590 $42K Add +3.7%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.00% 759 $42K Reduce -4.3%
TWLO Twilio Inc. Class A 0.00% 430 $42K Add +3.6%
PODD Insulet Corp. 0.00% 158 $41K Reduce -0.6%
MPT Medical Properties Trust Inc. 0.00% 6,759 $41K New
OTIS Otis Worldwide Corp. 0.00% 396 $41K Reduce -9.6%
WAT Waters Corp. 0.00% 112 $41K Reduce -0.9%
ISRG Intuitive Surgical Inc. 0.00% 80 $40K Reduce -55.1%
TMO Thermo Fisher Scientific Inc. 0.00% 81 $40K No change
YUM Yum! Brands Inc. 0.00% 252 $40K Reduce -9.7%
AKAM Akamai Technologies Inc. 0.00% 486 $39K Add +3.6%
CCOI Cogent Communications Holdin 0.00% 637 $39K Add +3.1%
CPNG Coupang Inc. 0.00% 1,756 $39K Reduce -10.2%
MRK Merck & Co. Inc. 0.00% 435 $39K No change
NTNX Nutanix Inc. Class A 0.00% 563 $39K No change
RVTY Revvity Inc. 0.00% 372 $39K No change
BIIB Biogen Inc. 0.00% 276 $38K No change
CAH Cardinal Health Inc. 0.00% 276 $38K Reduce -9.8%
DHR Danaher Corp. 0.00% 184 $38K Reduce -1.1%
VEEV Veeva Systems Inc. Class A 0.00% 162 $38K Reduce -10.5%
DFS Discover Financial Services 0.00% 217 $37K Reduce -9.6%
IDXX Idexx Laboratories Inc. 0.00% 87 $37K Reduce -9.4%
A Agilent Technologies Inc. 0.00% 306 $36K Reduce -1.3%
DHI D.R. Horton Inc. 0.00% 282 $36K Reduce -9.3%
HIG Hartford Insurance Group Inc. 0.00% 288 $36K Reduce -9.7%
INCY Incyte Corp. 0.00% 599 $36K No change
RGEN Repligen Corp. 0.00% 280 $36K No change
U Unity Software Inc. 0.00% 1,831 $36K Add +3.0%
LIT Global X Lithium & Battery T 0.00% 912 $35K No change
SNAP Snap Inc. Class A 0.00% 4,051 $35K New
IONS Ionis Pharmaceuticals Inc. 0.00% 1,143 $34K Reduce -0.7%
ODFL Old Dominion Freight Line 0.00% 207 $34K Reduce -9.6%
TECH Bio-Techne Corp. 0.00% 565 $33K No change
EBAY eBay Inc. 0.00% 482 $33K Reduce -9.9%
RMD Resmed Inc. 0.00% 148 $33K Reduce -10.3%
LEN Lennar Corp. Class A 0.00% 282 $32K Reduce -5.7%
BIO Bio-Rad Laboratories-A 0.00% 127 $31K New
IT Gartner Inc. 0.00% 75 $31K Reduce -9.6%
HPQ HP Inc. 0.00% 1,137 $31K Reduce -9.8%
MPWR Monolithic Power Systems Inc. 0.00% 53 $31K Reduce -10.2%
WY Weyerhaeuser Co. 0.00% 1,075 $31K No change
CRSP Crispr Therapeutics AG 0.00% 904 $31K Reduce -1.3%
AWK American Water Works Co. Inc. 0.00% 201 $30K No change
ENPH Enphase Energy Inc. 0.00% 480 $30K Reduce -32.4%
EXAS Exact Sciences Corp. 0.00% 687 $30K No change
MRNA Moderna Inc. 0.00% 1,013 $29K No change
OLED Universal Display Corp. 0.00% 200 $28K No change
CSX CSX Corp. 0.00% 887 $26K No change
STLD Steel Dynamics Inc. 0.00% 201 $25K No change
WMG Warner Music Group Corp. Class A 0.00% 801 $25K Reduce -24.7%
ABEV Ambev SA-ADR 0.00% 9,844 $23K Reduce -99.6%
EME Emcor Group Inc. 0.00% 63 $23K New
FSLR First Solar Inc. 0.00% 184 $23K Reduce -96.1%
ILMN Illumina Inc. 0.00% 294 $23K No change
NSC Norfolk Southern Corp. 0.00% 97 $23K No change
DECK Deckers Outdoor Corp. 0.00% 195 $22K Reduce -10.1%
NTAP Netapp Inc. 0.00% 250 $22K Reduce -10.1%
TV Grupo Televisa SA-Spon ADR 0.00% 12,882 $21K Reduce -99.3%
AFRM Affirm Holdings Inc. 0.00% 416 $19K Reduce -10.3%
ERIE Erie Indemnity Company Class A 0.00% 42 $18K New
WAB Wabtec Corp. 0.00% 97 $18K New
LXFR Luxfer Holdings PLC 0.00% 1,440 $17K No change
CSL Carlisle Cos Inc. 0.00% 47 $16K Reduce -7.8%
BRO Brown & Brown Inc. 0.00% 122 $15K Reduce -9.6%
OHI Omega Healthcare Investors 0.00% 407 $15K No change
CMBT CMB Tech NV 0.00% 1,702 $15K No change
NVR NVR Inc. 0.00% 2 $14K No change
RYAN Ryan Specialty Holdings Inc. 0.00% 191 $14K Reduce -10.3%
CRBG Corebridge Financial Inc. 0.00% 418 $13K Reduce -9.9%
GHM Graham Corp. 0.00% 458 $13K No change
BXP BXP Inc. 0.00% 181 $12K No change
XYL Xylem Inc. 0.00% 102 $12K No change
UI Ubiquiti Inc. 0.00% 36 $11K New
BALL Ball Corp. 0.00% 188 $10K No change
CLH Clean Harbors Inc. 0.00% 52 $10K No change
VNO Vornado Realty Trust 0.00% 260 $10K No change
WSM Williams-Sonoma Inc. 0.00% 65 $10K Reduce -11.0%
BW Babcock & Wilcox Enterpr 0.00% 12,991 $9K No change
XLP SS Consumer Staples Sel Sect 0.00% 115 $9K New
CUZ Cousins Pptys Inc. 0.00% 288 $8K No change
DAR Darling Ingredients Inc. 0.00% 254 $8K No change
HXL Hexcel Corp. 0.00% 144 $8K No change
HIW Highwoods Properties Inc. 0.00% 281 $8K No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.00% 75 $8K New
RYN Rayonier Inc. 0.00% 301 $8K New
CWEN.A Clearway Energy Inc. Class A 0.00% 230 $7K Reduce -48.5%
CWEN Clearway Energy Inc. Class C 0.00% 217 $7K New
KRC Kilroy Realty Corp. 0.00% 220 $7K No change
MANH Manhattan Associates Inc. 0.00% 42 $7K Reduce -10.6%
WOLF Wolfspeed Inc. 0.00% 2,390 $7K Reduce -1.6%
AWI Armstrong World Industries 0.00% 40 $6K No change
CAR Avis Budget Group Inc. 0.00% 84 $6K No change
CNM Core & Main Inc. Class A 0.00% 132 $6K No change
WTRG Essential Utilities Inc. 0.00% 160 $6K No change
MAS Masco Corp. 0.00% 90 $6K No change
BEP Brookfield Renewable Partner 0.00% 200 $6K No change
AYI Acuity Inc. 0.00% 20 $5K No change
WMS Advanced Drainage Systems Inc. 0.00% 47 $5K No change
NRGV Energy Vault Holdings Inc. 0.00% 7,237 $5K No change
LPX Louisiana-Pacific Corp. 0.00% 54 $5K No change
TTEK Tetra Tech Inc. 0.00% 161 $5K No change
BLD Topbuild Corp. 0.00% 17 $5K No change
TREX Trex Company Inc. 0.00% 85 $5K No change
AAON Aaon Inc. 0.00% 47 $4K No change
CELH Celsius Holdings Inc. 0.00% 93 $3K New

Options reported separately and not counted above: ISHARES TR puts ($17.9M), TESLA INC puts ($11.5M), ISHARES INC calls ($10.2M), SPDR GOLD TR calls ($9.6M), INVESCO EXCHANGE TRADED FD T puts ($6.4M), SELECT SECTOR SPDR TR puts ($4.4M), SELECT SECTOR SPDR TR puts ($4.3M), NVIDIA CORPORATION puts ($3.1M), APPLE INC puts ($3.0M), SELECT SECTOR SPDR TR puts ($2.7M), SELECT SECTOR SPDR TR puts ($2.4M), PETROLEO BRASILEIRO S A calls ($2.3M), and 23 more.

Portfolio Sells Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -48.6% 9.64% −6.22
BAP Credicorp Ltd. Reduce -65.0% 4.17% −4.91
PBR Petroleo Brasileiro-Spon ADR Reduce -67.8% 3.36% −4.23
AMOV America Movil-SPN ADR Class L Sold out 0.00% −4.05
MSFT Microsoft Corp. Reduce -63.1% 1.03% −1.50
KO The Coca-Cola Co. Reduce -99.2% 0.02% −1.30
SCCO Southern Copper Corp. Reduce -99.9% 0.00% −1.26
AMZN Amazon.com Inc. Reduce -47.7% 1.41% −1.11
BANCOLOMBIA S.A.-SPONS ADR Sold out 0.00% −1.05
SUZ Suzano SA - Spon ADR Reduce -76.4% 0.31% −1.02
GLOB Globant SA Sold out 0.00% −0.99
PAC Grupo Aeroportuario Pac-ADR Sold out 0.00% −0.95
IWM iShares Russell 2000 ETF Sold out 0.00% −0.86
PSR Invesco Active US Real Estat Sold out 0.00% −0.77
TV Grupo Televisa SA-Spon ADR Reduce -99.3% 0.00% −0.64
GOOGL Alphabet Inc. Class A Reduce -71.1% 0.28% −0.61
MRSH Marsh & McLennan Cos Sold out 0.00% −0.50
XRT SS SPDR S&P Retail ETF Sold out 0.00% −0.48
BABA Alibaba Group Holding-SP ADR Reduce -81.5% 0.25% −0.44
PFE Pfizer Inc. Reduce -99.7% 0.00% −0.41
EFA iShares MSCI Eafe ETF Sold out 0.00% −0.38
AMAT Applied Materials Inc. Reduce -99.1% 0.00% −0.38
XP XP Inc. Class A Sold out 0.00% −0.36
BA The Boeing Co. Sold out 0.00% −0.33
NVDA Nvidia Corp. Reduce -10.0% 2.54% −0.29
YPF YPF S.A.-Sponsored ADR Sold out 0.00% −0.27
CSANY Cosan SA -ADR Reduce -97.1% 0.01% −0.23
META Meta Platforms Inc. Class A Reduce -28.5% 1.58% −0.21
DVMT Dell Technologies Inc. Class V Reduce -94.3% 0.01% −0.20
BAC Bank of America Corp. Sold out 0.00% −0.19
PYPL PayPal Holdings Inc. Reduce -97.4% 0.00% −0.19
TIMB Tim SA-ADR Reduce -40.9% 0.62% −0.17
CCL Carnival Corp. Sold out 0.00% −0.16
ABEV Ambev SA-ADR Reduce -99.6% 0.00% −0.14
CX Cemex Sab-Spons ADR Part Cer Reduce -63.1% 0.11% −0.13
TDG Transdigm Group Inc. Reduce -98.7% 0.00% −0.13
BSAC Banco Santander-Chile-ADR Sold out 0.00% −0.11
ULTA Ulta Beauty Inc. Sold out 0.00% −0.11
VIV Telefonica Brasil-ADR Sold out 0.00% −0.10
LVS Las Vegas Sands Corp. Sold out 0.00% −0.10
COST Costco Wholesale Corp. Sold out 0.00% −0.10
FLJP Franklin Ftse Japan ETF Sold out 0.00% −0.09
ARGT Global X MSCI Argentina ETF Sold out 0.00% −0.09
SPGI S&P Global Inc. Sold out 0.00% −0.09
GEV GE Vernova Inc. Sold out 0.00% −0.08
VALE Vale SA-SP ADR Reduce -32.2% 1.22% −0.08
VIST Vista Energy Sab DE CV Reduce -31.1% 0.22% −0.08
ASR Grupo Aeroportuario Sur-ADR Reduce -77.5% 0.03% −0.07
XLE SS Energy Select Sector Reduce -40.8% 0.24% −0.06
BSBR Banco Santander Brasil-ADS Sold out 0.00% −0.06

Portfolio Buys Q4 2024 → Q1 2025
TLH iShares 10-20 Year Treasury New 4.38% +4.38
GOVT iShares US Treasury Bond ETF Add +7637.6% 4.15% +4.11
KOF Coca-Cola Femsa Sab-SP ADR New 3.42% +3.42
FMX Fomento Economico Mex-SP ADR Add +105.4% 4.10% +2.66
VGK Vanguard Ftse Europe ETF Add +6777.3% 2.28% +2.26
VOO Vanguard S&P 500 ETF Add +8.8% 7.82% +1.73
ITUB Itau Unibanco H-Spon PRF ADR Add +22.5% 4.43% +1.72
TSLA Tesla Inc. New 1.18% +1.18
MELI MercadoLibre Inc. Add +99.3% 1.83% +1.17
AAPL Apple Inc. Add +96.3% 1.62% +0.87
EMBJ Embraer SA-Spon ADR Add +38.4% 1.62% +0.83
XLF SS Financial Select Sector Add +16.9% 2.35% +0.77
TBBB BBB Foods Inc. Class A New 0.70% +0.70
XLY SS Consumer Disc Select Sect Add +162.2% 1.00% +0.65
XLI SS Industrial Select Sector New 0.63% +0.63
PAM Pampa Energia SA-Spon ADR Add +1122.0% 0.62% +0.57
MA Mastercard Inc. Class A Add +3105.1% 0.58% +0.57
GLD SPDR Gold Shares New 0.56% +0.56
MSTR Strategy Inc. New 0.56% +0.56
TSM Taiwan Semiconductor-SP ADR Add +29.1% 2.05% +0.52
GGAL Grupo Financiero Galicia-ADR Add +112.3% 0.95% +0.52
TIGO Millicom Intl Cellular S.A. New 0.51% +0.51
XLC SS Comm Select Sector SPDR Add +32.6% 0.89% +0.35
ACWX iShares MSCI Acwi Ex US ETF Add +15.2% 0.97% +0.33
IYR iShares US Real Estate ETF Add +823.5% 0.33% +0.30
BCH Banco DE Chile-ADR Add +104.6% 0.43% +0.28
DBX ETF TR New 0.27% +0.27
XOM Exxon Mobil Corp. New 0.24% +0.24
SBS Cia Saneamento Basico DE-ADR Add +62.4% 0.39% +0.23
AMX America Movil Sab DE CV New 0.22% +0.22
GOOG Alphabet Inc. Class C New 0.21% +0.21
JPM JPMorgan Chase & Co. New 0.19% +0.19
KBWB Invesco KBW Bank ETF New 0.18% +0.18
SMH Vaneck Semiconductor ETF New 0.17% +0.17
XLK SS Technology Select Sector Add +79.0% 0.33% +0.16
TME Tencent Music Entertainm-ADR New 0.15% +0.15
KDP Keurig Dr Pepper Inc. New 0.15% +0.15
RTX RTX Corp. New 0.12% +0.12
COMPANHIA PARANAENSE ENERG C Add +377.7% 0.14% +0.12
GGB Gerdau SA -Spon ADR Add +44.4% 0.28% +0.12
STNE Stoneco Ltd. Class A New 0.11% +0.11
URA Global X Uranium ETF New 0.11% +0.11
HD Home Depot Inc. New 0.10% +0.10
ETN Eaton Corp. PLC Add +140.7% 0.17% +0.10
BJ Bj's Wholesale Club Holdings New 0.10% +0.10
RSP Invesco S&P 500 Equal Weight Add +42.7% 0.22% +0.09
TGS Transportador Gas-ADR SP B New 0.09% +0.09
ADBE Adobe Inc. Add +1354.0% 0.09% +0.09
CSGP Costar Group Inc. New 0.09% +0.09
PAGS Pagseguro Digital Ltd. Class A New 0.08% +0.08

Options Activity Q4 2024 → Q1 2025
ISHARES TR put New 41,068 $17.9M
TESLA INC put New 1,000 $11.5M
ISHARES INC call Add +4107.5% 168,300 $10.2M
SPDR GOLD TR call New 510 $9.6M
INVESCO EXCHANGE TRADED FD T put New 9,250 $6.4M
SELECT SECTOR SPDR TR put New 45,000 $4.4M
SELECT SECTOR SPDR TR put New 9,500 $4.3M
NVIDIA CORPORATION put New 2,000 $3.1M
APPLE INC put New 2,000 $3.0M
SELECT SECTOR SPDR TR put New 15,150 $2.7M
SELECT SECTOR SPDR TR put New 4,702 $2.4M
PETROLEO BRASILEIRO S A call New 163,100 $2.3M
ISHARES INC put New 500 $2.2M
SELECT SECTOR SPDR TR put New 5,002 $2.0M
SEA LTD put New 15,700 $2.0M
ISHARES TR put New 31,325 $2.0M
PETROLEO BRASILEIRO S A put New 30,433 $1.9M
ISHARES SILVER TR put Reduce -29.5% 5,987 $1.8M
SELECT SECTOR SPDR TR put New 3,800 $1.8M
STRATEGY INC put New 500 $1.7M
SELECT SECTOR SPDR TR put New 4,750 $1.0M
MASTERCARD INCORPORATED put New 500 $767K
STONECO LTD call New 55,600 $583K
DBX ETF TR put New 12,500 $532K
GRUPO AEROPORTUARIO DEL SURE call New 1,600 $438K
EXXON MOBIL CORP put New 6,050 $429K
BAKER HUGHES COMPANY put New 7,500 $407K
BLACKROCK INC put New 2,000 $310K
SPDR GOLD TR put Add +25.5% 2,510 $128K
VALE S A call New 2,000 $67K
BEST BUY INC call Reduce -52.6% 450 $56K
GLOBAL X FDS put Sold out 1,000 $28Kbefore exit
INTEL CORP put New 100 $14K
MATTERPORT INC call Sold out 6,000 $7Kbefore exit
INTEL CORP call New 400 $5K
BEST BUY INC put New 200 $4K
GLOBAL X FDS call New 9,500 $1K

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

Notes & Other Activity Q4 2024 → Q1 2025
JPM.WS JPMorgan Chase & Co.-CW18 *W EXP 10/28/201 Sold out 1,478 $354Kbefore exit

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 355$5.1BSPY, IGOV, VALE, PBR, NU
Q1 2026Amended 351$4.2BPBR, SPY, VALE, VOO, BBD
Q4 2025 338$4.1BSPY, VOO, PBR, NU, BBD
Q3 2025 386$2.9BSPY, VOO, ITUB, BBD, BAP
Q2 2025 373$2.6BSPY, VOO, BBD, ITUB, XLF
Q1 2025 363$2.6BSPY, VOO, PBR.A, ITUB, TLH
Q4 2024 361$3.2BSPY, BAP, PBR, VOO, PBR.A
Q3 2024 323$3.0BSPY, VOO, PBR.A, ITUB, TSM
Q2 2024 332$2.4BSPY, VOO, TSM, ITUB, FMX
Q1 2024 103$2.3BSPY, FMX, ITUB, XLF, TLH