Itau Unibanco Holding S.A.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Itau Unibanco Holding S.A. reported 386 stock positions worth $2.9 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 10.2% of the portfolio, followed by Vanguard S&P 500 ETF (VOO, 7.0%) and Itau Unibanco H-Spon PRF ADR (ITUB, 5.7%). Compared with Q2 2025, it opened 72 new positions, sold out of 59, added to 87 and reduced 162. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +130%) and the biggest sale SS Financial Select Sector (XLF, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001132597
- Portfolio Value
- $2.9B (Q3 2025)
- SEC Filing
- 0001292814-25-003919 ↗ filed Nov 12, 2025
Holdings Value
Holdings 386 stocks · $2.9B
| SPY SS SPDR S&P 500 ETF Trust-US | 10.18% | 448,878 | $299.0M | Reduce -12.4% |
| VOO Vanguard S&P 500 ETF | 7.01% | 336,485 | $206.1M | Reduce -5.7% |
| ITUB Itau Unibanco H-Spon PRF ADR | 5.66% | 22,672,324 | $166.4M | Add +3.0% |
| BBD Banco Bradesco-ADR | 4.15% | 36,088,332 | $122.0M | Add +2.5% |
| BAP Credicorp Ltd. | 4.05% | 447,388 | $119.1M | Reduce -21.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 3.64% | 6,684,418 | $107.0M | Add +130.2% |
| PBR Petroleo Brasileiro-Spon ADR | 3.46% | 8,041,545 | $101.8M | Add +42.0% |
| NVDA Nvidia Corp. | 2.82% | 444,294 | $82.9M | Add +26.0% |
| PBR.A Petroleo Brasil-SP Pref ADR | 2.57% | 6,399,690 | $75.6M | Add +5.2% |
| PXH Inves Rafi Emer MRKT-Usd Inc. | 2.53% | 2,925,998 | $74.4M | No change |
| AMZN Amazon.com Inc. | 2.39% | 320,393 | $70.3M | Add +71.3% |
| VGK Vanguard Ftse Europe ETF | 2.31% | 850,566 | $67.9M | Add +0.5% |
| KOF Coca-Cola Femsa Sab-SP ADR | 2.31% | 815,476 | $67.8M | Add +4.7% |
| VALE Vale SA-SP ADR | 2.21% | 5,967,080 | $64.8M | Reduce -15.6% |
| EMBJ Embraer SA-Spon ADR | 2.17% | 1,055,100 | $63.8M | Reduce -10.0% |
| CX Cemex Sab-Spons ADR Part Cer | 2.17% | 7,091,193 | $63.7M | New |
| LTMAY Latam Airlines Group-SP ADR | 2.01% | 1,304,565 | $59.0M | Add +65.7% |
| SCCO Southern Copper Corp. | 1.71% | 414,907 | $50.4M | Add +69985.6% |
| MSFT Microsoft Corp. | 1.68% | 95,528 | $49.5M | Add +90.8% |
| ASR Grupo Aeroportuario Sur-ADR | 1.67% | 151,364 | $48.9M | Add +37.3% |
| TSLA Tesla Inc. | 1.45% | 96,023 | $42.7M | Add +286.6% |
| AMX America Movil Sab DE CV | 1.42% | 1,982,312 | $41.6M | New |
| EWJ iShares MSCI Japan ETF | 1.37% | 501,258 | $40.2M | Reduce -36.4% |
| META Meta Platforms Inc. Class A | 1.24% | 49,701 | $36.5M | Reduce -6.0% |
| IWF iShares Russell 1000 Growth | 1.19% | 74,959 | $35.1M | Add +10.0% |
| TBBB BBB Foods Inc. Class A | 1.10% | 1,201,241 | $32.4M | Add +96.6% |
| EFG iShares MSCI Eafe Growth ETF | 1.06% | 274,602 | $31.3M | Add +9.7% |
| GGB Gerdau SA -Spon ADR | 1.05% | 9,956,261 | $30.9M | Add +146.7% |
| ACWX iShares MSCI Acwi Ex US ETF | 1.01% | 455,513 | $29.6M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 0.94% | 117,019 | $27.7M | Add +102.0% |
| ORCL Oracle Corp. | 0.88% | 91,644 | $25.8M | Add +1045.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.85% | 50,788 | $24.9M | Add +32.0% |
| GGAL Grupo Financiero Galicia-ADR | 0.81% | 861,049 | $23.7M | Reduce -3.7% |
| NFLX Netflix Inc. | 0.79% | 19,345 | $23.2M | Reduce -9.2% |
| NOW ServiceNow Inc. | 0.78% | 25,005 | $23.0M | Add +32.7% |
| AVGO Broadcom Inc. | 0.75% | 66,910 | $22.1M | Reduce -15.7% |
| KWEB Kranesh Csi China Internet | 0.74% | 514,595 | $21.6M | New |
| BCH Banco DE Chile-ADR | 0.67% | 645,215 | $19.6M | Add +87.4% |
| AAPL Apple Inc. | 0.66% | 75,790 | $19.3M | Reduce -65.0% |
| IWM iShares Russell 2000 ETF | 0.63% | 77,077 | $18.6M | New |
| EEM iShares MSCI Emerging Market | 0.54% | 298,715 | $16.0M | Add +731.1% |
| EWZ iShares MSCI Brazil ETF | 0.54% | 525,035 | $15.7M | Add +125.8% |
| GLD SPDR Gold Shares | 0.51% | 43,574 | $15.1M | Reduce -65.9% |
| PSR Invesco Active US Real Estat | 0.51% | 24,980 | $15.0M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.46% | 41,491 | $13.6M | Reduce -81.3% |
| CIB Grupo Cibest SA-ADR | 0.44% | 246,270 | $12.8M | New |
| STNE Stoneco Ltd. Class A | 0.41% | 637,944 | $12.1M | Reduce -11.3% |
| GOVT iShares US Treasury Bond ETF | 0.35% | 445,745 | $10.3M | Reduce -51.1% |
| XLY SS Consumer Disc Select Sect | 0.33% | 40,283 | $9.7M | Reduce -18.6% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.32% | 83,981 | $9.4M | Add +111874.7% |
| BIDU Baidu Inc. - Spon ADR | 0.30% | 66,000 | $8.7M | New |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.29% | 342,268 | $8.5M | Reduce -30.7% |
| SUZ Suzano SA - Spon ADR | 0.27% | 828,449 | $7.8M | Reduce -4.8% |
| ICLN iShares Global Clean Energy | 0.26% | 500,000 | $7.7M | New |
| XLK SS Technology Select Sector | 0.25% | 26,431 | $7.4M | Add +121.5% |
| COIN Coinbase Global Inc. Class A | 0.24% | 21,271 | $7.2M | Add +20.3% |
| XLB SS Materials Select Sector | 0.24% | 79,201 | $7.1M | Reduce -24.8% |
| CSGP Costar Group Inc. | 0.24% | 83,665 | $7.1M | Add +319.8% |
| TLT iShares 20+ Year Treasury BD | 0.24% | 77,500 | $6.9M | Add +93.8% |
| HOOD Robinhood Markets Inc. Class A | 0.23% | 47,206 | $6.8M | Add +28.4% |
| INTC Intel Corp. | 0.22% | 192,898 | $6.5M | Add +23.5% |
| MU Micron Technology Inc. | 0.21% | 36,356 | $6.1M | Reduce -55.9% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.20% | 73,461 | $6.0M | Add +32.4% |
| EOG EOG Resources Inc. | 0.20% | 52,258 | $5.9M | Add +12584.0% |
| BBY Best Buy Co. Inc. | 0.19% | 72,007 | $5.4M | Add +42.6% |
| COMPANHIA PARANAENSE ENERG C | 0.18% | 544,344 | $5.3M | Add +41.4% |
| XLE SS Energy Select Sector | 0.18% | 59,188 | $5.3M | Reduce -55.9% |
| XLF SS Financial Select Sector | 0.18% | 98,021 | $5.3M | Reduce -94.0% |
| FCX Freeport-McMoran Inc. | 0.18% | 134,000 | $5.3M | New |
| SPGI S&P Global Inc. | 0.15% | 9,300 | $4.5M | Add +144.7% |
| DBA Invesco DB Agriculture Fund | 0.15% | 168,400 | $4.5M | No change |
| NEE Nextera Energy Inc. | 0.14% | 54,198 | $4.1M | Add +6.7% |
| FXI iShares China Large-Cap ETF | 0.14% | 97,610 | $4.0M | Add +69.8% |
| CEG Constellation Energy | 0.14% | 12,052 | $4.0M | Add +130.7% |
| WMT Walmart Inc. | 0.13% | 37,873 | $3.9M | Reduce -82.9% |
| RIOT Riot Platforms Inc. | 0.13% | 202,000 | $3.8M | New |
| NBIS Nebius Group NV | 0.13% | 32,800 | $3.7M | Reduce -21.9% |
| MARA Mara Holdings Inc. | 0.11% | 178,000 | $3.3M | New |
| GARP iShares MSCI USA Quality Gar | 0.11% | 16,170 | $3.1M | New |
| GDX Vaneck Gold Miners ETF | 0.10% | 40,000 | $3.1M | New |
| CSANY Cosan SA -ADR | 0.10% | 658,046 | $3.0M | Add +166073.2% |
| RSP Invesco S&P 500 Equal Weight | 0.10% | 14,953 | $2.8M | Reduce -1.8% |
| ABBV Abbvie Inc. | 0.10% | 12,210 | $2.8M | Add +12.7% |
| PAM Pampa Energia SA-Spon ADR | 0.09% | 46,329 | $2.8M | Reduce -84.8% |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.09% | 730,317 | $2.8M | Add +812.9% |
| XLI SS Industrial Select Sector | 0.09% | 17,316 | $2.7M | Reduce -86.8% |
| CPA Copa Holdings SA Class A | 0.09% | 21,078 | $2.5M | Add +201.1% |
| KO The Coca-Cola Co. | 0.08% | 37,496 | $2.5M | Add +667.3% |
| URA Global X Uranium ETF | 0.08% | 50,486 | $2.4M | Add +50386.0% |
| LLY Eli Lilly & Co. | 0.08% | 3,062 | $2.3M | Add +5570.4% |
| EWW iShares MSCI Mexico ETF | 0.08% | 33,800 | $2.3M | Add +76.0% |
| PEG Public Service Enterprise GP | 0.08% | 26,966 | $2.3M | Add +11.6% |
| NEM Newmont Corp. | 0.08% | 26,298 | $2.2M | Add +12.9% |
| IFS Intercorp Financial Services | 0.07% | 50,620 | $2.0M | New |
| XLC SS Comm Select Sector SPDR | 0.07% | 16,597 | $2.0M | Reduce -73.6% |
| KDP Keurig Dr Pepper Inc. | 0.07% | 77,007 | $2.0M | Reduce -31.1% |
| CRWV Coreweave Inc. Class A | 0.07% | 14,000 | $1.9M | No change |
| BSBR Banco Santander Brasil-ADS | 0.07% | 342,322 | $1.9M | New |
| HD Home Depot Inc. | 0.06% | 4,524 | $1.8M | Reduce -38.1% |
| TECK Teck Resources Ltd.-CLS B | 0.06% | 41,000 | $1.8M | New |
Options reported separately and not counted above: SPDR GOLD TR calls ($56.4M), INTEL CORP calls ($1.8M), KRANESHARES TRUST calls ($871K), STATE STR SPDR S&P 500 ETF T puts ($141K), COSTAR GROUP INC calls ($138K), NEXTERA ENERGY INC calls ($123K), BEST BUY INC calls ($113K).
Portfolio Sells Q2 2025 → Q3 2025
| XLF SS Financial Select Sector | Reduce -94.0% | 0.18% | −3.09 |
| TLH iShares 10-20 Year Treasury | Reduce -97.9% | 0.05% | −2.51 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -12.4% | 10.18% | −1.86 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −1.82 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -81.3% | 0.46% | −1.44 |
| FMX Fomento Economico Mex-SP ADR | Sold out | 0.00% | −1.32 |
| AAPL Apple Inc. | Reduce -65.0% | 0.66% | −1.03 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −1.00 |
| GLD SPDR Gold Shares | Reduce -65.9% | 0.51% | −0.97 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -3.7% | 0.81% | −0.91 |
| EWJ iShares MSCI Japan ETF | Reduce -36.4% | 1.37% | −0.88 |
| PAM Pampa Energia SA-Spon ADR | Reduce -84.8% | 0.09% | −0.71 |
| VOO Vanguard S&P 500 ETF | Reduce -5.7% | 7.01% | −0.69 |
| WMT Walmart Inc. | Reduce -82.9% | 0.13% | −0.69 |
| XLI SS Industrial Select Sector | Reduce -86.8% | 0.09% | −0.64 |
| SQM Quimica Y Minera Chil-SP ADR | Sold out | 0.00% | −0.62 |
| PYPL PayPal Holdings Inc. | Reduce -99.1% | 0.00% | −0.57 |
| TIGO Millicom Intl Cellular S.A. | Sold out | 0.00% | −0.53 |
| GOVT iShares US Treasury Bond ETF | Reduce -51.1% | 0.35% | −0.45 |
| VALE Vale SA-SP ADR | Reduce -15.6% | 2.21% | −0.40 |
| EMBJ Embraer SA-Spon ADR | Reduce -10.0% | 2.17% | −0.37 |
| BABA Alibaba Group Holding-SP ADR | Reduce -97.6% | 0.01% | −0.32 |
| NFLX Netflix Inc. | Reduce -9.2% | 0.79% | −0.30 |
| TIMB Tim SA-ADR | Sold out | 0.00% | −0.26 |
| XLE SS Energy Select Sector | Reduce -55.9% | 0.18% | −0.25 |
| META Meta Platforms Inc. Class A | Reduce -6.0% | 1.24% | −0.24 |
| DVMT Dell Technologies Inc. Class V | Sold out | 0.00% | −0.24 |
| JPM JPMorgan Chase & Co. | Reduce -94.3% | 0.01% | −0.21 |
| SLV iShares Silver Trust | Reduce -50.0% | 0.05% | −0.20 |
| XLC SS Comm Select Sector SPDR | Reduce -73.6% | 0.07% | −0.19 |
| MU Micron Technology Inc. | Reduce -55.9% | 0.21% | −0.18 |
| AMD Advanced Micro Devices | Reduce -87.0% | 0.03% | −0.17 |
| PLTR Palantir Technologies Inc. Class A | Reduce -95.1% | 0.01% | −0.15 |
| ON On Semiconductor | Sold out | 0.00% | −0.14 |
| BURL Burlington Stores Inc. | Sold out | 0.00% | −0.13 |
| BKR Baker Hughes Co. | Reduce -75.9% | 0.05% | −0.13 |
| DBX ETF TR | Reduce -93.6% | 0.01% | −0.12 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -30.7% | 0.29% | −0.12 |
| RTX RTX Corp. | Sold out | 0.00% | −0.12 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.11 |
| GOOG Alphabet Inc. Class C | Reduce -78.7% | 0.04% | −0.11 |
| XLB SS Materials Select Sector | Reduce -24.8% | 0.24% | −0.11 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.10 |
| ALGM Allegro Microsystems Inc. | Sold out | 0.00% | −0.09 |
| UNH Unitedhealth Group Inc. | Reduce -99.8% | 0.00% | −0.09 |
| JBS JBS NV-A | Sold out | 0.00% | −0.09 |
| IYR iShares US Real Estate ETF | Reduce -70.5% | 0.03% | −0.09 |
| XLY SS Consumer Disc Select Sect | Reduce -18.6% | 0.33% | −0.08 |
| AVGO Broadcom Inc. | Reduce -15.7% | 0.75% | −0.08 |
| KDP Keurig Dr Pepper Inc. | Reduce -31.1% | 0.07% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| NU Nu Holdings Ltd./Cayman Isl-A | Add +130.2% | 3.64% | +2.51 |
| CX Cemex Sab-Spons ADR Part Cer | New | 2.17% | +2.17 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +3.0% | 5.66% | +2.11 |
| SCCO Southern Copper Corp. | Add +69985.6% | 1.71% | +1.71 |
| AMX America Movil Sab DE CV | New | 1.42% | +1.42 |
| TSLA Tesla Inc. | Add +286.6% | 1.45% | +1.15 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +4.7% | 2.31% | +0.94 |
| ASR Grupo Aeroportuario Sur-ADR | Add +37.3% | 1.67% | +0.92 |
| ORCL Oracle Corp. | Add +1045.5% | 0.88% | +0.83 |
| AMZN Amazon.com Inc. | Add +71.3% | 2.39% | +0.83 |
| LTMAY Latam Airlines Group-SP ADR | Add +65.7% | 2.01% | +0.79 |
| TBBB BBB Foods Inc. Class A | Add +96.6% | 1.10% | +0.79 |
| PBR Petroleo Brasileiro-Spon ADR | Add +42.0% | 3.46% | +0.77 |
| MSFT Microsoft Corp. | Add +90.8% | 1.68% | +0.74 |
| KWEB Kranesh Csi China Internet | New | 0.74% | +0.74 |
| NVDA Nvidia Corp. | Add +26.0% | 2.82% | +0.70 |
| IWM iShares Russell 2000 ETF | New | 0.63% | +0.63 |
| GGB Gerdau SA -Spon ADR | Add +146.7% | 1.05% | +0.60 |
| GOOGL Alphabet Inc. Class A | Add +102.0% | 0.94% | +0.56 |
| PSR Invesco Active US Real Estat | New | 0.51% | +0.51 |
| BCH Banco DE Chile-ADR | Add +87.4% | 0.67% | +0.51 |
| EEM iShares MSCI Emerging Market | Add +731.1% | 0.54% | +0.48 |
| CIB Grupo Cibest SA-ADR | New | 0.44% | +0.44 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +111874.7% | 0.32% | +0.32 |
| BIDU Baidu Inc. - Spon ADR | New | 0.30% | +0.30 |
| EWZ iShares MSCI Brazil ETF | Add +125.8% | 0.54% | +0.28 |
| ICLN iShares Global Clean Energy | New | 0.26% | +0.26 |
| EOG EOG Resources Inc. | Add +12584.0% | 0.20% | +0.20 |
| CSGP Costar Group Inc. | Add +319.8% | 0.24% | +0.18 |
| FCX Freeport-McMoran Inc. | New | 0.18% | +0.18 |
| XLK SS Technology Select Sector | Add +121.5% | 0.25% | +0.14 |
| RIOT Riot Platforms Inc. | New | 0.13% | +0.13 |
| MARA Mara Holdings Inc. | New | 0.11% | +0.11 |
| GARP iShares MSCI USA Quality Gar | New | 0.11% | +0.11 |
| COMPANHIA PARANAENSE ENERG C | Add +41.4% | 0.18% | +0.11 |
| GDX Vaneck Gold Miners ETF | New | 0.10% | +0.10 |
| CSANY Cosan SA -ADR | Add +166073.2% | 0.10% | +0.10 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +32.0% | 0.85% | +0.10 |
| TLT iShares 20+ Year Treasury BD | Add +93.8% | 0.24% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | Add +28.4% | 0.23% | +0.10 |
| IWF iShares Russell 1000 Growth | Add +10.0% | 1.19% | +0.10 |
| INTC Intel Corp. | Add +23.5% | 0.22% | +0.09 |
| URA Global X Uranium ETF | Add +50386.0% | 0.08% | +0.08 |
| LLY Eli Lilly & Co. | Add +5570.4% | 0.08% | +0.08 |
| SPGI S&P Global Inc. | Add +144.7% | 0.15% | +0.08 |
| EVEX Eve Holding Inc. | Add +812.9% | 0.09% | +0.07 |
| KO The Coca-Cola Co. | Add +667.3% | 0.08% | +0.07 |
| CEG Constellation Energy | Add +130.7% | 0.14% | +0.07 |
| IFS Intercorp Financial Services | New | 0.07% | +0.07 |
| BSBR Banco Santander Brasil-ADS | New | 0.07% | +0.07 |
Options Activity Q2 2025 → Q3 2025
| SPDR GOLD TR | call | Add +150.0% | 3,750 | $56.4M |
| INTEL CORP | call | Add +1250.0% | 2,700 | $1.8M |
| KRANESHARES TRUST | call | New | 663 | $871K |
| STATE STR SPDR S&P 500 ETF T | put | New | 650 | $141K |
| COSTAR GROUP INC | call | Reduce -0.2% | 550 | $138K |
| NEXTERA ENERGY INC | call | New | 400 | $123K |
| BEST BUY INC | call | Reduce -24.0% | 950 | $113K |
| STONECO LTD | call | Sold out | 364 | $104Kbefore exit |
| XP INC | call | Sold out | 360 | $88Kbefore 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 | 355 | $5.1B | SPY, IGOV, VALE, PBR, NU |
| Q1 2026Amended | 351 | $4.2B | PBR, SPY, VALE, VOO, BBD |
| Q4 2025 | 338 | $4.1B | SPY, VOO, PBR, NU, BBD |
| Q3 2025 | 386 | $2.9B | SPY, VOO, ITUB, BBD, BAP |
| Q2 2025 | 373 | $2.6B | SPY, VOO, BBD, ITUB, XLF |
| Q1 2025 | 363 | $2.6B | SPY, VOO, PBR.A, ITUB, TLH |
| Q4 2024 | 361 | $3.2B | SPY, BAP, PBR, VOO, PBR.A |
| Q3 2024 | 323 | $3.0B | SPY, VOO, PBR.A, ITUB, TSM |
| Q2 2024 | 332 | $2.4B | SPY, VOO, TSM, ITUB, FMX |
| Q1 2024 | 103 | $2.3B | SPY, FMX, ITUB, XLF, TLH |