JGP Global Gestao de Recursos Ltda.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), JGP Global Gestao de Recursos Ltda. reported 34 stock positions worth $130.7 million. Its top holding was Stoneco Class A (STNE) at 35.9% of the portfolio, followed by New Gold (NGD, 30.3%) and Abrdn Physical Platinum SHRS (PPLT, 9.8%). Compared with Q4 2024, it opened 12 new positions, sold out of 17, added to 3 and reduced 16. The biggest buy was Stoneco Class A (STNE, shares +485%) and the biggest sale Eli Lilly (LLY, shares −44%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001536562
Portfolio Value
$130.7M (Q1 2025)
SEC Filing
0001536562-25-000005 ↗ filed May 9, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $155.5M Q1 2024 Q2 2024: $78.8M Q2 2024 Q3 2024: $51.1M Q3 2024 Q4 2024: $43.9M Q4 2024 Q1 2025: $130.7M $130.7M Q1 2025 Q2 2025: $204.3M Q2 2025 Q3 2025: $171.4M Q3 2025 Q4 2025: $168.9M Q4 2025 Q1 2026: $22.3M Q1 2026 Q2 2026: $44.8M Q2 2026

Holdings 34 stocks · $130.7M
STNE Stoneco Ltd. Class A 35.86% 4,472,738 $46.9M Add +484.8%
NGD New Gold Inc. 30.33% 10,687,997 $39.7M Add +64.4%
PPLT Abrdn Physical Platinum SHRS 9.78% 140,000 $12.8M New
XP XP Inc. Class A 8.36% 795,194 $10.9M New
CAPRI HOLDINGS LTD 2.87% 190,350 $3.8M New
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 2.50% 11,995 $3.3M Add +28.0%
PROSY Prosus NV -Spon ADR 1.87% 264,251 $2.4M New
INCY Incyte Corp. 0.90% 19,332 $1.2M Reduce -21.5%
LLY Eli Lilly & Co. 0.85% 1,345 $1.1M Reduce -43.6%
SFTBY Softbank Group Corp.-Unsp ADR 0.71% 36,957 $932K New
AEM Agnico Eagle Mines Ltd. 0.54% 6,497 $704K No change
ABBV Abbvie Inc. 0.54% 3,355 $703K New
UNH Unitedhealth Group Inc. 0.40% 987 $517K Reduce -28.5%
ACAD Acadia Pharmaceuticals Inc. 0.34% 26,952 $448K Reduce -22.1%
ABT Abbott Laboratories 0.34% 3,346 $444K New
AGI Alamos Gold Inc. Class A 0.32% 15,452 $413K No change
MDGL Madrigal Pharmaceuticals Inc. 0.31% 1,241 $411K Reduce -37.7%
BMY Bristol-Myers Squibb Co. 0.31% 6,734 $411K New
ISRG Intuitive Surgical Inc. 0.31% 815 $404K Reduce -71.0%
JNJ Johnson & Johnson 0.29% 2,313 $384K New
TMO Thermo Fisher Scientific Inc. 0.29% 765 $381K Reduce -46.2%
BSX Boston Scientific Corp. 0.28% 3,573 $360K Reduce -0.9%
ZTS Zoetis Inc. 0.25% 1,967 $324K New
SMMT Summit Therapeutics Inc. 0.23% 15,366 $296K Reduce -10.0%
GILD Gilead Sciences Inc. 0.22% 2,552 $286K New
VRTX Vertex Pharmaceuticals Inc. 0.22% 583 $283K Reduce -39.8%
DHR Danaher Corp. 0.21% 1,354 $278K Reduce -45.2%
INSM Insmed Inc. 0.18% 3,147 $240K Reduce -48.6%
MCK McKesson Corp. 0.16% 311 $209K New
RYTM Rhythm Pharmaceuticals Inc. 0.15% 3,824 $203K Reduce -28.9%
ABCL Abcellera Biologics Inc. 0.03% 17,346 $39K Reduce -23.2%
KOD Kodiak Sciences Inc. 0.02% 10,904 $31K Reduce -15.8%
CERS Cerus Corp. 0.01% 12,264 $17K Reduce -23.2%
OI SA filed as OI SA-ADR 0.01% 50,301 $13K No change

Options reported separately and not counted above: TSM calls ($48K).

Portfolio Sells Q4 2024 → Q1 2025
LLY Eli Lilly & Co. Reduce -43.6% 0.85% −3.35
ISRG Intuitive Surgical Inc. Reduce -71.0% 0.31% −3.03
INCY Incyte Corp. Reduce -21.5% 0.90% −2.98
TEO Telecom Argentina SA-SP ADR Sold out 0.00% −1.94
BMA Banco Macro SA-ADR Sold out 0.00% −1.90
GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −1.87
YPF YPF S.A.-Sponsored ADR Sold out 0.00% −1.86
LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −1.79
SYK Stryker Corp. Sold out 0.00% −1.53
ARGX Argenx SE - ADR Sold out 0.00% −1.40
TMO Thermo Fisher Scientific Inc. Reduce -46.2% 0.29% −1.39
MRK Merck & Co. Inc. Sold out 0.00% −1.29
UNH Unitedhealth Group Inc. Reduce -28.5% 0.40% −1.19
ACAD Acadia Pharmaceuticals Inc. Reduce -22.1% 0.34% −1.10
MDGL Madrigal Pharmaceuticals Inc. Reduce -37.7% 0.31% −1.09
DHR Danaher Corp. Reduce -45.2% 0.21% −1.08
ELV Elevance Health Inc. Sold out 0.00% −1.03
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.87
AZN Astrazeneca PLC-Spons ADR Sold out 0.00% −0.86
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −0.83
AMGN Amgen Inc. Sold out 0.00% −0.81
INSM Insmed Inc. Reduce -48.6% 0.18% −0.78
RVMD Revolution Medicines Inc. Sold out 0.00% −0.77
VRTX Vertex Pharmaceuticals Inc. Reduce -39.8% 0.22% −0.67
CI The Cigna Group Sold out 0.00% −0.57
KYMR Kymera Therapeutics Inc. Sold out 0.00% −0.55
RYTM Rhythm Pharmaceuticals Inc. Reduce -28.9% 0.15% −0.53
PEN Penumbra Inc. Sold out 0.00% −0.49
SMMT Summit Therapeutics Inc. Reduce -10.0% 0.23% −0.47
BSX Boston Scientific Corp. Reduce -0.9% 0.28% −0.46
KOD Kodiak Sciences Inc. Reduce -15.8% 0.02% −0.27
ABCL Abcellera Biologics Inc. Reduce -23.2% 0.03% −0.12
CERS Cerus Corp. Reduce -23.2% 0.01% −0.04

Portfolio Buys Q4 2024 → Q1 2025
STNE Stoneco Ltd. Class A Add +484.8% 35.86% +21.98
PPLT Abrdn Physical Platinum SHRS New 9.78% +9.78
XP XP Inc. Class A New 8.36% +8.36
CAPRI HOLDINGS LTD New 2.87% +2.87
PROSY Prosus NV -Spon ADR New 1.87% +1.87
SFTBY Softbank Group Corp.-Unsp ADR New 0.71% +0.71
ABBV Abbvie Inc. New 0.54% +0.54
ABT Abbott Laboratories New 0.34% +0.34
BMY Bristol-Myers Squibb Co. New 0.31% +0.31
JNJ Johnson & Johnson New 0.29% +0.29
ZTS Zoetis Inc. New 0.25% +0.25
GILD Gilead Sciences Inc. New 0.22% +0.22
MCK McKesson Corp. New 0.16% +0.16
ONC Beone Medicines Ltd.-ADR Add +28.0% 2.50% −1.45
NGD New Gold Inc. Add +64.4% 30.33% −6.37

Options Activity Q4 2024 → Q1 2025
TSM Taiwan Semiconductor-SP ADR call New 150 $48K
SGML Sigma Lithium Corp. put Sold out 5,000 $25Kbefore 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 29$44.8MXP, SPY, SFTBY, VEON, PROSY
Q1 2026 23$22.3MSTNE, XP, NU, LLY, ABBV
Q4 2025 44$168.9MNGD, STNE, SOLS, RRC, NU
Q3 2025 32$171.4MNGD, STNE, XP, NU, ONC
Q2 2025 45$204.3MSTNE, NGD, XP, KTOS, IBIT
Q1 2025 34$130.7MSTNE, NGD, PPLT, XP, CAPRI HOLDINGS LTD
Q4 2024 39$43.9MNGD, STNE, LLY, ONC, INCY
Q3 2024 39$51.1MNGD, STNE, RYTM, LLY, ONC
Q2 2024 41$78.8MSTNE, NU, CUCSF, DSKYF, SPGI
Q1 2024 58$155.5MBYDDF, XP, STNE, NU, NGD