JGP Global Gestao de Recursos Ltda.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), JGP Global Gestao de Recursos Ltda. reported 45 stock positions worth $204.3 million. Its top holding was Stoneco Class A (STNE) at 35.7% of the portfolio, followed by New Gold (NGD, 25.6%) and XP Class A (XP, 8.4%). Compared with Q1 2025, it opened 14 new positions, sold out of 3, added to 3 and reduced 17. The biggest buy was a new position in Kratos Defense & Security (KTOS) and the biggest sale an exit from Abrdn Physical Platinum SHRS (PPLT).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001536562
Portfolio Value
$204.3M (Q2 2025)
SEC Filing
0001536562-25-000007 ↗ filed Jul 22, 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 Q1 2025 Q2 2025: $204.3M $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 45 stocks · $204.3M
STNE Stoneco Ltd. Class A 35.75% 4,554,325 $73.1M Add +1.8%
NGD New Gold Inc. 25.65% 10,587,997 $52.4M Reduce -0.9%
XP XP Inc. Class A 8.44% 854,252 $17.3M Add +7.4%
KTOS Kratos Defense & Security 6.36% 280,000 $13.0M New
IBIT iShares Bitcoin Trust ETF 5.99% 200,000 $12.2M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 5.16% 768,919 $10.5M New
PPTA Perpetua Resources Corp. 2.67% 450,000 $5.5M New
ONC Beone Medicines Ltd.-ADR 1.42% 11,995 $2.9M No change
INCY Incyte Corp. 0.64% 19,332 $1.3M No change
VIV Telefonica Brasil-ADR 0.56% 100,000 $1.1M New
NVDA Nvidia Corp. 0.55% 7,084 $1.1M New
LLY Eli Lilly & Co. 0.51% 1,341 $1.0M Reduce -0.3%
GOOG Alphabet Inc. Class C 0.46% 5,260 $933K New
CCIR Cohen Circle Acquisitio Class A 0.41% 75,532 $829K New
SFTBY Softbank Group Corp.-Unsp ADR 0.39% 21,707 $791K Reduce -41.3%
BN Brookfield Corp. 0.39% 12,723 $787K New
MRVL Marvell Technology Inc. 0.38% 9,981 $773K New
ABBV Abbvie Inc. 0.30% 3,346 $621K Reduce -0.3%
ACAD Acadia Pharmaceuticals Inc. 0.28% 26,952 $581K No change
MU Micron Technology Inc. 0.25% 4,142 $511K New
TSM Taiwan Semiconductor-SP ADR 0.24% 2,162 $490K New
ABT Abbott Laboratories 0.22% 3,337 $454K Reduce -0.3%
ISRG Intuitive Surgical Inc. 0.22% 813 $442K Reduce -0.3%
AGI Alamos Gold Inc. Class A 0.20% 15,455 $410K Add +0.0%
AEM Agnico Eagle Mines Ltd. 0.19% 3,249 $386K Reduce -50.0%
BSX Boston Scientific Corp. 0.19% 3,564 $383K Reduce -0.3%
MDGL Madrigal Pharmaceuticals Inc. 0.18% 1,241 $376K No change
JNJ Johnson & Johnson 0.17% 2,307 $352K Reduce -0.3%
SMMT Summit Therapeutics Inc. 0.16% 15,366 $327K No change
INSM Insmed Inc. 0.15% 3,147 $317K No change
BMY Bristol-Myers Squibb Co. 0.15% 6,716 $311K Reduce -0.3%
TMO Thermo Fisher Scientific Inc. 0.15% 763 $309K Reduce -0.3%
UNH Unitedhealth Group Inc. 0.15% 984 $307K Reduce -0.3%
ZTS Zoetis Inc. 0.15% 1,962 $306K Reduce -0.3%
GILD Gilead Sciences Inc. 0.14% 2,545 $282K Reduce -0.3%
DHR Danaher Corp. 0.13% 1,350 $267K Reduce -0.3%
VRTX Vertex Pharmaceuticals Inc. 0.13% 581 $259K Reduce -0.3%
RYTM Rhythm Pharmaceuticals Inc. 0.12% 3,824 $242K No change
PONY Pony AI Inc. 0.12% 17,901 $236K New
MCK McKesson Corp. 0.11% 310 $227K Reduce -0.3%
IDXX Idexx Laboratories Inc. 0.10% 374 $201K New
ABCL Abcellera Biologics Inc. 0.03% 17,346 $59K No change
KOD Kodiak Sciences Inc. 0.02% 10,904 $41K No change
CERS Cerus Corp. 0.01% 12,264 $17K No change
OI SA filed as OI SA-ADR 0.01% 50,301 $13K No change

Portfolio Sells Q1 2025 → Q2 2025
PPLT Abrdn Physical Platinum SHRS Sold out 0.00% −9.78
NGD New Gold Inc. Reduce -0.9% 25.65% −4.68
CAPRI HOLDINGS LTD Sold out 0.00% −2.87
PROSY Prosus NV -Spon ADR Sold out 0.00% −1.87
AEM Agnico Eagle Mines Ltd. Reduce -50.0% 0.19% −0.35
LLY Eli Lilly & Co. Reduce -0.3% 0.51% −0.34
SFTBY Softbank Group Corp.-Unsp ADR Reduce -41.3% 0.39% −0.33
UNH Unitedhealth Group Inc. Reduce -0.3% 0.15% −0.25
ABBV Abbvie Inc. Reduce -0.3% 0.30% −0.23
BMY Bristol-Myers Squibb Co. Reduce -0.3% 0.15% −0.16
TMO Thermo Fisher Scientific Inc. Reduce -0.3% 0.15% −0.14
JNJ Johnson & Johnson Reduce -0.3% 0.17% −0.12
ABT Abbott Laboratories Reduce -0.3% 0.22% −0.12
ZTS Zoetis Inc. Reduce -0.3% 0.15% −0.10
ISRG Intuitive Surgical Inc. Reduce -0.3% 0.22% −0.09
VRTX Vertex Pharmaceuticals Inc. Reduce -0.3% 0.13% −0.09
BSX Boston Scientific Corp. Reduce -0.3% 0.19% −0.09
DHR Danaher Corp. Reduce -0.3% 0.13% −0.08
GILD Gilead Sciences Inc. Reduce -0.3% 0.14% −0.08
MCK McKesson Corp. Reduce -0.3% 0.11% −0.05

Portfolio Buys Q1 2025 → Q2 2025
KTOS Kratos Defense & Security New 6.36% +6.36
IBIT iShares Bitcoin Trust ETF New 5.99% +5.99
NU Nu Holdings Ltd./Cayman Isl-A New 5.16% +5.16
PPTA Perpetua Resources Corp. New 2.67% +2.67
VIV Telefonica Brasil-ADR New 0.56% +0.56
NVDA Nvidia Corp. New 0.55% +0.55
GOOG Alphabet Inc. Class C New 0.46% +0.46
CCIR Cohen Circle Acquisitio Class A New 0.41% +0.41
BN Brookfield Corp. New 0.39% +0.39
MRVL Marvell Technology Inc. New 0.38% +0.38
MU Micron Technology Inc. New 0.25% +0.25
TSM Taiwan Semiconductor-SP ADR New 0.24% +0.24
PONY Pony AI Inc. New 0.12% +0.12
IDXX Idexx Laboratories Inc. New 0.10% +0.10
XP XP Inc. Class A Add +7.4% 8.44% +0.08
STNE Stoneco Ltd. Class A Add +1.8% 35.75% −0.11
AGI Alamos Gold Inc. Class A Add +0.0% 0.20% −0.12

Options Activity Q1 2025 → Q2 2025
TSM Taiwan Semiconductor-SP ADR call Sold out 150 $48Kbefore 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