JGP Global Gestao de Recursos Ltda. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), JGP Global Gestao de Recursos Ltda. reported 32 stock positions worth $171.4 million . Its top holding was New Gold (NGD) at 44.1% of the portfolio, followed by Stoneco Class A (STNE, 35.5% ) and XP Class A (XP, 6.6% ). Compared with Q2 2025, it sold out of 13, added to 15 and reduced 17. The biggest buy was Abbvie (ABBV, shares +1% ) and the biggest sale an exit from Kratos Defense & Security (KTOS).
Location RIO DE JANEIRO, D5
CIK 0001536562
Portfolio Value $171.4M (Q3 2025) Holdings 32 stocks · $171.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 NGD New Gold Inc. 10,516,700 $75.5M Reduce -0.7% STNE Stoneco Ltd. Class A 3,215,966 $60.8M Reduce -29.4% XP XP Inc. Class A 601,071 $11.3M Reduce -29.6% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 704,467 $11.3M Reduce -8.4% ONC Beone Medicines Ltd.-ADR 5,142 $1.8M Reduce -57.1% INCY Incyte Corp. 16,542 $1.4M Reduce -14.4% LLY Eli Lilly & Co. 1,352 $1.0M Add +0.8% ABBV Abbvie Inc. 3,374 $781K Add +0.8% ACAD Acadia Pharmaceuticals Inc. 23,082 $493K Reduce -14.4% MDGL Madrigal Pharmaceuticals Inc. 1,042 $478K Reduce -16.0% ABT Abbott Laboratories 3,364 $451K Add +0.8% TSM Taiwan Semiconductor-SP ADR 1,604 $448K Reduce -25.8% NVDA Nvidia Corp. 2,347 $438K Reduce -66.9% JNJ Johnson & Johnson 2,338 $434K Add +1.3% INSM Insmed Inc. 2,697 $388K Reduce -14.3% TMO Thermo Fisher Scientific Inc. 769 $373K Add +0.8% ISRG Intuitive Surgical Inc. 819 $366K Add +0.7% BSX Boston Scientific Corp. 3,592 $351K Add +0.8% UNH Unitedhealth Group Inc. 992 $343K Add +0.8% RYTM Rhythm Pharmaceuticals Inc. 3,253 $329K Reduce -14.9% BMY Bristol-Myers Squibb Co. 6,774 $306K Add +0.9% ZTS Zoetis Inc. 1,977 $289K Add +0.8% GILD Gilead Sciences Inc. 2,566 $285K Add +0.8% DHR Danaher Corp. 1,361 $270K Add +0.8% SMMT Summit Therapeutics Inc. 12,868 $266K Reduce -16.3% MCK McKesson Corp. 312 $241K Add +0.7% IDXX Idexx Laboratories Inc. 377 $241K Add +0.8% VRTX Vertex Pharmaceuticals Inc. 586 $230K Add +0.9% MU Micron Technology Inc. 1,353 $226K Reduce -67.3% IBIT iShares Bitcoin Trust ETF 3,168 $206K Reduce -98.4% ABCL Abcellera Biologics Inc. 15,149 $76K Reduce -12.7% CERS Cerus Corp. 10,481 $17K Reduce -14.5%
Options reported separately and not counted above: VNET calls ($470K), KTOS puts ($90K).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ KTOS Kratos Defense & Security Sold out 0.00% −6.36 IBIT iShares Bitcoin Trust ETF Reduce -98.4% 0.12% −5.87 PPTA Perpetua Resources Corp. Sold out 0.00% −2.67 XP XP Inc. Class A Reduce -29.6% 6.59% −1.86 VIV Telefonica Brasil-ADR Sold out 0.00% −0.56 GOOG Alphabet Inc. Class C Sold out 0.00% −0.46 CCIR Cohen Circle Acquisitio Class A Sold out 0.00% −0.41 ONC Beone Medicines Ltd.-ADR Reduce -57.1% 1.02% −0.40 SFTBY Softbank Group Corp.-Unsp ADR Sold out 0.00% −0.39 BN Brookfield Corp. Sold out 0.00% −0.39 MRVL Marvell Technology Inc. Sold out 0.00% −0.38 NVDA Nvidia Corp. Reduce -66.9% 0.26% −0.29 STNE Stoneco Ltd. Class A Reduce -29.4% 35.48% −0.27 AGI Alamos Gold Inc. Class A Sold out 0.00% −0.20 AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.19 MU Micron Technology Inc. Reduce -67.3% 0.13% −0.12 PONY Pony AI Inc. Sold out 0.00% −0.12 KOD Kodiak Sciences Inc. Sold out 0.00% −0.02 OI SA Sold out 0.00% −0.01 SMMT Summit Therapeutics Inc. Reduce -16.3% 0.16% −0.00 CERS Cerus Corp. Reduce -14.5% 0.01% +0.00 ACAD Acadia Pharmaceuticals Inc. Reduce -14.4% 0.29% +0.00 ABCL Abcellera Biologics Inc. Reduce -12.7% 0.04% +0.02 TSM Taiwan Semiconductor-SP ADR Reduce -25.8% 0.26% +0.02 INSM Insmed Inc. Reduce -14.3% 0.23% +0.07 RYTM Rhythm Pharmaceuticals Inc. Reduce -14.9% 0.19% +0.07 MDGL Madrigal Pharmaceuticals Inc. Reduce -16.0% 0.28% +0.10 INCY Incyte Corp. Reduce -14.4% 0.82% +0.17 NU Nu Holdings Ltd./Cayman Isl-A Reduce -8.4% 6.58% +1.42 NGD New Gold Inc. Reduce -0.7% 44.05% +18.40
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ ABBV Abbvie Inc. Add +0.8% 0.46% +0.15 LLY Eli Lilly & Co. Add +0.8% 0.60% +0.09 JNJ Johnson & Johnson Add +1.3% 0.25% +0.08 TMO Thermo Fisher Scientific Inc. Add +0.8% 0.22% +0.07 UNH Unitedhealth Group Inc. Add +0.8% 0.20% +0.05 IDXX Idexx Laboratories Inc. Add +0.8% 0.14% +0.04 ABT Abbott Laboratories Add +0.8% 0.26% +0.04 MCK McKesson Corp. Add +0.7% 0.14% +0.03 GILD Gilead Sciences Inc. Add +0.8% 0.17% +0.03 DHR Danaher Corp. Add +0.8% 0.16% +0.03 BMY Bristol-Myers Squibb Co. Add +0.9% 0.18% +0.03 ZTS Zoetis Inc. Add +0.8% 0.17% +0.02 BSX Boston Scientific Corp. Add +0.8% 0.20% +0.02 VRTX Vertex Pharmaceuticals Inc. Add +0.9% 0.13% +0.01 ISRG Intuitive Surgical Inc. Add +0.7% 0.21% −0.00
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ VNET Vnet Group Inc.-ADR call New 2,000 $470K KTOS Kratos Defense & Security put New 4,400 $90K
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 29 $44.8M XP, SPY, SFTBY, VEON, PROSY Q1 2026 23 $22.3M STNE, XP, NU, LLY, ABBV Q4 2025 44 $168.9M NGD, STNE, SOLS, RRC, NU Q3 2025 32 $171.4M NGD, STNE, XP, NU, ONC Q2 2025 45 $204.3M STNE, NGD, XP, KTOS, IBIT Q1 2025 34 $130.7M STNE, NGD, PPLT, XP, CAPRI HOLDINGS LTD Q4 2024 39 $43.9M NGD, STNE, LLY, ONC, INCY Q3 2024 39 $51.1M NGD, STNE, RYTM, LLY, ONC Q2 2024 41 $78.8M STNE, NU, CUCSF, DSKYF, SPGI Q1 2024 58 $155.5M BYDDF, XP, STNE, NU, NGD