JGP Global Gestao de Recursos Ltda.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), JGP Global Gestao de Recursos Ltda. reported 44 stock positions worth $168.9 million. Its top holding was New Gold (NGD) at 47.4% of the portfolio, followed by Stoneco Class A (STNE, 23.2%) and Solstice Adv Materials (SOLS, 6.3%). Compared with Q3 2025, it opened 19 new positions, sold out of 7, added to 1 and reduced 24. The biggest buy was a new position in Solstice Adv Materials (SOLS) and the biggest sale Stoneco Class A (STNE, shares −18%).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001536562
- Portfolio Value
- $168.9M (Q4 2025)
- SEC Filing
- 0001536562-26-000001 ↗ filed Jan 26, 2026
Holdings Value
Holdings 44 stocks · $168.9M
| NGD New Gold Inc. | 47.36% | 9,184,600 | $80.0M | Reduce -12.7% |
| STNE Stoneco Ltd. Class A | 23.23% | 2,653,167 | $39.2M | Reduce -17.5% |
| SOLS Solstice Adv Materials Inc. | 6.32% | 219,605 | $10.7M | New |
| RRC Range Resources Corp. | 4.18% | 200,000 | $7.1M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 2.90% | 292,142 | $4.9M | Reduce -58.5% |
| XP XP Inc. Class A | 2.42% | 250,064 | $4.1M | Reduce -58.4% |
| EWZ iShares MSCI Brazil ETF | 1.88% | 100,000 | $3.2M | New |
| MICC The Magnum Ice Cream Co. NV | 1.87% | 199,744 | $3.2M | New |
| LLY Eli Lilly & Co. | 0.78% | 1,218 | $1.3M | Reduce -9.9% |
| IBB iShares Biotechnology ETF | 0.68% | 6,807 | $1.1M | New |
| SCHL Scholastic Corp. | 0.62% | 35,245 | $1.0M | New |
| XME SS SPDR S&P Metals Mining | 0.60% | 9,800 | $1.0M | New |
| INCY Incyte Corp. | 0.53% | 9,090 | $898K | Reduce -45.0% |
| ONC Beone Medicines Ltd.-ADR | 0.46% | 2,559 | $777K | Reduce -50.2% |
| ABBV Abbvie Inc. | 0.41% | 3,056 | $698K | Reduce -9.4% |
| INTR Inter & Co. Inc. Class A | 0.38% | 75,600 | $641K | New |
| SCCO Southern Copper Corp. | 0.31% | 3,700 | $531K | New |
| GGAL Grupo Financiero Galicia-ADR | 0.31% | 9,800 | $529K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.27% | 1,504 | $457K | Reduce -6.2% |
| NVDA Nvidia Corp. | 0.27% | 2,402 | $448K | Add +2.3% |
| JNJ Johnson & Johnson | 0.26% | 2,123 | $439K | Reduce -9.2% |
| INSM Insmed Inc. | 0.26% | 2,499 | $435K | Reduce -7.3% |
| VNET Vnet Group Inc.-ADR | 0.25% | 50,082 | $424K | New |
| ISRG Intuitive Surgical Inc. | 0.25% | 743 | $421K | Reduce -9.3% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 698 | $404K | Reduce -9.2% |
| ABT Abbott Laboratories | 0.23% | 3,058 | $383K | Reduce -9.1% |
| ACAD Acadia Pharmaceuticals Inc. | 0.22% | 13,843 | $370K | Reduce -40.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.22% | 625 | $364K | Reduce -40.0% |
| BMA Banco Macro SA-ADR | 0.20% | 3,700 | $334K | New |
| BMY Bristol-Myers Squibb Co. | 0.20% | 6,135 | $331K | Reduce -9.4% |
| BSX Boston Scientific Corp. | 0.18% | 3,247 | $310K | Reduce -9.6% |
| RYTM Rhythm Pharmaceuticals Inc. | 0.18% | 2,866 | $307K | Reduce -11.9% |
| GILD Gilead Sciences Inc. | 0.17% | 2,322 | $285K | Reduce -9.5% |
| VEON Veon Ltd. | 0.15% | 4,849 | $255K | New |
| GOOG Alphabet Inc. Class C | 0.15% | 795 | $249K | New |
| VRTX Vertex Pharmaceuticals Inc. | 0.14% | 532 | $241K | Reduce -9.2% |
| IDXX Idexx Laboratories Inc. | 0.14% | 342 | $231K | Reduce -9.3% |
| MCK McKesson Corp. | 0.14% | 282 | $231K | Reduce -9.6% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.14% | 12,800 | $231K | New |
| TCEHY Tencent Holdings Ltd.-Uns ADR | 0.13% | 2,957 | $226K | New |
| ZTS Zoetis Inc. | 0.13% | 1,787 | $225K | Reduce -9.6% |
| AVGO Broadcom Inc. | 0.13% | 610 | $211K | New |
| RVMD Revolution Medicines Inc. | 0.12% | 2,545 | $203K | New |
| OI SA filed as OI SA-ADR | 0.01% | 50,301 | $13K | New |
Options reported separately and not counted above: KTOS calls ($229K), VNET calls ($185K), STNE calls ($150K), KTOS puts ($10K).
Portfolio Sells Q3 2025 → Q4 2025
| STNE Stoneco Ltd. Class A | Reduce -17.5% | 23.23% | −12.25 |
| XP XP Inc. Class A | Reduce -58.4% | 2.42% | −4.17 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -58.5% | 2.90% | −3.68 |
| ONC Beone Medicines Ltd.-ADR | Reduce -50.2% | 0.46% | −0.56 |
| INCY Incyte Corp. | Reduce -45.0% | 0.53% | −0.29 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.20 |
| DHR Danaher Corp. | Sold out | 0.00% | −0.16 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.13 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.12 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -40.0% | 0.22% | −0.07 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -40.0% | 0.22% | −0.06 |
| ABCL Abcellera Biologics Inc. | Sold out | 0.00% | −0.04 |
| ABBV Abbvie Inc. | Reduce -9.4% | 0.41% | −0.04 |
| ABT Abbott Laboratories | Reduce -9.1% | 0.23% | −0.04 |
| ZTS Zoetis Inc. | Reduce -9.6% | 0.13% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -9.6% | 0.18% | −0.02 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -11.9% | 0.18% | −0.01 |
| CERS Cerus Corp. | Sold out | 0.00% | −0.01 |
| MCK McKesson Corp. | Reduce -9.6% | 0.14% | −0.00 |
| IDXX Idexx Laboratories Inc. | Reduce -9.3% | 0.14% | −0.00 |
| GILD Gilead Sciences Inc. | Reduce -9.5% | 0.17% | +0.00 |
| JNJ Johnson & Johnson | Reduce -9.2% | 0.26% | +0.01 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -9.2% | 0.14% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.2% | 0.27% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -9.4% | 0.20% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -9.2% | 0.24% | +0.02 |
| INSM Insmed Inc. | Reduce -7.3% | 0.26% | +0.03 |
| ISRG Intuitive Surgical Inc. | Reduce -9.3% | 0.25% | +0.04 |
| LLY Eli Lilly & Co. | Reduce -9.9% | 0.78% | +0.17 |
| NGD New Gold Inc. | Reduce -12.7% | 47.36% | +3.31 |
Portfolio Buys Q3 2025 → Q4 2025
| SOLS Solstice Adv Materials Inc. | New | 6.32% | +6.32 |
| RRC Range Resources Corp. | New | 4.18% | +4.18 |
| EWZ iShares MSCI Brazil ETF | New | 1.88% | +1.88 |
| MICC The Magnum Ice Cream Co. NV | New | 1.87% | +1.87 |
| IBB iShares Biotechnology ETF | New | 0.68% | +0.68 |
| SCHL Scholastic Corp. | New | 0.62% | +0.62 |
| XME SS SPDR S&P Metals Mining | New | 0.60% | +0.60 |
| INTR Inter & Co. Inc. Class A | New | 0.38% | +0.38 |
| SCCO Southern Copper Corp. | New | 0.31% | +0.31 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.31% | +0.31 |
| VNET Vnet Group Inc.-ADR | New | 0.25% | +0.25 |
| BMA Banco Macro SA-ADR | New | 0.20% | +0.20 |
| VEON Veon Ltd. | New | 0.15% | +0.15 |
| GOOG Alphabet Inc. Class C | New | 0.15% | +0.15 |
| BBAR Bbva Argentina SA-ADR | New | 0.14% | +0.14 |
| TCEHY Tencent Holdings Ltd.-Uns ADR | New | 0.13% | +0.13 |
| AVGO Broadcom Inc. | New | 0.13% | +0.13 |
| RVMD Revolution Medicines Inc. | New | 0.12% | +0.12 |
| NVDA Nvidia Corp. | Add +2.3% | 0.27% | +0.01 |
| OI SA | New | 0.01% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| KTOS Kratos Defense & Security | call | New | 335 | $229K |
| VNET Vnet Group Inc.-ADR | call | Reduce -67.6% | 648 | $185K |
| STNE Stoneco Ltd. Class A | call | New | 526 | $150K |
| KTOS Kratos Defense & Security | put | Reduce -80.4% | 861 | $10K |
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 |