Kapitalo Investimentos Ltda

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Kapitalo Investimentos Ltda reported 161 stock positions worth $333.1 million. Its top holding was iShares China Large-Cap ETF (FXI) at 11.9% of the portfolio, followed by Teck Resources Ltd.-CLS B (TECK, 11.6%) and Hess (HES, 8.3%). Compared with Q1 2024, it opened 61 new positions, sold out of 156, added to 28 and reduced 65. The biggest buy was Mastercard Class A (MA, shares +6472%) and the biggest sale an exit from Pioneer Natural Resources (PXD).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001798686
Portfolio Value
$333.1M (Q2 2024)
SEC Filing
0000919574-24-004695 ↗ filed Aug 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $453.9M Q1 2024 Q2 2024: $333.1M $333.1M Q2 2024 Q3 2024: $409.4M Q3 2024 Q4 2024: $149.5M Q4 2024 Q1 2025: $492.8M Q1 2025 Q2 2025: $458.6M Q2 2025 Q3 2025: $533.5M Q3 2025 Q4 2025: $522.4M Q4 2025 Q1 2026: $530.9M Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 161 stocks · $333.1M
FXI iShares China Large-Cap ETF 11.87% 1,521,800 $39.6M No change
TECK Teck Resources Ltd.-CLS B 11.58% 805,013 $38.6M Reduce -2.7%
HES Hess Corp. 8.30% 187,477 $27.7M Add +12.3%
AXONICS INC 6.77% 335,427 $22.6M Reduce -5.0%
RIO Rio Tinto PLC-Spon ADR 5.11% 258,000 $17.0M No change
CHTR Charter Communications Inc. Class A 4.55% 50,670 $15.1M Add +82.9%
MA Mastercard Inc. Class A 4.43% 33,449 $14.8M Add +6471.5%
SUZ Suzano SA - Spon ADR 4.31% 1,399,005 $14.4M New
KWEB Kranesh Csi China Internet 3.74% 460,500 $12.4M No change
TLT iShares 20+ Year Treasury BD 3.68% 133,623 $12.3M New
ERO Ero Copper Corp. 3.30% 513,545 $11.0M Add +40.7%
MSFT Microsoft Corp. 2.71% 20,183 $9.0M Reduce -18.1%
CSANY Cosan SA -ADR 2.54% 867,758 $8.5M Add +238.1%
WDAY Workday Inc. Class A 1.76% 26,284 $5.9M Add +319.9%
HCP Hashicorp Inc. Class A 1.69% 167,575 $5.6M New
TSM Taiwan Semiconductor-SP ADR 1.59% 30,424 $5.3M Reduce -49.6%
HYEM Vaneck Emrg MKTS Hi YLD 1.41% 244,718 $4.7M New
XP XP Inc. Class A 1.19% 225,664 $4.0M No change
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 1.05% 259,166 $3.5M Reduce -68.2%
CPRI Capri Holdings Ltd. 0.99% 99,231 $3.3M Reduce -75.1%
AMZN Amazon.com Inc. 0.81% 13,995 $2.7M Add +126.8%
LOMA Loma Negra Cia Ind-Spon ADR 0.77% 378,600 $2.6M No change
MBB iShares MBS ETF 0.64% 23,095 $2.1M New
EVEX Eve Holding Inc. filed as EVE HLDG INC 0.61% 500,000 $2.0M No change
XBI SS SPDR S&P Biotech ETF 0.54% 19,380 $1.8M No change
GOOGL Alphabet Inc. Class A 0.49% 8,957 $1.6M Reduce -85.4%
MTTR Matterport Inc. 0.45% 337,073 $1.5M New
QQQ Invesco QQQ Trust Series 1 0.31% 2,160 $1.0M New
TIMB Tim SA-ADR 0.31% 71,846 $1.0M New
FCX Freeport-McMoran Inc. 0.24% 16,349 $795K Reduce -84.8%
PAAS Pan American Silver Corp. 0.23% 38,222 $760K New
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.21% 24,440 $700K Add +37.8%
KR Kroger Co. 0.19% 12,471 $623K Add +86.3%
STLD Steel Dynamics Inc. 0.19% 4,769 $618K Add +156.0%
CMC Commercial Metals Co. 0.17% 10,363 $570K Reduce -19.9%
SYY Sysco Corp. 0.17% 7,900 $564K Reduce -17.2%
FOXA Fox Corp. Class A 0.17% 16,384 $563K New
NWSA News Corp. Class A 0.17% 20,245 $558K Reduce -57.4%
MO Altria Group Inc. 0.17% 12,163 $554K Add +98.8%
SFM Sprouts Farmers Market Inc. 0.17% 6,593 $552K Add +45.8%
NRG NRG Energy Inc. 0.16% 6,681 $520K New
FLS Flowserve Corp. 0.15% 10,690 $514K New
FLO Flowers Foods Inc. 0.15% 22,703 $504K Add +82.0%
FANG Diamondback Energy Inc. 0.15% 2,418 $484K Reduce -32.2%
LAMR Lamar Advertising Co. Class A 0.14% 4,042 $483K New
META Meta Platforms Inc. Class A 0.14% 937 $472K Reduce -65.0%
NUE Nucor Corp. 0.14% 2,942 $465K Reduce -30.3%
INGR Ingredion Inc. 0.14% 4,037 $463K Reduce -45.2%
AEM Agnico Eagle Mines Ltd. 0.14% 7,070 $462K New
PEG Public Service Enterprise GP 0.14% 6,202 $457K Add +51.9%
WU Western Union Co. 0.14% 37,011 $452K Add +48.6%
AAPL Apple Inc. 0.13% 2,103 $443K Reduce -59.7%
LYV Live Nation Entertainment Inc. 0.13% 4,654 $436K Add +0.9%
MPC Marathon Petroleum Corp. 0.13% 2,454 $426K Reduce -57.3%
OMC Omnicom Group 0.12% 4,601 $413K Add +34.9%
GPC Genuine Parts Co. 0.12% 2,934 $406K New
VLO Valero Energy Corp. 0.12% 2,583 $405K Reduce -39.2%
CBT Cabot Corp. 0.12% 4,335 $398K Add +83.3%
EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP 0.12% 4,834 $397K New
NXST Nexstar Media Group Inc. 0.12% 2,385 $396K New
CTAS Cintas Corp. 0.12% 564 $395K New
USFD US Foods Holding Corp. 0.11% 7,115 $377K Add +27.6%
CNC Centene Corp. 0.11% 5,605 $372K Reduce -51.9%
COR Cencora Inc. 0.11% 1,626 $366K Reduce -55.9%
PPC Pilgrim's Pride Corp. 0.11% 9,426 $363K New
WRK Westrock Co. 0.11% 7,122 $358K New
AEO American Eagle Outfitters 0.11% 17,757 $354K Add +12.1%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.11% 5,075 $352K New
DDS Dillards Inc. Class A 0.10% 789 $347K Reduce -5.2%
CCJ Cameco Corp. 0.10% 6,819 $335K New
AIT Applied Industrial Tech Inc. 0.10% 1,727 $335K Reduce -34.3%
EFOR Everforth Inc. filed as ASGN INC 0.10% 3,788 $334K New
CACI Caci International Inc. Class A 0.10% 770 $331K Reduce -25.9%
AEP American Electric Power 0.10% 3,709 $325K Add +4.3%
MRO Marathon Oil Corp. 0.10% 11,191 $321K Add +31.8%
DOCU Docusign Inc. 0.10% 5,985 $320K New
GIS General Mills Inc. 0.10% 5,060 $320K Add +35.3%
NSIT Insight Enterprises Inc. 0.10% 1,611 $320K Reduce -47.8%
VZ Verizon Communications Inc. 0.09% 7,654 $316K Reduce -12.5%
TMUS T-Mobile US Inc. 0.09% 1,791 $316K Reduce -13.9%
CAT Caterpillar Inc. 0.09% 933 $311K New
OBDC Blue Owl Capital Corp. 0.09% 20,010 $307K New
CW Curtiss-Wright Corp. 0.09% 1,129 $306K Add +7.9%
ELV Elevance Health Inc. 0.09% 561 $304K Reduce -38.7%
OVV Ovintiv Inc. 0.09% 6,438 $302K Reduce -34.3%
EME Emcor Group Inc. 0.09% 811 $296K New
COKE Coca-Cola Consolidated Inc. 0.09% 272 $295K Reduce -75.2%
SWX Southwest Gas Holdings Inc. 0.09% 4,110 $289K Reduce -21.8%
CI The Cigna Group 0.09% 873 $289K Reduce -19.2%
VST Vistra Corp. 0.08% 3,238 $278K Reduce -17.5%
CVLT Commvault Systems Inc. 0.08% 2,284 $278K Reduce -54.1%
UTHR United Therapeutics Corp. 0.08% 868 $277K New
ACT Enact Holdings Inc. 0.08% 8,897 $273K Add +6.8%
CSCO Cisco Systems Inc. 0.08% 5,715 $272K Reduce -39.8%
PBR Petroleo Brasileiro-Spon ADR 0.08% 18,604 $270K Reduce -93.3%
CSL Carlisle Cos Inc. 0.08% 657 $266K New
TPL Texas Pacific Land Corp. 0.08% 361 $265K New
CPNG Coupang Inc. 0.08% 12,577 $263K New
KVUE Kenvue Inc. 0.08% 14,176 $258K New
DINO HF Sinclair Corp. 0.08% 4,799 $256K Reduce -57.1%
CTSH Cognizant Tech Solutions-A 0.08% 3,749 $255K Reduce -48.3%
EPRT Essential Properties Realty 0.08% 9,181 $254K New
MSM MSC Industrial Direct Co. Class A 0.08% 3,201 $254K Reduce -46.4%
APH Amphenol Corp. Class A 0.08% 3,762 $253K New
PAG Penske Automotive Group Inc. 0.08% 1,699 $253K New
MLI Mueller Industries Inc. 0.08% 4,426 $252K Reduce -22.2%
RS Reliance Inc. 0.08% 880 $251K Reduce -60.6%
MCK McKesson Corp. 0.08% 429 $251K Reduce -37.2%
OGE Oge Energy Corp. 0.08% 7,004 $250K New
TOL Toll Brothers Inc. 0.07% 2,153 $248K New
WSM Williams-Sonoma Inc. 0.07% 878 $248K Add +6.3%
AN Autonation Inc. 0.07% 1,545 $246K New
FFIV F5 Inc. 0.07% 1,425 $245K Reduce -44.0%
HSIC Henry Schein Inc. 0.07% 3,768 $242K Add +0.5%
TRGP Targa Resources Corp. 0.07% 1,859 $239K New
WAB Wabtec Corp. 0.07% 1,513 $239K Reduce -14.8%
TXRH Texas Roadhouse Inc. 0.07% 1,387 $238K New
MTH Meritage Homes Corp. 0.07% 1,454 $235K New
ED Consolidated Edison Inc. 0.07% 2,628 $235K Reduce -62.1%
GDDY GoDaddy Inc. Class A 0.07% 1,677 $234K Reduce -59.3%
ETR Entergy Corp. 0.07% 2,189 $234K Reduce -78.5%
ALV Autoliv Inc. 0.07% 2,179 $233K New
PHM Pultegroup Inc. 0.07% 2,105 $232K Reduce -45.7%
UFPI Ufp Industries Inc. 0.07% 2,067 $232K Reduce -39.1%
HOLX Hologic Inc. 0.07% 3,113 $231K New
ETRN Equitrans Midstream Corp. 0.07% 17,783 $231K New
MUSA Murphy USA Inc. 0.07% 491 $231K Reduce -54.6%
LDOS Leidos Holdings Inc. 0.07% 1,572 $229K New
ITT Itt Inc. 0.07% 1,754 $227K Reduce -17.1%
OGN Organon & Co. 0.07% 10,877 $225K New
POST Post Holdings Inc. filed as POST HLDGS INC 0.07% 2,160 $225K Reduce -55.7%
EOG EOG Resources Inc. 0.07% 1,779 $224K New
DTM DT Midstream Inc. 0.07% 3,142 $223K New
BCC Boise Cascade Co. 0.07% 1,862 $222K Reduce -69.8%
RHP Ryman Hospitality Properties 0.07% 2,221 $222K Reduce -72.7%
AR Antero Resources Corp. 0.07% 6,787 $221K New
CHRD Chord Energy Corp. 0.07% 1,317 $221K Reduce -20.6%
AYI Acuity Inc. 0.07% 912 $220K Reduce -36.0%
JNJ Johnson & Johnson 0.07% 1,505 $220K Reduce -36.2%
AMG Affiliated Managers Group 0.07% 1,399 $219K New
CRUS Cirrus Logic Inc. 0.06% 1,675 $214K Reduce -34.1%
ESAB Esab Corp. 0.06% 2,252 $213K New
LEN Lennar Corp. Class A 0.06% 1,405 $211K Reduce -39.2%
AMH American Homes 4 Rent- A 0.06% 5,653 $210K New
UGI Ugi Corp. 0.06% 9,150 $210K Reduce -3.6%
AVTR Avantor Inc. 0.06% 9,805 $208K New
ZBH Zimmer Biomet Holdings Inc. 0.06% 1,915 $208K New
WTFC Wintrust Financial Corp. 0.06% 2,096 $207K New
PPLI People Inc. filed as IAC INC 0.06% 4,409 $207K New
PPL PPL Corp. 0.06% 7,442 $206K Reduce -69.9%
ECHO Echostar Corp. Class A 0.06% 11,421 $203K New
VNT Vontier Corp. 0.06% 5,324 $203K Reduce -28.6%
SF Stifel Financial Corp. 0.06% 2,403 $202K Reduce -32.0%
MAS Masco Corp. 0.06% 3,027 $202K Reduce -52.6%
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.06% 3,385 $200K New
MAT Mattel Inc. 0.06% 12,170 $198K New
HST Host Hotels & Resorts Inc. 0.06% 10,861 $195K Reduce -57.9%
IBRX Immunitybio Inc. 0.04% 20,170 $127K New
CIG Cia Energetica DE-Spon ADR 0.03% 65,927 $116K Add +30.0%
COTY Coty Inc. Class A 0.03% 10,692 $107K New
BRFS BRF SA-ADR 0.02% 13,868 $56K Reduce -68.2%

Options reported separately and not counted above: SPDR INDEX SHS FDS puts ($450K), STATE STR SPDR S&P 500 ETF T calls ($39K), STATE STR SPDR S&P 500 ETF T puts ($36K).

Portfolio Sells Q1 2024 → Q2 2024
PXD Pioneer Natural Resources Co. Sold out 0.00% −8.84
URA Global X Uranium ETF Sold out 0.00% −4.80
CPRI Capri Holdings Ltd. Reduce -75.1% 0.99% −2.99
ARB Altshares Merger Arbitrage Sold out 0.00% −2.40
SBS Cia Saneamento Basico DE-ADR Reduce -68.2% 1.05% −1.98
GOOGL Alphabet Inc. Class A Reduce -85.4% 0.49% −1.55
EWN iShares MSCI Netherlands ETF Sold out 0.00% −1.38
TXNM TXNM Energy Inc. Sold out 0.00% −1.05
X United States Steel Corp. Sold out 0.00% −1.03
AZUL S A Sold out 0.00% −0.93
V Visa Inc. Class A Sold out 0.00% −0.88
FCX Freeport-McMoran Inc. Reduce -84.8% 0.24% −0.88
PBR Petroleo Brasileiro-Spon ADR Reduce -93.3% 0.08% −0.85
DEO Diageo PLC-Sponsored ADR Sold out 0.00% −0.73
AXIAY Axia Energia-ADR Sold out 0.00% −0.60
PAGS Pagseguro Digital Ltd. Class A Sold out 0.00% −0.56
PM Philip Morris International Sold out 0.00% −0.36
COPX Global X Copper Miners ETF Sold out 0.00% −0.32
NTAP Netapp Inc. Sold out 0.00% −0.27
NFLX Netflix Inc. Sold out 0.00% −0.24
TSM Taiwan Semiconductor-SP ADR Reduce -49.6% 1.59% −0.22
ODFL Old Dominion Freight Line Sold out 0.00% −0.21
OKTA Okta Inc. Sold out 0.00% −0.18
EA Electronic Arts Inc. Sold out 0.00% −0.18
PBF PBF Energy Inc. Class A Sold out 0.00% −0.17
ETR Entergy Corp. Reduce -78.5% 0.07% −0.17
RL Ralph Lauren Corp. Sold out 0.00% −0.15
META Meta Platforms Inc. Class A Reduce -65.0% 0.14% −0.14
BCC Boise Cascade Co. Reduce -69.8% 0.07% −0.14
DTE DTE Energy Company Sold out 0.00% −0.14
RHP Ryman Hospitality Properties Reduce -72.7% 0.07% −0.14
FR First Industrial Realty TR Sold out 0.00% −0.14
SIRI Sirius XM Holdings Inc. Sold out 0.00% −0.13
MPC Marathon Petroleum Corp. Reduce -57.3% 0.13% −0.13
PSX Phillips 66 Sold out 0.00% −0.12
EGP Eastgroup Properties Inc. Sold out 0.00% −0.12
KDP Keurig Dr Pepper Inc. Sold out 0.00% −0.12
VNM Vaneck Vietnam ETF Sold out 0.00% −0.12
BRX Brixmor Property Group Inc. Sold out 0.00% −0.12
COKE Coca-Cola Consolidated Inc. Reduce -75.2% 0.09% −0.12
PVH PVH Corp. Sold out 0.00% −0.12
STAG Stag Industrial Inc. Sold out 0.00% −0.11
EXP Eagle Materials Inc. Sold out 0.00% −0.11
JNPR Juniper Networks Inc. Sold out 0.00% −0.11
PFGC Performance Food Group Co. Sold out 0.00% −0.11
SON Sonoco Products Co. Sold out 0.00% −0.11
NWSA News Corp. Class A Reduce -57.4% 0.17% −0.11
SKX Skechers USA Inc. Class A Sold out 0.00% −0.10
BBY Best Buy Co. Inc. Sold out 0.00% −0.10
UNH Unitedhealth Group Inc. Sold out 0.00% −0.10

Portfolio Buys Q1 2024 → Q2 2024
MA Mastercard Inc. Class A Add +6471.5% 4.43% +4.38
SUZ Suzano SA - Spon ADR New 4.31% +4.31
TLT iShares 20+ Year Treasury BD New 3.68% +3.68
CHTR Charter Communications Inc. Class A Add +82.9% 4.55% +2.77
HES Hess Corp. Add +12.3% 8.30% +2.69
CSANY Cosan SA -ADR Add +238.1% 2.54% +1.80
ERO Ero Copper Corp. Add +40.7% 3.30% +1.75
HCP Hashicorp Inc. Class A New 1.69% +1.69
HYEM Vaneck Emrg MKTS Hi YLD New 1.41% +1.41
WDAY Workday Inc. Class A Add +319.9% 1.76% +1.39
MBB iShares MBS ETF New 0.64% +0.64
AMZN Amazon.com Inc. Add +126.8% 0.81% +0.57
MTTR Matterport Inc. New 0.45% +0.45
QQQ Invesco QQQ Trust Series 1 New 0.31% +0.31
TIMB Tim SA-ADR New 0.31% +0.31
PAAS Pan American Silver Corp. New 0.23% +0.23
FOXA Fox Corp. Class A New 0.17% +0.17
NRG NRG Energy Inc. New 0.16% +0.16
FLS Flowserve Corp. New 0.15% +0.15
LAMR Lamar Advertising Co. Class A New 0.14% +0.14
AEM Agnico Eagle Mines Ltd. New 0.14% +0.14
STLD Steel Dynamics Inc. Add +156.0% 0.19% +0.12
GPC Genuine Parts Co. New 0.12% +0.12
EXE Expand Energy Corp. New 0.12% +0.12
NXST Nexstar Media Group Inc. New 0.12% +0.12
CTAS Cintas Corp. New 0.12% +0.12
PPC Pilgrim's Pride Corp. New 0.11% +0.11
MO Altria Group Inc. Add +98.8% 0.17% +0.11
WRK Westrock Co. New 0.11% +0.11
VMRK Vivmark Residential New 0.11% +0.11
KR Kroger Co. Add +86.3% 0.19% +0.10
SFM Sprouts Farmers Market Inc. Add +45.8% 0.17% +0.10
CCJ Cameco Corp. New 0.10% +0.10
EFOR Everforth Inc. New 0.10% +0.10
DOCU Docusign Inc. New 0.10% +0.10
VICI Vici Properties Inc. Add +37.8% 0.21% +0.09
CAT Caterpillar Inc. New 0.09% +0.09
OBDC Blue Owl Capital Corp. New 0.09% +0.09
EME Emcor Group Inc. New 0.09% +0.09
FLO Flowers Foods Inc. Add +82.0% 0.15% +0.09
UTHR United Therapeutics Corp. New 0.08% +0.08
CSL Carlisle Cos Inc. New 0.08% +0.08
TPL Texas Pacific Land Corp. New 0.08% +0.08
CPNG Coupang Inc. New 0.08% +0.08
KVUE Kenvue Inc. New 0.08% +0.08
PEG Public Service Enterprise GP Add +51.9% 0.14% +0.08
EPRT Essential Properties Realty New 0.08% +0.08
APH Amphenol Corp. Class A New 0.08% +0.08
PAG Penske Automotive Group Inc. New 0.08% +0.08
OGE Oge Energy Corp. New 0.08% +0.08

Options Activity Q1 2024 → Q2 2024
FXI iShares China Large-Cap ETF put Sold out 3,000,000 $1.1Mbefore exit
NVDA Nvidia Corp. put Sold out 400,000 $622Kbefore exit
SPDR INDEX SHS FDS put New 1,000,000 $450K
PBR Petroleo Brasileiro-Spon ADR put Sold out 3,500,000 $105Kbefore exit
STATE STR SPDR S&P 500 ETF T call New 20,000 $39K
STATE STR SPDR S&P 500 ETF T put New 20,000 $36K

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 51$1.3BIVV, SPY, TSLA, AMZN, TSM
Q1 2026 48$530.9MAMZN, IVV, EA, NVDA, VST
Q4 2025 35$522.4MAMZN, KWEB, KRE, META, MSFT
Q3 2025 58$533.5MKRE, AMZN, KWEB, MSFT, KVUE
Q2 2025 116$458.6MAMZN, HES, KWEB, VRT, TSM
Q1 2025 82$492.8MAMZN, HES, VST, TSM, KWEB
Q4 2024 274$149.5MHES, RIO, DIS, MSFT, ALE
Q3 2024 155$409.4MFXI, TECK, SUZ, HES, KWEB
Q2 2024 161$333.1MFXI, TECK, HES, AXONICS INC, RIO
Q1 2024 256$453.9MPXD, TECK, FXI, HES, AXONICS INC