Kapitalo Investimentos Ltda

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Kapitalo Investimentos Ltda reported 155 stock positions worth $409.4 million. Its top holding was iShares China Large-Cap ETF (FXI) at 11.8% of the portfolio, followed by Teck Resources Ltd.-CLS B (TECK, 10.3%) and Suzano SA - Spon ADR (SUZ, 8.6%). Compared with Q2 2024, it opened 75 new positions, sold out of 81, added to 40 and reduced 33. The biggest buy was a new position in iShares National Muni Bond E (MUB) and the biggest sale an exit from Charter Communications Class A (CHTR).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001798686
Portfolio Value
$409.4M (Q3 2024)
SEC Filing
0001798686-24-000004 ↗ filed Oct 15, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $453.9M Q1 2024 Q2 2024: $333.1M Q2 2024 Q3 2024: $409.4M $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 155 stocks · $409.4M
FXI iShares China Large-Cap ETF 11.81% 1,521,800 $48.4M No change
TECK Teck Resources Ltd.-CLS B 10.27% 805,013 $42.1M No change
SUZ Suzano SA - Spon ADR 8.64% 3,538,724 $35.4M Add +152.9%
HES Hess Corp. 7.37% 222,186 $30.2M Add +18.5%
KWEB Kranesh Csi China Internet 6.38% 768,000 $26.1M Add +66.8%
AXONICS INC 5.50% 323,432 $22.5M Reduce -3.6%
RIO Rio Tinto PLC-Spon ADR 4.48% 258,000 $18.4M No change
MUB iShares National Muni Bond E 4.38% 165,098 $17.9M New
AMZN Amazon.com Inc. 3.76% 82,544 $15.4M Add +489.8%
HCP Hashicorp Inc. Class A 3.09% 373,882 $12.7M Add +123.1%
MSFT Microsoft Corp. 3.00% 28,546 $12.3M Add +41.4%
ERO Ero Copper Corp. 2.79% 512,770 $11.4M Reduce -0.1%
BABA Alibaba Group Holding-SP ADR 2.53% 97,616 $10.4M New
ACI Albertsons Cos Inc. Class A 2.20% 488,281 $9.0M New
CSANY Cosan SA -ADR 2.00% 858,524 $8.2M Reduce -1.1%
TSM Taiwan Semiconductor-SP ADR 1.62% 38,124 $6.6M Add +25.3%
NXE Nexgen Energy Ltd. 1.61% 1,008,400 $6.6M New
XP XP Inc. Class A 0.99% 225,664 $4.0M No change
XBI SS SPDR S&P Biotech ETF 0.95% 39,480 $3.9M Add +103.7%
HYEM Vaneck Emrg MKTS Hi YLD 0.84% 172,528 $3.4M Reduce -29.5%
CPRI Capri Holdings Ltd. 0.76% 73,345 $3.1M Reduce -26.1%
LOMA Loma Negra Cia Ind-Spon ADR 0.75% 378,600 $3.1M No change
PAAS Pan American Silver Corp. 0.66% 128,872 $2.7M Add +237.2%
V Visa Inc. Class A 0.56% 8,301 $2.3M New
CHX Championx Corp. 0.51% 68,655 $2.1M New
MA Mastercard Inc. Class A 0.49% 4,069 $2.0M Reduce -87.8%
EVEX Eve Holding Inc. filed as EVE HLDG INC 0.40% 500,000 $1.6M No change
AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR 0.39% 221,291 $1.6M New
GOOGL Alphabet Inc. Class A 0.37% 9,203 $1.5M Add +2.8%
SLV iShares Silver Trust 0.22% 31,683 $900K New
NYT New York Times Co. Class A 0.21% 15,691 $874K New
FOXA Fox Corp. Class A 0.21% 19,857 $841K Add +21.2%
CTLT Catalent Inc. 0.20% 13,348 $808K New
TMUS T-Mobile US Inc. 0.18% 3,639 $751K Add +103.2%
MO Altria Group Inc. 0.18% 14,412 $736K Add +18.5%
LNG Cheniere Energy Inc. 0.18% 4,036 $726K New
GDDY GoDaddy Inc. Class A 0.16% 4,280 $671K Add +155.2%
NWSA News Corp. Class A 0.15% 23,821 $634K Add +17.7%
EOG EOG Resources Inc. 0.15% 5,045 $620K Add +183.6%
NTAP Netapp Inc. 0.15% 4,876 $602K New
RS Reliance Inc. 0.14% 2,034 $588K Add +131.1%
PAG Penske Automotive Group Inc. 0.13% 3,373 $548K Add +98.5%
COKE Coca-Cola Consolidated Inc. 0.13% 415 $546K Add +52.6%
UTHR United Therapeutics Corp. 0.13% 1,470 $527K Add +69.3%
XOM Exxon Mobil Corp. 0.13% 4,473 $524K New
EXEL Exelixis Inc. 0.13% 20,134 $522K New
PPC Pilgrim's Pride Corp. 0.13% 11,340 $522K Add +20.3%
CACI Caci International Inc. Class A 0.13% 1,033 $521K Add +34.2%
JNPR Juniper Networks Inc. 0.12% 12,802 $499K New
MUSA Murphy USA Inc. 0.12% 985 $485K Add +100.6%
DTM DT Midstream Inc. 0.12% 6,145 $483K Add +95.6%
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.12% 5,542 $476K New
DDS Dillards Inc. Class A 0.11% 1,163 $446K Add +47.4%
META Meta Platforms Inc. Class A 0.11% 778 $445K Reduce -17.0%
ACT Enact Holdings Inc. 0.11% 12,177 $442K Add +36.9%
CVLT Commvault Systems Inc. 0.10% 2,758 $424K Add +20.8%
CMC Commercial Metals Co. 0.10% 7,648 $420K Reduce -26.2%
MTTR Matterport Inc. 0.10% 92,577 $417K Reduce -72.5%
TXRH Texas Roadhouse Inc. 0.10% 2,311 $408K Add +66.6%
FCX Freeport-McMoran Inc. 0.10% 8,149 $407K Reduce -50.2%
STAG Stag Industrial Inc. 0.10% 10,309 $403K New
PEG Public Service Enterprise GP 0.10% 4,394 $392K Reduce -29.1%
COR Cencora Inc. 0.10% 1,739 $391K Add +7.0%
EA Electronic Arts Inc. 0.09% 2,705 $388K New
STLD Steel Dynamics Inc. 0.09% 3,044 $384K Reduce -36.2%
LMT Lockheed Martin Corp. 0.09% 650 $380K New
COP Conocophillips 0.09% 3,576 $376K New
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.09% 11,278 $376K Reduce -53.9%
RHP Ryman Hospitality Properties 0.09% 3,503 $376K Add +57.7%
CNC Centene Corp. 0.09% 4,982 $375K Reduce -11.1%
CPT Camden Property Trust 0.09% 3,015 $372K New
HOLX Hologic Inc. 0.09% 4,553 $371K Add +46.3%
CRUS Cirrus Logic Inc. 0.09% 2,963 $368K Add +76.9%
VLO Valero Energy Corp. 0.09% 2,676 $361K Add +3.6%
ADC Agree Realty Corp. 0.09% 4,769 $359K New
MCK McKesson Corp. 0.09% 723 $357K Add +68.5%
OGE Oge Energy Corp. 0.09% 8,661 $355K Add +23.7%
NRG NRG Energy Inc. 0.09% 3,880 $353K Reduce -41.9%
OKE Oneok Inc. 0.09% 3,819 $348K New
GAP The Gap Inc. 0.08% 15,705 $346K New
AMAT Applied Materials Inc. 0.08% 1,706 $345K New
MLI Mueller Industries Inc. 0.08% 4,582 $340K Add +3.5%
BBY Best Buy Co. Inc. 0.08% 3,274 $338K New
REGN Regeneron Pharmaceuticals 0.08% 321 $337K New
MMS Maximus Inc. 0.08% 3,559 $332K New
X United States Steel Corp. 0.08% 9,244 $327K New
DUK Duke Energy Corp. 0.08% 2,812 $324K New
GIS General Mills Inc. 0.08% 4,354 $322K Reduce -13.9%
SO The Southern Co. 0.08% 3,556 $321K New
MGY Magnolia Oil & Gas Corp. Class A 0.08% 13,118 $320K New
TPL Texas Pacific Land Corp. 0.08% 361 $319K No change
LUMN Lumen Technologies Inc. 0.08% 44,826 $318K New
NI Nisource Inc. 0.08% 9,096 $315K New
IP International Paper Co. 0.08% 6,391 $312K New
TRGP Targa Resources Corp. 0.08% 2,093 $310K Add +12.6%
AZUL S A 0.07% 89,006 $306K New
AN Autonation Inc. 0.07% 1,708 $306K Add +10.6%
AAPL Apple Inc. 0.07% 1,304 $304K Reduce -38.0%
OHI Omega Healthcare Investors 0.07% 7,464 $304K New
POST Post Holdings Inc. filed as POST HLDGS INC 0.07% 2,496 $289K Add +15.6%
LOGI Logitech International-Reg 0.07% 3,186 $286K New
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.07% 3,420 $282K New
MPC Marathon Petroleum Corp. 0.07% 1,724 $281K Reduce -29.8%
FLO Flowers Foods Inc. 0.07% 12,157 $280K Reduce -46.5%
HII Huntington Ingalls Industrie 0.07% 1,048 $277K New
AMG Affiliated Managers Group 0.07% 1,554 $276K Add +11.1%
HPQ HP Inc. 0.07% 7,686 $276K New
ALSN Allison Transmission Holding 0.07% 2,852 $274K New
AXTA Axalta Coating Systems Ltd. 0.07% 7,537 $273K New
ELV Elevance Health Inc. 0.07% 523 $272K Reduce -6.8%
LPX Louisiana-Pacific Corp. 0.07% 2,504 $269K New
CROX Crocs Inc. 0.06% 1,823 $264K New
T AT&T Inc. 0.06% 11,893 $262K New
DCI Donaldson Co. Inc. 0.06% 3,549 $262K New
AVT Avnet Inc. 0.06% 4,797 $261K New
KR Kroger Co. 0.06% 4,545 $260K Reduce -63.6%
ABBV Abbvie Inc. 0.06% 1,312 $259K New
FSS Federal Signal Corp. 0.06% 2,735 $256K New
FR First Industrial Realty TR 0.06% 4,524 $253K New
ED Consolidated Edison Inc. 0.06% 2,407 $251K Reduce -8.4%
SLGN Silgan Holdings Inc. 0.06% 4,752 $249K New
DOCU Docusign Inc. 0.06% 3,995 $248K Reduce -33.3%
FLS Flowserve Corp. 0.06% 4,771 $247K Reduce -55.4%
MSI Motorola Solutions Inc. 0.06% 545 $245K New
MASI Masimo Corp. 0.06% 1,815 $242K New
GPI Group 1 Automotive Inc. 0.06% 628 $241K New
EIX Edison International 0.06% 2,720 $237K New
APH Amphenol Corp. Class A 0.06% 3,615 $236K Reduce -3.9%
ACIW Aci Worldwide Inc. 0.06% 4,616 $235K New
KMI Kinder Morgan Inc. 0.06% 10,525 $232K New
CSL Carlisle Cos Inc. 0.06% 515 $232K Reduce -21.6%
CAT Caterpillar Inc. 0.06% 588 $230K Reduce -37.0%
GLPI Gaming and Leisure Propertie 0.06% 4,465 $230K New
FICO Fair Isaac Corp. 0.06% 118 $229K New
PRI Primerica Inc. 0.06% 863 $229K New
BIIB Biogen Inc. 0.06% 1,173 $227K New
ANF Abercrombie & Fitch Co. Class A 0.06% 1,622 $227K New
AZO AutoZone Inc. 0.06% 72 $227K New
WSM Williams-Sonoma Inc. 0.05% 1,437 $223K Reduce -18.2%
CVNA Carvana Co. 0.05% 1,259 $219K New
POR Portland General Electric Co. 0.05% 4,553 $218K New
NFG National Fuel Gas Co. 0.05% 3,584 $217K New
CTSH Cognizant Tech Solutions-A 0.05% 2,806 $217K Reduce -25.1%
UHS Universal Health Services-B 0.05% 944 $216K New
THC Tenet Healthcare Corp. 0.05% 1,300 $216K New
PPL PPL Corp. 0.05% 6,440 $213K Reduce -13.5%
REYN Reynolds Consumer Products I 0.05% 6,830 $212K New
MSM MSC Industrial Direct Co. Class A 0.05% 2,433 $209K Reduce -24.0%
CRVL Corvel Corp. 0.05% 635 $208K New
SNA Snap-on Inc. 0.05% 716 $207K New
NUE Nucor Corp. 0.05% 1,367 $206K Reduce -53.5%
DGX Quest Diagnostics Inc. 0.05% 1,297 $201K New
LYB Lyondellbasell Indu Class A 0.05% 2,098 $201K New
ADT Adt Inc. 0.03% 17,333 $125K New
COTY Coty Inc. Class A 0.02% 10,168 $95K Reduce -4.9%

Options reported separately and not counted above: FXI calls ($642K), EEM calls ($68K), PBR puts ($29K).

Portfolio Sells Q2 2024 → Q3 2024
CHTR Charter Communications Inc. Class A Sold out 0.00% −4.55
MA Mastercard Inc. Class A Reduce -87.8% 0.49% −3.94
TLT iShares 20+ Year Treasury BD Sold out 0.00% −3.68
WDAY Workday Inc. Class A Sold out 0.00% −1.76
AXONICS INC Reduce -3.6% 5.50% −1.27
SBS Cia Saneamento Basico DE-ADR Sold out 0.00% −1.05
MBB iShares MBS ETF Sold out 0.00% −0.64
HYEM Vaneck Emrg MKTS Hi YLD Reduce -29.5% 0.84% −0.57
CSANY Cosan SA -ADR Reduce -1.1% 2.00% −0.53
ERO Ero Copper Corp. Reduce -0.1% 2.79% −0.51
MTTR Matterport Inc. Reduce -72.5% 0.10% −0.35
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.31
TIMB Tim SA-ADR Sold out 0.00% −0.31
CPRI Capri Holdings Ltd. Reduce -26.1% 0.76% −0.23
SYY Sysco Corp. Sold out 0.00% −0.17
SFM Sprouts Farmers Market Inc. Sold out 0.00% −0.17
FANG Diamondback Energy Inc. Sold out 0.00% −0.15
LAMR Lamar Advertising Co. Class A Sold out 0.00% −0.14
FCX Freeport-McMoran Inc. Reduce -50.2% 0.10% −0.14
INGR Ingredion Inc. Sold out 0.00% −0.14
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.14
WU Western Union Co. Sold out 0.00% −0.14
LYV Live Nation Entertainment Inc. Sold out 0.00% −0.13
OMC Omnicom Group Sold out 0.00% −0.12
KR Kroger Co. Reduce -63.6% 0.06% −0.12
GPC Genuine Parts Co. Sold out 0.00% −0.12
CBT Cabot Corp. Sold out 0.00% −0.12
EXE Expand Energy Corp. Sold out 0.00% −0.12
NXST Nexstar Media Group Inc. Sold out 0.00% −0.12
CTAS Cintas Corp. Sold out 0.00% −0.12
VICI Vici Properties Inc. Reduce -53.9% 0.09% −0.12
USFD US Foods Holding Corp. Sold out 0.00% −0.11
WRK Westrock Co. Sold out 0.00% −0.11
AEO American Eagle Outfitters Sold out 0.00% −0.11
VMRK Vivmark Residential Sold out 0.00% −0.11
CCJ Cameco Corp. Sold out 0.00% −0.10
AIT Applied Industrial Tech Inc. Sold out 0.00% −0.10
EFOR Everforth Inc. Sold out 0.00% −0.10
AEP American Electric Power Sold out 0.00% −0.10
MRO Marathon Oil Corp. Sold out 0.00% −0.10
NSIT Insight Enterprises Inc. Sold out 0.00% −0.10
VZ Verizon Communications Inc. Sold out 0.00% −0.09
FLS Flowserve Corp. Reduce -55.4% 0.06% −0.09
OBDC Blue Owl Capital Corp. Sold out 0.00% −0.09
CW Curtiss-Wright Corp. Sold out 0.00% −0.09
STLD Steel Dynamics Inc. Reduce -36.2% 0.09% −0.09
OVV Ovintiv Inc. Sold out 0.00% −0.09
NUE Nucor Corp. Reduce -53.5% 0.05% −0.09
EME Emcor Group Inc. Sold out 0.00% −0.09
SWX Southwest Gas Holdings Inc. Sold out 0.00% −0.09

Portfolio Buys Q2 2024 → Q3 2024
MUB iShares National Muni Bond E New 4.38% +4.38
SUZ Suzano SA - Spon ADR Add +152.9% 8.64% +4.33
AMZN Amazon.com Inc. Add +489.8% 3.76% +2.94
KWEB Kranesh Csi China Internet Add +66.8% 6.38% +2.65
BABA Alibaba Group Holding-SP ADR New 2.53% +2.53
ACI Albertsons Cos Inc. Class A New 2.20% +2.20
NXE Nexgen Energy Ltd. New 1.61% +1.61
HCP Hashicorp Inc. Class A Add +123.1% 3.09% +1.40
V Visa Inc. Class A New 0.56% +0.56
CHX Championx Corp. New 0.51% +0.51
PAAS Pan American Silver Corp. Add +237.2% 0.66% +0.43
XBI SS SPDR S&P Biotech ETF Add +103.7% 0.95% +0.41
AXIAY Axia Energia-ADR New 0.39% +0.39
MSFT Microsoft Corp. Add +41.4% 3.00% +0.29
SLV iShares Silver Trust New 0.22% +0.22
NYT New York Times Co. Class A New 0.21% +0.21
CTLT Catalent Inc. New 0.20% +0.20
LNG Cheniere Energy Inc. New 0.18% +0.18
NTAP Netapp Inc. New 0.15% +0.15
XOM Exxon Mobil Corp. New 0.13% +0.13
EXEL Exelixis Inc. New 0.13% +0.13
JNPR Juniper Networks Inc. New 0.12% +0.12
CF CF Industries Holdings Inc. New 0.12% +0.12
STAG Stag Industrial Inc. New 0.10% +0.10
EA Electronic Arts Inc. New 0.09% +0.09
GDDY GoDaddy Inc. Class A Add +155.2% 0.16% +0.09
LMT Lockheed Martin Corp. New 0.09% +0.09
COP Conocophillips New 0.09% +0.09
CPT Camden Property Trust New 0.09% +0.09
TMUS T-Mobile US Inc. Add +103.2% 0.18% +0.09
ADC Agree Realty Corp. New 0.09% +0.09
OKE Oneok Inc. New 0.09% +0.09
GAP The Gap Inc. New 0.08% +0.08
AMAT Applied Materials Inc. New 0.08% +0.08
EOG EOG Resources Inc. Add +183.6% 0.15% +0.08
BBY Best Buy Co. Inc. New 0.08% +0.08
REGN Regeneron Pharmaceuticals New 0.08% +0.08
MMS Maximus Inc. New 0.08% +0.08
X United States Steel Corp. New 0.08% +0.08
DUK Duke Energy Corp. New 0.08% +0.08
SO The Southern Co. New 0.08% +0.08
MGY Magnolia Oil & Gas Corp. Class A New 0.08% +0.08
LUMN Lumen Technologies Inc. New 0.08% +0.08
NI Nisource Inc. New 0.08% +0.08
IP International Paper Co. New 0.08% +0.08
AZUL S A New 0.07% +0.07
OHI Omega Healthcare Investors New 0.07% +0.07
LOGI Logitech International-Reg New 0.07% +0.07
BJ Bj's Wholesale Club Holdings New 0.07% +0.07
RS Reliance Inc. Add +131.1% 0.14% +0.07

Options Activity Q2 2024 → Q3 2024
FXI iShares China Large-Cap ETF call New 300,000 $642K
SPDR INDEX SHS FDS put Sold out 1,000,000 $450Kbefore exit
EEM iShares MSCI Emerging Market call New 118,800 $68K
STATE STR SPDR S&P 500 ETF T call Sold out 20,000 $39Kbefore exit
STATE STR SPDR S&P 500 ETF T put Sold out 20,000 $36Kbefore exit
PBR Petroleo Brasileiro-Spon ADR put New 150,000 $29K

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