Kapitalo Investimentos Ltda

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 14, 2025), Kapitalo Investimentos Ltda reported 116 stock positions worth $458.6 million. Its top holding was Amazon.com (AMZN) at 22.6% of the portfolio, followed by Hess (HES, 10.7%) and Kranesh Csi China Internet (KWEB, 9.4%). Compared with Q1 2025, it opened 85 new positions, sold out of 51, added to 12 and reduced 16. The biggest buy was Vertiv Class A (VRT, shares +17%) and the biggest sale an exit from Vistra (VST).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001798686
Portfolio Value
$458.6M (Q2 2025)
SEC Filing
0001798686-25-000005 ↗ filed Jul 14, 2025

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 Q3 2024 Q4 2024: $149.5M Q4 2024 Q1 2025: $492.8M Q1 2025 Q2 2025: $458.6M $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 116 stocks · $458.6M
AMZN Amazon.com Inc. 22.62% 472,832 $103.7M Reduce -11.3%
HES Hess Corp. 10.71% 354,646 $49.1M Add +44.3%
KWEB Kranesh Csi China Internet 9.39% 1,254,000 $43.0M Add +36.9%
VRT Vertiv Holdings Co. Class A 7.37% 263,167 $33.8M Add +17.1%
TSM Taiwan Semiconductor-SP ADR 4.87% 98,664 $22.3M Reduce -49.3%
NOC Northrop Grumman Corp. 3.67% 33,700 $16.8M New
LMT Lockheed Martin Corp. 3.62% 35,842 $16.6M New
CRM Salesforce Inc. 3.27% 55,000 $15.0M New
ALE Allete Inc. 3.02% 216,295 $13.9M Reduce -6.9%
TECK Teck Resources Ltd.-CLS B 2.67% 302,859 $12.2M Reduce -50.5%
NXE Nexgen Energy Ltd. 2.43% 1,608,804 $11.2M Add +54.8%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 2.28% 475,316 $10.4M New
K Kellanova 2.26% 130,119 $10.3M New
ERO Ero Copper Corp. 2.13% 578,718 $9.8M No change
WBA Walgreens Boots Alliance Inc. 1.65% 657,141 $7.5M Add +97.0%
RIO Rio Tinto PLC-Spon ADR 1.62% 127,754 $7.5M Reduce -50.5%
SUZ Suzano SA - Spon ADR 1.43% 695,916 $6.5M Add +58.0%
CCJ Cameco Corp. 1.40% 86,553 $6.4M Add +1.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.21% 44,901 $5.6M Reduce -62.9%
XP XP Inc. Class A 0.99% 225,664 $4.6M No change
BAK Braskem SA Class A- ADR 0.97% 1,351,867 $4.4M Reduce -7.8%
LOMA Loma Negra Cia Ind-Spon ADR 0.91% 378,600 $4.2M No change
URA Global X Uranium ETF 0.85% 100,300 $3.9M New
EVEX Eve Holding Inc. filed as EVE HLDG INC 0.75% 500,000 $3.4M Add +1.6%
FXI iShares China Large-Cap ETF 0.62% 77,718 $2.9M Reduce -86.4%
SPR Spirit Aerosystems Hold Class A 0.60% 71,655 $2.7M Reduce -0.8%
AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR 0.53% 327,535 $2.4M Reduce -44.4%
VIV Telefonica Brasil-ADR 0.52% 209,476 $2.4M New
META Meta Platforms Inc. Class A 0.41% 2,535 $1.9M Reduce -76.7%
MSFT Microsoft Corp. 0.41% 3,758 $1.9M Reduce -90.0%
NOW ServiceNow Inc. 0.39% 1,750 $1.8M Reduce -59.8%
ABEV Ambev SA-ADR 0.30% 564,136 $1.4M New
PBR Petroleo Brasileiro-Spon ADR 0.24% 87,293 $1.1M New
EMBJ Embraer SA-Spon ADR 0.22% 17,782 $1.0M New
WKC World Kinect Corp. 0.15% 24,943 $707K New
ACI Albertsons Cos Inc. Class A 0.14% 28,778 $619K New
CSANY Cosan SA -ADR 0.12% 110,092 $556K New
PAGP Plains GP Holdings LP 0.12% 27,899 $542K New
ZVIA Zevia PBC-A 0.10% 145,105 $467K New
PBF PBF Energy Inc. Class A 0.09% 19,757 $428K New
CLW Clearwater Paper Corp. 0.09% 14,891 $406K New
BTU Peabody Energy Corp. 0.09% 30,000 $403K Add +77.1%
INSW International Seaways Inc. 0.09% 10,846 $396K New
AM Antero Midstream Corp. 0.08% 20,047 $380K New
PPC Pilgrim's Pride Corp. 0.08% 8,142 $366K Add +116.7%
ASIX Advansix Inc. 0.08% 15,288 $363K New
KR Kroger Co. 0.08% 4,904 $352K Add +39.4%
EE Excelerate Energy Inc. Class A 0.07% 11,485 $337K New
T AT&T Inc. 0.07% 11,448 $331K New
NUS Nu Skin Enterprises Inc. Class A 0.07% 41,372 $331K New
FF Futurefuel Corp. 0.07% 82,653 $321K New
PARR Par Pacific Holdings Inc. 0.07% 11,446 $304K New
KMB Kimberly-Clark Corp. 0.06% 2,122 $274K New
EVER Everquote Inc. Class A 0.06% 10,933 $264K New
CRI Carter's Inc. 0.06% 8,455 $255K New
SBH Sally Beauty Holdings Inc. 0.06% 27,379 $254K New
TAP Molson Coors Beverage Co. Class B 0.05% 5,230 $252K New
CNK Cinemark Holdings Inc. 0.05% 8,182 $247K New
REPX Riley Exploration Permian Inc. 0.05% 9,281 $243K New
NYT New York Times Co. Class A 0.05% 4,319 $242K New
PBYI Puma Biotechnology Inc. 0.05% 70,269 $241K New
BOOM DMC Global Inc. 0.05% 29,865 $241K New
F Ford Motor Co. filed as FORD MTR CO 0.05% 22,082 $240K New
VZ Verizon Communications Inc. 0.05% 5,522 $239K New
XOM Exxon Mobil Corp. 0.05% 2,144 $231K New
MGY Magnolia Oil & Gas Corp. Class A 0.05% 9,965 $224K New
TPH Tri Pointe Homes Inc. 0.05% 6,917 $221K New
RNGR Ranger Energy Services Class A 0.05% 18,446 $220K New
HAIN Hain Celestial Group Inc. 0.05% 144,160 $219K New
GIII G-III Apparel Group Ltd. 0.05% 9,712 $218K New
CL Colgate-Palmolive Co. 0.05% 2,378 $216K New
COP Conocophillips 0.05% 2,348 $211K New
KO The Coca-Cola Co. 0.05% 2,921 $207K New
EZPW Ezcorp Inc. Class A 0.04% 13,441 $187K New
PARAA Paramount Global Class B 0.04% 14,420 $186K New
SIGA Siga Technologies Inc. 0.04% 28,089 $183K New
TTI Tetra Technologies Inc. 0.04% 53,320 $179K New
PR Permian Resources Corp. Class A 0.04% 13,139 $179K New
TZOO Travelzoo 0.04% 14,018 $178K New
NREF Nexpoint Real Estate Finance 0.04% 12,496 $172K New
TG Tredegar Corp. 0.04% 19,255 $169K New
ADT Adt Inc. 0.04% 19,093 $162K New
AEO American Eagle Outfitters 0.03% 15,977 $154K New
PBT Permian Basin Royalty Trust 0.03% 11,761 $147K New
PBPB Potbelly Corp. 0.03% 11,382 $139K New
SXC Suncoke Energy Inc. 0.03% 15,800 $136K Reduce -44.8%
CAL Caleres Inc. 0.03% 10,168 $124K New
CRMD Cormedix Inc. 0.03% 10,016 $123K New
SGC Superior Group of Cos Inc. 0.03% 11,799 $122K New
COMP Compass Inc. Class A 0.03% 18,932 $119K New
MPX Marine Products Corp. 0.02% 13,124 $112K New
SWBI Smith & Wesson Brands Inc. 0.02% 12,859 $112K New
AES AES Corp. 0.02% 10,389 $109K Reduce -20.7%
AIP Arteris Inc. 0.02% 10,873 $104K New
REAL The Realreal Inc. filed as THE REALREAL INC 0.02% 21,181 $101K New
TDUP Thredup Inc. Class A 0.02% 12,790 $96K New
TBI Trueblue Inc. 0.02% 13,568 $88K New
MQ Marqeta Inc. 0.02% 13,897 $81K New
SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION 0.02% 56,779 $79K Add +118.6%
NVAX Novavax Inc. 0.02% 12,512 $79K New

Show all 116 holdings

Options reported separately and not counted above: AMZN calls ($1.9M), SPY calls ($683K), HYG calls ($255K).

Portfolio Sells Q1 2025 → Q2 2025
VST Vistra Corp. Sold out 0.00% −6.76
KBE SS SPDR S&P Bank ETF Sold out 0.00% −5.14
FXI iShares China Large-Cap ETF Reduce -86.4% 0.62% −3.54
GOOGL Alphabet Inc. Class A Sold out 0.00% −3.15
MSFT Microsoft Corp. Reduce -90.0% 0.41% −2.44
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −2.10
EWY iShares MSCI South Korea ETF Sold out 0.00% −1.92
TECK Teck Resources Ltd.-CLS B Reduce -50.5% 2.67% −1.86
TSM Taiwan Semiconductor-SP ADR Reduce -49.3% 4.87% −1.68
CHX Championx Corp. Sold out 0.00% −1.55
RIO Rio Tinto PLC-Spon ADR Reduce -50.5% 1.62% −1.52
DIS The Walt Disney Co. Reduce -62.9% 1.21% −1.21
META Meta Platforms Inc. Class A Reduce -76.7% 0.41% −0.86
BRFS BRF SA-ADR Sold out 0.00% −0.75
AXIAY Axia Energia-ADR Reduce -44.4% 0.53% −0.32
NOW ServiceNow Inc. Reduce -59.8% 0.39% −0.31
AZUL S A Sold out 0.00% −0.29
NVDA Nvidia Corp. Sold out 0.00% −0.26
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −0.24
BAK Braskem SA Class A- ADR Reduce -7.8% 0.97% −0.18
GGB Gerdau SA -Spon ADR Sold out 0.00% −0.09
LYV Live Nation Entertainment Inc. Sold out 0.00% −0.09
ALE Allete Inc. Reduce -6.9% 3.02% −0.08
FOXA Fox Corp. Class A Sold out 0.00% −0.07
IIIV I3 Verticals Inc. Class A Sold out 0.00% −0.06
FLO Flowers Foods Inc. Sold out 0.00% −0.06
REX Rex American Resources Corp. Sold out 0.00% −0.06
MO Altria Group Inc. Sold out 0.00% −0.06
SPG Simon Property Group Inc. Sold out 0.00% −0.06
SLVM Sylvamo Corp. Sold out 0.00% −0.05
RES RPC Inc. Sold out 0.00% −0.05
EXC Exelon Corp. Sold out 0.00% −0.05
JWN Nordstrom Inc. Sold out 0.00% −0.05
DDS Dillards Inc. Class A Sold out 0.00% −0.05
CORT Corcept Therapeutics Inc. Sold out 0.00% −0.05
CF CF Industries Holdings Inc. Sold out 0.00% −0.05
IDT Idt Corp. Class B Sold out 0.00% −0.05
NRG NRG Energy Inc. Sold out 0.00% −0.05
BBY Best Buy Co. Inc. Sold out 0.00% −0.05
REG Regency Centers Corp. Sold out 0.00% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.04
GOOD Gladstone Commercial Corp. Sold out 0.00% −0.04
CART Maplebear Inc. Sold out 0.00% −0.04
QNST Quinstreet Inc. Sold out 0.00% −0.04
OSPN Onespan Inc. Sold out 0.00% −0.04
MGNI Magnite Inc. Sold out 0.00% −0.04
LGF.B Lions Gate Entertainment-B Sold out 0.00% −0.03
OLPX Olaplex Holdings Inc. Sold out 0.00% −0.03
SCS Steelcase Inc. Class A Sold out 0.00% −0.02
SXC Suncoke Energy Inc. Reduce -44.8% 0.03% −0.02

Portfolio Buys Q1 2025 → Q2 2025
VRT Vertiv Holdings Co. Class A Add +17.1% 7.37% +4.08
NOC Northrop Grumman Corp. New 3.67% +3.67
LMT Lockheed Martin Corp. New 3.62% +3.62
CRM Salesforce Inc. New 3.27% +3.27
KWEB Kranesh Csi China Internet Add +36.9% 9.39% +2.90
HES Hess Corp. Add +44.3% 10.71% +2.75
SBS Cia Saneamento Basico DE-ADR New 2.28% +2.28
K Kellanova New 2.26% +2.26
NXE Nexgen Energy Ltd. Add +54.8% 2.43% +1.49
WBA Walgreens Boots Alliance Inc. Add +97.0% 1.65% +0.89
URA Global X Uranium ETF New 0.85% +0.85
CCJ Cameco Corp. Add +1.4% 1.40% +0.69
SUZ Suzano SA - Spon ADR Add +58.0% 1.43% +0.60
VIV Telefonica Brasil-ADR New 0.52% +0.52
EVEX Eve Holding Inc. Add +1.6% 0.75% +0.42
ABEV Ambev SA-ADR New 0.30% +0.30
PBR Petroleo Brasileiro-Spon ADR New 0.24% +0.24
EMBJ Embraer SA-Spon ADR New 0.22% +0.22
WKC World Kinect Corp. New 0.15% +0.15
ACI Albertsons Cos Inc. Class A New 0.14% +0.14
CSANY Cosan SA -ADR New 0.12% +0.12
PAGP Plains GP Holdings LP New 0.12% +0.12
ZVIA Zevia PBC-A New 0.10% +0.10
PBF PBF Energy Inc. Class A New 0.09% +0.09
CLW Clearwater Paper Corp. New 0.09% +0.09
INSW International Seaways Inc. New 0.09% +0.09
AM Antero Midstream Corp. New 0.08% +0.08
ASIX Advansix Inc. New 0.08% +0.08
EE Excelerate Energy Inc. Class A New 0.07% +0.07
T AT&T Inc. New 0.07% +0.07
NUS Nu Skin Enterprises Inc. Class A New 0.07% +0.07
FF Futurefuel Corp. New 0.07% +0.07
PARR Par Pacific Holdings Inc. New 0.07% +0.07
KMB Kimberly-Clark Corp. New 0.06% +0.06
EVER Everquote Inc. Class A New 0.06% +0.06
CRI Carter's Inc. New 0.06% +0.06
SBH Sally Beauty Holdings Inc. New 0.06% +0.06
TAP Molson Coors Beverage Co. Class B New 0.05% +0.05
CNK Cinemark Holdings Inc. New 0.05% +0.05
REPX Riley Exploration Permian Inc. New 0.05% +0.05
NYT New York Times Co. Class A New 0.05% +0.05
PBYI Puma Biotechnology Inc. New 0.05% +0.05
BOOM DMC Global Inc. New 0.05% +0.05
F Ford Motor Co. New 0.05% +0.05
VZ Verizon Communications Inc. New 0.05% +0.05
XOM Exxon Mobil Corp. New 0.05% +0.05
MGY Magnolia Oil & Gas Corp. Class A New 0.05% +0.05
TPH Tri Pointe Homes Inc. New 0.05% +0.05
RNGR Ranger Energy Services Class A New 0.05% +0.05
HAIN Hain Celestial Group Inc. New 0.05% +0.05

Options Activity Q1 2025 → Q2 2025
AMZN Amazon.com Inc. call Reduce -44.3% 390,000 $1.9M
SPY SS SPDR S&P 500 ETF Trust-US call New 18,000 $683K
HYG Ishr Ibx Usd Hiyld CB ETF-Ui call New 1,500,000 $255K
EWZ iShares MSCI Brazil ETF put Sold out 2,330,200 $233Kbefore 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 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