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
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 |
| FPH Five Point Holdings LLC Class A | 0.02% | 13,325 | $73K | Reduce -9.7% |
| SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY | 0.01% | 31,547 | $60K | New |
| ACCO Acco Brands Corp. | 0.01% | 15,270 | $55K | New |
| UIS Unisys Corp. | 0.01% | 11,972 | $54K | New |
| IHRT Iheartmedia Inc. Class A | 0.01% | 29,814 | $52K | New |
| MNKD Mannkind Corp. | 0.01% | 13,744 | $51K | New |
| AIRS Airsculpt Technologies Inc. | 0.01% | 10,602 | $51K | New |
| SIEB Siebert Financial Corp. | 0.01% | 11,275 | $50K | New |
| OPK Opko Health Inc. | 0.01% | 31,347 | $41K | New |
| CYH Community Health Systems Inc. | 0.01% | 12,013 | $41K | New |
| AMC AMC Entertainment HLDS Class A | 0.01% | 12,847 | $40K | New |
| TRUE Truecar Inc. | 0.01% | 18,286 | $35K | New |
| EXFY Expensify Inc. Class A | 0.01% | 11,496 | $30K | New |
| LCTX Lineage Cell Therapeutics Inc. | 0.01% | 27,130 | $25K | New |
| BRLT Brilliant Earth Group Inc. Class A | 0.00% | 13,612 | $19K | New |
| DDD 3D Systems Corp. filed as 3-D SYS CORP DEL | 0.00% | 11,102 | $17K | New |
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
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 51 | $1.3B | IVV, SPY, TSLA, AMZN, TSM |
| Q1 2026 | 48 | $530.9M | AMZN, IVV, EA, NVDA, VST |
| Q4 2025 | 35 | $522.4M | AMZN, KWEB, KRE, META, MSFT |
| Q3 2025 | 58 | $533.5M | KRE, AMZN, KWEB, MSFT, KVUE |
| Q2 2025 | 116 | $458.6M | AMZN, HES, KWEB, VRT, TSM |
| Q1 2025 | 82 | $492.8M | AMZN, HES, VST, TSM, KWEB |
| Q4 2024 | 274 | $149.5M | HES, RIO, DIS, MSFT, ALE |
| Q3 2024 | 155 | $409.4M | FXI, TECK, SUZ, HES, KWEB |
| Q2 2024 | 161 | $333.1M | FXI, TECK, HES, AXONICS INC, RIO |
| Q1 2024 | 256 | $453.9M | PXD, TECK, FXI, HES, AXONICS INC |