Kapitalo Investimentos Ltda
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 3, 2025), Kapitalo Investimentos Ltda reported 58 stock positions worth $533.5 million. Its top holding was SS SPDR S&P Regional Bank (KRE) at 19.6% of the portfolio, followed by Amazon.com (AMZN, 19.3%) and Kranesh Csi China Internet (KWEB, 10.5%). Compared with Q2 2025, it opened 23 new positions, sold out of 81, added to 16 and reduced 14. The biggest buy was a new position in SS SPDR S&P Regional Bank (KRE) and the biggest sale an exit from Hess (HES).
- Most Recent 13F
- Q2 2026
- Location
- SAO PAULO, D5
- CIK
- 0001798686
- Portfolio Value
- $533.5M (Q3 2025)
- SEC Filing
- 0001798686-25-000007 ↗ filed Nov 3, 2025
Holdings Value
Holdings 58 stocks · $533.5M
| KRE SS SPDR S&P Regional Bank | 19.58% | 1,649,936 | $104.4M | New |
| AMZN Amazon.com Inc. | 19.34% | 469,968 | $103.2M | Reduce -0.6% |
| KWEB Kranesh Csi China Internet | 10.49% | 1,332,000 | $56.0M | Add +6.2% |
| MSFT Microsoft Corp. | 6.13% | 63,125 | $32.7M | Add +1579.8% |
| KVUE Kenvue Inc. | 4.87% | 1,600,000 | $26.0M | New |
| TSM Taiwan Semiconductor-SP ADR | 4.48% | 85,664 | $23.9M | Reduce -13.2% |
| ERO Ero Copper Corp. | 4.08% | 1,076,696 | $21.8M | Add +86.0% |
| NXE Nexgen Energy Ltd. | 2.83% | 1,689,155 | $15.1M | Add +5.0% |
| TECK Teck Resources Ltd.-CLS B | 2.49% | 302,859 | $13.3M | No change |
| K Kellanova | 1.95% | 126,694 | $10.4M | Reduce -2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.59% | 73,890 | $8.5M | Add +64.6% |
| RIO Rio Tinto PLC-Spon ADR | 1.58% | 127,754 | $8.4M | No change |
| V Visa Inc. Class A | 1.54% | 24,050 | $8.2M | New |
| ALE Allete Inc. | 1.44% | 115,344 | $7.7M | Reduce -46.7% |
| CCJ Cameco Corp. | 1.40% | 88,801 | $7.4M | Add +2.6% |
| APO Apollo Global Management Inc. | 1.20% | 47,951 | $6.4M | New |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 1.17% | 257,612 | $6.3M | New |
| GGB Gerdau SA -Spon ADR | 1.12% | 1,921,865 | $6.0M | New |
| EMBJ Embraer SA-Spon ADR | 1.03% | 91,109 | $5.5M | Add +412.4% |
| IPG Interpublic Group of Cos Inc. | 1.02% | 194,366 | $5.4M | New |
| SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI | 0.96% | 206,416 | $5.1M | Reduce -56.6% |
| URA Global X Uranium ETF | 0.95% | 106,292 | $5.1M | Add +6.0% |
| XP XP Inc. Class A | 0.79% | 225,664 | $4.2M | No change |
| EVEX Eve Holding Inc. filed as EVE HLDG INC | 0.79% | 1,100,000 | $4.2M | Add +120.0% |
| ABEV Ambev SA-ADR | 0.75% | 1,784,142 | $4.0M | Add +216.3% |
| FXI iShares China Large-Cap ETF | 0.60% | 77,718 | $3.2M | No change |
| VALE Vale SA-SP ADR | 0.59% | 287,819 | $3.1M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.58% | 112,000 | $3.1M | New |
| UNH Unitedhealth Group Inc. | 0.57% | 8,873 | $3.1M | New |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.53% | 385,734 | $2.8M | Add +1.9% |
| TEAM Atlassian Corp. Class A | 0.47% | 15,834 | $2.5M | New |
| SUZ Suzano SA - Spon ADR | 0.40% | 224,498 | $2.1M | Reduce -67.7% |
| CSANY Cosan SA -ADR | 0.36% | 418,432 | $1.9M | Add +280.1% |
| BMA Banco Macro SA-ADR | 0.35% | 44,733 | $1.9M | New |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.34% | 184,528 | $1.8M | Reduce -43.7% |
| META Meta Platforms Inc. Class A | 0.34% | 2,463 | $1.8M | Reduce -2.8% |
| SUPV Grupo Supervielle SA-SP ADR | 0.20% | 220,600 | $1.1M | New |
| NOW ServiceNow Inc. | 0.18% | 1,031 | $949K | Reduce -41.1% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 0.17% | 110,334 | $918K | New |
| UGP Ultrapar Particpac-Spon ADR | 0.15% | 194,100 | $796K | New |
| PBT Permian Basin Royalty Trust | 0.10% | 30,677 | $560K | Add +160.8% |
| BAK Braskem SA Class A- ADR | 0.07% | 155,017 | $375K | Reduce -88.5% |
| FF Futurefuel Corp. | 0.06% | 88,465 | $343K | Add +7.0% |
| AAPL Apple Inc. | 0.06% | 1,185 | $302K | New |
| NMRK Newmark Group Inc. Class A | 0.05% | 13,336 | $249K | New |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.04% | 2,554 | $229K | New |
| PARR Par Pacific Holdings Inc. | 0.04% | 6,303 | $223K | Reduce -44.9% |
| VIST Vista Energy Sab DE CV | 0.04% | 5,867 | $202K | New |
| ACI Albertsons Cos Inc. Class A | 0.03% | 10,280 | $180K | Reduce -64.3% |
| BRLT Brilliant Earth Group Inc. Class A | 0.02% | 45,463 | $94K | Add +234.0% |
| SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY | 0.02% | 45,787 | $91K | Add +45.1% |
| SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION | 0.02% | 56,779 | $85K | No change |
| TTI Tetra Technologies Inc. | 0.01% | 11,601 | $67K | Reduce -78.2% |
| HUDSON PAC PPTYS INC | 0.01% | 20,861 | $58K | New |
| CHGG Chegg Inc. | 0.01% | 36,348 | $55K | New |
| MQ Marqeta Inc. | 0.01% | 10,068 | $53K | Reduce -27.6% |
| TDAY USA Today Co. Inc. filed as GANNETT CO INC | 0.01% | 10,665 | $44K | New |
| RXT Rackspace Technology Inc. | 0.00% | 12,372 | $17K | New |
Options reported separately and not counted above: PLTR calls ($2.7M), PLTR puts ($425K), KVUE calls ($390K), GLD puts ($90K), SPY puts ($28K), EWZ calls ($16K).
Portfolio Sells Q2 2025 → Q3 2025
| HES Hess Corp. | Sold out | 0.00% | −10.71 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −7.37 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −3.67 |
| LMT Lockheed Martin Corp. | Sold out | 0.00% | −3.62 |
| AMZN Amazon.com Inc. | Reduce -0.6% | 19.34% | −3.28 |
| CRM Salesforce Inc. | Sold out | 0.00% | −3.27 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −1.65 |
| ALE Allete Inc. | Reduce -46.7% | 1.44% | −1.59 |
| SBS Cia Saneamento Basico DE-ADR | Reduce -56.6% | 0.96% | −1.31 |
| SUZ Suzano SA - Spon ADR | Reduce -67.7% | 0.40% | −1.03 |
| BAK Braskem SA Class A- ADR | Reduce -88.5% | 0.07% | −0.90 |
| SPR Spirit Aerosystems Hold Class A | Sold out | 0.00% | −0.60 |
| VIV Telefonica Brasil-ADR | Sold out | 0.00% | −0.52 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -13.2% | 4.48% | −0.39 |
| K Kellanova | Reduce -2.6% | 1.95% | −0.31 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.24 |
| NOW ServiceNow Inc. | Reduce -41.1% | 0.18% | −0.21 |
| AXIAY Axia Energia-ADR | Reduce -43.7% | 0.34% | −0.19 |
| WKC World Kinect Corp. | Sold out | 0.00% | −0.15 |
| PAGP Plains GP Holdings LP | Sold out | 0.00% | −0.12 |
| ZVIA Zevia PBC-A | Sold out | 0.00% | −0.10 |
| ACI Albertsons Cos Inc. Class A | Reduce -64.3% | 0.03% | −0.10 |
| PBF PBF Energy Inc. Class A | Sold out | 0.00% | −0.09 |
| CLW Clearwater Paper Corp. | Sold out | 0.00% | −0.09 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.09 |
| INSW International Seaways Inc. | Sold out | 0.00% | −0.09 |
| AM Antero Midstream Corp. | Sold out | 0.00% | −0.08 |
| PPC Pilgrim's Pride Corp. | Sold out | 0.00% | −0.08 |
| ASIX Advansix Inc. | Sold out | 0.00% | −0.08 |
| KR Kroger Co. | Sold out | 0.00% | −0.08 |
| EE Excelerate Energy Inc. Class A | Sold out | 0.00% | −0.07 |
| T AT&T Inc. | Sold out | 0.00% | −0.07 |
| NUS Nu Skin Enterprises Inc. Class A | Sold out | 0.00% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -2.8% | 0.34% | −0.07 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.06 |
| EVER Everquote Inc. Class A | Sold out | 0.00% | −0.06 |
| CRI Carter's Inc. | Sold out | 0.00% | −0.06 |
| SBH Sally Beauty Holdings Inc. | Sold out | 0.00% | −0.06 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.05 |
| CNK Cinemark Holdings Inc. | Sold out | 0.00% | −0.05 |
| REPX Riley Exploration Permian Inc. | Sold out | 0.00% | −0.05 |
| NYT New York Times Co. Class A | Sold out | 0.00% | −0.05 |
| PBYI Puma Biotechnology Inc. | Sold out | 0.00% | −0.05 |
| BOOM DMC Global Inc. | Sold out | 0.00% | −0.05 |
| F Ford Motor Co. | Sold out | 0.00% | −0.05 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.05 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.05 |
| MGY Magnolia Oil & Gas Corp. Class A | Sold out | 0.00% | −0.05 |
| TPH Tri Pointe Homes Inc. | Sold out | 0.00% | −0.05 |
| RNGR Ranger Energy Services Class A | Sold out | 0.00% | −0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| KRE SS SPDR S&P Regional Bank | New | 19.58% | +19.58 |
| MSFT Microsoft Corp. | Add +1579.8% | 6.13% | +5.72 |
| KVUE Kenvue Inc. | New | 4.87% | +4.87 |
| ERO Ero Copper Corp. | Add +86.0% | 4.08% | +1.96 |
| V Visa Inc. Class A | New | 1.54% | +1.54 |
| APO Apollo Global Management Inc. | New | 1.20% | +1.20 |
| YPF YPF S.A.-Sponsored ADR | New | 1.17% | +1.17 |
| GGB Gerdau SA -Spon ADR | New | 1.12% | +1.12 |
| KWEB Kranesh Csi China Internet | Add +6.2% | 10.49% | +1.10 |
| IPG Interpublic Group of Cos Inc. | New | 1.02% | +1.02 |
| EMBJ Embraer SA-Spon ADR | Add +412.4% | 1.03% | +0.81 |
| VALE Vale SA-SP ADR | New | 0.59% | +0.59 |
| GGAL Grupo Financiero Galicia-ADR | New | 0.58% | +0.58 |
| UNH Unitedhealth Group Inc. | New | 0.57% | +0.57 |
| TEAM Atlassian Corp. Class A | New | 0.47% | +0.47 |
| ABEV Ambev SA-ADR | Add +216.3% | 0.75% | +0.45 |
| NXE Nexgen Energy Ltd. | Add +5.0% | 2.83% | +0.40 |
| DIS The Walt Disney Co. | Add +64.6% | 1.59% | +0.37 |
| BMA Banco Macro SA-ADR | New | 0.35% | +0.35 |
| CSANY Cosan SA -ADR | Add +280.1% | 0.36% | +0.24 |
| SUPV Grupo Supervielle SA-SP ADR | New | 0.20% | +0.20 |
| BBAR Bbva Argentina SA-ADR | New | 0.17% | +0.17 |
| UGP Ultrapar Particpac-Spon ADR | New | 0.15% | +0.15 |
| URA Global X Uranium ETF | Add +6.0% | 0.95% | +0.10 |
| PBT Permian Basin Royalty Trust | Add +160.8% | 0.10% | +0.07 |
| AAPL Apple Inc. | New | 0.06% | +0.06 |
| NMRK Newmark Group Inc. Class A | New | 0.05% | +0.05 |
| CF CF Industries Holdings Inc. | New | 0.04% | +0.04 |
| VIST Vista Energy Sab DE CV | New | 0.04% | +0.04 |
| EVEX Eve Holding Inc. | Add +120.0% | 0.79% | +0.04 |
| BRLT Brilliant Earth Group Inc. Class A | Add +234.0% | 0.02% | +0.01 |
| HUDSON PAC PPTYS INC | New | 0.01% | +0.01 |
| CHGG Chegg Inc. | New | 0.01% | +0.01 |
| TDAY USA Today Co. Inc. | New | 0.01% | +0.01 |
| SKIN Skinhealth Systems Inc. | Add +45.1% | 0.02% | +0.00 |
| RXT Rackspace Technology Inc. | New | 0.00% | +0.00 |
| CCJ Cameco Corp. | Add +2.6% | 1.40% | −0.01 |
| FF Futurefuel Corp. | Add +7.0% | 0.06% | −0.01 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +1.9% | 0.53% | −0.37 |
Options Activity Q2 2025 → Q3 2025
| PLTR Palantir Technologies Inc. Class A | call | New | 200,000 | $2.7M |
| AMZN Amazon.com Inc. | call | Sold out | 390,000 | $1.9Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | call | Sold out | 18,000 | $683Kbefore exit |
| PLTR Palantir Technologies Inc. Class A | put | New | 100,000 | $425K |
| KVUE Kenvue Inc. | call | New | 750,000 | $390K |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | call | Sold out | 1,500,000 | $255Kbefore exit |
| GLD SPDR Gold Shares | put | New | 200,000 | $90K |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 50,000 | $28K |
| EWZ iShares MSCI Brazil ETF | call | New | 160,000 | $16K |
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 |