Kapitalo Investimentos Ltda In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Kapitalo Investimentos Ltda reported 35 stock positions worth $522.4 million . Its top holding was Amazon.com (AMZN) at 25.0% of the portfolio, followed by Kranesh Csi China Internet (KWEB, 11.3% ) and SS SPDR S&P Regional Bank (KRE, 10.0% ). Compared with Q3 2025, it opened 9 new positions, sold out of 32, added to 9 and reduced 10. The biggest buy was Meta Platforms Class A (META, shares +2200% ) and the biggest sale SS SPDR S&P Regional Bank (KRE, shares −51% ).
Location SAO PAULO, D5
CIK 0001798686
Portfolio Value $522.4M (Q4 2025) Holdings 35 stocks · $522.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 AMZN Amazon.com Inc. 564,866 $130.4M Add +20.2% KWEB Kranesh Csi China Internet 1,734,000 $59.0M Add +30.2% KRE SS SPDR S&P Regional Bank 802,873 $52.0M Reduce -51.3% META Meta Platforms Inc. Class A 56,642 $37.4M Add +2199.7% MSFT Microsoft Corp. 71,402 $34.5M Add +13.1% KVUE Kenvue Inc. 2,000,000 $34.5M Add +25.0% ERO Ero Copper Corp. 1,076,696 $30.5M No change EA Electronic Arts Inc. 96,054 $19.6M New VST Vistra Corp. 105,000 $16.9M New TECK Teck Resources Ltd.-CLS B 302,859 $14.5M No change RIO Rio Tinto PLC-Spon ADR 127,754 $10.2M No change YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 257,042 $9.3M Reduce -0.2% SUZ Suzano SA - Spon ADR 784,450 $7.3M Add +249.4% EXAS Exact Sciences Corp. 64,428 $6.5M New EMBJ Embraer SA-Spon ADR 99,372 $6.4M Add +9.1% LOMA Loma Negra Cia Ind-Spon ADR 380,833 $4.9M Reduce -1.3% EVEX Eve Holding Inc. filed as EVE HLDG INC 1,100,000 $4.4M No change VIV Telefonica Brasil-ADR 355,066 $4.2M New V Visa Inc. Class A 10,725 $3.8M Reduce -55.4% DIS The Walt Disney Co. filed as DISNEY WALT CO 32,820 $3.7M Reduce -55.6% XP XP Inc. Class A 225,664 $3.7M No change MA Mastercard Inc. Class A 6,165 $3.5M New UGP Ultrapar Particpac-Spon ADR 874,882 $3.3M Add +350.7% TGNA Tegna Inc. 168,689 $3.3M New FXI iShares China Large-Cap ETF 77,718 $3.0M No change UNH Unitedhealth Group Inc. 8,826 $2.9M Reduce -0.5% TEAM Atlassian Corp. Class A 15,840 $2.6M Add +0.0% DAY Dayforce Inc. 34,337 $2.4M New TXNM TXNM Energy Inc. 39,978 $2.4M New TSM Taiwan Semiconductor-SP ADR 7,664 $2.3M Reduce -91.0% ABEV Ambev SA-ADR 647,014 $1.6M Reduce -63.7% AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA 75,855 $695K Reduce -58.9% ZM Zoom Communications Inc. 2,931 $253K New GGAL Grupo Financiero Galicia-ADR 3,763 $203K Reduce -96.6% SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION 56,779 $91K No change
Options reported separately and not counted above: PLTR calls ($74K), EWZ calls ($72K).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ KRE SS SPDR S&P Regional Bank Reduce -51.3% 9.96% −9.61 TSM Taiwan Semiconductor-SP ADR Reduce -91.0% 0.45% −4.04 NXE Nexgen Energy Ltd. Sold out 0.00% −2.83 K Kellanova Sold out 0.00% −1.95 ALE Allete Inc. Sold out 0.00% −1.44 CCJ Cameco Corp. Sold out 0.00% −1.40 APO Apollo Global Management Inc. Sold out 0.00% −1.20 GGB Gerdau SA -Spon ADR Sold out 0.00% −1.12 IPG Interpublic Group of Cos Inc. Sold out 0.00% −1.02 SBS Cia Saneamento Basico DE-ADR Sold out 0.00% −0.96 URA Global X Uranium ETF Sold out 0.00% −0.95 DIS The Walt Disney Co. Reduce -55.6% 0.71% −0.87 V Visa Inc. Class A Reduce -55.4% 0.72% −0.82 VALE Vale SA-SP ADR Sold out 0.00% −0.59 GGAL Grupo Financiero Galicia-ADR Reduce -96.6% 0.04% −0.54 ABEV Ambev SA-ADR Reduce -63.7% 0.31% −0.44 CSANY Cosan SA -ADR Sold out 0.00% −0.36 BMA Banco Macro SA-ADR Sold out 0.00% −0.35 AXIAY Axia Energia-ADR Reduce -58.9% 0.13% −0.21 SUPV Grupo Supervielle SA-SP ADR Sold out 0.00% −0.20 NOW ServiceNow Inc. Sold out 0.00% −0.18 BBAR Bbva Argentina SA-ADR Sold out 0.00% −0.17 PBT Permian Basin Royalty Trust Sold out 0.00% −0.10 BAK Braskem SA Class A- ADR Sold out 0.00% −0.07 FF Futurefuel Corp. Sold out 0.00% −0.06 AAPL Apple Inc. Sold out 0.00% −0.06 NMRK Newmark Group Inc. Class A Sold out 0.00% −0.05 CF CF Industries Holdings Inc. Sold out 0.00% −0.04 PARR Par Pacific Holdings Inc. Sold out 0.00% −0.04 VIST Vista Energy Sab DE CV Sold out 0.00% −0.04 ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.03 BRLT Brilliant Earth Group Inc. Class A Sold out 0.00% −0.02 SKIN Skinhealth Systems Inc. Sold out 0.00% −0.02 UNH Unitedhealth Group Inc. Reduce -0.5% 0.56% −0.02 TTI Tetra Technologies Inc. Sold out 0.00% −0.01 HUDSON PAC PPTYS INC Sold out 0.00% −0.01 CHGG Chegg Inc. Sold out 0.00% −0.01 MQ Marqeta Inc. Sold out 0.00% −0.01 TDAY USA Today Co. Inc. Sold out 0.00% −0.01 RXT Rackspace Technology Inc. Sold out 0.00% −0.00 LOMA Loma Negra Cia Ind-Spon ADR Reduce -1.3% 0.94% +0.41 YPF YPF S.A.-Sponsored ADR Reduce -0.2% 1.78% +0.61
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ META Meta Platforms Inc. Class A Add +2199.7% 7.16% +6.82 AMZN Amazon.com Inc. Add +20.2% 24.96% +5.62 EA Electronic Arts Inc. New 3.76% +3.76 VST Vistra Corp. New 3.24% +3.24 KVUE Kenvue Inc. Add +25.0% 6.60% +1.74 EXAS Exact Sciences Corp. New 1.25% +1.25 SUZ Suzano SA - Spon ADR Add +249.4% 1.40% +1.01 KWEB Kranesh Csi China Internet Add +30.2% 11.30% +0.81 VIV Telefonica Brasil-ADR New 0.81% +0.81 MA Mastercard Inc. Class A New 0.67% +0.67 TGNA Tegna Inc. New 0.63% +0.63 MSFT Microsoft Corp. Add +13.1% 6.61% +0.48 UGP Ultrapar Particpac-Spon ADR Add +350.7% 0.63% +0.48 DAY Dayforce Inc. New 0.45% +0.45 TXNM TXNM Energy Inc. New 0.45% +0.45 EMBJ Embraer SA-Spon ADR Add +9.1% 1.22% +0.19 ZM Zoom Communications Inc. New 0.05% +0.05 TEAM Atlassian Corp. Class A Add +0.0% 0.49% +0.02
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ PLTR Palantir Technologies Inc. Class A put Sold out 100,000 $425Kbefore exit KVUE Kenvue Inc. call Sold out 750,000 $390Kbefore exit GLD SPDR Gold Shares put Sold out 200,000 $90Kbefore exit EWZ iShares MSCI Brazil ETF call Add +462.5% 900,000 $72K SPY SS SPDR S&P 500 ETF Trust-US put Sold out 50,000 $28Kbefore 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