Naman Capital Ltda

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Naman Capital Ltda reported 12 stock positions worth $254.7 million. Its top holding was Invesco S&P 500 Equal Weight (RSP) at 38.0% of the portfolio, followed by Ultrapar Particpac-Spon ADR (UGP, 17.0%) and SS SPDR S&P 500 ETF Trust-US (SPY, 15.0%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 3 and reduced 1. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +139%) and the biggest sale an exit from Oracle (ORCL).

Most Recent 13F
Q2 2026
Location
Sao Paulo, D5
CIK
0001946136
Portfolio Value
$254.7M (Q1 2025)
SEC Filing
0000919574-25-003077 ↗ filed May 15, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $256.4M Q1 2024 Q2 2024: $235.8M Q2 2024 Q3 2024: $261.1M Q3 2024 Q4 2024: $167.4M Q4 2024 Q1 2025: $254.7M $254.7M Q1 2025 Q2 2025: $307.7M Q2 2025 Q3 2025: $356.3M Q3 2025 Q4 2025: $355.5M Q4 2025 Q1 2026: $359.8M Q1 2026 Q2 2026: $323.1M Q2 2026

Holdings 12 stocks · $254.7M
RSP Invesco S&P 500 Equal Weight 37.99% 558,556 $96.8M Add +139.4%
UGP Ultrapar Particpac-Spon ADR 17.02% 14,079,999 $43.4M No change
SPY SS SPDR S&P 500 ETF Trust-US 14.97% 68,191 $38.1M Add +39.6%
EZU iShares MSCI Eurozone ETF 9.44% 451,750 $24.1M New
BRK.B Berkshire Hathaway Inc. Class B 6.52% 31,200 $16.6M No change
MSFT Microsoft Corp. 3.65% 24,800 $9.3M No change
BRK.A Berkshire Hathaway Inc. Class A 3.13% 10 $8.0M No change
GOOG Alphabet Inc. Class C 2.45% 40,000 $6.2M No change
GOOGL Alphabet Inc. Class A 2.08% 34,200 $5.3M Add +103.6%
SUZ Suzano SA - Spon ADR 1.26% 344,547 $3.2M No change
MLKMF Waldencast PLC-A 0.91% 776,722 $2.3M Reduce -14.9%
CSANY Cosan SA -ADR 0.56% 271,941 $1.4M No change

Portfolio Sells Q4 2024 → Q1 2025
ORCL Oracle Corp. Sold out 0.00% −5.97
MLKMF Waldencast PLC-A Reduce -14.9% 0.91% −1.28

Portfolio Buys Q4 2024 → Q1 2025
RSP Invesco S&P 500 Equal Weight Add +139.4% 37.99% +13.56
EZU iShares MSCI Eurozone ETF New 9.44% +9.44
GOOGL Alphabet Inc. Class A Add +103.6% 2.08% +0.18
SPY SS SPDR S&P 500 ETF Trust-US Add +39.6% 14.97% −2.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$323.1MSPY, UGP, EZU, EWY, GOOGL
Q1 2026 13$359.8MSPY, RSP, UGP, EZU, BRK.B
Q4 2025Amended 12$355.5MSPY, RSP, UGP, EZU, BRK.B
Q3 2025 12$356.3MSPY, RSP, UGP, EZU, BRK.B
Q2 2025 13$307.7MRSP, SPY, UGP, EZU, BRK.B
Q1 2025 12$254.7MRSP, UGP, SPY, EZU, BRK.B
Q4 2024 12$167.4MRSP, UGP, SPY, BRK.B, MSFT
Q3 2024 11$261.1MSPY, UGP, RSP, MSFT, BRK.B
Q2 2024 10$235.8MSPY, UGP, MSFT, GOOGL, BRK.B
Q1 2024 9$256.4MSPY, UGP, MSFT, BRK.B, ORCL