Naman Capital Ltda
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Naman Capital Ltda reported 12 stock positions worth $356.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 32.3% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 26.2%) and Ultrapar Particpac-Spon ADR (UGP, 16.2%). Compared with Q2 2025, it sold out of 1 and added to 2. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +22%) and the biggest sale an exit from Waldencast PLC-A (MLKMF).
- Most Recent 13F
- Q2 2026
- Location
- Sao Paulo, D5
- CIK
- 0001946136
- Portfolio Value
- $356.3M (Q3 2025)
- SEC Filing
- 0000919574-25-006901 ↗ filed Nov 14, 2025
Holdings Value
Holdings 12 stocks · $356.3M
| SPY SS SPDR S&P 500 ETF Trust-US | 32.34% | 172,944 | $115.2M | Add +22.0% |
| RSP Invesco S&P 500 Equal Weight | 26.18% | 491,699 | $93.3M | Add +0.3% |
| UGP Ultrapar Particpac-Spon ADR | 16.20% | 14,079,999 | $57.7M | No change |
| EZU iShares MSCI Eurozone ETF | 7.85% | 451,750 | $28.0M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 4.40% | 31,200 | $15.7M | No change |
| MSFT Microsoft Corp. | 3.61% | 24,800 | $12.8M | No change |
| GOOG Alphabet Inc. Class C | 2.73% | 40,000 | $9.7M | No change |
| GOOGL Alphabet Inc. Class A | 2.33% | 34,200 | $8.3M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 2.12% | 10 | $7.5M | No change |
| V Visa Inc. Class A | 0.98% | 10,200 | $3.5M | No change |
| SUZ Suzano SA - Spon ADR | 0.91% | 344,547 | $3.2M | No change |
| CSANY Cosan SA -ADR | 0.35% | 271,941 | $1.3M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| MLKMF Waldencast PLC-A | Sold out | 0.00% | −0.62 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $323.1M | SPY, UGP, EZU, EWY, GOOGL |
| Q1 2026 | 13 | $359.8M | SPY, RSP, UGP, EZU, BRK.B |
| Q4 2025Amended | 12 | $355.5M | SPY, RSP, UGP, EZU, BRK.B |
| Q3 2025 | 12 | $356.3M | SPY, RSP, UGP, EZU, BRK.B |
| Q2 2025 | 13 | $307.7M | RSP, SPY, UGP, EZU, BRK.B |
| Q1 2025 | 12 | $254.7M | RSP, UGP, SPY, EZU, BRK.B |
| Q4 2024 | 12 | $167.4M | RSP, UGP, SPY, BRK.B, MSFT |
| Q3 2024 | 11 | $261.1M | SPY, UGP, RSP, MSFT, BRK.B |
| Q2 2024 | 10 | $235.8M | SPY, UGP, MSFT, GOOGL, BRK.B |
| Q1 2024 | 9 | $256.4M | SPY, UGP, MSFT, BRK.B, ORCL |