Naman Capital Ltda
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 27, 2026), Naman Capital Ltda reported 12 stock positions worth $355.5 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 37.0% of the portfolio, followed by Invesco S&P 500 Equal Weight (RSP, 23.1%) and Ultrapar Particpac-Spon ADR (UGP, 14.5%). Compared with Q3 2025, it added to 1 and reduced 4. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +12%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- Sao Paulo, D5
- CIK
- 0001946136
- Portfolio Value
- $355.5M (Q4 2025)
- SEC Filing
- 0000919574-26-001412 ↗ filed Feb 27, 2026
Holdings Value
Holdings 12 stocks · $355.5M
| SPY SS SPDR S&P 500 ETF Trust-US | 36.99% | 192,877 | $131.5M | Add +11.5% |
| RSP Invesco S&P 500 Equal Weight | 23.06% | 427,975 | $82.0M | Reduce -13.0% |
| UGP Ultrapar Particpac-Spon ADR | 14.51% | 13,687,979 | $51.6M | Reduce -2.8% |
| EZU iShares MSCI Eurozone ETF | 8.15% | 451,750 | $29.0M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 4.41% | 31,200 | $15.7M | No change |
| GOOGL Alphabet Inc. Class A | 3.01% | 34,200 | $10.7M | No change |
| MSFT Microsoft Corp. | 2.81% | 20,675 | $10.0M | Reduce -16.6% |
| GOOG Alphabet Inc. Class C | 2.71% | 30,760 | $9.7M | Reduce -23.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.12% | 10 | $7.5M | No change |
| V Visa Inc. Class A | 1.01% | 10,200 | $3.6M | No change |
| SUZ Suzano SA - Spon ADR | 0.91% | 344,547 | $3.2M | No change |
| CSANY Cosan SA -ADR | 0.30% | 271,941 | $1.1M | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +11.5% | 36.99% | +4.66 |
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 |