Turim 21 Investimentos Ltda.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Turim 21 Investimentos Ltda. reported 81 stock positions worth $372.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 24.1% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 9.9%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 9.4%). Compared with Q4 2024, it opened 15 new positions, sold out of 18, added to 9 and reduced 11. The biggest buy was a new position in iShares MSCI Eafe ETF (EFA) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −58%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001652174
Portfolio Value
$372.3M (Q1 2025)
SEC Filing
0001104659-25-049003 ↗ filed May 15, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $393.2M Q1 2024 Q2 2024: $392.0M Q2 2024 Q3 2024: $363.4M Q3 2024 Q4 2024: $383.9M Q4 2024 Q1 2025: $372.3M $372.3M Q1 2025 Q2 2025: $511.1M Q2 2025 Q3 2025: $297.2M Q3 2025 Q4 2025: $259.0M Q4 2025 Q1 2026: $398.6M Q1 2026 Q2 2026: $613.3M Q2 2026

Holdings 81 stocks · $372.3M
SPY SS SPDR S&P 500 ETF Trust-US 24.10% 160,427 $89.7M Reduce -18.5%
EFA iShares MSCI Eafe ETF 9.86% 449,263 $36.7M New
BIL SS SPDR BB 1-3M T-Bill ETF 9.42% 382,140 $35.1M New
VALE Vale SA-SP ADR 8.39% 3,131,646 $31.3M No change
RSP Invesco S&P 500 Equal Weight 6.55% 140,820 $24.4M Reduce -57.7%
MSFT Microsoft Corp. 6.54% 64,905 $24.4M Add +7.2%
AMZN Amazon.com Inc. 6.37% 124,680 $23.7M Add +9.5%
EWZ iShares MSCI Brazil ETF 5.96% 859,025 $22.2M Add +3748.8%
GOOG Alphabet Inc. Class C 5.88% 140,047 $21.9M Add +13.6%
TIP iShares Tips Bond ETF 4.09% 137,151 $15.2M New
QQQ Invesco QQQ Trust Series 1 3.30% 26,191 $12.3M Add +2.2%
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 1.40% 670,000 $5.2M No change
GLD SPDR Gold Shares 1.23% 15,857 $4.6M New
IEI iShares 3-7 Year Treasury Bo 0.95% 29,960 $3.5M New
IEF iShares 7-10 Year Treasury B 0.94% 36,783 $3.5M New
BRK.A Berkshire Hathaway Inc. Class A 0.86% 4 $3.2M No change
MSTR Strategy Inc. filed as MICROSTRATEGY INC 0.85% 11,000 $3.2M Add +51.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.43% 16,075 $1.6M Reduce -7.0%
DMRC Digimarc Corp. 0.38% 110,718 $1.4M New
AAPL Apple Inc. 0.37% 6,170 $1.4M Reduce -38.9%
CHD Church & Dwight Co. Inc. 0.34% 11,400 $1.3M No change
GGAL Grupo Financiero Galicia-ADR 0.26% 17,700 $964K Add +32.9%
PAM Pampa Energia SA-Spon ADR 0.23% 10,916 $843K Add +42.8%
NXE Nexgen Energy Ltd. 0.15% 123,215 $553K No change
KWEB Kranesh Csi China Internet 0.13% 13,456 $470K New
CCJ Cameco Corp. 0.12% 11,191 $461K Add +79.1%
IVE iShares S&P 500 Value ETF 0.11% 2,227 $424K No change
MCHI iShares MSCI China ETF 0.10% 7,097 $386K Reduce -52.1%
OBDC Blue Owl Capital Corp. 0.06% 15,416 $226K New
BUG Global X Cybersecurity ETF 0.05% 5,393 $174K No change
NVDA Nvidia Corp. 0.04% 1,540 $167K No change
AVGO Broadcom Inc. 0.04% 940 $157K No change
ARKK ARK Innovation ETF 0.04% 3,235 $154K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.03% 505 $130K No change
PG The Procter & Gamble Co. 0.03% 670 $114K No change
LIT Global X Lithium & Battery T 0.03% 2,882 $112K No change
MRK Merck & Co. Inc. 0.03% 1,200 $108K No change
TSLA Tesla Inc. 0.02% 345 $89K No change
V Visa Inc. Class A 0.02% 240 $84K No change
IDEV iShares Core MSCI Dev MKTS 0.02% 1,133 $78K No change
JNJ Johnson & Johnson 0.02% 425 $70K No change
REGN Regeneron Pharmaceuticals 0.02% 100 $63K No change
GOOGL Alphabet Inc. Class A 0.02% 400 $62K Reduce -86.7%
ECH iShares MSCI Chile ETF 0.02% 1,890 $56K Reduce -90.8%
XLV SS Health Care Select Sector 0.01% 375 $55K Reduce -26.9%
TMO Thermo Fisher Scientific Inc. 0.01% 95 $47K No change
COPX Global X Copper Miners ETF 0.01% 1,206 $47K No change
NFLX Netflix Inc. 0.01% 50 $47K New
VCIT Vanguard Int-Term Corporate 0.01% 521 $43K Reduce -74.5%
EEM iShares MSCI Emerging Market 0.01% 890 $39K No change
XLE SS Energy Select Sector 0.01% 400 $37K Reduce -13.0%
BND Vanguard Total Bond Market 0.01% 484 $36K No change
IEFA iShares Core MSCI Eafe ETF 0.01% 464 $35K New
PFE Pfizer Inc. 0.01% 1,230 $31K Reduce -51.3%
LASE Laser Photonics Corp. 0.01% 9,780 $30K No change
CTVA Corteva Inc. 0.01% 470 $30K No change
TTE Totalenergies SE -Spon ADR 0.01% 410 $27K No change
SHEL Shell PLC-ADR 0.01% 345 $25K No change
BABA Alibaba Group Holding-SP ADR 0.01% 190 $25K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 2,450 $25K No change
MELI MercadoLibre Inc. 0.00% 8 $16K No change
ACHR Archer Aviation Inc. Class A 0.00% 1,944 $14K No change
PYPL PayPal Holdings Inc. 0.00% 200 $13K New
JOBY Joby Aviation Inc. 0.00% 2,057 $12K No change
ACLX Arcellx Inc. 0.00% 179 $12K No change
STNE Stoneco Ltd. Class A 0.00% 1,100 $12K No change
EH Ehang Holdings Ltd.-SPS ADR 0.00% 501 $10K No change
XYZ Block Inc. 0.00% 95 $8K No change
NVNIF Nvni Group Ltd. 0.00% 37,023 $8K New
BTC Grayscale Bitcoin Mini ETF 0.00% 172 $6K New
MSOS Advisorshares Pure US Cann 0.00% 1,375 $4K No change
XP XP Inc. Class A 0.00% 205 $3K New
BAND Bandwidth Inc. Class A 0.00% 162 $2K No change
FSLY Fastly Inc. Class A 0.00% 328 $2K No change
BKSY Blacksky Technology Inc. 0.00% 250 $2K No change
VTRS Viatris Inc. 0.00% 152 $1K No change
PTON Peloton Interactive Inc. Class A 0.00% 110 $695 No change
GROV Grove Collaborative Hold Inc. 0.00% 214 $289 No change
CGC Canopy Growth Corp. 0.00% 230 $209 No change
DMTKQ Dermtech Inc. 0.00% 363 $38 No change
RSX Vaneck Russia ETF 0.00% 21,727 $0 No change

Portfolio Sells Q4 2024 → Q1 2025
RSP Invesco S&P 500 Equal Weight Reduce -57.7% 6.55% −9.17
IWM iShares Russell 2000 ETF Sold out 0.00% −7.92
SPY SS SPDR S&P 500 ETF Trust-US Reduce -18.5% 24.10% −6.77
SOXX iShares Semiconductor ETF Sold out 0.00% −3.79
SGOV iShares 0-3 Month Treasury B Sold out 0.00% −3.57
AAPL Apple Inc. Reduce -38.9% 0.37% −0.25
META Meta Platforms Inc. Class A Sold out 0.00% −0.14
GOOGL Alphabet Inc. Class A Reduce -86.7% 0.02% −0.14
TGS Transportador Gas-ADR SP B Sold out 0.00% −0.13
ECH iShares MSCI Chile ETF Reduce -90.8% 0.02% −0.13
NEM Newmont Corp. Sold out 0.00% −0.10
SUPV Grupo Supervielle SA-SP ADR Sold out 0.00% −0.09
MCHI iShares MSCI China ETF Reduce -52.1% 0.10% −0.08
DIS The Walt Disney Co. Reduce -7.0% 0.43% −0.08
SW Smurfit Westrock PLC Sold out 0.00% −0.05
OBDE Blue Owl Capital Corp. III Sold out 0.00% −0.04
VCIT Vanguard Int-Term Corporate Reduce -74.5% 0.01% −0.03
TMF Dir DLY 20+YR TR BL3X ETF-Ui Sold out 0.00% −0.02
TQQQ Proshares Ultrapro QQQ Sold out 0.00% −0.02
URNM Sprott Uranium Miners ETF Sold out 0.00% −0.01
BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −0.01
PFE Pfizer Inc. Reduce -51.3% 0.01% −0.01
RIVN Rivian Automotive Inc. Class A Sold out 0.00% −0.01
KVYO Klaviyo Inc. Class A Sold out 0.00% −0.01
VINP Vinci Compass Investments LT Sold out 0.00% −0.01
XLV SS Health Care Select Sector Reduce -26.9% 0.01% −0.00
BKNG Booking Holdings Inc. Sold out 0.00% −0.00
IBB iShares Biotechnology ETF Sold out 0.00% −0.00
XLE SS Energy Select Sector Reduce -13.0% 0.01% −0.00

Portfolio Buys Q4 2024 → Q1 2025
EFA iShares MSCI Eafe ETF New 9.86% +9.86
BIL SS SPDR BB 1-3M T-Bill ETF New 9.42% +9.42
EWZ iShares MSCI Brazil ETF Add +3748.8% 5.96% +5.82
TIP iShares Tips Bond ETF New 4.09% +4.09
GLD SPDR Gold Shares New 1.23% +1.23
IEI iShares 3-7 Year Treasury Bo New 0.95% +0.95
IEF iShares 7-10 Year Treasury B New 0.94% +0.94
DMRC Digimarc Corp. New 0.38% +0.38
MSTR Strategy Inc. Add +51.9% 0.85% +0.22
KWEB Kranesh Csi China Internet New 0.13% +0.13
OBDC Blue Owl Capital Corp. New 0.06% +0.06
PAM Pampa Energia SA-Spon ADR Add +42.8% 0.23% +0.05
CCJ Cameco Corp. Add +79.1% 0.12% +0.04
GGAL Grupo Financiero Galicia-ADR Add +32.9% 0.26% +0.02
NFLX Netflix Inc. New 0.01% +0.01
IEFA iShares Core MSCI Eafe ETF New 0.01% +0.01
PYPL PayPal Holdings Inc. New 0.00% +0.00
NVNIF Nvni Group Ltd. New 0.00% +0.00
BTC Grayscale Bitcoin Mini ETF New 0.00% +0.00
XP XP Inc. Class A New 0.00% +0.00
MSFT Microsoft Corp. Add +7.2% 6.54% −0.00
QQQ Invesco QQQ Trust Series 1 Add +2.2% 3.30% −0.19
AMZN Amazon.com Inc. Add +9.5% 6.37% −0.68
GOOG Alphabet Inc. Class C Add +13.6% 5.88% −0.72

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 121$613.3MVTI, EWZ, RSX, VTWO, VALE
Q1 2026 117$398.6MVTI, VTWO, VALE, ISHG, AMZN
Q4 2025 115$259.0MVTI, EFA, VALE, PROSHARES TR, IEMG
Q3 2025 117$297.2MVTI, EFA, VALE, BIL, PROSHARES TR
Q2 2025 83$511.1MEWZ, SPY, EFA, BIL, MSFT
Q1 2025 81$372.3MSPY, EFA, BIL, VALE, RSP
Q4 2024 84$383.9MSPY, RSP, IWM, VALE, AMZN
Q3 2024 79$363.4MSPY, RSP, VALE, IWM, MSFT
Q2 2024 74$392.0MSPY, RSP, QQQ, VALE, MSFT
Q1 2024 74$393.2MSPY, RSP, VALE, MSFT, AMZN