Turim 21 Investimentos Ltda.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Turim 21 Investimentos Ltda. reported 83 stock positions worth $511.1 million. Its top holding was iShares MSCI Brazil ETF (EWZ) at 27.4% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 15.9%) and iShares MSCI Eafe ETF (EFA, 10.1%). Compared with Q1 2025, it opened 9 new positions, sold out of 7, added to 11 and reduced 10. The biggest buy was iShares MSCI Brazil ETF (EWZ, shares +465%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −18%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001652174
Portfolio Value
$511.1M (Q2 2025)
SEC Filing
0001104659-25-078363 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $511.1M $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 83 stocks · $511.1M
EWZ iShares MSCI Brazil ETF 27.39% 4,853,442 $140.0M Add +465.0%
SPY SS SPDR S&P 500 ETF Trust-US 15.93% 131,785 $81.4M Reduce -17.9%
EFA iShares MSCI Eafe ETF 10.07% 575,703 $51.5M Add +28.1%
BIL SS SPDR BB 1-3M T-Bill ETF 6.83% 380,390 $34.9M Reduce -0.5%
MSFT Microsoft Corp. 6.31% 64,856 $32.3M Reduce -0.1%
VALE Vale SA-SP ADR 5.96% 3,136,971 $30.5M Add +0.2%
AMZN Amazon.com Inc. 5.32% 123,889 $27.2M Reduce -0.6%
GOOG Alphabet Inc. Class C 4.83% 139,235 $24.7M Reduce -0.6%
QQQ Invesco QQQ Trust Series 1 3.98% 36,872 $20.3M Add +40.8%
TIP iShares Tips Bond ETF 3.00% 139,455 $15.3M Add +1.7%
SGOV iShares 0-3 Month Treasury B 2.90% 147,337 $14.8M New
RSP Invesco S&P 500 Equal Weight 1.21% 34,158 $6.2M Reduce -75.7%
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 1.11% 670,000 $5.7M No change
IEI iShares 3-7 Year Treasury Bo 0.74% 31,660 $3.8M Add +5.7%
IEF iShares 7-10 Year Treasury B 0.73% 38,905 $3.7M Add +5.8%
BRK.A Berkshire Hathaway Inc. Class A 0.57% 4 $2.9M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.38% 15,634 $1.9M Reduce -2.7%
AAPL Apple Inc. 0.25% 6,170 $1.3M No change
DMRC Digimarc Corp. 0.24% 94,553 $1.2M Reduce -14.6%
NVDA Nvidia Corp. 0.22% 7,067 $1.1M Add +358.9%
CHD Church & Dwight Co. Inc. 0.21% 11,400 $1.1M No change
GGAL Grupo Financiero Galicia-ADR 0.17% 17,700 $892K No change
NXE Nexgen Energy Ltd. 0.17% 123,215 $855K No change
CCJ Cameco Corp. 0.16% 11,191 $831K No change
PAM Pampa Energia SA-Spon ADR 0.15% 10,916 $757K No change
BMA Banco Macro SA-ADR 0.12% 8,675 $609K New
EEM iShares MSCI Emerging Market 0.12% 12,623 $609K Add +1318.3%
XLE SS Energy Select Sector 0.10% 6,019 $510K Add +1404.8%
TGS Transportador Gas-ADR SP B 0.09% 17,903 $464K New
IVE iShares S&P 500 Value ETF 0.09% 2,227 $435K No change
AVGO Broadcom Inc. 0.05% 940 $259K No change
KWEB Kranesh Csi China Internet 0.05% 7,541 $259K Reduce -44.0%
ARKK ARK Innovation ETF 0.04% 3,235 $227K No change
SUPV Grupo Supervielle SA-SP ADR 0.04% 21,153 $224K New
OBDC Blue Owl Capital Corp. 0.04% 15,416 $221K No change
BUG Global X Cybersecurity ETF 0.04% 5,393 $200K No change
SW Smurfit Westrock PLC 0.03% 3,660 $158K New
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.03% 505 $144K No change
TSLA Tesla Inc. 0.02% 345 $110K No change
PG The Procter & Gamble Co. 0.02% 670 $107K No change
MRK Merck & Co. Inc. 0.02% 1,200 $95K No change
IEFA iShares Core MSCI Eafe ETF 0.02% 1,072 $89K Add +131.0%
IDEV iShares Core MSCI Dev MKTS 0.02% 1,133 $86K No change
V Visa Inc. Class A 0.02% 240 $85K No change
GOOGL Alphabet Inc. Class A 0.01% 400 $70K No change
LIT Global X Lithium & Battery T 0.01% 1,764 $68K Reduce -38.8%
JNJ Johnson & Johnson 0.01% 425 $65K No change
URNM Sprott Uranium Miners ETF 0.01% 1,352 $65K New
ECH iShares MSCI Chile ETF 0.01% 1,890 $59K No change
COPX Global X Copper Miners ETF 0.01% 1,206 $54K No change
REGN Regeneron Pharmaceuticals 0.01% 100 $53K No change
XLV SS Health Care Select Sector 0.01% 375 $51K No change
PBR Petroleo Brasileiro-Spon ADR 0.01% 3,820 $48K New
VCIT Vanguard Int-Term Corporate 0.01% 521 $43K No change
TMO Thermo Fisher Scientific Inc. 0.01% 95 $39K No change
RIVN Rivian Automotive Inc. Class A 0.01% 2,657 $37K New
BND Vanguard Total Bond Market 0.01% 484 $36K No change
CTVA Corteva Inc. 0.01% 470 $35K No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.01% 2,450 $34K No change
PFE Pfizer Inc. 0.01% 1,230 $30K No change
LASE Laser Photonics Corp. 0.01% 9,780 $26K No change
TTE Totalenergies SE -Spon ADR 0.00% 410 $25K No change
SHEL Shell PLC-ADR 0.00% 345 $24K No change
JOBY Joby Aviation Inc. 0.00% 2,057 $22K No change
BABA Alibaba Group Holding-SP ADR 0.00% 190 $22K No change
ACHR Archer Aviation Inc. Class A 0.00% 1,944 $21K No change
MELI MercadoLibre Inc. 0.00% 8 $21K No change
KVYO Klaviyo Inc. Class A 0.00% 543 $18K New
STNE Stoneco Ltd. Class A 0.00% 1,100 $18K No change
ACLX Arcellx Inc. 0.00% 179 $12K No change
NVNIF Nvni Group Ltd. 0.00% 37,023 $11K No change
EH Ehang Holdings Ltd.-SPS ADR 0.00% 501 $9K No change
XYZ Block Inc. 0.00% 95 $8K No change
BKSY Blacksky Technology Inc. 0.00% 250 $5K No change
MSOS Advisorshares Pure US Cann 0.00% 1,375 $3K No change
BAND Bandwidth Inc. Class A 0.00% 162 $3K No change
FSLY Fastly Inc. Class A 0.00% 328 $2K No change
VTRS Viatris Inc. 0.00% 152 $1K No change
PTON Peloton Interactive Inc. Class A 0.00% 110 $763 No change
CGC Canopy Growth Corp. 0.00% 230 $281 No change
GROV Grove Collaborative Hold Inc. 0.00% 214 $246 No change
DMTKQ Dermtech Inc. 0.00% 363 $38 No change
RSX Vaneck Russia ETF 0.00% 21,727 $0 No change

Portfolio Sells Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US Reduce -17.9% 15.93% −8.17
RSP Invesco S&P 500 Equal Weight Reduce -75.7% 1.21% −5.34
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -0.5% 6.83% −2.59
GLD SPDR Gold Shares Sold out 0.00% −1.23
AMZN Amazon.com Inc. Reduce -0.6% 5.32% −1.05
GOOG Alphabet Inc. Class C Reduce -0.6% 4.83% −1.04
MSTR Strategy Inc. Sold out 0.00% −0.85
MSFT Microsoft Corp. Reduce -0.1% 6.31% −0.23
DMRC Digimarc Corp. Reduce -14.6% 0.24% −0.14
MCHI iShares MSCI China ETF Sold out 0.00% −0.10
KWEB Kranesh Csi China Internet Reduce -44.0% 0.05% −0.08
DIS The Walt Disney Co. Reduce -2.7% 0.38% −0.05
LIT Global X Lithium & Battery T Reduce -38.8% 0.01% −0.02
NFLX Netflix Inc. Sold out 0.00% −0.01
PYPL PayPal Holdings Inc. Sold out 0.00% −0.00
BTC Grayscale Bitcoin Mini ETF Sold out 0.00% −0.00
XP XP Inc. Class A Sold out 0.00% −0.00

Portfolio Buys Q1 2025 → Q2 2025
EWZ iShares MSCI Brazil ETF Add +465.0% 27.39% +21.43
SGOV iShares 0-3 Month Treasury B New 2.90% +2.90
QQQ Invesco QQQ Trust Series 1 Add +40.8% 3.98% +0.68
EFA iShares MSCI Eafe ETF Add +28.1% 10.07% +0.21
NVDA Nvidia Corp. Add +358.9% 0.22% +0.17
BMA Banco Macro SA-ADR New 0.12% +0.12
EEM iShares MSCI Emerging Market Add +1318.3% 0.12% +0.11
TGS Transportador Gas-ADR SP B New 0.09% +0.09
XLE SS Energy Select Sector Add +1404.8% 0.10% +0.09
SUPV Grupo Supervielle SA-SP ADR New 0.04% +0.04
SW Smurfit Westrock PLC New 0.03% +0.03
URNM Sprott Uranium Miners ETF New 0.01% +0.01
PBR Petroleo Brasileiro-Spon ADR New 0.01% +0.01
IEFA iShares Core MSCI Eafe ETF Add +131.0% 0.02% +0.01
RIVN Rivian Automotive Inc. Class A New 0.01% +0.01
KVYO Klaviyo Inc. Class A New 0.00% +0.00
IEI iShares 3-7 Year Treasury Bo Add +5.7% 0.74% −0.21
IEF iShares 7-10 Year Treasury B Add +5.8% 0.73% −0.21
TIP iShares Tips Bond ETF Add +1.7% 3.00% −1.09
VALE Vale SA-SP ADR Add +0.2% 5.96% −2.44

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