Turim 21 Investimentos Ltda.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Turim 21 Investimentos Ltda. reported 117 stock positions worth $297.2 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 29.4% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 13.2%) and Vale SA-SP ADR (VALE, 11.4%). Compared with Q2 2025, it opened 68 new positions, sold out of 34, added to 10 and reduced 18. The biggest buy was a new position in VG Morningstar TS MKT ETF-US (VTI) and the biggest sale iShares MSCI Brazil ETF (EWZ, shares −99%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001652174
Portfolio Value
$297.2M (Q3 2025)
SEC Filing
0001104659-25-111898 ↗ filed Nov 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 Q2 2025 Q3 2025: $297.2M $297.2M Q3 2025 Q4 2025: $259.0M Q4 2025 Q1 2026: $398.6M Q1 2026 Q2 2026: $613.3M Q2 2026

Holdings 117 stocks · $297.2M
VTI VG Morningstar TS MKT ETF-US 29.38% 131,078 $87.3M New
EFA iShares MSCI Eafe ETF 13.21% 420,344 $39.2M Reduce -27.0%
VALE Vale SA-SP ADR 11.44% 3,131,646 $34.0M Reduce -0.2%
BIL SS SPDR BB 1-3M T-Bill ETF 11.43% 370,323 $34.0M Reduce -2.6%
PROSHARES TR 7.53% 37,267 $22.4M New
IEMG iShares Core MSCI Emerging 4.29% 193,594 $12.8M New
VTWO Vanguard Russell 2000 ETF 2.96% 24,721 $8.8M New
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 1.86% 670,000 $5.5M No change
MSFT Microsoft Corp. 1.58% 9,039 $4.7M Reduce -86.1%
GOOG Alphabet Inc. Class C 1.56% 19,080 $4.6M Reduce -86.3%
AMZN Amazon.com Inc. 1.50% 20,370 $4.5M Reduce -83.6%
TIP iShares Tips Bond ETF 1.49% 39,791 $4.4M Reduce -71.5%
PXD Pioneer Natural Resources Co. filed as MICROSTRATEGY INC-CL A 1.25% 11,500 $3.7M New
EMXC iShares MSCI Emr MRK Ex Chna 1.24% 54,372 $3.7M New
BRK.A Berkshire Hathaway Inc. Class A 1.02% 4 $3.0M No change
IBIT iShares Bitcoin Trust ETF 0.76% 34,603 $2.2M New
XOP SS SPDR S&P Og Exp & Prod 0.74% 11,573 $2.2M New
AAPL Apple Inc. 0.61% 7,119 $1.8M Add +15.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.58% 15,179 $1.7M Reduce -2.9%
KWEB Kranesh Csi China Internet 0.50% 35,359 $1.5M Add +368.9%
CROX Crocs Inc. 0.37% 123,215 $1.1M New
IEI iShares 3-7 Year Treasury Bo 0.37% 9,215 $1.1M Reduce -70.9%
IEF iShares 7-10 Year Treasury B 0.37% 11,351 $1.1M Reduce -70.8%
EWZ iShares MSCI Brazil ETF 0.35% 33,913 $1.1M Reduce -99.3%
DMRC Digimarc Corp. 0.32% 98,475 $962K Add +4.2%
ETHE Grayscale Ethereum Staking E 0.29% 25,000 $857K New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.27% 3,105 $792K New
SW Smurfit Westrock PLC 0.22% 10,916 $656K Add +198.3%
EEM iShares MSCI Emerging Market 0.21% 11,733 $627K Reduce -7.0%
CCJ Cameco Corp. 0.19% 6,734 $565K Reduce -39.8%
GGAL Grupo Financiero Galicia-ADR 0.16% 17,700 $488K No change
BBD Banco Bradesco-ADR 0.16% 66,001 $484K New
VTEX Vtex Class A 0.15% 2,227 $460K New
SPMO Invesco S&P 500 Momentum ETF 0.14% 3,345 $405K New
IGV iShares Expanded Tech-Softwa 0.11% 46,100 $335K New
NXE Nexgen Energy Ltd. 0.11% 1,411 $321K Reduce -98.8%
ARKK ARK Innovation ETF 0.09% 3,235 $279K No change
VSXY Victoria's Secret & Co. 0.08% 676 $238K New
OBDC Blue Owl Capital Corp. 0.07% 15,416 $197K No change
BUG Global X Cybersecurity ETF 0.06% 5,393 $190K No change
TSLA Tesla Inc. 0.06% 403 $179K Add +16.8%
IOT Samsara Inc. Class A 0.05% 4,277 $159K New
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.05% 505 $155K No change
SLV iShares Silver Trust 0.05% 3,500 $148K New
GOOGL Alphabet Inc. Class A 0.04% 442 $107K Add +10.5%
LIT Global X Lithium & Battery T 0.03% 1,764 $100K No change
IEFA iShares Core MSCI Eafe ETF 0.03% 1,072 $94K No change
IDEV iShares Core MSCI Dev MKTS 0.03% 1,133 $91K No change
PAM Pampa Energia SA-Spon ADR 0.03% 1,906 $90K Reduce -82.5%
HODL Vaneck Bitcoin ETF 0.03% 2,708 $88K New
FBTC Fidelity Wise Origin Bitcoin 0.03% 877 $88K New
ARKB ARK 21SHARES Bitcoin ETF 0.03% 2,301 $87K New
BITB Bitwise Bitcoin ETF 0.03% 1,405 $87K New
AMBIQ Ambipar Emergency Response 0.03% 108,800 $87K New
NVDA Nvidia Corp. 0.03% 414 $77K Reduce -94.1%
IVE iShares S&P 500 Value ETF 0.02% 1,206 $72K Reduce -45.9%
ECH iShares MSCI Chile ETF 0.02% 1,890 $62K No change
RPV Invesco S&P 500 Pure Value E 0.02% 375 $52K New
WIW Western Asst Infl-LNK Opp 0.02% 5,674 $50K New
BUD Anheuser-Busch Inbev-SPN ADR 0.02% 3,820 $48K New
NVNIF Nvni Group Ltd. 0.02% 55,870 $46K Add +50.9%
VCIT Vanguard Int-Term Corporate 0.01% 521 $44K No change
JAAA Janus Henderson Aaa Clo ETF 0.01% 790 $40K New
BND Vanguard Total Bond Market 0.01% 529 $39K Add +9.3%
SOXX iShares Semiconductor ETF 0.01% 2,450 $39K New
XLE SS Energy Select Sector 0.01% 400 $36K Reduce -93.3%
LHX L3HARRIS Technologies Inc. 0.01% 462 $34K New
JOBY Joby Aviation Inc. 0.01% 2,057 $33K No change
BHK BlackRock Core Bond Trust 0.01% 3,112 $31K New
PULS Pgim Ultra Short Bond ETF 0.01% 604 $30K New
CHI Calamos Convert Opport & Inc. 0.01% 1,945 $21K New
RDVI FT Vest Rising Dividend Achi 0.01% 804 $21K New
BILL Bill Holdings Inc. 0.01% 392 $21K New
FTHI Fthi/First Trust Exchange-TR 0.01% 866 $21K New
ERC Allspring Multi-Sector Inc. 0.01% 2,127 $20K New
BTZ BlackRock Credit Allocation 0.01% 1,840 $20K New
JPC Nuveen Prefered & Income Opp 0.01% 2,479 $20K New
XETYX Eaton Vance Tax-MGD Div Eqty 0.01% 1,278 $20K New
INTU Intuit Inc. 0.01% 22 $20K New
TLH iShares 10-20 Year Treasury 0.01% 197 $20K New
EVTR Eaton Vance Total Return 0.01% 391 $20K New
PFN PIMCO Income Strategy FD II 0.01% 2,649 $20K New
XEVVX Eaton Vance Ltd. Durat Inc. 0.01% 1,976 $20K New
ISD Pgim High Yield Bond Fund 0.01% 1,386 $20K New
KNG FT Vest S&P 500 DVD Arst TRG 0.01% 403 $20K New
ARDC Ares Dynamic Credit All 0.01% 1,403 $20K New
MELI MercadoLibre Inc. 0.01% 8 $19K No change
ACHR Archer Aviation Inc. Class A 0.01% 1,944 $19K No change
UNH Unitedhealth Group Inc. 0.00% 40 $14K New
BP BP PLC-Spons ADR 0.00% 1,029 $12K New
PANW Palo Alto Networks Inc. 0.00% 59 $12K New
VZ Verizon Communications Inc. 0.00% 253 $11K New
NEE Nextera Energy Inc. 0.00% 140 $11K New
ETV Eaton Vance T/M Buy-Writ Opp 0.00% 733 $10K New
GJUL FT Vest US Equity Moderate B 0.00% 253 $10K New
QCJL FT NSDQ 100 CN Buff ETF-Jul 0.00% 440 $10K New
AMD Advanced Micro Devices 0.00% 29 $10K New
FXI iShares China Large-Cap ETF 0.00% 62 $10K New
META Meta Platforms Inc. Class A 0.00% 13 $10K New
HYI Western Asset High Yield Opp 0.00% 838 $10K New
HYT BlackRock Corp. Hi YLD 0.00% 1,021 $10K New
EH Ehang Holdings Ltd.-SPS ADR 0.00% 501 $9K No change
BTC Grayscale Bitcoin Mini ETF 0.00% 172 $9K New
IYG iShares U.S. Financial Servi 0.00% 95 $8K New
SPYD SS SPDR P S&P 500 Hi Div ETF 0.00% 1,375 $7K New
BKSY Blacksky Technology Inc. 0.00% 250 $5K No change
TTAN Servicetitan Inc. Class A 0.00% 40 $4K New
QUBT Quantum Computing Inc. 0.00% 167 $3K New
FSLY Fastly Inc. Class A 0.00% 328 $3K No change
BAND Bandwidth Inc. Class A 0.00% 162 $3K No change
AGG iShares Core U.S. Aggregate 0.00% 21 $2K New
PTON Peloton Interactive Inc. Class A 0.00% 110 $990 No change
PG The Procter & Gamble Co. 0.00% 1,334 $986 Add +99.1%
AFYA Afya Ltd. Class A 0.00% 214 $321 New
DMTKQ Dermtech Inc. 0.00% 363 $38 No change
CRM Salesforce Inc. 0.00% 2,420 $1 New
MSOS Advisorshares Pure US Cann 0.00% 21,727 $0 Add +1480.2%

Portfolio Sells Q2 2025 → Q3 2025
EWZ iShares MSCI Brazil ETF Reduce -99.3% 0.35% −27.04
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −15.93
MSFT Microsoft Corp. Reduce -86.1% 1.58% −4.74
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −3.98
AMZN Amazon.com Inc. Reduce -83.6% 1.50% −3.81
GOOG Alphabet Inc. Class C Reduce -86.3% 1.56% −3.27
SGOV iShares 0-3 Month Treasury B Sold out 0.00% −2.90
TIP iShares Tips Bond ETF Reduce -71.5% 1.49% −1.51
RSP Invesco S&P 500 Equal Weight Sold out 0.00% −1.21
IEI iShares 3-7 Year Treasury Bo Reduce -70.9% 0.37% −0.37
IEF iShares 7-10 Year Treasury B Reduce -70.8% 0.37% −0.36
CHD Church & Dwight Co. Inc. Sold out 0.00% −0.21
NVDA Nvidia Corp. Reduce -94.1% 0.03% −0.19
BMA Banco Macro SA-ADR Sold out 0.00% −0.12
PAM Pampa Energia SA-Spon ADR Reduce -82.5% 0.03% −0.12
TGS Transportador Gas-ADR SP B Sold out 0.00% −0.09
XLE SS Energy Select Sector Reduce -93.3% 0.01% −0.09
IVE iShares S&P 500 Value ETF Reduce -45.9% 0.02% −0.06
NXE Nexgen Energy Ltd. Reduce -98.8% 0.11% −0.06
AVGO Broadcom Inc. Sold out 0.00% −0.05
SUPV Grupo Supervielle SA-SP ADR Sold out 0.00% −0.04
MRK Merck & Co. Inc. Sold out 0.00% −0.02
V Visa Inc. Class A Sold out 0.00% −0.02
JNJ Johnson & Johnson Sold out 0.00% −0.01
URNM Sprott Uranium Miners ETF Sold out 0.00% −0.01
COPX Global X Copper Miners ETF Sold out 0.00% −0.01
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.01
XLV SS Health Care Select Sector Sold out 0.00% −0.01
PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −0.01
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.01
RIVN Rivian Automotive Inc. Class A Sold out 0.00% −0.01
CTVA Corteva Inc. Sold out 0.00% −0.01
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.01
PFE Pfizer Inc. Sold out 0.00% −0.01
LASE Laser Photonics Corp. Sold out 0.00% −0.01
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.00
SHEL Shell PLC-ADR Sold out 0.00% −0.00
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.00
KVYO Klaviyo Inc. Class A Sold out 0.00% −0.00
STNE Stoneco Ltd. Class A Sold out 0.00% −0.00
ACLX Arcellx Inc. Sold out 0.00% −0.00
XYZ Block Inc. Sold out 0.00% −0.00
VTRS Viatris Inc. Sold out 0.00% −0.00
CGC Canopy Growth Corp. Sold out 0.00% −0.00
GROV Grove Collaborative Hold Inc. Sold out 0.00% 0.00
RSX Vaneck Russia ETF Sold out 0.00% 0.00
CCJ Cameco Corp. Reduce -39.8% 0.19% +0.03
EEM iShares MSCI Emerging Market Reduce -7.0% 0.21% +0.09
DIS The Walt Disney Co. Reduce -2.9% 0.58% +0.21
EFA iShares MSCI Eafe ETF Reduce -27.0% 13.21% +3.14

Portfolio Buys Q2 2025 → Q3 2025
VTI VG Morningstar TS MKT ETF-US New 29.38% +29.38
PROSHARES TR New 7.53% +7.53
IEMG iShares Core MSCI Emerging New 4.29% +4.29
VTWO Vanguard Russell 2000 ETF New 2.96% +2.96
PXD Pioneer Natural Resources Co. New 1.25% +1.25
EMXC iShares MSCI Emr MRK Ex Chna New 1.24% +1.24
IBIT iShares Bitcoin Trust ETF New 0.76% +0.76
XOP SS SPDR S&P Og Exp & Prod New 0.74% +0.74
KWEB Kranesh Csi China Internet Add +368.9% 0.50% +0.45
CROX Crocs Inc. New 0.37% +0.37
AAPL Apple Inc. Add +15.4% 0.61% +0.36
ETHE Grayscale Ethereum Staking E New 0.29% +0.29
EL Estee Lauder Companies Class A New 0.27% +0.27
SW Smurfit Westrock PLC Add +198.3% 0.22% +0.19
BBD Banco Bradesco-ADR New 0.16% +0.16
VTEX Vtex Class A New 0.15% +0.15
SPMO Invesco S&P 500 Momentum ETF New 0.14% +0.14
IGV iShares Expanded Tech-Softwa New 0.11% +0.11
VSXY Victoria's Secret & Co. New 0.08% +0.08
DMRC Digimarc Corp. Add +4.2% 0.32% +0.08
IOT Samsara Inc. Class A New 0.05% +0.05
SLV iShares Silver Trust New 0.05% +0.05
TSLA Tesla Inc. Add +16.8% 0.06% +0.04
FBTC Fidelity Wise Origin Bitcoin New 0.03% +0.03
HODL Vaneck Bitcoin ETF New 0.03% +0.03
ARKB ARK 21SHARES Bitcoin ETF New 0.03% +0.03
BITB Bitwise Bitcoin ETF New 0.03% +0.03
AMBIQ Ambipar Emergency Response New 0.03% +0.03
GOOGL Alphabet Inc. Class A Add +10.5% 0.04% +0.02
RPV Invesco S&P 500 Pure Value E New 0.02% +0.02
WIW Western Asst Infl-LNK Opp New 0.02% +0.02
BUD Anheuser-Busch Inbev-SPN ADR New 0.02% +0.02
NVNIF Nvni Group Ltd. Add +50.9% 0.02% +0.01
JAAA Janus Henderson Aaa Clo ETF New 0.01% +0.01
SOXX iShares Semiconductor ETF New 0.01% +0.01
LHX L3HARRIS Technologies Inc. New 0.01% +0.01
BHK BlackRock Core Bond Trust New 0.01% +0.01
PULS Pgim Ultra Short Bond ETF New 0.01% +0.01
CHI Calamos Convert Opport & Inc. New 0.01% +0.01
BILL Bill Holdings Inc. New 0.01% +0.01
RDVI FT Vest Rising Dividend Achi New 0.01% +0.01
FTHI Fthi/First Trust Exchange-TR New 0.01% +0.01
ERC Allspring Multi-Sector Inc. New 0.01% +0.01
BTZ BlackRock Credit Allocation New 0.01% +0.01
XETYX Eaton Vance Tax-MGD Div Eqty New 0.01% +0.01
INTU Intuit Inc. New 0.01% +0.01
TLH iShares 10-20 Year Treasury New 0.01% +0.01
EVTR Eaton Vance Total Return New 0.01% +0.01
JPC Nuveen Prefered & Income Opp New 0.01% +0.01
PFN PIMCO Income Strategy FD II New 0.01% +0.01

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