Turim 21 Investimentos Ltda.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Turim 21 Investimentos Ltda. reported 115 stock positions worth $259.0 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 34.5% of the portfolio, followed by iShares MSCI Eafe ETF (EFA, 16.4%) and Vale SA-SP ADR (VALE, 15.8%). Compared with Q3 2025, it opened 19 new positions, sold out of 21, added to 12 and reduced 42. The biggest buy was iShares MSCI Eafe ETF (EFA, shares +5%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −94%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001652174
Portfolio Value
$259.0M (Q4 2025)
SEC Filing
0001104659-26-015721 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $259.0M $259.0M Q4 2025 Q1 2026: $398.6M Q1 2026 Q2 2026: $613.3M Q2 2026

Holdings 115 stocks · $259.0M
VTI VG Morningstar TS MKT ETF-US 34.47% 130,926 $89.3M Reduce -0.1%
EFA iShares MSCI Eafe ETF 16.39% 442,127 $42.5M Add +5.2%
VALE Vale SA-SP ADR 15.76% 3,131,646 $40.8M No change
PROSHARES TR 8.69% 36,618 $22.5M Reduce -1.7%
IEMG iShares Core MSCI Emerging 5.67% 218,320 $14.7M Add +12.8%
ERIC Ericsson (lm) Tel-SP ADR filed as TELEFONAKTIEBOLAGET LM ERICS 2.50% 670,000 $6.5M No change
EMXC iShares MSCI Emr MRK Ex Chna 1.53% 54,372 $4.0M No change
AMZN Amazon.com Inc. 1.49% 16,771 $3.9M Reduce -17.7%
MSFT Microsoft Corp. 1.20% 6,432 $3.1M Reduce -28.8%
BRK.A Berkshire Hathaway Inc. Class A 1.17% 4 $3.0M No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.85% 24,066 $2.2M Reduce -93.5%
XOP SS SPDR S&P Og Exp & Prod 0.79% 10,646 $2.0M Reduce -8.0%
GOOG Alphabet Inc. Class C 0.75% 6,228 $2.0M Reduce -67.4%
AAPL Apple Inc. 0.75% 7,100 $1.9M Reduce -0.3%
PXD Pioneer Natural Resources Co. filed as MICROSTRATEGY INC-CL A 0.70% 12,000 $1.8M Add +4.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.67% 15,179 $1.7M No change
IBIT iShares Bitcoin Trust ETF 0.55% 28,898 $1.4M Reduce -16.5%
SW Smurfit Westrock PLC 0.50% 14,705 $1.3M Add +34.7%
GGAL Grupo Financiero Galicia-ADR 0.50% 23,840 $1.3M Add +34.7%
KWEB Kranesh Csi China Internet 0.46% 35,359 $1.2M No change
CROX Crocs Inc. 0.44% 123,215 $1.1M No change
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.35% 3,498 $896K Add +12.7%
SGML Sigma Lithium Corp. 0.28% 55,000 $723K New
TIP iShares Tips Bond ETF 0.28% 6,570 $722K Reduce -83.5%
EWZ iShares MSCI Brazil ETF 0.27% 21,783 $692K Reduce -35.8%
EEM iShares MSCI Emerging Market 0.27% 12,623 $691K Add +7.6%
CCJ Cameco Corp. 0.19% 5,457 $499K Reduce -19.0%
ETHE Grayscale Ethereum Staking E 0.19% 20,250 $493K Reduce -19.0%
BITW Bitwise 10 Crypto Index ETF 0.18% 8,100 $476K New
BBD Banco Bradesco-ADR 0.18% 66,001 $473K No change
VTEX Vtex Class A 0.18% 2,227 $472K No change
DMRC Digimarc Corp. 0.15% 59,759 $392K Reduce -39.3%
IGV iShares Expanded Tech-Softwa 0.13% 46,100 $340K No change
RSX Vaneck Russia ETF 0.10% 424 $266K New
IEI iShares 3-7 Year Treasury Bo 0.10% 2,167 $259K Reduce -76.5%
IVV iShares Core S&P 500 ETF 0.08% 320 $219K New
IEF iShares 7-10 Year Treasury B 0.08% 2,166 $208K Reduce -80.9%
OBDC Blue Owl Capital Corp. 0.07% 15,416 $192K No change
TSLA Tesla Inc. 0.07% 402 $181K Reduce -0.3%
BUG Global X Cybersecurity ETF 0.06% 5,393 $164K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.06% 505 $159K No change
GOOGL Alphabet Inc. Class A 0.06% 474 $148K Add +7.2%
VT Vanguard Tot World STK ETF 0.05% 950 $134K New
LIT Global X Lithium & Battery T 0.04% 1,764 $114K No change
NVDA Nvidia Corp. 0.04% 519 $97K Add +25.4%
IEFA iShares Core MSCI Eafe ETF 0.04% 1,072 $96K No change
IDEV iShares Core MSCI Dev MKTS 0.04% 1,133 $93K No change
IVE iShares S&P 500 Value ETF 0.03% 1,206 $87K No change
SHEL Shell PLC-ADR 0.03% 2,940 $81K New
AMBIQ Ambipar Emergency Response 0.03% 128,800 $77K Add +18.4%
ECH iShares MSCI Chile ETF 0.03% 1,890 $76K No change
HODL Vaneck Bitcoin ETF 0.03% 2,708 $67K No change
FBTC Fidelity Wise Origin Bitcoin 0.03% 877 $67K No change
BITB Bitwise Bitcoin ETF 0.03% 1,405 $67K No change
ARKB ARK 21SHARES Bitcoin ETF 0.03% 2,301 $67K No change
BUD Anheuser-Busch Inbev-SPN ADR 0.02% 3,820 $45K No change
VCIT Vanguard Int-Term Corporate 0.02% 521 $44K No change
WIW Western Asst Infl-LNK Opp 0.02% 5,030 $43K Reduce -11.3%
GRAYSCALE ETHERM MINI TR ETF 0.02% 1,500 $42K New
NOBL Proshares S&P 500 Dividend A 0.02% 400 $42K New
SOXX iShares Semiconductor ETF 0.02% 2,450 $41K No change
QLTI GMO International QLTY ETF 0.01% 1,450 $39K New
VGT Vanguard Info Tech ETF 0.01% 50 $38K New
JAAA Janus Henderson Aaa Clo ETF 0.01% 716 $36K Reduce -9.4%
BND Vanguard Total Bond Market 0.01% 484 $36K Reduce -8.5%
XLE SS Energy Select Sector 0.01% 800 $36K No change
JOBY Joby Aviation Inc. 0.01% 2,057 $27K No change
PULS Pgim Ultra Short Bond ETF 0.01% 545 $27K Reduce -9.8%
BHK BlackRock Core Bond Trust 0.01% 2,730 $26K Reduce -12.3%
FIG Figma Inc. Class A 0.01% 653 $24K New
BILL Bill Holdings Inc. 0.01% 392 $21K No change
SHOP Shopify Inc. Class A 0.01% 117 $19K New
EVTR Eaton Vance Total Return 0.01% 359 $18K Reduce -8.2%
ISD Pgim High Yield Bond Fund 0.01% 1,263 $18K Reduce -8.9%
KNG FT Vest S&P 500 DVD Arst TRG 0.01% 368 $18K Reduce -8.7%
FTHI Fthi/First Trust Exchange-TR 0.01% 763 $18K Reduce -11.9%
JPC Nuveen Prefered & Income Opp 0.01% 2,215 $18K Reduce -10.7%
PFN PIMCO Income Strategy FD II 0.01% 2,390 $18K Reduce -9.8%
XEVVX Eaton Vance Ltd. Durat Inc. 0.01% 1,799 $18K Reduce -9.0%
TLH iShares 10-20 Year Treasury 0.01% 175 $18K Reduce -11.2%
ERC Allspring Multi-Sector Inc. 0.01% 1,911 $18K Reduce -10.2%
ARDC Ares Dynamic Credit All 0.01% 1,332 $18K Reduce -5.1%
BTZ BlackRock Credit Allocation 0.01% 1,633 $18K Reduce -11.3%
XETYX Eaton Vance Tax-MGD Div Eqty 0.01% 1,151 $18K Reduce -9.9%
AVGO Broadcom Inc. 0.01% 51 $18K New
META Meta Platforms Inc. Class A 0.01% 25 $17K Add +92.3%
MELI MercadoLibre Inc. 0.01% 8 $16K No change
NVNIF Nvni Group Ltd. 0.01% 5,587 $15K Reduce -90.0%
ACHR Archer Aviation Inc. Class A 0.01% 1,944 $15K No change
INTU Intuit Inc. 0.01% 95 $15K Add +331.8%
NFLX Netflix Inc. 0.01% 140 $13K New
XOM Exxon Mobil Corp. 0.00% 81 $10K New
VZ Verizon Communications Inc. 0.00% 232 $9K Reduce -8.3%
ETV Eaton Vance T/M Buy-Writ Opp 0.00% 650 $9K Reduce -11.3%
AMD Advanced Micro Devices 0.00% 26 $9K Reduce -10.3%
FXI iShares China Large-Cap ETF 0.00% 40 $9K Reduce -35.5%
NEE Nextera Energy Inc. 0.00% 106 $9K Reduce -24.3%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.00% 81 $8K New
UNH Unitedhealth Group Inc. 0.00% 24 $8K Reduce -40.0%
PANW Palo Alto Networks Inc. 0.00% 43 $8K Reduce -27.1%

Show all 115 holdings

Portfolio Sells Q3 2025 → Q4 2025
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -93.5% 0.85% −10.58
VTWO Vanguard Russell 2000 ETF Sold out 0.00% −2.96
TIP iShares Tips Bond ETF Reduce -83.5% 0.28% −1.21
GOOG Alphabet Inc. Class C Reduce -67.4% 0.75% −0.81
MSFT Microsoft Corp. Reduce -28.8% 1.20% −0.37
IEF iShares 7-10 Year Treasury B Reduce -80.9% 0.08% −0.29
IEI iShares 3-7 Year Treasury Bo Reduce -76.5% 0.10% −0.27
IBIT iShares Bitcoin Trust ETF Reduce -16.5% 0.55% −0.20
DMRC Digimarc Corp. Reduce -39.3% 0.15% −0.17
SPMO Invesco S&P 500 Momentum ETF Sold out 0.00% −0.14
NXE Nexgen Energy Ltd. Sold out 0.00% −0.11
ETHE Grayscale Ethereum Staking E Reduce -19.0% 0.19% −0.10
ARKK ARK Innovation ETF Sold out 0.00% −0.09
EWZ iShares MSCI Brazil ETF Reduce -35.8% 0.27% −0.09
VSXY Victoria's Secret & Co. Sold out 0.00% −0.08
IOT Samsara Inc. Class A Sold out 0.00% −0.05
SLV iShares Silver Trust Sold out 0.00% −0.05
PAM Pampa Energia SA-Spon ADR Sold out 0.00% −0.03
RPV Invesco S&P 500 Pure Value E Sold out 0.00% −0.02
LHX L3HARRIS Technologies Inc. Sold out 0.00% −0.01
AMZN Amazon.com Inc. Reduce -17.7% 1.49% −0.01
NVNIF Nvni Group Ltd. Reduce -90.0% 0.01% −0.01
CHI Calamos Convert Opport & Inc. Sold out 0.00% −0.01
RDVI FT Vest Rising Dividend Achi Sold out 0.00% −0.01
GJUL FT Vest US Equity Moderate B Sold out 0.00% −0.00
QCJL FT NSDQ 100 CN Buff ETF-Jul Sold out 0.00% −0.00
HYT BlackRock Corp. Hi YLD Sold out 0.00% −0.00
HYI Western Asset High Yield Opp Sold out 0.00% −0.00
IYG iShares U.S. Financial Servi Sold out 0.00% −0.00
UNH Unitedhealth Group Inc. Reduce -40.0% 0.00% −0.00
TTAN Servicetitan Inc. Class A Sold out 0.00% −0.00
PANW Palo Alto Networks Inc. Reduce -27.1% 0.00% −0.00
QUBT Quantum Computing Inc. Sold out 0.00% −0.00
AGG iShares Core U.S. Aggregate Sold out 0.00% −0.00
BHK BlackRock Core Bond Trust Reduce -12.3% 0.01% −0.00
NEE Nextera Energy Inc. Reduce -24.3% 0.00% −0.00
WIW Western Asst Infl-LNK Opp Reduce -11.3% 0.02% −0.00
FXI iShares China Large-Cap ETF Reduce -35.5% 0.00% −0.00
VZ Verizon Communications Inc. Reduce -8.3% 0.00% −0.00
BTZ BlackRock Credit Allocation Reduce -11.3% 0.01% 0.00
DMTKQ Dermtech Inc. Sold out 0.00% 0.00
XETYX Eaton Vance Tax-MGD Div Eqty Reduce -9.9% 0.01% 0.00
FTHI Fthi/First Trust Exchange-TR Reduce -11.9% 0.01% 0.00
ERC Allspring Multi-Sector Inc. Reduce -10.2% 0.01% 0.00
AMD Advanced Micro Devices Reduce -10.3% 0.00% +0.00
XEVVX Eaton Vance Ltd. Durat Inc. Reduce -9.0% 0.01% +0.00
ETV Eaton Vance T/M Buy-Writ Opp Reduce -11.3% 0.00% +0.00
TLH iShares 10-20 Year Treasury Reduce -11.2% 0.01% +0.00
JPC Nuveen Prefered & Income Opp Reduce -10.7% 0.01% +0.00
ARDC Ares Dynamic Credit All Reduce -5.1% 0.01% +0.00

Portfolio Buys Q3 2025 → Q4 2025
EFA iShares MSCI Eafe ETF Add +5.2% 16.39% +3.19
IEMG iShares Core MSCI Emerging Add +12.8% 5.67% +1.37
GGAL Grupo Financiero Galicia-ADR Add +34.7% 0.50% +0.33
SW Smurfit Westrock PLC Add +34.7% 0.50% +0.28
SGML Sigma Lithium Corp. New 0.28% +0.28
BITW Bitwise 10 Crypto Index ETF New 0.18% +0.18
RSX Vaneck Russia ETF New 0.10% +0.10
IVV iShares Core S&P 500 ETF New 0.08% +0.08
EL Estee Lauder Companies Class A Add +12.7% 0.35% +0.08
EEM iShares MSCI Emerging Market Add +7.6% 0.27% +0.06
VT Vanguard Tot World STK ETF New 0.05% +0.05
SHEL Shell PLC-ADR New 0.03% +0.03
GOOGL Alphabet Inc. Class A Add +7.2% 0.06% +0.02
GRAYSCALE ETHERM MINI TR ETF New 0.02% +0.02
NOBL Proshares S&P 500 Dividend A New 0.02% +0.02
QLTI GMO International QLTY ETF New 0.01% +0.01
VGT Vanguard Info Tech ETF New 0.01% +0.01
NVDA Nvidia Corp. Add +25.4% 0.04% +0.01
FIG Figma Inc. Class A New 0.01% +0.01
SHOP Shopify Inc. Class A New 0.01% +0.01
AVGO Broadcom Inc. New 0.01% +0.01
NFLX Netflix Inc. New 0.01% +0.01
XOM Exxon Mobil Corp. New 0.00% +0.00
DIA SS SPDR Dow Jones Indus Avg New 0.00% +0.00
META Meta Platforms Inc. Class A Add +92.3% 0.01% +0.00
PROSHARES SHORT QQQ New 0.00% +0.00
LNG Cheniere Energy Inc. New 0.00% +0.00
ICLN iShares Global Clean Energy New 0.00% +0.00
AMBIQ Ambipar Emergency Response Add +18.4% 0.03% +0.00
INTU Intuit Inc. Add +331.8% 0.01% −0.00
PXD Pioneer Natural Resources Co. Add +4.3% 0.70% −0.54

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