Vinland Capital Management Gestora de Recursos LTDA. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 24, 2024), Vinland Capital Management Gestora de Recursos LTDA. reported 43 stock positions worth $120.2 million . Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 20.8% of the portfolio, followed by Petroleo Brasileiro-Spon ADR (PBR, 13.7% ) and Vale SA-SP ADR (VALE, 9.4% ). Compared with Q4 2023, it opened 37 new positions and reduced 6. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Vale SA-SP ADR (VALE, shares −81% ).
Location SAO PAULO, D5
CIK 0001944332
Portfolio Value $120.2M (Q1 2024) Holdings 43 stocks · $120.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 SPY SS SPDR S&P 500 ETF Trust-US 47,720 $25.0M New PBR Petroleo Brasileiro-Spon ADR 1,080,130 $16.4M Reduce -67.8% VALE Vale SA-SP ADR 930,664 $11.3M Reduce -81.0% GS Goldman Sachs Group Inc. 15,482 $6.5M New NVDA Nvidia Corp. 6,989 $6.3M New ITUB Itau Unibanco H-Spon PRF ADR 679,270 $4.7M Reduce -79.0% GOOGL Alphabet Inc. Class A 10,919 $1.6M Reduce -86.8% SLB SLB Ltd. filed as SCHLUMBERGER LTD 29,845 $1.6M New HAL Halliburton Co. 41,400 $1.6M New CAT Caterpillar Inc. 4,277 $1.6M New CTAS Cintas Corp. 2,275 $1.6M New LMT Lockheed Martin Corp. 3,367 $1.5M New TT Trane Technologies PLC 5,095 $1.5M New CL Colgate-Palmolive Co. 16,924 $1.5M New ITW Illinois Tool Works 5,641 $1.5M New TJX TJX Companies Inc. filed as TJX COS INC NEW 14,922 $1.5M New HON Honeywell International Inc. 7,370 $1.5M New SNA Snap-on Inc. 5,095 $1.5M New FAST Fastenal Co. 19,563 $1.5M New CSCO Cisco Systems Inc. 30,209 $1.5M New KO The Coca-Cola Co. 24,567 $1.5M New MCO Moody's Corp. 3,822 $1.5M New GILD Gilead Sciences Inc. 20,291 $1.5M New GWW WW Grainger Inc. filed as GRAINGER W W INC 1,456 $1.5M New IT Gartner Inc. 49,679 $1.5M New JNJ Johnson & Johnson 9,190 $1.5M New PAYX Paychex Inc. 11,829 $1.5M New VRSK Verisk Analytics Inc. 6,096 $1.4M New NFLX Netflix Inc. 2,366 $1.4M New AAPL Apple Inc. 8,371 $1.4M Reduce -95.5% CDNS Cadence Design SYS Inc. 4,549 $1.4M New META Meta Platforms Inc. Class A 2,912 $1.4M New SNPS Synopsys Inc. 2,457 $1.4M New FICO Fair Isaac Corp. 1,092 $1.4M New ZTS Zoetis Inc. 7,825 $1.3M New LULU Lululemon Athletica Inc. 3,185 $1.2M New MELI MercadoLibre Inc. 784 $1.2M New GDX Vaneck Gold Miners ETF 31,912 $1.0M Reduce -59.0% XP XP Inc. Class A 37,900 $972K New LISTED FD TR 36,328 $913K New TSM Taiwan Semiconductor-SP ADR 5,400 $735K New MRDB Mariadb PLC 1,052,632 $474K New LLY Eli Lilly & Co. 205 $159K New
Options reported separately and not counted above: EWZ calls ($86.8M), IWM calls ($66.5M), PBR puts ($23.9M), META calls ($19.4M), XP puts ($17.6M), VALE calls ($16.8M), CDNS calls ($13.1M), VALE puts ($11.4M), NVDA calls ($9.0M), SGML calls ($5.7M), ITUB puts ($4.8M), PBR calls ($2.6M), and 1 more.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ VALE Vale SA-SP ADR Reduce -81.0% 9.44% −10.73 AAPL Apple Inc. Reduce -95.5% 1.19% −8.21 ITUB Itau Unibanco H-Spon PRF ADR Reduce -79.0% 3.92% −2.02 GOOGL Alphabet Inc. Class A Reduce -86.8% 1.37% −1.99 PBR Petroleo Brasileiro-Spon ADR Reduce -67.8% 13.67% −0.44 GDX Vaneck Gold Miners ETF Reduce -59.0% 0.84% +0.21
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ SPY SS SPDR S&P 500 ETF Trust-US New 20.77% +20.77 GS Goldman Sachs Group Inc. New 5.38% +5.38 NVDA Nvidia Corp. New 5.25% +5.25 SLB SLB Ltd. New 1.36% +1.36 HAL Halliburton Co. New 1.36% +1.36 CAT Caterpillar Inc. New 1.30% +1.30 CTAS Cintas Corp. New 1.30% +1.30 LMT Lockheed Martin Corp. New 1.27% +1.27 TT Trane Technologies PLC New 1.27% +1.27 CL Colgate-Palmolive Co. New 1.27% +1.27 ITW Illinois Tool Works New 1.26% +1.26 TJX TJX Companies Inc. New 1.26% +1.26 HON Honeywell International Inc. New 1.26% +1.26 SNA Snap-on Inc. New 1.26% +1.26 FAST Fastenal Co. New 1.26% +1.26 CSCO Cisco Systems Inc. New 1.25% +1.25 KO The Coca-Cola Co. New 1.25% +1.25 MCO Moody's Corp. New 1.25% +1.25 GILD Gilead Sciences Inc. New 1.24% +1.24 GWW WW Grainger Inc. New 1.23% +1.23 IT Gartner Inc. New 1.23% +1.23 JNJ Johnson & Johnson New 1.21% +1.21 PAYX Paychex Inc. New 1.21% +1.21 NFLX Netflix Inc. New 1.20% +1.20 VRSK Verisk Analytics Inc. New 1.20% +1.20 CDNS Cadence Design SYS Inc. New 1.18% +1.18 META Meta Platforms Inc. Class A New 1.18% +1.18 SNPS Synopsys Inc. New 1.17% +1.17 FICO Fair Isaac Corp. New 1.14% +1.14 ZTS Zoetis Inc. New 1.10% +1.10 LULU Lululemon Athletica Inc. New 1.04% +1.04 MELI MercadoLibre Inc. New 0.99% +0.99 XP XP Inc. Class A New 0.81% +0.81 LISTED FD TR New 0.76% +0.76 TSM Taiwan Semiconductor-SP ADR New 0.61% +0.61 MRDB Mariadb PLC New 0.39% +0.39 LLY Eli Lilly & Co. New 0.13% +0.13
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ EWZ iShares MSCI Brazil ETF call Add +33.3% 2,678,600 $86.8M IWM iShares Russell 2000 ETF call Reduce -79.5% 316,400 $66.5M PBR Petroleo Brasileiro-Spon ADR put Reduce -6.4% 1,573,700 $23.9M META Meta Platforms Inc. Class A call New 40,000 $19.4M XP XP Inc. Class A put New 687,000 $17.6M VALE Vale SA-SP ADR call Reduce -9.1% 1,375,900 $16.8M CDNS Cadence Design SYS Inc. call New 42,000 $13.1M VALE Vale SA-SP ADR put New 938,800 $11.4M NVDA Nvidia Corp. call New 10,000 $9.0M SGML Sigma Lithium Corp. call Reduce -76.4% 440,000 $5.7M ITUB Itau Unibanco H-Spon PRF ADR put New 687,500 $4.8M PBR Petroleo Brasileiro-Spon ADR call Reduce -91.5% 170,500 $2.6M EWZ iShares MSCI Brazil ETF put Reduce -95.9% 61,900 $2.0M BBD Banco Bradesco-ADR put Reduce -100.0% 0 $0 GOOGL Alphabet Inc. Class A call Reduce -100.0% 0 $0 KRE SS SPDR S&P Regional Bank call Reduce -100.0% 0 $0 AAPL Apple Inc. put Reduce -100.0% 0 $0 ABEV Ambev SA-ADR call Reduce -100.0% 0 $0
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ EXTOY Almacenes Exito SA-ADR SPON ADS Reduce -100.0% 0 $0 EWZ iShares MSCI Brazil ETF MSCI BRAZIL ETF Reduce -100.0% 0 $0 ELP Companhia Paranaense DE Ener SPON ADS Reduce -100.0% 0 $0 BBD Banco Bradesco-ADR SP ADR PFD NEW Reduce -100.0% 0 $0 IWM iShares Russell 2000 ETF RUSSELL 2000 ETF Reduce -100.0% 0 $0 ELPC Cia Paranaense DE Ener-ADR SPONSORED ADS Reduce -100.0% 0 $0 CIG.C Cia Energetica DE-Spon ADR SPONSORED ADR Reduce -100.0% 0 $0 CBDBY Cia Brasileira DE Dis- ADR SPONSORED ADR Reduce -100.0% 0 $0 BSBR Banco Santander Brasil-ADS ADS REP 1 UNIT Reduce -100.0% 0 $0 PBR.A Petroleo Brasil-SP Pref ADR SP ADR NON VTG Reduce -100.0% 0 $0 AXIAY Axia Energia-ADR SPONSORED ADR Reduce -100.0% 0 $0
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 10 $10.1M SPY, TX, ITUB, BUD, VALE Q1 2026 6 $6.1M SPY, STNE, DLO, XLE, BBD Q4 2025 40 $8.2M XME, VALE, SPY, NU, EMXC Q3 2025 36 $7.8M NU, KWEB, AUGO, ITA, XLE Q2 2025 1 $724K MELI Q1 2025 8 $3.8M TIMB, ABEV, AXICY, NVDA, RIO Q4 2024 5 $20.3M TIP, ITUB, EWZ, AXIAY, MELI Q3 2024 27 $26.2M ITUB, PYPL, A, TGT, SHW Q2 2024 31 $67.4M ITUB, AAPL, AMZN, TJX, ROST Q1 2024 43 $120.2M SPY, PBR, VALE, GS, NVDA