Vinland Capital Management Gestora de Recursos LTDA. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 24, 2025), Vinland Capital Management Gestora de Recursos LTDA. reported 5 stock positions worth $20.3 million . Its top holding was iShares Tips Bond ETF (TIP) at 70.8% of the portfolio, followed by Itau Unibanco H-Spon PRF ADR (ITUB, 17.6% ) and iShares MSCI Brazil ETF (EWZ, 11.1% ). Compared with Q3 2024, it opened 3 new positions, added to 1 and reduced 1. The biggest buy was a new position in iShares Tips Bond ETF (TIP) and the biggest sale Itau Unibanco H-Spon PRF ADR (ITUB, shares −4% ).
Location SAO PAULO, D5
CIK 0001944332
Portfolio Value $20.3M (Q4 2024) Holdings 5 stocks · $20.3M 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 Q3 2024 TIP iShares Tips Bond ETF 135,100 $14.4M New ITUB Itau Unibanco H-Spon PRF ADR 722,529 $3.6M Reduce -3.6% EWZ iShares MSCI Brazil ETF 99,870 $2.2M New AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR 8,762 $56K New MELI MercadoLibre Inc. 22 $37K Add +0.0%
Options reported separately and not counted above: SPY puts ($29.3M), TIP puts ($16.6M), TIP calls ($16.4M), EWZ puts ($15.9M), ASHR calls ($8.0M), IBIT calls ($5.3M), EWZ calls ($4.7M), ITUB puts ($3.8M), ITUB calls ($503K).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ ITUB Itau Unibanco H-Spon PRF ADR Reduce -3.6% 17.64% −1.38
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ TIP iShares Tips Bond ETF New 70.84% +70.84 EWZ iShares MSCI Brazil ETF New 11.06% +11.06 AXIAY Axia Energia-ADR New 0.28% +0.28 MELI MercadoLibre Inc. Add +0.0% 0.18% +0.18
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 50,000 $29.3M TIP iShares Tips Bond ETF put New 156,000 $16.6M TIP iShares Tips Bond ETF call New 153,700 $16.4M EWZ iShares MSCI Brazil ETF put Add +1074.8% 704,900 $15.9M ASHR Xtrackers Harvest Csi 300 CH call New 304,000 $8.0M IBIT iShares Bitcoin Trust ETF call New 100,000 $5.3M EWZ iShares MSCI Brazil ETF call Add +0.0% 210,800 $4.7M ITUB Itau Unibanco H-Spon PRF ADR put Add +3.2% 775,600 $3.8M ITUB Itau Unibanco H-Spon PRF ADR call New 101,500 $503K KWEB Kranesh Csi China Internet call Reduce -100.0% 0 $0 NU Nu Holdings Ltd./Cayman Isl-A put 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 Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ PYPL PayPal Holdings Inc. COM Reduce -100.0% 0 $0 A Agilent Technologies Inc. COM Reduce -100.0% 0 $0 TGT Target Corp. COM Reduce -100.0% 0 $0 SHW The Sherwin-Williams Co. COM Reduce -100.0% 0 $0 ZTS Zoetis Inc. CL A Reduce -100.0% 0 $0 FTNT Fortinet Inc. COM Reduce -100.0% 0 $0 MCO Moody's Corp. COM Reduce -100.0% 0 $0 KMB Kimberly-Clark Corp. COM Reduce -100.0% 0 $0 MRK Merck & Co. Inc. COM Reduce -100.0% 0 $0 JNJ Johnson & Johnson COM Reduce -100.0% 0 $0 CBOE Cboe Global Markets Inc. COM Reduce -100.0% 0 $0 META Meta Platforms Inc. Class A CL A Reduce -100.0% 0 $0 ETN Eaton Corp. PLC SHS Reduce -100.0% 0 $0 AMAT Applied Materials Inc. COM Reduce -100.0% 0 $0 TT Trane Technologies PLC SHS Reduce -100.0% 0 $0 GOOGL Alphabet Inc. Class A CAP STK CL A Reduce -100.0% 0 $0 PH Parker Hannifin Corp. COM Reduce -100.0% 0 $0 NFLX Netflix Inc. COM Reduce -100.0% 0 $0 AAPL Apple Inc. COM Reduce -100.0% 0 $0 AMZN Amazon.com Inc. COM Reduce -100.0% 0 $0 MSI Motorola Solutions Inc. COM NEW Reduce -100.0% 0 $0 MSFT Microsoft Corp. COM Reduce -100.0% 0 $0 VALE Vale SA-SP ADR SPONSORED ADS Reduce -100.0% 0 $0 PPC Pilgrim's Pride Corp. COM Reduce -100.0% 0 $0 STNE Stoneco Ltd. Class A COM CL A Reduce -100.0% 0 $0 ELP Companhia Paranaense DE Ener SPON ADS Reduce -100.0% 0 $0 CAT Caterpillar Inc. COM Sold out 0 $0before exit CTAS Cintas Corp. COM Sold out 0 $0before exit KO The Coca-Cola Co. COM Sold out 0 $0before exit COST Costco Wholesale Corp. COM Sold out 0 $0before exit EA Electronic Arts Inc. COM Sold out 0 $0before exit FFIV F5 Inc. COM Sold out 0 $0before exit HAL Halliburton Co. COM Sold out 0 $0before exit HON Honeywell International Inc. COM Sold out 0 $0before exit IDXX Idexx Laboratories Inc. COM Sold out 0 $0before exit ITW Illinois Tool Works COM Sold out 0 $0before exit NVDA Nvidia Corp. COM Sold out 0 $0before exit PG The Procter & Gamble Co. COM Sold out 0 $0before exit ROST Ross Stores Inc. COM Sold out 0 $0before exit TJX TJX Companies Inc. COM Sold out 0 $0before exit V Visa Inc. Class A COM CL A Sold out 0 $0before exit MRDB Mariadb PLC ORD SHS Sold out 0 $0before exit
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