Vinland Capital Management Gestora de Recursos LTDA.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed February 23, 2026), Vinland Capital Management Gestora de Recursos LTDA. reported 8 stock positions worth $3.8 million. Its top holding was Tim SA-ADR (TIMB) at 35.8% of the portfolio, followed by Ambev SA-ADR (ABEV, 24.8%) and Centrais Eletricas Brasileir (AXICY, 18.8%). Compared with Q4 2024, it opened 8 new positions. The biggest buy was a new position in Tim SA-ADR (TIMB).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001944332
Portfolio Value
$3.8M (Q1 2025)
SEC Filing
0001944332-26-000002 ↗ filed Feb 23, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $120.2M Q1 2024 Q2 2024: $67.4M Q2 2024 Q3 2024: $26.2M Q3 2024 Q4 2024: $20.3M Q4 2024 Q1 2025: $3.8M $3.8M Q1 2025 Q2 2025: $724K Q2 2025 Q3 2025: $7.8M Q3 2025 Q4 2025: $8.2M Q4 2025 Q1 2026: $6.1M Q1 2026 Q2 2026: $10.1M Q2 2026

Holdings 8 stocks · $3.8M
TIMB Tim SA-ADR 35.84% 86,220 $1.3M New
ABEV Ambev SA-ADR 24.75% 400,000 $932K New
AXICY Centrais Eletricas Brasileir 18.85% 91,103 $710K New
NVDA Nvidia Corp. 11.51% 4,000 $434K New
RIO Rio Tinto PLC-Spon ADR 5.11% 3,200 $192K New
PBR.A Petroleo Brasil-SP Pref ADR 3.81% 11,000 $143K New
CIG.C Cia Energetica DE-Spon ADR 0.09% 1,337 $3K New
BBD Banco Bradesco-ADR 0.04% 680 $2K New

Options reported separately and not counted above: SPY puts ($62.4M), TIP calls ($38.5M), TIP puts ($28.5M), XP puts ($5.9M).

Portfolio Sells Q4 2024 → Q1 2025
None this quarter.

Portfolio Buys Q4 2024 → Q1 2025
TIMB Tim SA-ADR New 35.84% +35.84
ABEV Ambev SA-ADR New 24.75% +24.75
AXICY Centrais Eletricas Brasileir New 18.85% +18.85
NVDA Nvidia Corp. New 11.51% +11.51
RIO Rio Tinto PLC-Spon ADR New 5.11% +5.11
PBR.A Petroleo Brasil-SP Pref ADR New 3.81% +3.81
CIG.C Cia Energetica DE-Spon ADR New 0.09% +0.09
BBD Banco Bradesco-ADR New 0.04% +0.04

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +123.2% 111,600 $62.4M
TIP iShares Tips Bond ETF call Add +127.0% 348,900 $38.5M
TIP iShares Tips Bond ETF put Add +65.5% 258,100 $28.5M
XP XP Inc. Class A put New 430,200 $5.9M
EWZ iShares MSCI Brazil ETF put Reduce -100.0% 0 $0
ASHR Xtrackers Harvest Csi 300 CH call Reduce -100.0% 0 $0
IBIT iShares Bitcoin Trust ETF call Reduce -100.0% 0 $0
EWZ iShares MSCI Brazil ETF call Reduce -100.0% 0 $0
ITUB Itau Unibanco H-Spon PRF ADR put Reduce -100.0% 0 $0
ITUB Itau Unibanco H-Spon PRF ADR call Reduce -100.0% 0 $0
KWEB Kranesh Csi China Internet call Sold out 0 $0before exit
NU Nu Holdings Ltd./Cayman Isl-A put Sold out 0 $0before exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
TIP iShares Tips Bond ETF TIPS BD ETF Reduce -100.0% 0 $0
ITUB Itau Unibanco H-Spon PRF ADR SPON ADR REP PFD Reduce -100.0% 0 $0
EWZ iShares MSCI Brazil ETF MSCI BRAZIL ETF Reduce -100.0% 0 $0
AXIAY Axia Energia-ADR SPONSORED ADR Reduce -100.0% 0 $0
MELI MercadoLibre Inc. COM Reduce -100.0% 0 $0
A Agilent Technologies Inc. COM Sold out 0 $0before exit
GOOGL Alphabet Inc. Class A CAP STK CL A Sold out 0 $0before exit
AMZN Amazon.com Inc. COM Sold out 0 $0before exit
AAPL Apple Inc. COM Sold out 0 $0before exit
AMAT Applied Materials Inc. COM Sold out 0 $0before exit
CBOE Cboe Global Markets Inc. COM Sold out 0 $0before exit
ELP Companhia Paranaense DE Ener SPON ADS Sold out 0 $0before exit
META Meta Platforms Inc. Class A CL A Sold out 0 $0before exit
FTNT Fortinet Inc. COM Sold out 0 $0before exit
JNJ Johnson & Johnson COM Sold out 0 $0before exit
KMB Kimberly-Clark Corp. COM Sold out 0 $0before exit
MRK Merck & Co. Inc. COM Sold out 0 $0before exit
MSFT Microsoft Corp. COM Sold out 0 $0before exit
MCO Moody's Corp. COM Sold out 0 $0before exit
MSI Motorola Solutions Inc. COM NEW Sold out 0 $0before exit
NFLX Netflix Inc. COM Sold out 0 $0before exit
PH Parker Hannifin Corp. COM Sold out 0 $0before exit
PYPL PayPal Holdings Inc. COM Sold out 0 $0before exit
PPC Pilgrim's Pride Corp. COM Sold out 0 $0before exit
SHW The Sherwin-Williams Co. COM Sold out 0 $0before exit
TGT Target Corp. COM Sold out 0 $0before exit
VALE Vale SA-SP ADR SPONSORED ADS Sold out 0 $0before exit
ZTS Zoetis Inc. CL A Sold out 0 $0before exit
ETN Eaton Corp. PLC SHS Sold out 0 $0before exit
STNE Stoneco Ltd. Class A COM CL A Sold out 0 $0before exit
TT Trane Technologies PLC SHS Sold out 0 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$10.1MSPY, TX, ITUB, BUD, VALE
Q1 2026 6$6.1MSPY, STNE, DLO, XLE, BBD
Q4 2025 40$8.2MXME, VALE, SPY, NU, EMXC
Q3 2025 36$7.8MNU, KWEB, AUGO, ITA, XLE
Q2 2025 1$724KMELI
Q1 2025 8$3.8MTIMB, ABEV, AXICY, NVDA, RIO
Q4 2024 5$20.3MTIP, ITUB, EWZ, AXIAY, MELI
Q3 2024 27$26.2MITUB, PYPL, A, TGT, SHW
Q2 2024 31$67.4MITUB, AAPL, AMZN, TJX, ROST
Q1 2024 43$120.2MSPY, PBR, VALE, GS, NVDA