Vinland Capital Management Gestora de Recursos LTDA.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 23, 2026), Vinland Capital Management Gestora de Recursos LTDA. reported 40 stock positions worth $8.2 million. Its top holding was SS SPDR S&P Metals Mining (XME) at 8.0% of the portfolio, followed by Vale SA-SP ADR (VALE, 8.0%) and SS SPDR S&P 500 ETF Trust-US (SPY, 6.9%). Compared with Q3 2025, it opened 30 new positions and reduced 10. The biggest buy was a new position in SS SPDR S&P Metals Mining (XME) and the biggest sale Nu Holdings Ltd./Cayman Isl-A (NU, shares −11%).

Most Recent 13F
Q2 2026
Location
SAO PAULO, D5
CIK
0001944332
Portfolio Value
$8.2M (Q4 2025)
SEC Filing
0001944332-26-000005 ↗ 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 Q1 2025 Q2 2025: $724K Q2 2025 Q3 2025: $7.8M Q3 2025 Q4 2025: $8.2M $8.2M Q4 2025 Q1 2026: $6.1M Q1 2026 Q2 2026: $10.1M Q2 2026

Holdings 40 stocks · $8.2M
XME SS SPDR S&P Metals Mining 7.98% 6,300 $653K New
VALE Vale SA-SP ADR 7.96% 50,000 $652K New
SPY SS SPDR S&P 500 ETF Trust-US 6.91% 151 $566K New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 6.26% 28,144 $513K Reduce -10.8%
EMXC iShares MSCI Emr MRK Ex Chna 3.54% 725 $289K New
VGK Vanguard Ftse Europe ETF 3.44% 613 $282K New
LLY Eli Lilly & Co. 2.26% 172 $185K New
GS Goldman Sachs Group Inc. 2.13% 198 $174K New
JNJ Johnson & Johnson 2.12% 838 $173K Reduce -15.0%
WMT Walmart Inc. 2.06% 1,516 $169K Reduce -12.8%
HAL Halliburton Co. 2.04% 5,896 $167K New
VTRS Viatris Inc. 2.03% 13,348 $166K New
KEYS Keysight Technologies Inc. 1.99% 802 $163K New
ULTA Ulta Beauty Inc. 1.99% 269 $163K New
RL Ralph Lauren Corp. 1.98% 458 $162K New
F Ford Motor Co. filed as FORD MTR CO 1.97% 12,292 $161K New
C Citigroup Inc. 1.97% 1,382 $161K New
UAL United Airlines Holdings Inc. 1.97% 1,440 $161K New
TPR Tapestry Inc. 1.96% 1,257 $161K New
IQV Iqvia Holdings Inc. 1.95% 709 $160K New
ROK Rockwell Automation Inc. 1.94% 408 $159K New
PH Parker Hannifin Corp. 1.93% 180 $158K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.93% 2,866 $158K Reduce -18.9%
ROST Ross Stores Inc. 1.93% 875 $158K New
CAT Caterpillar Inc. 1.92% 275 $158K Reduce -29.3%
WDC Western Digital Corp. 1.88% 894 $154K New
STX Seagate Technology Holdings 1.88% 558 $154K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.87% 518 $153K New
CRS Carpenter Technology 1.86% 484 $152K New
KLAC KLA Corp. 1.84% 124 $151K New
TIGO Millicom Intl Cellular S.A. 1.75% 2,590 $144K Reduce -28.1%
MNST Monster Beverage Corp. 1.72% 1,840 $141K New
GOOGL Alphabet Inc. Class A 1.72% 450 $141K Reduce -39.8%
MU Micron Technology Inc. 1.71% 490 $140K New
JCI Johnson Controls Internation 1.70% 1,160 $139K New
JPM JPMorgan Chase & Co. 1.69% 430 $139K Reduce -28.0%
EWJ iShares MSCI Japan ETF 1.69% 312 $138K New
APP AppLovin Corp. Class A 1.65% 200 $135K New
PLTR Palantir Technologies Inc. Class A 1.61% 740 $132K Reduce -25.3%
CDE Coeur Mining Inc. 1.27% 5,807 $104K Reduce -43.7%

Portfolio Sells Q3 2025 → Q4 2025
NU Nu Holdings Ltd./Cayman Isl-A Reduce -10.8% 6.26% −1.32
CDE Coeur Mining Inc. Reduce -43.7% 1.27% −1.23
JPM JPMorgan Chase & Co. Reduce -28.0% 1.69% −0.74
PLTR Palantir Technologies Inc. Class A Reduce -25.3% 1.61% −0.72
GOOGL Alphabet Inc. Class A Reduce -39.8% 1.72% −0.62
TIGO Millicom Intl Cellular S.A. Reduce -28.1% 1.75% −0.50
CAT Caterpillar Inc. Reduce -29.3% 1.92% −0.47
BAC Bank of America Corp. Reduce -18.9% 1.93% −0.43
WMT Walmart Inc. Reduce -12.8% 2.06% −0.25
JNJ Johnson & Johnson Reduce -15.0% 2.12% −0.24

Portfolio Buys Q3 2025 → Q4 2025
XME SS SPDR S&P Metals Mining New 7.98% +7.98
VALE Vale SA-SP ADR New 7.96% +7.96
SPY SS SPDR S&P 500 ETF Trust-US New 6.91% +6.91
EMXC iShares MSCI Emr MRK Ex Chna New 3.54% +3.54
VGK Vanguard Ftse Europe ETF New 3.44% +3.44
LLY Eli Lilly & Co. New 2.26% +2.26
GS Goldman Sachs Group Inc. New 2.13% +2.13
HAL Halliburton Co. New 2.04% +2.04
VTRS Viatris Inc. New 2.03% +2.03
KEYS Keysight Technologies Inc. New 1.99% +1.99
ULTA Ulta Beauty Inc. New 1.99% +1.99
RL Ralph Lauren Corp. New 1.98% +1.98
F Ford Motor Co. New 1.97% +1.97
C Citigroup Inc. New 1.97% +1.97
UAL United Airlines Holdings Inc. New 1.97% +1.97
TPR Tapestry Inc. New 1.96% +1.96
IQV Iqvia Holdings Inc. New 1.95% +1.95
ROK Rockwell Automation Inc. New 1.94% +1.94
PH Parker Hannifin Corp. New 1.93% +1.93
ROST Ross Stores Inc. New 1.93% +1.93
WDC Western Digital Corp. New 1.88% +1.88
STX Seagate Technology Holdings New 1.88% +1.88
IBM Intl Business Machines Corp. New 1.87% +1.87
CRS Carpenter Technology New 1.86% +1.86
KLAC KLA Corp. New 1.84% +1.84
MNST Monster Beverage Corp. New 1.72% +1.72
MU Micron Technology Inc. New 1.71% +1.71
JCI Johnson Controls Internation New 1.70% +1.70
EWJ iShares MSCI Japan ETF New 1.69% +1.69
APP AppLovin Corp. Class A New 1.65% +1.65

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US 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 Q3 2025 → Q4 2025
KWEB Kranesh Csi China Internet CSI CHI INTERNET Reduce -100.0% 0 $0
AUGO Aura Minerals Inc. SHS NEW Reduce -100.0% 0 $0
ITA iShares U.S. Aerospace & Def US AER DEF ETF Reduce -100.0% 0 $0
XLE SS Energy Select Sector ST STR ENERG ETF Reduce -100.0% 0 $0
GLW Corning Inc. COM Reduce -100.0% 0 $0
KTOS Kratos Defense & Security COM NEW Reduce -100.0% 0 $0
NEM Newmont Corp. COM Reduce -100.0% 0 $0
RBLX Roblox Corp. Class A CL A Reduce -100.0% 0 $0
CIEN Ciena Corp. COM NEW Reduce -100.0% 0 $0
GE General Electric COM NEW Reduce -100.0% 0 $0
TSM Taiwan Semiconductor-SP ADR SPONSORED ADS Reduce -100.0% 0 $0
AMX America Movil Sab DE CV SPON ADS RP CL B Reduce -100.0% 0 $0
MPC Marathon Petroleum Corp. COM Reduce -100.0% 0 $0
GD General Dynamics Corp. COM Reduce -100.0% 0 $0
WYNN WYNN Resorts Ltd. COM Reduce -100.0% 0 $0
MLI Mueller Industries Inc. COM Reduce -100.0% 0 $0
CVS CVS Health Corp. COM Reduce -100.0% 0 $0
APTV Aptiv PLC COM SHS Reduce -100.0% 0 $0
EWY iShares MSCI South Korea ETF MSCI STH KOR ETF Reduce -100.0% 0 $0
NVT Nvent Electric PLC SHS Reduce -100.0% 0 $0
ACM Aecom COM Reduce -100.0% 0 $0
ITT Itt Inc. COM Reduce -100.0% 0 $0
FFIV F5 Inc. COM Reduce -100.0% 0 $0
ROKU Roku Inc. COM CL A Reduce -100.0% 0 $0
NET Cloudflare Inc. Class A CL A COM Reduce -100.0% 0 $0
JLL Jones Lang Lasalle Inc. COM Reduce -100.0% 0 $0
MELI MercadoLibre Inc. COM 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