VPR Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), VPR Management LLC reported 60 stock positions worth $220.1 million. Its top holding was Vanguard Ftse Developed ETF (VEA) at 14.3% of the portfolio, followed by iShares Gold Trust (IAU, 14.0%) and NT Mstar GLBL NR ETF (GUNR, 9.9%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 8 and reduced 12. The biggest buy was a new position in JBS NV-A (JBS) and the biggest sale iShares MSCI Acwi ETF (ACWI, shares −53%).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001894203
Portfolio Value
$220.1M (Q3 2025)
SEC Filing
0001894203-25-000007 ↗ filed Nov 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $360.4M Q1 2024 Q2 2024: $267.6M Q2 2024 Q3 2024: $287.0M Q3 2024 Q4 2024: $191.9M Q4 2024 Q1 2025: $205.9M Q1 2025 Q2 2025: $213.0M Q2 2025 Q3 2025: $220.1M $220.1M Q3 2025 Q4 2025: $224.5M Q4 2025 Q1 2026: $250.2M Q1 2026 Q2 2026: $249.0M Q2 2026

Holdings 60 stocks · $220.1M
VEA Vanguard Ftse Developed ETF 14.31% 525,600 $31.5M No change
IAU iShares Gold Trust 13.98% 422,930 $30.8M No change
GUNR NT Mstar GLBL NR ETF 9.90% 497,600 $21.8M Reduce -5.8%
EWC iShares MSCI Canada ETF 8.08% 351,800 $17.8M No change
EWZ iShares MSCI Brazil ETF 6.95% 493,400 $15.3M No change
VTI VG Morningstar TS MKT ETF-US 6.08% 40,800 $13.4M No change
VIG Vanguard Dividend Apprec ETF 5.16% 52,630 $11.4M No change
IEMG iShares Core MSCI Emerging 3.80% 126,800 $8.4M No change
EMLC Vaneck JPM Em Local Curr BND 3.67% 316,200 $8.1M No change
ACWI iShares MSCI Acwi ETF 2.75% 43,700 $6.0M Reduce -53.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 2.24% 307,600 $4.9M Reduce -4.7%
GNR State Street SPDR S&P Global 2.09% 77,550 $4.6M No change
MELI MercadoLibre Inc. 1.69% 1,594 $3.7M Add +6.7%
AGNC AGNC Investment Corp. 1.52% 342,500 $3.4M Reduce -2.1%
FCX Freeport-McMoran Inc. 1.44% 81,000 $3.2M No change
ITUB Itau Unibanco H-Spon PRF ADR 1.42% 425,256 $3.1M No change
EFV iShares MSCI Eafe Value ETF 1.10% 35,700 $2.4M No change
EWU iShares MSCI United Kingdom 1.07% 55,900 $2.3M No change
XOM Exxon Mobil Corp. 0.98% 19,200 $2.2M No change
KOF Coca-Cola Femsa Sab-SP ADR 0.94% 24,789 $2.1M No change
VWO Vanguard Ftse Emerging Marke 0.93% 37,700 $2.0M No change
PBR.A Petroleo Brasil-SP Pref ADR 0.83% 154,260 $1.8M No change
PBR Petroleo Brasileiro-Spon ADR 0.76% 132,846 $1.7M No change
CVX Chevron Corp. 0.61% 8,700 $1.4M No change
VALE Vale SA-SP ADR 0.60% 122,010 $1.3M No change
RIO Rio Tinto PLC-Spon ADR 0.51% 17,000 $1.1M No change
BHP BHP Group Ltd.-Spon ADR 0.51% 20,000 $1.1M No change
AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR 0.45% 100,104 $993K No change
ABEV Ambev SA-ADR 0.39% 387,929 $865K Reduce -37.1%
XLE SS Energy Select Sector 0.32% 8,000 $715K No change
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.32% 28,680 $714K No change
XP XP Inc. Class A 0.32% 37,068 $697K No change
VDE Vanguard Energy ETF 0.30% 5,300 $667K No change
JBS JBS NV-A 0.29% 43,311 $647K New
BBD Banco Bradesco-ADR 0.29% 187,900 $635K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.28% 3,350 $625K No change
NLY Annaly Capital Management Inc. 0.28% 30,000 $606K Reduce -14.3%
VIV Telefonica Brasil-ADR 0.24% 41,185 $525K Reduce -43.1%
BSBR Banco Santander Brasil-ADS 0.22% 88,050 $492K Reduce -44.3%
ARCC Ares Capital Corp. 0.21% 22,773 $465K Add +82.2%
STNE Stoneco Ltd. Class A 0.19% 22,040 $417K No change
EMB iShares JP Morgan Usd Emergi 0.19% 4,300 $409K No change
OBDC Blue Owl Capital Corp. 0.17% 29,495 $377K Add +101.9%
SHEL Shell PLC-ADR 0.16% 5,000 $358K No change
TIMB Tim SA-ADR 0.16% 15,760 $352K Reduce -22.6%
SUZ Suzano SA - Spon ADR 0.14% 33,605 $316K Reduce -42.9%
FSK FS KKR Capital Corp. 0.14% 21,000 $314K Add +100.0%
CIG Cia Energetica DE-Spon ADR 0.14% 147,547 $311K No change
SCHP Schwab U.S. Tips ETF 0.12% 10,000 $270K No change
GGB Gerdau SA -Spon ADR 0.12% 86,242 $267K No change
MAIN Main Street Capital Corp. 0.12% 4,124 $262K Add +2.1%
COP Conocophillips 0.12% 2,700 $255K No change
UGP Ultrapar Particpac-Spon ADR 0.09% 46,700 $191K No change
TTE Totalenergies SE -Spon ADR 0.08% 3,000 $179K No change
CSWC Capital Southwest Corp. 0.05% 5,500 $120K Add +120.0%
OCSL Oaktree Specialty Lending Co. 0.05% 8,240 $108K Add +3.0%
SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION 0.04% 55,740 $84K No change
CCAP Crescent Capital BDC Inc. 0.03% 5,000 $71K Add +150.0%
CSANY Cosan SA -ADR 0.02% 10,920 $50K Reduce -42.8%
BAK Braskem SA Class A- ADR 0.01% 9,510 $23K Reduce -44.8%

Portfolio Sells Q2 2025 → Q3 2025
ACWI iShares MSCI Acwi ETF Reduce -53.2% 2.75% −2.89
ABEV Ambev SA-ADR Reduce -37.1% 0.39% −0.30
BSBR Banco Santander Brasil-ADS Reduce -44.3% 0.22% −0.18
VIV Telefonica Brasil-ADR Reduce -43.1% 0.24% −0.15
SUZ Suzano SA - Spon ADR Reduce -42.9% 0.14% −0.12
BRFS BRF SA-ADR Sold out 0.00% −0.08
GUNR NT Mstar GLBL NR ETF Reduce -5.8% 9.90% −0.05
NLY Annaly Capital Management Inc. Reduce -14.3% 0.28% −0.03
TIMB Tim SA-ADR Reduce -22.6% 0.16% −0.03
CSANY Cosan SA -ADR Reduce -42.8% 0.02% −0.02
BAK Braskem SA Class A- ADR Reduce -44.8% 0.01% −0.02
AGNC AGNC Investment Corp. Reduce -2.1% 1.52% +0.01
NU Nu Holdings Ltd./Cayman Isl-A Reduce -4.7% 2.24% +0.16

Portfolio Buys Q2 2025 → Q3 2025
JBS JBS NV-A New 0.29% +0.29
ARCC Ares Capital Corp. Add +82.2% 0.21% +0.08
OBDC Blue Owl Capital Corp. Add +101.9% 0.17% +0.07
FSK FS KKR Capital Corp. Add +100.0% 0.14% +0.04
CSWC Capital Southwest Corp. Add +120.0% 0.05% +0.03
CCAP Crescent Capital BDC Inc. Add +150.0% 0.03% +0.02
MAIN Main Street Capital Corp. Add +2.1% 0.12% +0.01
OCSL Oaktree Specialty Lending Co. Add +3.0% 0.05% −0.00
MELI MercadoLibre Inc. Add +6.7% 1.69% −0.14

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 66$249.0MVEA, IAU, GUNR, EWC, VTI
Q1 2026 65$250.2MIAU, VEA, GUNR, EWC, EWZ
Q4 2025 63$224.5MVEA, IAU, GUNR, EWC, EWZ
Q3 2025 60$220.1MVEA, IAU, GUNR, EWC, EWZ
Q2 2025 60$213.0MVEA, IAU, GUNR, EWC, EWZ
Q1 2025 55$205.9MIAU, VEA, GUNR, EWC, EWZ
Q4 2024 55$191.9MIAU, VEA, GUNR, EWC, VTI
Q3 2024 56$287.0MVEA, VTI, VWO, IAU, VIG
Q2 2024 51$267.6MVEA, VTI, IAU, VWO, VIG
Q1 2024 54$360.4MVEA, VWO, VTI, VIG, IAU