VPR Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), VPR Management LLC reported 63 stock positions worth $224.5 million. Its top holding was Vanguard Ftse Developed ETF (VEA) at 14.6% of the portfolio, followed by iShares Gold Trust (IAU, 14.3%) and NT Mstar GLBL NR ETF (GUNR, 10.2%). Compared with Q3 2025, it opened 4 new positions, sold out of 1, added to 10 and reduced 3. The biggest buy was iShares MSCI United Kingdom (EWU, shares +17%) and the biggest sale AGNC Investment (AGNC, shares −82%).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001894203
Portfolio Value
$224.5M (Q4 2025)
SEC Filing
0001894203-26-000001 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $224.5M $224.5M Q4 2025 Q1 2026: $250.2M Q1 2026 Q2 2026: $249.0M Q2 2026

Holdings 63 stocks · $224.5M
VEA Vanguard Ftse Developed ETF 14.63% 525,600 $32.8M No change
IAU iShares Gold Trust 14.30% 395,430 $32.1M Reduce -6.5%
GUNR NT Mstar GLBL NR ETF 10.16% 497,600 $22.8M No change
EWC iShares MSCI Canada ETF 7.49% 311,800 $16.8M Reduce -11.4%
EWZ iShares MSCI Brazil ETF 6.98% 493,400 $15.7M No change
VTI VG Morningstar TS MKT ETF-US 6.09% 40,800 $13.7M No change
VIG Vanguard Dividend Apprec ETF 5.15% 52,630 $11.6M No change
IEMG iShares Core MSCI Emerging 3.80% 126,800 $8.5M No change
EMLC Vaneck JPM Em Local Curr BND 3.64% 316,200 $8.2M No change
ACWI iShares MSCI Acwi ETF 2.75% 43,700 $6.2M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 2.29% 307,600 $5.1M No change
GNR State Street SPDR S&P Global 2.15% 77,550 $4.8M No change
FCX Freeport-McMoran Inc. 1.83% 81,000 $4.1M No change
MELI MercadoLibre Inc. 1.43% 1,594 $3.2M No change
ITUB Itau Unibanco H-Spon PRF ADR 1.40% 438,013 $3.1M Add +3.0%
EWU iShares MSCI United Kingdom 1.28% 65,500 $2.9M Add +17.2%
EFV iShares MSCI Eafe Value ETF 1.14% 35,700 $2.5M No change
KOF Coca-Cola Femsa Sab-SP ADR 1.05% 24,789 $2.3M No change
XOM Exxon Mobil Corp. 1.03% 19,200 $2.3M No change
VWO Vanguard Ftse Emerging Marke 0.90% 37,700 $2.0M No change
PBR.A Petroleo Brasil-SP Pref ADR 0.77% 154,260 $1.7M No change
VALE Vale SA-SP ADR 0.71% 122,010 $1.6M No change
PBR Petroleo Brasileiro-Spon ADR 0.70% 132,846 $1.6M No change
RIO Rio Tinto PLC-Spon ADR 0.61% 17,000 $1.4M No change
CVX Chevron Corp. 0.59% 8,700 $1.3M No change
BHP BHP Group Ltd.-Spon ADR 0.54% 20,000 $1.2M No change
ABEV Ambev SA-ADR 0.43% 387,929 $958K No change
AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA 0.41% 100,104 $917K No change
ARCC Ares Capital Corp. 0.34% 38,073 $770K Add +67.2%
XLE SS Energy Select Sector 0.32% 16,000 $715K No change
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.31% 29,056 $693K Add +1.3%
VDE Vanguard Energy ETF 0.30% 5,300 $667K No change
AGNC AGNC Investment Corp. 0.29% 60,000 $643K Reduce -82.5%
VTV Vanguard Mrngstr Val ETF-Aui 0.28% 3,350 $640K No change
OBDC Blue Owl Capital Corp. 0.28% 50,470 $627K Add +71.1%
BBD Banco Bradesco-ADR 0.28% 187,900 $626K No change
JBS JBS NV-A 0.28% 43,311 $625K No change
XP XP Inc. Class A 0.27% 37,068 $607K No change
BSBR Banco Santander Brasil-ADS 0.24% 88,050 $538K No change
FSK FS KKR Capital Corp. 0.24% 36,000 $533K Add +71.4%
VIV Telefonica Brasil-ADR 0.22% 41,185 $488K No change
EMB iShares JP Morgan Usd Emergi 0.18% 4,300 $414K No change
MAIN Main Street Capital Corp. 0.17% 6,176 $373K Add +49.8%
SHEL Shell PLC-ADR 0.16% 5,000 $367K No change
STNE Stoneco Ltd. Class A 0.15% 22,040 $326K No change
GGB Gerdau SA -Spon ADR 0.14% 86,242 $318K No change
SUZ Suzano SA - Spon ADR 0.14% 33,605 $314K No change
TIMB Tim SA-ADR 0.14% 15,760 $307K No change
CIG Cia Energetica DE-Spon ADR 0.13% 147,547 $295K No change
SCHP Schwab U.S. Tips ETF 0.12% 10,000 $265K No change
COP Conocophillips 0.11% 2,700 $253K No change
AMZN Amazon.com Inc. 0.10% 1,000 $231K New
AXICY Axia Energia-ADR Pref C filed as CENTRAIS ELET BRAS SA 0.10% 26,311 $227K New
OCSL Oaktree Specialty Lending Co. 0.09% 15,494 $197K Add +88.0%
TTE Totalenergies SE -Spon ADR 0.09% 3,000 $196K No change
CSWC Capital Southwest Corp. 0.08% 8,500 $188K Add +54.5%
UGP Ultrapar Particpac-Spon ADR 0.08% 46,700 $176K No change
CCAP Crescent Capital BDC Inc. 0.06% 9,000 $126K Add +80.0%
SID Cia Siderurgica Nacl-SP ADR filed as COMPANHIA SIDERURGICA NACION 0.04% 55,740 $89K No change
CSANY Cosan SA -ADR 0.02% 10,920 $43K No change
BAK Braskem SA Class A- ADR 0.01% 9,510 $28K No change
BMY Bristol-Myers Squibb Co. 0.00% 100 $5K New
PFE Pfizer Inc. 0.00% 100 $2K New

Portfolio Sells Q3 2025 → Q4 2025
AGNC AGNC Investment Corp. Reduce -82.5% 0.29% −1.24
EWC iShares MSCI Canada ETF Reduce -11.4% 7.49% −0.59
NLY Annaly Capital Management Inc. Sold out 0.00% −0.28
IAU iShares Gold Trust Reduce -6.5% 14.30% +0.31

Portfolio Buys Q3 2025 → Q4 2025
EWU iShares MSCI United Kingdom Add +17.2% 1.28% +0.22
ARCC Ares Capital Corp. Add +67.2% 0.34% +0.13
OBDC Blue Owl Capital Corp. Add +71.1% 0.28% +0.11
AMZN Amazon.com Inc. New 0.10% +0.10
AXICY Axia Energia-ADR Pref C New 0.10% +0.10
FSK FS KKR Capital Corp. Add +71.4% 0.24% +0.10
MAIN Main Street Capital Corp. Add +49.8% 0.17% +0.05
OCSL Oaktree Specialty Lending Co. Add +88.0% 0.09% +0.04
CSWC Capital Southwest Corp. Add +54.5% 0.08% +0.03
CCAP Crescent Capital BDC Inc. Add +80.0% 0.06% +0.02
BMY Bristol-Myers Squibb Co. New 0.00% +0.00
PFE Pfizer Inc. New 0.00% +0.00
SBS Cia Saneamento Basico DE-ADR Add +1.3% 0.31% −0.02
ITUB Itau Unibanco H-Spon PRF ADR Add +3.0% 1.40% −0.02

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