VPR Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), VPR Management LLC reported 65 stock positions worth $250.2 million. Its top holding was iShares Gold Trust (IAU) at 13.9% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 13.5%) and NT Mstar GLBL NR ETF (GUNR, 11.0%). Compared with Q4 2025, it opened 6 new positions, sold out of 4, added to 9 and reduced 3. The biggest buy was a new position in Sea Ltd.-ADR (SE) and the biggest sale iShares MSCI Brazil ETF (EWZ, shares −20%).

Most Recent 13F
Q2 2026
Location
HOUSTON, TX
CIK
0001894203
Portfolio Value
$250.2M (Q1 2026)
SEC Filing
0001894203-26-000002 ↗ filed May 15, 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 Q4 2025 Q1 2026: $250.2M $250.2M Q1 2026 Q2 2026: $249.0M Q2 2026

Holdings 65 stocks · $250.2M
IAU iShares Gold Trust 13.93% 395,430 $34.9M No change
VEA Vanguard Ftse Developed ETF 13.46% 525,600 $33.7M No change
GUNR NT Mstar GLBL NR ETF 10.97% 497,600 $27.4M No change
EWC iShares MSCI Canada ETF 6.83% 311,800 $17.1M No change
EWZ iShares MSCI Brazil ETF 6.04% 393,400 $15.1M Reduce -20.3%
VTI VG Morningstar TS MKT ETF-US 5.80% 45,200 $14.5M Add +10.8%
VIG Vanguard Dividend Apprec ETF 4.52% 52,630 $11.3M No change
IEMG iShares Core MSCI Emerging 3.53% 126,800 $8.8M No change
EMLC Vaneck JPM Em Local Curr BND 3.17% 316,200 $7.9M No change
ACWI iShares MSCI Acwi ETF 2.42% 43,700 $6.0M No change
GNR State Street SPDR S&P Global 2.31% 77,550 $5.8M No change
MELI MercadoLibre Inc. 2.21% 3,194 $5.5M Add +100.4%
FCX Freeport-McMoran Inc. 1.90% 81,000 $4.8M No change
EWU iShares MSCI United Kingdom 1.78% 97,500 $4.4M Add +48.9%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.64% 285,600 $4.1M Reduce -7.2%
ITUB Itau Unibanco H-Spon PRF ADR 1.47% 438,013 $3.7M No change
XOM Exxon Mobil Corp. 1.30% 19,200 $3.3M No change
PBR.A Petroleo Brasil-SP Pref ADR 1.16% 154,260 $2.9M No change
PBR Petroleo Brasileiro-Spon ADR 1.10% 132,846 $2.8M No change
EFV iShares MSCI Eafe Value ETF 1.06% 35,700 $2.7M No change
KOF Coca-Cola Femsa Sab-SP ADR 0.97% 24,789 $2.4M No change
SE Sea Ltd.-ADR 0.94% 28,300 $2.3M New
VWO Vanguard Ftse Emerging Marke 0.81% 37,700 $2.0M No change
VALE Vale SA-SP ADR 0.78% 122,010 $1.9M No change
CVX Chevron Corp. 0.72% 8,700 $1.8M No change
RIO Rio Tinto PLC-Spon ADR 0.63% 17,000 $1.6M No change
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 0.58% 20,000 $1.5M No change
CPNG Coupang Inc. 0.45% 60,000 $1.1M New
ABEV Ambev SA-ADR 0.45% 387,929 $1.1M No change
AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA 0.45% 100,104 $1.1M No change
ARCC Ares Capital Corp. 0.45% 62,618 $1.1M Add +64.5%
XLE SS Energy Select Sector 0.39% 16,000 $980K No change
VDE Vanguard Energy ETF 0.37% 5,300 $917K No change
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.36% 29,551 $902K Add +1.7%
JBS JBS NV-A 0.31% 43,311 $778K No change
DLO Dlocal Ltd. 0.29% 56,000 $726K New
XP XP Inc. Class A 0.28% 37,068 $706K No change
BBD Banco Bradesco-ADR 0.27% 187,900 $686K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.26% 3,350 $657K No change
VIV Telefonica Brasil-ADR 0.26% 41,185 $655K No change
AGNC AGNC Investment Corp. 0.24% 60,000 $602K No change
OBDC Blue Owl Capital Corp. 0.23% 51,361 $568K Add +1.8%
PAGS Pagseguro Digital Ltd. Class A 0.22% 56,000 $561K New
NVDA Nvidia Corp. 0.21% 3,000 $523K New
BSBR Banco Santander Brasil-ADS 0.21% 88,050 $522K No change
SHEL Shell PLC-ADR 0.19% 5,000 $465K No change
TIMB Tim SA-ADR 0.17% 15,760 $417K No change
AMZN Amazon.com Inc. 0.17% 2,000 $417K Add +100.0%
EMB iShares JP Morgan Usd Emergi 0.16% 4,300 $404K No change
FSK FS KKR Capital Corp. 0.15% 36,000 $366K No change
COP Conocophillips 0.14% 2,700 $356K No change
CIG Cia Energetica DE-Spon ADR 0.14% 147,547 $353K No change
SUZ Suzano SA - Spon ADR 0.13% 33,605 $336K No change
MAIN Main Street Capital Corp. 0.13% 6,274 $332K Add +1.6%
GGB Gerdau SA -Spon ADR 0.12% 86,242 $311K No change
STNE Stoneco Ltd. Class A 0.12% 22,040 $311K No change
AXICY Axia Energia-ADR Pref C filed as CENTRAIS ELET BRAS SA 0.11% 26,310 $287K Reduce 0.0%
GOOG Alphabet Inc. Class C 0.11% 1,000 $287K New
SCHP Schwab U.S. Tips ETF 0.11% 10,000 $266K No change
UGP Ultrapar Particpac-Spon ADR 0.10% 46,700 $257K No change
CSWC Capital Southwest Corp. 0.08% 8,500 $188K No change
OCSL Oaktree Specialty Lending Co. 0.07% 15,760 $178K Add +1.7%
CCAP Crescent Capital BDC Inc. 0.04% 9,000 $109K No change
BMY Bristol-Myers Squibb Co. 0.00% 100 $6K No change
PFE Pfizer Inc. 0.00% 100 $3K No change

Portfolio Sells Q4 2025 → Q1 2026
EWZ iShares MSCI Brazil ETF Reduce -20.3% 6.04% −0.95
NU Nu Holdings Ltd./Cayman Isl-A Reduce -7.2% 1.64% −0.65
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.09
SID Cia Siderurgica Nacl-SP ADR Sold out 0.00% −0.04
CSANY Cosan SA -ADR Sold out 0.00% −0.02
BAK Braskem SA Class A- ADR Sold out 0.00% −0.01
AXICY Axia Energia-ADR Pref C Reduce 0.0% 0.11% +0.01

Portfolio Buys Q4 2025 → Q1 2026
SE Sea Ltd.-ADR New 0.94% +0.94
MELI MercadoLibre Inc. Add +100.4% 2.21% +0.78
EWU iShares MSCI United Kingdom Add +48.9% 1.78% +0.49
CPNG Coupang Inc. New 0.45% +0.45
DLO Dlocal Ltd. New 0.29% +0.29
PAGS Pagseguro Digital Ltd. Class A New 0.22% +0.22
NVDA Nvidia Corp. New 0.21% +0.21
GOOG Alphabet Inc. Class C New 0.11% +0.11
ARCC Ares Capital Corp. Add +64.5% 0.45% +0.11
AMZN Amazon.com Inc. Add +100.0% 0.17% +0.06
SBS Cia Saneamento Basico DE-ADR Add +1.7% 0.36% +0.05
OCSL Oaktree Specialty Lending Co. Add +1.7% 0.07% −0.02
MAIN Main Street Capital Corp. Add +1.6% 0.13% −0.03
OBDC Blue Owl Capital Corp. Add +1.8% 0.23% −0.05
VTI VG Morningstar TS MKT ETF-US Add +10.8% 5.80% −0.30

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