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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

BTG Pactual Asset Management US LLC

Quarter ended Q3 2025 · Filed November 13, 2025 · Accession 0001569579-25-000003

Total Value
$2.13B
Positions
248
Other Managers
2
Confidential Omitted
No
View on SEC.gov

Holdings (248)

#IssuerTicker / CUSIPSharesValue% of Filing
1SPDR S&P 500 ETF TRSPY1,642,700$1.09B51.30%
2SPDR S&P 500 ETF TRSPY227,300$151.4M7.10%
3ISHARES TR464287614205,824$87.4M4.10%
4SPDR S&P 500 ETF TRSPY73,500$49.0M2.30%
5VANGUARD WORLD FD92191081694,048$34.4M1.61%
6HUT 8 CORPHUT975,000$33.9M1.59%
7IREN LIMITEDIREN690,000$32.4M1.52%
8CIPHER MINING INC17253J1062,400,000$30.2M1.42%
9VANGUARD WORLD FD921910840203,346$26.7M1.25%
10NVIDIA CORPORATIONNVDA132,797$24.8M1.16%
11VANGUARD INTL EQUITY INDEX F922042874304,732$23.6M1.11%
12ALPHABET INCGOOG90,300$22.0M1.03%
13JPMORGAN CHASE & CO.VYLD63,337$20.0M0.94%
14AMAZON COM INCAMZN89,243$19.6M0.92%
15MICROSOFT CORPMSFT35,069$18.2M0.85%
16SPDR GOLD TRGLD47,138$16.8M0.79%
17BERKSHIRE HATHAWAY INC DELBRK-A29,622$14.4M0.67%
18SELECT SECTOR SPDR TR81369Y209101,570$13.7M0.64%
19VANGUARD INDEX FDS92290862943,839$12.3M0.58%
20META PLATFORMS INCMETA16,565$12.2M0.57%
21SERVICENOW INCNOW12,933$11.9M0.56%
22APPLE INCAAPL41,500$10.6M0.50%
23APPLE INCAAPL41,500$10.6M0.50%
24VANGUARD INTL EQUITY INDEX F922042858206,870$10.2M0.48%
25DUKE ENERGY CORP NEWDUKB82,176$10.2M0.48%
26ISHARES INC46434G822117,776$9.3M0.44%
27CYBERARK SOFTWARE LTDM2682V10818,437$8.9M0.42%
28VISA INCV25,225$8.6M0.40%
29ALLIANT ENERGY CORPLNT121,268$8.2M0.38%
30AMEREN CORPAEE78,295$8.2M0.38%
31CONSTELLATION ENERGY CORPCEG24,457$8.0M0.38%
32GE VERNOVA INCGEV12,641$7.8M0.36%
33VISTRA CORPVST39,566$7.8M0.36%
34TAIWAN SEMICONDUCTOR MFG LTD87403910027,392$7.7M0.36%
35EXELON CORPEXC160,007$7.2M0.34%
36OGE ENERGY CORPOGE154,410$7.1M0.33%
37VANGUARD INDEX FDS92290875129,252$6.9M0.32%
38KOSMOS ENERGY LTDKOS10,705,000$6.8M0.32%
39KELLANOVABEKE82,811$6.8M0.32%
40XCEL ENERGY INCXELLL83,462$6.7M0.32%
41UNITED RENTALS INCURI6,930$6.6M0.31%
42KELLANOVABEKE80,000$6.6M0.31%
43KRANESHARES TRUST500767306150,000$6.3M0.30%
44VANGUARD WORLD FD92204A7029,421$6.2M0.29%
45PINNACLE WEST CAP CORPPNW69,322$6.2M0.29%
46VANGUARD WORLD FD92204A40546,079$5.9M0.27%
47ISHARES TR46428765524,000$5.8M0.27%
48CROWDSTRIKE HLDGS INCCRWD11,388$5.7M0.27%
49CENTERPOINT ENERGY INCCNP143,619$5.6M0.26%
50AMERICAN ELEC PWR CO INC02553710149,334$5.6M0.26%
51ABBVIE INCABBV23,662$5.5M0.26%
52GLOBAL X FDS37954Y29386,878$5.4M0.26%
53ISHARES TR46428724249,372$5.4M0.25%
54FRONTIER COMMUNICATIONS PARE35909D109144,348$5.4M0.25%
55VANGUARD WORLD FD92204A50421,361$5.3M0.25%
56ISHARES TR46429B74746,391$4.8M0.22%
57ELI LILLY & COLLY6,034$4.6M0.22%
58ISHARES INC46428666582,961$4.1M0.19%
59VANGUARD MUN BD FDS92290774678,706$3.9M0.18%
60AMERICAN WTR WKS CO INC NEW03042010325,265$3.5M0.16%
61VANGUARD INDEX FDS92290855339,163$3.5M0.16%
62ALPS ETF TR00162Q45267,040$3.3M0.15%
63IHS HOLDING LIMITEDIHS464,505$3.2M0.15%
64STRYKER CORPORATIONSYK7,781$2.9M0.14%
65KINDER MORGAN INC DELEP-PC95,896$2.7M0.13%
66PIMCO ETF TR72201R86650,877$2.6M0.12%
67NEXTERA ENERGY INCNEE-PW34,432$2.6M0.12%
68SEMPRASREA28,143$2.5M0.12%
69HCA HEALTHCARE INCHCA7,140$2.5M0.12%
70MILLICOM INTL CELLULAR S AL6388F11063,937$2.4M0.11%
71ONEOK INC NEWOKE30,478$2.2M0.10%
72FIRSTENERGY CORPFE48,336$2.2M0.10%
73JBS N.V.JBS145,953$2.2M0.10%
74ROYALTY PHARMA PLCRPRX61,131$2.2M0.10%
75BANK MONTREAL QUE06367110116,220$2.1M0.10%
76BLACK HILLS CORPBKH34,012$2.1M0.10%
77ISHARES TR46428755616,554$2.1M0.10%
78EVERSOURCE ENERGYES28,414$2.0M0.09%
79FIRST TR EXCHANGE-TRADED FD33738D10152,035$2.0M0.09%
80ISHARES INC46434G77229,000$1.8M0.09%
81ISHARES INC46434G77229,000$1.8M0.09%
82BOSTON SCIENTIFIC CORPBSX18,630$1.8M0.09%
83ISHARES TR46435U85347,757$1.8M0.08%
84SUNCOR ENERGY INC NEWSU39,773$1.7M0.08%
85VANGUARD INDEX FDS9229087695,279$1.6M0.08%
86ESSENTIAL UTILS INC29670G10240,112$1.6M0.08%
87J P MORGAN EXCHANGE TRADED F46641Q64731,053$1.5M0.07%
88SPDR SERIES TRUST78464A87015,790$1.3M0.06%
89SPIRIT AEROSYSTEMS HLDGS INC84857410932,400$1.3M0.06%
90STONECO LTDSTNE65,792$1.2M0.06%
91BROADCOM INCAVGO3,723$1.2M0.06%
92PHILLIPS 66PSX9,011$1.2M0.06%
93VANGUARD SPECIALIZED FUNDS9219088445,985$1.2M0.06%
94ALIBABA GROUP HLDG LTDBBAAY6,710$1.2M0.06%
95FLUTTER ENTMT PLCG3643J1084,174$1.2M0.06%
96KRANESHARES TRUST50076730627,762$1.2M0.05%
97EXXON MOBIL CORPXOM10,023$1.1M0.05%
98ANTERO RESOURCES CORPAR33,375$1.1M0.05%
99GALLAGHER ARTHUR J & CO3635761093,444$1.1M0.05%
100APPLE INCAAPL4,153$1.1M0.05%
101NISOURCE INCNI23,650$1.0M0.05%
102DUPONT DE NEMOURS INCDD13,086$1.0M0.05%
103HIGHWOODS PPTYS INC43128410830,164$979,1230.05%
104GLOBAL X FDS37950E25913,500$941,7600.04%
105VANGUARD INDEX FDS9229087445,221$922,7600.04%
106DIREXION SHS ETF TR25460E23229,000$882,1800.04%
107FREEPORT-MCMORAN INCFCX22,233$871,9780.04%
108GOLDMAN SACHS GROUP INCGSCE1,056$840,9460.04%
109SPDR SERIES TRUST78464A8887,342$813,4940.04%
110ISHARES TR4642882575,930$795,9250.04%
111VANGUARD WORLD FD92204A8844,637$793,0660.04%
112GE AEROSPACE3696043012,566$771,9040.04%
113STAR BULK CARRIERS CORP.SBLK41,306$767,8790.04%
114DT MIDSTREAM INCDTM6,789$767,5640.04%
115TRANSALTA CORPTACPF51,478$703,0100.03%
116ISHARES INC46434G10311,330$680,1400.03%
117ISHARES TR4642876552,780$672,6490.03%
118ISHARES TR4642885138,191$660,6040.03%
119EQT CORPEQT12,000$653,1600.03%
120VANGUARD INSTL INDEX FD9220408458,585$649,1550.03%
121CITIZENS FINL GROUP INCCIA11,603$616,8150.03%
122VISTA ENERGY S.A.B. DE C.V.VSOGF17,561$604,0980.03%
123APPLOVIN CORPAPP835$599,9810.03%
124ISHARES TR464287200959$595,4430.03%
125ISHARES BITCOIN TRUST ETFIBIT9,105$591,8250.03%
126TRUIST FINL CORP89832Q10912,835$586,8160.03%
127M & T BK CORP55261F1042,956$584,1650.03%
128HUNTINGTON BANCSHARES INCHBANP33,644$581,0320.03%
129SPDR SERIES TRUST78468R85314,746$580,2550.03%
130REGIONS FINANCIAL CORP NEWRF-PF21,784$574,4440.03%
131PRINCIPAL EXCHANGE TRADED FD74255Y88830,136$571,6800.03%
132ALPHABET INCGOOG2,308$561,0750.03%
133CITIGROUP INCC-PR5,109$518,5640.02%
134BANK NEW YORK MELLON CORP0640581004,548$495,5500.02%
135SELECT SECTOR SPDR TR81369Y6058,458$455,6320.02%
136SURMODICS INC86887310014,944$446,6760.02%
137HOME DEPOT INCHD1,058$431,0820.02%
138VERTIV HOLDINGS COVRT2,855$430,7050.02%
139WELLS FARGO CO NEW9497461014,872$408,3710.02%
140BLACKROCK MUNIHOLDINGS QUALIBLK40,757$390,4520.02%
141UBER TECHNOLOGIES INCUBER3,825$374,7350.02%
142TESLA INCTSLA816$362,8920.02%
143OCCIDENTAL PETE CORP6745991057,530$355,7930.02%
144ISHARES TR46428739011,893$343,5890.02%
145ISHARES TR4642886466,407$338,0330.02%
146VANECK ETF TRUST92189F6761,001$326,6860.02%
147ISHARES TR4642886385,942$316,6490.01%
148ISHARES TR4642881823,765$311,0640.01%
149J P MORGAN EXCHANGE TRADED F46654Q5596,164$309,5250.01%
150MASTERCARD INCORPORATEDMA535$304,3130.01%
151COMPANIA CERVECERIAS UNIDAS20442910423,073$298,1030.01%
152AT&T INCT-PC10,539$297,6210.01%
153VIATRIS INCVTRS29,970$296,7030.01%
154BLACKROCK LTD DURATION INCOMBLK20,578$291,7960.01%
155AMBEV SAABEV118,472$285,5180.01%
156ABBOTT LABSABLZF2,053$274,9790.01%
157DIREXION SHS ETF TR25461A49414,200$274,6280.01%
158NEXPOINT DIVERSIFIED REL ET65340G20563,767$267,1840.01%
159VANGUARD STAR FDS9219097683,849$265,9270.01%
160KKR & CO INCKKRT2,020$262,4990.01%
161PROSHARES TR74347G19214,600$260,3180.01%
162EQUINIX INCEQIX328$257,5160.01%
163VANECK ETF TRUST92189F35312,821$254,1120.01%
164PIMCO ETF TR72201R7752,729$251,5590.01%
165PFIZER INCPFE10,314$250,0110.01%
166VERIZON COMMUNICATIONS INCVZ5,668$249,1090.01%
167RTX CORPORATIONRTX1,478$247,3140.01%
168BLACKSTONE STRATEGIC CRED 20BX20,251$245,4420.01%
169ISHARES TR4642871845,667$233,1400.01%
170INVESCO EXCH TRADED FD TR IIIVZ4,877$231,9500.01%
171ISHARES INC4642863921,470$225,1750.01%
172ISHARES TR4642871681,672$222,0580.01%
173VANGUARD INTL EQUITY INDEX F9220427421,717$220,6690.01%
174SPDR S&P MIDCAP 400 ETF TRMDY410$218,7270.01%
175ELBIT SYS LTDESLT410$208,0990.01%
176SHOPIFY INCSHOP1,372$203,8930.01%
177DAVITA INCDVA1,422$202,5640.01%
178CONSTELLATION BRANDS INCSTZ1,087$202,4860.01%
179ISHARES TR4642877623,530$199,3740.01%
180ISHARES TR46429B6631,672$195,9080.01%
181J P MORGAN EXCHANGE TRADED F46641Q3323,259$185,2740.01%
182NU HLDGS LTDNU11,455$183,3950.01%
183STEELCASE INC85815520310,000$172,0000.01%
184TEEKAY CORPORATION LTDTK20,430$168,5480.01%
185ISHARES TR46429B6971,760$165,2110.01%
186DIREXION SHS ETF TR25460G11231,900$164,9230.01%
187ISHARES INC4642867722,291$164,4480.01%
188VANGUARD WORLD FD92204A108440$159,4210.01%
189SPDR SERIES TRUST78468R6221,636$159,1340.01%
190SIGMA LITHIUM CORPORATIONSGML11,150$153,4240.01%
191STELLANTIS N.VSTLA14,995$138,4040.01%
192ISHARES TR4642877881,108$134,0570.01%
193ISHARES TR4642886874,223$129,5620.01%
194APPLE HOSPITALITY REIT INCAPLE10,515$126,2850.01%
195INVESCO EXCH TRADED FD TR IIIVZ5,870$122,8000.01%
196ISHARES TR464287622353$119,8680.01%
197VANGUARD INDEX FDS922908363211$119,8540.01%
198VANGUARD WORLD FD92204A306967$115,1890.01%
199SPDR SERIES TRUST78464A7551,225$114,1580.01%
200WENDYS CO95058W10012,370$113,3090.01%
201ETFIS SER TR I26923G8061,333$111,2260.01%
202SELECT SECTOR SPDR TR81369Y8861,263$110,1460.01%
203GRUPO AVAL ACCIONES Y VALOREAVAL35,147$98,7630.00%
204DIREXION SHS ETF TR25460E1905,780$92,8850.00%
205TELEFONICA S ATELFY17,404$91,0230.00%
206ISHARES TR46432F339492$89,9470.00%
207ETFIS SER TR I26923G8224,136$86,1530.00%
208SELECT SECTOR SPDR TR81369Y704558$86,0600.00%
209MFS INTER INCOME TR55273C10728,615$77,5470.00%
210SELECT SECTOR SPDR TR81369Y803282$75,1640.00%
211ALIGHT INCALIT20,140$65,6560.00%
212ISHARES TR464287861988$62,4910.00%
213ABRDN INCOME CREDIT STRATEGIACP-PA10,360$61,1240.00%
214SELECT SECTOR SPDR TR81369Y407238$57,0340.00%
215XEROX HOLDINGS CORPXRXDW12,693$47,7260.00%
216ETFIS SER TR I26923G7721,045$45,2980.00%
217ISHARES INC464286251991$43,7230.00%
218VANGUARD INTL EQUITY INDEX F922042866481$39,5290.00%
219ALPS ETF TR00162Q6761,009$32,5300.00%
220ISHARES TR464287234571$30,4910.00%
221ISHARES TR46429B2671,180$26,9870.00%
222ISHARES TR46435U135500$26,6050.00%
223ISHARES TR464287341489$19,2130.00%
224SELECT SECTOR SPDR TR81369Y100205$18,0010.00%
225SELECT SECTOR SPDR TR81369Y860353$14,6210.00%
226ISHARES TR464287382166$13,2990.00%
227ISHARES INC464286608213$12,6630.00%
228ISHARES TR464287804108$11,8030.00%
229VANGUARD INDEX FDS92290865254$10,4060.00%
230ISHARES TR464287465110$9,8330.00%
231ISHARES INC464286749176$9,6470.00%
232VANECK ETF TRUST92189F106126$9,5410.00%
233J P MORGAN EXCHANGE TRADED F46654Q203172$9,3570.00%
234SPDR SERIES TRUST78464A797128$7,1370.00%
235ISHARES TR46428745785$6,9830.00%
236ISHARES TR464287507105$6,5120.00%
237ISHARES TR46432F39624$5,9120.00%
238J P MORGAN EXCHANGE TRADED F46641Q233108$5,8860.00%
239ISHARES TR46428883687$5,7020.00%
240ISHARES TR46428770540$4,9430.00%
241ISHARES TR46428749949$4,5070.00%
242GLOBAL X FDS37954Y87175$3,5750.00%
243ISHARES TR46429B67158$3,1960.00%
244VANGUARD INDEX FDS92290851215$2,4670.00%
245ISHARES TR46428748111$1,5250.00%
246ISHARES TR46429B68912$1,0090.00%
247INVESCO EXCH TRADED FD TR IIIVZ19$6510.00%
248IREN LIMITEDIREN3$1410.00%