13F HOLDINGS REPORT

VPR Management LLC

Quarter ended Q4 2025 · Filed February 13, 2026 · Accession 0001894203-26-000001

Total Value

$224.5M

Positions

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (63)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	VANGUARD TAX-MANAGED INTL FD	921943858	525,600	$32.8M	14.63%
2	ISHARES GOLD TR	IAU	395,430	$32.1M	14.30%
3	FLEXSHARES TR	FLEX	497,600	$22.8M	10.16%
4	ISHARES INC	464286509	311,800	$16.8M	7.49%
5	ISHARES INC	464286400	493,400	$15.7M	6.98%
6	VANGUARD INDEX FDS	922908769	40,800	$13.7M	6.09%
7	VANGUARD SPECIALIZED FUNDS	921908844	52,630	$11.6M	5.15%
8	ISHARES INC	46434G103	126,800	$8.5M	3.80%
9	VANECK ETF TRUST	92189H300	316,200	$8.2M	3.64%
10	ISHARES TR	464288257	43,700	$6.2M	2.75%
11	NU HLDGS LTD	NU	307,600	$5.1M	2.29%
12	SPDR INDEX SHS FDS	78463X541	77,550	$4.8M	2.15%
13	FREEPORT-MCMORAN INC	FCX	81,000	$4.1M	1.83%
14	MERCADOLIBRE INC	MELI	1,594	$3.2M	1.43%
15	ITAU UNIBANCO HLDG S A	465562106	438,013	$3.1M	1.40%
16	ISHARES TR	46435G334	65,500	$2.9M	1.28%
17	ISHARES TR	464288877	35,700	$2.5M	1.14%
18	COCA-COLA FEMSA SAB DE CV	COCSF	24,789	$2.3M	1.05%
19	EXXON MOBIL CORP	XOM	19,200	$2.3M	1.03%
20	VANGUARD INTL EQUITY INDEX F	922042858	37,700	$2.0M	0.90%
21	PETROLEO BRASILEIRO SA PETRO	71654V101	154,260	$1.7M	0.77%
22	VALE S A	VALE	122,010	$1.6M	0.71%
23	PETROLEO BRASILEIRO SA PETRO	71654V408	132,846	$1.6M	0.70%
24	RIO TINTO PLC	RTNTF	17,000	$1.4M	0.61%
25	CHEVRON CORP NEW	CVX	8,700	$1.3M	0.59%
26	BHP GROUP LTD	BHPLF	20,000	$1.2M	0.54%
27	AMBEV SA	ABEV	387,929	$958,185	0.43%
28	CENTRAIS ELETRICAS BRASILEIR	15234Q207	100,104	$916,953	0.41%
29	ARES CAPITAL CORP	ARCC	38,073	$770,217	0.34%
30	SELECT SECTOR SPDR TR	81369Y506	16,000	$715,360	0.32%
31	COMPANHIA DE SANEAMENTO BASI	SBS	29,056	$692,986	0.31%
32	VANGUARD WORLD FDS	92204A306	5,300	$667,376	0.30%
33	AGNC INVT CORP	00123Q104	60,000	$643,200	0.29%
34	VANGUARD INDEX FDS	922908744	3,350	$639,817	0.29%
35	BLUE OWL CAPITAL CORPORATION	OWL	50,470	$627,342	0.28%
36	BANCO BRADESCO S A	059460303	187,900	$625,707	0.28%
37	JBS N.V.	JBS	43,311	$624,545	0.28%
38	XP INC	XP	37,068	$606,803	0.27%
39	BANCO SANTANDER BRASIL S A	BSBR	88,050	$537,986	0.24%
40	FS KKR CAP CORP	FSK	36,000	$533,160	0.24%
41	TELEFONICA BRASIL SA	VIV	41,185	$488,454	0.22%
42	ISHARES TR	464288281	4,300	$414,004	0.18%
43	MAIN STR CAP CORP	56035L104	6,176	$372,969	0.17%
44	SHELL PLC	RYDAF	5,000	$367,400	0.16%
45	STONECO LTD	STNE	22,040	$325,972	0.15%
46	GERDAU SA	GGB	86,242	$318,233	0.14%
47	SUZANO S A	SUZ	33,605	$313,871	0.14%
48	TIM S A	TIMB	15,760	$306,532	0.14%
49	CIA ENERGETICA DE MINAS GERA	204409601	147,547	$295,094	0.13%
50	SCHWAB STRATEGIC TR	808524870	10,000	$264,900	0.12%
51	CONOCOPHILLIPS	COP	2,700	$252,747	0.11%
52	AMAZON COM INC	AMZN	1,000	$230,820	0.10%
53	CENTRAIS ELET BRAS SA	15236F100	26,311	$226,800	0.10%
54	OAKTREE SPECIALTY LENDING CO	OCSL	15,494	$197,394	0.09%
55	TOTALENERGIES SE	TTE	3,000	$195,830	0.09%
56	CAPITAL SOUTHWEST CORP	CSWC	8,500	$188,275	0.08%
57	ULTRAPAR PARTICIPACOES SA	UGP	46,700	$176,059	0.08%
58	CRESCENT CAP BDC INC	225655109	9,000	$126,450	0.06%
59	COMPANHIA SIDERURGICA NACION	20440W105	55,740	$89,184	0.04%
60	COSAN S A	CSAN	10,920	$43,134	0.02%
61	BRASKEM S A	BAK	9,510	$28,055	0.01%
62	BRISTOL-MYERS SQUIBB CO	CELG-RI	100	$5,394	0.00%
63	PFIZER INC	PFE	100	$2,490	0.00%