Institutional Manager · CIK 0001132597

Itau Unibanco Holding S.A.

Sao Paulo, D5 · File #028-17515

Latest AUM

$4.17B

Positions

413

Top-10 Concentration

45.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	SPDR GOLD TR	GLD	+239,600	+$95.0M	+$2.1M
ADD	NU HLDGS LTD	NU	+5,298,342	+$88.7M	+$4.7M
NEW	LATAM AIRLINES GROUP SA	LTM	+1,545,674	+$83.3M	$0
ADD	ISHARES TR	46429B267	+2,612,946	+$60.2M	-$42,345
NEW	MERCADOLIBRE INC	MELI	+28,658	+$57.7M	$0
REDUCE	CREDICORP LTD	BAP	-190,374	-$55.2M	+$10.6M
EXITED	LATAM AIRLS GROUP S A	51817R106	-1,147,256	-$51.9M	$0
EXITED	GRUPO AEROPORTUARIO DEL SURE	40051E202	-151,364	-$48.9M	$0
ADD	CEMEX SAB DE CV	CXMSF	+3,766,639	+$43.5M	+$18.1M
NEW	GRUPO AEROPUERTO DEL PACIFIC	400506101	+161,435	+$42.6M	$0

Sector Allocation

Financials

12.3%$515.4M

Technology

7.6%$318.8M

Consumer Discretionary

5.2%$215.6M

Industrials

5.1%$213.1M

Materials

5.0%$208.6M

Communication Services

1.5%$64.2M

1.1%$48.1M

0.6%$24.7M

0.6%$24.4M

0.3%$11.8M

0.1%$2.6M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025413 pos · $4.17B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 2025437 pos · $3.00B
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 2025398 pos · $2.65B
May 14, 202513F HOLDINGS REPORTQ/E Mar 2025411 pos · $2.7M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024379 pos · $3.21B
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 2024348 pos · $3.04B
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 2024360 pos · $2.45B
May 14, 202413F HOLDINGS REPORTQ/E Mar 2024125 pos · $2.34B
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 2023506 pos · $2.26B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	455,244	$310.5M	8.67%
2	VANGUARD INDEX FDS	922908363	408,240	$256.0M	7.15%
3	NU HLDGS LTD	NU	11,668,617	$195.3M	5.46%
4	PETROLEO BRASILEIRO SA PETRO	71654V408	14,306,136	$169.0M	4.72%
5	ITAU UNIBANCO HLDG S A	465562106	21,106,153	$151.3M	4.23%
6	BANCO BRADESCO S A	059460303	38,432,879	$127.2M	3.55%
7	CEMEX SAB DE CV	CXMSF	10,857,832	$125.4M	3.50%
8	SPDR GOLD TR	GLD	283,174	$112.2M	3.13%
9	SPDR GOLD TRUST	GLD	3,750	$92.6M	2.59%
10	NVIDIA CORP	NVDA	488,672	$91.1M	2.55%
11	VALE S A	VALE	6,945,753	$91.1M	2.54%
12	AMAZON COM INC	AMZN	367,334	$84.8M	2.37%
13	LATAM AIRLINES GROUP SA	LTM	1,545,674	$83.3M	2.33%
14	VANGUARD INTL EQUITY INDEX F	922042874	956,736	$80.0M	2.23%
15	INVESCO EXCHNG TRADED FD TR	IVZ	3,051,133	$78.7M	2.20%
16	CREDICORP LTD	BAP	257,014	$74.5M	2.08%
17	ISHARES TR	46429B267	3,058,691	$70.4M	1.97%
18	EMBRAER S A	EMBJ	1,064,049	$68.5M	1.91%
19	PETROLEO BRASILEIRO SA PETRO	71654V408	5,522,023	$65.2M	1.82%
20	COCA COLA FEMSA S A B DE C V	COCSF	672,833	$64.0M	1.79%