Institutional Manager · CIK 0001798686

Kapitalo Investimentos Ltda

SAO PAULO, D5 · File #028-24037

Latest AUM

$522.5M

Positions

Top-10 Concentration

82.2%

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
REDUCE	SPDR SERIES TRUST	78464A698	-847,063	-$54.9M	+$2.5M
ADD	META PLATFORMS INC	META	+54,179	+$35.8M	-$182,976
REDUCE	TAIWAN SEMICONDUCTOR MFG LTD	874039100	-78,000	-$23.7M	+$2.1M
ADD	AMAZON COM INC	AMZN	+94,898	+$21.9M	+$5.3M
ADD	KENVUE INC	KVUE	+1,250,000	+$21.6M	+$12.5M
NEW	ELECTRONIC ARTS INC	EA	+96,054	+$19.6M	$0
NEW	VISTRA CORP	VST	+105,000	+$16.9M	$0
EXITED	NEXGEN ENERGY LTD	65340P106	-1,689,155	-$15.1M	$0
ADD	KRANESHARES TRUST	500767306	+402,000	+$13.7M	-$10.6M
EXITED	KELLANOVA	487836108	-126,694	-$10.4M	$0

Sector Allocation

Consumer Discretionary

24.9%$130.4M

Communication Services

11.7%$61.2M

7.2%$37.8M

7.2%$37.4M

6.9%$36.1M

3.7%$19.3M

2.4%$12.6M

2.1%$11.2M

1.2%$6.4M

0.6%$2.9M

Filing History

Jan 28, 202613F HOLDINGS REPORTQ/E Dec 202537 pos · $522.5M
Nov 3, 202513F HOLDINGS REPORTQ/E Sep 202564 pos · $537.1M
Jul 14, 202513F HOLDINGS REPORTQ/E Jun 2025119 pos · $461.4M
May 7, 202513F HOLDINGS REPORTQ/E Mar 202584 pos · $493.2M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024274 pos · $149.5M
Oct 15, 202413F HOLDINGS REPORTQ/E Sep 2024160 pos · $410.2M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 2024164 pos · $333.6M
May 15, 202413F HOLDINGS REPORTQ/E Mar 2024259 pos · $455.7M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 2024182 pos · $133.4M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 2024412 pos · $305.6M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 2024530 pos · $735.9M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 202439 pos · $95.0M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 2024457 pos · $538.1M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 202437 pos · $155.9M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 202437 pos · $241.6M
Mar 29, 202413F HOLDINGS REPORTQ/E Mar 2024525 pos · $484.6M
Mar 28, 202413F HOLDINGS REPORTQ/E Mar 202426 pos · $91.0M
Mar 28, 202413F HOLDINGS REPORTQ/E Mar 202412 pos · $237.5M
Mar 28, 202413F HOLDINGS REPORTQ/E Mar 202418 pos · $225.3M
Mar 28, 202413F HOLDINGS REPORTQ/E Mar 202444 pos · $188.4M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	AMAZON COM INC	AMZN	564,866	$130.4M	24.95%
2	KRANESHARES TRUST	500767306	1,734,000	$59.0M	11.30%
3	SPDR SERIES TRUST	78464A698	802,873	$52.0M	9.96%
4	META PLATFORMS INC	META	56,642	$37.4M	7.16%
5	MICROSOFT CORP	MSFT	71,402	$34.5M	6.61%
6	KENVUE INC	KVUE	2,000,000	$34.5M	6.60%
7	ERO COPPER CORP	ERO	1,076,696	$30.5M	5.83%
8	ELECTRONIC ARTS INC	EA	96,054	$19.6M	3.76%
9	VISTRA CORP	VST	105,000	$16.9M	3.24%
10	TECK RESOURCES LTD	TCKRF	302,859	$14.5M	2.78%
11	RIO TINTO PLC	RTNTF	127,754	$10.2M	1.96%
12	YPF SOCIEDAD ANONIMA	YPF	257,042	$9.3M	1.78%
13	SUZANO S A	SUZ	784,450	$7.3M	1.40%
14	EXACT SCIENCES CORP	30063P105	64,428	$6.5M	1.25%
15	EMBRAER S.A.	EMBJ	99,372	$6.4M	1.22%
16	LOMA NEGRA C I A S A MTN 14	54150E104	380,833	$4.9M	0.94%
17	EVE HLDG INC	EVEX-WT	1,100,000	$4.4M	0.84%
18	TELEFONICA BRASIL SA	VIV	355,066	$4.2M	0.81%
19	VISA INC	V	10,725	$3.8M	0.72%
20	DISNEY WALT CO	254687106	32,820	$3.7M	0.71%