Institutional Manager · CIK 0001946136

Naman Capital Ltda

Sao Paulo, D5 · File #028-22660

Latest AUM

$355.5M

Positions

Top-10 Concentration

90.3%

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 S&P 500 ETF TR	SPY	+30,795	+$21.0M	+$1.3M
ADD	ISHARES INC	464286608	+154,490	+$9.9M	+$324,013
REDUCE	ALPHABET INC	GOOG	-9,240	-$2.9M	+$2.8M
REDUCE	MICROSOFT CORP	MSFT	-4,125	-$2.0M	-$851,383
REDUCE	SUZANO S A	SUZ	-195,059	-$1.8M	-$16,188
REDUCE	ULTRAPAR PARTICIPACOES SA	UGP	-392,020	-$1.5M	-$1.4M
REDUCE	ALPHABET INC	GOOG	0	$0	+$2.4M
REDUCE	BERKSHIRE HATHAWAY INC DEL	BRK-A	0	$0	-$2,808
REDUCE	BERKSHIRE HATHAWAY INC DEL	BRK-A	0	$0	+$6,000
REDUCE	COSAN S A	CSAN	0	$0	-$176,762

Sector Allocation

24.1%$85.6M

14.8%$52.7M

2.8%$10.0M

0.9%$3.2M

Filing History

Feb 27, 202613F HOLDINGS REPORT (Amended)Q/E Dec 202517 pos · $355.5M
Feb 17, 202613F HOLDINGS REPORTQ/E Dec 202517 pos · $355.5M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202517 pos · $356.3M
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202518 pos · $307.7M
May 15, 202513F HOLDINGS REPORTQ/E Mar 202517 pos · $254.7M
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202416 pos · $167.4M
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202416 pos · $261.1M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202414 pos · $235.8M
May 15, 202413F HOLDINGS REPORTQ/E Mar 202412 pos · $256.4M
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202312 pos · $125.3M
Oct 20, 202313F HOLDINGS REPORT (Amended)Q/E Dec 20231 pos · $10.0M
Oct 20, 202313F HOLDINGS REPORT (Amended)Q/E Dec 20231 pos · $10.0M
Oct 20, 202313F HOLDINGS REPORT (Amended)Q/E Dec 20231 pos · $10.0M

Top 17 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	111,836	$76.3M	21.45%
2	SPDR S&P 500 ETF TR	SPY	81,041	$55.3M	15.54%
3	INVESCO EXCHANGE TRADED FD T	IVZ	279,748	$53.6M	15.07%
4	ULTRAPAR PARTICIPACOES SA	UGP	9,984,074	$37.6M	10.59%
5	INVESCO EXCHANGE TRADED FD T	IVZ	148,227	$28.4M	7.99%
6	ISHARES INC	464286608	303,120	$19.4M	5.47%
7	BERKSHIRE HATHAWAY INC DEL	BRK-A	31,200	$15.7M	4.41%
8	ULTRAPAR PARTICIPACOES SA	UGP	3,703,905	$14.0M	3.93%
9	ALPHABET INC	GOOG	34,200	$10.7M	3.01%
10	MICROSOFT CORP	MSFT	20,675	$10.0M	2.81%
11	ALPHABET INC	GOOG	30,760	$9.7M	2.71%
12	ISHARES INC	464286608	148,630	$9.5M	2.68%
13	BERKSHIRE HATHAWAY INC DEL	BRK-A	10	$7.5M	2.12%
14	VISA INC	V	10,200	$3.6M	1.01%
15	SUZANO S A	SUZ	269,803	$2.5M	0.71%
16	COSAN S A	CSAN	271,941	$1.1M	0.30%
17	SUZANO S A	SUZ	74,744	$698,109	0.20%