VPR Management LLC

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CIK 1894203

13F portfolio (2026-Q1)

$250M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

51.2%

Top 10

70.7%

Effective N

14.4

HHI

0.069

This quarter

6 new · 0 exit →

By sector

Unclassified80.3%

Materials4.2%

Financials3.9%

Energy3.5%

Industrials3.4%

Consumer Staples1.7%

Utilities1.1%

Consumer Discretionary0.6%

Other1.3%

By market cap

Unknown92.3%

Large ($10–200B)4.9%

Mega (>$200B)2.5%

Mid ($2–10B)0.2%

By region

Other80.3%

North America15.9%

Latin America2.4%

Europe0.8%

Asia-Pacific0.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	80.34%	28
Metals & Mining	4.02%	5
Banks	3.59%	4
Oil, Gas & Consumable Fuels	3.45%	5
Commercial Services & Supplies	3.43%	3
Beverages	1.42%	2
Utilities	1.06%	4
Specialty Retail	0.62%	2
Software & IT Services	0.46%	3
Diversified Telecommunication Services	0.43%	2
Food Products	0.31%	1
Capital Markets	0.28%	1
Equity Real Estate Investment Trusts (REITs)	0.24%	1
Semiconductors & Semiconductor Equipment	0.21%	1
Paper & Forest Products	0.13%	1
Pharmaceuticals & Biotechnology	0.00%	2

Top holdings

#	Ticker	Name	Sector	Weight
1	IAU	ISHARES GOLD TR	Unclassified	13.93%
2	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	13.46%
3	GUNR	FLEXSHARES TR	Unclassified	10.97%
4	EWC	ISHARES INC	Unclassified	6.83%
5	EWZ	ISHARES INC MSCI BRAZIL ETF	Unclassified	6.04%
6	VTI	VANGUARD INDEX FDS	Unclassified	5.80%
7	VIG	VANGUARD SPECIALIZED FUNDS	Unclassified	4.52%
8	IEMG	ISHARES INC	Unclassified	3.53%
9	EMLC	VANECK ETF TRUST	Unclassified	3.17%
10	ACWI	ISHARES TR	Unclassified	2.42%

37/65 names classified · sector 19.7% of weight · industry 19.7% · mkt cap 7.7%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 36 quarters

FinancialsDJP, NU, ITUB, BBD, BSBR · other

MaterialsFCX, VALE, SUZ, RIO, BHP · other

EnergyPBR, XOM, CVX, CNQ, SHEL · other

Consumer StaplesKOF, ABEV, JBS

Real EstateAGNC, NLY

IndustrialsMELI, SE, DLO

Communication ServicesMETA, VIV, TIMB, GOOG

UtilitiesAXIA, SBS, CIG, UGP

Information TechnologySTNE, AAPL, PAGS, NVDA

Consumer DiscretionaryCSAN, CPNG, AMZN

Health CareBMY, PFE

UnclassifiedVWO, VEA, VIG, EWZ, IAU · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 19.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 7% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (11 classified)VPR Management LLC centroid (Large Core)

IndustrialsEnergyMaterialsConsumer DiscretionaryInformation TechnologyCommunication ServicesHealth Care

Style box summary for VPR Management LLC: centroid Large Core. Heaviest cells: Large Growth 2.7%, Large Value 2.2%, Large Core 1.9%.

Classified: 7.2% of book weight (11/65 names) · unclassified 92.8%: IAU, VEA, GUNR, EWC, EWZ, VTI, VIG, IEMG, EMLC, ACWI +44 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 65 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	IAUISHARES GOLD TR	395,430	$35M	13.9%	HOLD
2	VEAVANGUARD TAX-MANAGED FDS	525,600	$34M	13.5%	HOLD
3	GUNRFLEXSHARES TR	497,600	$27M	11.0%	HOLD
4	EWCISHARES INC	311,800	$17M	6.8%	HOLD
5	EWZISHARES INC MSCI BRAZIL ETF	393,400	$15M	6.0%	TRIM −20%
6	VTIVANGUARD INDEX FDS	45,200	$15M	5.8%	ADD 11%
7	VIGVANGUARD SPECIALIZED FUNDS	52,630	$11M	4.5%	HOLD
8	IEMGISHARES INC	126,800	$9M	3.5%	HOLD
9	EMLCVANECK ETF TRUST	316,200	$8M	3.2%	HOLD
10	ACWIISHARES TR	43,700	$6M	2.4%	HOLD
11	GNRSPDR INDEX SHS FDS	77,550	$6M	2.3%	HOLD
12	MELIMERCADOLIBRE INC	3,194	$6M	2.2%	ADD 100%
13	FCXFREEPORT MCMORAN INC	81,000	$5M	1.9%	HOLD
14	EWUISHARES TR	97,500	$4M	1.8%	ADD 49%
15	NUNU HLDGS LTD	285,600	$4M	1.6%	TRIM −7%
16	ITUBITAU UNIBANCO HLDG S A	438,013	$4M	1.5%	HOLD
17	XOMEXXON MOBIL CORP	19,200	$3M	1.3%	HOLD
18	PBR.APETROLEO BRASILEIRO SA PETRO	154,260	$3M	1.2%	HOLD
19	PBRPETROLEO BRASILEIRO S A	132,846	$3M	1.1%	HOLD
20	EFVISHARES TR	35,700	$3M	1.1%	HOLD
21	KOFCOCA-COLA FEMSA SAB DE CV	24,789	$2M	1.0%	HOLD
22	SESEA LTD	28,300	$2M	0.9%	NEW
23	VWOVANGUARD INTL EQUITY INDEX F	37,700	$2M	0.8%	HOLD
24	VALEVALE S A	122,010	$2M	0.8%	HOLD
25	CVXCHEVRON CORP NEW	8,700	$2M	0.7%	HOLD
26	RIORIO TINTO PLC	17,000	$2M	0.6%	HOLD
27	BHPBHP BILLITON LIMITED	20,000	$1M	0.6%	HOLD
28	CPNGCOUPANG INC	60,000	$1M	0.5%	NEW
29	ABEVAMBEV SA	387,929	$1M	0.5%	HOLD
30	AXIACENTRAIS ELET BRAS SA	100,104	$1M	0.5%	HOLD
31	ARCCARES CAPITAL CORP	62,618	$1M	0.5%	ADD 64%
32	XLESELECT SECTOR SPDR TR	16,000	$980,160	0.4%	HOLD
33	VDEVANGUARD WORLD FD	5,300	$917,112	0.4%	HOLD
34	SBSCOMPANHIA DE SANEAMENTO BASI	29,551	$901,601	0.4%	HOLD
35	JBSJBS N.V.	43,311	$777,866	0.3%	HOLD
36	DLODLOCAL LTD	56,000	$726,320	0.3%	NEW
37	XPXP INC	37,068	$705,775	0.3%	HOLD
38	BBDBANCO BRADESCO S A	187,900	$685,835	0.3%	HOLD
39	VTVVANGUARD INDEX FDS	3,350	$657,270	0.3%	HOLD
40	VIVTELEFONICA BRASIL SA	41,185	$655,253	0.3%	HOLD
41	AGNCAGNC Investment Corp	60,000	$601,800	0.2%	HOLD
42	OBDCBLUE OWL CAPITAL CORPORATION	51,361	$568,053	0.2%	HOLD
43	PAGSPAGSEGURO DIGITAL LTD	56,000	$561,120	0.2%	NEW
44	NVDANVIDIA CORPORATION	3,000	$523,200	0.2%	NEW
45	BSBRBANCO SANTANDER BRASIL S A	88,050	$522,137	0.2%	HOLD
46	SHELSHELL PLC	5,000	$465,000	0.2%	HOLD
47	TIMBTIM S A	15,760	$417,482	0.2%	HOLD
48	AMZNAMAZON COM INC	2,000	$416,540	0.2%	ADD 100%
49	EMBISHARES TR	4,300	$403,899	0.2%	HOLD
50	FSKFS KKR CAP CORP	36,000	$366,480	0.1%	HOLD
51	COPCONOCOPHILLIPS	2,700	$356,400	0.1%	HOLD
52	CIGCIA ENERGETICA DE MINAS GERA	147,547	$352,637	0.1%	HOLD
53	SUZSUZANO S A	33,605	$336,386	0.1%	HOLD
54	MAINMAIN STR CAP CORP	6,274	$332,271	0.1%	HOLD
55	GGBGERDAU SA	86,242	$311,334	0.1%	HOLD
56	STNESTONECO LTD	22,040	$311,205	0.1%	HOLD
57	AXIA.PCCENTRAIS ELET BRAS SA	26,310	$287,305	0.1%	HOLD
58	GOOGALPHABET INC	1,000	$286,860	0.1%	NEW
59	SCHPSCHWAB STRATEGIC TR	10,000	$266,100	0.1%	HOLD
60	UGPULTRAPAR PARTICIPACOES S A	46,700	$257,317	0.1%	HOLD
61	CSWCCapital Southwest Corp.	8,500	$188,020	0.1%	HOLD
62	OCSLOAKTREE SPECIALTY LENDING CO	15,760	$178,088	0.1%	HOLD
63	CCAPCRESCENT CAP BDC INC	9,000	$109,350	0.0%	HOLD
64	BMYBRISTOL-MYERS SQUIBB CO	100	$6,065	0.0%	HOLD
65	PFEPFIZER INC	100	$2,808	0.0%	HOLD

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

IAUISHARES GOLD TR

520K

423K

395K

$35M

VEAVANGUARD TAX-MANAGED FDS

526K

$34M

GUNRFLEXSHARES TR

528K

498K

$27M

EWCISHARES INC

352K

312K

$17M

EWZISHARES INC MSCI BRAZIL ETF

493K

393K

$15M

VTIVANGUARD INDEX FDS

39K

41K

45K

$15M

VIGVANGUARD SPECIALIZED FUNDS

53K

$11M

IEMGISHARES INC

127K

$9M

EMLCVANECK ETF TRUST

316K

$8M

ACWIISHARES TR

83K

93K

44K

$6M

GNRSPDR INDEX SHS FDS

78K

$6M

MELIMERCADOLIBRE INC

$6M

FCXFREEPORT MCMORAN INC

81K

$5M

EWUISHARES TR

56K

66K

98K

$4M

NUNU HLDGS LTD

323K

308K

286K

$4M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆VPR Management LLC