CIK 1946136
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.
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.
| Industry group | Weight | Names |
|---|---|---|
| Unclassified | 71.18% | 6 |
| Utilities | 17.70% | 1 |
| Software & IT Services | 5.19% | 2 |
| Commercial Services & Supplies | 2.54% | 1 |
| Software | 2.13% | 1 |
| Paper & Forest Products | 0.96% | 1 |
| Specialty Retail | 0.31% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | Unclassified | 32.98% |
| 2 | RSP | INVESCO EXCHANGE TRADED FD T | Unclassified | 22.83% |
| 3 | UGP | ULTRAPAR HOLDINGS INC | Utilities | 17.70% |
| 4 | EZU | ISHARES INC MSCI EURZONE ETF | Unclassified | 7.86% |
| 5 | BRK.B | BERKSHIRE HATHAWAY INC | Financials | 3.09% |
| 6 | GOOGL | Alphabet Inc. | Communication Services | 2.73% |
| 7 | V | VISA INC. | Financials | 2.54% |
| 8 | GOOG | Alphabet Inc. | Communication Services | 2.45% |
| 9 | EWY | ISHARES INC MSCI STH KOR ETF | Unclassified | 2.43% |
| 10 | MSFT | MICROSOFT CORP | Information Technology | 2.13% |
8/13 names classified · sector 31.9% of weight · industry 28.8% · mkt cap 12.9%; unclassified names shown, never dropped.
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: 31.9% of the book is sector-classified (unclassified names shown, never dropped).
Only 10% of book weight classified — the grid is NOT representative of the whole book.
Classified: 9.9% of book weight (4/13 names) · unclassified 90.1%: SPY, RSP, UGP, EZU, BRK.B, EWY, BRK.A, SUZ, CSAN. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | SPYSTATE STR SPDR S&P 500 ETF T | 182,445 | $119M | 33.0% | TRIM −5% |
| 2 | RSPINVESCO EXCHANGE TRADED FD T | 427,975 | $82M | 22.8% | HOLD |
| 3 | UGPULTRAPAR PARTICIPACOES S A | 12,727,222 | $64M | 17.7% | TRIM −7% |
| 4 | EZUISHARES INC MSCI EURZONE ETF | 451,750 | $28M | 7.9% | HOLD |
| 5 | BRK.BBERKSHIRE HATHAWAY INC DEL | 23,177 | $11M | 3.1% | TRIM −26% |
| 6 | GOOGLALPHABET INC | 34,200 | $10M | 2.7% | HOLD |
| 7 | VVISA INC | 30,212 | $9M | 2.5% | ADD 196% |
| 8 | GOOGALPHABET INC | 30,760 | $9M | 2.5% | HOLD |
| 9 | EWYISHARES INC MSCI STH KOR ETF | 71,018 | $9M | 2.4% | NEW |
| 10 | MSFTMICROSOFT CORP | 20,675 | $8M | 2.1% | HOLD |
| 11 | BRK.ABERKSHIRE HATHAWAY INC DEL | 10 | $7M | 2.0% | HOLD |
| 12 | SUZSUZANO S A | 344,547 | $3M | 1.0% | HOLD |
| 13 | CSANCOSAN S A | 271,941 | $1M | 0.3% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| SPYSTATE STR SPDR S&P 500 ETF T | 49K | 68K | 142K | 173K | 193K | 182K | $119M |
| RSPINVESCO EXCHANGE TRADED FD T | 233K | 559K | 490K | 492K | 428K | 428K | $82M |
| UGPULTRAPAR PARTICIPACOES S A | 14.1M | 14.1M | 14.1M | 14.1M | 13.7M | 12.7M | $64M |
| EZUISHARES INC MSCI EURZONE ETF | — | 452K | 452K | 452K | 452K | 452K | $28M |
| BRK.BBERKSHIRE HATHAWAY INC DEL | 31K | 31K | 31K | 31K | 31K | 23K | $11M |
| GOOGLALPHABET INC | 17K | 34K | 34K | 34K | 34K | 34K | $10M |
| VVISA INC | — | — | 10K | 10K | 10K | 30K | $9M |
| GOOGALPHABET INC | 40K | 40K | 40K | 40K | 31K | 31K | $9M |
| EWYISHARES INC MSCI STH KOR ETF | — | — | — | — | — | 71K | $9M |
| MSFTMICROSOFT CORP | 25K | 25K | 25K | 25K | 21K | 21K | $8M |
| BRK/ABERKSHIRE HATHAWAY INC DEL | 10 | 10 | 10 | 10 | 10 | 10 | $7M |
| SUZSUZANO S A | 345K | 345K | 345K | 345K | 345K | 345K | $3M |
| CSANCOSAN S A | 272K | 272K | 272K | 272K | 272K | 272K | $1M |
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.
Where this firm's principals came from and which firms its alumni went on to found.
