Fund Holdings

BTG Pactual Asset Management US LLC

Filing Period:
Securities
SharesValue ($K)
Q4 2025
Q1 2026
Change
Q4 2025
Q1 2026
Weight (%)
Change
VANGUARD INDEX FDS0174,352+174,3520104,184,03810.13%+104,184,038
SELECT SECTOR SPDR TR(Call)
ST STR ENERG ETF
0325,600+325,600019,946,256+19,946,256
SELECT SECTOR SPDR TR(Put)
ST STR ENERG ETF
0325,600+325,600019,946,256+19,946,256
TOTALENERGIES SE(TTE)(Call)0150,000+150,000013,332,401+13,332,401
TOTALENERGIES SE(TTE)(Put)0150,000+150,000013,332,401+13,332,401
PETROLEO BRASILEIRO S A(PBR)0564,270+564,270011,708,6031.14%+11,708,603
ITAU UNIBANCO HLDG S A(ITUB)01,343,809+1,343,809011,261,1191.10%+11,261,119
VALE S A0590,567+590,56709,395,9210.91%+9,395,921
ESSENTIAL UTILS INC(WTRG)0217,672+217,67208,765,6510.85%+8,765,651
AMEREN CORP(AEE)60,150132,735+72,5856,006,57914,590,2311.42%+8,583,652
VANGUARD SCOTTSDALE FDS
VNG RUS1000GRW
075,145+75,14508,242,6550.80%+8,242,655
MICROSOFT CORP(MSFT)(Call)020,000+20,00007,403,400+7,403,400
MICROSOFT CORP(MSFT)(Put)020,000+20,00007,403,400+7,403,400
VISTANCE NETWORKS INC(VISN)0400,000+400,00007,280,0000.71%+7,280,000
FIRSTENERGY CORP(FE)0142,494+142,49407,218,7460.70%+7,218,746
NORFOLK SOUTHN CORP(NSC)022,619+22,61906,491,6530.63%+6,491,653
NU HLDGS LTD(NU)57,766513,877+456,111967,0037,384,4120.72%+6,417,409
NVIDIA CORPORATION(NVDA)107,118148,729+41,61119,977,50725,938,3382.52%+5,960,831
KOSMOS ENERGY LTD(KOS)0006,733,51912,487,0461.21%+5,753,527
VANGUARD WORLD FD194,054214,276+20,22225,459,88531,059,3063.02%+5,599,421
DOMINION ENERGY INC(D)119,040202,152+83,1126,974,55412,497,0371.22%+5,522,483
CMS ENERGY CORP(CMS)070,873+70,87305,498,3270.53%+5,498,327
MARA HOLDINGS INC(MARA)00005,298,4800.52%+5,298,480
WEBSTER FINL CORP(WBS)070,000+70,00004,859,4000.47%+4,859,400
COMPANHIA DE SANEAMENTO BASI(SBS)0159,201+159,20104,857,2230.47%+4,857,223
NETFLIX INC.(NFLX)(Call)050,000+50,00004,807,500+4,807,500
NETFLIX INC.(NFLX)(Put)050,000+50,00004,807,500+4,807,500
SOCIEDAD QUIMICA Y MINERA DE(SQM)058,700+58,70004,751,1780.46%+4,751,178
ELECTRONIC ARTS INC(EA)023,000+23,00004,689,0100.46%+4,689,010
CONSOLIDATED EDISON INC(ED)040,438+40,43804,576,7730.45%+4,576,773
PG&E CORP(PCG)253,152483,276+230,1244,068,1538,491,1590.83%+4,423,006
AT&T INC(T)(Call)0150,000+150,00004,348,500+4,348,500
AT&T INC(T)(Put)0150,000+150,00004,348,500+4,348,500
ENEL CHILE SA(ENIC)01,089,800+1,089,80004,293,8120.42%+4,293,812
WARNER BROS DISCOVERY INC(WBD)0142,000+142,00003,899,3200.38%+3,899,320
KENVUE INC(KVUE)0223,921+223,92103,860,3980.38%+3,860,398
PPL CORP(PPL)099,328+99,32803,794,3300.37%+3,794,330
SPDR GOLD TR(GLD)37,59843,399+5,80114,900,46318,674,1561.82%+3,773,693
ECHOSTAR CORP(ECHO)030,000+30,00003,512,1000.34%+3,512,100
MERCADOLIBRE INC(MELI)5002,529+2,0291,007,1304,372,6910.43%+3,365,561
EOG RES INC(EOG)(Call)022,700+22,70003,281,739+3,281,739
EOG RES INC(EOG)(Put)022,700+22,70003,281,739+3,281,739
AMERICAN ELEC PWR CO INC78,19693,020+14,8249,016,78112,193,0621.19%+3,176,281
ISHARES TR19,90248,248+28,3462,202,3555,258,5500.51%+3,056,195
GERDAU SA(GGB)0765,924+765,92402,764,9860.27%+2,764,986
BARRICK MNG CORP(B)066,254+66,25402,702,5010.26%+2,702,501
GE VERNOVA INC(GEV)13,52313,101-4228,838,22711,435,8631.11%+2,597,636
ONE GAS INC(OGS)86,408105,278+18,8706,675,0189,067,5940.88%+2,392,576
SLB LIMITED(SLB)044,621+44,62102,293,0730.22%+2,293,073
AMAZON COM INC(AMZN)99,865120,781+20,91623,050,83925,155,0592.45%+2,104,220
VISTRA CORP(VST)39,32356,176+16,8536,343,9808,444,9380.82%+2,100,958
ALPHABET INC(GOOG)7,84015,596+7,7562,453,9204,484,7860.44%+2,030,866
VANGUARD INTL EQUITY INDEX F178,750199,778+21,0288,840,97510,798,0011.05%+1,957,026
TEXAS VENTURES ACQUISITION I
USD CL A ORD SHS
0186,531+186,53101,938,0570.19%+1,938,057
ANTERO RESOURCES CORP(AR)045,281+45,28101,921,7260.19%+1,921,726
SUZANO S A(SUZ)0182,120+182,12001,823,0210.18%+1,823,021
BANCO BRADESCO S A0494,580+494,58001,805,2170.18%+1,805,217
USA TODAY CO INC(TDAY)0250,000+250,00001,762,5000.17%+1,762,500
PETROLEO BRASILEIRO S A(PBR)(Call)084,300+84,30001,749,225+1,749,225
PETROLEO BRASILEIRO S A(PBR)(Put)084,300+84,30001,749,225+1,749,225
VANGUARD WORLD FD93,60897,943+4,33534,276,44135,988,1763.50%+1,711,735
AES CORP(AES)0120,000+120,00001,690,8000.16%+1,690,800
ISHARES TR
BROAD USD HIGH
60,725104,657+43,9322,235,2873,852,4240.37%+1,617,137
TXNM ENERGY INC(TXNM)026,846+26,84601,569,4170.15%+1,569,417
SM ENERGY COMPANY(SM)049,460+49,46001,542,1630.15%+1,542,163
MILLICOM INTL CELLULAR S A
COM STK
78,78777,672-1,1154,367,9515,820,7400.57%+1,452,789
SUNCOR ENERGY INC NEW(SU)021,737+21,73701,437,0330.14%+1,437,033
INTERNATIONAL SEAWAYS INC(INSW)019,182+19,18201,397,9840.14%+1,397,984
PROCTER & GAMBLE CO(PG)(Call)09,600+9,60001,386,624+1,386,624
PROCTER & GAMBLE CO(PG)(Put)09,600+9,60001,386,624+1,386,624
TC ENERGY CORP(TRP)021,719+21,71901,359,6090.13%+1,359,609
TORM PLC(TRMD)048,498+48,49801,353,0940.13%+1,353,094
OCCIDENTAL PETE CORP(OXY)7,00524,931+17,926290,4271,620,5150.16%+1,330,088
TAIWAN SEMICONDUCTOR MANUFAC(TSM)51,42650,148-1,27815,627,84716,947,5171.65%+1,319,670
PAN AMERN SILVER CORP(PAAS)023,576+23,57601,287,9570.13%+1,287,957
ISHARES TR7,55520,964+13,409714,7791,983,4040.19%+1,268,625
SOLARIS RES INC(SLSR)0143,208+143,20801,236,6150.12%+1,236,615
STUBHUB HLDGS INC(STUB)071,445+71,44501,227,4250.12%+1,227,425
OVINTIV INC(OVV)020,540+20,54001,219,2540.12%+1,219,254
WEC ENERGY GROUP INC(WEC)104,975106,076+1,10111,070,66412,280,4191.19%+1,209,755
STAR BULK CARRIERS CORP.(SBLK)051,584+51,58401,184,8840.12%+1,184,884
CMB.TECH NV(CMBT)089,003+89,00301,125,8880.11%+1,125,888
CITIZENS FINL GROUP INC(CFG)29,95847,145+17,1871,749,8472,827,2860.28%+1,077,439
WHEATON PRECIOUS METALS CORP(WPM)08,076+8,07601,058,0370.10%+1,058,037
CORE NATURAL RESOURCES INC(CNR)09,927+9,92701,039,6550.10%+1,039,655
COSAN S A(CSAN)0247,680+247,68001,020,4420.10%+1,020,442
CHEVRON CORPORATION(CVX)22,23021,251-9793,388,0744,396,8320.43%+1,008,758
ISHARES TR
US TREAS BD ETF
043,195+43,1950989,5970.10%+989,597
ISHARES TR16,90126,229+9,3281,788,9712,776,3400.27%+987,369
BROADCOM INC(AVGO)6,32110,201+3,8802,187,6983,157,3120.31%+969,614
ABBVIE INC(ABBV)22,87828,476+5,5985,227,3946,193,2450.60%+965,851
ULTA BEAUTY INC(ULTA)01,838+1,8380960,7410.09%+960,741
ASML HLDG NV
N Y REGISTRY SHS
0725+7250957,6020.09%+957,602
SPOTIFY TECHNOLOGY S A(SPOT)7502,833+2,083435,5331,373,7500.13%+938,217
VANGUARD WORLD FD
HEALTH CAR ETF
23,25924,642+1,3835,776,1406,710,7560.65%+934,616
MORGAN STANLEY ETF TRUST
EAT INC OPP ETF
34,98051,343+16,3631,763,3422,628,2480.26%+864,906
HCA HEALTHCARE INC(HCA)7,4269,145+1,7193,466,9024,327,7800.42%+860,878
VANGUARD TAX-MANAGED FDS017,128+17,1280846,8080.08%+846,808
SSR MINING IN(SSRM)028,767+28,7670845,7500.08%+845,750
BLACK HILLS CORP29,10241,001+11,8992,020,2612,845,8790.28%+825,618
Page 1 of 5