Managers / Q4 2025 · view latest →
Naman Capital Ltda
CIK 0001946136 · AVENIDA BRIGADEIRO FARIA LIMA, 1355 - 21 ANDAR, SAO PAULO, D5, 04538-132 · 55 11 3503-9551
Summary
Naman Capital Ltda reported $356M in U.S.-listed holdings across 17 positions for Q4 2025.
The portfolio is heavily concentrated: Spdr S P 500 Etf Tr alone accounts for 21.5% of reported value.
The book was largely unchanged from Q3 2025.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 68.2% · $242M
- Common Stock · 16.1% · $57M
- ADR · 15.7% · $56M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| GOOGALPHABET INC | TRIMMED | −9.2K | 30.8K | −$89,512 | $10M |
| MSFTMICROSOFT CORP | TRIMMED | −4.1K | 20.7K | −$3M | $10M |
| INVESCO EXCHANGE TRADED FD T | TRIMMED | −63.7K | 428.0K | −$11M | $82M |
| SPDR S&P 500 ETF TR | ADDED | +19.9K | 192.9K | +$16M | $132M |
| ULTRAPAR PARTICIPACOES SA | HELD | −392.0K | 13.69M | −$6M | $52M |
| GOOGLALPHABET INC | HELD | +0 | 34.2K | +$2M | $11M |
| ISHARES INC | HELD | +0 | 451.8K | +$981,842 | $29M |
| COSAN S A | HELD | +0 | 271.9K | −$176,762 | $1M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR | TR UNIT | 36.99% | $132M | 192.9K |
| 2 | INVESCO EXCHANGE TRADED FD T | S&P500 EQL WGT | 23.06% | $82M | 428.0K |
| 3 | ULTRAPAR PARTICIPACOES SA | SP ADR REP COM | 14.51% | $52M | 13.69M |
| 4 | ISHARES INC | MSCI EURZONE ETF | 8.15% | $29M | 451.8K |
| 5 | BRK/BBERKSHIRE HATHAWAY INC DEL | CL B NEW · CL A | 6.53% | $23M | 31.2K |
| 6 | GOOGLALPHABET INC | CAP STK CL A · CAP STK CL C | 5.73% | $20M | 65.0K |
| 7 | MSFTMICROSOFT CORPhistory → | COM | 2.81% | $10M | 20.7K |
| 8 | VVISA INChistory → | COM CL A | 1.01% | $4M | 10.2K |
| 9 | SUZANO S A | SPON ADS | 0.91% | $3M | 344.5K |
| 10 | COSAN S A | ADS | 0.30% | $1M | 271.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $360M | 19 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $356M | 17 | Feb 27, 2026 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2025 | $356M | 17 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $308M | 18 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $255M | 17 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $167M | 16 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $261M | 16 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $236M | 14 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $256M | 12 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $157M | 13 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $125M | 12 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $147M | 13 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $112M | 12 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $102M | 12 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $134M | 19 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
Other Included Managers
This filing reports holdings on behalf of 1 additional manager.
- Kosmin Fund Ltd028-22661
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.