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Livermore
Livermore
ZHEN

Banco BTG Pactual S.A.

SEC CIK
0001536080
Latest filing
Aug 7, 2026

The latest 13F from Banco BTG Pactual S.A. covers Q2 2026 (filed Aug 7, 2026): 136 long positions worth $751.6M. The top 10 holdings make up 55.8% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 9.3%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
56
Est. +$81.6M
Added
44
Est. +$172.0M
Reduced
25
Est. −$33.2M
Sold out
22
Est. −$17.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    9.3%$69.9MHistory
  2. iShares Tr464288513
    8.0%$60.1M
  3. Vanguard S&P 500 ETF922908363
    6.5%$48.7M
  4. iShares Russell 2000 ETF464287655
    6.4%$48.1M
  5. iShares Inc464286822
    6.1%$46.0M

Share of portfolio

Top 5 holdings and the other 131 positions, by share of portfolio value

  1. SPY9.3%
  2. iShares Tr8.0%
  3. Vanguard S&P 500 ETF6.5%
  4. iShares Russell 2000 ETF6.4%
  5. iShares Inc6.1%
  6. Other 131 positions63.7%

Biggest buys

New and added positions, by estimated amount bought

  1. CIBGrupo Cibest S.A.
    +$19.1MAddedHistory
  2. SPYSPDR S&P 500 ETF Trust
    +$17.6MAddedHistory
  3. RIORio Tinto PLC
    +$15.6MAddedHistory
  4. iShares Inc464286400
    +$12.6MAdded
  5. Invesco QQQ Trust Series I46090E103
    +$11.0MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CIBGrupo Cibest S.A.
    +2.23 pp1.2% → 3.4%History
  2. RIORio Tinto PLC
    +2.05 pp0.1% → 2.2%History
  3. Invesco QQQ Trust Series I46090E103
    +1.47 pp0.0% → 1.5%
  4. VanEck Semiconductor ETF92189F676
    +1.37 pp0.3% → 1.7%
  5. AAPLApple Inc.
    +1.31 pp0.1% → 1.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −$5.66MReduced
  2. AMDAdvanced Micro Devices Inc
    −$4.81MReducedHistory
  3. Janus Detroit STR Tr47103U845
    −$4.37MReduced
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −$3.61MReducedHistory
  5. iShares Tr464287184
    −$3.59MSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. State Street Consumer Staples Select Sector SPDR ETF81369Y308
    −2.50 pp5.7% → 3.2%
  2. Janus Detroit STR Tr47103U845
    −1.92 pp4.2% → 2.3%
  3. SPDR Series Trust78464A714
    −0.93 pp2.4% → 1.4%
  4. Vanguard Total Bond Market ETF921937835
    −0.79 pp1.1% → 0.3%
  5. iShares Tr464287184
    −0.70 pp0.7% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$751.6M
+$238.9M (+46.6%) vs. prior quarter
Positions
136
+34 vs. prior quarter
Top 10 concentration
55.8%
Top 10 as share of value
Turnover
8.0%
Q2 2026, one quarter
Average holding period
3.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $751.6M (Q2 2026)

Q1 2021: $238.6MQ2 2021: $126.6MQ3 2021: $230.8MQ4 2021: $34.2MQ1 2022: $190.9MQ2 2022: $154.2MQ3 2022: $179.8MQ4 2022: $174.1MQ1 2023: $216.6MQ2 2023: $157.3MQ3 2023: $246.3MQ4 2023: $441.0MQ1 2024: $321.2MQ2 2024: $391.3MQ3 2024: $384.5MQ4 2024: $427.0MQ1 2025: $400.8MQ2 2025: $491.5MQ3 2025: $684.1MQ4 2025: $564.5MQ1 2026: $512.6MQ2 2026: $751.6M
Q1 2021Q2 2026
13F filings of Banco BTG Pactual S.A. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 7, 2026136$751.6MSPYiShares TrVanguard S&P 500 ETFvs. Q1 2026SEC
Q1 2026May 13, 2026102$512.6MiShares TrSPYiShares Incvs. Q4 2025SEC
Q4 2025Feb 12, 2026158$564.5MNVDAMETAMSFTvs. Q3 2025SEC
Q3 2025Nov 13, 2025152$684.1MJBSMETAMSFTvs. Q2 2025SEC
Q2 2025Aug 14, 2025153$491.5MMETANVDAGGALvs. Q1 2025SEC
Q1 2025May 14, 2025157$400.8MMETATSMSBSvs. Q4 2024SEC
Q4 2024Feb 12, 2025151$427.0MNVDATSMMETAvs. Q3 2024SEC
Q3 2024Nov 7, 2024130$384.5MTSMMETAMSFTvs. Q2 2024SEC
Q2 2024Aug 14, 2024127$391.3MMELIAMZNTSMvs. Q1 2024SEC
Q1 2024May 9, 2024134$321.2MXPGlobal X Uranium ETFTSMvs. Q4 2023SEC
Q4 2023Feb 12, 2024108$441.0MAlmacenes Exito S AMELIXPvs. Q3 2023SEC
Q3 2023Nov 14, 2023101$246.3MAlmacenes Exito S AMELIINTRvs. Q2 2023SEC
Q2 2023Aug 28, 2023Amended77$157.3MiShares IncState Street Energy Select Sector SPDR ETFiShares Russell 2000 ETFvs. Q1 2023SEC
Q1 2023May 10, 202398$216.6MiShares IncMELIiShares Russell 2000 ETFvs. Q4 2022SEC
Q4 2022Feb 8, 2023130$174.1MMELIXPGlobal X Uranium ETFvs. Q3 2022SEC
Q3 2022Nov 14, 202289$179.8MGLDSBSCLARvs. Q2 2022SEC
Q2 2022Aug 12, 202296$154.2MGLDCSANGlobal X Uranium ETFvs. Q1 2022SEC
Q1 2022May 12, 202294$190.9MSQMVALESOFIvs. Q4 2021SEC
Q4 2021May 12, 202239$34.2MCSANCopel-ADRCHTRvs. Q3 2021SEC
Q3 2021Nov 15, 2021100$230.8MSQMGLDGlobal X Uranium ETFvs. Q2 2021SEC
Q2 2021Aug 16, 202188$126.6MMETAMELIMSFTvs. Q1 2021SEC
Q1 2021May 17, 202194$238.6MSQMEnel Americas S AAMX–SEC

13D and 13G filings

Companies where Banco BTG Pactual S.A. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Banco BTG Pactual S.A. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
Fortress Credit Realty Income TrustClass B Common Shares of Beneficial Interest, par value $0.01 per share13G53.10%4.99M sharesNewFeb 13, 20251 filingFeb 13, 2025SEC
Diameter Credit CoCommon shares of beneficial interest, par value $0.001 per share13G/A5.80%2.97M shares−0.10 ppfrom 5.90%Aug 8, 20245 filingsFeb 13, 2026SEC

Latest filings

6 filings on file made by Banco BTG Pactual S.A. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Banco BTG Pactual S.A.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
Diameter Credit CoCommon shares of beneficial interest, par value $0.001 per shareFeb 13, 20264:10 PM ET13G/A5.80%2.97M shares−0.10 ppfrom 5.90%Dec 31, 2025SEC
Diameter Credit CoCommon shares of beneficial interest, par value $0.001 per shareAug 8, 20251:49 PM ET13G/A5.90%2.17M shares−0.20 ppfrom 6.10%Jun 30, 2025SEC
Fortress Credit Realty Income TrustClass B Common Shares of Beneficial Interest, par value $0.01 per shareFeb 13, 20255:21 PM ET13G53.10%4.99M sharesNewDec 31, 2024SEC
Diameter Credit CoCommon shares of beneficial interest, par value $0.001 per shareFeb 13, 20254:36 PM ET13G/A6.10%1.41M shares–Dec 31, 2024SEC
Diameter Credit CoNov 14, 202413G/AOld format–––SEC
Diameter Credit CoAug 8, 202413GOld format–New–SEC