# VPR Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1894203. Source: https://holderbook.com/funds/1894203-vpr-management-llc/

- Reported value: $249.0M
- Positions: 66
- Weight of the ten largest: 71.5%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $37.4M | 525,600 | 15.0% | 37 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $29.9M | 395,430 | 12.0% | 28 |
| FLEXSHARES TR | [GUNR](https://holderbook.com/stocks/GUNR/) | $24.5M | 497,600 | 9.8% | 31 |
| ISHARES INC | [EWC](https://holderbook.com/stocks/EWC/) | $18.0M | 311,800 | 7.2% | 24 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $16.7M | 45,200 | 6.7% | 37 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $13.6M | 393,400 | 5.5% | 37 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $12.5M | 52,630 | 5.0% | 37 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $10.5M | 126,800 | 4.2% | 37 |
| VANECK ETF TRUST | [EMLC](https://holderbook.com/stocks/EMLC/) | $8.1M | 316,200 | 3.2% | 26 |
| ISHARES TR | [ACWI](https://holderbook.com/stocks/ACWI/) | $6.9M | 43,700 | 2.8% | 26 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $5.4M | 3,194 | 2.2% | 15 |
| SPDR INDEX SHS FDS | [GNR](https://holderbook.com/stocks/GNR/) | $5.2M | 77,550 | 2.1% | 35 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $5.1M | 81,000 | 2.0% | 16 |
| ISHARES TR | [EWU](https://holderbook.com/stocks/EWU/) | $4.5M | 97,500 | 1.8% | 32 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $3.8M | 285,600 | 1.5% | 10 |
| ITAU UNIBANCO HLDG S A | [ITUB](https://holderbook.com/stocks/ITUB/) | $3.6M | 438,013 | 1.4% | 15 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $2.7M | 35,700 | 1.1% | 31 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $2.7M | 28,300 | 1.1% | 2 |
| COCA-COLA FEMSA SAB DE CV | [KOF](https://holderbook.com/stocks/KOF/) | $2.6M | 24,789 | 1.1% | 15 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.6M | 19,200 | 1.1% | 8 |
| PETROLEO BRASILEIRO S A | [PBRA](https://holderbook.com/stocks/PBRA/) | $2.3M | 154,260 | 0.9% | 14 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $2.3M | 37,700 | 0.9% | 37 |
| PETROLEO BRASILEIRO S A | [PBR](https://holderbook.com/stocks/PBR/) | $2.1M | 132,846 | 0.9% | 15 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $1.8M | 122,010 | 0.7% | 15 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $1.7M | 20,000 | 0.7% | 8 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $1.6M | 17,000 | 0.6% | 8 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.4M | 8,700 | 0.6% | 8 |
| ARES CAPITAL CORP | [ARCC](https://holderbook.com/stocks/ARCC/) | $1.2M | 63,254 | 0.5% | 5 |
| AXIA ENERGIA SA | [AXIA](https://holderbook.com/stocks/AXIA/) | $1.1M | 100,104 | 0.4% | 15 |
| COUPANG INC | [CPNG](https://holderbook.com/stocks/CPNG/) | $1.0M | 60,000 | 0.4% | 2 |
| AMBEV SA | [ABEV](https://holderbook.com/stocks/ABEV/) | $904.1K | 287,929 | 0.4% | 15 |
| COMPANHIA DE SANEAMENTO BASI | [SBS](https://holderbook.com/stocks/SBS/) | $854.8K | 147,885 | 0.3% | 15 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $849.8K | 16,000 | 0.3% | 36 |
| GRAB HOLDINGS LIMITED | [GRAB](https://holderbook.com/stocks/GRAB/) | $829.4K | 220,000 | 0.3% | 1 |
| VANGUARD WORLD FD | [VDE](https://holderbook.com/stocks/VDE/) | $795.7K | 5,300 | 0.3% | 37 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $730.1K | 3,350 | 0.3% | 37 |
| DLOCAL LTD | [DLO](https://holderbook.com/stocks/DLO/) | $727.7K | 56,000 | 0.3% | 2 |
| AGNC INVT CORP | [AGNC](https://holderbook.com/stocks/AGNC/) | $654.0K | 60,000 | 0.3% | 15 |
| BANCO BRADESCO S A | [BBD](https://holderbook.com/stocks/BBD/) | $652.0K | 187,900 | 0.3% | 15 |
| XP INC | [XP](https://holderbook.com/stocks/XP/) | $602.7K | 37,068 | 0.2% | 15 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $600.3K | 3,000 | 0.2% | 2 |
| BLUE OWL CAPITAL CORPORATION | [OBDC](https://holderbook.com/stocks/OBDC/) | $569.7K | 52,407 | 0.2% | 5 |
| TELEFONICA BRASIL SA | [VIV](https://holderbook.com/stocks/VIV/) | $542.0K | 41,185 | 0.2% | 15 |
| JBS N.V. | [JBS](https://holderbook.com/stocks/JBS/) | $513.2K | 43,311 | 0.2% | 4 |
| PAGSEGURO DIGITAL LTD | [PAGS](https://holderbook.com/stocks/PAGS/) | $506.8K | 56,000 | 0.2% | 2 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $476.7K | 2,000 | 0.2% | 3 |
| BANCO SANTANDER BRASIL S A | [BSBR](https://holderbook.com/stocks/BSBR/) | $462.3K | 88,050 | 0.2% | 15 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $414.7K | 4,300 | 0.2% | 26 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $387.7K | 5,000 | 0.2% | 5 |
| FS KKR CAP CORP | [FSK](https://holderbook.com/stocks/FSK/) | $378.0K | 36,000 | 0.2% | 5 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $353.3K | 1,000 | 0.1% | 2 |
| GERDAU SA | [GGB](https://holderbook.com/stocks/GGB/) | $348.4K | 86,242 | 0.1% | 15 |
| TIM S A | [TIMB](https://holderbook.com/stocks/TIMB/) | $337.6K | 15,760 | 0.1% | 15 |
| MAIN STR CAP CORP | [MAIN](https://holderbook.com/stocks/MAIN/) | $328.7K | 6,336 | 0.1% | 5 |
| CIA ENERGETICA DE MINAS GERA | [CIG](https://holderbook.com/stocks/CIG/) | $309.8K | 147,547 | 0.1% | 15 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $280.7K | 2,700 | 0.1% | 8 |
| AXIA ENERGIA SA | [AXIAPRC](https://holderbook.com/stocks/AXIAPRC/) | $277.6K | 26,310 | 0.1% | 3 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $265.0K | 10,000 | 0.1% | 23 |
| SUZANO S A | [SUZ](https://holderbook.com/stocks/SUZ/) | $260.8K | 33,605 | 0.1% | 15 |
| STONECO LTD | [STNE](https://holderbook.com/stocks/STNE/) | $238.9K | 22,040 | 0.1% | 15 |
| ULTRAPAR PARTICIPACOES SA | [UGP](https://holderbook.com/stocks/UGP/) | $234.4K | 46,700 | 0.1% | 15 |
| CAPITAL SOUTHWEST CORP | [CSWC](https://holderbook.com/stocks/CSWC/) | $202.0K | 8,500 | 0.1% | 5 |
| OAKTREE SPECIALTY LENDING | [OCSL](https://holderbook.com/stocks/OCSL/) | $191.8K | 16,062 | 0.1% | 5 |
| CRESCENT CAP BDC INC | [CCAP](https://holderbook.com/stocks/CCAP/) | $98.3K | 9,000 | 0.0% | 5 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $5.8K | 100 | 0.0% | 3 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $2.4K | 100 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -0.7% | +14.8% | -15.5% | 100% |
| Q1 2026 | +8.2% | -4.6% | +12.8% | 100% |
| Q4 2025 | +4.7% | +2.4% | +2.4% | 100% |
| Q3 2025 | +7.5% | +7.8% | -0.3% | 100% |
| Q2 2025 | +8.4% | +10.5% | -2.0% | 100% |
| Q1 2025 | +6.9% | -4.6% | +11.4% | 100% |
| Q4 2024 | -8.1% | +2.1% | -10.3% | 100% |
| Q3 2024 | +7.9% | +5.4% | +2.5% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $249.0M | 66 |
| Q1 2026 | $250.2M | 65 |
| Q4 2025 | $224.5M | 63 |
| Q3 2025 | $220.1M | 60 |
| Q2 2025 | $213.0M | 60 |
| Q1 2025 | $205.9M | 55 |
| Q4 2024 | $191.9M | 55 |
| Q3 2024 | $287.0M | 56 |
| Q2 2024 | $267.6M | 51 |
| Q1 2024 | $360.4M | 54 |
| Q4 2023 | $385.2M | 53 |
| Q3 2023 | $376.8M | 53 |