# Naman Capital Ltda

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1946136. Source: https://holderbook.com/funds/1946136-naman-capital-ltda/

- Reported value: $323.1M
- Positions: 11
- Weight of the ten largest: 99.8%
- Filed: 2026-08-13

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 |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $184.9M | 247,568 | 57.2% | 10 |
| ULTRAPAR PARTICIPACOES SA | [UGP](https://holderbook.com/stocks/UGP/) | $36.8M | 7,330,544 | 11.4% | 23 |
| ISHARES INC | [EZU](https://holderbook.com/stocks/EZU/) | $31.4M | 451,750 | 9.7% | 6 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $14.3M | 71,018 | 4.4% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $12.2M | 34,200 | 3.8% | 9 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $11.1M | 16,857 | 3.4% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $10.9M | 30,760 | 3.4% | 25 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $10.4M | 30,212 | 3.2% | 5 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $7.7M | 20,675 | 2.4% | 26 |
| SUZANO S A | [SUZ](https://holderbook.com/stocks/SUZ/) | $2.7M | 344,547 | 0.8% | 16 |
| COSAN S A | [CSAN](https://holderbook.com/stocks/CSAN/) | $783.2K | 271,941 | 0.2% | 7 |

## 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 | +9.4% | +14.8% | -5.4% | 102% |
| Q1 2026 | +3.3% | -4.6% | +8.0% | 100% |
| Q4 2025 | +1.2% | +2.4% | -1.2% | 100% |
| Q3 2025 | +9.4% | +7.8% | +1.6% | 100% |
| Q2 2025 | +6.4% | +10.5% | -4.0% | 100% |
| Q1 2025 | +1.3% | -4.6% | +5.9% | 100% |
| Q4 2024 | -5.1% | +2.1% | -7.3% | 101% |
| Q3 2024 | +3.2% | +5.4% | -2.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $323.1M | 11 |
| Q1 2026 | $359.8M | 13 |
| Q4 2025 | $355.5M | 12 |
| Q3 2025 | $356.3M | 12 |
| Q2 2025 | $307.7M | 13 |
| Q1 2025 | $254.7M | 12 |
| Q4 2024 | $167.4M | 12 |
| Q3 2024 | $261.1M | 11 |
| Q2 2024 | $235.8M | 10 |
| Q1 2024 | $256.4M | 9 |
| Q4 2023 | $157.0M | 11 |
| Q3 2023 | $125.3M | 10 |