# EDGAR Filing Document

**Accession Number:** 0001798686
**File Stem:** 0001798686-25-000007
**Filing Date:** 2025-11
**Character Count:** 10204
**Document Hash:** fc17c44d8a13297b0bc00945878e3aaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001798686-25-000007.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001798686-25-000007

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kapitalo Investimentos Ltda
- **CENTRAL INDEX KEY:** 0001798686

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24037
- **FILM NUMBER:** 251443478

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA BRIGADEIRO FARIA LIMA, 3144
- **STREET 2:** 11TH FLOOR
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01451-000
- **BUSINESS PHONE:** 551139560600

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA BRIGADEIRO FARIA LIMA, 3144
- **STREET 2:** 11TH FLOOR
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01451-000

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Kapitalo Investimentos Ltda<br>**Address:** AVENIDA BRIGADEIRO FARIA LIMA 3144<br>11TH FLOOR<br>SAO PAULO, D5 01451-000

**Form 13F File Number:** 028-24037

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Joao Carlos Tavora Pinho<br>**Title:** Compliance Officer<br>**Phone:** 55-11-39560600

**Signature, Place, and Date of Signing:**

/s/ Joao Carlos Tavora Pinho  Sao Paulo, D5  11-03-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 64

**Form 13F Information Table Value Total:** $537134403

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 180003 | 10280 | SH |  | SOLE |  | 10280 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 7658842 | 115344 | SH |  | SOLE |  | 115344 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 103190874 | 469968 | SH |  | SOLE |  | 469968 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 3978637 | 1784142 | SH |  | SOLE |  | 1784142 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 6390430 | 47951 | SH |  | SOLE |  | 47951 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 301737 | 1185 | SH |  | SOLE |  | 1185 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 2528690 | 15834 | SH |  | SOLE |  | 15834 | 0 | 0 |
| BANCO BBVA ARGENTINA S A | SPONSORED ADS | 058934100 |  | 917979 | 110334 | SH |  | SOLE |  | 110334 | 0 | 0 |
| BANCO MACRO SA | SPON ADR B | 05961W105 |  | 1891759 | 44733 | SH |  | SOLE |  | 44733 | 0 | 0 |
| BRASKEM S A | SP ADR PFD A | 105532105 |  | 375141 | 155017 | SH |  | SOLE |  | 155017 | 0 | 0 |
| BRILLIANT EARTH GROUP INC | CL A COM | 109504100 |  | 94108 | 45463 | SH |  | SOLE |  | 45463 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 7446852 | 88801 | SH |  | SOLE |  | 88801 | 0 | 0 |
| CENTRAIS ELETRICAS BRASILEIR | SPONSORED ADR | 15234Q207 |  | 1830518 | 184528 | SH |  | SOLE |  | 184528 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 229094 | 2554 | SH |  | SOLE |  | 2554 | 0 | 0 |
| CHEGG INC | COM | 163092109 |  | 54885 | 36348 | SH |  | SOLE |  | 36348 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 5137694 | 206416 | SH |  | SOLE |  | 206416 | 0 | 0 |
| COMPANHIA SIDERURGICA NACION | SPONSORED ADR | 20440W105 |  | 85168 | 56779 | SH |  | SOLE |  | 56779 | 0 | 0 |
| COSAN S A | ADS | 22113B103 |  | 1924787 | 418432 | SH |  | SOLE |  | 418432 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 8460405 | 73890 | SH |  | SOLE |  | 73890 | 0 | 0 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 5507539 | 91109 | SH |  | SOLE |  | 91109 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 21781560 | 1076696 | SH |  | SOLE |  | 1076696 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 |  | 4191000 | 1100000 | SH |  | SOLE |  | 1100000 | 0 | 0 |
| FUTUREFUEL CORP | COM | 36116M106 |  | 343244 | 88465 | SH |  | SOLE |  | 88465 | 0 | 0 |
| GANNETT CO INC | COM | 36472T109 |  | 44046 | 10665 | SH |  | SOLE |  | 10665 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 5957782 | 1921865 | SH |  | SOLE |  | 1921865 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 5066940 | 106292 | SH |  | SOLE |  | 106292 | 0 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 3086720 | 112000 | SH |  | SOLE |  | 112000 | 0 | 0 |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 |  | 1091970 | 220600 | SH |  | SOLE |  | 220600 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 57576 | 20861 | SH |  | SOLE |  | 20861 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 5424755 | 194366 | SH |  | SOLE |  | 194366 | 0 | 0 |
| ISHARES INC | CALL | 464286400 |  | 16000 | 160000 | SH | Call | SOLE |  | 160000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 3197319 | 77718 | SH |  | SOLE |  | 77718 | 0 | 0 |
| KELLANOVA | COM | 487836108 |  | 10391442 | 126694 | SH |  | SOLE |  | 126694 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 25968000 | 1600000 | SH |  | SOLE |  | 1600000 | 0 | 0 |
| KENVUE INC | CALL | 49177J102 |  | 390000 | 750000 | SH | Call | SOLE |  | 750000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 55957320 | 1332000 | SH |  | SOLE |  | 1332000 | 0 | 0 |
| LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 54150E104 |  | 2842860 | 385734 | SH |  | SOLE |  | 385734 | 0 | 0 |
| MARQETA INC | CLASS A COM | 57142B104 |  | 53159 | 10068 | SH |  | SOLE |  | 10068 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1808778 | 2463 | SH |  | SOLE |  | 2463 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 32695594 | 63125 | SH |  | SOLE |  | 63125 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 |  | 248716 | 13336 | SH |  | SOLE |  | 13336 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 15117937 | 1689155 | SH |  | SOLE |  | 1689155 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | PUT | 69608A108 |  | 425000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CALL | 69608A108 |  | 2670000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| PAR PAC HOLDINGS INC | COM NEW | 69888T207 |  | 223252 | 6303 | SH |  | SOLE |  | 6303 | 0 | 0 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 559855 | 30677 | SH |  | SOLE |  | 30677 | 0 | 0 |
| RACKSPACE TECHNOLOGY INC | COM | 750102105 |  | 17445 | 12372 | SH |  | SOLE |  | 12372 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 8433042 | 127754 | SH |  | SOLE |  | 127754 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 948809 | 1031 | SH |  | SOLE |  | 1031 | 0 | 0 |
| SPDR GOLD TR | PUT | 78463V107 |  | 90000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F103 |  | 27500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 104440949 | 1649936 | SH |  | SOLE |  | 1649936 | 0 | 0 |
| SUZANO S A | SPON ADS | 86959K105 |  | 2110281 | 224498 | SH |  | SOLE |  | 224498 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 23925099 | 85664 | SH |  | SOLE |  | 85664 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 13292482 | 302859 | SH |  | SOLE |  | 302859 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 66706 | 11601 | SH |  | SOLE |  | 11601 | 0 | 0 |
| THE BEAUTY HEALTH COMPANY | COM CL A | 88331L108 |  | 91116 | 45787 | SH |  | SOLE |  | 45787 | 0 | 0 |
| ULTRAPAR PARTICIPACOES SA | SP ADR REP COM | 90400P101 |  | 795810 | 194100 | SH |  | SOLE |  | 194100 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3063847 | 8873 | SH |  | SOLE |  | 8873 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 3125714 | 287819 | SH |  | SOLE |  | 287819 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 8210189 | 24050 | SH |  | SOLE |  | 24050 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 201825 | 5867 | SH |  | SOLE |  | 5867 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 4240227 | 225664 | SH |  | SOLE |  | 225664 | 0 | 0 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 6257395 | 257612 | SH |  | SOLE |  | 257612 | 0 | 0 |

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