# EDGAR Filing Document

**Accession Number:** 0001798686
**File Stem:** 0001798686-25-000005
**Filing Date:** 2025-7
**Character Count:** 15368
**Document Hash:** 8ed0ffa411a55778717ddbb4cd838a57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001798686-25-000005.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001798686-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**EFFECTIVENESS DATE**: 20250714

**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:** 251121114

**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:** 06-30-2025

**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  07-14-2025<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:** 119

**Form 13F Information Table Value Total:** $461447338

      (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

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| 3-D SYS CORP DEL | COM NEW | 88554D205 |  | 17097 | 11102 | SH |  | SOLE |  | 11102 | 0 | 0 |
| ACCO BRANDS CORP | COM | 00081T108 |  | 54667 | 15270 | SH |  | SOLE |  | 15270 | 0 | 0 |
| ADT INC DEL | COM | 00090Q103 |  | 161718 | 19093 | SH |  | SOLE |  | 19093 | 0 | 0 |
| ADVANSIX INC | COM | 00773T101 |  | 363090 | 15288 | SH |  | SOLE |  | 15288 | 0 | 0 |
| AES CORP | COM | 00130H105 |  | 109292 | 10389 | SH |  | SOLE |  | 10389 | 0 | 0 |
| AIRSCULPT TECHNOLOGIES INC | COM | 009496100 |  | 51208 | 10602 | SH |  | SOLE |  | 10602 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 619015 | 28778 | SH |  | SOLE |  | 28778 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 13858021 | 216295 | SH |  | SOLE |  | 216295 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 103734612 | 472832 | SH |  | SOLE |  | 472832 | 0 | 0 |
| AMAZON COM INC | CALL | 023135106 |  | 1911000 | 390000 | SH | Call | SOLE |  | 390000 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 1359568 | 564136 | SH |  | SOLE |  | 564136 | 0 | 0 |
| AMC ENTMT HLDGS INC | CL A NEW | 00165C302 |  | 39826 | 12847 | SH |  | SOLE |  | 12847 | 0 | 0 |
| AMERICAN EAGLE OUTFITTERS IN | COM | 02553E106 |  | 153699 | 15977 | SH |  | SOLE |  | 15977 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 379891 | 20047 | SH |  | SOLE |  | 20047 | 0 | 0 |
| ARTERIS INC | COM | 04302A104 |  | 103620 | 10873 | SH |  | SOLE |  | 10873 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 331305 | 11448 | SH |  | SOLE |  | 11448 | 0 | 0 |
| BRASKEM S A | SP ADR PFD A | 105532105 |  | 4434124 | 1351867 | SH |  | SOLE |  | 1351867 | 0 | 0 |
| BRILLIANT EARTH GROUP INC | CL A COM | 109504100 |  | 18716 | 13612 | SH |  | SOLE |  | 13612 | 0 | 0 |
| CALERES INC | COM | 129500104 |  | 124253 | 10168 | SH |  | SOLE |  | 10168 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 6424829 | 86553 | SH |  | SOLE |  | 86553 | 0 | 0 |
| CARTERS INC | COM | 146229109 |  | 254749 | 8455 | SH |  | SOLE |  | 8455 | 0 | 0 |
| CENTRAIS ELETRICAS BRASILEIR | SPONSORED ADR | 15234Q207 |  | 2433585 | 327535 | SH |  | SOLE |  | 327535 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 246933 | 8182 | SH |  | SOLE |  | 8182 | 0 | 0 |
| CLEARWATER PAPER CORP | COM | 18538R103 |  | 405631 | 14891 | SH |  | SOLE |  | 14891 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 206661 | 2921 | SH |  | SOLE |  | 2921 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 216160 | 2378 | SH |  | SOLE |  | 2378 | 0 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 40844 | 12013 | SH |  | SOLE |  | 12013 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 10442693 | 475316 | SH |  | SOLE |  | 475316 | 0 | 0 |
| COMPANHIA SIDERURGICA NACION | SPONSORED ADR | 20440W105 |  | 79491 | 56779 | SH |  | SOLE |  | 56779 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 118893 | 18932 | SH |  | SOLE |  | 18932 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 210710 | 2348 | SH |  | SOLE |  | 2348 | 0 | 0 |
| CORMEDIX INC | COM | 21900C308 |  | 123397 | 10016 | SH |  | SOLE |  | 10016 | 0 | 0 |
| COSAN S A | ADS | 22113B103 |  | 555965 | 110092 | SH |  | SOLE |  | 110092 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 5568173 | 44901 | SH |  | SOLE |  | 44901 | 0 | 0 |
| DMC GLOBAL INC | COM | 23291C103 |  | 240712 | 29865 | SH |  | SOLE |  | 29865 | 0 | 0 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 1011974 | 17782 | SH |  | SOLE |  | 17782 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 9751398 | 578718 | SH |  | SOLE |  | 578718 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 |  | 3430000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| EVERQUOTE INC | COM CL A | 30041R108 |  | 264360 | 10933 | SH |  | SOLE |  | 10933 | 0 | 0 |
| EXCELERATE ENERGY INC | CL A COM | 30069T101 |  | 336740 | 11485 | SH |  | SOLE |  | 11485 | 0 | 0 |
| EXPENSIFY INC | COM CL A | 30219Q106 |  | 29775 | 11496 | SH |  | SOLE |  | 11496 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 231123 | 2144 | SH |  | SOLE |  | 2144 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 186561 | 13441 | SH |  | SOLE |  | 13441 | 0 | 0 |
| FIVE POINT HOLDINGS LLC | COM CL A | 33833Q106 |  | 73288 | 13325 | SH |  | SOLE |  | 13325 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 239590 | 22082 | SH |  | SOLE |  | 22082 | 0 | 0 |
| FUTUREFUEL CORP | COM | 36116M106 |  | 320694 | 82653 | SH |  | SOLE |  | 82653 | 0 | 0 |
| G III APPAREL GROUP LTD | COM | 36237H101 |  | 217549 | 9712 | SH |  | SOLE |  | 9712 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 3892643 | 100300 | SH |  | SOLE |  | 100300 | 0 | 0 |
| HAIN CELESTIAL GROUP INC | COM | 405217100 |  | 219123 | 144160 | SH |  | SOLE |  | 144160 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 49132657 | 354646 | SH |  | SOLE |  | 354646 | 0 | 0 |
| IHEARTMEDIA INC | COM CL A | 45174J509 |  | 52473 | 29814 | SH |  | SOLE |  | 29814 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 395662 | 10846 | SH |  | SOLE |  | 10846 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 2856914 | 77718 | SH |  | SOLE |  | 77718 | 0 | 0 |
| ISHARES TR | CALL | 464288513 |  | 255000 | 1500000 | SH | Call | SOLE |  | 1500000 | 0 | 0 |
| KELLANOVA | COM | 487836108 |  | 10348364 | 130119 | SH |  | SOLE |  | 130119 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 273568 | 2122 | SH |  | SOLE |  | 2122 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 43049820 | 1254000 | SH |  | SOLE |  | 1254000 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 351764 | 4904 | SH |  | SOLE |  | 4904 | 0 | 0 |
| LINEAGE CELL THERAPEUTICS IN | COM | 53566P109 |  | 24618 | 27130 | SH |  | SOLE |  | 27130 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 16599864 | 35842 | SH |  | SOLE |  | 35842 | 0 | 0 |
| LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 54150E104 |  | 4153242 | 378600 | SH |  | SOLE |  | 378600 | 0 | 0 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 224013 | 9965 | SH |  | SOLE |  | 9965 | 0 | 0 |
| MANNKIND CORP | COM NEW | 56400P706 |  | 51403 | 13744 | SH |  | SOLE |  | 13744 | 0 | 0 |
| MARINE PRODS CORP | COM | 568427108 |  | 111685 | 13124 | SH |  | SOLE |  | 13124 | 0 | 0 |
| MARQETA INC | CLASS A COM | 57142B104 |  | 81020 | 13897 | SH |  | SOLE |  | 13897 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1871058 | 2535 | SH |  | SOLE |  | 2535 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1869267 | 3758 | SH |  | SOLE |  | 3758 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 251511 | 5230 | SH |  | SOLE |  | 5230 | 0 | 0 |
| NEW YORK TIMES CO | CL A | 650111107 |  | 241778 | 4319 | SH |  | SOLE |  | 4319 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 11165100 | 1608804 | SH |  | SOLE |  | 1608804 | 0 | 0 |
| NEXPOINT REAL ESTATE FIN INC | COM | 65342V101 |  | 172320 | 12496 | SH |  | SOLE |  | 12496 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 16849326 | 33700 | SH |  | SOLE |  | 33700 | 0 | 0 |
| NOVAVAX INC | COM NEW | 670002401 |  | 78826 | 12512 | SH |  | SOLE |  | 12512 | 0 | 0 |
| NU SKIN ENTERPRISES INC | CL A | 67018T105 |  | 330562 | 41372 | SH |  | SOLE |  | 41372 | 0 | 0 |
| OPKO HEALTH INC | COM | 68375N103 |  | 41378 | 31347 | SH |  | SOLE |  | 31347 | 0 | 0 |
| PAR PAC HOLDINGS INC | COM NEW | 69888T207 |  | 303662 | 11446 | SH |  | SOLE |  | 11446 | 0 | 0 |
| PARAMOUNT GLOBAL | CLASS B COM | 92556H206 |  | 186018 | 14420 | SH |  | SOLE |  | 14420 | 0 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 428134 | 19757 | SH |  | SOLE |  | 19757 | 0 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 402600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 146542 | 11761 | SH |  | SOLE |  | 11761 | 0 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 178953 | 13139 | SH |  | SOLE |  | 13139 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 1092035 | 87293 | SH |  | SOLE |  | 87293 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 366227 | 8142 | SH |  | SOLE |  | 8142 | 0 | 0 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 542078 | 27899 | SH |  | SOLE |  | 27899 | 0 | 0 |
| POTBELLY CORP | COM | 73754Y100 |  | 139430 | 11382 | SH |  | SOLE |  | 11382 | 0 | 0 |
| PUMA BIOTECHNOLOGY INC | COM | 74587V107 |  | 241023 | 70269 | SH |  | SOLE |  | 70269 | 0 | 0 |
| RANGER ENERGY SVCS INC | COM CL A | 75282U104 |  | 220245 | 18446 | SH |  | SOLE |  | 18446 | 0 | 0 |
| RILEY EXPLORATION PERMIAN IN | COM | 76665T102 |  | 243441 | 9281 | SH |  | SOLE |  | 9281 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 7451891 | 127754 | SH |  | SOLE |  | 127754 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 14997950 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| SALLY BEAUTY HLDGS INC | COM | 79546E104 |  | 253530 | 27379 | SH |  | SOLE |  | 27379 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1799140 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| SIEBERT FINL CORP | COM | 826176109 |  | 49836 | 11275 | SH |  | SOLE |  | 11275 | 0 | 0 |
| SIGA TECHNOLOGIES INC | COM | 826917106 |  | 183140 | 28089 | SH |  | SOLE |  | 28089 | 0 | 0 |
| SMITH  WESSON BRANDS INC | COM | 831754106 |  | 111616 | 12859 | SH |  | SOLE |  | 12859 | 0 | 0 |
| SPDR S 500 ETF TR | CALL | 78462F103 |  | 682920 | 18000 | SH | Call | SOLE |  | 18000 | 0 | 0 |
| SPIRIT AEROSYSTEMS HLDGS INC | COM CL A | 848574109 |  | 2733638 | 71655 | SH |  | SOLE |  | 71655 | 0 | 0 |
| SUNCOKE ENERGY INC | COM | 86722A103 |  | 135722 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| SUPERIOR GROUP OF CO INC | COM | 868358102 |  | 121530 | 11799 | SH |  | SOLE |  | 11799 | 0 | 0 |
| SUZANO S A | SPON ADS | 86959K105 |  | 6548570 | 695916 | SH |  | SOLE |  | 695916 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 22346409 | 98664 | SH |  | SOLE |  | 98664 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 12229446 | 302859 | SH |  | SOLE |  | 302859 | 0 | 0 |
| TELEFONICA BRASIL SA | SPONSORED ADS | 87936R205 |  | 2388026 | 209476 | SH |  | SOLE |  | 209476 | 0 | 0 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 179155 | 53320 | SH |  | SOLE |  | 53320 | 0 | 0 |
| THE BEAUTY HEALTH COMPANY | COM CL A | 88331L108 |  | 60255 | 31547 | SH |  | SOLE |  | 31547 | 0 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 101457 | 21181 | SH |  | SOLE |  | 21181 | 0 | 0 |
| THREDUP INC | CL A | 88556E102 |  | 95797 | 12790 | SH |  | SOLE |  | 12790 | 0 | 0 |
| TRAVELZOO | COM NEW | 89421Q205 |  | 178449 | 14018 | SH |  | SOLE |  | 14018 | 0 | 0 |
| TREDEGAR CORP | COM | 894650100 |  | 169444 | 19255 | SH |  | SOLE |  | 19255 | 0 | 0 |
| TRI POINTE HOMES INC | COM | 87265H109 |  | 220998 | 6917 | SH |  | SOLE |  | 6917 | 0 | 0 |
| TRUEBLUE INC | COM | 89785X101 |  | 87921 | 13568 | SH |  | SOLE |  | 13568 | 0 | 0 |
| TRUECAR INC | COM | 89785L107 |  | 34743 | 18286 | SH |  | SOLE |  | 18286 | 0 | 0 |
| UNISYS CORP | COM NEW | 909214306 |  | 54233 | 11972 | SH |  | SOLE |  | 11972 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 238937 | 5522 | SH |  | SOLE |  | 5522 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 33793274 | 263167 | SH |  | SOLE |  | 263167 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 7543979 | 657141 | SH |  | SOLE |  | 657141 | 0 | 0 |
| WORLD KINECT CORPORATION | COM | 981475106 |  | 707134 | 24943 | SH |  | SOLE |  | 24943 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 4558413 | 225664 | SH |  | SOLE |  | 225664 | 0 | 0 |
| ZEVIA PBC | CL A | 98955K104 |  | 467238 | 145105 | SH |  | SOLE |  | 145105 | 0 | 0 |

---