# EDGAR Filing Document

**Accession Number:** 0001622610
**File Stem:** 0001622610-25-000007
**Filing Date:** 2025-11
**Character Count:** 8321
**Document Hash:** 812193fccef998d1ea17caab28360934
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001622610-25-000007.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001622610-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Absolute Gestao de Investimentos Ltda.
- **CENTRAL INDEX KEY:** 0001622610

**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:** 028-24162
- **FILM NUMBER:** 251477884

**BUSINESS ADDRESS:**
- **STREET 1:** AV BRIGADEIRO FARIA LIMA, N 3355, CJ 282
- **STREET 2:** ITAIM BIBI
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 04538-133
- **BUSINESS PHONE:** 55 11 3199-4450

**MAIL ADDRESS:**
- **STREET 1:** AV BRIGADEIRO FARIA LIMA, N 3355, CJ 282
- **STREET 2:** ITAIM BIBI
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 04538-133

### 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:** Absolute Gestao de Investimentos Ltda.<br>**Address:** AV BRIGADEIRO FARIA LIMA N 3355 CJ 282<br>ITAIM BIBI<br>SAO PAULO, D5 04538-133

**Form 13F File Number:** 028-24162

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:** Tiago Marcos Varela Santanna<br>**Title:** Managing Partner<br>**Phone:** 55-11-31994450

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

/s/ Tiago Marcos Varela Santanna  Sao Paulo, D5  11-13-2025<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:** 45

**Form 13F Information Table Value Total:** $769139920

      (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 |
| ISHARES TR | CALL | 464287905 |  | 1097478 | 7890 | SH | Call | SOLE |  | 7890 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 1007288 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| COINBASE GLOBAL INC | CALL | 19260Q907 |  | 419964 | 350 | SH | Call | SOLE |  | 350 | 0 | 0 |
| RIOT PLATFORMS INC | CALL | 767292905 |  | 289997 | 2800 | SH | Call | SOLE |  | 2800 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | CALL | 78467X909 |  | 958349 | 3910 | SH | Call | SOLE |  | 3910 | 0 | 0 |
| GLOBAL X FDS | CALL | 37954Y901 |  | 423500 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1169869 | 5328 | SH |  | SOLE |  | 5328 | 0 | 0 |
| SELECT SECTOR SPDR TR | CALL | 81369Y906 |  | 813892 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| KRANESHARES TRUST | CALL | 500767906 |  | 487644 | 12800 | SH | Call | SOLE |  | 12800 | 0 | 0 |
| SPDR SERIES TRUST | CALL | 78464A908 |  | 166877 | 16675 | SH | Call | SOLE |  | 16675 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1686200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| MILLICOM INTL CELLULAR S A | COM STK | L6388F110 |  | 1012641 | 20862 | SH |  | SOLE |  | 20862 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 |  | 1500620 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 1371990 | 28781 | SH |  | SOLE |  | 28781 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 9913530 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 1124550 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| ISHARES INC | CALL | 464286900 |  | 3144611 | 47426 | SH | Call | SOLE |  | 47426 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 1493400 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 11194800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 1054950 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 16136000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 3201866 | 85726 | SH |  | SOLE |  | 85726 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 |  | 6281435 | 104586 | SH |  | SOLE |  | 104586 | 0 | 0 |
| ISHARES TR | CALL | 464287904 |  | 4470759 | 108300 | SH | Call | SOLE |  | 108300 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 23686894 | 112372 | SH |  | SOLE |  | 112372 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 92231886 | 190897 | SH |  | SOLE |  | 190897 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 2172000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| WNS HLDGS LTD | COM SHS | G98196101 |  | 15306550 | 200689 | SH |  | SOLE |  | 200689 | 0 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 733308 | 216955 | SH |  | SOLE |  | 216955 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 26657135 | 285500 | SH |  | SOLE |  | 285500 | 0 | 0 |
| ARIS WATER SOLUTIONS INC | CLASS A COM | 04041L106 |  | 7413413 | 300625 | SH |  | SOLE |  | 300625 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 31124860 | 330588 | SH |  | SOLE |  | 330588 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 44117329 | 413432 | SH |  | SOLE |  | 413432 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 88215312 | 440746 | SH |  | SOLE |  | 440746 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 4497380 | 451998 | SH |  | SOLE |  | 451998 | 0 | 0 |
| KELLANOVA | COM | 487836108 |  | 37465178 | 456781 | SH |  | SOLE |  | 456781 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 20628300 | 470000 | SH |  | SOLE |  | 470000 | 0 | 0 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 48269650 | 715000 | SH |  | SOLE |  | 715000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 31173184 | 742042 | SH |  | SOLE |  | 742042 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 |  | 21600000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 20379841 | 1084611 | SH |  | SOLE |  | 1084611 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 20024460 | 1250747 | SH |  | SOLE |  | 1250747 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 48848901 | 1575771 | SH |  | SOLE |  | 1575771 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 89716112 | 1680077 | SH |  | SOLE |  | 1680077 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 24456017 | 1953356 | SH |  | SOLE |  | 1953356 | 0 | 0 |

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