Itau Unibanco Holding S.A.

Mid-quarter the ledger snaps into focus around one trade: more than $108 million of share flow into Fomento Económico Mexicano, a +239% share increase that lifts FMX to 3.6% of Itaú Unibanco Holding's $4.3 billion 13F book. Zoom out and the same filing closes Nu Holdings entirely (~$210 million prior) — the largest clean exit — while trimming Apple by about 65% of shares and cutting Petrobras preferred (PBR/A) by a third even as Petrobras common remains the #1 holding at 10%. Passive sleeves grew in parallel: SPY (+23% shares, ~$71 million flow), VGK, and VOO. Vale shows both a large sold CUSIP and a larger new line now worth $284 million (6.6%) — net the book still wants Brazilian materials exposure, but via a re-papered lot. This is a LatAm-centric multi-asset book actively reshaping its single-name risk, not a quiet index hold.