Naman Capital Ltda

Key Holdings

The portfolio is dominated by two major US index ETFs and a significant position in the Brazilian conglomerate Ultrapar Participações.

• SPDR S&P 500 ETF Trust (SPY): This is the largest holding, valued at $115.21 million, representing 39.42% of the portfolio. Naman Capital increased this stake by 22.0% (adding $27.65 million), signaling a strong conviction in broad US market growth.
• Invesco S&P 500 Equal Weight ETF (RSP): The second-largest position, valued at $93.28 million (31.92% allocation), saw a marginal increase of 0.3%. The combination of SPY (market-cap weighted) and RSP (equal weight) suggests a strategy to capture beta while mitigating the concentration risk inherent in market-cap weighted indices.
• Ultrapar Participações SA (UGPA): This is the lone significant "active" stock pick, comprising 19.75% of the portfolio ($57.73 million). This massive allocation to a single Brazilian stock indicates a high-conviction outlook on the company's specific fundamentals or the broader Brazilian economy, distinct from the passive US exposure.