Vault-13

AZUL S A

SPONSR ADR PFD · CUSIP 05501U106 · ISIN US05501U1060

11 institutional holders -43 vs Q1 2025
1,621,3921.6m shares reported held*
$774.7kreported value*
4 new 3 added 3 reduced 46 sold out net sold ≈ $5.8m (-12.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $0.48. Options: 3 managers hold calls ($172.1k notional), 1 hold puts ($78.0k).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 82Q4 22: 69Q1 23: 62Q2 23: 74Q3 23: 77Q4 23: 78Q1 24: 81Q2 24: 66Q3 24: 68Q4 24: 62Q1 25: 54Q2 25: 1111Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202282
Q4 202269
Q1 202362
Q2 202374
Q3 202377
Q4 202378
Q1 202481
Q2 202466
Q3 202468
Q4 202462
Q1 202554
Q2 202511

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q3 23: 46 bought or addedQ3 23: 37 cut or sold outQ4 23: 34 bought or addedQ4 23: 44 cut or sold outQ4 23Q1 24: 43 bought or addedQ1 24: 36 cut or sold outQ2 24: 32 bought or addedQ2 24: 44 cut or sold outQ2 24Q3 24: 40 bought or addedQ3 24: 33 cut or sold outQ4 24: 27 bought or addedQ4 24: 41 cut or sold outQ4 24Q1 25: 25 bought or addedQ1 25: 34 cut or sold outQ2 25: 7 bought or addedQ2 25: 49 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20234637
Q4 20233444
Q1 20244336
Q2 20243244
Q3 20244033
Q4 20242741
Q1 20252534
Q2 2025749

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30mQ3 24 calls: $7.5mQ3 24 puts: $21.0mQ3 24P/C 2.78Q4 24 calls: $3.6mQ4 24 puts: $6.1mQ4 24P/C 1.67Q1 25 calls: $2.8mQ1 25 puts: $7.3mQ1 25P/C 2.64Q2 25 calls: $172.1kQ2 25 puts: $78.0kQ2 25P/C 0.45
Numbers
QuarterCallsPutsP/C
Q3 2024$7.5m$21.0m2.78
Q4 2024$3.6m$6.1m1.67
Q1 2025$2.8m$7.3m2.64
Q2 2025$172.1k$78.0k0.45

Biggest buyers

MARSHALL WACE, LLP Added +1,098,453+1.1m
JANE STREET GROUP, LLC Added +254,072+254.1k
Vanguard Personalized Indexing Management, LLC New +111,454+111.5k
Caption Management, LLC New +53,653+53.7k
Baader Bank Aktiengesellschaft New +11,014+11.0k
THOMPSON INVESTMENT MANAGEMENT, INC. New +414+414
OSAIC HOLDINGS, INC. Added +385+385

Biggest sellers

Long Focus Capital Management, LLC Sold out -5,932,943-5.9m
Perpetual Ltd Sold out -2,389,876-2.4m
MORGAN STANLEY Sold out -2,073,740-2.1m
UBS Group AG Sold out -1,140,008-1.1m
Kapitalo Investimentos Ltda Sold out -866,282-866.3k
MILLENNIUM MANAGEMENT LLC Sold out -198,301-198.3k
Fore Capital, LLC Sold out -190,000-190.0k
Schonfeld Strategic Advisors LLC Sold out -129,513-129.5k
XTX Topco Ltd Sold out -124,906-124.9k
Mirae Asset Global Investments Co., Ltd. Sold out -122,800-122.8k

Biggest calls

SIMPLEX TRADING, LLC Added $127.0k255.0k shares
JANE STREET GROUP, LLC Reduced $28.0k53.4k shares
Optiver Holding B.V. Reduced $17.0k32.5k shares

Biggest puts

SIMPLEX TRADING, LLC Reduced $78.0k156.4k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
NEELEMAN DAVID 13D · may seek influence -1.5 pts · filed 2025-04-10
Stated purposeThe information in Item 3 is incorporated by reference herein. Restructuring Transactions As announced on October 28, 2024, the Issuer and certain of its subsidiaries entered into a transaction support agreement dated October 27, 2024 with an ad hoc group of holders of existing 2028, 2029 and 2030 secured notes and existing convertible debentures ("Supporting Bondholders"), pursuant to which the Supporting Bondholders agreed to provide financing and to support a series of restructuring and recapitalization transactions (the "Restructuring Transactions"), subject to certain terms and conditions. Shareholder Support Agreement In connection with the Restructuring Transactions, the Reporting Persons and the Issuer entered into a shareholder support agreement dated January 28, 2025… Full filing
 5.9% -1.5 pts 26.3m 2025-04-10

Fell to 5% or below in the last year: FLOW TRADERS U.S. LLC (0.0%, 2026-03-05)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 1,159,4511.2m $544.9k $544.9k 0.00% Added +1.1m +1,098,453
2 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 279,216279.2k $146.5k $146.5k 0.00% Added +254.1k +254,072
3 Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio OAKLAND, CA 111,454111.5k $51.9k $51.9k 0.00% New
4 Caption Management, LLC 0.00% of their portfolio OKLAHOMA CITY, OK 53,65353.7k $24.9k $24.9k 0.00% New
5 Baader Bank Aktiengesellschaft 0.00% of their portfolio Unterschleissheim, 2M 11,01411.0k $3.2k $3.2k 0.00% New
6 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 3,2543.3k $1.7k $1.7k 0.00% Reduced -90 -90
7 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 2,4852.5k $1.2k $1.2k 0.00% Added +385 +385
8 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 430430 $200 $200 0.00% Reduced -8.2k -8,185
9 THOMPSON INVESTMENT MANAGEMENT, INC. 0.00% of their portfolio MADISON, WI 414414 $193 $193 0.00% New
10 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 2020 $10 $10 0.00% Reduced -2 -2
11 Wilmington Savings Fund Society, FSB 0.00% of their portfolio WILMINGTON, DE 11 $0 $0 0.00% Unchanged