Vault-13

BRF SA BRFS

SPONSORED ADR · ADR · CUSIP 10552T107 · ISIN US10552T1079

82 institutional holders -1 vs Q4 2022
88,303,87488.3m shares reported held*
$113.0mreported value*
18 new 27 added 25 reduced 18 sold out net bought ≈ $24.9m (+19.5m 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 ($12.0k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $1.28. Options: 5 managers hold calls ($26.1k notional), 4 hold puts ($66.7k).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 93Q4 22: 83Q1 23: 8282Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202293
Q4 202283
Q1 202382

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q4 22: 38 bought or addedQ4 22: 49 cut or sold outQ4 22Q1 23: 45 bought or addedQ1 23: 43 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223849
Q1 20234543

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ3 22 calls: $257.0kQ3 22 puts: $369.0kQ3 22P/C 1.44Q4 22 calls: $79.2kQ4 22 puts: $237.9kQ4 22P/C 3.00Q1 23 calls: $26.1kQ1 23 puts: $66.7kQ1 23P/C 2.55
Numbers
QuarterCallsPutsP/C
Q3 2022$257.0k$369.0k1.44
Q4 2022$79.2k$237.9k3.00
Q1 2023$26.1k$66.7k2.55

Biggest buyers

CITADEL ADVISORS LLC Added +5,050,422+5.1m
Herr Investment Group LLC Added +4,793,585+4.8m
Verition Fund Management LLC New +3,750,000+3.8m
Rheos Capital Works Inc. New +2,860,000+2.9m
TWO SIGMA INVESTMENTS, LP Added +2,792,398+2.8m
RENAISSANCE TECHNOLOGIES LLC New +1,980,660+2.0m
Ninety One UK Ltd Added +1,587,487+1.6m
BlackRock Inc. Added +1,441,456+1.4m
SEI INVESTMENTS CO Added +1,213,200+1.2m
Connor, Clark & Lunn Investment Management Ltd. Added +1,160,906+1.2m

Biggest sellers

Allspring Global Investments Holdings, LLC Reduced -5,774,320-5.8m
Qube Research & Technologies Ltd Sold out -1,196,653-1.2m
MARSHALL WACE, LLP Reduced -586,221-586.2k
BNP PARIBAS FINANCIAL MARKETS Reduced -467,275-467.3k
SG Americas Securities, LLC Sold out -368,221-368.2k
HSBC HOLDINGS PLC Reduced -205,970-206.0k
Legal & General Group Plc Reduced -154,393-154.4k
BANQUE PICTET & CIE SA Sold out -150,000-150.0k
STATE STREET CORP Reduced -145,788-145.8k
STOREBRAND ASSET MANAGEMENT AS Reduced -117,292-117.3k

Biggest calls

GROUP ONE TRADING LLC Added $11.5k9.0k shares
Optiver Holding B.V. Reduced $10.1k7.9k shares
SIMPLEX TRADING, LLC New $4.0k3.2k shares
CITADEL ADVISORS LLC Reduced $512400 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Reduced $37.0k28.9k shares
Optiver Holding B.V. Reduced $24.6k19.2k shares
GROUP ONE TRADING LLC New $5.1k4.0k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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
MARFRIG GLOBAL FOODS S.A. 13D · may seek influence filed 2025-05-22
Stated purposeItem 4 of the Schedule 13D is hereby further amended by adding the following: On May 15, 2025, Marfrig and BRF entered into the Plan of Merger of BRF shares by Marfrig (the "Plan of Merger"), which sets forth the terms and conditions applicable to the Merger (as defined below). The transaction set forth in the Plan of Merger consists of the acquisition by Marfrig of all BRF shares (other than shares held by Marfrig) on the closing date, in exchange for the issuance to BRF shareholders (except Marfrig) of common shares of Marfrig, in accordance with the exchange ratio set forth in the Plan of Merger, resulting in the transfer of BRF's shareholder base to Marfrig ("Merger"). Upon the completion of the Merger, BRF will become a wholly-owned subsidiary of Marfrig. The Plan of Merger is attac… Full filing
50.5% 849.5m 2025-05-22

Fell to 5% or below in the last year: PUBLIC INVESTMENT FUND (0.0%, 2026-01-05)

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Allspring Global Investments Holdings, LLC 0.04% of their portfolio CHARLOTTE, NC 16,783,67316.8m $21.5m $21.5m 0.04% Reduced -5.8m -5,774,320
2 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 9,749,7669.7m $12.5m $12.5m 0.01% Added +5.1m +5,050,422
3 MACQUARIE GROUP LTD 0.01% of their portfolio Sydney, NSW 2000, C3 9,172,5909.2m $11.7m $11.7m 0.01% Reduced -99.6k -99,575
4 Polunin Capital Partners Ltd 2.14% of their portfolio LONDON, X0 8,084,8558.1m $10.3m $10.3m 2.14% Reduced -107.9k -107,900
5 Herr Investment Group LLC 1.68% of their portfolio AUSTIN, TX 5,293,5855.3m $6.8m $6.8m 1.68% Added +4.8m +4,793,585
6 BlackRock Inc. 0.00% of their portfolio New York, NY 4,211,9654.2m $5.4m $5.4m 0.00% Added +1.4m +1,441,456
7 Ninety One UK Ltd 0.02% of their portfolio London, X0 4,172,0854.2m $5.3m $5.3m 0.02% Added +1.6m +1,587,487
8 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 4,106,2714.1m $5.3m $5.3m 0.01% Added +259.2k +259,244
9 Verition Fund Management LLC 0.08% of their portfolio GREENWICH, CT 3,750,0003.8m $4.8m $4.8m 0.08% New
10 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 2,914,1982.9m $3.7m $3.7m 0.01% Added +2.8m +2,792,398
11 Rheos Capital Works Inc. 0.20% of their portfolio Tokyo, M0 2,860,0002.9m $3.7m $3.7m 0.20% New
12 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 2,530,9522.5m $3.2m $3.2m 0.00% Added +480.5k +480,483
13 Connor, Clark & Lunn Investment Management Ltd. 0.01% of their portfolio VANCOUVER, A1 2,104,1142.1m $2.7m $2.7m 0.01% Added +1.2m +1,160,906
14 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 1,980,6602.0m $2.5m $2.5m 0.00% New
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,712,9541.7m $2.2m $2.2m 0.00% Reduced -145.8k -145,788
16 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 1,658,7551.7m $2.1m $2.1m 0.00% Added +1.2m +1,213,200
17 UBS Group AG 0.00% of their portfolio ZURICH, V8 744,911744.9k $953.5k $953.5k 0.00% Unchanged
18 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 590,127590.1k $755.4k $755.4k 0.00% Reduced -467.3k -467,275
19 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 527,632527.6k $691.2k $691.2k 0.00% Added +1.2k +1,182
20 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 503,847503.8k $645.0k $645.0k 0.00% Added +453.0k +452,996
21 CLOVERFIELDS CAPITAL GROUP, LP 0.10% of their portfolio MINNEAPOLIS, MN 500,538500.5k $640.7k $640.7k 0.10% Added +406.1k +406,096
22 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 442,613442.6k $566.5k $566.5k 0.00% Reduced -35.5k -35,543
23 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 396,417396.4k $507.4k $507.4k 0.00% Added +88.4k +88,399
24 NORGES BANK 0.00% of their portfolio OSLO, Q8 393,370393.4k $503.5k $503.5k 0.00% Unchanged
25 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 385,122385.1k $493.0k $493.0k 0.00% Added +345.7k +345,718
26 Banco Santander, S.A. 0.01% of their portfolio Madrid, U3 332,920332.9k $426.1k $426.1k 0.01% Added +9.0k +9,000
27 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.00% of their portfolio Madrid, U3 300,190300.2k $379.5k $379.5k 0.00% Added +11.5k +11,529
28 STOREBRAND ASSET MANAGEMENT AS 0.00% of their portfolio LYSAKER, Q8 252,897252.9k $323.7k $323.7k 0.00% Reduced -117.3k -117,292
29 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 167,500167.5k $214.4k $214.4k 0.00% New
30 B. Riley Wealth Advisors, Inc. 0.01% of their portfolio MEMPHIS, TN 151,000151.0k $193.3k $193.3k 0.01% Added +46.0k +46,000
31 Cubist Systematic Strategies, LLC 0.00% of their portfolio STAMFORD, CT 104,539104.5k $133.8k $133.8k 0.00% New
32 Quantbot Technologies LP 0.01% of their portfolio NEW YORK, NY 96,40696.4k $123.4k $123.4k 0.01% New
33 GOULD ASSET MANAGEMENT LLC /CA/ 0.03% of their portfolio CLAREMONT, CA 93,09093.1k $119.2k $119.2k 0.03% Unchanged
34 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 90,19290.2k $115.4k $115.4k 0.00% Reduced -11.3k -11,270
35 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 83,95584.0k $107.5k $107.5k 0.00% Reduced -63.0k -62,974
36 TWO SIGMA SECURITIES, LLC 0.01% of their portfolio NEW YORK, NY 81,34181.3k $104.1k $104.1k 0.01% New
37 Investors Research Corp 0.02% of their portfolio ATLANTA, GA 68,48268.5k $87.7k $87.7k 0.02% Reduced -900 -900
38 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 59,02559.0k $75.6k $75.6k 0.00% Added +7.5k +7,487
39 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 58,95659.0k $75.5k $75.5k 0.00% New
40 Leonteq Securities AG 0.01% of their portfolio ZURICH, V8 55,70455.7k $71.3k $71.3k 0.01% Reduced -64.6k -64,618
41 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 54,57454.6k $69.9k $69.9k 0.00% Reduced -21.5k -21,530
42 Daiwa Securities Group Inc. 0.00% of their portfolio CHIYODA-KU,TOKYO, M0 50,10050.1k $64.0k $64.0k 0.00% Unchanged
43 Provida Pension Fund Administrator 0.00% of their portfolio LAS CONDES, SANTIAGO, F3 49,35749.4k $64.7k $64.7k 0.00% Unchanged
44 Inspire Advisors, LLC 0.01% of their portfolio Meridian, ID 48,28248.3k $61.8k $61.8k 0.01% Added +23.3k +23,261
45 VPR Management LLC 0.01% of their portfolio HOUSTON, TX 46,00846.0k $59.0k $59.0k 0.01% Added +11.0k +11,040
46 Legal & General Group Plc 0.00% of their portfolio London, X0 41,62841.6k $53.1k $53.1k 0.00% Reduced -154.4k -154,393
47 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 41,31941.3k $52.9k $52.9k 0.00% Reduced -206.0k -205,970
48 FMR LLC 0.00% of their portfolio BOSTON, MA 39,08639.1k $50.0k $50.0k 0.00% Added +3.7k +3,709
49 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 37,82037.8k $48.4k $48.4k 0.00% Reduced -1.1k -1,124
50 Ruffer LLP 0.00% of their portfolio LONDON, X0 37,51037.5k $47.8k $47.8k 0.00% Unchanged
51 First Trust Direct Indexing L.P. 0.01% of their portfolio Boston, MA 33,06033.1k $42.3k $42.3k 0.01% Reduced -29.4k -29,409
52 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 24,85824.9k $31.8k $31.8k 0.00% Reduced -586.2k -586,221
53 Laird Norton Wetherby Wealth Management, LLC 0.00% of their portfolio Seattle, WA 23,56623.6k $30.2k $30.2k 0.00% Reduced -11.5k -11,475
54 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 23,12023.1k $30.0k $30.0k 0.00% Added +21.7k +21,687
55 Mraz, Amerine & Associates, Inc. 0.01% of their portfolio Modesto, CA 22,72522.7k $29.1k $29.1k 0.01% New
56 YOUSIF CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BLOOMFIELD HILLS, MI 17,81017.8k $22.8k $22.8k 0.00% Unchanged
57 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 16,98717.0k $22.3k $22.3k 0.00% New
58 Inspire Investing, LLC 0.00% of their portfolio MERIDIAN, ID 16,77816.8k $21.5k $21.5k 0.00% Added +6.7k +6,708
59 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 14,96515.0k $19.2k $19.2k 0.00% Added +944 +944
60 Vident Investment Advisory, LLC 0.00% of their portfolio Alpharetta, GA 14,26014.3k $18.3k $18.3k 0.00% New
61 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 12,90612.9k $16.5k $16.5k 0.00% Reduced -5.1k -5,148
62 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 12,07212.1k $15.0k $15.0k 0.00% Added +292 +292
63 QUADRANT CAPITAL GROUP LLC 0.00% of their portfolio CINCINNATI, OH 11,01011.0k $14.1k $14.1k 0.00% Reduced -8.8k -8,751
64 ADVISOR PARTNERS II, LLC 0.00% of their portfolio WALNUT CREEK, CA 10,79910.8k $13.8k $13.8k 0.00% New
65 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 10,27010.3k $13.0k $13.0k 0.00% New
66 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 7,5117.5k $12.0k $12.0k 0.00% Reduced -5.9k -5,915
67 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 5,7475.7k $7.4k $7.4k 0.00% Added +2.7k +2,658
68 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 4,4024.4k $6.0k $6.0k 0.00% Added +3.7k +3,674
69 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,2434.2k $5.4k $5.4k 0.00% Reduced -13.9k -13,911
70 Lindbrook Capital, LLC 0.00% of their portfolio CALABASAS, CA 3,9624.0k $5.1k $5.1k 0.00% Reduced -89 -89
71 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,8002.8k $3.6k $3.6k 0.00% New
72 ClariVest Asset Management LLC 0.00% of their portfolio SAN DIEGO, CA 1,1901.2k $2.0k $2.0k 0.00% New
73 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 1,0981.1k $1.4k $1.4k 0.00% New
74 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 709709 $908 $908 0.00% New
75 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 558558 $714 $714 0.00% Reduced -2.9k -2,886
76 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 518518 $664 $664 0.00% Unchanged
77 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 278278 $0 $0 0.00% New
78 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 161161 $206 $206 0.00% Unchanged
79 UMB Bank, n.a. 0.00% of their portfolio Kansas City, MO 132132 $169 $169 0.00% Unchanged
80 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 77 $0 $0 0.00% Unchanged
81 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 22 $3 $3 0.00% Reduced -56.9k -56,871
82 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged