Vault-13

BRF SA BRFS

SPONSORED ADR · ADR · CUSIP 10552T107 · ISIN US10552T1079

90 institutional holders +10 vs Q3 2023
58,167,82358.2m shares reported held*
$161.7mreported value*
20 new 23 added 29 reduced 12 sold out net sold ≈ $91.8m (-33.0m 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 ($41.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $2.78. Options: 6 managers hold calls ($4.8m notional), 4 hold puts ($366.1k).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 93Q4 22: 83Q1 23: 82Q2 23: 74Q3 23: 80Q4 23: 9090Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 202293
Q4 202283
Q1 202382
Q2 202374
Q3 202380
Q4 202390

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 23Q2 23: 31 bought or addedQ2 23: 41 cut or sold outQ2 23Q3 23: 35 bought or addedQ3 23: 35 cut or sold outQ3 23Q4 23: 43 bought or addedQ4 23: 41 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 20223849
Q1 20234543
Q2 20233141
Q3 20233535
Q4 20234341

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ1 23 calls: $26.1kQ1 23 puts: $66.7kQ1 23P/C 2.55Q2 23 calls: $1.1mQ2 23 puts: $429.0kQ2 23P/C 0.41Q3 23 calls: $48.3kQ3 23 puts: $200.3kQ3 23P/C 4.15Q4 23 calls: $4.8mQ4 23 puts: $366.1kQ4 23P/C 0.08
Numbers
QuarterCallsPutsP/C
Q1 2023$26.1k$66.7k2.55
Q2 2023$1.1m$429.0k0.41
Q3 2023$48.3k$200.3k4.15
Q4 2023$4.8m$366.1k0.08

Biggest buyers

Kapitalo Investimentos Ltda Added +2,700,313+2.7m
JANE STREET GROUP, LLC Added +1,079,167+1.1m
MORGAN STANLEY Added +1,027,321+1.0m
CITADEL ADVISORS LLC Added +733,140+733.1k
D. E. Shaw & Co., Inc. New +679,652+679.7k
GOLDMAN SACHS GROUP INC Added +533,254+533.3k
BANK OF AMERICA CORP /DE/ Added +528,262+528.3k
STATE STREET CORP Added +335,574+335.6k
MILLENNIUM MANAGEMENT LLC New +240,078+240.1k
HRT FINANCIAL LP New +183,707+183.7k

Biggest sellers

UBS Group AG Reduced -13,814,419-13.8m
Allspring Global Investments Holdings, LLC Sold out -11,980,523-12.0m
Ninety One UK Ltd Reduced -4,399,392-4.4m
Herr Investment Group LLC Reduced -2,316,406-2.3m
BlackRock Inc. Reduced -2,140,324-2.1m
Rheos Capital Works Inc. Sold out -1,810,000-1.8m
SEI INVESTMENTS CO Reduced -1,213,200-1.2m
TWO SIGMA INVESTMENTS, LP Reduced -921,381-921.4k
Connor, Clark & Lunn Investment Management Ltd. Reduced -764,912-764.9k
TWO SIGMA ADVISERS, LP Reduced -496,800-496.8k

Biggest calls

JANE STREET GROUP, LLC New $4.3m1.6m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $300.5k108.1k shares
SIMPLEX TRADING, LLC Added $100.0k36.3k shares
GROUP ONE TRADING LLC Added $79.0k28.4k shares
CITADEL ADVISORS LLC Added $32.5k11.7k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

Optiver Holding B.V. Added $332.2k119.5k shares
SIMPLEX TRADING, LLC Reduced $18.0k6.6k shares
GROUP ONE TRADING LLC Added $15.8k5.7k 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, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Polunin Capital Partners Ltd 8.47% of their portfolio LONDON, X0 16,274,75516.3m $45.2m $45.2m 8.47% Reduced -339.6k -339,600
2 MACQUARIE GROUP LTD 0.03% of their portfolio Sydney, NSW 2000, C3 9,338,7839.3m $26.0m $26.0m 0.03% Reduced -20.0k -20,011
3 Kapitalo Investimentos Ltda 3.29% of their portfolio SAO PAULO, D5 5,738,5755.7m $16.0m $16.0m 3.29% Added +2.7m +2,700,313
4 Ninety One UK Ltd 0.04% of their portfolio London, X0 4,376,8964.4m $12.2m $12.2m 0.04% Reduced -4.4m -4,399,392
5 Herr Investment Group LLC 3.17% of their portfolio AUSTIN, TX 4,262,1364.3m $11.8m $11.8m 3.17% Reduced -2.3m -2,316,406
6 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 2,288,3002.3m $6.4m $6.4m 0.01% Reduced -480.6k -480,581
7 BlackRock Inc. 0.00% of their portfolio New York, NY 1,919,0911.9m $5.3m $5.3m 0.00% Reduced -2.1m -2,140,324
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,594,4721.6m $4.4m $4.4m 0.00% Added +335.6k +335,574
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,242,2521.2m $3.5m $3.5m 0.00% Added +1.0m +1,027,321
10 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,181,0181.2m $3.3m $3.3m 0.00% Added +1.1m +1,079,167
11 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 768,807768.8k $2.1m $2.1m 0.00% Added +733.1k +733,140
12 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 749,851749.9k $2.1m $2.1m 0.00% Added +102.1k +102,093
13 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 681,920681.9k $1.9m $1.9m 0.00% Reduced -921.4k -921,381
14 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 679,652679.7k $1.9m $1.9m 0.00% New
15 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 653,327653.3k $1.8m $1.8m 0.00% Reduced -231.1k -231,081
16 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 616,710616.7k $1.7m $1.7m 0.00% Added +528.3k +528,262
17 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 589,152589.2k $1.6m $1.6m 0.00% Added +533.3k +533,254
18 CLOVERFIELDS CAPITAL GROUP, LP 0.61% of their portfolio MINNEAPOLIS, MN 560,408560.4k $1.6m $1.6m 0.61% Unchanged
19 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 445,555445.6k $1.2m $1.2m 0.00% Reduced -1.2m -1,213,200
20 NORGES BANK 0.00% of their portfolio OSLO, Q8 393,370393.4k $1.1m $1.1m 0.00% Unchanged
21 B. Riley Wealth Advisors, Inc. 0.03% of their portfolio MEMPHIS, TN 393,000393.0k $1.1m $1.1m 0.03% Added +37.0k +37,000
22 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 290,968291.0k $808.9k $808.9k 0.00% Added +23.6k +23,579
23 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.01% of their portfolio Madrid, U3 258,890258.9k $716.0k $716.0k 0.01% Reduced -33.0k -33,000
24 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 240,078240.1k $667.4k $667.4k 0.00% New
25 STOREBRAND ASSET MANAGEMENT AS 0.00% of their portfolio LYSAKER, Q8 237,857237.9k $661.2k $661.2k 0.00% Unchanged
26 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 183,707183.7k $510.0k $510.0k 0.00% New
27 Banco Santander, S.A. 0.01% of their portfolio Madrid, U3 175,794175.8k $488.7k $488.7k 0.01% Reduced -185.2k -185,200
28 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 166,625166.6k $463.2k $463.2k 0.00% Added +20.5k +20,510
29 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 116,600116.6k $324.1k $324.1k 0.00% Reduced -496.8k -496,800
30 UBS Group AG 0.00% of their portfolio ZURICH, V8 88,11288.1k $245.0k $245.0k 0.00% Reduced -13.8m -13,814,419
31 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 83,95584.0k $233.4k $233.4k 0.00% Unchanged
32 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 76,35476.4k $212.3k $212.3k 0.00% Added +10.2k +10,172
33 GOULD ASSET MANAGEMENT LLC /CA/ 0.05% of their portfolio CLAREMONT, CA 71,40571.4k $198.5k $198.5k 0.05% Reduced -21.7k -21,685
34 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 70,03970.0k $194.7k $194.7k 0.00% Reduced -173.7k -173,704
35 Optiver Holding B.V. 0.01% of their portfolio AMSTERDAM, P7 69,23269.2k $192.5k $192.5k 0.01% Reduced -25.4k -25,382
36 Investors Research Corp 0.04% of their portfolio ATLANTA, GA 65,98266.0k $183.4k $183.4k 0.04% Reduced -3.0k -2,950
37 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 61,31861.3k $170.5k $170.5k 0.00% Reduced -19.2k -19,242
38 Inspire Advisors, LLC 0.02% of their portfolio Meridian, ID 59,70559.7k $166.0k $166.0k 0.02% Added +7.5k +7,474
39 TWO SIGMA SECURITIES, LLC 0.01% of their portfolio NEW YORK, NY 53,97154.0k $150.0k $150.0k 0.01% Added +18.2k +18,163
40 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 53,79753.8k $149.6k $149.6k 0.00% Reduced -764.9k -764,912
41 WINTON GROUP Ltd 0.01% of their portfolio LONDON, X0 53,31453.3k $148.2k $148.2k 0.01% Added +11.3k +11,273
42 OLD MISSION CAPITAL LLC 0.00% of their portfolio CHICAGO, IL 51,88151.9k $144.2k $144.2k 0.00% New
43 Provida Pension Fund Administrator 0.00% of their portfolio LAS CONDES, SANTIAGO, F3 49,35749.4k $137.2k $137.2k 0.00% Unchanged
44 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 46,01346.0k $128.0k $128.0k 0.00% Reduced -20.5k -20,509
45 VPR Management LLC 0.03% of their portfolio HOUSTON, TX 46,00846.0k $127.9k $127.9k 0.03% Unchanged
46 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 45,98146.0k $127.8k $127.8k 0.00% Added +1.2k +1,226
47 XTX Topco Ltd 0.03% of their portfolio LONDON, X0 45,82645.8k $127.4k $127.4k 0.03% New
48 QUADRANT CAPITAL GROUP LLC 0.01% of their portfolio CINCINNATI, OH 44,66544.7k $124.2k $124.2k 0.01% Added +791 +791
49 Boston Partners 0.00% of their portfolio BOSTON, MA 42,55942.6k $118.3k $118.3k 0.00% New
50 BAROMETER CAPITAL MANAGEMENT INC. 0.03% of their portfolio TORONTO, A6 41,60041.6k $115.6k $115.6k 0.03% New
51 EWA, LLC 0.06% of their portfolio PITTSBURGH, PA 39,45239.5k $113.2k $113.2k 0.06% Added +1.3k +1,327
52 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 36,84036.8k $102.0k $102.0k 0.00% New
53 Greytown Advisors Inc. 0.06% of their portfolio MIAMI, FL 36,50636.5k $101.5k $101.5k 0.06% Unchanged
54 COHEN & STEERS, INC. 0.00% of their portfolio NEW YORK, NY 34,82134.8k $97.0k $97.0k 0.00% Reduced -23.3k -23,334
55 Vident Advisory, LLC 0.00% of their portfolio Alpharetta, GA 33,19233.2k $92.3k $92.3k 0.00% Added +12.5k +12,530
56 PROFUND ADVISORS LLC 0.00% of their portfolio BETHESDA, MD 31,50031.5k $87.6k $87.6k 0.00% New
57 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 30,70230.7k $85.4k $85.4k 0.00% Added +90 +90
58 Mariner, LLC 0.00% of their portfolio Overland Park, KS 29,09029.1k $80.9k $80.9k 0.00% Added +2.3k +2,275
59 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 27,63027.6k $76.8k $76.8k 0.00% Reduced -4.4k -4,427
60 Canopy Partners, LLC 0.05% of their portfolio CINCINNATI, OH 27,52427.5k $76.5k $76.5k 0.05% First filing
61 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 23,74123.7k $66.0k $66.0k 0.00% New
62 Mraz, Amerine & Associates, Inc. 0.01% of their portfolio Modesto, CA 22,72522.7k $63.2k $63.2k 0.01% Unchanged
63 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 19,83119.8k $55.1k $55.1k 0.00% Reduced -18.0k -17,989
64 Dynamic Technology Lab Private Ltd 0.01% of their portfolio SINGAPORE, U0 19,22619.2k $53.0k $53.0k 0.01% New
65 YOUSIF CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BLOOMFIELD HILLS, MI 17,81017.8k $49.5k $49.5k 0.00% Unchanged
66 Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio OAKLAND, CA 14,75214.8k $41.0k $41.0k 0.00% New
67 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 14,07214.1k $39.1k $39.1k 0.00% Reduced -588 -588
68 FMR LLC 0.00% of their portfolio BOSTON, MA 13,62213.6k $37.9k $37.9k 0.00% Added +298 +298
69 Inspire Investing, LLC 0.00% of their portfolio MERIDIAN, ID 12,64512.6k $35.2k $35.2k 0.00% Reduced -1.7k -1,736
70 Intelligence Driven Advisers, LLC 0.00% of their portfolio CARLSBAD, CA 10,62510.6k $29.8k $29.8k 0.00% New
71 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 10,00010.0k $28.0k $28.0k 0.00% Unchanged
72 Quantbot Technologies LP 0.00% of their portfolio NEW YORK, NY 9,4949.5k $26.4k $26.4k 0.00% New
73 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 6,0026.0k $16.7k $16.7k 0.00% Reduced -13.2k -13,234
74 Lindbrook Capital, LLC 0.00% of their portfolio CALABASAS, CA 5,0845.1k $14.1k $14.1k 0.00% Added +2.1k +2,088
75 Daiwa Securities Group Inc. 0.00% of their portfolio CHIYODA-KU,TOKYO, M0 4,1004.1k $11.0k $11.0k 0.00% Reduced -35.0k -35,000
76 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,6463.6k $10.1k $10.1k 0.00% Reduced -3.6k -3,576
77 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 2,8422.8k $6.0k $6.0k 0.00% New
78 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 1,8811.9k $5.3k $5.3k 0.00% First filing
79 ClariVest Asset Management LLC 0.00% of their portfolio SAN DIEGO, CA 1,1901.2k $3.3k $3.3k 0.00% Unchanged
80 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,0171.0k $2.8k $2.8k 0.00% Reduced -189 -189
81 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1,0151.0k $2.8k $2.8k 0.00% Unchanged
82 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 400400 $1.1k $1.1k 0.00% Unchanged
83 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 337337 $937 $937 0.00% New
84 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 191191 $531 $531 0.00% New
85 UMB Bank, n.a. 0.00% of their portfolio Kansas City, MO 132132 $367 $367 0.00% Unchanged
86 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2828 $0 $0 0.00% New
87 JFS WEALTH ADVISORS, LLC 0.00% of their portfolio HERMITAGE, PA 2121 $59 $59 0.00% New
88 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 11 $3 $3 0.00% New
89 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 00 $1 $1 0.00% Unchanged
90 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged