Vault-13

BRF SA BRFS

SPONSORED ADR · ADR · CUSIP 10552T107 · ISIN US10552T1079

89 institutional holders -1 vs Q4 2023
60,268,12860.3m shares reported held*
$196.1mreported value*
12 new 39 added 25 reduced 13 sold out net bought ≈ $6.8m (+2.1m 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 ($35.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $3.25. Options: 5 managers hold calls ($578.4k notional), 3 hold puts ($24.9k).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 93Q4 22: 83Q1 23: 82Q2 23: 74Q3 23: 80Q4 23: 90Q1 24: 8989Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202293
Q4 202283
Q1 202382
Q2 202374
Q3 202380
Q4 202390
Q1 202489

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 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 23Q1 24: 51 bought or addedQ1 24: 38 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20223849
Q1 20234543
Q2 20233141
Q3 20233535
Q4 20234341
Q1 20245138

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ2 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 0.08Q1 24 calls: $578.4kQ1 24 puts: $24.9kQ1 24P/C 0.04
Numbers
QuarterCallsPutsP/C
Q2 2023$1.1m$429.0k0.41
Q3 2023$48.3k$200.3k4.15
Q4 2023$4.8m$366.1k0.08
Q1 2024$578.4k$24.9k0.04

Biggest buyers

GOLDMAN SACHS GROUP INC Added +3,458,009+3.5m
MORGAN STANLEY Added +3,233,667+3.2m
MILLENNIUM MANAGEMENT LLC Added +1,889,829+1.9m
Polunin Capital Partners Ltd Added +1,670,646+1.7m
JPMORGAN CHASE & CO Added +1,473,742+1.5m
RENAISSANCE TECHNOLOGIES LLC Added +1,348,460+1.3m
BlackRock Inc. Added +799,814+799.8k
MARSHALL WACE, LLP New +728,542+728.5k
D. E. Shaw & Co., Inc. Added +672,254+672.3k
TWO SIGMA INVESTMENTS, LP Added +483,439+483.4k

Biggest sellers

Kapitalo Investimentos Ltda Reduced -5,695,016-5.7m
Herr Investment Group LLC Reduced -3,862,136-3.9m
Ninety One UK Ltd Reduced -2,817,340-2.8m
JANE STREET GROUP, LLC Reduced -1,077,368-1.1m
STOREBRAND ASSET MANAGEMENT AS Reduced -103,788-103.8k
Banco Santander, S.A. Reduced -91,421-91.4k
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. Reduced -82,700-82.7k
MACQUARIE GROUP LTD Reduced -80,700-80.7k
HRT FINANCIAL LP Reduced -69,447-69.4k
Optiver Holding B.V. Sold out -69,232-69.2k

Biggest calls

GROUP ONE TRADING LLC Added $385.7k118.3k shares
SIMPLEX TRADING, LLC Reduced $106.0k32.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $65.5k20.1k shares
CITADEL ADVISORS LLC Reduced $21.2k6.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SIMPLEX TRADING, LLC Unchanged $21.0k6.6k shares
CITADEL ADVISORS LLC New $3.9k1.2k 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Polunin Capital Partners Ltd 8.90% of their portfolio LONDON, X0 17,945,40117.9m $58.5m $58.5m 8.90% Added +1.7m +1,670,646
2 MACQUARIE GROUP LTD 0.03% of their portfolio Sydney, NSW 2000, C3 9,258,0839.3m $30.2m $30.2m 0.03% Reduced -80.7k -80,700
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,475,9194.5m $14.6m $14.6m 0.00% Added +3.2m +3,233,667
4 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 4,047,1614.0m $13.2m $13.2m 0.00% Added +3.5m +3,458,009
5 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 3,636,7603.6m $11.9m $11.9m 0.02% Added +1.3m +1,348,460
6 BlackRock Inc. 0.00% of their portfolio New York, NY 2,718,9052.7m $8.9m $8.9m 0.00% Added +799.8k +799,814
7 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 2,129,9072.1m $6.9m $6.9m 0.01% Added +1.9m +1,889,829
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,622,7161.6m $5.3m $5.3m 0.00% Added +28.2k +28,244
9 Ninety One UK Ltd 0.01% of their portfolio London, X0 1,559,5561.6m $5.1m $5.1m 0.01% Reduced -2.8m -2,817,340
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,477,3881.5m $4.8m $4.8m 0.00% Added +1.5m +1,473,742
11 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 1,351,9061.4m $4.4m $4.4m 0.01% Added +672.3k +672,254
12 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 1,165,3591.2m $3.8m $3.8m 0.01% Added +483.4k +483,439
13 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 844,639844.6k $2.8m $2.8m 0.00% Added +75.8k +75,832
14 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 792,340792.3k $2.6m $2.6m 0.00% Added +42.5k +42,489
15 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 728,542728.5k $2.4m $2.4m 0.00% New
16 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 618,245618.2k $2.0m $2.0m 0.00% Reduced -35.1k -35,082
17 CLOVERFIELDS CAPITAL GROUP, LP 0.62% of their portfolio MINNEAPOLIS, MN 564,642564.6k $1.8m $1.8m 0.62% Added +4.2k +4,234
18 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 555,171555.2k $1.8m $1.8m 0.00% Reduced -61.5k -61,539
19 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 445,555445.6k $1.5m $1.5m 0.00% Unchanged
20 Herr Investment Group LLC 0.40% of their portfolio AUSTIN, TX 400,000400.0k $1.3m $1.3m 0.40% Reduced -3.9m -3,862,136
21 NORGES BANK 0.00% of their portfolio OSLO, Q8 393,370393.4k $1.3m $1.3m 0.00% Unchanged
22 B. Riley Wealth Advisors, Inc. 0.02% of their portfolio MEMPHIS, TN 356,000356.0k $729.8k $729.8k 0.02% Reduced -37.0k -37,000
23 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 318,583318.6k $1.0m $1.0m 0.00% Added +27.6k +27,615
24 NAVELLIER & ASSOCIATES INC 0.08% of their portfolio Reno, NV 201,923201.9k $658.3k $658.3k 0.08% New
25 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.01% of their portfolio Madrid, U3 176,190176.2k $574.1k $574.1k 0.01% Reduced -82.7k -82,700
26 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 166,625166.6k $543.2k $543.2k 0.00% Unchanged
27 STOREBRAND ASSET MANAGEMENT AS 0.00% of their portfolio LYSAKER, Q8 134,069134.1k $437.1k $437.1k 0.00% Reduced -103.8k -103,788
28 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 114,260114.3k $372.0k $372.0k 0.00% Reduced -69.4k -69,447
29 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 112,200112.2k $365.8k $365.8k 0.00% Reduced -4.4k -4,400
30 BAROMETER CAPITAL MANAGEMENT INC. 0.09% of their portfolio TORONTO, A6 109,876109.9k $361.5k $361.5k 0.09% Added +68.3k +68,276
31 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 103,650103.7k $337.9k $337.9k 0.00% Reduced -1.1m -1,077,368
32 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 88,36588.4k $288.0k $288.0k 0.00% Added +51.5k +51,525
33 Banco Santander, S.A. 0.00% of their portfolio Madrid, U3 84,37384.4k $275.1k $275.1k 0.00% Reduced -91.4k -91,421
34 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 83,95584.0k $273.7k $273.7k 0.00% Unchanged
35 GOULD ASSET MANAGEMENT LLC /CA/ 0.05% of their portfolio CLAREMONT, CA 66,91566.9k $218.1k $218.1k 0.05% Reduced -4.5k -4,490
36 Quantbot Technologies LP 0.01% of their portfolio NEW YORK, NY 65,49965.5k $213.5k $213.5k 0.01% Added +56.0k +56,005
37 Investors Research Corp 0.05% of their portfolio ATLANTA, GA 64,43264.4k $210.0k $210.0k 0.05% Reduced -1.6k -1,550
38 TWO SIGMA SECURITIES, LLC 0.01% of their portfolio NEW YORK, NY 63,86363.9k $208.2k $208.2k 0.01% Added +9.9k +9,892
39 Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio SEOUL, M5 63,36963.4k $206.6k $206.6k 0.00% Reduced -13.0k -12,985
40 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 62,31562.3k $203.1k $203.1k 0.00% Added +997 +997
41 Inspire Advisors, LLC 0.03% of their portfolio Meridian, ID 58,32958.3k $190.2k $190.2k 0.03% Reduced -1.4k -1,376
42 CAPSTONE INVESTMENT ADVISORS, LLC 0.00% of their portfolio NEW YORK, NY 57,52757.5k $187.5k $187.5k 0.00% New
43 Connor, Clark & Lunn Investment Management Ltd. 0.00% of their portfolio VANCOUVER, A1 53,94853.9k $175.9k $175.9k 0.00% Added +151 +151
44 UBS Group AG 0.00% of their portfolio ZURICH, V8 52,20052.2k $170.2k $170.2k 0.00% Reduced -35.9k -35,912
45 GSA CAPITAL PARTNERS LLP 0.01% of their portfolio LONDON, X0 49,84449.8k $162.0k $162.0k 0.01% New
46 Provida Pension Fund Administrator 0.00% of their portfolio LAS CONDES, SANTIAGO, F3 49,35749.4k $160.9k $160.9k 0.00% Unchanged
47 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 46,84546.8k $152.7k $152.7k 0.00% Added +46.8k +46,845
48 VPR Management LLC 0.04% of their portfolio HOUSTON, TX 46,00846.0k $150.0k $150.0k 0.04% Unchanged
49 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 45,98146.0k $149.9k $149.9k 0.00% Unchanged
50 QUADRANT CAPITAL GROUP LLC 0.01% of their portfolio CINCINNATI, OH 45,73845.7k $149.1k $149.1k 0.01% Added +1.1k +1,073
51 Mariner, LLC 0.00% of their portfolio Overland Park, KS 44,90444.9k $146.4k $146.4k 0.00% Added +15.8k +15,814
52 Kapitalo Investimentos Ltda 0.03% of their portfolio SAO PAULO, D5 43,55943.6k $142.0k $142.0k 0.03% Reduced -5.7m -5,695,016
53 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 40,82440.8k $133.1k $133.1k 0.00% Reduced -29.2k -29,215
54 EWA, LLC 0.06% of their portfolio PITTSBURGH, PA 38,98839.0k $138.8k $138.8k 0.06% Reduced -464 -464
55 Vident Advisory, LLC 0.00% of their portfolio Alpharetta, GA 36,66136.7k $119.5k $119.5k 0.00% Added +3.5k +3,469
56 Greytown Advisors Inc. 0.07% of their portfolio MIAMI, FL 36,50636.5k $119.0k $119.0k 0.07% Unchanged
57 Mraz, Amerine & Associates, Inc. 0.02% of their portfolio Modesto, CA 29,72529.7k $96.9k $96.9k 0.02% Added +7.0k +7,000
58 Canopy Partners, LLC 0.04% of their portfolio CINCINNATI, OH 27,77927.8k $90.6k $90.6k 0.04% Added +255 +255
59 SIGNATUREFD, LLC 0.00% of their portfolio ATLANTA, GA 25,24525.2k $82.3k $82.3k 0.00% Reduced -5.5k -5,457
60 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 23,37423.4k $76.0k $76.0k 0.00% Reduced -4.3k -4,256
61 PROFUND ADVISORS LLC 0.00% of their portfolio BETHESDA, MD 22,31722.3k $72.8k $72.8k 0.00% Reduced -9.2k -9,183
62 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio Stamford, CT 21,58121.6k $70.4k $70.4k 0.00% New
63 Aigen Investment Management, LP 0.01% of their portfolio NEW YORK, NY 21,08221.1k $68.7k $68.7k 0.01% New
64 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 20,89320.9k $68.1k $68.1k 0.00% Added +1.1k +1,062
65 Headlands Technologies LLC 0.01% of their portfolio CHICAGO, IL 18,29518.3k $59.6k $59.6k 0.01% New
66 YOUSIF CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BLOOMFIELD HILLS, MI 17,81017.8k $58.1k $58.1k 0.00% Unchanged
67 Vanguard Personalized Indexing Management, LLC 0.00% of their portfolio OAKLAND, CA 16,78716.8k $54.7k $54.7k 0.00% Added +2.0k +2,035
68 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 16,56316.6k $54.0k $54.0k 0.00% New
69 Bayesian Capital Management, LP 0.00% of their portfolio Brooklyn, NY 14,70014.7k $47.9k $47.9k 0.00% New
70 FMR LLC 0.00% of their portfolio BOSTON, MA 13,90613.9k $45.3k $45.3k 0.00% Added +284 +284
71 Freedom Investment Management, Inc. 0.00% of their portfolio SOUTH WINDSOR, CT 11,58411.6k $37.8k $37.8k 0.00% New
72 Intelligence Driven Advisers, LLC 0.01% of their portfolio CARLSBAD, CA 11,55411.6k $37.7k $37.7k 0.01% Added +929 +929
73 Inspire Investing, LLC 0.00% of their portfolio MERIDIAN, ID 10,96611.0k $35.8k $35.8k 0.00% Reduced -1.7k -1,679
74 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 10,00010.0k $33.0k $33.0k 0.00% Unchanged
75 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 6,6686.7k $21.7k $21.7k 0.00% Added +666 +666
76 Parallel Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 6,2336.2k $20.3k $20.3k 0.00% Added +5.2k +5,218
77 Lindbrook Capital, LLC 0.00% of their portfolio CALABASAS, CA 5,4405.4k $17.7k $17.7k 0.00% Added +356 +356
78 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,6273.6k $12.0k $12.0k 0.00% Added +3.6k +3,599
79 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 1,9301.9k $6.3k $6.3k 0.00% Added +49 +49
80 MACROVIEW INVESTMENT MANAGEMENT LLC 0.01% of their portfolio BETHESDA, MD 1,4951.5k $4.9k $4.9k 0.01% New
81 ClariVest Asset Management LLC 0.00% of their portfolio SAN DIEGO, CA 1,3931.4k $4.5k $4.5k 0.00% Added +203 +203
82 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 857857 $2.8k $2.8k 0.00% Added +520 +520
83 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 625625 $2.0k $2.0k 0.00% Reduced -392 -392
84 Itau Unibanco Holding S.A. 0.00% of their portfolio SAO PAULO, D5 600600 $2.0k $2.0k 0.00% New
85 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 400400 $1.3k $1.3k 0.00% Unchanged
86 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 215215 $675 $675 0.00% Added +214 +214
87 UMB Bank, n.a. 0.00% of their portfolio Kansas City, MO 132132 $430 $430 0.00% Unchanged
88 JFS WEALTH ADVISORS, LLC 0.00% of their portfolio HERMITAGE, PA 7272 $235 $235 0.00% Added +51 +51
89 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged