Vault-13

ARCOS DORADOS HOLDINGS INC ARCO

SHS CLASS -A - · Common Stock · CUSIP G0457F107 · ISIN VGG0457F1071

161 institutional holders -2 vs Q4 2025
91,912,11691.9m shares reported held*
$758.5mreported value*
29 new 48 added 49 reduced 29 sold out net bought ≈ $32.9m (+4.0m 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 ($4.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $8.25. Options: 4 managers hold calls ($775.5k notional), 3 hold puts ($221.1k).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 131Q4 22: 136Q1 23: 145Q2 23: 158Q3 23: 146Q4 23: 177Q1 24: 181Q2 24: 182Q3 24: 168Q4 24: 162Q1 25: 165Q2 25: 152Q3 25: 158Q4 25: 163Q1 26: 161161Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 2022131
Q4 2022136
Q1 2023145
Q2 2023158
Q3 2023146
Q4 2023177
Q1 2024181
Q2 2024182
Q3 2024168
Q4 2024162
Q1 2025165
Q2 2025152
Q3 2025158
Q4 2025163
Q1 2026161

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 24: 83 bought or addedQ2 24: 89 cut or sold outQ3 24: 90 bought or addedQ3 24: 92 cut or sold outQ3 24Q4 24: 86 bought or addedQ4 24: 80 cut or sold outQ1 25: 88 bought or addedQ1 25: 66 cut or sold outQ1 25Q2 25: 79 bought or addedQ2 25: 80 cut or sold outQ3 25: 86 bought or addedQ3 25: 70 cut or sold outQ3 25Q4 25: 83 bought or addedQ4 25: 74 cut or sold outQ1 26: 77 bought or addedQ1 26: 78 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20248389
Q3 20249092
Q4 20248680
Q1 20258866
Q2 20257980
Q3 20258670
Q4 20258374
Q1 20267778

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ2 25 calls: $950.1kQ2 25 puts: $2.1mQ2 25P/C 2.19Q3 25 calls: $1.6mQ3 25 puts: $336.7kQ3 25P/C 0.21Q4 25 calls: $1.2mQ4 25 puts: $0Q4 25P/C 0.00Q1 26 calls: $775.5kQ1 26 puts: $221.1kQ1 26P/C 0.29
Numbers
QuarterCallsPutsP/C
Q2 2025$950.1k$2.1m2.19
Q3 2025$1.6m$336.7k0.21
Q4 2025$1.2m$00.00
Q1 2026$775.5k$221.1k0.29

Biggest buyers

SEI INVESTMENTS CO Added +1,987,271+2.0m
LORD, ABBETT & CO. LLC New +1,800,000+1.8m
LAZARD ASSET MANAGEMENT LLC Added +1,703,169+1.7m
Invesco Ltd. Added +1,073,352+1.1m
Fundamenta Capital S.A. New +938,239+938.2k
Moerus Capital Management LLC Added +706,683+706.7k
HRT FINANCIAL LP Added +556,629+556.6k
Boston Partners Added +477,922+477.9k
MIRABELLA FINANCIAL SERVICES LLP New +388,112+388.1k
CITIGROUP INC Added +235,449+235.4k

Biggest sellers

SPX Gestao de Recursos Ltda Reduced -1,602,390-1.6m
Emeth Value Capital, LLC Sold out -1,045,701-1.0m
GOLDMAN SACHS GROUP INC Reduced -775,931-775.9k
CITADEL ADVISORS LLC Reduced -764,238-764.2k
RENAISSANCE TECHNOLOGIES LLC Reduced -504,147-504.1k
PRICE T ROWE ASSOCIATES INC /MD/ Sold out -263,307-263.3k
Handelsbanken Fonder AB Sold out -240,928-240.9k
American Trust Investment Advisors, LLC Sold out -209,313-209.3k
Qube Research & Technologies Ltd Reduced -206,857-206.9k
D. E. Shaw & Co., Inc. Reduced -184,958-185.0k

Biggest calls

JANE STREET GROUP, LLC Added $381.1k46.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $319.3k38.7k shares
SIMPLEX TRADING, LLC Reduced $71.0k8.6k shares
GROUP ONE TRADING LLC Reduced $4.1k500 shares

Biggest puts

CITADEL ADVISORS LLC New $112.2k13.6k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $84.2k10.2k shares
SIMPLEX TRADING, LLC New $24.8k3.0k 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
LAZARD ASSET MANAGEMENT LLC 13G · institution +1.2 pts · filed 2026-08-14 18.9% +1.2 pts 24.7m≈ $199.0m 2026-08-14
PZENA INVESTMENT MANAGEMENT LLC 13G · institution +3.7 pts · filed 2025-10-16 8.7% +3.7 pts 11.4m≈ $92.1m 2025-10-16
Calvo David Coppel 13G · passive investor filed 2025-02-04 7.3% 9.5m≈ $76.4m 2025-02-04

Insider purchases and sales in Q1 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q1 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LAZARD ASSET MANAGEMENT LLC 0.31% of their portfolio NEW YORK, NY 23,174,84123.2m $191.2m $191.2m 0.31% Added +1.7m +1,703,169
2 PZENA INVESTMENT MANAGEMENT LLC 0.29% of their portfolio NEW YORK, NY 10,741,16610.7m $88.6m $88.6m 0.29% Added +178.6k +178,602
3 SPX Gestao de Recursos Ltda 4.09% of their portfolio RIO DE JANEIRO, D5 5,949,2865.9m $49.1m $49.1m 4.09% Reduced -1.6m -1,602,390
4 Moerus Capital Management LLC 12.99% of their portfolio NEW YORK, NY 4,263,5894.3m $35.2m $35.2m 12.99% Added +706.7k +706,683
5 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,182,4164.2m $34.5m $34.5m 0.00% Added +136.8k +136,778
6 SEI INVESTMENTS CO 0.03% of their portfolio OAKS, PA 3,483,7323.5m $28.7m $28.7m 0.03% Added +2.0m +1,987,271
7 PRIVATE MANAGEMENT GROUP INC 0.80% of their portfolio IRVINE, CA 3,355,8863.4m $27.7m $27.7m 0.80% Reduced -22.2k -22,169
8 BRIGHTLIGHT CAPITAL MANAGEMENT LP 27.14% of their portfolio WESTPORT, CT 3,334,7603.3m $27.5m $27.5m 27.14% Reduced -132.0k -132,040
9 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio CAUSEWAY BAY, K3 2,810,1982.8m $23.2m $23.2m 0.03% Added +110.7k +110,746
10 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 2,055,3782.1m $17.0m $17.0m 0.00% Added +1.1m +1,073,352
11 LORD, ABBETT & CO. LLC 0.05% of their portfolio JERSEY CITY, NJ 1,800,0001.8m $14.8m $14.8m 0.05% New
12 MANAGED ASSET PORTFOLIOS, LLC 1.53% of their portfolio ROCHESTER, MI 1,545,0751.5m $12.7m $12.7m 1.53% Added +68.8k +68,776
13 State of New Jersey Common Pension Fund D 0.05% of their portfolio TRENTON, NJ 1,486,8221.5m $12.3m $12.3m 0.05% Unchanged
14 Perpetual Ltd 0.18% of their portfolio SYDNEY, NEW SOUTH WALES, C3 1,434,8141.4m $11.8m $11.8m 0.18% Reduced -13.0k -13,000
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,002,0101.0m $7.9m $7.9m 0.00% Reduced -105.6k -105,645
16 GENERAL AMERICAN INVESTORS CO INC 0.52% of their portfolio NEW YORK, NY 950,178950.2k $7.8m $7.8m 0.52% Unchanged
17 Fundamenta Capital S.A. 7.60% of their portfolio MONTEVIDEO, X3 938,239938.2k $7.7m $7.7m 7.60% New
18 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 818,810818.8k $6.8m $6.8m 0.00% Unchanged
19 GLOBEFLEX CAPITAL L P 1.02% of their portfolio SAN DIEGO, CA 815,609815.6k $6.7m $6.7m 1.02% Unchanged
20 Boston Partners 0.01% of their portfolio BOSTON, MA 776,184776.2k $6.4m $6.4m 0.01% Added +477.9k +477,922
21 Clearbridge Investments, LLC 0.01% of their portfolio NEW YORK, NY 768,752768.8k $6.3m $6.3m 0.01% Reduced -62.4k -62,361
22 Amundi 0.00% of their portfolio Paris, I0 733,120733.1k $6.0m $6.0m 0.00% Reduced -51.1k -51,135
23 INCA Investments LLC 1.92% of their portfolio MIAMI, FL 654,392654.4k $5.4m $5.4m 1.92% Reduced -133.6k -133,609
24 O'Keefe Stevens Advisory, Inc. 1.29% of their portfolio ROCHESTER, NY 631,729631.7k $5.2m $5.2m 1.29% Added +102.0k +102,001
25 HRT FINANCIAL LP 0.02% of their portfolio NEW YORK, NY 615,164615.2k $5.1m $5.1m 0.02% Added +556.6k +556,629
26 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 545,587545.6k $4.5m $4.5m 0.01% Reduced -504.1k -504,147
27 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 542,826542.8k $4.5m $4.5m 0.00% Added +179.9k +179,929
28 TimesSquare Capital Management, LLC 0.08% of their portfolio NEW YORK, NY 538,652538.7k $4.4m $4.4m 0.08% Reduced -10.7k -10,670
29 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 537,449537.4k $4.4m $4.4m 0.00% Added +9.0k +9,046
30 THOMPSON SIEGEL & WALMSLEY LLC 0.08% of their portfolio RICHMOND, VA 530,300530.3k $4.4m $4.4m 0.08% Added +1.4k +1,400
31 Rockefeller Capital Management L.P. 0.01% of their portfolio NEW YORK, NY 524,992525.0k $4.3m $4.3m 0.01% Added +91.1k +91,129
32 UBS Group AG 0.00% of their portfolio ZURICH, V8 520,183520.2k $4.3m $4.3m 0.00% Added +1.7k +1,653
33 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 487,008487.0k $4.0m $4.0m 0.01% Reduced -101.1k -101,064
34 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 473,129473.1k $3.9m $3.9m 0.00% Added +71.8k +71,820
35 AUXIER ASSET MANAGEMENT LLC 0.50% of their portfolio AURORA, OR 419,547419.5k $3.5m $3.5m 0.50% Added +20.6k +20,555
36 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 406,571406.6k $3.4m $3.4m 0.00% Added +235.4k +235,449
37 Seafarer Capital Partners, LLC 0.76% of their portfolio CORTE MADERA, CA 400,000400.0k $3.3m $3.3m 0.76% Unchanged
38 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 391,305391.3k $3.2m $3.2m 0.00% Reduced -206.9k -206,857
39 MIRABELLA FINANCIAL SERVICES LLP 0.31% of their portfolio London, X0 388,112388.1k $3.2m $3.2m 0.31% New
40 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 387,613387.6k $3.2m $3.2m 0.00% Added +18.1k +18,143
41 Inlet Private Wealth, LLC 0.80% of their portfolio Jupiter, FL 378,888378.9k $3.1m $3.1m 0.80% Reduced -5.3k -5,300
42 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 351,129351.1k $2.9m $2.9m 0.00% Reduced -775.9k -775,931
43 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 342,983343.0k $2.8m $2.8m 0.00% Reduced -164.5k -164,478
44 PDT Partners, LLC 0.16% of their portfolio New York, NY 330,780330.8k $2.7m $2.7m 0.16% Unchanged
45 SAPIENT CAPITAL LLC 0.03% of their portfolio INDIANAPOLIS, IN 245,501245.5k $2.0m $2.0m 0.03% Unchanged
46 Bleakley Financial Group, LLC 0.03% of their portfolio PARSIPPANY, NJ 234,460234.5k $1.9m $1.9m 0.03% Added +30.6k +30,605
47 ACORN FINANCIAL ADVISORY SERVICES INC /ADV 0.25% of their portfolio Reston, VA 218,167218.2k $1.8m $1.8m 0.25% Reduced -3.0k -2,971
48 Black Creek Investment Management Inc. 0.09% of their portfolio TORONTO, A6 206,000206.0k $1.7m $1.7m 0.09% Reduced -4.0k -4,000
49 American Capital Advisory, LLC 0.62% of their portfolio KETCHUM, ID 185,836185.8k $1.5m $1.5m 0.62% Reduced -2.0k -1,973
50 Catalyst Capital Advisors LLC 0.03% of their portfolio San Juan, PR 182,090182.1k $1.5m $1.5m 0.03% Unchanged
51 VELA Investment Management, LLC 0.36% of their portfolio NEW ALBANY, OH 167,400167.4k $1.4m $1.4m 0.36% Added +16.4k +16,400
52 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 163,297163.3k $1.3m $1.3m 0.00% Reduced -764.2k -764,238
53 Atom Investors LP 0.10% of their portfolio AUSTIN, TX 162,848162.8k $1.3m $1.3m 0.10% New
54 CLOUGH CAPITAL PARTNERS L P 0.13% of their portfolio Boston, MA 159,410159.4k $1.3m $1.3m 0.13% Added +12.1k +12,116
55 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 137,509137.5k $1.1m $1.1m 0.00% Added +60.0k +60,047
56 GSA CAPITAL PARTNERS LLP 0.07% of their portfolio LONDON, X0 134,014134.0k $1.1m $1.1m 0.07% Added +91.8k +91,803
57 Trexquant Investment LP 0.01% of their portfolio STAMFORD, CT 129,205129.2k $1.1m $1.1m 0.01% Reduced -23.6k -23,594
58 Ruffer LLP 0.04% of their portfolio LONDON, X0 127,142127.1k $1.1m $1.1m 0.04% Unchanged
59 DELTEC ASSET MANAGEMENT LLC 0.18% of their portfolio New York, NY 120,400120.4k $993.3k $993.3k 0.18% Reduced -35.0k -35,000
60 Dodge & Cox 0.00% of their portfolio San Francisco, CA 112,966113.0k $932.0k $932.0k 0.00% Unchanged
61 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 112,328112.3k $926.7k $926.7k 0.00% Added +49.4k +49,406
62 ABS Direct Equity Fund LLC 0.69% of their portfolio Stamford, CT 109,882109.9k $906.5k $906.5k 0.69% New
63 West Tower Group, LLC 2.83% of their portfolio RICHMOND, VA 109,859109.9k $906.3k $906.3k 2.83% Reduced -48.9k -48,877
64 HUSSMAN STRATEGIC ADVISORS, INC. 0.19% of their portfolio ELLICOTT CITY, MD 105,000105.0k $866.2k $866.2k 0.19% Unchanged
65 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 104,767104.8k $864.3k $864.3k 0.00% Reduced -185.0k -184,958
66 Engineers Gate Manager LP 0.01% of their portfolio NEW YORK, NY 101,280101.3k $835.6k $835.6k 0.01% Reduced -14.9k -14,934
67 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 100,652100.7k $830.4k $830.4k 0.00% Added +32.3k +32,287
68 Magnetar Financial LLC 0.01% of their portfolio EVANSTON, IL 90,33290.3k $745.2k $745.2k 0.01% New
69 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 85,98986.0k $709.4k $709.4k 0.01% Reduced -91.3k -91,337
70 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 83,73983.7k $690.8k $690.8k 0.00% Reduced -56 -56
71 FIDELIS CAPITAL PARTNERS, LLC 0.04% of their portfolio TAMPA, FL 75,00075.0k $618.8k $618.8k 0.04% Unchanged
72 CenterBook Partners LP 0.03% of their portfolio GREENWICH, CT 74,70174.7k $616.3k $616.3k 0.03% Reduced -108.2k -108,230
73 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 70,53570.5k $581.9k $581.9k 0.00% New
74 WINTON GROUP Ltd 0.02% of their portfolio LONDON, X0 65,59365.6k $541.1k $541.1k 0.02% New
75 Baker Ellis Asset Management LLC 0.06% of their portfolio Vancouver, WA 64,00064.0k $528.0k $528.0k 0.06% Added +10.7k +10,700
76 DUMAC, INC. 0.06% of their portfolio DURHAM, NC 60,85760.9k $502.1k $502.1k 0.06% Unchanged
77 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 60,08260.1k $495.7k $495.7k 0.00% Added +58.7k +58,723
78 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 57,12557.1k $471.0k $471.0k 0.00% Reduced -1.5k -1,536
79 Graham Capital Management, L.P. 0.02% of their portfolio ROWAYTON, CT 56,70956.7k $467.8k $467.8k 0.02% New
80 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.00% of their portfolio PHILADELPHIA, PA 54,46954.5k $449.0k $449.0k 0.00% Unchanged
81 Value Investment Professionals, LLC 2.04% of their portfolio NEW YORK, NY 54,19054.2k $923.4k $923.4k 2.04% New
82 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 49,37349.4k $410.6k $410.6k 0.00% Added +12.7k +12,686
83 Moors & Cabot, Inc. 0.02% of their portfolio BOSTON, MA 47,40947.4k $391.1k $391.1k 0.02% Reduced -2.0k -2,000
84 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 46,89946.9k $386.9k $386.9k 0.00% Added +13.6k +13,604
85 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 45,09445.1k $372.0k $372.0k 0.00% Reduced -64.9k -64,917
86 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 41,59041.6k $343.1k $343.1k 0.00% Unchanged
87 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 39,54339.5k $326.2k $326.2k 0.00% Reduced -33.6k -33,584
88 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 37,65237.7k $310.6k $310.6k 0.00% Reduced -5.7k -5,741
89 Merit Financial Group, LLC 0.00% of their portfolio ALPHARETTA, GA 36,93036.9k $304.7k $304.7k 0.00% Added +4.4k +4,427
90 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 35,53935.5k $293.2k $293.2k 0.00% Added +25.1k +25,137
91 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 34,86634.9k $287.6k $287.6k 0.00% Reduced -16.5k -16,466
92 BlackRock, Inc. 0.00% of their portfolio New York, NY 33,24833.2k $274.3k $274.3k 0.00% Added +780 +780
93 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 32,55232.6k $268.6k $268.6k 0.00% New
94 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 32,35032.4k $266.9k $266.9k 0.00% Unchanged
95 Regal Investment Advisors LLC 0.01% of their portfolio KENTWOOD, MI 29,41329.4k $242.7k $242.7k 0.01% Added +9.4k +9,381
96 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 28,75528.8k $237.2k $237.2k 0.00% Added +6.7k +6,685
97 WJ Financial Advisors LLC 0.18% of their portfolio KILLINGWORTH, CT 27,62027.6k $227.9k $227.9k 0.18% Reduced -4.0k -4,000
98 Diligent Investors, LLC 0.06% of their portfolio REDLANDS, CA 27,41927.4k $226.2k $226.2k 0.06% Reduced -200 -200
99 ExodusPoint Capital Management, LP 0.00% of their portfolio NEW YORK, NY 25,58625.6k $211.1k $211.1k 0.00% Added +8.4k +8,382
100 Centiva Capital, LP 0.01% of their portfolio New York, NY 25,45525.5k $210.0k $210.0k 0.01% New