XP INC XP
CL A · Common Stock · CUSIP G98239109 · ISIN KYG982391099
Holding of stock exchange companies
* 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 ($19.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $18.78. Options: 20 managers hold calls ($113.0m notional), 21 hold puts ($114.1m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 200 |
| Q4 2022 | 198 |
| Q1 2023 | 192 |
| Q2 2023 | 225 |
| Q3 2023 | 258 |
| Q4 2023 | 301 |
| Q1 2024 | 299 |
| Q2 2024 | 268 |
| Q3 2024 | 293 |
| Q4 2024 | 295 |
| Q1 2025 | 297 |
| Q2 2025 | 314 |
| Q3 2025 | 328 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 165 | 136 |
| Q1 2024 | 149 | 155 |
| Q2 2024 | 140 | 164 |
| Q3 2024 | 175 | 137 |
| Q4 2024 | 166 | 145 |
| Q1 2025 | 182 | 133 |
| Q2 2025 | 185 | 139 |
| Q3 2025 | 184 | 153 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $27.1m | $15.8m | 0.58 |
| Q1 2025 | $35.5m | $72.1m | 2.03 |
| Q2 2025 | $93.0m | $96.3m | 1.04 |
| Q3 2025 | $113.0m | $114.1m | 1.01 |
Biggest buyers
| Ninety One UK Ltd | Added | +9.4m |
| ARGA Investment Management, LP | New | +9.1m |
| SCHRODER INVESTMENT MANAGEMENT GROUP | Added | +5.2m |
| FMR LLC | Added | +3.5m |
| Ninety One North America, Inc. | New | +2.5m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +2.3m |
| OAKTREE CAPITAL MANAGEMENT LP | New | +2.0m |
| Tredje AP-fonden | New | +1.9m |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | New | +1.9m |
| SPX Gestao de Recursos Ltda | Added | +1.7m |
Biggest sellers
| Orbis Allan Gray Ltd | Sold out | -8.0m |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -3.0m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Sold out | -2.8m |
| BlackRock, Inc. | Reduced | -2.0m |
| Capital World Investors | Reduced | -1.7m |
| NATIXIS | Sold out | -1.5m |
| LOS ANGELES CAPITAL MANAGEMENT LLC | Reduced | -1.4m |
| ACADIAN ASSET MANAGEMENT LLC | Reduced | -1.4m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Reduced | -1.3m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.3m |
Biggest calls
| ATMOS CAPITAL GESTAO DE RECURSOS LTDA. | New | $37.8m2.0m shares |
| GOLDMAN SACHS GROUP INC | Reduced | $19.7m1.1m shares |
| CITADEL ADVISORS LLC | Reduced | $12.1m645.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $8.3m442.8k shares |
| Optiver Holding B.V. | Added | $5.4m289.4k shares |
| IMC-Chicago, LLC | Added | $5.1m270.0k shares |
| Walleye Trading LLC | Reduced | $3.9m209.9k shares |
| BANK OF AMERICA CORP /DE/ | Added | $3.8m203.5k shares |
| PEAK6 LLC | Reduced | $3.7m195.2k shares |
| MILLENNIUM MANAGEMENT LLC | New | $3.0m157.8k shares |
Biggest puts
| GOLDMAN SACHS GROUP INC | Added | $32.9m1.8m shares |
| SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. | Added | $14.5m771.2k shares |
| CITADEL ADVISORS LLC | Reduced | $12.8m681.8k shares |
| Aristides Capital LLC | New | $9.4m500.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $9.1m483.3k shares |
| Optiver Holding B.V. | Added | $7.5m401.3k shares |
| Walleye Trading LLC | Added | $5.5m295.2k shares |
| PEAK6 LLC | New | $4.3m229.4k shares |
| IMC-Chicago, LLC | Added | $4.1m220.3k shares |
| GROUP ONE TRADING LLC | Added | $3.4m180.4k 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.
| Holder | Stake |
|---|---|
XP Control LLC
13D · may seek influence
-0.9 pts · filed 2026-07-07
Stated purposeItem 4 of the Schedule 13D is hereby amended to add the following: On July 2, 2026, XP Control LLC exercised its Repurchase Right to purchase all of the non-voting interests in XP Control LLC held indirectly by Gabriel for 4,954,867 Class A common shares (resulting from the conversion of the corresponding number of Class B common shares of the Issuer held by XP Control LLC). As a result of XP Control LLC's transfer of the Class A common shares to Gabriel's investment vehicle, the Reporting Persons' beneficial ownership of the Class A common shares decreased from 101,752,469 Class A common shares to 96,797,602 Class A common shares. In addition, if the Repurchase Right is exercised in full, the Reporting Persons' beneficial ownership of the Class A common shares may be further decreased … Full filing |
18.7% |
| BlackRock, Inc. 13G · institution +1.1 pts · filed 2026-07-30 | 9.4% |
| DODGE & COX 13G · institution -2.0 pts · filed 2025-08-13 | 7.9% |
| ARGA Investment Management, LP 13G · institution new · filed 2026-08-13 | 5.9% |
| GENERAL ATLANTIC, L.P. 13D · may seek influence filed 2025-12-04 | 5.4% |
Fell to 5% or below in the last year: Capital World Investors (4.6%, 2026-05-14)
Insider purchases and sales in Q3 2025
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 Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 44.9m $843.1m | Reduced -2.0m |
| Capital World Investors 0.10% of their portfolio | 39.9m $749.8m | Reduced -1.7m |
| Dodge & Cox 0.35% of their portfolio | 34.5m $647.8m | Added +169.7k |
| GENERAL ATLANTIC, L.P. 14.40% of their portfolio | 25.5m $479.5m | Unchanged |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.18% of their portfolio | 12.3m $230.9m | Added +5.2m |
| Ninety One UK Ltd 0.23% of their portfolio | 11.3m $212.4m | Added +9.4m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.06% of their portfolio | 11.0m $206.0m | Added +2.3m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.13% of their portfolio | 10.6m $199.9m | Reduced -218.0k |
| STATE STREET CORP 0.01% of their portfolio | 9.4m $175.8m | Reduced -338.8k |
| ARGA Investment Management, LP 4.52% of their portfolio | 9.1m $170.6m | New |
| MORGAN STANLEY 0.01% of their portfolio | 8.4m $158.0m | Reduced -509.7k |
| ATMOS CAPITAL GESTAO DE RECURSOS LTDA. 22.17% of their portfolio | 8.3m $156.9m | Added +245.2k |
| FMR LLC 0.01% of their portfolio | 7.2m $135.3m | Added +3.5m |
| SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. 30.31% of their portfolio | 6.9m $129.0m | Reduced -837.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 4.7m $87.2m | Added +84.0k |
| Fisher Asset Management, LLC 0.03% of their portfolio | 4.5m $84.9m | Added +5.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio | 3.9m $73.4m | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 3.8m $71.9m | Reduced -344.7k |
| Seafarer Capital Partners, LLC 20.21% of their portfolio | 3.8m $70.9m | Reduced -300.0k |
| VANGUARD GROUP INC 0.00% of their portfolio | 3.6m $67.9m | Added +517.6k |
| JENNISON ASSOCIATES LLC 0.03% of their portfolio | 2.8m $51.8m | Reduced -82.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.6m $49.5m | Added +547.1k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.6m $48.2m | Reduced -122.0k |
| CAUSEWAY CAPITAL MANAGEMENT LLC 0.63% of their portfolio | 2.5m $47.7m | Added +257.7k |
| Legal & General Group Plc 0.01% of their portfolio | 2.5m $47.6m | Reduced -63.9k |
| Ninety One North America, Inc. 1.07% of their portfolio | 2.5m $46.6m | New |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 2.5m $46.6m | Reduced -10.4k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 2.4m $45.5m | Added +565.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.14% of their portfolio | 2.2m $41.5m | Reduced -1.3m |
| OAKTREE CAPITAL MANAGEMENT LP 0.64% of their portfolio | 2.0m $38.2m | New |
| SPX Gestao de Recursos Ltda 3.15% of their portfolio | 2.0m $37.6m | Added +1.7m |
| Tredje AP-fonden 0.29% of their portfolio | 1.9m $36.1m | New |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 1.9m $35.3m | Reduced -295.9k |
| BAMCO INC /NY/ 0.09% of their portfolio | 1.9m $34.9m | Reduced -54.7k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 1.9m $34.8m | New |
| Russell Investments Group, Ltd. 0.03% of their portfolio | 1.5m $27.6m | Added +1.1m |
| FEDERATED HERMES, INC. 0.05% of their portfolio | 1.5m $27.5m | Added +202.5k |
| Nuveen, LLC 0.01% of their portfolio | 1.4m $26.8m | Reduced -18.2k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 1.3m $24.0m | Added +18.4k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.07% of their portfolio | 1.3m $23.6m | Added +139.1k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 1.2m $23.1m | Reduced -141.6k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.07% of their portfolio | 1.1m $21.3m | Reduced -1.4m |
| Absolute Gestao de Investimentos Ltda. 2.69% of their portfolio | 1.1m $20.4m | Added +304.3k |
| Mitsubishi UFJ Trust & Banking Corp 0.04% of their portfolio | 1.0m $19.5m | Added +59.6k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 1.0m $19.4m | Added +248.1k |
| Praetorian PR LLC 11.39% of their portfolio | 1.0m $18.8m | Unchanged |
| ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio | 927.2k $17.4m | Reduced -1.4m |
| INCA Investments LLC 8.01% of their portfolio | 926.8k $17.4m | Reduced -379.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 926.4k $17.4m | Reduced -939.8k |
| CITIGROUP INC 0.01% of their portfolio | 922.7k $17.3m | Added +230.2k |
| Breakout Capital Partners, LP 10.72% of their portfolio | 896.3k $16.8m | New |
| Swiss National Bank 0.01% of their portfolio | 808.8k $15.2m | Reduced -32.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 775.3k $14.6m | Added +19.3k |
| Caisse de depot et placement du Quebec 0.03% of their portfolio | 774.0k $14.5m | Added +135.3k |
| California Public Employees Retirement System 0.01% of their portfolio | 772.1k $14.5m | Added +48.6k |
| Crossmark Global Holdings, Inc. 0.22% of their portfolio | 768.1k $14.4m | Added +77.4k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 757.9k $14.2m | Added +474.9k |
| Jump Financial, LLC 0.17% of their portfolio | 715.7k $13.4m | Added +673.3k |
| UBS Group AG 0.00% of their portfolio | 710.3k $13.3m | Added +251.8k |
| FIL Ltd 0.01% of their portfolio | 671.0k $12.6m | Added +340.0k |
| Janney Montgomery Scott LLC 0.03% of their portfolio | 666.2k $12.5m | Reduced -38.0k |
| WIM INVESTMENT MANAGEMENT Ltd 3.13% of their portfolio | 654.0k $12.3m | New |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 619.2k $11.6m | Reduced -56.1k |
| Amundi 0.00% of their portfolio | 605.6k $10.4m | Reduced -1.2m |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 601.8k $11.3m | Added +7.6k |
| JGP Global Gestao de Recursos Ltda. 6.59% of their portfolio | 601.1k $11.3m | Reduced -253.2k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 591.8k $11.1m | Reduced -717.4k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 562.8k $10.6m | Added +199.9k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 535.3k $10.1m | Added +466.7k |
| Sustainable Growth Advisers, LP 0.06% of their portfolio | 535.0k $10.1m | Added +79.9k |
| GREAT LAKES ADVISORS, LLC 0.08% of their portfolio | 534.0k $10.0m | New |
| PDT Partners, LLC 0.63% of their portfolio | 527.5k $9.9m | Reduced -112.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 504.8k $9.5m | Reduced -1.1m |
| Robeco Institutional Asset Management B.V. 0.01% of their portfolio | 494.2k $9.3m | Reduced -160.3k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 483.4k $9.1m | Added +8.1k |
| TB Capital Gestao de Recursos Ltda. 6.91% of their portfolio | 478.7k $9.0m | Reduced -436.0k |
| Treasurer of the State of North Carolina 0.03% of their portfolio | 474.2k $8.9m | Reduced -7.3k |
| Assenagon Asset Management S.A. 0.01% of their portfolio | 461.8k $8.7m | Added +234.4k |
| Optiver Holding B.V. 0.13% of their portfolio | 436.1k $8.2m | Added +242.7k |
| HRT FINANCIAL LP 0.04% of their portfolio | 431.7k $8.1m | Reduced -239.1k |
| Quantbot Technologies LP 0.22% of their portfolio | 431.6k $8.1m | New |
| Trexquant Investment LP 0.08% of their portfolio | 414.7k $7.8m | New |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 410.9k $7.7m | Reduced -7.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 399.6k $7.5m | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 393.4k $7.4m | Added +367.9k |
| EARNEST PARTNERS LLC 0.03% of their portfolio | 391.6k $7.4m | Reduced -2.7k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 375.0k $7.0m | Added +257.4k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 365.2k $6.9m | Reduced -1.6k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 363.2k $6.8m | Reduced -136.3k |
| Invesco Ltd. 0.00% of their portfolio | 361.9k $6.8m | Added +8.4k |
| LOOMIS SAYLES & CO L P 0.01% of their portfolio | 353.2k $6.6m | Unchanged |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 352.7k $6.6m | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 341.1k $6.4m | Reduced -3.0m |
| GLOBEFLEX CAPITAL L P 0.98% of their portfolio | 339.6k $6.4m | Added +10.4k |
| Y-Intercept (Hong Kong) Ltd 0.15% of their portfolio | 333.0k $6.3m | Reduced -337.4k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 331.7k $6.2m | Added +87.2k |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.01% of their portfolio | 331.7k $6.2m | Unchanged |
| MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 1.40% of their portfolio | 320.1k $6.0m | New |
| EXCHANGE TRADED CONCEPTS, LLC 0.05% of their portfolio | 303.0k $5.7m | Added +1.3k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 302.6k $5.7m | Reduced -1.3m |