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 ($17.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $16.37. Options: 17 managers hold calls ($205.7m notional), 16 hold puts ($64.5m).
Trends to Q4 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 |
| Q4 2025 | 343 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 175 | 160 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $35.5m | $72.1m | 2.03 |
| Q2 2025 | $93.0m | $96.3m | 1.04 |
| Q3 2025 | $113.0m | $114.1m | 1.01 |
| Q4 2025 | $205.7m | $64.5m | 0.31 |
Biggest buyers
| ARGA Investment Management, LP | Added | +10.8m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | New | +2.4m |
| SPX Gestao de Recursos Ltda | Added | +2.2m |
| BlackRock, Inc. | Added | +1.9m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.5m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +1.3m |
| BANK OF MONTREAL /CAN/ | New | +1.3m |
| OAKTREE CAPITAL MANAGEMENT LP | Added | +1.3m |
| Absolute Gestao de Investimentos Ltda. | Added | +1.2m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +1.2m |
Biggest sellers
| SCHRODER INVESTMENT MANAGEMENT GROUP | Reduced | -5.2m |
| Ninety One UK Ltd | Reduced | -5.1m |
| CANADA PENSION PLAN INVESTMENT BOARD | Sold out | -3.9m |
| GENERAL ATLANTIC, L.P. | Reduced | -2.8m |
| ATMOS CAPITAL GESTAO DE RECURSOS LTDA. | Reduced | -2.7m |
| CAUSEWAY CAPITAL MANAGEMENT LLC | Sold out | -2.5m |
| Capital World Investors | Reduced | -2.4m |
| JPMORGAN CHASE & CO | Reduced | -2.2m |
| SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. | Reduced | -2.1m |
| Tredje AP-fonden | Sold out | -1.9m |
Biggest calls
| ATMOS CAPITAL GESTAO DE RECURSOS LTDA. | Added | $100.4m6.1m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $34.1m2.1m shares |
| Optiver Holding B.V. | Added | $25.9m1.6m shares |
| GOLDMAN SACHS GROUP INC | Added | $25.4m1.5m shares |
| Point72 Asset Management, L.P. | New | $5.7m350.7k shares |
| CITADEL ADVISORS LLC | Reduced | $2.8m169.6k shares |
| Walleye Trading LLC | Reduced | $2.2m133.2k shares |
| IMC-Chicago, LLC | Reduced | $2.1m129.0k shares |
| Parallax Volatility Advisers, L.P. | New | $2.0m119.6k shares |
| SIMPLEX TRADING, LLC | Added | $1.6m94.8k shares |
Biggest puts
| GOLDMAN SACHS GROUP INC | Reduced | $17.7m1.1m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $9.5m583.2k shares |
| Aristides Capital LLC | Unchanged | $8.2m500.0k shares |
| Optiver Holding B.V. | Added | $7.1m433.1k shares |
| PEAK6 LLC | Reduced | $3.5m216.0k shares |
| CITADEL ADVISORS LLC | Reduced | $3.3m201.4k shares |
| SIMPLEX TRADING, LLC | Added | $3.1m192.4k shares |
| IMC-Chicago, LLC | Reduced | $2.9m175.4k shares |
| Walleye Trading LLC | Reduced | $2.6m161.4k shares |
| Walleye Capital LLC | Added | $1.7m101.0k 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.
| 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 Q4 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 Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 46.7m $765.0m | Added +1.9m |
| Capital World Investors 0.08% of their portfolio | 37.5m $613.8m | Reduced -2.4m |
| Dodge & Cox 0.30% of their portfolio | 34.0m $555.9m | Reduced -517.6k |
| GENERAL ATLANTIC, L.P. 12.93% of their portfolio | 22.7m $371.6m | Reduced -2.8m |
| ARGA Investment Management, LP 8.88% of their portfolio | 19.9m $325.8m | Added +10.8m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.06% of their portfolio | 12.3m $200.7m | Added +1.3m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.11% of their portfolio | 11.8m $193.2m | Added +1.2m |
| MORGAN STANLEY 0.01% of their portfolio | 9.5m $155.9m | Added +1.1m |
| STATE STREET CORP 0.01% of their portfolio | 9.5m $155.6m | Added +144.9k |
| FMR LLC 0.01% of their portfolio | 7.4m $120.5m | Added +161.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.09% of their portfolio | 7.1m $116.2m | Reduced -5.2m |
| Ninety One UK Ltd 0.22% of their portfolio | 6.2m $101.3m | Reduced -5.1m |
| ATMOS CAPITAL GESTAO DE RECURSOS LTDA. 13.94% of their portfolio | 5.6m $92.0m | Reduced -2.7m |
| NORGES BANK 0.01% of their portfolio | 4.9m $80.2m | Not comparable |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 4.9m $79.3m | Added +204.5k |
| SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. 16.23% of their portfolio | 4.8m $78.5m | Reduced -2.1m |
| Fisher Asset Management, LLC 0.02% of their portfolio | 4.4m $71.7m | Reduced -141.7k |
| SPX Gestao de Recursos Ltda 7.03% of their portfolio | 4.2m $68.7m | Added +2.2m |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 3.9m $63.2m | Added +29.9k |
| VANGUARD GROUP INC 0.00% of their portfolio | 3.8m $62.0m | Added +170.6k |
| Seafarer Capital Partners, LLC 16.04% of their portfolio | 3.8m $61.7m | Unchanged |
| OAKTREE CAPITAL MANAGEMENT LP 0.88% of their portfolio | 3.3m $54.4m | Added +1.3m |
| Legal & General Group Plc 0.01% of their portfolio | 2.8m $45.2m | Added +228.2k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 2.7m $44.8m | Added +256.1k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.6m $42.1m | Added +3.5k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 2.5m $40.8m | Added +70.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 2.4m $39.1m | New |
| Absolute Gestao de Investimentos Ltda. 3.89% of their portfolio | 2.3m $37.0m | Added +1.2m |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.10% of their portfolio | 1.9m $31.7m | Added +680.2k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.8m $29.3m | Added +1.5m |
| JENNISON ASSOCIATES LLC 0.02% of their portfolio | 1.7m $28.5m | Reduced -1.0m |
| SEI INVESTMENTS CO 0.03% of their portfolio | 1.6m $26.0m | Added +555.2k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.6m $25.7m | Added +643.7k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 1.6m $25.4m | Added +951.4k |
| Russell Investments Group, Ltd. 0.03% of their portfolio | 1.5m $24.7m | Added +43.3k |
| FEDERATED HERMES, INC. 0.04% of their portfolio | 1.5m $23.8m | Reduced -8.6k |
| UBS Group AG 0.00% of their portfolio | 1.4m $23.6m | Added +730.9k |
| Optiver Holding B.V. 0.43% of their portfolio | 1.4m $23.6m | Added +1.0m |
| Nuveen, LLC 0.01% of their portfolio | 1.4m $23.5m | Added +9.3k |
| Ninety One North America, Inc. 0.95% of their portfolio | 1.4m $23.5m | Reduced -1.0m |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 1.4m $22.4m | Added +610.0k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 1.3m $21.1m | New |
| Bank of New York Mellon Corp 0.00% of their portfolio | 1.3m $20.6m | Reduced -22.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio | 1.2m $20.4m | Reduced -963.0k |
| BAMCO INC /NY/ 0.05% of their portfolio | 1.2m $19.6m | Reduced -660.1k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.07% of their portfolio | 1.2m $21.3m | Added +60.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 1.1m $18.4m | Added +618.4k |
| CITIGROUP INC 0.01% of their portfolio | 1.1m $18.1m | Added +180.8k |
| Praetorian PR LLC 7.93% of their portfolio | 1.0m $16.4m | Unchanged |
| Mitsubishi UFJ Trust & Banking Corp 0.04% of their portfolio | 905.9k $14.8m | Reduced -129.9k |
| FIL Ltd 0.01% of their portfolio | 892.4k $14.6m | Added +221.3k |
| Swiss National Bank 0.01% of their portfolio | 880.6k $14.4m | Added +71.8k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 799.9k $13.1m | Added +24.6k |
| Assenagon Asset Management S.A. 0.02% of their portfolio | 784.4k $12.8m | Added +322.6k |
| California Public Employees Retirement System 0.01% of their portfolio | 784.0k $12.8m | Added +11.9k |
| Amundi 0.00% of their portfolio | 761.8k $12.5m | Added +156.2k |
| TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio | 693.3k $11.3m | Added +361.6k |
| Sustainable Growth Advisers, LP 0.08% of their portfolio | 680.2k $11.1m | Added +145.2k |
| Wealth High Governance Asset Management Ltda. 1.79% of their portfolio | 610.3k $10.0m | First filing |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.03% of their portfolio | 596.8k $9.8m | Reduced -1.3m |
| Invesco Ltd. 0.00% of their portfolio | 594.7k $9.7m | Added +232.8k |
| Navi International - Administradora e Gestora de Recursos Financeiros Ltda. 6.10% of their portfolio | 589.5k $9.6m | First filing |
| PointState Capital LP 0.16% of their portfolio | 571.8k $9.4m | New |
| MARSHALL WACE, LLP 0.01% of their portfolio | 554.8k $9.1m | Reduced -37.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 547.5k $9.0m | Reduced -1.3m |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 539.5k $8.8m | Added +56.1k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 534.9k $8.8m | Reduced -694.8k |
| NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio | 522.5k $8.6m | New |
| Rheos Capital Works Inc. 0.52% of their portfolio | 500.0k $8.2m | Added +200.0k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 487.8k $8.0m | Added +316.8k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 469.5k $7.7m | Added +76.1k |
| Walleye Trading LLC 0.12% of their portfolio | 458.5k $7.5m | Added +248.6k |
| Treasurer of the State of North Carolina 0.02% of their portfolio | 457.1k $7.5m | Reduced -17.0k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 457.1k $7.4m | Added +104.4k |
| THORNBURG INVESTMENT MANAGEMENT INC 0.09% of their portfolio | 450.1k $7.4m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 434.5k $7.1m | Reduced -2.2m |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 400.2k $6.6m | Reduced -10.7k |
| BW Gestao de Investimentos Ltda. 0.22% of their portfolio | 389.7k $6.4m | New |
| Wealth High Governance Capital Ltda 1.87% of their portfolio | 389.7k $6.4m | New |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 385.2k $6.3m | New |
| GREAT LAKES ADVISORS, LLC 0.05% of their portfolio | 384.6k $6.3m | Reduced -149.4k |
| EARNEST PARTNERS LLC 0.03% of their portfolio | 380.5k $6.2m | Reduced -11.2k |
| Crossmark Global Holdings, Inc. 0.08% of their portfolio | 361.3k $5.9m | Reduced -406.8k |
| GLOBEFLEX CAPITAL L P 0.90% of their portfolio | 357.9k $5.9m | Added +18.3k |
| Robeco Institutional Asset Management B.V. 0.01% of their portfolio | 357.6k $5.9m | Reduced -136.6k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 357.6k $5.9m | Reduced -7.6k |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 346.1k $5.7m | Reduced -581.1k |
| Triveni Capital Investments LP 4.07% of their portfolio | 333.7k $5.5m | First filing |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.01% of their portfolio | 333.3k $5.5m | Added +1.6k |
| Public Sector Pension Investment Board 0.02% of their portfolio | 321.8k $5.3m | Added +32.8k |
| TWINBEECH CAPITAL LP 0.37% of their portfolio | 319.9k $5.2m | New |
| LOOMIS SAYLES & CO L P 0.01% of their portfolio | 318.0k $5.2m | Reduced -35.2k |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 311.0k $5.1m | New |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 297.1k $4.9m | Reduced -322.2k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 296.5k $4.9m | Reduced -66.7k |
| Handelsbanken Fonder AB 0.01% of their portfolio | 295.6k $4.8m | Added +55.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 295.6k $4.8m | Unchanged |
| PDT Partners, LLC 0.31% of their portfolio | 292.9k $4.8m | Reduced -234.7k |
| AVIVA PLC 0.01% of their portfolio | 290.0k $4.7m | Added +23.9k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 289.3k $4.7m | Reduced -51.7k |