Vault-13

JBS N.V. JBS

CL A SHS · Common Stock · CUSIP N4732M103

239 institutional holders +6 vs Q3 2025
353,565,900353.6m shares reported held*
$5.1bnreported value*
39 new 95 added 72 reduced 37 sold out net sold ≈ $14.0m (-989.7k 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 ($3.8k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $14.42. Options: 12 managers hold calls ($195.3m notional), 7 hold puts ($83.9m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q4 23: 1Q1 24: 0Q2 24: 1Q3 24: 0Q4 24: 0Q1 25: 0Q2 25: 169Q3 25: 233Q4 25: 239239Q4 23Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q4 20231
Q1 20240
Q2 20241
Q3 20240
Q4 20240
Q1 20250
Q2 2025169
Q3 2025233
Q4 2025239

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q3 25: 171 bought or addedQ3 25: 74 cut or sold outQ3 25Q4 25: 134 bought or addedQ4 25: 109 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q3 202517174
Q4 2025134109

Calls vs puts

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

CallsPuts
$0$100m$200m$300mQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $93.6mQ2 25 puts: $1.1mQ2 25P/C 0.01Q3 25 calls: $263.0mQ3 25 puts: $90.3mQ3 25P/C 0.34Q4 25 calls: $195.3mQ4 25 puts: $83.9mQ4 25P/C 0.43
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$93.6m$1.1m0.01
Q3 2025$263.0m$90.3m0.34
Q4 2025$195.3m$83.9m0.43

Biggest buyers

Davis Selected Advisers New +11,854,741+11.9m
Carrhae Capital LLP Added +3,244,553+3.2m
DEUTSCHE BANK AG\ Added +3,092,222+3.1m
DISCOVERY CAPITAL MANAGEMENT, LLC / CT Added +2,462,200+2.5m
Woodline Partners LP Added +2,301,149+2.3m
BlackRock, Inc. Added +2,129,945+2.1m
BRANDES INVESTMENT PARTNERS, LP New +1,678,836+1.7m
MASON CAPITAL MANAGEMENT LLC New +1,306,000+1.3m
CITADEL ADVISORS LLC Added +1,138,243+1.1m
Balyasny Asset Management L.P. New +974,545+974.5k

Biggest sellers

Banco BTG Pactual S.A. Sold out -9,589,738-9.6m
JPMORGAN CHASE & CO Reduced -3,787,158-3.8m
MILLENNIUM MANAGEMENT LLC Reduced -3,771,347-3.8m
D. E. Shaw & Co., Inc. Reduced -2,522,063-2.5m
JANE STREET GROUP, LLC Sold out -2,430,203-2.4m
TWO SIGMA ADVISERS, LP Reduced -1,915,700-1.9m
AQR CAPITAL MANAGEMENT LLC Reduced -1,885,041-1.9m
TWO SIGMA INVESTMENTS, LP Reduced -1,856,237-1.9m
OAKTREE CAPITAL MANAGEMENT LP Sold out -1,580,400-1.6m
Flat Footed LLC Sold out -1,531,689-1.5m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $66.8m4.6m shares
GROUP ONE TRADING LLC Added $28.4m2.0m shares
PEAK6 LLC Added $28.0m1.9m shares
GOLDMAN SACHS GROUP INC Reduced $17.7m1.2m shares
JANE STREET GROUP, LLC Reduced $16.8m1.2m shares
SIMPLEX TRADING, LLC Added $13.1m906.2k shares
CITADEL ADVISORS LLC Added $8.2m568.6k shares
Caption Management, LLC Reduced $4.4m305.2k shares
HIGHBRIDGE CAPITAL MANAGEMENT LLC Unchanged $3.6m250.0k shares
MILLENNIUM MANAGEMENT LLC Added $3.6m250.0k shares

Biggest puts

JANE STREET GROUP, LLC Added $46.0m3.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $13.8m958.9k shares
CITADEL ADVISORS LLC Added $7.8m543.7k shares
SIMPLEX TRADING, LLC Reduced $7.2m500.5k shares
GROUP ONE TRADING LLC Reduced $4.6m315.8k shares
GOLDMAN SACHS GROUP INC Reduced $3.4m232.4k shares
MILLENNIUM MANAGEMENT LLC Reduced $1.1m75.0k 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
J&F S.A. 13G · exempt (held before listing) new · filed 2025-08-14 48.3% new 536.1m≈ $6.4bn 2025-08-14
BNDES Participacoes S.A. 13G · exempt (held before listing) new · filed 2025-08-14 24.8% new 201.7m≈ $2.4bn 2025-08-14
DAVIS SELECTED ADVISERS 13G · institution new · filed 2026-08-12 6.5% new 50.0m≈ $592.7m 2026-08-12

Fell to 5% or below in the last year: Capital Research Global Investors (4.4%, 2026-08-12)

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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BNDES Participacoes S.A. 100.00% of their portfolio RIO DE JANEIRO, D5 199,311,644199.3m $2.9bn $2.9bn 100.00% First filing
2 BlackRock, Inc. 0.01% of their portfolio New York, NY 25,542,21325.5m $368.3m $368.3m 0.01% Added +2.1m +2,129,945
3 Davis Selected Advisers 0.77% of their portfolio Tucson, AZ 11,854,74111.9m $170.9m $170.9m 0.77% New
4 D. E. Shaw & Co., Inc. 0.08% of their portfolio New York, NY 7,205,6287.2m $103.9m $103.9m 0.08% Reduced -2.5m -2,522,063
5 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 6,840,8166.8m $98.6m $98.6m 0.02% Added +257.7k +257,743
6 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 6,138,5366.1m $88.5m $88.5m 0.00% Added +327.4k +327,364
7 DEUTSCHE BANK AG\ 0.02% of their portfolio FRANKFURT AM MAIN, 2M 4,681,7934.7m $67.5m $67.5m 0.02% Added +3.1m +3,092,222
8 Alberta Investment Management Corp 0.40% of their portfolio EDMONTON, A0 4,622,5004.6m $66.7m $66.7m 0.40% Added +388.2k +388,200
9 Woodline Partners LP 0.25% of their portfolio San Francisco, CA 4,556,4884.6m $65.7m $65.7m 0.25% Added +2.3m +2,301,149
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,110,1224.1m $59.3m $59.3m 0.00% Reduced -395.2k -395,247
11 Carrhae Capital LLP 3.51% of their portfolio London, X0 3,649,2263.6m $52.6m $52.6m 3.51% Added +3.2m +3,244,553
12 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio BOSTON, MA 3,540,4713.5m $51.1m $51.1m 0.03% Reduced -413.8k -413,796
13 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 2,975,0363.0m $42.9m $42.9m 0.01% Added +763.4k +763,352
14 DISCOVERY CAPITAL MANAGEMENT, LLC / CT 2.30% of their portfolio SOUTH NORWALK, CT 2,942,4002.9m $42.4m $42.4m 2.30% Added +2.5m +2,462,200
15 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 2,591,1332.6m $37.4m $37.4m 0.02% Reduced -212.7k -212,723
16 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,494,2922.5m $35.6m $35.6m 0.00% Added +314.6k +314,626
17 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,493,2122.5m $36.0m $36.0m 0.00% Added +843.2k +843,232
18 VAN ECK ASSOCIATES CORP 0.03% of their portfolio NEW YORK, NY 2,378,8052.4m $34.3m $34.3m 0.03% Reduced -929.0k -929,000
19 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 2,217,3502.2m $32.0m $32.0m 0.02% Reduced -3.8m -3,771,347
20 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 2,139,8842.1m $30.9m $30.9m 0.02% Added +1.1m +1,138,243
21 MARSHALL WACE, LLP 0.03% of their portfolio LONDON, X0 2,046,9502.0m $29.5m $29.5m 0.03% Reduced -1.0m -1,042,983
22 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,863,2681.9m $26.9m $26.9m 0.00% Reduced -1.2m -1,213,578
23 BRANDES INVESTMENT PARTNERS, LP 0.18% of their portfolio LA JOLLA, CA 1,678,8361.7m $24.2m $24.2m 0.18% New
24 Jump Financial, LLC 0.30% of their portfolio Chicago, IL 1,654,1971.7m $23.9m $23.9m 0.30% Added +592.9k +592,859
25 Legal & General Group Plc 0.01% of their portfolio London, X0 1,633,9311.6m $23.6m $23.6m 0.01% Reduced -153.8k -153,762
26 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,598,5841.6m $23.1m $23.1m 0.00% Reduced -137.0k -136,966
27 Qube Research & Technologies Ltd 0.03% of their portfolio LONDON, X0 1,385,9061.4m $20.0m $20.0m 0.03% Added +10.7k +10,742
28 HRT FINANCIAL LP 0.08% of their portfolio NEW YORK, NY 1,369,6341.4m $19.8m $19.8m 0.08% Reduced -682.1k -682,051
29 Loews Corp 0.16% of their portfolio New York, NY 1,330,0001.3m $19.2m $19.2m 0.16% Unchanged
30 MASON CAPITAL MANAGEMENT LLC 3.35% of their portfolio NEW YORK, NY 1,306,0001.3m $18.8m $18.8m 3.35% New
31 Ramirez Asset Management, Inc. 2.46% of their portfolio NEW YORK, NY 1,292,5471.3m $18.6m $18.6m 2.46% Added +108.1k +108,143
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,290,8841.3m $18.6m $18.6m 0.00% Reduced -3.8m -3,787,158
33 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 1,202,1041.2m $17.3m $17.3m 0.01% Added +327.5k +327,483
34 Point72 Asset Management, L.P. 0.02% of their portfolio STAMFORD, CT 1,103,6961.1m $15.9m $15.9m 0.02% Reduced -447.6k -447,604
35 Cinctive Capital Management LP 0.89% of their portfolio New York, NY 1,070,5171.1m $15.4m $15.4m 0.89% Added +311.2k +311,233
36 Bayberry Capital Partners LP 4.65% of their portfolio NEW YORK, NY 1,002,0001.0m $14.4m $14.4m 4.65% Unchanged
37 Maple Rock Capital Partners Inc. 0.47% of their portfolio Toronto, A6 985,106985.1k $14.2m $14.2m 0.47% Reduced -74.2k -74,200
38 Engineers Gate Manager LP 0.17% of their portfolio NEW YORK, NY 975,173975.2k $14.1m $14.1m 0.17% Added +834.1k +834,058
39 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 974,545974.5k $14.1m $14.1m 0.03% New
40 WINTON GROUP Ltd 0.43% of their portfolio LONDON, X0 857,090857.1k $12.4m $12.4m 0.43% New
41 Quinn Opportunity Partners LLC 0.53% of their portfolio CHARLOTTESVILLE, VA 845,901845.9k $12.2m $12.2m 0.53% Added +375.0k +375,000
42 Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio CHIYODA-KU, TOKYO, M0 845,682845.7k $12.2m $12.2m 0.01% Added +41.9k +41,869
43 Praetorian PR LLC 5.24% of their portfolio RINCON, PR 750,000750.0k $10.8m $10.8m 5.24% New
44 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 733,039733.0k $10.6m $10.6m 0.00% Added +41.1k +41,123
45 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 732,796732.8k $10.6m $10.6m 0.01% Reduced -123.7k -123,747
46 Private Advisory Group LLC 0.81% of their portfolio REDMOND, WA 711,525711.5k $10.3m $10.3m 0.81% Added +60.9k +60,937
47 California Public Employees Retirement System 0.01% of their portfolio Sacramento, CA 707,960708.0k $10.2m $10.2m 0.01% Reduced -285.0k -284,960
48 PRUDENTIAL FINANCIAL INC 0.01% of their portfolio NEWARK, NJ 702,300702.3k $10.1m $10.1m 0.01% Added +386.6k +386,600
49 COHEN & STEERS, INC. 0.02% of their portfolio NEW YORK, NY 658,361658.4k $9.5m $9.5m 0.02% Added +161.7k +161,712
50 UBS Group AG 0.00% of their portfolio ZURICH, V8 641,345641.3k $9.2m $9.2m 0.00% Reduced -2.0k -2,047
51 Ovata Capital Management Ltd 0.88% of their portfolio HONG KONG, K3 499,983500.0k $7.2m $7.2m 0.88% Added +472.6k +472,575
52 FEDERATED HERMES, INC. 0.01% of their portfolio PITTSBURGH, PA 489,105489.1k $7.1m $7.1m 0.01% Reduced -287.9k -287,941
53 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 467,099467.1k $6.7m $6.7m 0.01% Reduced -1.9m -1,856,237
54 Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio TOKYO, M0 455,300455.3k $6.5m $6.5m 0.00% Added +117.5k +117,500
55 Robeco Institutional Asset Management B.V. 0.01% of their portfolio ROTTERDAM, P7 442,794442.8k $6.4m $6.4m 0.01% Added +388.5k +388,460
56 Pictet Asset Management Holding SA 0.01% of their portfolio CAROUGE, V8 437,437437.4k $6.3m $6.3m 0.01% Added +15.9k +15,907
57 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 426,600426.6k $6.2m $6.2m 0.01% Added +180.6k +180,600
58 MOORE CAPITAL MANAGEMENT, LP 0.13% of their portfolio NEW YORK, NY 425,989426.0k $6.1m $6.1m 0.13% Added +106.0k +105,989
59 Hartree Partners, LP 2.11% of their portfolio NEW YORK, NY 400,000400.0k $5.8m $5.8m 2.11% Reduced -336.4k -336,441
60 Quantbot Technologies LP 0.19% of their portfolio NEW YORK, NY 391,287391.3k $5.6m $5.6m 0.19% Reduced -227.4k -227,363
61 Amundi 0.00% of their portfolio Paris, I0 390,062390.1k $5.6m $5.6m 0.00% Reduced -54.7k -54,673
62 Journey Advisory Group, LLC 0.47% of their portfolio COVINGTON, KY 388,565388.6k $5.6m $5.6m 0.47% Reduced -316 -316
63 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 363,888363.9k $5.2m $5.2m 0.00% Added +12.4k +12,374
64 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 348,350348.4k $5.0m $5.0m 0.01% Added +31.3k +31,306
65 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 341,218341.2k $4.9m $4.9m 0.00% Added +575 +575
66 NewEdge Wealth, LLC 0.06% of their portfolio STAMFORD, CT 340,776340.8k $4.9m $4.9m 0.06% Added +10.6k +10,570
67 tru Independence LLC 1.23% of their portfolio PORTLAND, OR 339,095339.1k $4.9m $4.9m 1.23% New
68 Public Sector Pension Investment Board 0.02% of their portfolio MONTREAL, A8 325,446325.4k $4.7m $4.7m 0.02% Added +30.2k +30,200
69 Aberdeen Group plc 0.01% of their portfolio EDINBURGH, X0 318,254318.3k $4.6m $4.6m 0.01% Added +627 +627
70 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 277,852277.9k $4.0m $4.0m 0.00% Added +1.3k +1,312
71 MIRABELLA FINANCIAL SERVICES LLP 0.38% of their portfolio London, X0 270,782270.8k $3.9m $3.9m 0.38% Added +24.6k +24,600
72 LEVIN CAPITAL STRATEGIES, L.P. 0.30% of their portfolio NEW YORK, NY 240,108240.1k $3.5m $3.5m 0.30% Reduced -46.0k -46,000
73 Itau Unibanco Holding S.A. 0.08% of their portfolio SAO PAULO, D5 220,600220.6k $3.2m $3.2m 0.08% New
74 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 212,805212.8k $3.1m $3.1m 0.00% Reduced -6.2k -6,150
75 SPX Gestao de Recursos Ltda 0.31% of their portfolio RIO DE JANEIRO, D5 208,100208.1k $3.0m $3.0m 0.31% Added +168.8k +168,819
76 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 206,018206.0k $3.0m $3.0m 0.00% Added +131.6k +131,624
77 Atom Investors LP 0.23% of their portfolio AUSTIN, TX 198,450198.4k $2.9m $2.9m 0.23% New
78 Mitsubishi UFJ Trust & Banking Corp 0.01% of their portfolio TOKYO, M0 197,676197.7k $2.9m $2.9m 0.01% Reduced -169.2k -169,164
79 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.00% of their portfolio Boston, MA 184,118184.1k $2.7m $2.7m 0.00% Added +84.7k +84,658
80 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 176,934176.9k $2.6m $2.6m 0.00% Added +94.8k +94,795
81 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 176,371176.4k $2.5m $2.5m 0.00% Added +49.9k +49,932
82 Steadtrust LLC 1.54% of their portfolio ALLEN, TX 173,630173.6k $2.5m $2.5m 1.54% Added +800 +800
83 SANDERS MORRIS HARRIS LLC 3.90% of their portfolio Houston, TX 173,200173.2k $2.5m $2.5m 3.90% Reduced -21.6k -21,625
84 LONGFELLOW INVESTMENT MANAGEMENT CO LLC 0.52% of their portfolio BOSTON, MA 161,118161.1k $2.3m $2.3m 0.52% Reduced -24.7k -24,665
85 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 160,934160.9k $2.3m $2.3m 0.00% Reduced -1.9m -1,885,041
86 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio VICTORIA, A1 157,400157.4k $2.3m $2.3m 0.01% Added +15.0k +15,000
87 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 155,726155.7k $2.2m $2.2m 0.00% New
88 Korea Investment CORP 0.00% of their portfolio SEOUL, M5 155,062155.1k $2.2m $2.2m 0.00% Added +16.7k +16,700
89 Walnut Level Capital LLC 1.75% of their portfolio DENVER, CO 152,048152.0k $2.2m $2.2m 1.75% New
90 Trexquant Investment LP 0.02% of their portfolio STAMFORD, CT 150,482150.5k $2.2m $2.2m 0.02% New
91 Graham Capital Management, L.P. 0.07% of their portfolio ROWAYTON, CT 150,000150.0k $2.2m $2.2m 0.07% Added +117.7k +117,737
92 Absolute Gestao de Investimentos Ltda. 0.23% of their portfolio SAO PAULO, D5 150,000150.0k $2.2m $2.2m 0.23% New
93 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 149,715149.7k $2.2m $2.2m 0.00% Added +38.2k +38,190
94 Capital Research Global Investors 0.00% of their portfolio Los Angeles, CA 148,566148.6k $2.2m $2.2m 0.00% Added +3.2k +3,214
95 ROYAL LONDON ASSET MANAGEMENT LTD 0.00% of their portfolio UNITED KINGDOM, X0 143,300143.3k $2.1m $2.1m 0.00% Added +51.2k +51,200
96 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio TORONTO, A6 135,423135.4k $2.0m $2.0m 0.00% New
97 Alpine Global Management, LLC 0.40% of their portfolio NEW YORK, NY 125,000125.0k $1.8m $1.8m 0.40% Added +40.0k +40,000
98 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 115,255115.3k $1.7m $1.7m 0.00% Added +38.4k +38,389
99 National Pension Service 0.00% of their portfolio JEONJU-SI, JEOLLABUK-DO, M5 113,832113.8k $1.6m $1.6m 0.00% New
100 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 112,194112.2k $1.6m $1.6m 0.00% Added +40.8k +40,752