Dlocal Ltd: which funds bought and sold

Institutions that bought and sold Dlocal shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 85 institutions that filed 13F reports for both quarters added to or opened positions in Dlocal, and 82 cut or closed them. Together they added a net 8.4M shares, +7.7% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 6.6M shares (−33.5%); index fund managers were net buyers of 8.7M shares (+1947.1%). 45 opened a new position and 33 sold out entirely.

Bought, Q2 2026 85 institutions, 45 of them new holders Sold, Q2 2026 82 institutions, 33 of them sold out

Net change, all compared +8.4M shares (+7.7%)

Net change, active managers −6.6M shares (−33.5%), 12 bought, 20 sold

Buyers versus sellers

institutions compared, 195

85 bought 28 82 sold

Active managers and hedge funds 12 bought · 20 sold · −6.6M

Index fund managers 9 bought · 0 sold · +8.7M

Other institutions 64 bought · 62 sold · +6.3M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Blackrock, Inc. Index funds	+5.0M +14362.1%	5.1M	$66M
Atmos Capital Gestao De Recursos Ltda.	+1.9M +92.6%	4.0M	$51.9M
Fourth Sail Capital LP	+1.7M +73.9%	3.9M	$51.2M
Wellington Management Group LLP Active manager	+1.5M New position	1.5M	$19.4M
Geode Capital Management, LLC Index funds	+1.2M +758.6%	1.4M	$17.6M
Invenomic Capital Management LP Hedge fund	+1.1M +446.4%	1.4M	$18.1M
Bank Of America Corp	+852K +20.9%	4.9M	$64M
State Street Corp Index funds	+783K +456.1%	955K	$12.4M
Itau Unibanco Holding S.A.	+691K New position	691K	$9M
Vanguard Portfolio Management LLC Index funds	+630K +3241.8%	649K	$8.4M
Northern Trust Corp Index funds	+616K New position	616K	$8M
Paradice Investment Management LLC	+579K +26.9%	2.7M	$35.5M
Goldman Sachs Group Inc	+467K +165.4%	750K	$9.7M
M&G PLC	+413K New position	413K	$5.4M
Arthedge Capital Management, LLC	+367K New position	367K	$4.8M
Tb Capital Gestao De Recursos Ltda.	+308K +38.2%	1.1M	$14.5M
Harel Insurance Investments & Financial Services Ltd.	+295K New position	295K	$3.8M
Bastion Asset Management Inc.	+290K New position	290K	$3.6M
Nuveen, LLC	+289K New position	289K	$3.8M
HSBC Holdings PLC	+269K +19.4%	1.7M	$21.6M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Wellington Management Group LLP Active manager	+1.5M New position	1.5M	$19.4M
Invenomic Capital Management LP Hedge fund	+1.1M +446.4%	1.4M	$18.1M
J. Goldman & Co LP Hedge fund	+262K +116.4%	487K	$6.3M
Lazard Asset Management LLC Active manager	+162K New position	162K	$2.1M
Winton Group Ltd Hedge fund	+120K +536.3%	143K	$1.9M
Alliancebernstein L.P. Active manager	+95K New position	95K	$1.2M
Price T Rowe Associates Inc Active manager	+78K New position	78K	$1M
LMR Partners LLP Hedge fund	+23K New position	23K	$301,822
Magnetar Financial LLC Hedge fund	+22K New position	22K	$280,978
Intech Investment Management LLC Active manager	+17K New position	17K	$227,348

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Marshall Wace, LLP Hedge fund	−2.3M −46.8%	2.6M	$34.3M
D. E. Shaw & Co., Inc. Hedge fund	−1.8M −62.4%	1.1M	$13.9M
FMR LLC Active manager	−1.3M −80.4%	310K	$4M
Two Sigma Investments, LP Hedge fund	−1.1M −72.7%	397K	$5.2M
Renaissance Technologies LLC Hedge fund	−774K Sold out	0	—
Tudor Investment Corp Et Al Hedge fund	−585K Sold out	0	—
Absolute Gestao De Investimentos Ltda.	−532K −59.3%	365K	$4.7M
Qube Research & Technologies Ltd Hedge fund	−525K Sold out	0	—
HRT Financial LP	−506K Sold out	0	—
Proem Advisors LLC	−425K Sold out	0	—
SG Americas Securities, LLC	−414K −88.8%	52K	$681,000
PDT Partners, LLC Hedge fund	−342K −83.2%	69K	$895,200
Baillie Gifford & Co Active manager	−341K −11.8%	2.6M	$33.2M
Citadel Advisors LLC Hedge fund	−334K −90.4%	35K	$460,270
Morgan Stanley	−306K −13.7%	1.9M	$25.1M
Millennium Management LLC Hedge fund	−272K −39.5%	417K	$5.4M
Imc-Chicago, LLC	−231K −74.9%	77K	$1M
Trexquant Investment LP Hedge fund	−187K −43.3%	245K	$3.2M
Jane Street Group, LLC	−187K −94.5%	11K	$142,191
Maxi Investments Cy Ltd	−167K Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Marshall Wace, LLP Hedge fund	−2.3M −46.8%	2.6M	$34.3M
D. E. Shaw & Co., Inc. Hedge fund	−1.8M −62.4%	1.1M	$13.9M
FMR LLC Active manager	−1.3M −80.4%	310K	$4M
Two Sigma Investments, LP Hedge fund	−1.1M −72.7%	397K	$5.2M
Renaissance Technologies LLC Hedge fund	−774K Sold out	0	—
Tudor Investment Corp Et Al Hedge fund	−585K Sold out	0	—
Qube Research & Technologies Ltd Hedge fund	−525K Sold out	0	—
PDT Partners, LLC Hedge fund	−342K −83.2%	69K	$895,200
Baillie Gifford & Co Active manager	−341K −11.8%	2.6M	$33.2M
Citadel Advisors LLC Hedge fund	−334K −90.4%	35K	$460,270

New positions

largest by value

Institution	Shares	Value June 30, 2026
Wellington Management Group LLPActive manager	1.5M	$19.4M
Itau Unibanco Holding S.A.	691K	$9M
Northern Trust CorpIndex funds	616K	$8M
M&G PLC	413K	$5.4M
Arthedge Capital Management, LLC	367K	$4.8M
Harel Insurance Investments & Financial Services Ltd.	295K	$3.8M
Nuveen, LLC	289K	$3.8M
Bastion Asset Management Inc.	290K	$3.6M
Charles Schwab Investment Management IncIndex funds	221K	$2.9M
Bank Of New York Mellon Corp	220K	$2.9M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Renaissance Technologies LLCHedge fund	774K	$10M
Tudor Investment Corp Et AlHedge fund	585K	$7.6M
Qube Research & Technologies LtdHedge fund	525K	$6.8M
HRT Financial LP	506K	$6.6M
Proem Advisors LLC	425K	$5.5M
Maxi Investments Cy Ltd	167K	$2.2M
Fieldview Capital Management, LLC	117K	$1.5M
Capital World InvestorsActive manager	81K	$1M
Voloridge Investment Management, LLCHedge fund	58K	$745,879
Peak6 LLC	55K	$716,476

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 163
Ten largest holders: 72.7%
Index fund managers: 7.8%
Active managers and hedge funds: 11.2%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	12	20	7	7	−6.6M	−33.5%
Index fund managers	9	0	5	0	+8.7M	+1947.1%
Other institutions	64	62	33	26	+6.3M	+7.1%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Dlocal.

Only managers that filed a holdings report for both quarters are compared (195 here). 5 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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