Turim 21 Investimentos Ltda.

RIA/Wealth

Turim 21 Investimentos Ltda. is a RIA/Wealth led by Ana Carolina Oliveira Pinhero De Carvalho, reporting $5.2B in AUM as of Q3 2025 with 74% ETF concentration, 86% concentrated in top 10 holdings, 32% allocation to VTI, and minimal technology exposure.

CEOAna Carolina Oliveira Pinhero De Carvalho

Portfolio Value: $273.8M
Positions: 107
Top Holding: VTI at 31.89%
Last Reported: Q3 2025

AddressRua Major Rubens Vaz 236, Rio De Janeiro, Rj, 22470-070, Brazil

Top Holdings

Largest long holdings in Turim 21 Investimentos Ltda.'s portfolio (86% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Total Stock Market VTI	ETF ETF	$87.3M	31.89%	+$87.3M Bought	— 131.1K shares	Q3 2025 Held for 2 months
2 iShares MSCI EAFE EFA	ETF ETF	$39.2M	14.33%	-$14.5M Sold	— 420.3K shares	Q1 2025 Held for 8 months
3 Vale S.A. VALE	Unknown Unknown	$34.0M	12.42%	-$57.8K Sold	— 3.1M shares	Q4 2022 Held for 2y 11m
4 SPDR Bloomberg 1-3 Month T-Bill ETF BIL	ETF ETF	$34.0M	12.41%	-$923.6K Sold	— 370.3K shares	Q1 2025 Held for 8 months
5 iShares Core MSCI Emerging Markets IEMG	ETF ETF	$12.8M	4.66%	+$12.8M New	— 193.6K shares	Q3 2025 Held for 2 months
6 Vanguard Russell 2000 ETF VTWO	ETF ETF	$8.8M	3.21%	+$8.8M Bought	— 24.7K shares	Q3 2025 Held for 2 months
7 ERIC Ericsson ERIC	Unknown Unknown	$5.5M	2.02%	—	— 670.0K shares	Q1 2024 Held for 1y 8m
8 Microsoft MSFT	Software - Infrastructure Technology	$4.7M	1.71%	-$28.9M Sold	0.00% 9.0K shares	Q3 2017 Held for 8y 2m
9 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$4.6M	1.70%	-$29.3M Sold	0.00% 19.1K shares	Q3 2017 Held for 8y 2m
10 Amazon AMZN	Specialty Retail Consumer Cyclical	$4.5M	1.63%	-$22.7M Sold	0.00% 20.4K shares	Q3 2017 Held for 8y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Turim 21 Investimentos Ltda.'s latest filing

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Market Value

$273.8M

Prior: $511.1M

Q/Q Change

-46.43%

-$237.3M

Net Flows % of MV

-134.27%

Turnover Ratio

67.46%

New Purchases

41 stocks

$21.6M

Added To

9 stocks

+$1.9M

Sold Out Of

34 stocks

$126.3M

Reduced Holdings

17 stocks

-$264.9M

Increased Positions

Position	Shares Δ	Change
1 iShares Core MSCI Emerging Markets IEMG	New	0 → 193.6K +$12.8M
2 iShares MSCI Emerging Markets ex China EMXC	New	0 → 54.4K +$3.7M
3 iShares Bitcoin Trust IBIT	New	0 → 34.6K +$2.2M
4 ETHE Grayscale Ethereum Trust ETHE	New	0 → 25.0K +$856.8K
5 BBD Banco Bradesco BBD	New	0 → 66.0K +$484.4K

Decreased Positions

Position	Shares Δ	Change
1 SPDR S&P 500 ETF Trust SPY	Sold	131.8K → 0 −$81.4M
2 Invesco QQQ Trust QQQ	Sold	36.9K → 0 −$20.3M
3 iShares 0-3 Month Treasury Bond SGOV	Sold	147.3K → 0 −$14.8M
4 Invesco S&P 500 Equal Weight ETF RSP	Sold	34.2K → 0 −$6.2M
5 Church & Dwight CHD	Sold	11.4K → 0 −$1.1M