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The Dramatic Shift in Turim 21 Investimentos Ltda.'s Q3 vs. Q4 2022 13F Holdings

Ava Hoppe | 14 May, 2023

Turim 21 Investimentos Ltda. is a Brazilian asset management company with a history of strategic fund holdings. Recently, the firm released its Q3 and Q4 2022 13F holdings, which showed a substantial shift in investments. The value of the holdings increased from $363 million in Q3 to $603 million in Q4. The change in holdings was largely due to a 30861.5% increase in the company's stake in VALE SA-SP ADR, a Brazilian mining company. In contrast, some of the firm's previous top holdings, such as Tesla Inc and Global X Lithium & Battery T, saw their values plummet.

The 13F filings indicate that Turim 21 Investimentos Ltda. increased its stake in SPDR S&P 500 ETF Trust by 26.1% and Invesco QQQ Trust Series 1 by 4.1%. These positions align with the company's previous investment strategy of holding large-cap US companies. The company's investment in Walmart, which came in at $0 in Q3, increased to $32 million in Q4.

Perhaps, the most significant shift in holdings was Turim 21 Investimentos Ltda.'s large increase in VALE SA-SP ADR. The company increased its stake from 12,926 shares in Q3 to 3,138,109 shares in Q4, revealing its high confidence in the Brazilian mining industry. Additionally, some far-sighted investors, such as Bank of America, have increased their holdings in the mining company, expecting it to benefit from strong demand for metals from e-vehicle makers and a global infrastructure boom. As the world spins its wheels to reach net-zero emissions by 2050, metals such as copper, nickel, and lithium have taken center stage.

Though Vale is indeed one of the largest mining companies globally, it has faced several controversies in the past, especially over its dam collapse tragedy in 2019. The accident killed over 270 people and resulted in significant environmental pollution. Despite these setbacks, Vale has remained an attractive investment for firms like Turim 21 Investimentos Ltda.

On the flip side, Turim 21 Investimentos Ltda. decreased its holdings in Tesla Inc by 45.6% and Global X Lithium & Battery T by 11.1%. The data reveals a surprising move, considering how the world has been racing to hit net-zero emissions and how electric vehicle adoption seems to be the future. With the emerging global lithium shortage crisis and a surge in demand for EVs, the downsizing of Turim's stake in Global X Lithium is striking. The market shift shows that the firm believes its money could be better spent elsewhere.

In conclusion, Turim 21 Investimentos Ltda.'s Q3 vs. Q4 2022 13F filing reveals a significant shift in the fund's holdings. The company's investment strategy in the new year appears to have swung more towards established US companies like Walmart and VALE SA-SP ADR. However, as Tesla's value plummets and the lithium shortage crisis continues, only time can tell if this new investment strategy will result in positive returns.

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