Masters Capital Management’s Petrobras PBR Stock Holding History

Masters Capital Management’s Portfolio PBR Stock Details PBR Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2023 Q1	–	Sell	-1,000,000	Closed	-$10.7M	–	66
2022 Q4	$10.7M	Buy	+1,000,000	New	+$12.1M	0.81%	34
2022 Q1	–	Sell	-4,000,000	Closed	-$43.9M	–	64
2021 Q4	$43.9M	Sell	4,000,000 -1,000,000	-20%	-$10.6M	1.78%	15
2021 Q3	$51.7M	Buy	+5,000,000	New	+$53.3M	2.13%	10
2015 Q2	–	Sell	-3,000,000	Closed	-$18M	–	71
2015 Q1	$18M	Hold	3,000,000	–	–	0.52%	37
2014 Q4	$21.9M	Buy	+3,000,000	New	+$32.3M	0.6%	37
2014 Q2	–	Sell	-1,000,000	Closed	-$13.2M	–	62
2014 Q1	$13.2M	Buy	+1,000,000	New	+$11.7M	0.44%	41

Other funds holding PBR

GQG Partners Ft. Lauderdale, Florida $63.1B AUM 23.07% 1-Year Est. Return

Capital International Investors Los Angeles, California $427B AUM 29.17% 1-Year Est. Return

Baillie Gifford & Co Edinburgh, United Kingdom $97.9B AUM 20.73% 1-Year Est. Return

Invesco Atlanta, Georgia $1.02T AUM 30.18% 1-Year Est. Return

Schroder Investment Management Group London, United Kingdom $122B AUM 29.27% 1-Year Est. Return

Lazard Asset Management New York $60.8B AUM 22.47% 1-Year Est. Return

IUHSA

Itau Unibanco Holding S.A. Sao Paulo, Brazil $4.31B AUM 46.57% 1-Year Est. Return

AIM

ARGA Investment Management Stamford, Connecticut $3.05B AUM 47.96% 1-Year Est. Return

Fisher Asset Management Camas, Washington $295B AUM 31.6% 1-Year Est. Return

Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return

Masters Capital Management's PBR Position: Q4 2025 in Review

Masters Capital Management sold out of Petrobras (PBR) in Q4 2025, closing a stake of 1,000,000 shares — an estimated $12.7M sold.

Masters Capital Management first reported a position in PBR in Q2 2014 and held it in 5 quarters. The position peaked at $14.3M in Q1 2025. 489 funds tracked by Wall St. Rank hold PBR as of Q4 2025.

Masters Capital Management reported no remaining Petrobras position as of Q4 2025 after selling out during the quarter.
Masters Capital Management sold 1,000,000 Petrobras shares in Q4 2025, an estimated $12.7M.
Masters Capital Management first reported a position in Petrobras in Q2 2014 and held it in 5 quarters.
Masters Capital Management's Petrobras position peaked at $14.3M in Q1 2025.
489 funds tracked by Wall St. Rank held Petrobras as of Q4 2025.

Based on Masters Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.