dLocal
152 hedge funds and large institutions have $1.4B invested in dLocal in 2025 Q4 according to their latest regulatory filings, with 37 funds opening new positions, 52 increasing their positions, 44 reducing their positions, and 26 closing their positions.
245% more call options, than puts
Call options by funds: $89.1M | Put options by funds: $25.8M
50% more funds holding in top 10
Funds holding in top 10: 6 → 9 (+3)
42% more first-time investments, than exits
New positions opened: 37 | Existing positions closed: 26
18% more repeat investments, than reductions
Existing positions increased: 52 | Existing positions reduced: 44
3% more funds holding
Funds holding: 147 → 152 (+5)
2.51% more ownership
Funds ownership: 57.3% → 59.8% (+2.5%)
2% more capital invested
Capital invested by funds: $1.38B → $1.4B (+$20.8M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
ACGDR
Atmos Capital Gestao de Recursos
Leblon - Rio De Janeiro,
Brazil
|
+$27M |
| 2 |
ACL
Azora Capital LP
Miami,
Florida
|
+$21.8M |
| 3 |
JG
Jain Global
New York
|
+$21M |
| 4 |
PIM
Paradice Investment Management
Denver,
Colorado
|
+$13.2M |
| 5 |
FSC
Fourth Sail Capital
Camana Bay Grand Cayman,
Cayman Islands
|
+$9.11M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Citadel Advisors
Miami,
Florida
|
-$19.7M |
| 2 |
Millennium Management
New York
|
-$17.7M |
| 3 |
Jane Street
New York
|
-$16.6M |
| 4 |
Bank of America
Charlotte,
North Carolina
|
-$16M |
| 5 |
Holocene Advisors
New York
|
-$11.5M |
DLO Hedge Fund Activity: Q4 2025 in Review
152 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in dLocal (DLO) for Q4 2025, worth a combined $1.4B — up 1.5% from $1.38B a quarter earlier.
Buyers outnumbered sellers: 37 funds opened new DLO positions and 26 closed out — a net gain of 11 holders — while 52 added to existing stakes and 44 trimmed.
The largest buyer was Atmos Capital Gestao de Recursos, opening a new position worth an estimated $27M. The largest seller was Citadel Advisors, cutting an estimated $19.7M.
- 152 institutional investors held dLocal (DLO) as of Q4 2025, up from 147 in Q3 2025.
- Funds reported $1.4B of dLocal stock for Q4 2025, up 1.5% quarter-over-quarter.
- 37 funds opened new dLocal positions in Q4 2025 and 26 closed out, a net change of +11 holders.
- The largest dLocal buyer in Q4 2025 was Atmos Capital Gestao de Recursos, an estimated $27M added.
- The largest dLocal seller in Q4 2025 was Citadel Advisors, an estimated $19.7M sold.
Based on aggregated 13F filings for Q4 2025.