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Petrobras Class A
PBR.A

182 hedge funds and large institutions have $2.01B invested in Petrobras Class A in 2025 Q3 according to their latest regulatory filings, with 28 funds opening new positions, 75 increasing their positions, 49 reducing their positions, and 33 closing their positions.

New
Increased
Maintained
Reduced
Closed

472% more call options, than puts

Call options by funds: $199M | Put options by funds: $34.8M

53% more repeat investments, than reductions

Existing positions increased: 75 | Existing positions reduced: 49

1% more capital invested

Capital invested by funds: $1.99B → $2.01B (+$18.3M)

0.08% less ownership

Funds ownership: 6.33% → 6.25% (-0.08%)

4% less funds holding

Funds holding: 189 → 182 (-7)

15% less first-time investments, than exits

New positions opened: 28 | Existing positions closed: 33

33% less funds holding in top 10

Funds holding in top 10: 6 → 4 (-2)

Holders
182
Holders Change
-7
Holders Change %
-3.7%
% of All Funds
2.39%
Holding in Top 10
4
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-33.33%
% of All Funds
0.05%
New
28
Increased
75
Reduced
49
Closed
33
Calls
$199M
Puts
$34.8M
Net Calls
+$164M
Net Calls Change
+$176M

Top Buyers

Rank Fund Capital Flow
1
Robeco Institutional Asset Management
Robeco Institutional Asset Management
Netherlands
+$20.2M
2
Invesco
Invesco
Georgia
+$16.1M
3
BlackRock
BlackRock
New York
+$11.1M
4
D.E. Shaw & Co
D.E. Shaw & Co
New York
+$10.3M
5
Dimensional Fund Advisors
Dimensional Fund Advisors
Texas
+$9.5M

Top Sellers

Rank Fund Capital Flow
1
Goldman Sachs
Goldman Sachs
New York
-$63.8M
2
Baillie Gifford & Co
Baillie Gifford & Co
United Kingdom
-$31.9M
3
Optiver Holding
Optiver Holding
Netherlands
-$20.3M
4
Millennium Management
Millennium Management
New York
-$13.5M
5
JP Morgan Chase
JP Morgan Chase
New York
-$7.88M
Name Holding Trade Value Shares
Change 		Change in
Stake
VSI
51
Verde Servicos Internacionais
Brazil
$2.92M – – –
HFS
52
Hantz Financial Services
Michigan
$2.8M +$193K +16,670 +8%
Pzena Investment Management
53
Pzena Investment Management
New York
$2.72M – – –
Aberdeen Group
54
Aberdeen Group
United Kingdom
$2.62M +$1.16M +100,297 +84%
DRZID
55
DePrince Race & Zollo Inc (DRZ)
Florida
$2.47M -$20.1K -1,740 -0.8%
OP
56
Oldfield Partners
United Kingdom
$2.43M -$3.43M -296,934 -59%
Man Group
57
Man Group
United Kingdom
$2.27M +$2.22M +192,197 New
CGH
58
Crossmark Global Holdings
Texas
$2.25M +$104 +9 +0%
Stifel Financial
59
Stifel Financial
Missouri
$2.16M +$494K +42,740 +31%
EGM
60
Engineers Gate Manager
New York
$2.07M +$92.9K +8,036 +5%
SEI Investments
61
SEI Investments
Pennsylvania
$2.06M +$1.78M +153,949 +758%
BNP Paribas Financial Markets
62
BNP Paribas Financial Markets
France
$1.98M +$1.79M +154,657 +1,173%
VM
63
VPR Management
Texas
$1.82M – – –
Lazard Asset Management
64
Lazard Asset Management
New York
$1.78M +$1.75M +150,926 New
Verition Fund Management
65
Verition Fund Management
Connecticut
$1.71M +$1.68M +145,034 New
HS
66
HighVista Strategies
Massachusetts
$1.63M +$384K +33,200 +32%
HWAM
67
Hennion & Walsh Asset Management
New Jersey
$1.51M -$11.3K -977 -0.8%
Voloridge Investment Management
68
Voloridge Investment Management
Florida
$1.44M +$1.41M +121,751 New
Mirae Asset Global Investments
69
Mirae Asset Global Investments
South Korea
$1.43M +$90.9K +7,860 +7%
CC
70
Commons Capital
Massachusetts
$1.42M – – –
OWP
71
Obermeyer Wealth Partners
Colorado
$1.4M +$85K +7,348 +7%
Canada Life
72
Canada Life
Manitoba, Canada
$1.37M -$94.7K -8,193 -7%
GCP
73
GSA Capital Partners
United Kingdom
$1.36M +$1.33M +115,072 New
WSCM
74
Wellington Shields Capital Management
New York
$1.18M – – –
PA
75
Profund Advisors
Maryland
$1.17M +$100K +8,680 +10%
1 2
3
4 5

PBR.A Hedge Fund Activity: Q3 2025 in Review

182 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Petrobras Class A (PBR.A) for Q3 2025, worth a combined $2.01B — up 0.92% from $1.99B a quarter earlier.

Sellers outnumbered buyers: 33 funds closed out of PBR.A and 28 opened new positions — a net loss of 5 holders — while 49 trimmed existing stakes and 75 added.

The largest buyer was Robeco Institutional Asset Management, adding an estimated $20.2M. The largest seller was Goldman Sachs, cutting an estimated $63.8M.

  • 182 institutional investors held Petrobras Class A (PBR.A) as of Q3 2025, down from 189 in Q2 2025.
  • Funds reported $2.01B of Petrobras Class A stock for Q3 2025, up 0.92% quarter-over-quarter.
  • 28 funds opened new Petrobras Class A positions in Q3 2025 and 33 closed out, a net change of -5 holders.
  • The largest Petrobras Class A buyer in Q3 2025 was Robeco Institutional Asset Management, an estimated $20.2M added.
  • The largest Petrobras Class A seller in Q3 2025 was Goldman Sachs, an estimated $63.8M sold.

Based on aggregated 13F filings for Q3 2025.