SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Itau Unibanco Holding S.A.
Filing Type: Form 13F Information Table (Statement of Beneficial Ownership)
Reporting Period: Quarter ended December 31, 2019
Context: This filing discloses the equity securities held by Itau Unibanco Holding S.A. as of the end of the reporting period. It details the issuer, class of security, CUSIP, value, share count, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, and Cash Flow: The filing text does not provide revenue, profit, cash flow, or margin data for Itau Unibanco Holding S.A. Form 13F filings report portfolio holdings, not the financial performance of the reporting manager.
Debt and Liquidity: The filing text does not provide debt or liquidity metrics for the reporting company.
Portfolio Highlights: The portfolio is heavily weighted toward large-cap U.S. equities and significant positions in Latin American financial and industrial sectors. Notable holdings include:
- Technology: Microsoft Corp ($21,268k), Facebook Inc ($54,651k), Amazon.com Inc ($3,750k), Alphabet Inc ($4,922k combined).
- Financials: Itau Unibanco Holding S.A. Preferred ADR ($69,122k), Banco Bradesco ($121,227k combined), Banco Santander ($1,340k), Petroleo Brasileiro (Petrobras) ($104,205k combined).
- Consumer: Walmart Inc ($1,748k), Costco ($125k), Nike Inc ($3,012k).
- ETFs: Significant holdings in iShares and SPDR ETFs, including MSCI Brazil ETF ($42,655k) and S&P 500 ETF ($101,865k).
Material Changes and Voting Authority
Changes vs. Prior Period: The filing text does not provide comparative data against the prior quarter; therefore, material changes in holdings cannot be determined from this document alone.
Voting Authority: The filing distinguishes between "Sole," "Shared," and "Discretionary" (DFND) voting authority.
- Sole Discretion: Itau Unibanco holds sole voting authority over significant positions in Banco Bradesco, Banco Santander, Petrobras, Vale S.A., and various iShares ETFs (e.g., MSCI Japan, MSCI Emerging Markets).
- Discretionary (DFND): The majority of the portfolio, including major U.S. tech and consumer holdings (e.g., Microsoft, Facebook, Amazon), is listed with "DFND" (Discretionary/None) voting authority, indicating the manager may not have sole voting rights or the authority is shared/undefined in this specific column context.
Guidance, Risks, and Unusual Items
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or outlook statements.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this filing.
Unusual Items:
- Derivatives: The portfolio includes Put and Call options on several securities, including Adtalem Global Education (Put), American Eagle Outfitters (Put), Cisco Systems (Put), Dana Inc (Call), and Vale S.A. (Put).
- Concentration: There is a high concentration in Brazilian assets (Itau, Bradesco, Petrobras, Vale, Tim Participacoes) and broad market ETFs.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing Column 4 (Value) to assess total exposure.
- Confirm the specific voting rights ("Sole" vs. "DFND") for the large Brazilian holdings to understand control levels.
- Review the derivative positions (Calls/Puts) listed in Column 6 to understand hedging strategies or directional bets on specific stocks like Vale and Cisco.
- Compare these holdings against the previous quarter's 13F filing to identify net buys or sells, as this document is a snapshot only.
- Check the "Shared" voting authority column (Column 8) for any co-investment arrangements, though most entries show "0" or "DFND".