SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Itau Unibanco Holding S.A.
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: As of June 30, 2018
Context: This filing discloses the equity securities held by the investment manager at the end of the second quarter of 2018. The portfolio consists of a diversified mix of U.S. equities, international equities (via ADRs and ETFs), and exchange-traded funds (ETFs).
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings report holdings by value and share count but do not disclose revenue, profit, cash flow, or debt metrics for the reporting company itself.
- Top Equity Holdings (by Value):
- Banco Bradesco S.A. (ADR): $67,488,000 (9,837,870 shares)
- Apple Inc.: $119,220,000 (644,086 shares)
- Facebook Inc. (Class A): $158,096,000 (813,622 shares)
- Ambev S.A. (ADR): $8,033,000 (1,734,959 shares)
- Petroleo Brasileiro S.A. (Petrobras) (ADR): $5,923,000 (670,039 shares)
- Significant ETF Exposure:
- iShares MSCI Emerging Markets ETF: $29,688,000 (685,165 shares)
- iShares MSCI Japan ETF: $21,526,000 (371,716 shares)
- iShares China Large-Cap ETF: $24,742,000 (575,800 shares)
- WisdomTree Japan Hedged Equity Fund: $23,695,000 (438,963 shares)
- Derivatives: The portfolio includes call and put options on specific securities, including Petrobras, PowerShares QQQ Trust, and SPDR S&P 500 ETF Trust.
Material Changes and Voting Authority
Voting Authority: The filing indicates that for the vast majority of holdings, the investment manager has "Discretionary" voting authority. Specifically, the manager holds sole voting authority for 18,100 shares of General Electric Co. For all other listed securities, voting authority is listed as "DFND" (Discretionary/Found), with no shared or none authority reported in the summary columns.
Comparison to Prior Period: This filing is a snapshot as of June 30, 2018. The provided text does not contain the prior quarter's data (March 31, 2018), so material changes in position size or new entries cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio composition reveals exposure to:
- Geographic Concentration: Significant exposure to Brazil (Banco Bradesco, Petrobras, Ambev) and Emerging Markets via ETFs.
- Derivative Risk: Holdings of put options (e.g., SPDR S&P 500, PowerShares QQQ) indicate hedging strategies or bearish views on specific indices.
- Market Volatility: Heavy weighting in technology (Apple, Facebook, Microsoft) and financial sectors.
Key Facts for Investor Verification
- Top 3 Holdings: Verify the current valuation of Facebook ($158M), Apple ($119M), and Banco Bradesco ($67M) to understand the portfolio's current weightings.
- Brazilian Exposure: Confirm the current status of Brazilian holdings (Bradesco, Petrobras, Ambev) given historical volatility in the region.
- Derivative Positions: Review the expiration dates and strike prices of the listed call and put options (Petrobras, QQQ, SPY) to assess active hedging or speculative strategies.
- ETF Allocation: Assess the total value of passive exposure through iShares and WisdomTree funds, which represents a significant portion of the portfolio's diversification strategy.