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AZUL: which funds own it

Industrials →(by SIC code, unreviewed)Data as of Jun 30, 2026 (Q2 2026) · updated on Nov 5, 2026

A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.

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2 concentrated managers hold it (+2 vs last quarter) with a median weight of 3.6%.

Who owns AZUL?

AZUL trades in the U.S. through ADRs, certificates that represent shares of a non-U.S. company. Form 13F counts ADRs while the company reports ordinary shares, so we do not compute percentages. Holders reporting more than 5% of the ordinary shares to the SEC (Schedules 13D/13G): Readystate Asset Management, 10.7% (13G/A filed Aug 14, 2026), BlackBarn Capital Partners, 8.4% (13G filed Feb 27, 2026), American Airlines Group, 7.9% (13D filed Oct 26, 2026) and Wagner Thomas, 7.4% (13G filed Apr 6, 2026). As of Jun 30, 2026, the largest ADR holders reported on Form 13F were United Airlines Holdings (15.9 million ADRs), VR Advisory Services (8.9 million ADRs) and Whitebox Advisors (8.4 million ADRs).

Which institutions hold the most AZUL shares?

Per Form 13F filings as of Jun 30, 2026, in ADRs:

  1. 1. United Airlines Holdings: 15.9 million ADRs
  2. 2. VR Advisory Services: 8.9 million ADRs
  3. 3. Whitebox Advisors: 8.4 million ADRs
  4. 4. DSC Meridian Capital: 5.5 million ADRs
  5. 5. Readystate Asset Management: 2.1 million ADRs
  6. 6. Mirabella Financial Services LLP: 2.1 million ADRs
  7. 7. PointState Capital: 1.9 million ADRs
  8. 8. Knighthead Capital Management: 1.8 million ADRs
  9. 9. BlackBarn Capital Partners: 1.7 million ADRs
  10. 10. Viking Global Investors: 1.3 million ADRs

Sources:13G/A by Readystate Asset Management (Aug 14, 2026) ↗13G by BlackBarn Capital Partners (Feb 27, 2026) ↗13D by American Airlines Group (Oct 26, 2026) ↗13G by Wagner Thomas (Apr 6, 2026) ↗All of the company's proxy statements on EDGAR ↗

We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.

Well-known investors holding it

Andreas Halvorsen 13F (Q2 2026)

Concentrated managers
2
All 13F: 43
Consensus
—
No score: it needs 5 or more concentrated managers
Price at Jun 30, 2026 (per 13F)
$8.99
reported value ÷ shares, not the quote · See current quote ↗

Quarter flow (concentrated managers)

Change in managers (0 → 2): 1 opened · 0 exited · 1 more with no comparable data = +2

“No comparable data”: managers whose previous-quarter portfolio we cannot compare (first 13F, or they did not file that quarter), plus spin-offs and corporate exits (mergers, delistings). They change the count without being a clean buy or sale. It is a net figure: “more” when more of them enter the count than leave it, “fewer” when it is the other way round. Here: 1 entered with no comparable quarter.

Net flow in the quarter: +$79.6M (+8.9 M shares) · bought $79.6M and sold $0Shares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.

Concentrated managers holding it

Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.

Other relevant holders

Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.

  • United Airlines HoldingsOperating company$143M37.2%

Largest holders of AZUL (all 13F filers)

  • United Airlines Holdings15.9 MOperating company+15.9 M
  • VR Advisory Servicesconcentrated8.9 MInvestment firm+8.9 M
  • Whitebox Advisors8.4 MInvestment firm+8.4 M
  • DSC Meridian Capital5.5 MType not verified+5.5 M
  • Readystate Asset Management2.1 MType not verified+2.1 M
  • Mirabella Financial Services LLP2.1 MType not verified+2.1 M
  • PointState Capital1.9 MType not verified+1.9 M
  • Knighthead Capital Management1.8 MSingle-position portfolio+1.8 M
  • BlackBarn Capital Partners1.7 MType not verified+1.7 M
  • Viking Global Investors1.3 MInvestment firm+1.3 M

The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.

Insiders (Form 4)

Officers and directors who bought (6 m)
no data
Amount (6 m)
no data
CEO/CFO bought (12 m)
No

Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.

Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →

Above 5% (13D/13G)

Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.

This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.

Above 5% over time (13D/13G)

Each holder with its filings in order. History since December 2024.

This company filed no 8-K forms in the last year. Foreign companies listed in the US (ADRs) report material events on forms 6-K and 20-F, and ETFs and funds do not file 8-Ks. If it is a foreign company listed in the US through ADRs (American Depositary Receipts), what trades are bank-issued certificates that represent shares from its home market. See its filings on EDGAR ↗

Other Industrials stocks in managers' portfolios

Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.

All of Industrials →

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