Who owns AZUL
Which tracked institutional funds hold AZUL, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See AZUL company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-19). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on AZUL is one-sided between 2025-Q4 and 2026-Q2: 32 added or opened and 0 trimmed or exited — on balance accumulating.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
AZUL’s largest tracked holder by dollar value, United Airlines Holdings, Inc., sizes it at 37.2% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 37.1pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in AZUL divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2025-Q4 and 2026-Q2, across 42 tracked filers holding AZUL, 41 increased or opened the position and 1 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in AZUL between the 2025-Q4 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 32
- United Airlines Holdings, Inc.$143M
- VR Advisory Services Ltd$80M
- WHITEBOX ADVISORS LLC$75M
- DSC Meridian Capital LP$49M
- READYSTATE ASSET MANAGEMENT LP$19M
- MIRABELLA FINANCIAL SERVICES LLP$19M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| United Airlines Holdings, Inc. new | 15,919,380 | $143M | 26.1% | 2026-Q2 |
| VR Advisory Services Ltd new | 8,854,652 | $80M | 14.5% | 2026-Q2 |
| WHITEBOX ADVISORS LLC added | 8,362,136 | $75M | 13.7% | 2026-Q2 |
| DSC Meridian Capital LP new | 5,474,847 | $49M | 9.0% | 2026-Q2 |
| READYSTATE ASSET MANAGEMENT LP new | 2,098,940 | $19M | 3.4% | 2026-Q2 |
| MIRABELLA FINANCIAL SERVICES LLP new | 2,059,046 | $19M | 3.4% | 2026-Q2 |
| PointState Capital LP new | 1,855,834 | $17M | 3.0% | 2026-Q2 |
| Knighthead Capital Management, LLC new | 1,773,734 | $16M | 2.9% | 2026-Q2 |
| BlackBarn Capital Partners LP new | 1,684,188 | $15M | 2.8% | 2026-Q2 |
| VIKING GLOBAL INVESTORS LP new | 1,349,734 | $12M | 2.2% | 2026-Q2 |
| MSD Partners, L.P. new | 1,147,091 | $10M | 1.9% | 2026-Q2 |
| CASPIAN CAPITAL LP new | 1,034,524 | $9M | 1.7% | 2026-Q2 |
| Sagil Capital LLP new | 843,494 | $8M | 1.4% | 2026-Q2 |
| Deltroit Asset Management (UK) LLP new | 825,100 | $7M | 1.4% | 2026-Q2 |
| REDWOOD CAPITAL MANAGEMENT, LLC new | 816,991 | $7M | 1.3% | 2026-Q2 |
| FMR LLC added | 811,746 | $7M | 1.3% | 2026-Q2 |
| CANYON CAPITAL ADVISORS LLC new | 721,828 | $6M | 1.2% | 2026-Q2 |
| DG Capital Management, LLC new | 616,433 | $6M | 1.0% | 2026-Q2 |
| CSS LLC/IL new | 597,806 | $5M | 1.0% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN new | 594,724 | $5M | 1.0% | 2026-Q2 |
| Senator Investment Group LP new | 505,584 | $5M | 0.8% | 2026-Q2 |
| Man Group plc new | 488,052 | $4M | 0.8% | 2026-Q2 |
| Taconic Capital Advisors LP new | 433,176 | $4M | 0.7% | 2026-Q2 |
| Walleye Capital LLC new | 370,987 | $3M | 0.6% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 344,508 | $3M | 0.6% | 2026-Q2 |
| BlackRock, Inc. added | 322,632 | $3M | 0.5% | 2026-Q2 |
| SCOGGIN MANAGEMENT LP new | 210,198 | $2M | 0.3% | 2026-Q2 |
| KIM, LLC new | 123,940 | $1M | 0.2% | 2026-Q2 |
| AWH Capital, L.P. new | 115,000 | $1M | 0.2% | 2026-Q2 |
| Glendon Capital Management LP new | 113,909 | $1M | 0.2% | 2026-Q2 |
| MORGAN STANLEY trimmed | 106,003 | $953K | 0.2% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC added | 85,216 | $766K | 0.1% | 2026-Q2 |
| SEI INVESTMENTS CO new | 53,686 | $470K | 0.1% | 2026-Q2 |
| EDMOND DE ROTHSCHILD HOLDING S.A. new | 46,017 | $414K | 0.1% | 2026-Q2 |
| Centiva Capital, LP trimmed | 36,309 | $326K | 0.1% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ added | 23,876 | $215K | 0.0% | 2026-Q2 |
| GTS SECURITIES LLC new | 17,963 | $161K | 0.0% | 2026-Q2 |
| SPX Gestao de Recursos Ltda new | 15,676 | $141K | 0.0% | 2026-Q2 |
| Fore Capital, LLC trimmed | 12,751 | $115K | 0.0% | 2026-Q2 |
| Ameliora Wealth Management Ltd. new | 2,000 | $18K | 0.0% | 2026-Q2 |
| RHUMBLINE ADVISERS trimmed | 1,280 | $12K | 0.0% | 2026-Q2 |
| JPMORGAN CHASE & CO trimmed | 1 | $9 | 0.0% | 2026-Q2 |
| BARCLAYS PLC added | 147,000 | $506K | 0.1% | 2025-Q3 stale (3 quarters behind) |
| Sanctuary Advisors, LLC | 12,845 | $21K | 0.0% | 2025-Q3 stale (3 quarters behind) |
| MARSHALL WACE, LLP added | 1,159,451 | $545K | 0.1% | 2025-Q2 stale (4 quarters behind) |
| JANE STREET GROUP, LLC added | 279,216 | $146K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| Vanguard Personalized Indexing Management, LLC added | 111,454 | $52K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| Caption Management, LLC new | 53,653 | $25K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| Baader Bank Aktiengesellschaft new | 11,014 | $3K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| OSAIC HOLDINGS, INC. added | 2,485 | $1K | 0.0% | 2025-Q2 stale (4 quarters behind) |
| GAMMA Investing LLC trimmed | 430 | $200 | 0.0% | 2025-Q2 stale (4 quarters behind) |
| THOMPSON INVESTMENT MANAGEMENT, INC. new | 414 | $193 | 0.0% | 2025-Q2 stale (4 quarters behind) |
| Parallel Advisors, LLC trimmed | 20 | $10 | 0.0% | 2025-Q2 stale (4 quarters behind) |
| Wilmington Savings Fund Society, FSB | 1 | — | 0.0% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.