Kawa Capital Management, Inc — 13F Holdings & Portfolio
CIK 1534242 · latest 13F-HR filed 2026-01-21
Kawa Capital Management, Inc manages $43.2M in 13F-reported U.S. long-equity assets across 4 reported positions as of its 2025-12-31 13F-HR filing. Its largest disclosed positions are BDN (36.37%), ONL (28.99%), ARE (18.33%). Quarter over quarter (versus its 2025-09-30 filing) the fund opened 1 new position and exited 2; 0 existing positions rose in reported value and 2 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-01-21
vs 2025-09-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q4 25Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q3 25 → Q4 25Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
2 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Jun 4, 2026.
SUITE 2900
HALLANDALE BEACH, FL 33009
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ADES, DANIEL Control | CHIEF EXECUTIVE OFFICER & CHIEF INVESTMENT OFFICER since Sep 2007 | Less than 5% | Individual |
| BALDIM, CRISTINA, HARTMANN Control | DEPUTY CHIEF EXECUTIVE OFFICER since Mar 2010 | Less than 5% | Individual |
| KAWA HOLDCO, INC. Control | SHAREHOLDER since Dec 2019 | 75% or more | Domestic Entity |
| LEMOS, CARLOS, FELIPE Control | HEAD OF INVESTOR RELATIONS since Sep 2007 | Less than 5% | Individual |
| PIACENTINI, BRUNO Control | CHIEF FINANCIAL OFFICER & CHIEF OPERATIONS OFFICER since Jun 2025 | Less than 5% | Individual |
| SAVERIN, ALEXANDRE Control | CHIEF RISK OFFICER since Sep 2007 | Less than 5% | Individual |
| TRASTER, JEREMY, M. Control | GENERAL COUNSEL & CHIEF COMPLIANCE OFFICER since Mar 2015 | Less than 5% | Individual |
| ADES, DANIEL Control Indirect owner via KAWA CAPITAL PARTNERS LLC | MANAGER since Feb 2009 | 75% or more | Individual |
| KAWA CAPITAL PARTNERS LLC Control Indirect owner via KAWA HOLDCO, INC. | SHAREHOLDER since Feb 2009 | 50–75% | Domestic Entity |
Ownership & leadership changes · 11 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedAuad De Avellar, Gustavo · MANAGING DIRECTOR, FINANCE · Less than 5% · listed since Mar 2022
- No longer listedLiu, Xi · MANAGING DIRECTOR, OPERATIONS · Less than 5% · listed since Mar 2022
- Listed againPIACENTINI, BRUNO · CHIEF FINANCIAL OFFICER & CHIEF OPERATIONS OFFICER · Less than 5% · control person
- ChangedADES, DANIEL · title MANAGING PARTNER → CHIEF EXECUTIVE OFFICER & CHIEF INVESTMENT OFFICER
- ChangedBALDIM, CRISTINA, HARTMANN · title MANAGING DIRECTOR → DEPUTY CHIEF EXECUTIVE OFFICER
- ChangedLEMOS, CARLOS, FELIPE · title MANAGING DIRECTOR → HEAD OF INVESTOR RELATIONS
- No longer listedMCCUTCHEON, EDWARD, D. · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Aug 2019
- ChangedTRASTER, JEREMY, M. · title GENERAL COUNSEL → GENERAL COUNSEL & CHIEF COMPLIANCE OFFICER
- No longer listedPIACENTINI, BRUNO · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jan 2018
- AddedAuad De Avellar, Gustavo · MANAGING DIRECTOR, FINANCE · Less than 5%
- AddedLiu, Xi · MANAGING DIRECTOR, OPERATIONS · Less than 5%
- No longer listedBANCO BTG PACTUAL S.A. · SHAREHOLDER · 75% or more · indirect via BTG PACTUAL HOLDING INTERNACIONAL S.A. · control person · listed since Sep 2010
- No longer listedBTG PACTUAL G7 HOLDING S.A. · SHAREHOLDER · 75% or more · indirect via BTG PACTUAL HOLDING SA · control person · listed since Dec 2015
- No longer listedBTG PACTUAL HOLDING FINANCEIRA LTDA. · SHAREHOLDER · 75% or more · indirect via BANCO BTG PACTUAL S.A. · control person · listed since Oct 2018
- No longer listedBTG PACTUAL HOLDING INTERNACIONAL S.A. · MEMBER · 75% or more · indirect via BTG PACTUAL UK HOLDCO LIMITED · control person · listed since Jul 2015
- No longer listedBTG PACTUAL HOLDING SA · SHAREHOLDER · 75% or more · indirect via BTG PACTUAL HOLDING FINANCEIRA LTDA. · control person · listed since Oct 2018
- No longer listedBTG PACTUAL UK HOLDCO LIMITED · SHAREHOLDER · 25–50% · indirect via KAWA HOLDCO, INC. · control person · listed since Jul 2021
- No longer listedESTEVES, ANDRE, SANTOS · SHAREHOLDER · 25–50% · indirect via BTG PACTUAL G7 HOLDING S.A. · control person · listed since Dec 2018
- No longer listedSallouti, Roberto Balls · SHAREHOLDER · 25–50% · indirect via BTG PACTUAL G7 HOLDING S.A. · control person · listed since Dec 2015
- No longer listedKAWA CAPITAL PARTNERS LLC · SHAREHOLDER · 75% or more · control person · listed since Jan 2018
- AddedBANCO BTG PACTUAL S.A. · SHAREHOLDER · 75% or more · indirect via BTG PACTUAL HOLDING INTERNACIONAL S.A. · control person
- AddedBTG PACTUAL G7 HOLDING S.A. · SHAREHOLDER · 75% or more · indirect via BTG PACTUAL HOLDING SA · control person
- AddedBTG PACTUAL HOLDING FINANCEIRA LTDA. · SHAREHOLDER · 75% or more · indirect via BANCO BTG PACTUAL S.A. · control person
- AddedBTG PACTUAL HOLDING INTERNACIONAL S.A. · MEMBER · 75% or more · indirect via BTG PACTUAL UK HOLDCO LIMITED · control person
- AddedBTG PACTUAL HOLDING SA · SHAREHOLDER · 75% or more · indirect via BTG PACTUAL HOLDING FINANCEIRA LTDA. · control person
- AddedBTG PACTUAL UK HOLDCO LIMITED · SHAREHOLDER · 25–50% · indirect via KAWA HOLDCO, INC. · control person
- AddedESTEVES, ANDRE, SANTOS · SHAREHOLDER · 25–50% · indirect via BTG PACTUAL G7 HOLDING S.A. · control person
- AddedKAWA CAPITAL PARTNERS LLC · SHAREHOLDER · 50–75% · indirect via KAWA HOLDCO, INC. · control person
- AddedKAWA HOLDCO, INC. · SHAREHOLDER · 75% or more · control person
- AddedSallouti, Roberto Balls · SHAREHOLDER · 25–50% · indirect via BTG PACTUAL G7 HOLDING S.A. · control person
- ChangedPIACENTINI, BRUNO · title MANAGING DIRECTOR → CHIEF OPERATING OFFICER
- ChangedSAVERIN, ALEXANDRE · title MANAGING DIRECTOR → CHIEF RISK OFFICER
- AddedMCCUTCHEON, EDWARD, D. · CHIEF COMPLIANCE OFFICER · Less than 5%
- ChangedTRASTER, JEREMY, M. · title CHIEF COMPLIANCE OFFICER → GENERAL COUNSEL
- AddedADES, DANIEL · MANAGER · 75% or more · indirect via KAWA CAPITAL PARTNERS LLC · control person
- AddedKAWA CAPITAL PARTNERS LLC · SHAREHOLDER · 75% or more · control person
- ChangedADES, DANIEL · title MANAGING PARTNER/PORTFOLIO MANAGER → MANAGING PARTNER; ownership 75% or more → Less than 5%
- ChangedSAVERIN, ALEXANDRE · title MANAGING DIRECTOR/CO-PORTFOLIO MANAGER → MANAGING DIRECTOR; ownership 10–25% → Less than 5%
- AddedPIACENTINI, BRUNO · MANAGING DIRECTOR · Less than 5% · control person
- ChangedADES, DANIEL · title MANAGING DIRECTOR/PORTFOLIO MANAGER → MANAGING PARTNER/PORTFOLIO MANAGER
- ChangedBALDIM, CRISTINA, HARTMANN · title DIRECTOR OF INVESTMENTS → MANAGING DIRECTOR
- ChangedLEMOS, CARLOS, FELIPE · title CHIEF OPERATING OFFICER → MANAGING DIRECTOR
- ChangedSAVERIN, ALEXANDRE · title DIRECTOR/CO-PORTFOLIO MANAGER → MANAGING DIRECTOR/CO-PORTFOLIO MANAGER
- AddedTRASTER, JEREMY, M. · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedLEMOS, CARLOS, FELIPE · title DIRECTOR OF OPERATIONS AND CHIEF COMPLIANCE OFFICER → CHIEF OPERATING OFFICER
Older changes (2 more filings)
- AddedBALDIM, CRISTINA, HARTMANN · DIRECTOR OF INVESTMENTS · Less than 5% · control person
- ListedADES, DANIEL · MANAGING DIRECTOR/PORTFOLIO MANAGER · 75% or more · control person
- ListedLEMOS, CARLOS, FELIPE · DIRECTOR OF OPERATIONS AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedSAVERIN, ALEXANDRE · DIRECTOR/CO-PORTFOLIO MANAGER · 10–25% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Kawa Capital Management, Inc Holdings (2025-12-31)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Brandywine Realty Trust | BDN | 105368203 | $15.7M | 36.37% | 3,923,145 | SH |
| 2 | Orion Properties Inc | ONL | 68629Y103 | $12.5M | 28.99% | 5,474,027 | SH |
| 3 | Alexandria Real Estate Equities Inc | ARE | 015271109 | $7.9M | 18.33% | 160,000 | SH |
| 4 | Vale SA | VALE | 91912E105 | $7.1M | 16.31% | 520,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2025-12-31 | 2026-01-21 | $43.2M | 4 | 0001534242-26-000001 |
| 2025-09-30 | 2025-10-06 | $55.2M | 5 | 0001534242-25-000015 |