Gerdau S.A. - Depositary Receipt (Common Stock)
US ˙ NYSE ˙ US3737371050

SecurityGGB / Gerdau S.A. - Depositary Receipt (Common Stock)
InstitutionMorgan Stanley
Latest Disclosed Ownership7,500,835 shares
Latest Disclosed Value $ 27,078,024
Morgan Stanley reports 29.27% increase in ownership of GGB / Gerdau S.A. - Depositary Receipt (Common Stock)

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 7,500,835 shares of Gerdau S.A. - Depositary Receipt (Common Stock) (US:GGB) valued at $27,078,014 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 5,802,585 shares of Gerdau S.A. - Depositary Receipt (Common Stock). This represents a change in shares of 29.27% during the quarter. The current value of the position is $35,328,933 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F GERDAU SPON ADR REP PFD 373737105 7,500,835 1,698,250 29.27 27,078 26.47 0.0016
2026-05-27 2025-12-31 13F/A-1 GERDAU SPON ADR REP PFD 373737105 5,802,585 -884,513 -13.23 21,412 3.29 0.0013
2026-02-13 2025-12-31 13F GERDAU SPON ADR REP PFD 373737105 5,802,585 -884,513 21,412 0.0013
2026-05-27 2025-09-30 13F/A-1 GERDAU SPON ADR REP PFD 373737105 6,687,098 2,379,654 55.25 20,730 64.82 0.0013
2025-11-14 2025-09-30 13F GERDAU SPON ADR REP PFD 373737105 6,687,098 2,379,654 20,730 0.0013
2025-08-15 2025-06-30 13F GERDAU SPON ADR REP PFD 373737105 4,307,444 -4,968,442 -53.56 12,578 -52.26 0.0008
2025-05-15 2025-03-31 13F GERDAU SPON ADR REP PFD 373737105 9,275,886 -9,583,393 -50.82 26,344 -51.50 0.0019
2025-05-15 2024-12-31 13F/A-1 GERDAU SPON ADR REP PFD 373737105 18,859,279 14,540,075 336.64 54,315 259.29 0.0038
2025-02-14 2024-12-31 13F GERDAU SPON ADR REP PFD 373737105 18,859,279 14,540,075 54,315 0.0038
2025-05-14 2024-09-30 13F/A-2 GERDAU SPON ADR REP PFD 373737105 4,319,204 -1,095,236 -20.23 15,117 -15.39 0.0011
2025-02-14 2024-09-30 13F/A-1 GERDAU SPON ADR REP PFD 373737105 4,319,204 -1,095,236 15,117 0.0011
2024-11-14 2024-09-30 13F GERDAU SPON ADR REP PFD 373737105 4,319,204 -1,095,236 15,117 0.0001
2025-05-14 2024-06-30 13F/A-2 GERDAU SPON ADR REP PFD 373737105 5,414,440 3,617,770 201.36 17,868 125.00 0.0014
2024-10-17 2024-06-30 13F/A-1 GERDAU SPON ADR REP PFD 373737105 5,414,440 3,617,770 17,868 0.0014
2024-08-14 2024-06-30 13F GERDAU SPON ADR REP PFD 373737105 5,414,440 3,617,770 17,868 0.0014
2024-10-17 2024-03-31 13F/A-2 GERDAU SPON ADR REP PFD 373737105 1,796,670 65,928 3.81 7,941 -5.40 0.0006
2024-08-16 2024-03-31 13F/A-1 GERDAU SPON ADR REP PFD 373737105 1,796,670 65,928 7,941 0.0001
2024-05-15 2024-03-31 13F GERDAU SPON ADR REP PFD 373737105 1,796,670 65,928 7,941 0.0006
2024-08-16 2023-12-31 13F/A-1 GERDAU SPON ADR REP PFD 373737105 1,730,742 555,305 47.24 8,394 49.73 0.0007
2024-02-13 2023-12-31 13F GERDAU SPON ADR REP PFD 373737105 1,730,742 555,305 8,394 0.0007
2023-11-15 2023-09-30 13F GERDAU SPON ADR REP PFD 373737105 1,175,437 32,672 2.86 5,607 -6.02 0.0006
2023-08-14 2023-06-30 13F GERDAU SPON ADR REP PFD 373737105 1,142,765 -4,211,086 -78.66 5,965 -77.40 0.0006
2023-05-15 2023-03-31 13F GERDAU SPON ADR REP PFD 373737105 5,353,851 3,724,666 228.62 26,394 192.45 0.0028
2023-02-14 2022-12-31 13F GERDAU SPON ADR REP PFD 373737105 1,629,185 231,029 16.52 9,026 42.82 0.0010
2022-11-14 2022-09-30 13F GERDAU SPON ADR REP PFD 373737105 1,398,156 425,910 43.81 6,319 51.53 0.0009
2022-10-27 2022-06-30 13F/A-1 GERDAU SPON ADR REP PFD 373737105 972,246 -3,278,561 -77.13 4,170 -84.74 0.0005
2022-08-15 2022-06-30 13F GERDAU SPON ADR REP PFD 373737105 972,246 -3,278,561 4,170 0.0005
2022-10-27 2022-03-31 13F/A-1 GERDAU SPON ADR REP PFD 373737105 4,250,807 1,353,249 46.70 27,333 91.72 0.0037
2022-05-13 2022-03-31 13F GERDAU SPON ADR REP PFD 373737105 4,250,807 1,353,249 27,333 0.0037
2022-02-14 2021-12-31 13F GERDAU SPON ADR REP PFD 373737105 2,897,558 1,424,651 96.72 14,257 96.76 0.0018
2021-11-15 2021-09-30 13F GERDAU SPON ADR REP PFD 373737105 1,472,907 -6,812,141 -82.22 7,246 -85.18 0.0010
2021-08-23 2021-06-30 13F/A-1 GERDAU SPON ADR REP PFD 373737105 8,285,048 6,059,718 272.31 48,881 311.35 0.0064
2021-08-16 2021-06-30 13F GERDAU SPON ADR REP PFD 373737105 8,285,048 6,059,718 48,881 0.0013
2021-05-17 2021-03-31 13F GERDAU SPON ADR REP PFD 373737105 2,225,330 2,003,629 903.75 11,883 1,048.12 0.0017
2021-02-16 2020-12-31 13F GERDAU SPON ADR REP PFD 373737105 221,701 -1,281,815 -85.25 1,035 -81.39 0.0002
2020-11-13 2020-09-30 13F GERDAU SPON ADR REP PFD 373737105 1,503,516 981,979 188.29 5,563 260.30 0.0011
2020-08-14 2020-06-30 13F GERDAU SPON ADR REP PFD 373737105 521,537 -3,404,069 -86.71 1,544 -79.41 0.0003
2020-05-26 2020-03-31 13F/A-1 GERDAU SPON ADR REP PFD 373737105 3,925,606 -4,918,233 -55.61 7,497 -82.70 0.0020
2020-05-15 2020-03-31 13F GERDAU SPON ADR REP PFD 373737105 3,925,606 -4,918,233 7,497 575.9259
2020-02-14 2019-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 8,843,839 4,830,165 120.34 43,335 242.73 0.0101
2019-11-14 2019-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 4,013,674 2,242,040 126.55 12,644 83.49 0.0033
2019-08-14 2019-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 1,771,634 -767,693 -30.23 6,891 -30.06 0.0018
2019-05-15 2019-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 2,539,327 -1,055,928 -29.37 9,853 -27.11 0.0028
2019-02-14 2018-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 3,595,255 3,315,684 1,185.99 13,518 1,049.49 0.0040
2019-04-23 2018-09-30 13F/A-2 GERDAU S A SPON ADR REP PFD 373737105 279,571 -2,618,471 -90.35 1,176 -88.54 0.0003
2018-11-20 2018-09-30 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 279,571 0 1,176 0.0003
2018-11-14 2018-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 279,571 -2,618,471 1,176
2019-04-23 2018-06-30 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 2,898,042 -8,532,346 -74.65 10,259 -80.74 0.0028
2018-08-14 2018-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 2,898,042 -8,532,346 10,259
2019-04-23 2018-03-31 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 11,430,388 -2,014,983 -14.99 53,265 6.50 0.0148
2018-05-14 2018-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 11,430,388 -2,014,983 53,265
2019-04-23 2017-12-31 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 13,445,371 2,997,193 28.69 50,016 39.57 0.0137
2018-02-14 2017-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 13,445,371 2,997,193 50,016
2017-11-14 2017-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 10,448,178 -2,190,342 -17.33 35,837 -7.03 0.0107
2017-08-11 2017-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 12,638,520 9,218,294 269.52 38,547 226.67 0.0116
2017-05-22 2017-03-31 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 3,420,226 2,757,360 415.98 11,800 466.76 0.0036
2017-05-12 2017-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 3,420,226 11,800
2017-02-22 2016-12-31 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 662,866 -9,218,129 -93.29 2,082 -92.25 0.0007
2017-02-13 2016-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 662,866 2,082
2016-11-10 2016-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 9,880,995 5,870,993 146.41 26,876 268.21 0.0092
2016-08-12 2016-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 4,010,002 3,035,798 311.62 7,299 320.93 0.0026
2016-05-12 2016-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 974,204 560,459 135.46 1,734 249.60 0.0007
2016-02-09 2015-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 413,745 -210,366 -33.71 496 -41.99 0.0002
2016-02-08 2015-09-30 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 624,111 -384,702 -38.13 855 -64.84 0.0003
2015-11-09 2015-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 624,111 855
2015-08-12 2015-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 1,008,813 265,199 35.66 2,432 2.27 0.0008
2015-05-14 2015-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 743,614 -759,215 -50.52 2,378 -55.43 0.0009
2015-02-13 2014-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 1,502,829 -2,762,492 -64.77 5,336 -73.94 0.0020
2014-12-16 2014-09-30 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 4,265,321 470,249 12.39 20,472 -15.84 0.0079
2014-11-14 2014-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 4,265,321 20,472
2014-05-13 2014-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 3,795,072 -596,923 -13.59 24,326 -29.35 0.0102
2014-02-13 2013-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 4,391,995 -470,945 -9.68 34,431 -5.09 0.0146
2013-11-13 2013-09-30 13F GERDAU SA COSG ADR ADRS 373737105 4,862,940 288,220 6.30 36,278 38.88 0.0171
2013-08-08 2013-06-30 13F GERDAU SA COSG ADR ADRS 373737105 4,574,720 4,574,720 26,122 0.0132
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.