Vale S.A. - Depositary Receipt (Common Stock)
US ˙ NYSE ˙ US91912E1055

SecurityVALE / Vale S.A. - Depositary Receipt (Common Stock)
InstitutionLevel Four Advisory Services, Llc
Latest Disclosed Ownership127,146 shares
Latest Disclosed Value $ 2,022,917
Level Four Advisory Services, Llc reports 22.81% decrease in ownership of VALE / Vale S.A. - Depositary Receipt (Common Stock)

On May 14, 2026 - Level Four Advisory Services, Llc filed a 13F-HR form disclosing ownership of 127,146 shares of Vale S.A. - Depositary Receipt (Common Stock) (US:VALE) valued at $2,022,893 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 164,710 shares of Vale S.A. - Depositary Receipt (Common Stock). This represents a change in shares of -22.81% during the quarter. The current value of the position is $2,041,965 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)
2026-05-14 2026-03-31 13F VALE S A SPONSORED ADS 91912E105 127,146 -37,564 -22.81 2,023 -5.78 0.0664
2026-02-13 2025-12-31 13F VALE S A SPONSORED ADS 91912E105 164,710 -4,665 -2.75 2,146 16.69 0.0702
2025-11-12 2025-09-30 13F VALE S A SPONSORED ADS 91912E105 169,375 19,440 12.97 1,839 26.39 0.0630
2025-08-13 2025-06-30 13F VALE S A SPONSORED ADS 91912E105 149,935 11,335 8.18 1,456 5.21 0.0537
2025-05-14 2025-03-31 13F VALE S A SPONSORED ADS 91912E105 138,600 94,383 213.45 1,383 252.81 0.0569
2025-02-12 2024-12-31 13F VALE S A SPONSORED ADS 91912E105 44,217 -67,338 -60.36 392 -67.14 0.0160
2024-11-14 2024-09-30 13F VALE S A SPONSORED ADS 91912E105 111,555 81,695 273.59 1,194 258.26 0.0502
2024-08-09 2024-06-30 13F VALE S A SPONSORED ADS 91912E105 29,860 7,801 35.36 334 -4.58 0.0150
2024-05-13 2024-03-31 13F VALE S A SPONSORED ADS 91912E105 22,059 726 3.40 350 3.25 0.0192
2024-02-08 2023-12-31 13F VALE S A SPONSORED ADS 91912E105 21,333 21,333 338 0.0190
2023-11-13 2023-09-30 13F VALE S A SPONSORED ADS 91912E105 0 -29,107 -100.00 0 -100.00
2023-07-10 2023-06-30 13F VALE S A SPONSORED ADS 91912E105 29,107 2,393 8.96 391 -7.36 0.0235
2023-06-05 2023-03-31 13F VALE S A SPONSORED ADS 91912E105 26,714 26,714 422 0.0277
2022-08-08 2022-06-30 13F VALE S A SPONSORED ADS 91912E105 0 -30,030 -100.00 0 -100.00
2022-05-10 2022-03-31 13F VALE S A SPONSORED ADS 91912E105 30,030 16,253 117.97 600 210.88 0.0470
2022-02-11 2021-12-31 13F VALE S A SPONSORED ADS 91912E105 13,777 -7,442 -35.07 193 -34.80 0.0147
2021-10-12 2021-09-30 13F VALE S A SPONSORED ADS 91912E105 21,219 507 2.45 296 -37.29 0.0308
2021-08-09 2021-06-30 13F VALE S A SPONSORED ADS 91912E105 20,712 -16,905 -44.94 472 -27.83 0.0326
2021-05-10 2021-03-31 13F VALE S A SPONSORED ADS 91912E105 37,617 646 1.75 654 5.48 0.0508
2021-02-10 2020-12-31 13F VALE S A SPONSORED ADS 91912E105 36,971 -847 -2.24 620 55.00 0.0498
2020-11-02 2020-09-30 13F VALE S A SPONSORED ADS 91912E105 37,818 1,544 4.26 400 7.24 0.0308
2020-08-17 2020-06-30 13F/A-1 VALE S A SPONSORED ADS 91912E105 36,274 4,731 15.00 373 42.37 0.0289
2020-05-13 2020-03-31 13F VALE S A SPONSORED ADS 91912E105 31,543 111 0.35 262 -36.56 0.0314
2020-02-13 2019-12-31 13F VALE S A SPONSORED ADS 91912E105 31,432 31,432 413 0.0164
2019-11-12 2019-09-30 13F VALE S A SPONSORED ADS 91912E105 0 -31,432 -100.00 0 -100.00
2019-08-14 2019-06-30 13F VALE S A SPONSORED ADS 91912E105 31,432 874 2.86 422 5.76 0.0426
2019-05-15 2019-03-31 13F VALE S A SPONSORED ADS 91912E105 30,558 -668 -2.14 399 -3.16 0.0439
2019-02-07 2018-12-31 13F VALE S A ADR 91912E105 31,226 -12,502 -28.59 412 -36.52 0.0514
2018-11-14 2018-09-30 13F VALE S A ADR 91912E105 43,728 -27,804 -38.87 649 -29.23 0.0701
2018-08-14 2018-06-30 13F VALE S A ADR 91912E105 71,532 -2,655 -3.58 917 -2.86 0.0668
2018-05-14 2018-03-31 13F VALE S A ADR 91912E105 74,187 -16,569 -18.26 944 -14.57 0.0732
2018-02-13 2017-12-31 13F VALE S A ADR 91912E105 90,756 60,585 200.81 1,105 263.49 0.0860
2018-04-03 2017-09-30 13F/A-1 VALE S A ADR 91912E105 30,171 30,171 304 0.0269
2017-11-15 2017-09-30 13F VALE S A ADR 91912E105 30,171 30,171 296
2017-09-20 2017-06-30 13F/A-1 VALE S A ADR 91912E105 0 -29,845 -100.00 0 -100.00
2017-09-20 2017-03-31 13F/A-1 VALE S A ADR 91912E105 29,845 5,770 23.97 281 53.55 0.0286
2017-05-15 2017-03-31 13F VALE S A ADR 91912E105 29,845 5,770 281
2017-02-14 2016-12-31 13F VALE S A ADR 91912E105 24,075 24,075 183 0.0234
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.