What is zero-based budgeting?

A management method in which every cost must be justified from scratch each year instead of starting from the previous budget. It is the tool 3G uses to rebuild the cost base of the companies it buys.

Does 3G Capital only invest in stocks?

No. Its core activity is buying whole companies alongside partners, which does not show up in a filing of listed positions. What you see here is the US-listed part.

Why is 3G associated with Berkshire Hathaway?

Because the two firms bought Heinz together in 2013 and later drove its merger with Kraft. It was a partnership between two very different schools of investing.

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Private equity

The 3G Capital portfolio

The Brazilian school that buys whole companies, reorganises them and reviews every expense from scratch.

Size$373MPositions18Turnover100%Current weights, 12 m+167.4%

Create an account and we will tell you when this investor reports a trade.

The 3G Capital portfolio

Size$373M

Current weights, 12 m+167.4%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Carvana Co.CVNA13.7%since 2020$64.19+0.4%—$51M

AppLovin CorporationAPP13.1%since 2024$312.47−0.9%—$49M

13.7%

Carvana Co.CVNA · $64.19+0.4%

13.1%

AppLovin CorporationAPP · $312.47−0.9%

Dell Technologies Inc.DELL10.4%since 2026$536.39−2.4%—$39M

Intel Corp.INTC9.3%since 2014$127.39+3.9%—$35M

Alphabet Inc.GOOGL8.6%since 2018$342.36+1.3%—$32M

Meta Platforms, Inc.META7.5%since 2018$777.59+4.5%—$28M

Sandisk CorporationSNDK5.5%since 2026$1753.62−3.5%—$20M

Nebius Group N.V.NBIS4.8%since 2026$243.48+7.4%—$18M

MercadoLibre, Inc.MELI4.5%since 2024$1754.13−2.5%—$17M

GLOBALFOUNDRIES Inc.GFS4.4%since 2026$47.05+1.4%—$16M

Texas Instruments IncorporatedTXN4.4%since 2026$270.65−0.7%—$16M

Taiwan Semiconductor Manufacturing Company LimitedTSM3.2%since 2022$451.15+1.0%—$12M

Applied Materials, Inc.AMAT2.9%since 2023$474.25−0.0%—$11M

DigitalOcean Holdings, Inc.DOCN2.3%since 2026$141.57+0.3%—$9M

Alibaba Group Holding LimitedBABA1.9%since 2020$110.64−0.1%—$7M

Sea LimitedSE1.9%—$100.73−2.5%—$7M

Cipher Mining Inc.CIFR0.8%—$18.10−1.4%—$3M

Fox CorporationFOXA0.6%—$63.84−0.2%—$2M

10.4%

Dell Technologies Inc.DELL · $536.39−2.4%

9.3%

Intel Corp.INTC · $127.39+3.9%

8.6%

Alphabet Inc.GOOGL · $342.36+1.3%

7.5%

Meta Platforms, Inc.META · $777.59+4.5%

5.5%

Sandisk CorporationSNDK · $1753.62−3.5%

4.8%

Nebius Group N.V.NBIS · $243.48+7.4%

4.5%

MercadoLibre, Inc.MELI · $1754.13−2.5%

4.4%

GLOBALFOUNDRIES Inc.GFS · $47.05+1.4%

4.4%

Texas Instruments IncorporatedTXN · $270.65−0.7%

3.2%

Taiwan Semiconductor Manufacturing Company LimitedTSM · $451.15+1.0%

2.9%

Applied Materials, Inc.AMAT · $474.25−0.0%

2.3%

DigitalOcean Holdings, Inc.DOCN · $141.57+0.3%

1.9%

Alibaba Group Holding LimitedBABA · $110.64−0.1%

1.9%

Sea LimitedSE · $100.73−2.5%

0.8%

Cipher Mining Inc.CIFR · $18.10−1.4%

0.6%

Fox CorporationFOXA · $63.84−0.2%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +167.4% above is the 12-month change these weights would have produced. It is not 3G Capital's return.

Why people follow this portfolio

3G Capital was founded in Brazil and is now one of the most influential investment firms in the world. These are the listed positions from its latest filing.

3G Capital, founded by Jorge Paulo Lemann with Marcel Telles and Carlos Alberto Sicupira, made its name buying whole companies and transforming them from the inside. Its best-known tool is zero-based budgeting: each year, spending is not inherited from the year before, it has to be justified again from nothing. That method built Anheuser Busch InBev, Burger King and Kraft Heinz.

The model also comes with a very distinct culture: high demands, young executives with a lot of responsibility, and a declared obsession with costs. In some cases it has produced spectacular results. In others it has gone wrong, particularly where cost cutting hit brands that needed investment to stay relevant.

For a Latin American investor this portfolio is more than a curiosity: it shows that a firm born in the region can set the global standard in its discipline. Bear in mind that what is disclosed here is only part of the business, because the firm's core activity is still buying companies outright.

Where this data comes from

Positions come from the 13F form filed with the SEC each quarter. It covers only long positions in US-listed stocks, while the firm's core activity is acquiring whole companies, which does not appear on that form.

Where to buy these stocks

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Frequently asked questions

Other disclosed portfolios

All investors

The Bridgewater Associates portfolio

The world's largest hedge fund does not pick companies. It picks exposures, and spreads the risk across scenarios.

The Berkshire Hathaway portfolio

The company through which Warren Buffett taught value investing. Its disclosed portfolio, position by position.

The Pershing Square portfolio

Bill Ackman concentrates his fund in very few companies and intervenes actively in how they are run.

View other investors

Private equity

The 3G Capital portfolio

The Brazilian school that buys whole companies, reorganises them and reviews every expense from scratch.

Size$373MPositions18Turnover100%Current weights, 12 m+167.4%

Create an account and we will tell you when this investor reports a trade.

The 3G Capital portfolio

Size$373M

Current weights, 12 m+167.4%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Carvana Co.CVNA13.7%since 2020$64.19+0.4%—$51M

AppLovin CorporationAPP13.1%since 2024$312.47−0.9%—$49M

13.7%

Carvana Co.CVNA · $64.19+0.4%

13.1%

AppLovin CorporationAPP · $312.47−0.9%

Dell Technologies Inc.DELL10.4%since 2026$536.39−2.4%—$39M

Intel Corp.INTC9.3%since 2014$127.39+3.9%—$35M

Alphabet Inc.GOOGL8.6%since 2018$342.36+1.3%—$32M

Meta Platforms, Inc.META7.5%since 2018$777.59+4.5%—$28M

Sandisk CorporationSNDK5.5%since 2026$1753.62−3.5%—$20M

Nebius Group N.V.NBIS4.8%since 2026$243.48+7.4%—$18M

MercadoLibre, Inc.MELI4.5%since 2024$1754.13−2.5%—$17M

GLOBALFOUNDRIES Inc.GFS4.4%since 2026$47.05+1.4%—$16M

Texas Instruments IncorporatedTXN4.4%since 2026$270.65−0.7%—$16M

Taiwan Semiconductor Manufacturing Company LimitedTSM3.2%since 2022$451.15+1.0%—$12M

Applied Materials, Inc.AMAT2.9%since 2023$474.25−0.0%—$11M

DigitalOcean Holdings, Inc.DOCN2.3%since 2026$141.57+0.3%—$9M

Alibaba Group Holding LimitedBABA1.9%since 2020$110.64−0.1%—$7M

Sea LimitedSE1.9%—$100.73−2.5%—$7M

Cipher Mining Inc.CIFR0.8%—$18.10−1.4%—$3M

Fox CorporationFOXA0.6%—$63.84−0.2%—$2M

10.4%

Dell Technologies Inc.DELL · $536.39−2.4%

9.3%

Intel Corp.INTC · $127.39+3.9%

8.6%

Alphabet Inc.GOOGL · $342.36+1.3%

7.5%

Meta Platforms, Inc.META · $777.59+4.5%

5.5%

Sandisk CorporationSNDK · $1753.62−3.5%

4.8%

Nebius Group N.V.NBIS · $243.48+7.4%

4.5%

MercadoLibre, Inc.MELI · $1754.13−2.5%

4.4%

GLOBALFOUNDRIES Inc.GFS · $47.05+1.4%

4.4%

Texas Instruments IncorporatedTXN · $270.65−0.7%

3.2%

Taiwan Semiconductor Manufacturing Company LimitedTSM · $451.15+1.0%

2.9%

Applied Materials, Inc.AMAT · $474.25−0.0%

2.3%

DigitalOcean Holdings, Inc.DOCN · $141.57+0.3%

1.9%

Alibaba Group Holding LimitedBABA · $110.64−0.1%

1.9%

Sea LimitedSE · $100.73−2.5%

0.8%

Cipher Mining Inc.CIFR · $18.10−1.4%

0.6%

Fox CorporationFOXA · $63.84−0.2%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +167.4% above is the 12-month change these weights would have produced. It is not 3G Capital's return.

Why people follow this portfolio

3G Capital was founded in Brazil and is now one of the most influential investment firms in the world. These are the listed positions from its latest filing.