Sustainable Growth Advisers 13F: Cuts XP Stake by $1.9M

Sustainable Growth Advisers lowered its stake in XP Inc. XP by 91,999 shares during the quarter, according to a Form 13F filing with the U.S. Securities and Exchange Commission on October 15, 2026. The filing showed the firm holding 397,755 shares valued at approximately $8.35 million at the close of the period. XP Inc. closed at $30.04 on the day of the filing.

What Changed in Sustainable Growth Advisers's XP Inc. Position

The institutional investor trimmed its holdings by an 18.8% decrease, moving from 489,754 shares down to the ending count of 397,755 shares. The reported value of the remaining stake stood at $8,350,866.

Other Institutional Activity in XP Inc.

Other large money managers also shifted their positions in the Brazilian financial services firm around the same time. Cyndeo Wealth Partners sold out of its XP Inc. position entirely, dropping 192,580 shares to end with zero holdings. Dodge & Cox Inc. trimmed its stake by 163,640 shares, ending with 32,564,312 shares worth about $951.85 million. ARGA Investment Management, LP grew its holdings by 3,945,094 shares, a 19.1% increase, ending with 24,643,382 shares worth about $720.33 million. General Atlantic, L.P. kept its position steady with no change in share count, holding 20,566,133 shares valued at roughly $601.15 million. Massachusetts Financial Services Co. lifted its holdings by 228,117 shares, a 1.8% increase, to finish with 12,558,750 shares worth about $367.09 million.

XP Inc. Stock Down 3.1%

Shares of XP Inc. recently traded around $29.10 on October 17, 2026, sitting 3.1% below their $30.04 close on the filing date. The stock trades down about 11.1% from its 52-week high of $32.73 and well above its 52-week low of $14.80.

Recent Earnings

XP Inc. reported $18.63 billion in trailing-twelve-month revenue alongside $1.91 in earnings per share. The company posted a net profit margin of 28.5% and a return on equity of 22.6%. Its next quarterly earnings release is scheduled for November 16, 2026.

Dividend

The company pays an annual dividend rate of $0.20 per share, which gives it a dividend yield of 0.67%. Its dividend payout ratio sits at 20.4%.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. On August 31, 2026, Itau BBA upgraded the stock to an Outperform rating with a $22.00 price target. Citigroup maintained a Buy rating on September 29, 2026, raising its target from $23.00 to $25.00. JP Morgan maintained an Overweight rating on October 6, 2026, lifting its target from $26.00 to $38.00. Itau BBA issued another upgrade on October 6, 2026, setting a $27.00 price target. UBS maintained a Buy rating on October 8, 2026, raising its target from $25.00 to $37.00. Overall, the stock carries a consensus strong buy rating with a mean price target of $26.22 across 12 analyst opinions.

About XP Inc.

XP Inc. operates as a technology-driven financial services platform based in the Cayman Islands, offering investment products, brokerage services, and financial advice primarily in Brazil. The company connects individual investors with a wide range of financial assets through its digital channels.

Bottom Line

Institutional adjustments in XP Inc. highlight active portfolio rebalancing as the market awaits the company's upcoming earnings report in November. Investors tracking these filings should monitor upcoming institutional reports for further shifts in major holdings.