By Brazil Stock Guide – Non-resident investors traded more than R$ 2.8 trillion (about $570 billion) in Brazilian cash equities between January and December 2025, according to data compiled by the DataWise+ platform operated by B3 in partnership with Neoway. The volume represents a 15% increase year over year and underscores the central role of foreign capital in price formation on the local exchange.
In December alone, turnover reached R$ 255 billion, up 6% from the same month in 2024. Over the full year, non-resident investors accounted for 62% of cash-equity trading. Including the broader cash market—such as BDRs, ETFs and real estate funds—foreign investors’ total traded volume exceeded R$ 3.5 trillion.
Activity peaked in May (R$ 263 billion), April (R$ 257 billion) and December (R$ 255 billion), reflecting windows of risk appetite and a strong concentration in highly liquid stocks. The most-traded shares by foreign investors were led by Vale (VALE3), with R$ 197.7 billion, followed by Petrobras (PETR4), with R$ 154 billion, and Itaú Unibanco (ITUB4), at R$ 130.6 billion. Other heavily traded names included Banco do Brasil (BBAS3), B3 (B3SA3), Bradesco (BBDC4), Ambev (ABEV3), Petrobras (PETR3), WEG (WEGE3) and Sabesp (SBSP3).
The figures are based on proprietary methodologies from DataWise+, which monitors trading, allocation, open positions and custody across multiple capital-market segments. Neoway provides the analytics layer that supports investor-behavior and flow analysis used in the study.
The data reinforce the dominance of foreign investors in Brazil’s stock market, with flows concentrated in blue chips and high-liquidity shares in a year marked by record trading volumes and a growing international footprint on the exchange.
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