Gerdau SA - 存託憑證（普通股）
US ˙ NYSE ˙ US3737371050

SecurityGGB / Gerdau S.A. - Depositary Receipt (Common Stock)
InstitutionBlackRock, Inc.
Latest Disclosed Ownership10,852,883 shares
Latest Disclosed Value $ 39,178,909
BlackRock, Inc. reports 53.56% increase in ownership of GGB / Gerdau S.A. - Depositary Receipt (Common Stock)

On May 13, 2026 - BlackRock, Inc. filed a 13F-HR form disclosing ownership of 10,852,883 shares of Gerdau S.A. - Depositary Receipt (Common Stock) (US:GGB) valued at $39,178,908 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 7,067,528 shares of Gerdau S.A. - Depositary Receipt (Common Stock). This represents a change in shares of 53.56% during the quarter. The current value of the position is $51,117,079 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)
2026-05-13 2026-03-31 13F GERDAU SPON ADR REP PFD 373737105 10,852,883 3,785,355 53.56 39,179 50.23 0.0001
2026-02-12 2025-12-31 13F GERDAU SPON ADR REP PFD 373737105 7,067,528 64,411 0.92 26,079 20.13 0.0004
2025-11-12 2025-09-30 13F GERDAU SPON ADR REP PFD 373737105 7,003,117 -17,624 -0.25 21,710 5.90 0.0004
2025-08-12 2025-06-30 13F GERDAU SPON ADR REP PFD 373737105 7,020,741 -1,207,198 -14.67 20,501 -12.27 0.0004
2025-05-02 2025-03-31 13F GERDAU SPON ADR REP PFD 373737105 8,227,939 142,792 1.77 23,367 0.35 0.0005
2025-02-07 2024-12-31 13F GERDAU SPON ADR REP PFD 373737105 8,085,147 1,808,282 28.81 23,285 5.99 0.0005
2024-11-13 2024-09-30 13F GERDAU SPON ADR REP PFD 373737105 6,276,865 -138,167 -2.15 21,969 3.78 0.0005
2024-08-13 2024-06-30 13F GERDAU SPON ADR REP PFD 373737105 6,415,032 471,413 7.93 21,170 -19.42 0.0005
2024-05-10 2024-03-31 13F GERDAU SPON ADR REP PFD 373737105 5,943,619 -1,533,410 -20.51 26,271 -27.56 0.0006
2024-02-13 2023-12-31 13F GERDAU SPON ADR REP PFD 373737105 7,477,029 106,932 1.45 36,264 3.15 0.0009
2023-11-13 2023-09-30 13F GERDAU SPON ADR REP PFD 373737105 7,370,097 900,623 13.92 35,155 4.10 0.0010
2023-08-11 2023-06-30 13F GERDAU SPON ADR REP PFD 373737105 6,469,474 822,843 14.57 33,771 21.31 0.0009
2023-05-12 2023-03-31 13F GERDAU SPON ADR REP PFD 373737105 5,646,631 -528,776 -8.56 27,838 -18.63 0.0008
2023-02-13 2022-12-31 13F GERDAU SPON ADR REP PFD 373737105 6,175,407 -1,040,239 -14.42 34,212 4.89 0.0011
2022-11-14 2022-09-30 13F GERDAU SPON ADR REP PFD 373737105 7,215,646 196,159 2.79 32,615 8.31 0.0011
2022-08-12 2022-06-30 13F GERDAU SPON ADR REP PFD 373737105 7,019,487 148,710 2.16 30,114 -31.84 0.0010
2022-05-12 2022-03-31 13F GERDAU SPON ADR REP PFD 373737105 6,870,777 1,517,564 28.35 44,180 67.74 0.0012
2022-02-10 2021-12-31 13F GERDAU SPON ADR REP PFD 373737105 5,353,213 -1,733,803 -24.46 26,339 -24.46 0.0007
2021-11-09 2021-09-30 13F GERDAU SPON ADR REP PFD 373737105 7,087,016 -10,018,206 -58.57 34,867 -65.45 0.0010
2021-08-11 2021-06-30 13F GERDAU SPON ADR REP PFD 373737105 17,105,222 9,814,708 134.62 100,922 159.23 0.0028
2021-05-07 2021-03-31 13F GERDAU SPON ADR REP PFD 373737105 7,290,514 -575,814 -7.32 38,932 5.98 0.0011
2021-02-05 2020-12-31 13F GERDAU SPON ADR REP PFD 373737105 7,866,328 3,722,374 89.83 36,736 139.60 0.0012
2020-11-06 2020-09-30 13F GERDAU SPON ADR REP PFD 373737105 4,143,954 -4,199,937 -50.34 15,332 -37.92 0.0006
2020-08-14 2020-06-30 13F GERDAU SPON ADR REP PFD 373737105 8,343,891 4,631,968 124.79 24,698 248.35 0.0010
2020-05-01 2020-03-31 13F GERDAU SPON ADR REP PFD 373737105 3,711,923 -118,438 -3.09 7,090 -62.22 0.0003
2020-02-13 2019-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 3,830,361 -226,071 -5.57 18,768 46.88 0.0007
2019-11-08 2019-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 4,056,432 -3,278,967 -44.70 12,778 -55.22 0.0005
2019-08-22 2019-06-30 13F/A-1 GERDAU S A SPON ADR REP PFD 373737105 7,335,399 -921,716 -11.16 28,535 -10.93 0.0012
2019-08-13 2019-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 7,335,399 -921,716 28,535
2019-05-09 2019-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 8,257,115 -2,326,223 -21.98 32,037 -19.49 0.0014
2019-02-08 2018-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 10,583,338 -5,277,654 -33.27 39,793 -40.41 0.0020
2018-11-09 2018-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 15,860,992 -2,338,090 -12.85 66,776 3.65 0.0029
2018-08-09 2018-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 18,199,082 -1,932,112 -9.60 64,426 -31.32 0.0030
2018-05-09 2018-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 20,131,194 7,170,563 55.33 93,812 94.58 0.0045
2018-02-09 2017-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 12,960,631 7,350,601 131.03 48,213 150.55 0.0023
2017-11-14 2017-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 5,610,030 1,499,205 36.47 19,243 53.48 0.0010
2017-08-10 2017-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 4,110,825 -545,007 -11.71 12,538 -21.94 0.0007
2017-05-12 2017-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 4,655,832 4,594,981 7,551.20 16,062 8,309.42 0.0009
2017-02-10 2016-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 60,851 -4,035 -6.22 191 8.52 0.0003
2016-11-08 2016-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 64,886 -3,917 -5.69 176 40.80 0.0003
2016-08-10 2016-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 68,803 -867,855 -92.65 125 -92.50 0.0002
2016-05-10 2016-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 936,658 -1,606,052 -63.16 1,667 -45.36 0.0027
2016-02-11 2015-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 2,542,710 418,753 19.72 3,051 4.85 0.0045
2015-11-13 2015-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 2,123,957 519,215 32.36 2,910 -24.77 0.0046
2015-08-07 2015-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 1,604,742 410,648 34.39 3,868 1.23 0.0057
2015-05-13 2015-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 1,194,094 1,054,846 757.53 3,821 673.48 0.0053
2015-02-09 2014-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 139,248 -28,355 -16.92 494 -38.56 0.0007
2014-10-29 2014-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 167,603 -78,581 -31.92 804 -44.55 0.0012
2014-08-06 2014-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 246,184 55,732 29.26 1,450 18.76 0.0022
2014-05-02 2014-03-31 13F GERDAU S A SPON ADR REP PFD 373737105 190,452 -30,548 -13.82 1,221 -29.54 0.0020
2014-02-12 2013-12-31 13F GERDAU S A SPON ADR REP PFD 373737105 221,000 -701,555 -76.04 1,733 -74.82 0.0028
2013-11-12 2013-09-30 13F GERDAU S A SPON ADR REP PFD 373737105 922,555 671,224 267.07 6,883 379.65 0.0130
2013-08-13 2013-06-30 13F GERDAU S A SPON ADR REP PFD 373737105 251,331 251,331 1,435 0.0028
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.