In a recent SEC filing, global investment manager Baillie Gifford disclosed a new stake in Brazilian mining company Vale SA. The filing, which reflects holdings as of June 30, 2026, revealed the acquisition of 12.63 million American Depositary Receipts (ADRs) valued at approximately $189.89 million. As 13F filings are delayed, this investment was made at some point during the second quarter of 2026.
The new position coincided with a strong operational quarter for Vale, which reported its highest second-quarter iron ore production since 2018 and its best Q2 for copper in nine years. The company's earnings per share for the period also significantly surpassed analyst estimates. Additionally, Vale approved a new share buyback program and announced dividend payments in July 2026.