Vale S.A. - Depositary Receipt (Common Stock)
US ˙ NYSE ˙ US91912E1055

SecurityVALE / Vale S.A. - Depositary Receipt (Common Stock)
InstitutionBLACKROCK NATURAL RESOURCES TRUST - BLACKROCK NATURAL RESOURCES TRUST Investor A
Latest Disclosed Ownership531,071 shares
Latest Disclosed Value $ 5,061,106
BLACKROCK NATURAL RESOURCES TRUST - BLACKROCK NATURAL RESOURCES TRUST Investor A reports 25.89% decrease in ownership of VALE / Vale S.A. - Depositary Receipt (Common Stock)

On September 24, 2025 - BLACKROCK NATURAL RESOURCES TRUST - BLACKROCK NATURAL RESOURCES TRUST Investor A filed a NPORT-P form disclosing ownership of 531,071 shares of Vale S.A. - Depositary Receipt (Common Stock) (US:VALE) valued at $5,061,107 USD as of July 31, 2025. The entity filed a previous NPORT-P on June 26, 2025 disclosing 716,606 shares of Vale S.A. - Depositary Receipt (Common Stock). This represents a change in shares of -25.89% during the quarter. The current value of the position is $9,118,489 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)
2025-09-24 2025-07-31 NP Vale EC US91912E1055 531,071 -185,535 -25.89 5,061 -24.13 3.5334
2025-06-26 2025-04-30 NP Vale EC US91912E1055 716,606 565,744 375.01 6,672 376.16 4.7564
2025-03-27 2025-01-31 NP Vale EC US91912E1055 150,862 70,792 88.41 1,402 63.67 0.9391
2024-12-26 2024-10-31 NP Vale EC US91912E1055 80,070 3,018 3.92 857 -8.64 0.4954
2024-06-27 2024-04-30 NP Vale EC US91912E1055 77,052 -373,274 -82.89 938 -84.80 0.4921
2024-03-27 2024-01-31 NP Vale EC US91912E1055 450,326 -220,039 -32.82 6,165 -32.93 3.2548
2023-12-27 2023-10-31 NP Vale EC US91912E1055 670,365 -56,982 -7.83 9,191 -13.64 4.0247
2023-09-26 2023-07-31 NP Vale EC US91912E1055 727,347 -169,782 -18.93 10,641 -17.68 4.0732
2023-06-27 2023-04-30 NP Vale EC US91912E1055 897,129 123,026 15.89 12,928 -10.60 4.4714
2023-03-29 2023-01-31 NP Vale EC US91912E1055 774,103 494,111 176.47 14,460 299.12 5.1397
2022-12-27 2022-10-31 NP Vale EC US91912E1055 279,992 -328,985 -54.02 3,623 -55.80 1.4806
2022-09-27 2022-07-31 NP Vale EC US91912E1055 608,977 -138,343 -18.51 8,197 -35.07 3.3448
2022-06-27 2022-04-30 NP Vale EC US91912E1055 747,320 107,197 16.75 12,622 29.90 4.6395
2022-03-29 2022-01-31 NP Vale EC US91912E1055 640,123 218,113 51.68 9,717 80.88 4.7166
2021-12-28 2021-10-31 NP Vale EC US91912E1055 422,010 -104,083 -19.78 5,372 -51.42 2.8103
2021-09-28 2021-07-31 NP Vale EC US91912E1055 526,093 -22,179 -4.05 11,058 0.24 6.3578
2021-06-28 2021-04-30 NP Vale EC US91912E1055 548,272 88,399 19.22 11,031 48.55 6.5178
2021-03-31 2021-01-31 NP Vale EC US91912E1055 459,873 -8,676 -1.85 7,427 49.96 5.4299
2020-12-28 2020-10-31 NP Vale EC US91912E1055 468,549 18,812 4.18 4,953 -5.39 4.7285
2020-09-28 2020-07-31 NP Vale EC US91912E1055 449,737 18,993 4.41 5,235 47.31 4.4996
2020-06-26 2020-04-30 NP Vale EC US91912E1055 430,744 76,189 21.49 3,554 -14.55 3.3281
2020-03-27 2020-01-31 NP Vale EC US91912E1055 354,555 -8,000 -2.21 4,159 -2.30 3.1331
2019-12-26 2019-10-31 NP Vale EC US91912E1055 362,555 362,555 4,256 2.9936
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.