CIK 2044610
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Banks | 26.10% | 3 |
| Commercial Services & Supplies | 23.57% | 1 |
| Capital Markets | 22.95% | 1 |
| Software & IT Services | 12.98% | 1 |
| Unclassified | 8.23% | 2 |
| Oil, Gas & Consumable Fuels | 2.49% | 1 |
| Paper & Forest Products | 1.60% | 1 |
| Metals & Mining | 0.89% | 1 |
| Airlines | 0.46% | 1 |
| Utilities | 0.40% | 1 |
| Aerospace & Defense | 0.32% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | NU | NU HOLDINGS CLASS A | Financials | 25.91% |
| 2 | MELI | MERCADOLIBRE INC | Industrials | 23.57% |
| 3 | XP | XP CLASS A INC | Financials | 22.95% |
| 4 | STNE | STONECO LTD CLASS A | Information Technology | 12.98% |
| 5 | PBR.A | PETROLEO BRASILEIRO SA PETRO | Unclassified | 7.15% |
| 6 | PBR | PETROBRAS - PETROLEO BRASILEIRO SA | Energy | 2.49% |
| 7 | SUZ | Suzano S.A. | Materials | 1.60% |
| 8 | CENTRAIS ELET BRAS SA | Unclassified | 1.08% | |
| 9 | GGB | GERDAU S.A. | Materials | 0.89% |
| 10 | LTM | LATAM AIRLINES GROUP S.A. | Industrials | 0.46% |
12/14 names classified · sector 91.8% of weight · industry 91.8% · mkt cap 23.6%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 91.8% of the book is sector-classified (unclassified names shown, never dropped).
Only 24% of book weight classified — the grid is NOT representative of the whole book.
Classified: 23.6% of book weight (1/14 names) · unclassified 76.4%: NU, XP, STNE, PBR.A, PBR, SUZ, , GGB, LTM, AXIA +3 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | NUNU HLDGS LTD | 4,008,517 | $58M | 25.9% | ADD 639% |
| 2 | MELIMERCADOLIBRE INC | 30,306 | $52M | 23.6% | TRIM −14% |
| 3 | XPXP INC | 2,678,950 | $51M | 22.9% | ADD 354% |
| 4 | STNESTONECO LTD | 2,043,105 | $29M | 13.0% | ADD 76% |
| 5 | PBR.APETROLEO BRASILEIRO SA PETRO | 848,137 | $16M | 7.2% | TRIM −11% |
| 6 | PBRPETROLEO BRASILEIRO S A | 266,925 | $6M | 2.5% | TRIM −59% |
| 7 | SUZSUZANO S A | 356,157 | $4M | 1.6% | HOLD |
| 8 | CENTRAIS ELET BRAS SA | 190,920 | $2M | 1.1% | TRIM −5% |
| 9 | GGBGERDAU SA | 550,000 | $2M | 0.9% | HOLD |
| 10 | LTMLATAM AIRLINES GROUP SA | 20,652 | $1M | 0.5% | NEW |
| 11 | AXIACENTRAIS ELET BRAS SA | 79,627 | $898,193 | 0.4% | ADD 91% |
| 12 | EMBJEMBRAER S.A. | 11,923 | $707,511 | 0.3% | NEW |
| 13 | BBDBANCO BRADESCO S A | 56,096 | $204,750 | 0.1% | TRIM −85% |
| 14 | ITUBITAU UNIBANCO HLDG S A | 24,298 | $203,617 | 0.1% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| NUNU HLDGS LTD | — | — | — | — | 543K | 4.0M | $58M |
| MELIMERCADOLIBRE INC | — | — | — | — | 35K | 30K | $52M |
| XPXP INC | — | — | — | — | 589K | 2.7M | $51M |
| STNESTONECO LTD | — | — | — | — | 1.2M | 2.0M | $29M |
| PBR/APETROLEO BRASILEIRO SA PETRO | — | — | — | — | 948K | 848K | $16M |
| PBRPETROLEO BRASILEIRO S A | — | — | — | — | 658K | 267K | $6M |
| SUZSUZANO S A | — | — | — | — | 356K | 356K | $4M |
| CENTRAIS ELET BRAS SA | — | — | — | — | 201K | 191K | $2M |
| GGBGERDAU SA | — | — | — | — | 550K | 550K | $2M |
| LTMLATAM AIRLINES GROUP SA | — | — | — | — | — | 21K | $1M |
| AXIACENTRAIS ELET BRAS SA | — | — | — | — | 42K | 80K | $898,193 |
| EMBJEMBRAER S.A. | — | — | — | — | — | 12K | $707,511 |
| BBDBANCO BRADESCO S A | — | — | — | — | 385K | 56K | $204,750 |
| ITUBITAU UNIBANCO HLDG S A | — | — | — | — | 24K | 24K | $203,617 |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Where this firm's principals came from and which firms its alumni went on to found.
