Q3 2023
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MELI | Buy | MERCADOLIBRE INC | $22,026,879 | +30.6% | 17,373 | +22.0% | 73.54% | -3.0% |
| STNE | New | STONECO LTD | $4,012,421 | – | 376,047 | – | 13.40% | – |
| Sell | NU HLDGS LTD | $2,549,825 | -9.6% | 351,700 | -1.6% | 8.51% | -32.9% | |
| Sell | VTEX | $1,364,413 | -46.8% | 272,338 | -49.0% | 4.56% | -60.5% |
Q2 2023
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MELI | New | MERCADOLIBRE INC | $16,865,150 | – | 14,237 | – | 75.80% | – |
| New | NU HLDGS LTD | $2,821,464 | – | 357,600 | – | 12.68% | – | |
| New | VTEX | $2,563,738 | – | 534,112 | – | 11.52% | – |
Q4 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Exit | VTEX | $0 | – | -1,330,023 | – | -7.84% | – | |
| XP | Exit | XP INCcl a | $0 | – | -1,246,079 | – | -37.72% | – |
| MELI | Exit | MERCADOLIBRE INC | $0 | – | -41,310 | – | -54.45% | – |
Q3 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MELI | Sell | MERCADOLIBRE INC | $34,196,000 | +21.4% | 41,310 | -6.6% | 54.45% | +109.7% |
| XP | Sell | XP INCcl a | $23,688,000 | -53.6% | 1,246,079 | -56.2% | 37.72% | -19.9% |
| Sell | VTEX | $4,921,000 | +8.2% | 1,330,023 | -10.0% | 7.84% | +86.8% | |
| LDHAU | Exit | LDH GROWTH CORP Iunit 03/17/2026 | $0 | – | -1,168,281 | – | -10.55% | – |
| STNE | Exit | STONECO LTD | $0 | – | -1,719,208 | – | -12.20% | – |
Q2 2022
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| XP | New | XP INCcl a | $51,070,000 | – | 2,843,533 | – | 47.08% | – |
| MELI | New | MERCADOLIBRE INC | $28,169,000 | – | 44,230 | – | 25.97% | – |
| STNE | New | STONECO LTD | $13,238,000 | – | 1,719,208 | – | 12.20% | – |
| LDHAU | New | LDH GROWTH CORP Iunit 03/17/2026 | $11,449,000 | – | 1,168,281 | – | 10.55% | – |
| New | VTEX | $4,550,000 | – | 1,477,123 | – | 4.19% | – |
Q4 2021
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LDHAU | Exit | LDH GROWTH CORP Iunit 03/17/2026 | $0 | – | -1,183,482 | – | -6.31% | – |
| Exit | VTEX | $0 | – | -901,904 | – | -10.05% | – | |
| XP | Exit | XP INCcl a | $0 | – | -695,605 | – | -15.14% | – |
| MELI | Exit | MERCADOLIBRE INC | $0 | – | -32,719 | – | -29.76% | – |
| STNE | Exit | STONECO LTD | $0 | – | -2,060,008 | – | -38.74% | – |
Q3 2021
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STNE | Buy | STONECO LTD | $71,523,000 | -23.9% | 2,060,008 | +47.1% | 38.74% | -26.2% |
| MELI | Buy | MERCADOLIBRE INC | $54,948,000 | +8.8% | 32,719 | +0.9% | 29.76% | +5.5% |
| XP | Buy | XP INCcl a | $27,942,000 | +22.8% | 695,605 | +33.1% | 15.14% | +19.1% |
| New | VTEX | $18,552,000 | – | 901,904 | – | 10.05% | – | |
| LDHAU | Buy | LDH GROWTH CORP Iunit 03/17/2026 | $11,657,000 | -1.4% | 1,183,482 | +0.1% | 6.31% | -4.4% |
Q2 2021
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STNE | New | STONECO LTD | $93,931,000 | – | 1,400,708 | – | 52.47% | – |
| MELI | New | MERCADOLIBRE INC | $50,510,000 | – | 32,424 | – | 28.21% | – |
| XP | New | XP INCcl a | $22,758,000 | – | 522,575 | – | 12.71% | – |
| LDHAU | New | LDH GROWTH CORP Iunit 03/17/2026 | $11,827,000 | – | 1,182,670 | – | 6.61% | – |
Q4 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| XP | Exit | XP INCcl a | $0 | – | -369,285 | – | -10.90% | – |
| BUD | Exit | ANHEUSER BUSCH INBEV SA/NVsponsored adr | $0 | – | -440,348 | – | -16.80% | – |
| MELI | Exit | MERCADOLIBRE INC | $0 | – | -33,592 | – | -25.75% | – |
| STNE | Exit | STONECO LTD | $0 | – | -1,242,809 | – | -46.55% | – |
Q3 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STNE | Buy | STONECO LTD | $65,732,000 | +43.8% | 1,242,809 | +5.4% | 46.55% | +27.9% |
| MELI | Buy | MERCADOLIBRE INC | $36,363,000 | +149.4% | 33,592 | +127.1% | 25.75% | +121.8% |
| BUD | Sell | ANHEUSER BUSCH INBEV SA/NVsponsored adr | $23,726,000 | +8.2% | 440,348 | -1.0% | 16.80% | -3.8% |
| XP | Sell | XP INCcl a | $15,395,000 | -46.4% | 369,285 | -46.0% | 10.90% | -52.3% |
| CZZ | Exit | COSAN S A | $0 | – | -971,739 | – | -11.66% | – |
Q2 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STNE | New | STONECO LTD | $45,695,000 | – | 1,178,909 | – | 36.39% | – |
| XP | New | XP INCcl a | $28,719,000 | – | 683,613 | – | 22.87% | – |
| BUD | New | ANHEUSER BUSCH INBEV SA/NVsponsored adr | $21,936,000 | – | 444,948 | – | 17.47% | – |
| CZZ | New | COSAN S A | $14,634,000 | – | 971,739 | – | 11.66% | – |
| MELI | New | MERCADOLIBRE INC | $14,581,000 | – | 14,791 | – | 11.61% | – |