Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (32 quarters reported)
$141M in Q4 2017 → $18.5M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Nu Holdings Ltd | 85.8% | Trimmed 0.8% | 991,524 | $15.9M |
| ML Mercado Libre Inc | 12.4% | Trimmed 83% | 981 | $2.29M |
| Vtex | 1.5% | Trimmed 6.9% | 64,160 | $281K |
| Vale Sa | 0.3% | Trimmed 41% | 4,633 | $50.3K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ML Mercado Libre Inc | Trimmed | −4,731 | −$11.1M | 12.4% |
| Nu Holdings Ltd | Trimmed | −7,506 | −$120K | 85.8% |
| Vale Sa | Trimmed | −3,230 | −$35.1K | 0.3% |
| Vtex | Trimmed | −4,719 | −$20.7K | 1.5% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NH Nu Hldgs Ltd | Added | +791,400 | +$10.9M | 47.0% |
| ML Mercado Libre Inc | Trimmed | −1,515 | −$3.96M | 51.2% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ML Mercado Libre Inc | Trimmed | −8,883 | −$17.3M | 84.7% |
| NH Nu Hldgs Ltd | Trimmed | −461,307 | −$4.72M | 12.8% |
| Vtex | Trimmed | −56,241 | −$285K | 2.1% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ML Mercado Libre Inc | Added | +15,326 | +$26.1M | 78.0% |
| NH Nu Hldgs Ltd | Added | +641,326 | +$6.64M | 19.7% |
| Vtex | Added | +85,589 | +$504K | 2.1% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NH Nu Hldgs Ltd | Trimmed | −986,631 | −$13.5M | 15.9% |
| Mercadolibre Inc | Trimmed | −508 | −$1.04M | 67.8% |
| Vtex | Trimmed | −92,308 | −$687K | 12.4% |
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NH Nu Hldgs Ltd | Trimmed | −3,174,098 | −$40.9M | 80.5% |
| Mercadolibre Inc | Trimmed | −7,034 | −$11.6M | 13.1% |
| Vtex | Trimmed | −142,149 | −$1.03M | 5.9% |
quarter ended March 31, 2024 · filed May 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| N& Natura &CO Hldg S A | Exited | −4,039,464 | −$27.6M | — |
| NH Nu Hldgs Ltd | Trimmed | −1,168,755 | −$13.9M | 77.0% |
| ML Mercado Libre Inc | Added | +4,352 | +$6.58M | 19.4% |
| Vtex | Trimmed | −284,819 | −$2.33M | 3.4% |
quarter ended December 31, 2023 · filed February 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NH Nu Hldgs Ltd | Added | +1,093,780 | +$9.11M | 54.1% |
| ML Mercado Libre Inc | Added | +1,371 | +$2.15M | 7.6% |
| Vtex | Added | +42,000 | +$289K | 4.7% |
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