Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$230M in Q4 2019 → $29.1M 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 |
|---|---|---|---|---|
| Stoneco Ltd | 100.0% | Trimmed 7.7% | 1,537,486 | $29.1M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mercadolibre Inc | Exited | −8,633 | −$22.6M | — |
| Stoneco Ltd | Trimmed | −128,270 | −$2.43M | 100.0% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sigma Lithium Corporation | Exited | −1,127,708 | −$11.7M | — |
| Stoneco Ltd | Added | +42,412 | +$680K | 54.2% |
| Mercadolibre Inc | Added | +23 | +$60.1K | 45.8% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mercadolibre Inc | Trimmed | −6,473 | −$12.6M | 36.9% |
| Stoneco Ltd | Trimmed | −833,718 | −$8.74M | 37.4% |
| Sigma Lithium Corporation | Trimmed | −328,404 | −$3.42M | 25.8% |
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sigma Lithium Corporation | Trimmed | −1,230,019 | −$13.8M | 26.5% |
| Mercadolibre Inc | Trimmed | −3,467 | −$5.9M | 41.7% |
| Stoneco Ltd | Trimmed | −54,369 | −$433K | 31.8% |
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Stoneco Ltd | Trimmed | −1,534,296 | −$17.3M | 28.4% |
| Sigma Lithium Corporation | Trimmed | −831,037 | −$10.3M | 33.4% |
| Mercadolibre Inc | Added | +800 | +$1.64M | 38.2% |
quarter ended June 30, 2024 · filed August 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mercadolibre Inc | Trimmed | −8,280 | −$13.6M | 24.3% |
| Sigma Lithium Corporation | Trimmed | −321,038 | −$3.86M | 35.3% |
| Stoneco Ltd | Trimmed | −212,351 | −$2.55M | 40.4% |
quarter ended March 31, 2024 · filed May 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Stoneco Ltd | Trimmed | −699,137 | −$11.6M | 44.3% |
| Sigma Lithium Corporation | Added | +841,419 | +$10.9M | 31.1% |
| Mercadolibre Inc | Trimmed | −6,310 | −$9.54M | 24.6% |
quarter ended December 31, 2023 · filed February 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Stoneco Ltd | Trimmed | −1,181,061 | −$21.3M | 38.1% |
| Mercadolibre Inc | Added | +13,396 | +$21.1M | 21.7% |
| Sigma Lithium Corporation | Added | +200,560 | +$6.32M | 40.3% |
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