SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.
Long book
$894.1M
Q1 2026
Positions
6
Top-10 weight
100%
concentration
Last quarter
-4.5%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsSQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. is a diversified fundamental manager, running a $894.1M US long book across 6 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: MERCADOLIBRE INC, NU HOLDINGS LTD/CAYMAN ISL-A, STONECO LTD-A, XP INC - CLASS A, INTER & CO INC - CL A.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-12.1%
Q2 2024
+4.9%
Q3 2024
-28.3%
Q4 2024
+24.1%
Q1 2025
+50.0%
Q2 2025
+7.8%
Q3 2025
-5.6%
Q4 2025
-7.8%
Q1 2026
-4.5%
Sector allocation
Financials 50%
Services media 39%
Technology 11%
Long book by quarter
What does SQUADRA INVESTMENTS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MELI MERCADOLIBRE INC | Services media | 202.9K | $350.9M | 39.2% | +126.3% |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 22.3M | $320.6M | 35.9% | +144.0% |
| STNE STONECO LTD-A | Technology | 6.7M | $94.1M | 10.5% | +435.5% |
| XP XP INC - CLASS A | Financials | 3.9M | $74.4M | 8.3% | -18.4% |
| INTR INTER & CO INC - CL A | Financials | 6.3M | $50.3M | 5.6% | +1.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 6 | $894.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 6 | $534.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 6 | $448.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 7 | $426.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 3 | $272.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 3 | $211.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 7 | $510.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 5 | $480.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 3 | $650.8M | canonical | SEC ↗ |
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