Atmos Capital Gestao DE Recursos Ltda. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Atmos Capital Gestao DE Recursos Ltda. reported 16 stock positions worth $707.5 million . Its top holding was Nu Holdings Ltd./Cayman Isl-A (NU) at 32.3% of the portfolio, followed by Stoneco Class A (STNE, 23.9% ) and XP Class A (XP, 22.2% ). Compared with Q2 2025, it opened 7 new positions, added to 2 and reduced 7. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +14% ) and the biggest sale MercadoLibre (MELI, shares −70% ).
Location Leblon - Rio de Janeiro, D5
CIK 0001832439
Portfolio Value $707.5M (Q3 2025) Holdings 16 stocks · $707.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 14,261,084 $228.3M Add +14.4% STNE Stoneco Ltd. Class A 8,938,117 $169.0M Reduce -1.7% XP XP Inc. Class A 8,348,466 $156.9M Add +3.0% MELI MercadoLibre Inc. 14,665 $34.3M Reduce -70.1% TSM Taiwan Semiconductor-SP ADR 58,836 $16.4M Reduce -56.3% AAPL Apple Inc. 63,293 $16.1M New NVDA Nvidia Corp. 84,565 $15.8M New MSFT Microsoft Corp. 29,235 $15.1M New GOOGL Alphabet Inc. Class A 59,903 $14.6M New META Meta Platforms Inc. Class A 19,706 $14.5M New AMZN Amazon.com Inc. 65,304 $14.3M New NFLX Netflix Inc. 5,759 $6.9M New QQQ Invesco QQQ Trust Series 1 2,592 $1.6M Reduce -17.1% KWEB Kranesh Csi China Internet 33,566 $1.4M Reduce -17.1% CXSE Wisdomtree China Ex-St Ow 29,779 $1.3M Reduce -17.1% VTEX Vtex Class A 223,027 $977K Reduce -1.3%
Options reported separately and not counted above: XP calls ($37.8M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ MELI MercadoLibre Inc. Reduce -70.1% 4.84% −15.03 TSM Taiwan Semiconductor-SP ADR Reduce -56.3% 2.32% −2.41 VTEX Vtex Class A Reduce -1.3% 0.14% −0.09 QQQ Invesco QQQ Trust Series 1 Reduce -17.1% 0.22% −0.05 KWEB Kranesh Csi China Internet Reduce -17.1% 0.20% −0.02 CXSE Wisdomtree China Ex-St Ow Reduce -17.1% 0.19% −0.00 STNE Stoneco Ltd. Class A Reduce -1.7% 23.89% +1.28
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ NU Nu Holdings Ltd./Cayman Isl-A Add +14.4% 32.27% +5.76 AAPL Apple Inc. New 2.28% +2.28 NVDA Nvidia Corp. New 2.23% +2.23 MSFT Microsoft Corp. New 2.14% +2.14 GOOGL Alphabet Inc. Class A New 2.06% +2.06 META Meta Platforms Inc. Class A New 2.05% +2.05 AMZN Amazon.com Inc. New 2.03% +2.03 NFLX Netflix Inc. New 0.98% +0.98 XP XP Inc. Class A Add +3.0% 22.17% −3.19
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ XP XP Inc. Class A call New 2,010,000 $37.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 Sold out 82,102 $7Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 16 $796.4M NU, MELI, DLO, INTR, XP Q1 2026 15 $579.6M NU, MELI, AMZN, XP, MSFT Q4 2025 Amended 15 $660.0M NU, MELI, XP, DLO, GOOGL Q3 2025 16 $707.5M NU, STNE, XP, MELI, TSM Q2 2025 9 $645.3M NU, XP, STNE, MELI, TSM Q1 2025 11 $476.0M STNE, XP, MELI, META, GOOGL Q4 2024 11 $461.1M STNE, XP, MELI, GOOGL, META Q3 2024 11 $700.3M NU, XP, STNE, MELI, AMZN Q2 2024 13 $713.5M NU, MELI, XP, AMZN, META Q1 2024 13 $819.8M NU, MELI, AMZN, META, STNE