Atmos Capital Gestao DE Recursos Ltda. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 20, 2026), Atmos Capital Gestao DE Recursos Ltda. reported 15 stock positions worth $660.0 million . Its top holding was Nu Holdings Ltd./Cayman Isl-A (NU) at 40.1% of the portfolio, followed by MercadoLibre (MELI, 23.1% ) and XP Class A (XP, 13.9% ). Compared with Q3 2025, it opened 3 new positions, sold out of 4, added to 3 and reduced 9. The biggest buy was MercadoLibre (MELI, shares +415% ) and the biggest sale an exit from Stoneco Class A (STNE).
Location Leblon - Rio de Janeiro, D5
CIK 0001832439
Portfolio Value $660.0M (Q4 2025) Holdings 15 stocks · $660.0M 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 Q3 2025 NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 15,815,788 $264.8M Add +10.9% MELI MercadoLibre Inc. 75,535 $152.1M Add +415.1% XP XP Inc. Class A 5,621,659 $92.0M Reduce -32.7% DLO Dlocal Ltd. 1,913,998 $27.1M New GOOGL Alphabet Inc. Class A 47,401 $14.8M Reduce -20.9% TSM Taiwan Semiconductor-SP ADR 46,110 $14.0M Reduce -21.6% AAPL Apple Inc. 49,735 $13.5M Reduce -21.4% ABNB Airbnb Inc. Class A 93,701 $12.7M New NVDA Nvidia Corp. 66,213 $12.3M Reduce -21.7% AMZN Amazon.com Inc. 50,964 $11.8M Reduce -22.0% BKNG Booking Holdings Inc. 2,176 $11.7M New NFLX Netflix Inc. 119,889 $11.2M Add +108.2% MSFT Microsoft Corp. 22,750 $11.0M Reduce -22.2% META Meta Platforms Inc. Class A 15,336 $10.1M Reduce -22.2% VTEX Vtex Class A 222,514 $837K Reduce -0.2%
Options reported separately and not counted above: XP calls ($100.4M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ STNE Stoneco Ltd. Class A Sold out 0.00% −23.89 XP XP Inc. Class A Reduce -32.7% 13.94% −8.23 META Meta Platforms Inc. Class A Reduce -22.2% 1.53% −0.51 MSFT Microsoft Corp. Reduce -22.2% 1.67% −0.47 NVDA Nvidia Corp. Reduce -21.7% 1.87% −0.36 AMZN Amazon.com Inc. Reduce -22.0% 1.78% −0.24 AAPL Apple Inc. Reduce -21.4% 2.05% −0.23 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.22 TSM Taiwan Semiconductor-SP ADR Reduce -21.6% 2.12% −0.20 KWEB Kranesh Csi China Internet Sold out 0.00% −0.20 CXSE Wisdomtree China Ex-St Ow Sold out 0.00% −0.19 VTEX Vtex Class A Reduce -0.2% 0.13% −0.01 GOOGL Alphabet Inc. Class A Reduce -20.9% 2.25% +0.19
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ MELI MercadoLibre Inc. Add +415.1% 23.05% +18.21 NU Nu Holdings Ltd./Cayman Isl-A Add +10.9% 40.11% +7.84 DLO Dlocal Ltd. New 4.10% +4.10 ABNB Airbnb Inc. Class A New 1.93% +1.93 BKNG Booking Holdings Inc. New 1.77% +1.77 NFLX Netflix Inc. Add +108.2% 1.70% +0.73
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ XP XP Inc. Class A call Add +205.3% 6,136,000 $100.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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