Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Dynamo Internacional Gestao DE Recursos Ltda. reported 4 stock positions worth $236.1 million. Its top holding was MercadoLibre (MELI) at 51.6% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 36.3%) and Suzano SA - Spon ADR (SUZ, 8.4%). Compared with Q1 2026, it opened 1 new position, added to 1 and reduced 2. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +16%) and the biggest sale MercadoLibre (MELI, shares −23%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$236.1M (Q2 2026)
SEC Filing
0000947871-26-000792 ↗ filed Aug 14, 2026

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $589.1M Q1 2024 Q2 2024: $562.5M Q2 2024 Q3 2024: $416.7M Q3 2024 Q4 2024: $291.2M Q4 2024 Q1 2025: $295.3M Q1 2025 Q2 2025: $264.1M Q2 2025 Q3 2025: $158.1M Q3 2025 Q4 2025: $124.3M Q4 2025 Q1 2026: $266.3M Q1 2026 Q2 2026: $236.1M $236.1M Q2 2026

Holdings 4 stocks · $236.1M
MELI MercadoLibre Inc. 51.64% 71,814 $121.9M Reduce -22.9%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 36.33% 6,419,224 $85.8M Add +16.4%
SUZ Suzano SA - Spon ADR 8.42% 2,561,542 $19.9M Reduce -1.1%
GGB Gerdau SA -Spon ADR 3.61% 2,109,474 $8.5M New

Options reported separately and not counted above: PBR puts ($7.1M), EWZ calls ($1.1M).

Portfolio Sells Q1 2026 → Q2 2026
MELI MercadoLibre Inc. Reduce -22.9% 51.64% −8.86
SUZ Suzano SA - Spon ADR Reduce -1.1% 8.42% −1.31

Portfolio Buys Q1 2026 → Q2 2026
NU Nu Holdings Ltd./Cayman Isl-A Add +16.4% 36.33% +6.56
GGB Gerdau SA -Spon ADR New 3.61% +3.61

Options Activity Q1 2026 → Q2 2026
PBR Petroleo Brasileiro-Spon ADR put New 2,050,000 $7.1M
EWZ iShares MSCI Brazil ETF call Reduce -74.7% 1,000,000 $1.1M
EWZ iShares MSCI Brazil ETF put Sold out 956,100 $19Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$236.1MMELI, NU, SUZ, GGB
Q1 2026 3$266.3MMELI, NU, SUZ
Q4 2025 4$124.3MMELI, NU, SUZ, VTEX
Q3 2025 5$158.1MMELI, NU, VTEX, VALE, SUZ
Q2 2025 5$264.1MMELI, NU, VALE, VTEX, SUZ
Q1 2025 6$295.3MMELI, NU, VALE, RIO, VTEX
Q4 2024Amended 6$291.2MMELI, NU, VALE, VTEX, SUZ
Q3 2024Amended 6$416.7MNU, MELI, VTEX, VALE, SUZ
Q2 2024Amended 6$562.5MNU, MELI, VTEX, VALE, SUZ
Q1 2024Amended 6$589.1MNU, MELI, VTEX, VALE, SUZ