Dynamo Internacional Gestao DE Recursos Ltda. In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 30, 2025), Dynamo Internacional Gestao DE Recursos Ltda. reported 6 stock positions worth $589.1 million . Its top holding was Nu Holdings Ltd./Cayman Isl-A (NU) at 57.1% of the portfolio, followed by MercadoLibre (MELI, 25.9% ) and Vtex Class A (VTEX, 8.6% ). Compared with Q4 2023, it sold out of 13, added to 2 and reduced 3. The biggest buy was MercadoLibre (MELI, shares +71% ) and the biggest sale an exit from Natura &co Holding-ADR (NTCOY).
Location RIO DE JANEIRO, D5
CIK 0001546790
Portfolio Value $589.1M (Q1 2024) Holdings 6 stocks · $589.1M 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 Q4 2023 NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 28,196,937 $336.4M Reduce -0.9% MELI MercadoLibre Inc. 101,057 $152.8M Add +70.5% VTEX Vtex Class A 6,228,771 $50.9M Reduce -3.0% VALE Vale SA-SP ADR 3,289,483 $40.1M Add +110.2% SUZ Suzano SA - Spon ADR 450,000 $5.8M No change RIO Rio Tinto PLC-Spon ADR 49,169 $3.1M Reduce -83.1%
Options reported separately and not counted above: MELI calls ($2.6M), RIO puts ($2.6M), QQQ puts ($753K).
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ NTCOY Natura &co Holding-ADR Sold out 0.00% −8.19 RIO Rio Tinto PLC-Spon ADR Reduce -83.1% 0.53% −3.34 RYAAY Ryanair Holdings PLC-SP ADR Sold out 0.00% −2.44 APPF Appfolio Inc. Class A Sold out 0.00% −2.16 LIN Linde PLC Sold out 0.00% −2.03 GE General Electric Sold out 0.00% −1.82 DHR Danaher Corp. Sold out 0.00% −1.60 MLKMF Waldencast PLC-A Sold out 0.00% −1.58 APH Amphenol Corp. Class A Sold out 0.00% −0.97 AMZN Amazon.com Inc. Sold out 0.00% −0.94 SGI Somnigroup International Inc. Sold out 0.00% −0.79 DSGX The Descartes Systems Grp Sold out 0.00% −0.72 HEI.A Heico Corp. Class A Sold out 0.00% −0.59 VLTO Veralto Corp. Sold out 0.00% −0.17 VTEX Vtex Class A Reduce -3.0% 8.64% +0.76 NU Nu Holdings Ltd./Cayman Isl-A Reduce -0.9% 57.11% +14.81
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ MELI MercadoLibre Inc. Add +70.5% 25.94% +9.32 VALE Vale SA-SP ADR Add +110.2% 6.81% +2.38
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ NU Nu Holdings Ltd./Cayman Isl-A call Sold out 1,554,000 $12.9Mbefore exit MELI MercadoLibre Inc. call Reduce -29.8% 33,900 $2.6M RIO Rio Tinto PLC-Spon ADR put Reduce -22.8% 833,700 $2.6M QQQ Invesco QQQ Trust Series 1 put New 3,583,500 $753K NU Nu Holdings Ltd./Cayman Isl-A put Sold out 100 $833before exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 Sold out 269,999 $228Kbefore 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 4 $236.1M MELI, NU, SUZ, GGB Q1 2026 3 $266.3M MELI, NU, SUZ Q4 2025 4 $124.3M MELI, NU, SUZ, VTEX Q3 2025 5 $158.1M MELI, NU, VTEX, VALE, SUZ Q2 2025 5 $264.1M MELI, NU, VALE, VTEX, SUZ Q1 2025 6 $295.3M MELI, NU, VALE, RIO, VTEX Q4 2024 Amended 6 $291.2M MELI, NU, VALE, VTEX, SUZ Q3 2024 Amended 6 $416.7M NU, MELI, VTEX, VALE, SUZ Q2 2024 Amended 6 $562.5M NU, MELI, VTEX, VALE, SUZ Q1 2024 Amended 6 $589.1M NU, MELI, VTEX, VALE, SUZ