Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed May 30, 2025), Dynamo Internacional Gestao DE Recursos Ltda. reported 6 stock positions worth $416.7 million. Its top holding was Nu Holdings Ltd./Cayman Isl-A (NU) at 59.1% of the portfolio, followed by MercadoLibre (MELI, 21.7%) and Vtex Class A (VTEX, 10.1%). Compared with Q2 2024, it added to 1 and reduced 4. The biggest buy was Vale SA-SP ADR (VALE, shares +8%) and the biggest sale MercadoLibre (MELI, shares −51%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$416.7M (Q3 2024)
SEC Filing
0000947871-25-000576 ↗ filed May 30, 2025

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 $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 Q2 2026

Holdings 6 stocks · $416.7M
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 59.09% 18,038,393 $246.2M Reduce -30.3%
MELI MercadoLibre Inc. 21.70% 44,071 $90.4M Reduce -51.0%
VTEX Vtex Class A 10.09% 5,648,948 $42.0M Reduce -7.8%
VALE Vale SA-SP ADR 7.76% 2,770,137 $32.4M Add +8.3%
SUZ Suzano SA - Spon ADR 1.08% 450,000 $4.5M No change
RIO Rio Tinto PLC-Spon ADR 0.27% 16,042 $1.1M Reduce -67.4%

Options reported separately and not counted above: MELI calls ($16.7M), NU calls ($3.1M), RIO puts ($1.2M), NU puts ($930K).

Portfolio Sells Q2 2024 → Q3 2024
MELI MercadoLibre Inc. Reduce -51.0% 21.70% −4.60
RIO Rio Tinto PLC-Spon ADR Reduce -67.4% 0.27% −0.30
NU Nu Holdings Ltd./Cayman Isl-A Reduce -30.3% 59.09% −0.22
VTEX Vtex Class A Reduce -7.8% 10.09% +2.18

Portfolio Buys Q2 2024 → Q3 2024
VALE Vale SA-SP ADR Add +8.3% 7.76% +2.69

Options Activity Q2 2024 → Q3 2024
NU Nu Holdings Ltd./Cayman Isl-A call New 2,870,000 $3.1M
QQQ Invesco QQQ Trust Series 1 put Sold out 1,200,000 $1.7Mbefore exit
NU Nu Holdings Ltd./Cayman Isl-A put New 1,500,000 $930K

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