Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Dynamo Internacional Gestao DE Recursos Ltda. reported 6 stock positions worth $295.3 million. Its top holding was MercadoLibre (MELI) at 53.4% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 31.6%) and Vale SA-SP ADR (VALE, 8.6%). Compared with Q4 2024, it added to 2 and reduced 4. The biggest buy was MercadoLibre (MELI, shares +5%) and the biggest sale Vtex Class A (VTEX, shares −59%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$295.3M (Q1 2025)
SEC Filing
0000947871-25-000532 ↗ filed May 15, 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 Q3 2024 Q4 2024: $291.2M Q4 2024 Q1 2025: $295.3M $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 · $295.3M
MELI MercadoLibre Inc. 53.40% 80,816 $157.7M Add +5.4%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 31.62% 9,118,415 $93.4M Reduce -3.1%
VALE Vale SA-SP ADR 8.61% 2,545,990 $25.4M Reduce -37.7%
RIO Rio Tinto PLC-Spon ADR 2.57% 126,459 $7.6M Add +400.9%
VTEX Vtex Class A 2.57% 1,498,221 $7.6M Reduce -59.0%
SUZ Suzano SA - Spon ADR 1.22% 389,234 $3.6M Reduce -3.2%

Options reported separately and not counted above: MELI calls ($5.8M), NU puts ($3.7M), RIO puts ($1.9M).

Portfolio Sells Q4 2024 → Q1 2025
VTEX Vtex Class A Reduce -59.0% 2.57% −4.82
VALE Vale SA-SP ADR Reduce -37.7% 8.61% −3.84
NU Nu Holdings Ltd./Cayman Isl-A Reduce -3.1% 31.62% −1.85
SUZ Suzano SA - Spon ADR Reduce -3.2% 1.22% −0.17

Portfolio Buys Q4 2024 → Q1 2025
MELI MercadoLibre Inc. Add +5.4% 53.40% +8.62
RIO Rio Tinto PLC-Spon ADR Add +400.9% 2.57% +2.06

Options Activity Q4 2024 → Q1 2025
MELI MercadoLibre Inc. call Reduce -25.1% 25,400 $5.8M
NU Nu Holdings Ltd./Cayman Isl-A put New 2,300,000 $3.7M
RIO Rio Tinto PLC-Spon ADR put Reduce -6.7% 777,600 $1.9M
NU Nu Holdings Ltd./Cayman Isl-A call Sold out 2,870,000 $29Kbefore 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