Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Dynamo Internacional Gestao DE Recursos Ltda. reported 5 stock positions worth $264.1 million. Its top holding was MercadoLibre (MELI) at 77.4% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 14.3%) and Vale SA-SP ADR (VALE, 3.8%). Compared with Q1 2025, it sold out of 1 and reduced 4. The biggest sale was Nu Holdings Ltd./Cayman Isl-A (NU, shares −70%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$264.1M (Q2 2025)
SEC Filing
0000947871-25-000776 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $264.1M $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 5 stocks · $264.1M
MELI MercadoLibre Inc. 77.41% 78,217 $204.4M Reduce -3.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 14.32% 2,757,015 $37.8M Reduce -69.8%
VALE Vale SA-SP ADR 3.84% 1,043,708 $10.1M Reduce -59.0%
VTEX Vtex Class A 3.04% 1,216,967 $8.0M Reduce -18.8%
SUZ Suzano SA - Spon ADR 1.39% 389,234 $3.7M No change

Options reported separately and not counted above: EWZ calls ($16.7M).

Portfolio Sells Q1 2025 → Q2 2025
NU Nu Holdings Ltd./Cayman Isl-A Reduce -69.8% 14.32% −17.30
VALE Vale SA-SP ADR Reduce -59.0% 3.84% −4.77
RIO Rio Tinto PLC-Spon ADR Sold out 0.00% −2.57
VTEX Vtex Class A Reduce -18.8% 3.04% +0.47
MELI MercadoLibre Inc. Reduce -3.2% 77.41% +24.01

Portfolio Buys Q1 2025 → Q2 2025
None this quarter.

Options Activity Q1 2025 → Q2 2025
EWZ iShares MSCI Brazil ETF call New 7,960,000 $16.7M
MELI MercadoLibre Inc. call Sold out 25,400 $5.8Mbefore exit
NU Nu Holdings Ltd./Cayman Isl-A put Sold out 2,300,000 $3.7Mbefore exit
RIO Rio Tinto PLC-Spon ADR put Sold out 777,600 $1.9Mbefore 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