Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Dynamo Internacional Gestao DE Recursos Ltda. reported 5 stock positions worth $158.1 million. Its top holding was MercadoLibre (MELI) at 85.1% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 7.4%) and Vtex Class A (VTEX, 2.7%). Compared with Q2 2025, it reduced 4. The biggest sale was Nu Holdings Ltd./Cayman Isl-A (NU, shares −74%).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$158.1M (Q3 2025)
SEC Filing
0000947871-25-001018 ↗ filed Nov 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 Q2 2025 Q3 2025: $158.1M $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 · $158.1M
MELI MercadoLibre Inc. 85.09% 57,551 $134.5M Reduce -26.4%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 7.39% 729,715 $11.7M Reduce -73.5%
VTEX Vtex Class A 2.67% 964,324 $4.2M Reduce -20.8%
VALE Vale SA-SP ADR 2.53% 367,864 $4.0M Reduce -64.8%
SUZ Suzano SA - Spon ADR 2.31% 389,234 $3.7M No change

Options reported separately and not counted above: EWZ calls ($24.6M), MELI puts ($3.5M).

Portfolio Sells Q2 2025 → Q3 2025
NU Nu Holdings Ltd./Cayman Isl-A Reduce -73.5% 7.39% −6.93
VALE Vale SA-SP ADR Reduce -64.8% 2.53% −1.31
VTEX Vtex Class A Reduce -20.8% 2.67% −0.37
MELI MercadoLibre Inc. Reduce -26.4% 85.09% +7.68

Portfolio Buys Q2 2025 → Q3 2025
None this quarter.

Options Activity Q2 2025 → Q3 2025
EWZ iShares MSCI Brazil ETF call Add +13.1% 9,000,000 $24.6M
MELI MercadoLibre Inc. put New 27,500 $3.5M

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