Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Dynamo Internacional Gestao DE Recursos Ltda. reported 4 stock positions worth $124.3 million. Its top holding was MercadoLibre (MELI) at 86.9% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 9.6%) and Suzano SA - Spon ADR (SUZ, 2.9%). Compared with Q3 2025, it sold out of 1 and reduced 3. The biggest sale was an exit from Vale SA-SP ADR (VALE).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$124.3M (Q4 2025)
SEC Filing
0000947871-26-000184 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $124.3M $124.3M Q4 2025 Q1 2026: $266.3M Q1 2026 Q2 2026: $236.1M Q2 2026

Holdings 4 stocks · $124.3M
MELI MercadoLibre Inc. 86.90% 53,641 $108.0M Reduce -6.8%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 9.57% 710,777 $11.9M Reduce -2.6%
SUZ Suzano SA - Spon ADR 2.92% 389,234 $3.6M No change
VTEX Vtex Class A 0.61% 201,070 $756K Reduce -79.2%

Options reported separately and not counted above: EWZ calls ($17.0M), MELI puts ($5.1M), EWZ puts ($1.3M).

Portfolio Sells Q3 2025 → Q4 2025
VALE Vale SA-SP ADR Sold out 0.00% −2.53
VTEX Vtex Class A Reduce -79.2% 0.61% −2.06
MELI MercadoLibre Inc. Reduce -6.8% 86.90% +1.81
NU Nu Holdings Ltd./Cayman Isl-A Reduce -2.6% 9.57% +2.18

Portfolio Buys Q3 2025 → Q4 2025
None this quarter.

Options Activity Q3 2025 → Q4 2025
EWZ iShares MSCI Brazil ETF call Reduce -35.0% 5,852,000 $17.0M
MELI MercadoLibre Inc. put Reduce -2.2% 26,900 $5.1M
EWZ iShares MSCI Brazil ETF put New 1,957,200 $1.3M

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