Dynamo Internacional Gestao DE Recursos Ltda.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Dynamo Internacional Gestao DE Recursos Ltda. reported 3 stock positions worth $266.3 million. Its top holding was MercadoLibre (MELI) at 60.5% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 29.8%) and Suzano SA - Spon ADR (SUZ, 9.7%). Compared with Q4 2025, it sold out of 1 and added to 3. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +676%) and the biggest sale an exit from Vtex Class A (VTEX).

Most Recent 13F
Q2 2026
Location
RIO DE JANEIRO, D5
CIK
0001546790
Portfolio Value
$266.3M (Q1 2026)
SEC Filing
0000947871-26-000554 ↗ filed May 15, 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 Q4 2025 Q1 2026: $266.3M $266.3M Q1 2026 Q2 2026: $236.1M Q2 2026

Holdings 3 stocks · $266.3M
MELI MercadoLibre Inc. 60.50% 93,184 $161.1M Add +73.7%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 29.77% 5,517,125 $79.3M Add +676.2%
SUZ Suzano SA - Spon ADR 9.73% 2,589,234 $25.9M Add +565.2%

Options reported separately and not counted above: EWZ calls ($25.2M), EWZ puts ($19K).

Portfolio Sells Q4 2025 → Q1 2026
VTEX Vtex Class A Sold out 0.00% −0.61

Portfolio Buys Q4 2025 → Q1 2026
NU Nu Holdings Ltd./Cayman Isl-A Add +676.2% 29.77% +20.20
SUZ Suzano SA - Spon ADR Add +565.2% 9.73% +6.81
MELI MercadoLibre Inc. Add +73.7% 60.50% −26.40

Options Activity Q4 2025 → Q1 2026
EWZ iShares MSCI Brazil ETF call Reduce -32.5% 3,951,900 $25.2M
MELI MercadoLibre Inc. put Sold out 26,900 $5.1Mbefore exit
EWZ iShares MSCI Brazil ETF put Reduce -51.1% 956,100 $19K

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