In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Marcho Partners LLP reported 10 stock positions worth $285.6 million . Its top holding was MercadoLibre (MELI) at 23.5% of the portfolio, followed by Shopify Class A (SHOP, 13.5% ) and Dlocal (DLO, 12.9% ). Compared with Q2 2024, it opened 1 new position, added to 2 and reduced 7. The biggest buy was Dlocal (DLO, shares +14% ) and the biggest sale Elastic (ESTC, shares −25% ).
Location LONDON, X0
CIK 0001782974
Portfolio Value $285.6M (Q3 2024) Holdings 10 stocks · $285.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 MELI MercadoLibre Inc. 32,673 $67.0M Reduce -26.5% SHOP Shopify Inc. Class A 481,313 $38.6M Reduce -21.3% DLO Dlocal Ltd. 4,593,112 $36.7M Add +14.3% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 2,184,913 $29.8M Reduce -10.5% GRAB Grab Holdings Ltd. Class A 6,204,477 $23.6M Reduce -29.6% TSM Taiwan Semiconductor-SP ADR 129,706 $22.5M Add +21.6% GTLB Gitlab Inc. Class A 431,672 $22.2M Reduce -42.6% SPOT Spotify Technology SA 58,398 $21.5M Reduce -37.8% ESTC Elastic NV 238,541 $18.3M Reduce -24.7% SE Sea Ltd.-ADR 55,678 $5.2M New
Options reported separately and not counted above: QQQ puts ($43.9M), SPY puts ($43.0M), DLO calls ($2.4M).
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ ESTC Elastic NV Reduce -24.7% 6.41% −4.52 GTLB Gitlab Inc. Class A Reduce -42.6% 7.79% −3.54 SPOT Spotify Technology SA Reduce -37.8% 7.54% −1.38 GRAB Grab Holdings Ltd. Class A Reduce -29.6% 8.25% −1.21 NU Nu Holdings Ltd./Cayman Isl-A Reduce -10.5% 10.44% +0.91 SHOP Shopify Inc. Class A Reduce -21.3% 13.50% +1.27 MELI MercadoLibre Inc. Reduce -26.5% 23.47% +1.35
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ DLO Dlocal Ltd. Add +14.3% 12.87% +3.02 TSM Taiwan Semiconductor-SP ADR Add +21.6% 7.89% +2.27 SE Sea Ltd.-ADR New 1.84% +1.84
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +80.0% 90,000 $43.9M SPY SS SPDR S&P 500 ETF Trust-US put Add +50.0% 75,000 $43.0M DLO Dlocal Ltd. call Add +100.0% 300,000 $2.4M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 6 $175.8M TSM, MELI, SE, SHOP, SMH Q1 2026 5 $123.8M TSM, MELI, IBIT, SHOP, SE Q4 2025 7 $164.7M TSM, MELI, SE, IBIT, NU Q3 2025 8 $249.0M TSM, MELI, NU, IBIT, SHOP Q2 2025 8 $254.4M TSM, MELI, NU, SE, SHOP Q1 2025 8 $251.0M MELI, TSM, NU, SHOP, GRAB Q4 2024 9 $292.3M MELI, TSM, NU, DLO, SHOP Q3 2024 10 $285.6M MELI, SHOP, DLO, NU, GRAB Q2 2024 9 $330.2M MELI, SHOP, GTLB, ESTC, DLO Q1 2024 9 $339.8M MELI, DLO, SPOT, SHOP, ESTC