Marcho Partners LLP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Marcho Partners LLP reported 8 stock positions worth $251.0 million. Its top holding was MercadoLibre (MELI) at 25.7% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 16.3%) and Nu Holdings Ltd./Cayman Isl-A (NU, 16.0%). Compared with Q4 2024, it sold out of 1, added to 4 and reduced 4. The biggest buy was Sea Ltd.-ADR (SE, shares +28%) and the biggest sale an exit from Dlocal (DLO).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001782974
Portfolio Value
$251.0M (Q1 2025)
SEC Filing
0001782974-25-000002 ↗ filed May 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $339.8M Q1 2024 Q2 2024: $330.2M Q2 2024 Q3 2024: $285.6M Q3 2024 Q4 2024: $292.3M Q4 2024 Q1 2025: $251.0M $251.0M Q1 2025 Q2 2025: $254.4M Q2 2025 Q3 2025: $249.0M Q3 2025 Q4 2025: $164.7M Q4 2025 Q1 2026: $123.8M Q1 2026 Q2 2026: $175.8M Q2 2026

Holdings 8 stocks · $251.0M
MELI MercadoLibre Inc. 25.73% 33,105 $64.6M Reduce -23.1%
TSM Taiwan Semiconductor-SP ADR 16.34% 246,992 $41.0M Add +10.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 15.98% 3,916,009 $40.1M Add +10.6%
SHOP Shopify Inc. Class A 9.56% 251,247 $24.0M Reduce -8.3%
GRAB Grab Holdings Ltd. Class A 9.01% 4,993,677 $22.6M Add +1.2%
SE Sea Ltd.-ADR 9.01% 173,255 $22.6M Add +28.1%
SPOT Spotify Technology SA 8.15% 37,198 $20.5M Reduce -15.5%
GTLB Gitlab Inc. Class A 6.21% 331,785 $15.6M Reduce -13.8%

Options reported separately and not counted above: QQQ puts ($21.1M).

Portfolio Sells Q4 2024 → Q1 2025
DLO Dlocal Ltd. Sold out 0.00% −10.34
GTLB Gitlab Inc. Class A Reduce -13.8% 6.21% −1.20
SHOP Shopify Inc. Class A Reduce -8.3% 9.56% −0.41
MELI MercadoLibre Inc. Reduce -23.1% 25.73% +0.70
SPOT Spotify Technology SA Reduce -15.5% 8.15% +1.42

Portfolio Buys Q4 2024 → Q1 2025
SE Sea Ltd.-ADR Add +28.1% 9.01% +4.10
NU Nu Holdings Ltd./Cayman Isl-A Add +10.6% 15.98% +3.43
TSM Taiwan Semiconductor-SP ADR Add +10.6% 16.34% +1.25
GRAB Grab Holdings Ltd. Class A Add +1.2% 9.01% +1.04

Options Activity Q4 2024 → Q1 2025
QQQ Invesco QQQ Trust Series 1 put Reduce -70.0% 45,000 $21.1M
DLO Dlocal Ltd. call Sold out 300,000 $3.4Mbefore 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 6$175.8MTSM, MELI, SE, SHOP, SMH
Q1 2026 5$123.8MTSM, MELI, IBIT, SHOP, SE
Q4 2025 7$164.7MTSM, MELI, SE, IBIT, NU
Q3 2025 8$249.0MTSM, MELI, NU, IBIT, SHOP
Q2 2025 8$254.4MTSM, MELI, NU, SE, SHOP
Q1 2025 8$251.0MMELI, TSM, NU, SHOP, GRAB
Q4 2024 9$292.3MMELI, TSM, NU, DLO, SHOP
Q3 2024 10$285.6MMELI, SHOP, DLO, NU, GRAB
Q2 2024 9$330.2MMELI, SHOP, GTLB, ESTC, DLO
Q1 2024 9$339.8MMELI, DLO, SPOT, SHOP, ESTC