In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Marcho Partners LLP reported 8 stock positions worth $254.4 million . Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 22.6% of the portfolio, followed by MercadoLibre (MELI, 17.1% ) and Nu Holdings Ltd./Cayman Isl-A (NU, 13.8% ). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 2 and reduced 5. The biggest buy was a new position in iShares Bitcoin Trust ETF (IBIT) and the biggest sale MercadoLibre (MELI, shares −50% ).
Location LONDON, X0
CIK 0001782974
Portfolio Value $254.4M (Q2 2025) Holdings 8 stocks · $254.4M 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 Q1 2025 TSM Taiwan Semiconductor-SP ADR 253,879 $57.5M Add +2.8% MELI MercadoLibre Inc. 16,677 $43.6M Reduce -49.6% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 2,567,814 $35.2M Reduce -34.4% SE Sea Ltd.-ADR 158,165 $25.3M Reduce -8.7% SHOP Shopify Inc. Class A 216,676 $25.0M Reduce -13.8% GRAB Grab Holdings Ltd. Class A 4,522,872 $22.8M Reduce -9.4% GTLB Gitlab Inc. Class A 501,405 $22.6M Add +51.1% IBIT iShares Bitcoin Trust ETF 366,900 $22.5M New
Options reported separately and not counted above: SPY puts ($27.8M).
Portfolio Sells Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ MELI MercadoLibre Inc. Reduce -49.6% 17.13% −8.60 SPOT Spotify Technology SA Sold out 0.00% −8.15 NU Nu Holdings Ltd./Cayman Isl-A Reduce -34.4% 13.85% −2.13 GRAB Grab Holdings Ltd. Class A Reduce -9.4% 8.94% −0.07 SHOP Shopify Inc. Class A Reduce -13.8% 9.82% +0.26 SE Sea Ltd.-ADR Reduce -8.7% 9.94% +0.93
Portfolio Buys Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ IBIT iShares Bitcoin Trust ETF New 8.83% +8.83 TSM Taiwan Semiconductor-SP ADR Add +2.8% 22.60% +6.26 GTLB Gitlab Inc. Class A Add +51.1% 8.89% +2.68
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 45,000 $27.8M QQQ Invesco QQQ Trust Series 1 put Sold out 45,000 $21.1Mbefore exit
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