Milestones Administradora de Recursos Ltda.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 5, 2025), Milestones Administradora de Recursos Ltda. reported 21 stock positions worth $195.8 million. Its top holding was Amazon.com (AMZN) at 25.6% of the portfolio, followed by Microsoft (MSFT, 19.3%) and Alphabet Class A (GOOGL, 8.0%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 8 and reduced 1. The biggest buy was a new position in Conocophillips (COP) and the biggest sale an exit from Dell Technologies -C (DELL).

Most Recent 13F
Q2 2026
Location
JARAGUA DO SUL, D5
CIK
0001912095
Portfolio Value
$195.8M (Q1 2025)
SEC Filing
0001912095-25-000003 ↗ filed May 5, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $186.0M Q1 2024 Q2 2024: $237.8M Q2 2024 Q3 2024: $250.9M Q3 2024 Q4 2024: $196.6M Q4 2024 Q1 2025: $195.8M $195.8M Q1 2025 Q2 2025: $292.3M Q2 2025 Q3 2025: $285.6M Q3 2025 Q4 2025: $302.8M Q4 2025 Q1 2026: $383.1M Q1 2026 Q2 2026: $517.6M Q2 2026

Holdings 21 stocks · $195.8M
AMZN Amazon.com Inc. 25.62% 263,715 $50.2M Add +10.6%
MSFT Microsoft Corp. 19.35% 100,922 $37.9M Add +3.2%
GOOGL Alphabet Inc. Class A 7.97% 100,975 $15.6M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 7.24% 1,384,000 $14.2M No change
GE General Electric filed as GE AEROSPACE 6.32% 61,860 $12.4M No change
OXY Occidental Petroleum Corp. 4.89% 193,820 $9.6M No change
TSM Taiwan Semiconductor-SP ADR 4.25% 50,140 $8.3M Add +13.8%
MLKMF Waldencast PLC-A 3.37% 2,200,000 $6.6M No change
MELI MercadoLibre Inc. 3.25% 3,261 $6.4M Reduce -12.2%
V Visa Inc. Class A 2.83% 15,810 $5.5M No change
CVX Chevron Corp. 2.59% 30,340 $5.1M No change
TMO Thermo Fisher Scientific Inc. 1.90% 7,465 $3.7M No change
LIN Linde PLC 1.79% 7,520 $3.5M Add +17.5%
SPGI S&P Global Inc. 1.65% 6,355 $3.2M Add +53.3%
COP Conocophillips 1.63% 30,470 $3.2M New
MCO Moody's Corp. 1.44% 6,055 $2.8M Add +125.9%
AMD Advanced Micro Devices 1.15% 21,840 $2.2M Add +160.0%
DHR Danaher Corp. 0.98% 9,350 $1.9M Add +167.1%
ICE Intercontinental Exchange Inc. 0.66% 7,450 $1.3M No change
MA Mastercard Inc. Class A 0.57% 2,035 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.57% 2,080 $1.1M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $45K (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 342,999$45KNo change

Total filed on the 13F, all lines: $195.9M.

Portfolio Sells Q4 2024 → Q1 2025
DELL Dell Technologies -C Sold out 0.00% −0.84
MELI MercadoLibre Inc. Reduce -12.2% 3.25% +0.04

Portfolio Buys Q4 2024 → Q1 2025
COP Conocophillips New 1.63% +1.63
MCO Moody's Corp. Add +125.9% 1.44% +0.79
AMD Advanced Micro Devices Add +160.0% 1.15% +0.63
SPGI S&P Global Inc. Add +53.3% 1.65% +0.60
DHR Danaher Corp. Add +167.1% 0.98% +0.57
LIN Linde PLC Add +17.5% 1.79% +0.43
TSM Taiwan Semiconductor-SP ADR Add +13.8% 4.25% −0.17
AMZN Amazon.com Inc. Add +10.6% 25.62% −0.98
MSFT Microsoft Corp. Add +3.2% 19.35% −1.62

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 20$517.6MAMZN, MSFT, GE, TSM, LIN
Q1 2026 16$383.1MMSFT, LIN, GE, NU, TSM
Q4 2025 17$302.8MAMZN, MSFT, TSM, GE, NU
Q3 2025 17$285.6MAMZN, MSFT, GE, TSM, NU
Q2 2025 18$292.3MAMZN, MSFT, GE, TSM, GOOGL
Q1 2025 21$195.8MAMZN, MSFT, GOOGL, NU, GE
Q4 2024 21$196.6MAMZN, MSFT, GOOGL, NU, GE
Q3 2024 28$250.9MAMZN, MSFT, NU, GOOGL, GE
Q2 2024 27$237.8MAMZN, MSFT, GOOGL, NU, TMO
Q1 2024 17$186.0MAMZN, GOOGL, MSFT, NU, MLKMF