Milestones Administradora de Recursos Ltda.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Milestones Administradora de Recursos Ltda. reported 18 stock positions worth $292.3 million. Its top holding was Amazon.com (AMZN) at 19.3% of the portfolio, followed by Microsoft (MSFT, 16.8%) and General Electric (GE, 12.9%). Compared with Q1 2025, it sold out of 3, added to 8 and reduced 3. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +210%) and the biggest sale Amazon.com (AMZN, shares −3%).

Most Recent 13F
Q2 2026
Location
JARAGUA DO SUL, D5
CIK
0001912095
Portfolio Value
$292.3M (Q2 2025)
SEC Filing
0001912095-25-000004 ↗ filed Jul 25, 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 Q1 2025 Q2 2025: $292.3M $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 18 stocks · $292.3M
AMZN Amazon.com Inc. 19.26% 256,650 $56.3M Reduce -2.7%
MSFT Microsoft Corp. 16.84% 98,972 $49.2M Reduce -1.9%
GE General Electric filed as GE AEROSPACE 12.92% 146,725 $37.8M Add +137.2%
TSM Taiwan Semiconductor-SP ADR 12.05% 155,500 $35.2M Add +210.1%
GOOGL Alphabet Inc. Class A 8.82% 146,272 $25.8M Add +44.9%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 6.97% 1,484,000 $20.4M Add +7.2%
MELI MercadoLibre Inc. 6.39% 7,151 $18.7M Add +119.3%
MCO Moody's Corp. 3.27% 19,055 $9.6M Add +214.7%
DHR Danaher Corp. 2.93% 43,370 $8.6M Add +363.9%
LIN Linde PLC 2.38% 14,850 $7.0M Add +97.5%
MLKMF Waldencast PLC-A 1.84% 2,200,000 $5.4M No change
CVX Chevron Corp. 1.49% 30,340 $4.3M No change
SPGI S&P Global Inc. 1.15% 6,355 $3.4M No change
AMD Advanced Micro Devices 1.06% 21,840 $3.1M No change
V Visa Inc. Class A 0.96% 7,905 $2.8M Reduce -50.0%
COP Conocophillips 0.94% 30,470 $2.7M No change
MA Mastercard Inc. Class A 0.39% 2,035 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.35% 2,080 $1.0M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $33K (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 342,999$33KNo change

Total filed on the 13F, all lines: $292.4M.

Portfolio Sells Q1 2025 → Q2 2025
AMZN Amazon.com Inc. Reduce -2.7% 19.26% −6.36
OXY Occidental Petroleum Corp. Sold out 0.00% −4.89
MSFT Microsoft Corp. Reduce -1.9% 16.84% −2.50
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −1.90
V Visa Inc. Class A Reduce -50.0% 0.96% −1.87
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.66

Portfolio Buys Q1 2025 → Q2 2025
TSM Taiwan Semiconductor-SP ADR Add +210.1% 12.05% +7.80
GE General Electric Add +137.2% 12.92% +6.60
MELI MercadoLibre Inc. Add +119.3% 6.39% +3.15
DHR Danaher Corp. Add +363.9% 2.93% +1.95
MCO Moody's Corp. Add +214.7% 3.27% +1.83
GOOGL Alphabet Inc. Class A Add +44.9% 8.82% +0.84
LIN Linde PLC Add +97.5% 2.38% +0.60
NU Nu Holdings Ltd./Cayman Isl-A Add +7.2% 6.97% −0.27

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