Milestones Administradora de Recursos Ltda. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Milestones Administradora de Recursos Ltda. reported 17 stock positions worth $285.6 million . Its top holding was Amazon.com (AMZN) at 16.7% of the portfolio, followed by Microsoft (MSFT, 16.2% ) and General Electric (GE, 15.5% ). Compared with Q2 2025, it sold out of 1, added to 3 and reduced 7. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +26% ) and the biggest sale Amazon.com (AMZN, shares −15% ).
Location JARAGUA DO SUL, D5
CIK 0001912095
Portfolio Value $285.6M (Q3 2025) Holdings 17 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 2025 AMZN Amazon.com Inc. 217,523 $47.8M Reduce -15.3% MSFT Microsoft Corp. 89,075 $46.1M Reduce -10.0% GE General Electric filed as GE AEROSPACE 146,725 $44.1M No change TSM Taiwan Semiconductor-SP ADR 138,036 $38.6M Reduce -11.2% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1,867,614 $29.9M Add +25.9% GOOGL Alphabet Inc. Class A 90,218 $21.9M Reduce -38.3% MELI MercadoLibre Inc. 7,151 $16.7M No change DHR Danaher Corp. 43,370 $8.6M No change LIN Linde PLC 14,850 $7.1M No change AMD Advanced Micro Devices 39,500 $6.4M Add +80.9% MLKMF Waldencast PLC-A 2,425,677 $4.8M Add +10.3% SPGI S&P Global Inc. 6,355 $3.1M No change MCO Moody's Corp. 6,353 $3.0M Reduce -66.7% V Visa Inc. Class A 7,905 $2.7M No change CVX Chevron Corp. 15,170 $2.4M Reduce -50.0% COP Conocophillips 15,235 $1.4M Reduce -50.0% BRK.B Berkshire Hathaway Inc. Class B 2,080 $1.0M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $16K (not counted above) Security Class Shares / Principal Value Change MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 440,415 $16K Add +28.4%
Total filed on the 13F, all lines: $285.7M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ AMZN Amazon.com Inc. Reduce -15.3% 16.72% −2.54 MCO Moody's Corp. Reduce -66.7% 1.06% −2.21 GOOGL Alphabet Inc. Class A Reduce -38.3% 7.68% −1.14 MSFT Microsoft Corp. Reduce -10.0% 16.15% −0.69 CVX Chevron Corp. Reduce -50.0% 0.82% −0.66 COP Conocophillips Reduce -50.0% 0.50% −0.43 MA Mastercard Inc. Class A Sold out 0.00% −0.39 TSM Taiwan Semiconductor-SP ADR Reduce -11.2% 13.50% +1.45
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ NU Nu Holdings Ltd./Cayman Isl-A Add +25.9% 10.47% +3.50 AMD Advanced Micro Devices Add +80.9% 2.24% +1.18 MLKMF Waldencast PLC-A Add +10.3% 1.68% −0.16
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 Add +28.4% 440,415 $16K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 20 $517.6M AMZN, MSFT, GE, TSM, LIN Q1 2026 16 $383.1M MSFT, LIN, GE, NU, TSM Q4 2025 17 $302.8M AMZN, MSFT, TSM, GE, NU Q3 2025 17 $285.6M AMZN, MSFT, GE, TSM, NU Q2 2025 18 $292.3M AMZN, MSFT, GE, TSM, GOOGL Q1 2025 21 $195.8M AMZN, MSFT, GOOGL, NU, GE Q4 2024 21 $196.6M AMZN, MSFT, GOOGL, NU, GE Q3 2024 28 $250.9M AMZN, MSFT, NU, GOOGL, GE Q2 2024 27 $237.8M AMZN, MSFT, GOOGL, NU, TMO Q1 2024 17 $186.0M AMZN, GOOGL, MSFT, NU, MLKMF