Milestones Administradora de Recursos Ltda.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Milestones Administradora de Recursos Ltda. reported 17 stock positions worth $302.8 million. Its top holding was Amazon.com (AMZN) at 15.6% of the portfolio, followed by Microsoft (MSFT, 14.0%) and Taiwan Semiconductor-SP ADR (TSM, 13.9%). Compared with Q3 2025, it added to 3 and reduced 5. The biggest buy was Linde (LIN, shares +189%) and the biggest sale General Electric (GE, shares −18%).

Most Recent 13F
Q2 2026
Location
JARAGUA DO SUL, D5
CIK
0001912095
Portfolio Value
$302.8M (Q4 2025)
SEC Filing
0001912095-26-000001 ↗ filed Feb 10, 2026

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 Q2 2025 Q3 2025: $285.6M Q3 2025 Q4 2025: $302.8M $302.8M Q4 2025 Q1 2026: $383.1M Q1 2026 Q2 2026: $517.6M Q2 2026

Holdings 17 stocks · $302.8M
AMZN Amazon.com Inc. 15.59% 204,480 $47.2M Reduce -6.0%
MSFT Microsoft Corp. 14.00% 87,675 $42.4M Reduce -1.6%
TSM Taiwan Semiconductor-SP ADR 13.85% 138,036 $41.9M No change
GE General Electric filed as GE AEROSPACE 12.17% 119,625 $36.8M Reduce -18.5%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 10.32% 1,866,114 $31.2M Reduce -0.1%
GOOGL Alphabet Inc. Class A 8.13% 78,606 $24.6M Reduce -12.9%
LIN Linde PLC 6.04% 42,870 $18.3M Add +188.7%
MELI MercadoLibre Inc. 4.76% 7,151 $14.4M No change
V Visa Inc. Class A 3.48% 30,081 $10.5M Add +280.5%
DHR Danaher Corp. 3.28% 43,370 $9.9M No change
AMD Advanced Micro Devices 3.14% 44,350 $9.5M Add +12.3%
MLKMF Waldencast PLC-A 1.51% 2,425,677 $4.6M No change
SPGI S&P Global Inc. 1.10% 6,355 $3.3M No change
MCO Moody's Corp. 1.07% 6,353 $3.2M No change
CVX Chevron Corp. 0.76% 15,170 $2.3M No change
COP Conocophillips 0.47% 15,235 $1.4M 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 · $18K (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 440,415$18KNo change

Total filed on the 13F, all lines: $302.8M.

Portfolio Sells Q3 2025 → Q4 2025
GE General Electric Reduce -18.5% 12.17% −3.28
MSFT Microsoft Corp. Reduce -1.6% 14.00% −2.15
AMZN Amazon.com Inc. Reduce -6.0% 15.59% −1.13
NU Nu Holdings Ltd./Cayman Isl-A Reduce -0.1% 10.32% −0.15
GOOGL Alphabet Inc. Class A Reduce -12.9% 8.13% +0.45

Portfolio Buys Q3 2025 → Q4 2025
LIN Linde PLC Add +188.7% 6.04% +3.57
V Visa Inc. Class A Add +280.5% 3.48% +2.54
AMD Advanced Micro Devices Add +12.3% 3.14% +0.90

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