Milestones Administradora de Recursos Ltda.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Milestones Administradora de Recursos Ltda. reported 16 stock positions worth $383.1 million. Its top holding was Microsoft (MSFT) at 17.3% of the portfolio, followed by Linde (LIN, 13.0%) and General Electric (GE, 12.2%). Compared with Q4 2025, it opened 1 new position, sold out of 2, added to 9 and reduced 2. The biggest buy was Linde (LIN, shares +135%) and the biggest sale Amazon.com (AMZN, shares −18%).

Most Recent 13F
Q2 2026
Location
JARAGUA DO SUL, D5
CIK
0001912095
Portfolio Value
$383.1M (Q1 2026)
SEC Filing
0001912095-26-000003 ↗ filed May 12, 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 Q4 2025 Q1 2026: $383.1M $383.1M Q1 2026 Q2 2026: $517.6M Q2 2026

Holdings 16 stocks · $383.1M
MSFT Microsoft Corp. 17.33% 179,407 $66.4M Add +104.6%
LIN Linde PLC 13.02% 100,633 $49.9M Add +134.7%
GE General Electric filed as GE AEROSPACE 12.17% 164,334 $46.6M Add +37.4%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 10.51% 2,803,164 $40.3M Add +50.2%
TSM Taiwan Semiconductor-SP ADR 10.25% 116,200 $39.3M Reduce -15.8%
AMZN Amazon.com Inc. 9.10% 167,455 $34.9M Reduce -18.1%
GOOGL Alphabet Inc. Class A 8.83% 117,659 $33.8M Add +49.7%
V Visa Inc. Class A 5.33% 67,626 $20.4M Add +124.8%
DHR Danaher Corp. 3.48% 70,333 $13.3M Add +62.2%
MELI MercadoLibre Inc. 3.23% 7,151 $12.4M No change
AMD Advanced Micro Devices 2.72% 51,258 $10.4M Add +15.6%
MCO Moody's Corp. 1.82% 15,954 $7.0M Add +151.1%
SPGI S&P Global Inc. 0.71% 6,355 $2.7M No change
NOW ServiceNow Inc. 0.63% 23,040 $2.4M New
MLKMF Waldencast PLC-A 0.60% 2,425,677 $2.3M No change
BRK.B Berkshire Hathaway Inc. Class B 0.26% 2,080 $997K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $16K (not counted above)
SecurityClassShares / PrincipalValueChange
MLKWF Waldencast Acq Class A -CW27 *W EXP 07/27/202 440,415$16KNo change

Total filed on the 13F, all lines: $383.1M.

Portfolio Sells Q4 2025 → Q1 2026
AMZN Amazon.com Inc. Reduce -18.1% 9.10% −6.48
TSM Taiwan Semiconductor-SP ADR Reduce -15.8% 10.25% −3.60
CVX Chevron Corp. Sold out 0.00% −0.76
COP Conocophillips Sold out 0.00% −0.47

Portfolio Buys Q4 2025 → Q1 2026
LIN Linde PLC Add +134.7% 13.02% +6.98
MSFT Microsoft Corp. Add +104.6% 17.33% +3.33
V Visa Inc. Class A Add +124.8% 5.33% +1.85
MCO Moody's Corp. Add +151.1% 1.82% +0.74
GOOGL Alphabet Inc. Class A Add +49.7% 8.83% +0.71
NOW ServiceNow Inc. New 0.63% +0.63
DHR Danaher Corp. Add +62.2% 3.48% +0.20
NU Nu Holdings Ltd./Cayman Isl-A Add +50.2% 10.51% +0.20
GE General Electric Add +37.4% 12.17% +0.00
AMD Advanced Micro Devices Add +15.6% 2.72% −0.41

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