Navi International - Administradora e Gestora de Recursos Financeiros Ltda. In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Navi International - Administradora e Gestora de Recursos Financeiros Ltda. reported 11 stock positions worth $142.0 million . Its top holding was MercadoLibre (MELI) at 37.4% of the portfolio, followed by XP Class A (XP, 21.1% ) and Latam Airlines Group SA-ADR (LTM, 13.4% ). Compared with Q1 2026, it opened 3 new positions, sold out of 6, added to 5 and reduced 2. The biggest buy was MercadoLibre (MELI, shares +3% ) and the biggest sale an exit from Nu Holdings Ltd./Cayman Isl-A (NU).
Location SAO PAULO, D5
CIK 0002044610
Portfolio Value $142.0M (Q2 2026) Holdings 11 stocks · $142.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 MELI MercadoLibre Inc. 31,251 $53.0M Add +3.1% XP XP Inc. Class A 1,837,985 $29.9M Reduce -31.4% LTM Latam Airlines Group SA-ADR 326,007 $19.0M Add +1478.6% PBR.A Petroleo Brasil-SP Pref ADR 1,164,207 $17.0M Add +37.3% INTR Inter & Co. Inc. Class A 2,443,213 $13.3M New AXIAY Axia Energia-ADR 289,639 $3.1M Add +263.7% SUZ Suzano SA - Spon ADR 356,146 $2.8M Reduce 0.0% GGB Gerdau SA -Spon ADR 550,000 $2.2M No change VALE Vale SA-SP ADR 51,789 $779K New ITUB Itau Unibanco H-Spon PRF ADR 76,663 $626K Add +215.5% CIG Cia Energetica DE-Spon ADR 128,695 $270K New
Options reported separately and not counted above: ISHARES INC calls ($5.9M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −25.91 STNE Stoneco Ltd. Class A Sold out 0.00% −12.98 PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −2.49 XP XP Inc. Class A Reduce -31.4% 21.05% −1.90 CENTRAIS ELET BRAS SA Sold out 0.00% −1.08 EMBJ Embraer SA-Spon ADR Sold out 0.00% −0.32 BBD Banco Bradesco-ADR Sold out 0.00% −0.09 SUZ Suzano SA - Spon ADR Reduce 0.0% 1.95% +0.34
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ MELI MercadoLibre Inc. Add +3.1% 37.37% +13.79 LTM Latam Airlines Group SA-ADR Add +1478.6% 13.38% +12.92 INTR Inter & Co. Inc. Class A New 9.35% +9.35 PBR.A Petroleo Brasil-SP Pref ADR Add +37.3% 12.01% +4.85 AXIAY Axia Energia-ADR Add +263.7% 2.15% +1.75 VALE Vale SA-SP ADR New 0.55% +0.55 ITUB Itau Unibanco H-Spon PRF ADR Add +215.5% 0.44% +0.35 CIG Cia Energetica DE-Spon ADR New 0.19% +0.19
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ ISHARES INC call New 171,500 $5.9M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 11 $142.0M MELI, XP, LTM, PBR.A, INTR Q1 2026 14 $222.3M NU, MELI, XP, STNE, PBR.A Q4 2025 17 $158.1M MELI, STNE, EWW, PBR.A, XP