Navi International - Administradora e Gestora de Recursos Financeiros Ltda. In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Navi International - Administradora e Gestora de Recursos Financeiros Ltda. reported 14 stock positions worth $222.3 million . Its top holding was Nu Holdings Ltd./Cayman Isl-A (NU) at 25.9% of the portfolio, followed by MercadoLibre (MELI, 23.6% ) and XP Class A (XP, 22.9% ). Compared with Q4 2025, it opened 2 new positions, sold out of 5, added to 4 and reduced 5. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +639% ) and the biggest sale MercadoLibre (MELI, shares −14% ).
Location SAO PAULO, D5
CIK 0002044610
Portfolio Value $222.3M (Q1 2026) Holdings 14 stocks · $222.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 4,008,517 $57.6M Add +638.9% MELI MercadoLibre Inc. 30,306 $52.4M Reduce -13.9% XP XP Inc. Class A 2,678,950 $51.0M Add +354.5% STNE Stoneco Ltd. Class A 2,043,105 $28.8M Add +76.2% PBR.A Petroleo Brasil-SP Pref ADR 848,137 $15.9M Reduce -10.6% PBR Petroleo Brasileiro-Spon ADR 266,925 $5.5M Reduce -59.4% SUZ Suzano SA - Spon ADR 356,157 $3.6M No change CENTRAIS ELET BRAS SA 190,920 $2.4M Reduce -5.0% GGB Gerdau SA -Spon ADR 550,000 $2.0M No change LTM Latam Airlines Group SA-ADR 20,652 $1.0M New AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA 79,627 $898K Add +90.9% EMBJ Embraer SA-Spon ADR 11,923 $708K New BBD Banco Bradesco-ADR 56,096 $205K Reduce -85.4% ITUB Itau Unibanco H-Spon PRF ADR 24,298 $204K No change
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ MELI MercadoLibre Inc. Reduce -13.9% 23.57% −21.27 EWW iShares MSCI Mexico ETF Sold out 0.00% −7.84 EEM iShares MSCI Emerging Market Sold out 0.00% −4.34 PBR Petroleo Brasileiro-Spon ADR Reduce -59.4% 2.49% −2.44 IWM iShares Russell 2000 ETF Sold out 0.00% −2.11 BBD Banco Bradesco-ADR Reduce -85.4% 0.09% −0.72 AXICY Axia Energia-ADR Pref C Sold out 0.00% −0.43 EVEX Eve Holding Inc. Sold out 0.00% −0.32 CENTRAIS ELET BRAS SA Reduce -5.0% 1.08% −0.11 PBR.A Petroleo Brasil-SP Pref ADR Reduce -10.6% 7.15% +0.40
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ NU Nu Holdings Ltd./Cayman Isl-A Add +638.9% 25.91% +20.17 XP XP Inc. Class A Add +354.5% 22.95% +16.84 STNE Stoneco Ltd. Class A Add +76.2% 12.98% +2.13 LTM Latam Airlines Group SA-ADR New 0.46% +0.46 EMBJ Embraer SA-Spon ADR New 0.32% +0.32 AXIAY Axia Energia-ADR Add +90.9% 0.40% +0.16
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ ISHARES INC call Sold out 247,500 $17.2Mbefore exit ISHARES TR call Sold out 279,100 $15.3Mbefore exit ISHARES TR call Sold out 58,400 $14.4Mbefore exit
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