Squadra Investments - Gestao DE Recursos Ltda.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Squadra Investments - Gestao DE Recursos Ltda. reported 5 stock positions worth $483.6 million. Its top holding was MercadoLibre (MELI) at 37.3% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 31.7%) and XP Class A (XP, 16.2%). Compared with Q3 2025, it opened 1 new position, added to 1 and reduced 3. The biggest buy was a new position in MercadoLibre (MELI) and the biggest sale XP Class A (XP, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- RIO DE JANEIRO, D5
- CIK
- 0001577806
- Portfolio Value
- $483.6M (Q4 2025)
- SEC Filing
- 0000899140-26-000243 ↗ filed Feb 17, 2026
Holdings Value
Holdings 5 stocks · $483.6M
| MELI MercadoLibre Inc. | 37.34% | 89,656 | $180.6M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 31.66% | 9,144,786 | $153.1M | Reduce -20.9% |
| XP XP Inc. Class A | 16.23% | 4,793,735 | $78.5M | Reduce -30.2% |
| INTR Inter & Co. Inc. Class A | 10.97% | 6,253,452 | $53.0M | Add +6.0% |
| STNE Stoneco Ltd. Class A | 3.81% | 1,244,200 | $18.4M | Reduce -58.9% |
Options reported separately and not counted above: NU puts ($51.3M).
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
Options Activity Q3 2025 → Q4 2025
| NU Nu Holdings Ltd./Cayman Isl-A | put | Add +524.9% | 3,061,800 | $51.3M |
| XP XP Inc. Class A | put | Sold out | 771,200 | $14.5Mbefore 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 | 4 | $714.8M | NU, MELI, INTR, STNE |
| Q1 2026 | 6 | $894.1M | MELI, NU, STNE, XP, INTR |
| Q4 2025 | 5 | $483.6M | MELI, NU, XP, INTR, STNE |
| Q3 2025 | 4 | $425.7M | NU, XP, STNE, INTR |
| Q2 2025 | 4 | $397.3M | XP, NU, STNE, INTR |
| Q1 2025 | 3 | $272.3M | STNE, XP, MELI |
| Q4 2024 | 3 | $211.8M | STNE, XP, MELI |
| Q3 2024 | 3 | $377.6M | XP, STNE, MELI |
| Q2 2024 | 3 | $407.1M | XP, STNE, MELI |
| Q1 2024 | 2 | $520.0M | XP, MELI |