SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

CIK

1577806

Location

RIO DE JANEIRO, D5

Portfolio Value

Small $894,141,755

Diversification

Highly concentrated

Filing Date

Global Rank

#1,621 / 8,232 ▲ 732

Top Industry

Banks - Regional 41.5%

3Y Alpha vs SPY

-9.3%

Period ended 2 months ago

Filed May 15, 2026 · 29d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+38.7%

SPY

+76.5%

Annualised alpha

-9.3%

Max drawdown

−42.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

6 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

39.2%

+1.0 pts

Top 5

99.6%

−0.4 pts

Top 10

100.0%

0.0 pts

HHI

3,038

Highly concentrated+112

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	49.8%	$445,382,315	3
Consumer Cyclical	39.2%	$350,870,028	1
Technology	10.5%	$94,071,012	1
Basic Materials	0.4%	$3,818,400	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
NU	Nu Holdings Ltd.	+10,105,915	22,312,501	$320,630,639
STNE	StoneCo Ltd.	+5,418,053	6,662,253	$94,071,012
MELI	Mercadolibre Inc	+113,274	202,930	$350,870,028
INTR	Inter & Co, Inc.	+67,500	6,320,952	$50,314,777
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
XP	XP Inc.	−884,234	3,909,501	$74,436,899
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
VALE	Vale S.A.	240,000	$3,818,400
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

6 positions · $894,141,755 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Financial Services Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MELI	Mercadolibre Inc Consumer Cyclical	Added	202,930	+113,274	$350,870,028	+94.3%	39.24%
NU	Nu Holdings Ltd. Financial Services	Added	22,312,501	+10,105,915	$320,630,639	+56.9%	35.86%
STNE	StoneCo Ltd. Technology	Added	6,662,253	+5,418,053	$94,071,012	+411.2%	10.52%
XP	XP Inc. Financial Services	Reduced	3,909,501	-884,234	$74,436,899	−5.1%	8.32%
INTR	Inter & Co, Inc. Financial Services	Added	6,320,952	+67,500	$50,314,777	−5.1%	5.63%
VALE	Vale S.A. Basic Materials	NEW	240,000	NEW	$3,818,400	NEW	0.43%