Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.58%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.92%
baseline attrition
Rally response
-25.72%
trims into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MELIMercadoLibre, Inc. | $161M | 60.5% | -11.4% | 9.5 yr |
| NUNu Holdings Ltd. | $79M | 29.8% | +40.3% | 4.5 yr |
| SUZSuzano S.A. | $26M | 9.7% | +9.9% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail60.5%+7.1pp$161M
Banks - Diversified29.8%-1.9pp$79M
Paper, Lumber & Forest Products9.7%+8.5pp$26M
Country
UY60.5%+7.1pp
BR39.5%-2.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MELI | $158M | -0.02B | -11.4% |
Top sells this quarter · 1
| VTEX Vtexexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $266M | 3 | -6.88% | +17.59% | -24.47% | +0.16B |
| 2025-12-31 | $124M | 4 | +15.17% | +17.72% | -2.55% | -0.02B |
| 2025-09-30 | $158M | 5 | +1.63% | +17.52% | -15.89% | -0.09B |
| 2025-06-30 | $264M | 5 | +20.09% | +14.94% | +5.15% | -0.12B |
| 2025-03-31 | $295M | 6 | -2.48% | +8.30% | -10.78% | -0.02B |
| 2024-12-31 | $291M | 6 | +11.11% | +24.89% | -13.78% | -0.03B |
| 2024-09-30 | $417M | 6 | +65.75% | +36.04% | +29.71% | -0.21B |
| 2024-06-30 | $562M | 6 | +56.43% | +24.49% | +31.94% | -0.06B |
| 2024-03-31 | $589M | 6 | +63.36% | +29.62% | +33.74% | -0.09B |
| 2023-12-31 | $561M | 20 | +51.46% | +26.18% | +25.28% | -0.53B |
| 2023-09-30 | $932M | 20 | +43.69% | +21.57% | +22.12% | -0.03B |
| 2023-06-30 | $923M | 20 | +43.24% | +19.42% | +23.82% | -0.00B |
| 2023-03-31 | $840M | 17 | -5.10% | -7.82% | +2.72% | +0.00B |
| 2022-12-31 | $742M | 15 | +10.57% | +7.56% | +3.01% | -0.04B |
| 2022-09-30 | $707M | 15 | +4.18% | -4.93% | +9.11% | +0.05B |
| 2022-06-30 | $636M | 17 | -27.15% | -16.11% | -11.04% | +0.01B |