Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+12.23%
adds when stocks drop
when a holding falls −10%+
Middle response
-14.43%
baseline attrition
Rally response
-13.88%
trims into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MELIMercadoLibre, Inc. | $351M | 39.2% | -11.4% | 5.8 yr |
| NUNu Holdings Ltd. | $321M | 35.9% | +40.3% | 1.0 yr |
| STNEStoneCo Ltd. | $94M | 10.5% | +34.7% | 2.5 yr |
| XPXP Inc. | $74M | 8.3% | +39.9% | 5.8 yr |
| INTRInter & Co, Inc. | $50M | 5.6% | +47.1% | 1.0 yr |
| VALEVale S.A. | $4M | 0.4% | +72.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail39.2%+38.1pp$351M
Banks - Diversified35.9%$321M
Software - Infrastructure10.5%-41.6pp$94M
Financial - Capital Markets8.3%-38.4pp$74M
Banks - Regional5.6%$50M
Industrial Materials0.4%$4M
Country
BR50.2%+3.5pp
UY39.2%+38.1pp
KY10.5%-41.6pp
Top 5: 99.6% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MELI | $3M | -0.00B | -11.4% |
Top buys this quarter · 5
| MELI MercadoLibre, Inc. | +$196M |
| NU Nu Holdings Ltd. | +$189M |
| STNE StoneCo Ltd. | +$77M |
| VALE Vale S.A.new | +$4M |
| INTR Inter & Co, Inc. | +$50M |
Top sells this quarter · 1
| XP XP Inc. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $894M | 6 | +38.57% | +17.59% | +20.98% | +0.45B |
| 2025-12-31 | $484M | 5 | +86.44% | +17.72% | +68.72% | +0.08B |
| 2025-09-30 | $426M | 4 | +41.69% | +17.52% | +24.18% | -0.00B |
| 2025-06-30 | $397M | 4 | +37.98% | +14.94% | +23.03% | -0.00B |
| 2025-03-31 | $272M | 3 | -17.61% | +8.30% | -25.92% | +0.01B |
| 2024-12-31 | $212M | 3 | -35.45% | +24.89% | -60.34% | -0.06B |
| 2024-09-30 | $378M | 3 | +8.87% | +36.04% | -27.17% | -0.05B |
| 2024-06-30 | $407M | 3 | +8.36% | +24.49% | -16.13% | -0.05B |
| 2024-03-31 | $520M | 2 | +71.22% | +29.62% | +41.60% | +0.05B |
| 2023-12-31 | $484M | 3 | +81.85% | +26.18% | +55.67% | +0.11B |
| 2023-09-30 | $305M | 2 | +36.34% | +21.57% | +14.77% | -0.13B |
| 2023-06-30 | $414M | 2 | +53.05% | +19.42% | +33.63% | -0.08B |
| 2023-03-31 | $355M | 4 | -37.08% | -7.82% | -29.26% | +0.05B |
| 2022-12-31 | $291M | 5 | -9.22% | +7.56% | -16.78% | -0.13B |
| 2022-09-30 | $463M | 6 | +17.37% | -4.93% | +22.30% | +0.01B |
| 2022-06-30 | $388M | 4 | -42.82% | -16.11% | -26.71% | +0.17B |