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SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

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13F filer, CIK 1577806, RIO DE JANEIRO, Brazil

SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. reported $534,833,178 across 6 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000899140-26-000243

Period
2025-12-31
Reported value
$535M
Holdings
6
Top 10 weight
100%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MELInew+89,656$181M
INTRadded+356,671$3.02M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
NUreduced-2,409,587-$40.3M
XPreduced-2,073,653-$33.9M
STNEreduced-1,784,458-$26.4M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000899140-26-000243, largest first. % of portfolio is the value over $483,578,646, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MELIMERCADOLIBRE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,218 shares; 2024Q4: 6,101 shares; 2025Q1: 1,643 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 89,656 shares 89,656$181M37.34%newTimeline
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 9,169,000 shares; 2025Q3: 11,554,373 shares; 2025Q4: 9,144,786 shares 9,144,786$153M31.66%-2,409,587Timeline
XPXP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,082,836 shares; 2024Q4: 7,617,896 shares; 2025Q1: 9,252,142 shares; 2025Q2: 7,704,433 shares; 2025Q3: 6,867,388 shares; 2025Q4: 4,793,735 shares 4,793,735$78.5M16.23%-2,073,653Timeline
INTRINTER & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 406,005 shares; 2025Q3: 5,896,781 shares; 2025Q4: 6,253,452 shares 6,253,452$53M10.97%+356,671Timeline
STNESTONECO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,504,474 shares; 2024Q4: 13,951,183 shares; 2025Q1: 13,538,310 shares; 2025Q2: 7,035,308 shares; 2025Q3: 3,028,658 shares; 2025Q4: 1,244,200 shares 1,244,200$18.4M3.81%-1,784,458Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
NUNU HLDGS LTD ORD SHS CL Aput3,061,800$51.3M+2,571,800

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
XPXP INC771,200$14.5Mput

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000899140-26-000243 base2026-02-17acceptance time not in the bulk data set