Returns–Not enough quarters yet
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| MELIMercadolibre Inc | $53.0M | 37.4% | +3.1% |
| Xp IncCUSIP G98239109 | $29.9M | 21.1% | −31.4% |
| LTMLatam Airlines Group Sa | $19.0M | 13.4% | +1478.6% |
| PBR/APetroleo Brasileiro S A | $17.0M | 12.0% | +37.3% |
| Inter & Co IncCUSIP G4R20B107 | $13.3M | 9.3% | New |
| AXIAYAxia Energia Sa | $3.1M | 2.2% | +263.7% |
| SUZSuzano S A | $2.8M | 1.9% | |
| GGBGerdau Sa | $2.2M | 1.6% | |
| VALEVale S A | $779K | 0.5% | New |
| ITUBItau Unibanco Hldg S A | $626K | 0.4% | +215.5% |
| CIGCia Energetica De Minas Gera | $270K | 0.2% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| PBR/APetroleo Brasileiro S A | December 31, 2025 | +29.9% | $17.0M |
| LTMLatam Airlines Group Sa | March 31, 2026 | +17.9% | $19.0M |
| AXIAYAxia Energia Sa | December 31, 2025 | +15.3% | $3.1M |
| ITUBItau Unibanco Hldg S A | December 31, 2025 | +14.1% | $626K |
| GGBGerdau Sa | December 31, 2025 | +9.5% | $2.2M |
| Xp IncCUSIP G98239109 | December 31, 2025 | −0.7% | $29.9M |
| MELIMercadolibre Inc | December 31, 2025 | −15.7% | $53.0M |
| SUZSuzano S A | December 31, 2025 | −16.9% | $2.8M |
Sold off last quarter
- Nu Hldgs LtdCUSIP G6683N103 was $57.6M
- Stoneco LtdCUSIP G85158106 was $28.8M
- PBRPetroleo Brasileiro S A was $5.5M
- Centrais Elet Bras SaCUSIP 15235A102 was $2.4M
- EMBJEmbraer S.a. was $708K
- BBDBanco Bradesco S A was $205K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −11.0% | +14.8% |
| March 31, 2026 | +3.0% | −4.6% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Navi International - Administradora e Gestora de Recursos Financeiros Ltda. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=2044610&type=13F-HR&dateb=&owner=include&count=40CIK 2044610
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/2044610/000204461026000004/Filed August 14, 2026 · accession 0002044610-26-000004