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Noticed something interesting in the latest 13F filings - SQUADRA Investments just dumped 1.78 million StoneCo shares, worth about $29.8 million. That's a pretty significant move for a fund that was heavily concentrated in Brazilian fintech plays.
What caught my eye is the bigger picture here. SQUADRA's been steadily exiting their StoneCo position since late 2024, and this latest sale brings their total reduction to roughly 91% of their original holdings. Meanwhile, they're clearly shifting focus - MercadoLibre is now their largest position at 33.8% of AUM, which they didn't even own a few quarters ago. The 1.78 million share dump brought StoneCo down to just 3.4% of their portfolio, compared to 12.8% the previous quarter.
The fund's top holdings now are MELI, NU, and XP - all Brazilian fintech/payments related but with MercadoLibre leading the charge. It's an interesting signal about where smart money thinks the growth opportunity is shifting within that sector. StoneCo itself is up 63% over the past year, so this wasn't a panic sell, but it does suggest the fund sees better opportunities elsewhere in the space right now.