Just caught something interesting in the latest fund filings. Kemnay Advisory loads up on MercadoLibre again in Q4 with 1,385 new shares, bringing their total position to 5,623 shares worth around $11.33 million. That's roughly $2.91 million worth of buying at average Q4 prices.

What's notable here is the pattern - they've been consistently adding to their MELI position over the last four quarters now. Started with a massive holding back in 2020 (over 40k shares), then spent years trimming it down, but now they're loads of buying momentum again. Usually when funds flip from selling to steady accumulation like this, they're seeing something the market might be missing.

Context matters though. MELI has been under pressure - down significantly over the past year as e-commerce competition intensifies and bad loan issues have weighed on margins. But here's the thing: Kemnay's loaded their portfolio with some solid holdings (VNO, EWJ, COIN in the top 5), so they're not just throwing money at distressed assets. This looks more like a calculated bet that MELI's Latin America e-commerce and fintech dominance will eventually overcome current headwinds. If Argentina and Venezuela economic conditions improve and they can manage those loan portfolios better, this could be viewed as a solid entry point down the road. Interesting to watch if they keep loading up in Q1.