| Stock | Ownership Trend | Portfolio % | Prev Q % | Q2 2026 Value | Q2 2026 Shares | Prev Q Value | Prev Q Shares | Shares Change | Action |
|---|---|---|---|---|---|---|---|---|---|
 MERCADOLIBRE INC COMMELI | 40.25% | 55.26% | $121.9M | 71,814 | $161.1M | 93,184 | -21,370-22.93% | Reduce | |
 NU HLDGS LTDNU | 28.32% | 27.19% | $85.8M | 6.4M | $79.3M | 5.5M | +902,099+16.35% | Add | |
| IISHARES INCEWZ | 11.23% | 8.66% | $34.0M | 1.0M | $25.3M | 4.9M | -3.9M-79.63% | Reduce | |
| PPETROLEO BRASILEIRO S APBR | 10.83% | — | $32.8M | 2.1M | $0 | 0 | +2.1M | New Buy | |
 SUZANO S ASUZ | 6.56% | 8.89% | $19.9M | 2.6M | $25.9M | 2.6M | -27,692-1.07% | Reduce | |
| GGERDAU S A SPONGGB | 2.81% | — | $8.5M | 2.1M | $0 | 0 | +2.1M | New Buy |
