ATMOS CAPITAL GESTAO DE RECURSOS LTDA.

Key Holdings

The portfolio is dominated by a "Big Three" of Brazilian fintech and financial services companies, which collectively account for approximately 87% of total assets.

1. NU HLDGS LTD (33.56%): Nu Holdings remains the firm's largest conviction bet. The firm increased its stake by 14.4%, adding $57.23 million during the quarter. This significant accumulation suggests that ATMOS views Nu as a core long-term growth driver, likely capitalizing on the expansion of digital banking in Latin America.
2. XP INC (28.61%): XP Inc. is the second-largest holding, representing over a quarter of the portfolio. The firm aggressively increased this position by 27.8% (adding $30.95 million). This indicates strong confidence in XP’s ability to capture wealth management flows in Brazil.
3. STONECO LTD (24.85%): StoneCo holds the third spot. While the firm reduced the position slightly by 1.7% (approx. $23.12 million), it remains a massive component of the portfolio, cementing the fund's heavy tilt toward the Brazilian financial ecosystem.
4. MERCADOLIBRE INC (5.04%): In a notable shift, MercadoLibre was reduced by a massive 70.1% (a reduction of $94.00 million). While still the fourth-largest holding, its status has diminished significantly relative to the top three, dropping from a much larger weight to a single-digit percentage. This suggests a rotation out of e-commerce/ecommerce-finance into pure-play banking or a realization of gains.