Dynamo Administracao de Recursos Ltda.

Key Holdings

• NU HOLDINGS LTD — $15.87M, 992,000 shares, 86.05% of portfolio: This is the dominant position and the primary driver of portfolio performance. Any investor benchmarking or copying this filing must treat NU as the single largest source of idiosyncratic risk and return.
• MERCADO LIBRE INC — $2.29M, 981 shares, 12.43% of portfolio: This stake was materially reduced this quarter (see changes below). It remains the second-largest holding but now represents a modest share compared with NU.
• VTEX — $281.02K, 64,000 shares, 1.52% of portfolio: A very small holding; its contribution to total risk and return is negligible.

Sector Allocation

The filing reports the entire $18.45M as “Unknown” for sector allocation. This is a data limitation in the 13F filing (common with foreign ADRs/foreign issuers or unmapped tickers) rather than evidence the filer has no sector exposure. Based on the names:

• NU Holdings — fintech/banking
• Mercado Libre — e‑commerce/marketplace/fintech
• VTEX — e‑commerce/commerce technology However, those sector assignments are not provided in the filing; investors should map tickers to a recognized taxonomy (GICS/ICB) for a precise sector tilt. Observable tilt appears to be Latin American digital financials/commerce, but that is an interpretive step beyond the 13F’s “Unknown” sector flag.