SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

Key Holdings

The portfolio is dominated by Brazilian financial technology and services companies, forming a "Big Four" of Latin American growth plays.

• Nu Holdings Ltd. (43.04%): This is the firm's largest position, valued at $192.83 million. Its status as the anchor holding suggests Squadra views Nu as a core long-term compounder. The position size (over 12 million shares) indicates strong conviction in the digital banking giant's continued market penetration in Latin America.
• XP Inc. (32.03%): The second-largest holding, valued at $143.53 million, reinforces the focus on the Brazilian financial ecosystem. As a leading wealth management platform, XP complements the banking exposure provided by Nu Holdings.
• StoneCo Ltd. (12.78%): Valued at $57.27 million, StoneCo provides exposure to the payments and financial software vertical. Despite being a significant holding, the firm reduced its stake substantially this quarter (detailed below).
• Inter & Co, Inc. (12.15%): Valued at $54.43 million, this completes the quartet of financial services firms. Inter operates as a digital platform offering banking, brokerage, and loyalty programs, aligning with the portfolio's broader fintech theme.