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Milestones Administradora de Recursos Ltda. Holdings Report (Q2 2026) — 13F Stock Portfolio
Milestones Administradora de Recursos Ltda.CIK: 0001912095
Momentum followerQuality / disciplined sizing
Total reported value
$517.7M
Reporting period: 2026-06-30 · Number of holdings: 21
Milestones Administradora de Recursos Ltda. disclosed 21 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $517.7M and a quarterly turnover rate of 33.3%.
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Personality snowflake
- Concentration
- 36.65
- Portfolio Stability
- 33.29
- Momentum
- 100
- Sector conviction
- 53.48
- Diversification
- 42
- Sizing Uniformity
- 90.15
Milestones Administradora de Recursos Ltda.'s disclosed holdings carry a Herfindahl concentration index of 0.092 — mathematically equivalent to about 11 equally-sized positions, well below its 21 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.99), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 5.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim MSFT
-1.1% -$195.2K
Trim LIN
-14.3% -$5.1M
Add AMZN
+67.9% $32.1M
Trim NU
+12.5% $1.9M
Add V
+66.8% $18.3M
Add DHR
+95.9% $12.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 12.94% | +3.84% | +67.90% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 12.79% | -4.54% | -1.06% | |
| 3 | GE | General Electric | Stock-Industrials | 12.19% | +0.02% | +2.75% | |
| 4 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 10.75% | +0.50% | +0.29% | |
| 5 | LIN | Linde plc | Stock-Materials | 8.65% | -4.37% | -14.26% | |
| 6 | NU | Nu Holdings Ltd. | Stock-Financials | 8.14% | -2.37% | +12.52% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 8.12% | -0.71% | +0.02% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 7.47% | +2.14% | +66.75% | |
| 9 | DHR | Danaher CORP | Stock-Healthcare | 5.07% | +1.59% | +95.91% | |
| 10 | AMD | Advanced Micro Devices | Stock-Tech | 3.82% | +1.10% | -33.55% | |
| 11 | MCO | Moody's CORP | Stock-Financials | 2.70% | +0.88% | +93.21% | |
| 12 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 2.64% | -0.59% | +12.66% | |
| 13 | SPGI | S&p Global Inc | Stock-Financials | 1.25% | +0.54% | +149.17% | |
| 14 | ✓ | Waldencast PLC | Stock-Other | 0.82% | +0.22% | — | |
| 15 | TPG | Tpg Inc | Stock-Financials | 0.59% | +0.59% | NEW | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.47% | +0.21% | +132.36% | |
| 17 | NVDA | Nvidia CORP | Stock-Tech | 0.41% | +0.41% | NEW | |
| 18 | XOM | Exxon Mobil CORP | Stock-Energy | 0.41% | +0.41% | NEW | |
| 19 | COP | Conocophillips | Stock-Energy | 0.38% | +0.38% | NEW | |
| 20 | CVX | Chevron CORP | Stock-Energy | 0.38% | +0.38% | NEW | |
| 21 | ✓ | Waldencast PLC | Stock-Other | — | — | — |
Portfolio Performance
Performance for Q3 2026
+4.5%
Performance Last 4 Quarters
+27.3%
- Stdev
- +17.2%
- Beta
- +1.14
- Alpha
- +0.2%
- Max Drawdown
- -13.7%
- Annualized Perf
- +23.9%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +2.7
- Stutzer
- +0.4
- Treynor
- +0.2
- Sterling
- +1.24
- Calmar
- +1.75
- Information Ratio
- +0.34
- Tracking Error
- +9%
- Stdev Down
- +8.5%
- Winning Months %
- +75%
- Losing Months %
- +25%
- Best 12 Months
- +45.1%
- Worst 12 Months
- -2.9%
- Efficiency Ratio
- +0.61
- Sharpe
- +1.34
- Stdev Sectors
- +8.2%
- Skewness
- +0.2
- Kurtosis
- +0.15
- Upside Potential
- +4.24
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 21 | $517.7M | 33 | ||
| 2026 Q1 | 17 | $383.1M | 37 | ||
| 2025 Q4 | 18 | $302.8M | 15 | ||
| 2025 Q3 | 18 | $285.7M | 50 | ||
| 2025 Q2 | 19 | $292.4M | 0 | ||
| 2025 Q1 | 22 | $195.9M | 0 | ||
| 2024 Q4 | 22 | $196.7M | 0 | ||
| 2024 Q3 | 29 | $251.0M | 0 | ||
| 2024 Q2 | 28 | $237.9M | 0 | ||
| 2024 Q1 | 20 | $186.2M | 0 | ||
| 2023 Q4 | 11 | $127.5M | 0 | ||
| 2023 Q3 | 10 | $135.9M | 0 | ||
| 2023 Q2 | 10 | $140.5M | — | ||
| 2023 Q1 | 12 | $155.8M | — | ||
| 2022 Q4 | 14 | $135.8M | — | ||
| 2022 Q3 | 19 | $147.0M | — | ||
| 2022 Q2 | 19 | $137.0M | — | ||
| 2022 Q1 | 13 | $113.0M | — | ||
| 2021 Q4 | 11 | $104.9M | — |
Holding changes this quarter
Milestones Administradora de Recursos Ltda.'s most significant position changes for 2026-06-30: New buy: Tpg Inc (TPG); Sold out: Servicenow Inc (NOW); New buy: Nvidia CORP (NVDA); New buy: Exxon Mobil CORP (XOM); New buy: Conocophillips (COP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com Inc | +3.8% | +67.90% | Add |
| 2 | V | Visa Inc-class A Shares | +2.1% | +66.75% | Add |
| 3 | DHR | Danaher CORP | +1.6% | +95.91% | Add |
| 4 | AMD | Advanced Micro Devices | +1.1% | -33.55% | Trim |
| 5 | MCO | Moody's CORP | +0.9% | +93.21% | Add |
| 6 | TPG | Tpg Inc | +0.6% | NEW | New buy |
| 7 | SPGI | S&p Global Inc | +0.5% | +149.17% | Add |
| 8 | TSM | Taiwan Semiconductor-sp Adr | +0.5% | +0.29% | Add |
| 9 | NVDA | Nvidia CORP | +0.4% | NEW | New buy |
| 10 | XOM | Exxon Mobil CORP | +0.4% | NEW | New buy |
| 11 | COP | Conocophillips | +0.4% | NEW | New buy |
| 12 | CVX | Chevron CORP | +0.4% | NEW | New buy |
| 13 | ✓ | Waldencast PLC | +0.2% | — | Unchanged |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +132.36% | Add |
| 15 | GE | General Electric | 0% | +2.75% | Add |
| 16 | ✓ | Waldencast PLC | — | — | Unchanged |
| 17 | MELI | Mercadolibre Inc | -0.6% | +12.66% | Add |
| 18 | NOW | Servicenow Inc | -0.6% | EXIT | Sold out |
| 19 | GOOGL | Alphabet Inc-cl A | -0.7% | +0.02% | Add |
| 20 | NU | Nu Holdings Ltd. | -2.4% | +12.52% | Add |
| 21 | LIN | Linde plc | -4.4% | -14.26% | Trim |
| 22 | MSFT | Microsoft CORP | -4.5% | -1.06% | Trim |
Filing History
FAQ
What is Milestones Administradora de Recursos Ltda. and what type of investor is it?
Milestones Administradora de Recursos Ltda. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $517.7M, spread across 21 disclosed positions.
What are Milestones Administradora de Recursos Ltda.'s largest equity positions?
Based on the latest 13F filing, Milestones Administradora de Recursos Ltda.'s top holdings by market value are:
1. Amazon.com Inc (AMZN) — $67.0M (12.9%)
2. Microsoft CORP (MSFT) — $66.2M (12.8%)
3. General Electric (GE) — $63.1M (12.2%)
4. Taiwan Semiconductor-sp Adr (TSM) — $55.7M (10.8%)
5. Linde plc (LIN) — $44.8M (8.7%)
What changes did Milestones Administradora de Recursos Ltda. make in its most recent portfolio filing?
In the latest reported quarter, Milestones Administradora de Recursos Ltda. made 20 notable position adjustments: 5 new positions were initiated, 11 existing holdings were added to, 3 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Tpg Inc (TPG); Sold out: Servicenow Inc (NOW); New buy: Nvidia CORP (NVDA); New buy: Exxon Mobil CORP (XOM); New buy: Conocophillips (COP)
What sectors does Milestones Administradora de Recursos Ltda. focus on?
Milestones Administradora de Recursos Ltda. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.1%
• Financials: 20.4%
• Consumer Discretionary: 15.8%
• Industrials: 12.3%
• Materials: 8.8%
• Communication Services: 8.2%
Investment Profile
Milestones Administradora de Recursos Ltda. returned an annualized 23.9% over the trailing 36 months — outperforming the S&P 500 by 0.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.14 (more volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active.
Its turnover score has risen from 0 to 33 over the past 4 quarters — a shift toward more active trading.
It has added to its V position for two straight quarters, increasing it by $28.1M to reach $38.7M.
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Developer Access
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