MA
Milestones Administradora de Recursos Ltda. Holdings Report (Q3 2026) — 13F Stock Portfolio
Milestones Administradora de Recursos Ltda.CIK: 0001912095
Momentum followerQuality / disciplined sizingLong-term holder
Total reported value
$556.9M
Reporting period: 2026-09-30 · Number of holdings: 18
Milestones Administradora de Recursos Ltda. disclosed 18 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $556.9M and a quarterly turnover rate of 19.3%.
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Personality snowflake
- Concentration
- 39.39
- Portfolio Stability
- 19.33
- Momentum
- 100
- Sector conviction
- 57.4
- Diversification
- 36
- Sizing Uniformity
- 90.96
Milestones Administradora de Recursos Ltda.'s disclosed holdings carry a Herfindahl concentration index of 0.098 — mathematically equivalent to about 10 equally-sized positions, well below its 18 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 0.90), 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 6.3 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.govAdd GOOGL
+51.8% $19.4M
Add MSFT
-7.0% $18.4M
Trim V
-23.9% -$7.9M
Trim GE
+11.6% -$4.3M
Trim DHR
-36.4% -$6.8M
Sold out SPGI
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 | MSFT | Microsoft CORP | Stock-Tech | 15.20% | +2.41% | -7.03% | |
| 2 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 13.30% | +0.36% | +5.73% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 11.04% | +2.92% | +51.84% | |
| 4 | GE | General Electric | Stock-Industrials | 10.57% | -1.62% | +11.61% | |
| 5 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 10.41% | -0.34% | +9.01% | |
| 6 | LIN | Linde plc | Stock-Materials | 9.61% | +0.96% | +30.68% | |
| 7 | NU | Nu Holdings Ltd. | Stock-Financials | 7.71% | -0.43% | +7.58% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 5.54% | -1.93% | -23.93% | |
| 9 | AMD | Advanced Micro Devices | Stock-Tech | 5.03% | +1.21% | +34.48% | |
| 10 | DHR | Danaher CORP | Stock-Healthcare | 3.49% | -1.58% | -36.42% | |
| 11 | MCO | Moody's CORP | Stock-Financials | 2.51% | -0.19% | — | |
| 12 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 2.50% | -0.14% | — | |
| 13 | NVDA | Nvidia CORP | Stock-Tech | 1.18% | +0.77% | +171.43% | |
| 14 | ✓ | Waldencast PLC | Stock-Other | 0.61% | -0.21% | +61.84% | |
| 15 | TPG | Tpg Inc | Stock-Financials | 0.60% | +0.01% | — | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.43% | -0.04% | — | |
| 17 | ETN | Eaton Corporation plc | Stock-Industrials | 0.28% | +0.28% | NEW | |
| 18 | ✓ | Waldencast PLC | Stock-Other | — | — | +113.53% |
Portfolio Performance
Performance for Q4 2026
+3.5%
Performance Last 4 Quarters
+16.2%
- Stdev
- +16.8%
- Beta
- +1.18
- Alpha
- -2.1%
- Max Drawdown
- -13.7%
- Annualized Perf
- +25.5%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +3.01
- Stutzer
- +0.43
- Treynor
- +0.21
- Sterling
- +1.32
- Calmar
- +1.87
- Information Ratio
- +0.22
- Tracking Error
- +8.9%
- Stdev Down
- +8.1%
- Winning Months %
- +75%
- Losing Months %
- +25%
- Best 12 Months
- +45%
- Worst 12 Months
- -2.9%
- Efficiency Ratio
- +0.68
- Sharpe
- +1.44
- Stdev Sectors
- +8.3%
- Skewness
- +0.23
- Kurtosis
- +0.27
- Upside Potential
- +4.49
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 18 | $556.9M | 19 | ||
| 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 2026-09-30: Sold out: S&p Global Inc (SPGI); Sold out: Exxon Mobil CORP (XOM); Sold out: Conocophillips (COP); Sold out: Chevron CORP (CVX); New buy: Eaton Corporation plc (ETN).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | +2.9% | +51.84% | Add |
| 2 | MSFT | Microsoft CORP | +2.4% | -7.03% | Trim |
| 3 | AMD | Advanced Micro Devices | +1.2% | +34.48% | Add |
| 4 | LIN | Linde plc | +1% | +30.68% | Add |
| 5 | NVDA | Nvidia CORP | +0.8% | +171.43% | Add |
| 6 | AMZN | Amazon.com Inc | +0.4% | +5.73% | Add |
| 7 | ETN | Eaton Corporation plc | +0.3% | NEW | New buy |
| 8 | TPG | Tpg Inc | 0% | — | Unchanged |
| 9 | ✓ | Waldencast PLC | — | +113.53% | Add |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | — | Unchanged |
| 11 | MELI | Mercadolibre Inc | -0.1% | — | Unchanged |
| 12 | MCO | Moody's CORP | -0.2% | — | Unchanged |
| 13 | ✓ | Waldencast PLC | -0.2% | +61.84% | Add |
| 14 | TSM | Taiwan Semiconductor-sp Adr | -0.3% | +9.01% | Add |
| 15 | COP | Conocophillips | -0.4% | EXIT | Sold out |
| 16 | CVX | Chevron CORP | -0.4% | EXIT | Sold out |
| 17 | XOM | Exxon Mobil CORP | -0.4% | EXIT | Sold out |
| 18 | NU | Nu Holdings Ltd. | -0.4% | +7.58% | Add |
| 19 | SPGI | S&p Global Inc | -1.3% | EXIT | Sold out |
| 20 | DHR | Danaher CORP | -1.6% | -36.42% | Trim |
| 21 | GE | General Electric | -1.6% | +11.61% | Add |
| 22 | V | Visa Inc-class A Shares | -1.9% | -23.93% | 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 (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $556.9M, spread across 18 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. Microsoft CORP (MSFT) — $84.6M (15.2%)
2. Amazon.com Inc (AMZN) — $74.1M (13.3%)
3. Alphabet Inc-cl A (GOOGL) — $61.5M (11.0%)
4. General Electric (GE) — $58.9M (10.6%)
5. Taiwan Semiconductor-sp Adr (TSM) — $58.0M (10.4%)
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 18 notable position adjustments: 1 new positions were initiated, 10 existing holdings were added to, 3 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: S&p Global Inc (SPGI); Sold out: Exxon Mobil CORP (XOM); Sold out: Conocophillips (COP); Sold out: Chevron CORP (CVX); New buy: Eaton Corporation plc (ETN)
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: 32.1%
• Financials: 16.5%
• Consumer Discretionary: 16.0%
• Communication Services: 11.2%
• Industrials: 11.0%
• Materials: 9.7%
Investment Profile
Milestones Administradora de Recursos Ltda. returned an annualized 25.5% over the trailing 36 months — underperforming the S&P 500 by 2.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.18 (more volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 32.1% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 50 to 19 over the past 4 quarters — a shift toward longer holding periods.
It has added to its AMZN position for two straight quarters, increasing it by $39.2M to reach $74.1M.
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Developer Access
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