CIK: 0001912095
Total reported value
$383.1M
Reporting period: 2026-03-31 · Number of holdings: 17
Milestones Administradora de Recursos Ltda. disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $383.1M and a quarterly turnover rate of 37.2%.
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Milestones Administradora de Recursos Ltda.'s disclosed holdings carry a Herfindahl concentration index of 0.106 — mathematically equivalent to about 9 equally-sized positions, well below its 17 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 0.92), 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 6.2 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add LIN
+134.7% $31.6M
Trim AMZN
-18.1% -$12.3M
Trim TSM
-15.8% -$2.7M
Add MSFT
+104.6% $24.0M
Add V
+124.8% $9.9M
Trim MELI
0.0% -$2.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 17.33% | +3.33% | +104.63% | |
| 2 | LIN | Linde plc | Stock-Materials | 13.02% | +6.98% | +134.74% | |
| 3 | GE | General Electric | Stock-Industrials | 12.17% | — | +37.37% | |
| 4 | NU | Nu Holdings Ltd. | Stock-Financials | 10.51% | +0.19% | +50.21% | |
| 5 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 10.25% | -3.60% | -15.82% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 9.10% | -6.49% | -18.11% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 8.83% | +0.71% | +49.68% | |
| 8 | V | Visa Inc-class A Shares | Stock-Financials | 5.33% | +1.85% | +124.81% | |
| 9 | DHR | Danaher CORP | Stock-Healthcare | 3.48% | +0.20% | +62.17% | |
| 10 | MELI | Mercadolibre INC | Stock-Consumer Disc | 3.23% | -1.53% | — | |
| 11 | AMD | Advanced Micro Devices | Stock-Tech | 2.72% | -0.42% | +15.58% | |
| 12 | MCO | Moody's CORP | Stock-Financials | 1.82% | +0.75% | +151.13% | |
| 13 | SPGI | S&p Global INC | Stock-Financials | 0.71% | -0.39% | — | |
| 14 | NOW | Servicenow INC | Stock-Tech | 0.63% | +0.63% | NEW | |
| 15 | ✓ | Waldencast PLC | Stock-Other | 0.60% | -0.91% | — | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.26% | -0.09% | — | |
| 17 | ✓ | Waldencast PLC | Stock-Other | — | -0.01% | — |
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+25.1%
Based on 46% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 17 | $383.1M | 37 | |
| 2025-12-31 | 18 | $302.8M | 15 | |
| 2025-09-30 | 18 | $285.7M | 50 | |
| 2025-06-30 | 19 | $292.4M | 0 | |
| 2025-03-31 | 22 | $195.9M | 0 | |
| 2024-12-31 | 22 | $196.7M | 0 | |
| 2024-09-30 | 29 | $251.0M | 0 | |
| 2024-06-30 | 28 | $237.9M | 0 | |
| 2024-03-31 | 20 | $186.2M | 0 | |
| 2023-12-31 | 11 | $127.5M | 0 | |
| 2023-09-30 | 10 | $135.9M | 0 | |
| 2023-06-30 | 10 | $140.5M | — | |
| 2023-03-31 | 12 | $155.8M | — | |
| 2022-12-31 | 14 | $135.8M | — | |
| 2022-09-30 | 19 | $147.0M | — | |
| 2022-06-30 | 19 | $137.0M | — | |
| 2022-03-31 | 13 | $113.0M | — | |
| 2021-12-31 | 11 | $104.9M | — |
Milestones Administradora de Recursos Ltda.'s most significant position changes for 2026-03-31: New buy: Servicenow INC (NOW); Sold out: Chevron CORP (CVX); Sold out: Conocophillips (COP); Add: Linde plc (LIN) — shares +134.74%; Trim: Amazon.com INC (AMZN) — shares -18.11%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LIN | Linde plc | +7% | +134.74% | Add |
| 2 | MSFT | Microsoft CORP | +3.3% | +104.63% | Add |
| 3 | V | Visa Inc-class A Shares | +1.9% | +124.81% | Add |
| 4 | MCO | Moody's CORP | +0.8% | +151.13% | Add |
| 5 | GOOGL | Alphabet Inc-cl A | +0.7% | +49.68% | Add |
| 6 | DHR | Danaher CORP | +0.2% | +62.17% | Add |
| 7 | NU | Nu Holdings Ltd. | +0.2% | +50.21% | Add |
| 8 | GE | General Electric | — | +37.37% | Add |
| 9 | ✓ | Waldencast PLC | 0% | — | Unchanged |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | — | Unchanged |
| 11 | SPGI | S&p Global INC | -0.4% | — | Unchanged |
| 12 | AMD | Advanced Micro Devices | -0.4% | +15.58% | Add |
| 13 | ✓ | Waldencast PLC | -0.9% | — | Unchanged |
| 14 | MELI | Mercadolibre INC | -1.5% | — | Unchanged |
| 15 | TSM | Taiwan Semiconductor-sp Adr | -3.6% | -15.82% | Trim |
| 16 | AMZN | Amazon.com INC | -6.5% | -18.11% | Trim |
| 17 | NOW | Servicenow INC | — | NEW | New buy |
| 18 | CVX | Chevron CORP | — | EXIT | Sold out |
| 19 | COP | Conocophillips | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-25 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-05 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-05 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-25 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2024-05-20 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2024-05-20 | 13F-HR | View on EDGAR |
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