CIK: 0002044610
Total reported value
$222.3M
Reporting period: 2026-03-31 · Number of holdings: 14
Navi International - Administradora e Gestora de Recursos Financeiros Ltda. disclosed 14 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $222.3M and a quarterly turnover rate of 94.7%.
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Navi International - Administradora e Gestora de Recursos Financeiros Ltda.'s disclosed holdings carry a Herfindahl concentration index of 0.198 — mathematically equivalent to about 5 equally-sized positions, well below its 14 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.38), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.0 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 52% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add NU
+638.9% $48.5M
Add XPEV
+354.5% $41.4M
Trim MELI
-13.9% -$18.5M
Add STNE
+76.2% $11.7M
Add PBR-A
-10.5% $5.2M
Trim PBR
-59.4% -$2.3M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NU | Nu Holdings Ltd. | Stock-Financials | 25.91% | +21.48% | +638.85% | |
| 2 | MELI | Mercadolibre INC | Stock-Consumer Disc | 23.57% | -11.03% | -13.90% | |
| 3 | XPEV | Xp INC Class A | Stock-Other | 22.95% | +18.24% | +354.48% | |
| 4 | STNE | StoneCo Ltd. | Stock-Other | 12.98% | +4.61% | +76.17% | |
| 5 | PBR-A | Petroleo Brasil-sp Pref Adr | Stock-Other | 7.15% | +1.94% | -10.55% | |
| 6 | PBR | Petroleo Brasileiro-spon Adr | Stock-Energy | 2.49% | -1.31% | -59.41% | |
| 7 | SUZ | Suzano SA - Spon Adr | Stock-Other | 1.60% | -0.02% | — | |
| 8 | L3XC | Axia Energia-adr Pref | Stock-Other | 1.08% | +0.16% | -4.98% | |
| 9 | GGB | Gerdau SA -spon Adr | Stock-Other | 0.89% | -0.10% | — | |
| 10 | LTM | Latam Airlines Group Sa-adr | Stock-Other | 0.46% | +0.46% | NEW | |
| 11 | AXIA | Axia Energia-adr | Stock-Other | 0.40% | +0.21% | +90.91% | |
| 12 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 0.32% | +0.32% | NEW | |
| 13 | BBD | Banco Bradesco-adr | Stock-Other | 0.09% | -0.54% | -85.44% | |
| 14 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 0.09% | +0.01% | — |
Performance for Q3 2026
+6.7%
Performance Last 4 Quarters
+7.3%
Based on 5 months of available history
Based on 69% of reported portfolio value with available pricing
Navi International - Administradora e Gestora de Recursos Financeiros Ltda.'s most significant position changes for 2026-03-31: Sold out: iShares MSCI South Korea ETF (EWY); Sold out: iShares 20+ Year Treasury Bond ETF (TLT); Sold out: Ishares Tr; Sold out: Ishares Msci Mexico ETF (EWW); Sold out: Ishares Msci Emerging Market (EEM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NU | Nu Holdings Ltd. | +21.5% | +638.85% | Add |
| 2 | XPEV | Xp INC Class A | +18.2% | +354.48% | Add |
| 3 | STNE | StoneCo Ltd. | +4.6% | +76.17% | Add |
| 4 | PBR-A | Petroleo Brasil-sp Pref Adr | +1.9% | -10.55% | Trim |
| 5 | AXIA | Axia Energia-adr | +0.2% | +90.91% | Add |
| 6 | L3XC | Axia Energia-adr Pref | +0.2% | -4.98% | Trim |
| 7 | ITUB | Itau Unibanco H-spon Prf Adr | 0% | — | Unchanged |
| 8 | SUZ | Suzano SA - Spon Adr | 0% | — | Unchanged |
| 9 | GGB | Gerdau SA -spon Adr | -0.1% | — | Unchanged |
| 10 | BBD | Banco Bradesco-adr | -0.5% | -85.44% | Trim |
| 11 | PBR | Petroleo Brasileiro-spon Adr | -1.3% | -59.41% | Trim |
| 12 | MELI | Mercadolibre INC | -11% | -13.90% | Trim |
| 13 | EWY | iShares MSCI South Korea ETF | — | EXIT | Sold out |
| 14 | TLT | iShares 20+ Year Treasury Bond ETF | — | EXIT | Sold out |
| 15 | ✓ | Ishares Tr | — | EXIT | Sold out |
| 16 | EWW | Ishares Msci Mexico ETF | — | EXIT | Sold out |
| 17 | EEM | Ishares Msci Emerging Market | — | EXIT | Sold out |
| 18 | IWM | Ishares Russell 2000 ETF | — | EXIT | Sold out |
| 19 | LTM | Latam Airlines Group Sa-adr | — | NEW | New buy |
| 20 | EMBJ | Embraer Sa-spon Adr | — | NEW | New buy |
| 21 | AXIA-PC | Axia Energia-adr Pref C | — | EXIT | Sold out |
| 22 | EVEX | Eve Holding INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-05-15 | 13F-HR | View on EDGAR |
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