Managers / Q3 2021 · view latest →
Dynamo Administracao de Recursos Ltda.
CIK 0001707096 · AV. ATAULFO DE PAIVA, N. 1235, 6TH FLOOR, LEBLON, RIO DE JANEIRO, D5, 22440-034 · 55.21.2512-9394
Summary
Dynamo Administracao De Recursos Ltda. reported $306M in U.S.-listed holdings across 13 positions for Q3 2021.
The portfolio is heavily concentrated: MELI alone accounts for 32.1% of reported value.
Compared with Q2 2021, the fund opened 3 new positions and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 45.4% · $139M
- ADR · 32.9% · $101M
- Other · 21.7% · $66M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BUDANHEUSER BUSCH INBEV SA/NV | NEW | +360.8K | 360.8K | +$20M | $20M |
| VTEX | NEW | +269.7K | 269.7K | +$6M | $6M |
| MELI KASZEK PIONEER CORP | NEW | +270.3K | 270.3K | +$3M | $3M |
| ITUBITAU UNIBANCO HLDG S A | ADDED | +5.68M | 9.05M | +$27M | $48M |
| STNESTONECO LTD | TRIMMED | −745.4K | 17.3K | −$51M | $602,000 |
| XPXP INC | TRIMMED | −692.7K | 1.00M | −$34M | $40M |
| LOMALOMA NEGRA C I A S A MTN | TRIMMED | −395.3K | 1.99M | −$2M | $14M |
| VALEVALE SA | TRIMMED | −174.6K | 1.01M | −$13M | $14M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | MELIMERCADOLIBRE INChistory → | COM | 32.11% | $98M | 58.5K |
| 2 | NATURA &CO HLDG S A | ADS | 18.58% | $57M | 3.41M |
| 3 | ITUBITAU UNIBANCO HLDG S Ahistory → | SPON ADR REP PFD | 15.59% | $48M | 9.05M |
| 4 | XPXP INChistory → | CL A | 13.14% | $40M | 1.00M |
| 5 | BUDANHEUSER BUSCH INBEV SA/NVhistory → | SPONSORED ADR | 6.65% | $20M | 360.8K |
| 6 | LOMALOMA NEGRA C I A S A MTNhistory → | SPONSORED ADS | 4.63% | $14M | 1.99M |
| 7 | VALEVALE SAhistory → | SPONSORED ADS | 4.61% | $14M | 1.01M |
| 8 | VTEX | SHS CL A | 1.81% | $6M | 269.7K |
| 9 | GGBGERDAU SAhistory → | SPON ADR REP PFD | 1.42% | $4M | 882.0K |
| 10 | MELI KASZEK PIONEER CORP | CLASS A ORD | 0.98% | $3M | 270.3K |
| 11 | HPX CORP | UNIT 99/99/9999 · SHS CL A | 0.29% | $899,000 | 90.0K |
| 12 | STNESTONECO LTD | COM CL A | 0.20% | $602,000 | 17.3K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2025 | $18M | 4 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $29M | 4 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $17M | 4 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $35M | 4 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $2M | 4 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $16M | 4 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $65M | 4 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $82M | 5 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $60M | 5 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023REVEALED | $34M | 5 | Sep 1, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2023 | $27M | 5 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $132M | 6 | Jun 14, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2022 | $206M | 9 | Jun 14, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2022 | $226M | 10 | Jun 14, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2022 | $314M | 11 | Jun 14, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2021 | $249M | 13 | Feb 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $306M | 13 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $363M | 10 | Aug 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $395M | 10 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $583M | 11 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $445M | 10 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $668M | 8 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $346M | 9 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $549M | 7 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $278M | 5 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $237M | 7 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $210M | 5 | May 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.