MELI neutral conv. top manter MercadoLibre, Inc.
Large Fast Grower +1,4% contrib.
Leading e-commerce marketplace e fintech provider na América
Latina. Top holding e top contributor do trimestre. Reportou
revenue +37% e EPS +44%. Margin outperformance driven por
faster revenue growth em Argentina onde earns highest margins
(lower rates → demand de crédito + funding costs + higher
consumption). Cross LATAM, gross merchandise volume +40% e
total payment volume +72% constant currency. Tese: leading
beneficiary do secular growth de e-commerce e digital banking
na América Latina.
Adquirida em 2020
V neutral conv. top manter Visa Inc.
Mega Stalwart
Global payment network. Subiu slightly mas underperformed em
relative basis após strong desempenho earlier in year.
Underperformance reflectiu concerns sobre competitive threat
de stablecoins (blowout returns de Circle Internet Group
após o IPO de Junho). Gestor mantém convicção — concerns
"overdone" e mantém confidence em growth prospects e
competitive advantages das networks. Posição core em Payments
holding desde 2020. Mcap acquired $376B → $704B reflecte
compounding sustentado.
Adquirida em 2020
SPGI neutral conv. top manter S&P Global Inc.
Large Stalwart
Leading rating agency e data provider holding desde 2020.
Mcap acquired $67,9B → $165,5B. Mentionada na carta como um
dos "financial exchanges and data providers" detractors no
quarter, likely reflecting market rotation into more
speculative stocks. Sem articulação individual de mudança de
tese; mantém-se top holding com long growth runway e
significant competitive advantages em data services.
Adquirida em 2020
MA neutral conv. top manter Mastercard Incorporated
Mega Stalwart
Global payment network. Subiu slightly mas underperformed em
relative basis após strong desempenho earlier in year, com
Visa. Concerns sobre stablecoin competition (Circle IPO) vistas
pelo gestor como "overdone". Posição core em Payments holding
desde 2020. Mcap acquired $306B → $510B.
Adquirida em 2020
LPLA neutral conv. top manter LPL Financial Holdings Inc.
Large Fast Grower
Leading independent broker-dealer holding desde 2021. Mcap
acquired $12,9B → $30,0B. Sem articulação individual de
desempenho no trimestre. Tese mantém-se: long-term growth
via integração da Commonwealth Financial Network (referida
posteriormente em Q3) e poder de lucros intacto.
Adquirida em 2021
INTU neutral conv. top manter Intuit Inc.
Large Stalwart +1,0% contrib.
Leading provider de accounting software para small businesses
e tax preparation software para individuals e tax professionals.
Top contributor; shares rose após reporting better-than-expected
quarterly results e raised annual projecções. Revenue +15% e EPS
+18%, com TurboTax revenue exceeding Street expectations via
greater adoption de higher-priced Live assisted services.
Revenue growth strong em small business segment apesar de
macroeconomic concerns; Credit Karma segment delivered rapid
growth. Tese: strong competitive position e numerous growth
opportunities.
Adquirida em 2020
GWRE neutral conv. top manter Guidewire Software, Inc.
Mid Fast Grower +1,0% contrib.
P&C insurance software vendor. Top contributor sem articulação
individual no body da carta. Tese mantida: vertical software
regulado com switching costs e workflow integration mais
insulado de risco AI. Mcap acquired $9,1B → $19,8B (mais do
que dobrou desde 2020).
Adquirida em 2020
TW neutral conv. top manter Tradeweb Markets Inc.
Large Fast Grower -0,2% contrib.
Opera electronic marketplaces para trading de fixed income.
Detractor sem articulação individual no body. Tese mantida —
strong network effects, long track record de innovation e
significant growth opportunities tied to ongoing
electronification dos capital markets. Holding desde 2020;
mcap acquired $11,1B → $32,0B.
Adquirida em 2020
IBKR neutral conv. top manter Interactive Brokers Group, Inc.
Large Fast Grower +0,9% contrib.
Online brokerage firm. Top contributor com desempenho driven
por strong quarterly results e rebound em equity markets.
Beneficiou da reactivação de Capital Markets pós-Liberation
Day. Tese mantida — long runway de crescimento e
automation-driven cost advantages. Holding desde 2023; mcap
acquired $33,8B → $94,3B.
Adquirida em 2023
KKR neutral conv. top manter KKR & Co. Inc.
Large Fast Grower
Alternative asset manager adicionada em 2024. Sem articulação
individual no trimestre. Tese: beneficiária estrutural de
capital markets reactivation e crescimento secular dos
privados. Mcap acquired $88,9B → $118,5B.
Adquirida em 2024
HOOD neutral conv. top manter Robinhood Markets, Inc.
Fast Grower +1,6% contrib.
Provider de commission-free trading e investing tools.
Largest overall contributor do trimestre. Stock benefited
de higher trading activity amid elevated market volatility e
strong desempenho across equity e cryptocurrency markets.
Customer assets de $255 biliões, +89% YoY. Company anunciou
novos crypto-related products — tokenized trading de U.S.
stocks e private assets — broadening addressable market.
Tese: long-term potencial de lucros driven por strong account
growth, rising client assets e rapid pace de product
innovation.
Adquirida em 2024
FISV bearish conv. core reduzir Fiserv, Inc.
Large Stalwart -0,8% contrib.
Global payments e bank technology provider. Top detractor;
shares cederam após resultados abaixo das expectations e
slowing payment volumes para Clover (small business platform).
Clover revenue ainda +20% mas deceleration em volume gerou
concerns competitivos. Trimmed por slowdown em Clover + higher
execution risk do recent CEO transition. Tese mantida: Clover
well positioned, channel checks indicate strong customer
satisfaction; espera continuar a gain market share e Fiserv
compound EPS em double-digit rate.
PGR bearish conv. core reduzir The Progressive Corporation
Large Stalwart -0,3% contrib.
Leading auto insurance company. Shares cederam no trimestre.
Progressive em "Goldilocks" moment — Junho: policies in force
+15%, earned premiums +18%, underwriting margin 14% (vs
company's 4% long-term target). Competition a intensificar à
medida que peers atingem rate adequacy. Trimmed à medida que
company laps cyclical peak. Tese mantida: superior operator,
best-in-class execution, well positioned para gain market
share.
CWAN bullish conv. core aumentar Clearwater Analytics Holdings, Inc.
Mid Fast Grower -0,2% contrib.
Provider de portfolio accounting e reporting software. Company
reportou strong resultados trimestrais e business fundamentals
remain solid, mas shares fell por investor concerns sobre
integração de three recent acquisitions sem disrupt do core
business. Insider selling adicional weighed em sentiment —
overhang now largely resolvido. Adicionada na carta (top net
purchase $115,2K). Tese: meaningful competitive advantages,
potencial de growth em revenue high teens to 20% por several
years, business model eficiente que should drive 40%+ adjusted
EBITDA margins over time.
INTA neutral conv. core manter Intapp, Inc.
Fast Grower -0,2% contrib.
Software vendor (professional services automation). Top
detractor sem articulação individual no body da carta. Tese
inferida do enquadramento sectorial — Enterprise Software
underweight versus Benchmark.
FICO neutral conv. core manter Fair Isaac Corporation
Fast Grower
Data e analytics em consumer credit ecosystem. Detractor em
Information Services. FICO's shares underperformed por
regulatory pressure do Federal Housing Finance Agency, com
new director Bill Pulte a criticize o pricing de FICO scores
no conforming mortgage market. Rising interest rates e
potential ramifications para lending activity também
pressionaram a stock. Tese mantida — dominant market position
e continued EPS growth runway.
VRSK neutral conv. core manter Verisk Analytics, Inc.
Stalwart
Insurance data e analytics provider. Detractor em Information
Services. Verisk's shares lagged alongside other defensive
stocks durante o trimestre apesar de solid resultados trimestrais
e upbeat management commentary. Reflecte market rotation away
from defensives. Tese mantida.
MORN neutral conv. core manter Morningstar, Inc.
Stalwart
Leading data provider para a comunidade de investimento.
Mencionado entre os "financial exchanges and data providers"
detractors no quarter, likely reflecting market rotation into
more speculative stocks. Sem articulação individual de
mudança de tese.
SCHW bullish conv. core aumentar The Charles Schwab Corporation
Large Turnaround
Discount broker. Adicionada (top net purchase $662,7K) à
medida que company continua a rebound dos challenges
relacionados com higher rates e regional banking failures de
há dois anos. Balance sheet a melhorar com client inflows e
cash generation — lower funding costs e higher net interest
margin. No trimestre recente, revenue +25% e EPS +56% com
+14% client assets. Esperado crescimento elevado de lucros nos
próximos anos.
CME bullish conv. core aumentar CME Group, Inc.
Large Stalwart
Financial exchange operator. Adicionada ($535,3K top net
purchase). Beneficia de higher trading volumes em períodos de
volatility — stock como unique portfolio diversifier.
Long-term beneficia de global capital markets expansion e bank
capital requirements que favorecem centrally cleared
securities. ADV +15% YTD a 30 de Junho. Concerns sobre
competition de upstart derivatives exchange vistas como
overblown — criaram attractive entry point.
ALKT bullish conv. starter aumentar Alkami Technology Inc.
Small Fast Grower
Cloud-based digital banking platform. Adicionada (top net
purchase $474,6K). Sem articulação individual no body da
carta.
ATRG bullish conv. starter nova posição Ategrity Specialty Insurance Company Holdings
Small Fast Grower
P&C insurance para small businesses no excess and surplus
lines (E&S) market. Adicionada via IPO durante o trimestre
(única nova posição). Opera só no E&S, similar a Kinsale.
Long runway com <1% share. Written premiums a crescer >20%
per year; post-IPO over-capitalizada vai retain mais business.
Comprada a 1,5x book value e <10x lucros estimados — discount
a peers, upside via lucros + multiple expansion.
Adquirida em 2025 via IPO
ACN bearish conv. média reduzir Accenture plc
Large Stalwart
Global IT consulting e digital transformation. Trimmed
durante o quarter por slow growth e longer-term concerns
sobre o impacto de generative AI no business model.
Reconhecimento explícito de que IA é threat estrutural em
consulting/outsourced software development — antecipa saída
total em Q3 (Digital IT Services categoria).