# Milestones Administradora de Recursos Ltda.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1912095. Source: https://holderbook.com/funds/1912095-milestones-administradora-de-recursos-ltda/

- Reported value: $517.7M
- Positions: 21
- Weight of the ten largest: 90.0%
- Filed: 2026-07-24

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $67.0M | 281,149 | 12.9% | 17 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $66.2M | 177,513 | 12.8% | 18 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $63.1M | 168,857 | 12.2% | 8 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $55.7M | 116,534 | 10.8% | 9 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $44.8M | 86,282 | 8.6% | 14 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $42.1M | 3,154,114 | 8.1% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $42.1M | 117,684 | 8.1% | 19 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $38.7M | 112,769 | 7.5% | 19 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $26.2M | 137,789 | 5.1% | 9 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $19.8M | 34,059 | 3.8% | 7 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $14.0M | 30,824 | 2.7% | 9 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $13.7M | 8,056 | 2.6% | 19 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $6.4M | 15,835 | 1.2% | 9 |
| WALDENCAST PLC | [WALD](https://holderbook.com/stocks/WALD/) | $4.3M | 2,425,677 | 0.8% | 16 |
| TPG INC | [TPG](https://holderbook.com/stocks/TPG/) | $3.1M | 75,600 | 0.6% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.4M | 4,833 | 0.5% | 10 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.1M | 10,599 | 0.4% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.1M | 15,380 | 0.4% | 1 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $2.0M | 18,760 | 0.4% | 1 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.9M | 11,731 | 0.4% | 1 |
| WALDENCAST PLC | [WALDW](https://holderbook.com/stocks/WALDW/) | $20.7K | 440,415 | 0.0% | 16 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +17.8% | +14.8% | +3.0% | 100% |
| Q1 2026 | -7.9% | -4.6% | -3.3% | 100% |
| Q4 2025 | +4.2% | +2.4% | +1.9% | 100% |
| Q3 2025 | +9.3% | +7.8% | +1.4% | 100% |
| Q2 2025 | +16.6% | +10.5% | +6.1% | 100% |
| Q1 2025 | -7.4% | -4.6% | -2.9% | 100% |
| Q4 2024 | +1.2% | +2.1% | -1.0% | 100% |
| Q3 2024 | -0.9% | +5.4% | -6.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $517.7M | 21 |
| Q1 2026 | $383.1M | 17 |
| Q4 2025 | $302.8M | 18 |
| Q3 2025 | $285.7M | 18 |
| Q2 2025 | $292.4M | 19 |
| Q1 2025 | $195.9M | 22 |
| Q4 2024 | $196.7M | 22 |
| Q3 2024 | $251.0M | 29 |
| Q2 2024 | $237.9M | 28 |
| Q1 2024 | $186.2M | 18 |
| Q4 2023 | $127.5M | 11 |
| Q3 2023 | $135.9M | 10 |