The curious case of Squadra Investments and their diminishing affection for StoneCo (STNE 1.70%) unfolded, as these things invariably do, with the quiet precision of a lepidopterist pinning a particularly elusive specimen. On February 17, 2026, the fund disclosed a substantial paring of its holdings, a divestment amounting to 1,784,458 shares, a number that, when translated into currency, registers as approximately $29.84 million – a sum that, one might observe, could procure a rather impressive collection of first editions.
A Delicate Unburdening
The SEC filing, dated February 17th, revealed a strategic recalibration, a lessening of exposure to StoneCo. The transaction, tallied against the average closing price for the fourth quarter of 2025, resulted in a quarter-end stake reduction of $38.87 million, a figure complicated, of course, by the capricious dance of market valuations. It’s a subtraction, yes, but one tinged with the melancholy of unrealized potential, like a discarded sketch hinting at a masterpiece never quite completed.
The Shifting Landscape
- Post-sale, StoneCo now occupies a mere 3.4% of Squadra’s 13F reportable assets, a precipitous decline from the 12.8% it commanded in the previous quarter. A significant diminution, wouldn’t you agree? It suggests a re-evaluation, a subtle but deliberate turning of the portfolio’s gaze.
- The fund’s top holdings, as of the filing, presented a rather concentrated tableau:
- NASDAQ: MELI: $180.59 million (37.3% of AUM)
- NYSE: NU: $153.08 million (31.7% of AUM)
- NASDAQ: XP: $78.47 million (16.2% of AUM)
- NASDAQ: INTR: $53.03 million (11.0% of AUM)
- NASDAQ: STNE: $18.40 million (3.4% of AUM)
A curious weighting, wouldn’t you say? A portfolio leaning heavily towards a select few, a deliberate gamble, or perhaps a lack of imagination?
- As of February 17, 2026, StoneCo shares, priced at $16.46, enjoyed a 63.0% ascent over the prior year, a performance that, while commendable, surpassed the S&P 500 by a mere 56.4 percentage points. A triumph, certainly, but one perhaps insufficient to retain Squadra’s unwavering devotion.
A Company in Profile
| Metric | Value |
|---|---|
| Price (as of market close February 17, 2026) | $16.46 |
| Market capitalization | $4.32 billion |
| Revenue (TTM) | $2.60 billion |
| Net income (TTM) | $494.36 million |
The StoneCo Narrative
- StoneCo, a purveyor of financial technology solutions for the Brazilian market, caters to the digital whims of electronic commerce, offering payment processing, point-of-sale systems, and a panoply of digital financial services.
- Its clientele, a diverse assembly of small and medium-sized businesses, e-commerce platforms, and integrated software vendors, populate the vibrant Brazilian landscape.
- The company operates a localized distribution model, a carefully calibrated network designed to deliver integrated payment and commerce solutions.
StoneCo, with its reach extending to over 1.7 million clients, stands as a leading provider of financial technology infrastructure in Brazil. Its scale, client-centric approach, and robust technology platform position it, undeniably, as a key player in the nation’s rapidly evolving digital payments landscape. Though, as we’ve observed, even the most meticulously crafted ecosystems can experience unforeseen shifts in population.
Deciphering the Signals
Squadra Investments, it should be noted, first acquired shares in StoneCo during the fourth quarter of 2023, a period characterized by a certain…optimism. The stock, however, experienced a brief, yet unsettling, sell-off after an initial surge in early 2024. Nevertheless, it managed to recoup some ground the following year. But the fund, it seems, prefers to anticipate the currents, not merely navigate them.
As any seasoned investor knows, 13-F filings offer a glimpse, but rarely a complete explanation. The stock, it’s true, experienced a decline in the second half of 2025. And Squadra, with a deliberate, almost glacial pace, has been steadily reducing its StoneCo holdings since the fourth quarter of 2024, culminating in a total reduction of approximately 91%. A rather decisive pruning, wouldn’t you agree?
Furthermore, Squadra’s fund, one might observe, is not exactly a sprawling, diversified garden. It concentrates its affections on just five stocks with ties to Brazilian fintech. And, given its enthusiastic embrace of MercadoLibre – a stock conspicuously absent from its Q3 portfolio – one suspects it has identified a new favorite, a brighter bloom in this particular patch of the financial landscape. For now, at least.
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2026-02-25 19:55