Navi International - Administradora e Gestora de Recursos Financeiros Ltda.

SAO PAULO, D5 · CIK 2044610 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2024 · other (specify)

Assets managed$810.0m
Staff7 · 6 in investment roles
Main clients (by assets)Sovereign wealth funds 94%, Private funds 6%
Private funds1 (1 hedge) · $47.2m gross assets
Websitenavi-international.com
Form ADV · 2026-03-30SEC adviser record

Kindhedge funds, institutions, futures
Others nearbySão Paulo, Rio de Janeiro

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Sao Paulo (main office)Brazil	Brazil	about 5
Rio De JaneiroBrazil	Brazil	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$142.0m reported value -36.1% vs Q1 2026

11positions

99.8%in top 10

3 new 5 added 2 reduced 6 sold out vs Q1 2026

Options: 1 call positions ($5.9m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MERCADOLIBRE INC COM MELI	MELI	31,251	$53.0m37.37%	37.37%	Added +945	+945 3.1%
2	XP INC CL A XP	XP	1,837,985	$29.9m21.05%	21.05%	Reduced -841.0k	-840,965 -31.4%
3	LATAM AIRLINES GROUP SA SPONSORED ADR LTM	LTM	326,007	$19.0m13.38%	13.38%	Added +305.4k	+305,355 1478.6%
4	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	1,164,207	$17.0m12.01%	12.01%	Added +316.1k	+316,070 37.3%
5	INTER & CO INC CLASS A COM INTR	INTR	2,443,213	$13.3m9.35%	9.35%	New
6	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	289,639	$3.1m2.15%	2.15%	Added +210.0k	+210,012 263.7%
7	SUZANO S A SPON ADS SUZ	SUZ	356,146	$2.8m1.95%	1.95%	Reduced -11	-11 0.0%
8	GERDAU SA SPON ADR REP PFD GGB	GGB	550,000	$2.2m1.57%	1.57%	Unchanged
9	VALE S A SPONSORED ADS VALE	VALE	51,789	$778.9k0.55%	0.55%	New
10	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	76,663	$626.3k0.44%	0.44%	Added +52.4k	+52,365 215.5%
11	CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD CIG	CIG	128,695	$270.5k0.19%	0.19%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NU HLDGS LTD NU	NU	4,008,517	$57.6m4.0m shares
STONECO LTD STNE	STNE	2,043,105	$28.8m2.0m shares
PETROLEO BRASILEIRO SA PETRO PBR	PBR	266,925	$5.5m266.9k shares
CENTRAIS ELET BRAS SA		190,920	$2.4m190.9k shares
EMBRAER S.A. EMBJ	EMBJ	11,923	$707.5k11.9k shares
BANCO BRADESCO S A BBD	BBD	56,096	$204.8k56.1k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES INC EWZ · Call	EWZ	Call	171,500	$5.9m171.5k shares	New