Skip to main content
Livermore
Livermore
ZHEN

Milestones Administradora de Recursos Ltda.

SEC CIK
0001912095
Latest filing
Jul 24, 2026

The latest 13F from Milestones Administradora de Recursos Ltda. covers Q2 2026 (filed Jul 24, 2026): 21 long positions worth $517.7M. The top 10 holdings make up 90.0% of the portfolio, and the largest is Amazon Com Inc (AMZN) at 12.9%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
5
Est. +$11.2M
Added
11
Est. +$75.5M
Reduced
3
Est. −$18.1M
Sold out
1
Est. −$2.41M

Top 5 holdings

Share of this quarter's portfolio value

  1. AMZNAmazon Com Inc
    12.9%$67.0MHistory
  2. MSFTMicrosoft Corp
    12.8%$66.2MHistory
  3. GEGeneral Electric Co
    12.2%$63.1MHistory
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    10.8%$55.7MHistory
  5. LINLinde PLC
    8.6%$44.8MHistory

Share of portfolio

Top 5 holdings and the other 16 positions, by share of portfolio value

  1. AMZN12.9%
  2. MSFT12.8%
  3. GE12.2%
  4. TSM10.8%
  5. LIN8.6%
  6. Other 16 positions42.7%

Biggest buys

New and added positions, by estimated amount bought

  1. AMZNAmazon Com Inc
    +$27.1MAddedHistory
  2. VVisa Inc.
    +$15.5MAddedHistory
  3. DHRDanaher Corp
    +$12.8MAddedHistory
  4. MCOMoodys Corp
    +$6.73MAddedHistory
  5. NUNu Holdings Ltd.
    +$4.69MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. AMZNAmazon Com Inc
    +3.84 pp9.1% → 12.9%History
  2. VVisa Inc.
    +2.14 pp5.3% → 7.5%History
  3. DHRDanaher Corp
    +1.59 pp3.5% → 5.1%History
  4. MCOMoodys Corp
    +0.88 pp1.8% → 2.7%History
  5. TPGTPG Inc.
    +0.59 pp0.0% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AMDAdvanced Micro Devices Inc
    −$9.99MReducedHistory
  2. LINLinde PLC
    −$7.45MReducedHistory
  3. NOWServiceNow, Inc.
    −$2.41MSold outHistory
  4. MSFTMicrosoft Corp
    −$706.5KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MSFTMicrosoft Corp
    −4.54 pp17.3% → 12.8%History
  2. LINLinde PLC
    −4.37 pp13.0% → 8.6%History
  3. NOWServiceNow, Inc.
    −0.63 pp0.6% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$517.7M
+$134.5M (+35.1%) vs. prior quarter
Positions
21
+4 vs. prior quarter
Top 10 concentration
90.0%
Top 10 as share of value
Turnover
4.6%
Q2 2026, one quarter
Average holding period
13.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $517.7M (Q2 2026)

Q4 2021: $104.9MQ1 2022: $113.0MQ2 2022: $137.0MQ3 2022: $147.0MQ4 2022: $135.8MQ1 2023: $155.8MQ2 2023: $140.5MQ3 2023: $135.9MQ4 2023: $127.5MQ1 2024: $186.2MQ2 2024: $237.9MQ3 2024: $251.0MQ4 2024: $196.7MQ1 2025: $195.9MQ2 2025: $292.4MQ3 2025: $285.7MQ4 2025: $302.8MQ1 2026: $383.1MQ2 2026: $517.7M
Q4 2021Q2 2026
13F filings of Milestones Administradora de Recursos Ltda. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 24, 202621$517.7MAMZNMSFTGEvs. Q1 2026SEC
Q1 2026May 12, 202617$383.1MMSFTLINGEvs. Q4 2025SEC
Q4 2025Feb 10, 202618$302.8MAMZNMSFTTSMvs. Q3 2025SEC
Q3 2025Oct 31, 202518$285.7MAMZNMSFTGEvs. Q2 2025SEC
Q2 2025Jul 25, 202519$292.4MAMZNMSFTGEvs. Q1 2025SEC
Q1 2025May 5, 202522$195.9MAMZNMSFTGOOGLvs. Q4 2024SEC
Q4 2024Feb 5, 202522$196.7MAMZNMSFTGOOGLvs. Q3 2024SEC
Q3 2024Oct 25, 202429$251.0MAMZNMSFTNUvs. Q2 2024SEC
Q2 2024Aug 14, 202428$237.9MAMZNMSFTGOOGLvs. Q1 2024SEC
Q1 2024May 20, 202418$186.2MAMZNGOOGLMSFTvs. Q4 2023SEC
Q4 2023May 20, 202411$127.5MMSFTAMZNWALDvs. Q3 2023SEC
Q3 2023May 20, 202410$135.9MMSFTGOOGLAMZNvs. Q2 2023SEC
Q2 2023May 20, 202410$140.5MMSFTGOOGLAMZNvs. Q1 2023SEC
Q1 2023May 20, 202412$155.8MMSFTAMZNGOOGLvs. Q4 2022SEC
Q4 2022May 20, 202414$135.8MGOOGLMSFTWALDvs. Q3 2022SEC
Q3 2022May 20, 202419$147.0MGOOGLWALDAMZNvs. Q2 2022SEC
Q2 2022May 20, 202419$137.0MGOOGLMSFTMELIvs. Q1 2022SEC
Q1 2022May 20, 202413$113.0MGOOGLMELIWaldencast Acquisition Corpvs. Q4 2021SEC
Q4 2021May 20, 202411$104.9MGOOGLMELIWaldencast Acquisition Corp–SEC