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    Nu (NU)

    Market Price (9/29/2026): $12.465 | Market Cap: $60.5 BilSector: Financials | Industry: Regional Banks

    Nu (NU)

    Market Price (9/29/2026): $12.465
    Market Cap: $60.5 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 47%

    Low stock price volatility
    Vol 12M is 40%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

    Weak multi-year price returns
    2Y Excs Rtn is -51%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%

    Key risks
    NU key risks include [1] a Brazilian regulatory challenge to its "Nubank" brand identity that requires it to secure a banking license, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 47%
    3 Low stock price volatility
    Vol 12M is 40%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
    5 Weak multi-year price returns
    2Y Excs Rtn is -51%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13%
    7 Key risks
    NU key risks include [1] a Brazilian regulatory challenge to its "Nubank" brand identity that requires it to secure a banking license, Show more.

    NU in ETFs

    Weight = NU's share of each fund

    IWB0.07%
    EWZ8.6%
    ILF8.0%
    SPEM0.40%
    EEM0.39%
    IEMG0.35%
    VONG0.15%
    IWF0.14%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31NU [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$13.2 Bil—
    FY 2026 Sales$22.8 Bil—
    FY 2027 Sales$28.1 Bil—
    FY 2026 Sales Growth73.4%—
    FY 2027 Sales Growth23.0%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$3.6 Bil—
    FY 2026 Net Income (Non-GAAP)$4.3 Bil—
    FY 2027 Net Income (Non-GAAP)$5.4 Bil—
    FY 2027 Net Income Growth26.1%18.3%
    FY 2026 EPS (Non-GAAP)$0.87—
    FY 2027 EPS (Non-GAAP)$1.12—
    FY 2027 EPS Growth28.8%—
    VALUATION
    FY 2026 P/S2.71.6
    FY 2027 P/S2.2—
    FY 2026 P/E14.17.5
    FY 2027 P/E11.2—

    [1] NU forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    NUS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)13.2
    Rev Chg Q50.2%9.3%
    Rev Chg LTM46.9%8.3%
    Rev Chg 3Y Avg47.8%5.8%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)-1.4
    Net Inc LTM ($ Bil)3.6
    CFO/Rev LTM-10.5%21.8%
    Net Inc Mgn27.4%13.1%
    VALUATIONMODERATE
    P/S4.63.1
    P/CFO-43.814.5
    P/FCF-36.319.1
    P/E16.821.9

    AI Analysis | Feedback

    MetricValueDateSource
    Total Customers122.7 million6302025Link
    Monthly Average Revenue per Active Customer (ARPAC)$12.26302025Link
    Monthly Activity Rate83.2%6302025Link
    Monthly Average Cost to Serve Per Active Customer$0.806302025Link
    15 to 90-day NPL ratio4.4%6302025Link
    90+ NPL ratio6.6%6302025Link
    Deposits$36.6 billion6302025Link
    Interest-Earning Portfolio (IEP)$15.7 billion6302025Link
    Net Interest Margin (NIM)17.7%6302025Link
    SME Customers5.2 million6302025Link
    Active Credit Customers55 million6302025Link
    Active Unsecured Loans Customers13.6 million6302025Link
    Active Secured Loans Customers6.8 million6302025Link
    Active Investments Customers36.2 million6302025Link
    Active Crypto Customers6.6 million6302025Link
    Efficiency Ratio28.3%6302025Link
    Customers in Brazil107.3 million6302025Link
    Customers in Mexico12 million6302025Link
    Customers in Colombia3.4 million6302025Link
    Net Promoter Score (NPS) among high-income customers in Brazil8412312024Link

    Price Chart

    Upcoming
    11/12/2026Earnings ReleaseRev: $5.0 Bil (E)
    EPS: $0.23 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/28/2026

    Nu (NU) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. Deterioration in Credit Quality: Nu Holdings experienced a notable weakening in its credit quality during the period, with overdue credit card receivables rising to 12.5% from 11.0% and Stage 3 loan exposures increasing to 8.3% from 6.2%. Additionally, loans more than 90 days past due rose by 35 basis points to 6.9% as of Q3 2026. This trend in rising delinquencies signals increased risk in the company's loan portfolio and was cited as a primary factor for the stock's decline.

    2. Slowdown in the Brazilian Economy and Elevated Interest Rates: Brazil's Gross Domestic Product (GDP) growth decelerated to 0.5% quarter-on-quarter in fiscal Q2 2026, a sharp decline from 1.1% in the prior quarter. Concurrently, personal consumption contracted by 0.4%, marking its first decline in three quarters. Both the Brazilian Central Bank and the Ministry of Finance revised down their 2026 GDP growth forecasts, with the Central Bank lowering its outlook to 1.8% from 2% in June. High borrowing costs, with the Selic benchmark rate at 13.75% after a series of cuts, and heavy household debt burdens have continued to weigh on domestic demand, impacting the operating environment for financial services companies like Nu.

    Show more
    Updated on 9/28/2026

    Nu (NU) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. Deterioration in Credit Quality: Nu Holdings experienced a notable weakening in its credit quality during the period, with overdue credit card receivables rising to 12.5% from 11.0% and Stage 3 loan exposures increasing to 8.3% from 6.2%. Additionally, loans more than 90 days past due rose by 35 basis points to 6.9% as of Q3 2026. This trend in rising delinquencies signals increased risk in the company's loan portfolio and was cited as a primary factor for the stock's decline.

    2. Slowdown in the Brazilian Economy and Elevated Interest Rates: Brazil's Gross Domestic Product (GDP) growth decelerated to 0.5% quarter-on-quarter in fiscal Q2 2026, a sharp decline from 1.1% in the prior quarter. Concurrently, personal consumption contracted by 0.4%, marking its first decline in three quarters. Both the Brazilian Central Bank and the Ministry of Finance revised down their 2026 GDP growth forecasts, with the Central Bank lowering its outlook to 1.8% from 2% in June. High borrowing costs, with the Selic benchmark rate at 13.75% after a series of cuts, and heavy household debt burdens have continued to weigh on domestic demand, impacting the operating environment for financial services companies like Nu.

    3. Significant Insider Selling and Analyst Downgrades: There was substantial insider selling activity, with approximately $5.6 million worth of shares sold by insiders over the 90 days leading up to late September 2026. Notably, Cristina Helena Zing Junqueira, Chief Growth Officer and US CEO, sold shares exceeding $5 million in total during the broader period. This insider divestment, coupled with analyst downgrades from firms like Susquehanna and Scotiabank in June 2026, which cited factors such as compressed fiscal Q1 operating margins and reduced upside potential, contributed to negative market sentiment.

    4. Valuation Concerns Amidst Rising Costs of International Expansion: Despite Nu Holdings reporting record net income of $1.1 billion in fiscal Q2 2026 and exceeding revenue estimates, the stock experienced a downward trend. This suggests that the market may perceive the company's valuation as stretched, with a price-to-sales multiple of approximately 6.49 times. Furthermore, while robust growth initiatives like the U.S. expansion are underway, the efficiency ratio normalized to 19.5% in fiscal Q2 2026, up from 17.6% in fiscal Q1 2026, which management attributed to timing shifts and continued international investment. This indicates that the costs associated with expanding into new markets could be weighing on profitability expectations and investor confidence.

    Show less
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    Stock Movement Drivers

    Fundamental Drivers

    The -6.9% change in NU stock from 5/31/2026 to 9/28/2026 was primarily driven by a -17.8% change in the company's P/E Multiple.
    (LTM values as of)53120269282026Change
    Stock Price ($)13.1312.23-6.9%
    Change Contribution By: 
    Total Revenues ($ Mil)11,91513,17410.6%
    Net Income Margin (%)26.7%27.4%2.5%
    P/E Multiple20.016.5-17.8%
    Shares Outstanding (Mil)4,8564,8570.0%
    Cumulative Contribution-6.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/28/2026
    ReturnCorrelation
    NU-6.9% 
    Market (SPY)1.5%34.9%
    Sector (XLF)5.4%44.5%

    Fundamental Drivers

    The -18.4% change in NU stock from 2/28/2026 to 9/28/2026 was primarily driven by a -42.5% change in the company's P/E Multiple.
    (LTM values as of)22820269282026Change
    Stock Price ($)14.9812.23-18.4%
    Change Contribution By: 
    Total Revenues ($ Mil)9,60013,17437.2%
    Net Income Margin (%)26.3%27.4%3.9%
    P/E Multiple28.716.5-42.5%
    Shares Outstanding (Mil)4,8394,857-0.4%
    Cumulative Contribution-18.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/28/2026
    ReturnCorrelation
    NU-18.4% 
    Market (SPY)12.2%46.2%
    Sector (XLF)6.3%48.0%

    Fundamental Drivers

    The -17.4% change in NU stock from 8/31/2025 to 9/28/2026 was primarily driven by a -47.0% change in the company's P/E Multiple.
    (LTM values as of)83120259282026Change
    Stock Price ($)14.8012.23-17.4%
    Change Contribution By: 
    Total Revenues ($ Mil)8,96713,17446.9%
    Net Income Margin (%)25.7%27.4%6.7%
    P/E Multiple31.116.5-47.0%
    Shares Outstanding (Mil)4,8264,857-0.6%
    Cumulative Contribution-17.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/28/2026
    ReturnCorrelation
    NU-17.4% 
    Market (SPY)20.0%48.2%
    Sector (XLF)1.9%43.2%

    Fundamental Drivers

    The 78.5% change in NU stock from 8/31/2023 to 9/28/2026 was primarily driven by a 1394.3% change in the company's Net Income Margin (%).
    (LTM values as of)83120239282026Change
    Stock Price ($)6.8512.2378.5%
    Change Contribution By: 
    Total Revenues ($ Mil)4,19413,174214.2%
    Net Income Margin (%)1.8%27.4%1394.3%
    P/E Multiple421.716.5-96.1%
    Shares Outstanding (Mil)4,7304,857-2.6%
    Cumulative Contribution78.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/28/2026
    ReturnCorrelation
    NU78.5% 
    Market (SPY)76.5%49.3%
    Sector (XLF)65.3%40.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    NU Return-9%-57%105%24%62%-19%32%
    Peers Return-25%-62%149%-4%51%-15%-12%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    NU Win Rate0%42%75%58%58%56% 
    Peers Win Rate42%37%57%35%62%44% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    NU Max Drawdown--68%-22%-36%-31%-38% 
    Peers Max Drawdown-60%-71%-39%-45%-36%-39% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: MELI, STNE, PAGS, SOFI, AFRM.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/28/2026 (YTD)

    How Low Can It Go

    EventNUS&P 500
    2025 US Tariff Shock
      % Loss-28.8%-18.8%
      % Gain to Breakeven40.4%23.1%
      Time to Breakeven40 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-18.9%-7.8%
      % Gain to Breakeven23.3%8.5%
      Time to Breakeven9 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-13.1%-9.5%
      % Gain to Breakeven15.1%10.5%
      Time to Breakeven36 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-14.4%-6.7%
      % Gain to Breakeven16.8%7.1%
      Time to Breakeven27 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-66.8%-24.5%
      % Gain to Breakeven201.5%32.4%
      Time to Breakeven608 days427 days

    Compare to MELI, STNE, PAGS, SOFI, AFRM

    In The Past

    Nu's stock fell -28.8% during the 2025 US Tariff Shock. Such a loss loss requires a 40.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventNUS&P 500
    2025 US Tariff Shock
      % Loss-28.8%-18.8%
      % Gain to Breakeven40.4%23.1%
      Time to Breakeven40 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-66.8%-24.5%
      % Gain to Breakeven201.5%32.4%
      Time to Breakeven608 days427 days

    Compare to MELI, STNE, PAGS, SOFI, AFRM

    In The Past

    Nu's stock fell -28.8% during the 2025 US Tariff Shock. Such a loss loss requires a 40.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Nu (NU)

    Nu Holdings Ltd. (symbol: NU) is a prominent digital financial services and technology company primarily serving customers in Brazil, Mexico, and Colombia. Founded in 2013, Nu operates a mobile-first platform designed to simplify and democratize access to financial services for both individuals and small businesses across Latin America.

    The company offers a comprehensive range of core financial products. These include Nu and Ultraviolet credit and debit cards, along with mobile payment solutions that enable customers to make and receive transfers, pay bills, and handle daily purchases efficiently. Nu also provides various account solutions, such as Nu Personal Accounts for individual finance management and Nu business accounts specifically tailored for entrepreneurs.

    Beyond traditional banking, Nu extends its services into investments, loans, and insurance. Through NuInvest, customers can access equity, fixed-income, ETFs, and curated multimarket funds. The platform also offers personal unsecured loans, an in-app ‘buy now pay later’ solution for installment payments, and NuInsurance for life and funeral protection, establishing a holistic digital financial ecosystem.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Nu:

    • The Amazon for financial services in Latin America.
    • Imagine a blend of Cash App and Robinhood, built for Latin America.

    AI Analysis | Feedback

    • Credit and Debit Cards: Offers standard Nu credit and debit cards, along with premium Ultraviolet credit and debit cards.
    • Digital Banking Accounts: Provides Nu Personal Accounts for individual financial activities and Nu business accounts for entrepreneurs, both supporting mobile payments, transfers, and bill payments.
    • Investment Platform (NuInvest): An investment product offering access to equities, fixed-income, options, ETFs, and multimarket funds.
    • Personal Unsecured Loans: Provides personal loans to customers without requiring collateral.
    • Buy Now Pay Later (BNPL): An in-app solution allowing Nu card customers to pay for credit, debit, and banking payment slips over time in installments.
    • Insurance Solutions (NuInsurance): Offers protecting solutions, including life insurance and funeral benefits.

    AI Analysis | Feedback

    Nu Holdings Ltd. (NU) sells its financial products and services primarily to individuals and small businesses. Based on the company description, its major customer categories are:

    • Individual Consumers: This category includes individuals utilizing Nu's personal banking services (Nu Personal Accounts), credit and debit cards (Nu and Ultraviolet cards), mobile payment solutions, personal unsecured loans, 'buy now pay later' options, and NuInsurance protecting solutions for personal finance needs.
    • Small Business Owners/Entrepreneurs: Nu specifically caters to this group with "Nu business accounts designed specifically for entrepreneur customers and their businesses," offering tailored financial solutions for their operations.
    • Individual Investors: Nu provides investment products through "NuInvest," offering equity, fixed-income, options, ETF products, and multimarket funds to individual customers looking to invest based on their risk profile and financial position.

    AI Analysis | Feedback

    • Amazon.com, Inc. (AMZN)
    • Visa Inc. (V)
    • Mastercard Incorporated (MA)

    AI Analysis | Feedback

    David Vélez, Founder and Chief Executive Officer (CEO)

    David Vélez is the founder, Chairman of the Board of Directors, and Chief Executive Officer of Nu Holdings Ltd.. Before establishing Nu in 2013, Vélez was a partner at Sequoia Capital, where he was responsible for the firm's Latin American investments group. His prior experience includes roles in investment banking and growth equity at Goldman Sachs, Morgan Stanley, and General Atlantic. He holds a Bachelor of Science in Management Science and Engineering and a Master of Business Administration, both from Stanford University. Vélez co-founded Nubank in São Paulo in 2013. He has publicly committed to donating the majority of his wealth to philanthropy.

    Guilherme Marques do Lago, Chief Financial Officer (CFO)

    Guilherme Marques do Lago has served as Nu Holdings Ltd.'s Chief Financial Officer since February 2021, and before that, he was the company's Vice President of Finance from March 2019 to February 2021. From April 2006 to March 2019, he held various positions at Credit Suisse Group AG, including managing director in its investment banking group. He earned his undergraduate degree from Escola Politécnica da Universidade de São Paulo and holds an MBA from Harvard Business School.

    Cristina Helena Zingaretti Junqueira, Co-Founder and Chief Growth Officer

    Cristina Junqueira is a Co-Founder of Nu Holdings Ltd. (Nubank) since 2013, and has been the Chief Growth Officer of the Group since August 2022. Prior to co-founding Nu, she spent several years at Itaú Unibanco S.A., where she worked with consumer credit, card products, and marketing. She holds an Engineering Bachelor's degree and a Master's degree from Universidade de São Paulo (USP), as well as an MBA from Northwestern University's Kellogg School of Management.

    Livia Chanes, Chief Executive Officer for Brazil

    Livia Chanes has held the position of Chief Executive Officer for Brazil since January 22, 2024, overseeing the company's Brazilian operations. She joined Nubank in 2020 as Vice President of Products and was appointed Brazil Country Manager in the second half of 2022. Before her tenure at Nubank, she worked at Banco Itaú in various technology-driven businesses from 2015 to 2020. From 2005 to 2015, she was a partner at McKinsey consulting in the São Paulo office.

    Eric Young, Chief Technology Officer

    Eric Young is the incoming Chief Technology Officer for Nu Holdings Ltd., with his start date at Nubank on August 18, 2025. Most recently, he served as Senior Vice President of Engineering at Snap Inc., where he led teams focused on scaling infrastructure. Prior to that, he was Vice President of Engineering at Google for seven years, where he was responsible for foundational elements of their technical infrastructure.

    AI Analysis | Feedback

    Nu Holdings Ltd. (NU) faces several key risks to its business, primarily stemming from its credit-heavy model and operations within dynamic emerging markets.

    • Credit Risk and Macroeconomic Volatility

      Nu's business model relies heavily on consumer lending, particularly unsecured credit in Brazil, Mexico, and Colombia. This exposes the company to significant credit risk, especially given the macroeconomic volatility in these emerging markets. High interest rates, inflationary pressures, currency fluctuations, and potential economic slowdowns can lead to clients struggling to meet their debt obligations, resulting in higher non-performing loan (NPL) ratios and impacting Nu's overall profitability and asset quality.

    • Intense Competition

      Nu operates in a highly competitive fintech landscape across Latin America. The company faces pressure from both well-established traditional banks that are undergoing digital transformation and a growing number of agile digital-first financial service providers. This intense competition can impact customer acquisition rates, market share, and the ability to maintain strong margins and profitability.

    • Regulatory Challenges and Expansion Risk

      Operating across multiple countries means Nu Holdings is subject to diverse and evolving regulatory environments. Changes in financial regulations, data protection laws, or tax policies in Brazil, Mexico, Colombia, or any new market like the U.S. (where it is expanding) could impact its operations and profitability. Furthermore, aggressive international expansion introduces execution risks, including higher operational costs and the need to adapt to new compliance expectations, which could strain resources and affect efficiency.

    AI Analysis | Feedback

    • Increased digital transformation and competitive offerings from incumbent banks in Brazil, Mexico, and Colombia. These established financial institutions are actively modernizing their digital channels and product suites, leveraging their large existing customer bases, regulatory relationships, and substantial capital to directly compete with Nu's digital-first model.
    • Expansion of global big tech companies into Latin American financial services. Companies such as Apple, Google, and Amazon are gradually extending their financial service ecosystems (e.g., payments, wallets, and potentially lending or banking-as-a-service partnerships) into Nu's key markets, potentially leveraging their vast user bases and technological prowess to offer highly integrated and competitive alternatives.

    AI Analysis | Feedback

    Nu Holdings Ltd. operates across significant and growing digital financial markets in Brazil, Mexico, and Colombia. The addressable markets for its main products and services are substantial within these regions.

    Digital Banking and Financial Services

    • Brazil: The digital banking market in Brazil was valued at USD 2.5 billion in 2025 and is projected to reach USD 4.8 billion by 2034. Another estimate indicates the Brazil Digital Banking and APIs Market was valued at USD 15 billion based on a five-year historical analysis. The digital banking platform market in Brazil generated a revenue of USD 1,193.8 million in 2025 and is expected to reach USD 6,157.8 million by 2033. Furthermore, the Brazil Digital Banking Market is projected to reach USD 13.21 billion by 2035.
    • Mexico: The digital banking market in Mexico reached USD 173.6 million in 2025 and is projected to reach USD 453.9 million by 2034. The Mexico Digital Banking and Neobanks Market is valued at USD 10 billion, based on a five-year historical analysis. The Mexico Digital Banking Market is projected to reach USD 11.3 billion by 2035.

    Credit and Debit Cards

    • Mexico: The Mexican cards and payments market totaled USD 157 billion in 2023 and is expected to grow to USD 550 billion by 2033 from USD 238.65 billion in 2025. Between July 1, 2024, and June 30, 2025, the total value of card transactions in Mexico reached nearly MXN 6.2 trillion (approximately USD 346 billion, assuming an exchange rate of 1 USD = 17.9 MXN).
    • Colombia: As of September 2024, credit card purchases reached COP 74,262.7 billion (approximately USD 19.3 billion) and debit card purchases totaled COP 80,950.3 billion (approximately USD 21.0 billion). Credit card financing in Colombia grew to COP 43,496.1 billion (approximately USD 11.3 billion).

    Personal Unsecured Loans

    • Mexico: The Mexico Personal Loans Market is projected to reach USD 8.75 billion by 2035. Mexico's personal loan market is anticipated to add more than USD 2.95 billion from 2025 to 2030. The broader Mexico consumer lending market, which includes personal loans, credit cards, auto loans, and mortgages, reached USD 340.3 billion in 2025 and is projected to reach USD 539.4 billion by 2034.

    Buy Now Pay Later (BNPL)

    • Brazil: The potential size of the BNPL market in Brazil is approximately R$ 205 billion per year (approximately USD 40 billion, assuming 1 USD = 5.1 BRL). The BNPL payment market in Brazil is expected to grow to US$4.66 billion in 2025 and is projected to expand to approximately USD 7.43 billion by the end of 2030. Another projection indicates the market could reach US$5,684.1 million in 2026 and expand to approximately USD 11.75 billion by the end of 2031.
    • Mexico: The BNPL payment market in Mexico is expected to grow to USD 6.09 billion in 2025 and is projected to expand to approximately USD 18.51 billion by 2030. Other estimates show BNPL payments in Mexico reaching US$5.2 billion in 2023 and US$20.6 billion by 2028. The BNPL payment market in Mexico is also expected to reach US$5.08 billion in 2026 and expand to USD 13.85 billion by the end of 2031. The Mexico Online Loan & BNPL Lending Market is valued at USD 25 billion based on a five-year historical analysis.

    Insurance (Life Insurance)

    • Brazil: The Brazil life insurance market generated a revenue of USD 31,965.0 million in 2020 and is expected to reach USD 46,039.4 million by 2027. The Brazilian life insurance market had total gross written premiums of USD 22 billion in 2022. The broader Brazil Life & Non-Life Insurance market was valued at USD 67.91 billion in 2024 and is expected to grow to USD 75.89 billion by 2030. The Brazil life and non-life insurance market size is USD 144.72 billion in 2026 and is projected to reach USD 198.84 billion by 2031. Life insurance accounts for over 60% of total premiums in the Brazilian insurance market.
    • Mexico: The Mexican life insurance market had total gross written premiums of USD 15.1 billion in 2022. Total net written premiums for life and non-life insurance lines in Mexico, excluding pensions, reached USD 13.39 billion as of March 2025. Mexico's insurance market is projected to reach US$32.7 billion by 2029, up from an estimated US$28.8 billion in 2025, with premiums totaling US$41.6 billion in 2024.
    • Colombia: The Colombian life insurance market had total gross written premiums of USD 3.1 billion in 2022. Colombia's overall insurance market is projected to grow from approximately USD 9.0 billion in gross written premium in 2025 to around USD 19.8 billion by 2033.

    AI Analysis | Feedback

    Nu Holdings Ltd. (NU) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives aimed at expanding its customer base, increasing monetization, and diversifying its offerings.

    1. Continued Customer Base Expansion in Core Markets: Nu is expected to sustain its strong customer acquisition momentum across its primary markets of Brazil, Mexico, and Colombia. The company added 17 million net new customers in 2025, bringing its total to 131 million globally by December 2025. This expansion is a fundamental driver as Nu continues to penetrate these markets, particularly in Brazil where it serves a significant portion of the adult population.
    2. Increased Average Revenue Per Active Customer (ARPAC) and Deeper Engagement: A key focus for Nu is to enhance the monetization of its existing customer base. This involves deepening customer engagement and successfully cross-selling a broader array of products and services, including its expanded credit portfolio (credit and debit cards, personal loans, secured loans), investment products (NuInvest), and insurance solutions. The monthly Average Revenue per Active Customer (ARPAC) reached $15 in Q4 2025, demonstrating a 27% year-over-year increase, highlighting the effectiveness of this strategy.
    3. Geographic Expansion into New Markets, Notably the U.S.: Nu is strategically expanding its geographical footprint beyond Latin America. A significant step in this direction is the conditional approval received from the Office of the Comptroller of the Currency (OCC) for a U.S. national bank charter, with plans to enter the U.S. market within the next 18 months. This expansion into a new, large market is expected to unlock substantial new revenue streams by targeting underserved populations.
    4. Diversification of Product and Service Offerings: Nu is continuously innovating and expanding its product ecosystem. In fiscal year 2025 alone, the company launched over 100 new products and features. This includes enhancing its investment platform to attract high-income customers, growing its secured and unsecured loan portfolios, and exploring new ventures such as telecom services through partnerships. This diversification aims to cater to a wider range of customer needs and capture additional market share.
    5. Leveraging Technology and Artificial Intelligence (AI): Nu is investing significantly in technology and AI, with a vision to become an "AI-first" company. By integrating foundation models into its operations, Nu aims to create an AI-native interface for banking, which is expected to drive improved operational efficiency and facilitate the development of more innovative products and services. These technological advancements are crucial for maintaining its competitive edge and contributing to long-term revenue growth and profitability.

    AI Analysis | Feedback

    Share Repurchases

    • Nu Holdings reported a negative share buyback ratio of -0.81% as of January 29, 2026, indicating a net issuance rather than repurchases during the period.

    Share Issuance

    • Nu Holdings' shares outstanding increased by 3.86% in 2023 to 4.858 billion from 2022.
    • The number of shares outstanding further increased by 0.65% in 2024 to 4.889 billion and by 0.38% in 2025 to 4.907 billion.

    Outbound Investments

    • Nu Holdings plans to invest over US$475 million in office expansion in Brazil over the next five years.
    • The company's total investments in Mexico are expected to reach US$4.2 billion by 2030.
    • Nu is focusing on significant investments in AI adoption and laying operational foundations for global expansion, including applying for a U.S. national bank charter.

    Capital Expenditures

    • Nu Holdings' capital expenditures averaged $11.78 million for the fiscal years 2021 to 2025.
    • Capital expenditures reached a peak of $20.243 million in December 2023.
    • The latest twelve months capital expenditures were $7.215 million, with a focus on supporting continued growth in core markets, global expansion, and accelerating AI adoption.

    Peer Outperformance in Regional Banks

    null
    Share of Regional Banks constituents that NU has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    2%
    of 289 industry peers · -22.5% return
    3Y
    30%
    of 279 industry peers · 68.7% return
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is NU's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 7 22.5%67.3%111.0% SPNT 166% · RGA 150% · RNR 141%
    Diversified Banks 13 29.7%130.8%110.5% CM 154% · RY 142% · JPM 130%
    Investment Banking & Brokerage 13 -5.3%103.8%109.6% IBKR 452% · SNEX 238% · HOOD 170%
    Life & Health Insurance 20 4.8%52.9%91.8% JXN 525% · UNM 323% · FG 187%
    Multi-Sector Holdings 4 4.7%49.4%76.7% JONE 361% · BRK-B 81% · VOYA 72%
    Property & Casualty Insurance 42 5.5%67.9%62.3% ASIC 2656900% · HRTG 409% · UVE 298%
    Multi-line Insurance 9 3.9%68.4%58.2% GNW 151% · L 96% · SLF 90%
    Regional Banks ← 266 23.4%91.3%54.8% ESQ 333% · BLX 330% · GCBC 302%
    Financial Exchanges & Data 15 -2.7%16.8%30.6% VIRT 153% · CBOE 116% · CME 66%
    Diversified Financial Services 4 -5.9%21.2%20.5% FRHC 178% · EQH 97% · TMS -56%
    Consumer Finance 30 -2.2%78.6%15.2% ENVA 391% · EZPW 301% · FCFS 165%
    Insurance Brokers 16 -22.9%-9.2%13.7% LIFE 286% · ARX 88% · AJG 60%
    Commercial & Residential Mortgage Finance 13 -53.0%13.9%8.5% FNMA 412% · FMCC 388% · ACT 168%
    Asset Management & Custody Banks 84 -8.8%16.1%8.4% WT 347% · SII 269% · VCTR 265%
    Specialized Finance 3 20.0%40.9%-6.8% EFC 23% · CACC -7% · HASI -15%
    Mortgage REITs 33 -15.6%6.6%-26.1% NREF 49% · RITM 36% · DX 26%
    Transaction & Payment Processing Services 17 0.5%-6.0%-40.8% V 68% · MA 66% · CPAY 49%
    Diversified Capital Markets 24 -30.7%6.5%-54.4% OPY 189% · CD 183% · LPLA 101%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Financials

    NUMELISTNEPAGSSOFIAFRMMedian
    NameNu MercadoL.StoneCo PagSegur.SoFi Tec.Affirm  
    Mkt Price12.411,718.509.318.9016.0369.3314.22
    Mkt Cap60.387.12.22.520.623.522.0
    Rev LTM13,17435,18213,84920,5884,3064,26113,512
    Op Inc LTM-2,9076,8998,262-8714,903
    FCF LTM-1,67012,4093,5903,866-8,8009932,291
    FCF 3Y Avg1,1458,473-571830-4,883628729
    CFO LTM-1,38213,9054,7056,049-8,5021,2312,968
    CFO 3Y Avg1,3779,5475813,074-4,6678251,101

    Growth & Margins

    NUMELISTNEPAGSSOFIAFRMMedian
    NameNu MercadoL.StoneCo PagSegur.SoFi Tec.Affirm  
    Rev Chg LTM46.9%46.0%8.6%3.7%41.0%32.2%36.6%
    Rev Chg 3Y Avg47.8%40.5%10.8%9.9%32.7%39.1%35.9%
    Rev Chg Q50.2%49.8%1.6%0.4%42.5%33.0%37.8%
    QoQ Delta Rev Chg LTM10.6%10.6%0.4%0.1%9.2%7.3%8.3%
    Op Inc Chg LTM--2.0%1.6%14.5%-157.7%8.1%
    Op Inc Chg 3Y Avg-19.1%14.3%14.0%-152.8%16.7%
    Op Mgn LTM-8.3%49.8%40.1%-20.4%30.3%
    Op Mgn 3Y Avg-11.3%52.3%37.0%-6.5%24.2%
    QoQ Delta Op Mgn LTM--1.3%-1.9%-0.0%-1.1%-0.7%
    CFO/Rev LTM-10.5%39.5%34.0%29.4%-197.5%28.9%29.1%
    CFO/Rev 3Y Avg18.4%36.7%1.6%15.4%-135.1%24.3%16.9%
    FCF/Rev LTM-12.7%35.3%25.9%18.8%-204.4%23.3%21.0%
    FCF/Rev 3Y Avg16.0%32.5%-7.8%3.6%-141.7%18.2%9.8%

    Valuation

    NUMELISTNEPAGSSOFIAFRMMedian
    NameNu MercadoL.StoneCo PagSegur.SoFi Tec.Affirm  
    Mkt Cap60.387.12.22.520.623.522.0
    P/S4.62.50.20.14.85.53.5
    P/Op Inc-30.00.30.3-27.013.7
    P/EBIT-30.90.40.3-24.812.6
    P/E16.746.80.71.132.412.214.4
    P/CFO-43.66.30.50.4-2.419.10.4
    Total Yield6.1%2.1%151.5%124.5%3.1%8.5%7.3%
    Dividend Yield0.0%0.0%0.0%37.2%0.0%0.0%0.0%
    FCF Yield 3Y Avg1.8%8.9%-0.9%38.8%-31.2%3.1%2.4%
    D/E0.10.27.318.00.20.40.3
    Net D/E-0.50.12.916.5-0.20.30.2

    Returns

    NUMELISTNEPAGSSOFIAFRMMedian
    NameNu MercadoL.StoneCo PagSegur.SoFi Tec.Affirm  
    1M Rtn-13.2%-12.6%-4.0%3.2%-11.2%-10.8%-11.0%
    3M Rtn-5.5%2.1%-14.5%1.0%-11.9%-15.2%-8.7%
    6M Rtn-8.1%6.1%-17.0%-3.3%5.8%61.1%1.3%
    12M Rtn-21.4%-30.4%-39.8%-4.3%-42.7%-8.8%-25.9%
    3Y Rtn71.2%35.5%5.7%15.0%100.6%226.0%53.4%
    1M Excs Rtn-16.0%-10.4%-1.9%3.3%-15.8%-9.9%-10.1%
    3M Excs Rtn-8.8%-1.2%-17.7%-2.3%-15.2%-18.6%-12.0%
    6M Excs Rtn-29.7%-13.3%-37.0%-23.3%-15.5%41.7%-19.4%
    12M Excs Rtn-37.9%-47.4%-55.7%-20.7%-59.4%-27.9%-42.7%
    3Y Excs Rtn1.8%-44.8%-69.4%-57.7%23.7%146.4%-21.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/13/20265/14/20264/8/202611/13/20258/14/20255/13/20254/16/202511/13/20248/13/20245/14/20244/19/202411/14/2023
    Key Financials Quarterly            
    Total Revenue3,7693,5383,1372,7292,5102,2502,1102,0962,0851,9781,6931,493
    Net Income1,060872892782637557553553487379361303
    EPS0.220.180.180.160.130.120.110.120.100.080.080.06
    Key Financials TTM            
    Total Revenue TTM13,17411,91510,6279,6008,9678,5428,2707,8527,2496,5075,6324,909
    Net Income TTM3,6073,1842,8692,5292,3002,1511,9721,7801,5301,2681,031372
    Growth Rates Quarterly            
    Total Revenue Growth50.2%57.2%48.7%30.2%20.4%13.8%24.7%40.4%55.2%79.3%74.6%92.0%
    Net Income Growth66.5%56.5%61.5%41.4%30.7%47.1%53.1%82.6%116.7%167.2%221.3%3768.7%
    Margins Quarterly            
    Net Income Margin28.1%24.6%28.4%28.7%25.4%24.8%26.2%26.4%23.4%19.2%21.3%20.3%
    Cash & Debt            
    Total Cash33,27330,32132,79028,54427,46924,34223,14923,33521,76521,84122,02317,664
    Total Debt4,7491,9181,8981,0685733785785298309549571,118
    Net Debt / (Cash)-28,524-28,403-30,892-27,476-26,895-23,964-22,572-22,805-20,936-20,888-21,066-16,546
    Cash Flows Quarterly            
    FCF from Operations-28-1,214831-9712,5551,0851,370-1,0692,668-5712,706-3,234
    Cash Flows TTM            
    FCF from Operations TTM-1,3821,2013,5004,0403,9414,0552,3993,7351,5706011,266-1,212
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Monitoring operations, making decisions on fund allocation, and evaluating performance10,6278,2705,6322,9711,145
    Total10,6278,2705,6322,9711,145


    Price Behavior

    Price Behavior
    Market Price$12.23 
    Market Cap ($ Bil)59.4 
    First Trading Date12/09/2021 
    Distance from 52W High-34.8% 
       50 Days200 Days
    DMA Price$14.36$14.78
    DMA Trenddownup
    Distance from DMA-14.8%-17.2%
     3M1YR
    Volatility44.3%39.9%
    Downside Capture243.17193.09
    Upside Capture165.64129.59
    Correlation (SPY)42.3%48.0%
    NU Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.641.490.941.291.401.34
    Up Beta-0.760.161.061.531.441.20
    Down Beta6.043.671.491.441.161.41
    Up Capture81%172%89%95%151%300%
    Bmk +ve Days10213268138427
    Stock +ve Days11223362133392
    Down Capture99%126%48%127%138%108%
    Bmk -ve Days11213259113324
    Stock -ve Days10203063113351

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NU
    NU-22.6%39.8%-0.55-
    Sector ETF (XLF)2.6%14.8%-0.0543.7%
    Equity (SPY)17.4%13.0%0.9648.0%
    Gold (GLD)9.7%29.6%0.3132.7%
    Commodities (DBC)42.7%20.7%1.60-15.5%
    Real Estate (VNQ)4.3%13.6%0.0621.6%
    Bitcoin (BTCUSD)-23.0%44.8%-0.4630.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NU
    NU3.6%57.6%0.28-
    Sector ETF (XLF)10.0%18.4%0.4038.6%
    Equity (SPY)13.5%17.2%0.6047.5%
    Gold (GLD)18.1%18.9%0.7711.6%
    Commodities (DBC)11.0%19.5%0.446.5%
    Real Estate (VNQ)0.9%18.9%-0.0631.4%
    Bitcoin (BTCUSD)14.4%52.4%0.4528.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with NU
    NU1.8%57.6%0.28-
    Sector ETF (XLF)13.0%22.1%0.5338.6%
    Equity (SPY)15.4%17.9%0.7347.5%
    Gold (GLD)11.7%16.4%0.5811.6%
    Commodities (DBC)8.5%18.1%0.386.5%
    Real Estate (VNQ)4.7%20.7%0.1931.4%
    Bitcoin (BTCUSD)63.8%66.2%1.0328.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity131.7 Mil
    Short Interest: % Change Since 8312026-14.2%
    Average Daily Volume67.2 Mil
    Days-to-Cover Short Interest2.0 days
    Basic Shares Quantity4,857.1 Mil
    Short % of Basic Shares2.7%

    Returns Analyses

    Earnings Returns History

    Updated 6/2/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    SUMMARY STATS   
    # Positive000
    # Negative000
    Median Positive   
    Median Negative   
    Max Positive   
    Max Negative   

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/13/20266-K
    03/31/202605/14/20266-K
    12/31/202504/08/202620-F
    09/30/202511/13/20256-K
    06/30/202508/14/20256-K
    03/31/202505/13/20256-K
    12/31/202404/16/202520-F
    09/30/202411/13/20246-K
    06/30/202408/13/20246-K
    03/31/202405/14/20246-K
    12/31/202304/19/202420-F
    09/30/202311/14/20236-K
    06/30/202308/15/20236-K
    03/31/202305/15/20236-K
    12/31/202204/20/202320-F
    09/30/202211/14/20226-K
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/13/20266-K
    03/31/202605/14/20266-K
    12/31/202504/08/202620-F
    09/30/202511/13/20256-K
    06/30/202508/14/20256-K
    03/31/202505/13/20256-K
    12/31/202404/16/202520-F
    09/30/202411/13/20246-K
    06/30/202408/13/20246-K
    03/31/202405/14/20246-K
    12/31/202304/19/202420-F
    09/30/202311/14/20236-K
    06/30/202308/15/20236-K
    03/31/202305/15/20236-K
    12/31/202204/20/202320-F
    09/30/202211/14/20226-K
    06/30/202208/16/20226-K
    03/31/202205/16/20226-K
    12/31/202104/21/202220-F
    09/30/202112/09/2021424B1

    Insider Activity

    Updated 8/11/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Sands, Anita MDirectSell519202612.2421,000257,0421,984,732Form
    2Junqueira, Cristina Helena ZingarettiUS CEO & Chief Growth OfficerFamily TrustSell325202614.82220,0003,259,32273,743,538Form
    3Junqueira, Cristina Helena ZingarettiUS CEO & Chief Growth OfficerFamily TrustSell325202614.8180,0001,184,84034,246,882Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Sands, Anita MDirectSell519202612.2421,000257,0421,984,732Form
    2Junqueira, Cristina Helena ZingarettiUS CEO & Chief Growth OfficerFamily TrustSell325202614.82220,0003,259,32273,743,538Form
    3Junqueira, Cristina Helena ZingarettiUS CEO & Chief Growth OfficerFamily TrustSell325202614.8180,0001,184,84034,246,882Form

    Investor Activity (13F)

    Updated Sep 29, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Technology Crossover Management X, Ltd.$611.8 Mil78.3%6Hold13F
    Larch Capital Partners LLC$513.8 Mil74.5%53Hold13F
    Atmos Capital Gestao de Recursos Ltda.$258.9 Mil44.7%15ADD +13.9%13F
    Squadra Investments - Gestao de Recursos Ltda.$320.6 Mil35.9%6ADD +144.0%13F
    Kontiki Capital Management (HK) Ltd.$469.1 Mil32.9%7Hold13F
    Dynamo Internacional Gestao de Recursos Ltda.$79.3 Mil29.8%3ADD +676.2%13F
    Ribbit Management Company, LLC$423.7 Mil25.2%16Hold13F
    Sands Capital Alternatives, LLC$93.9 Mil22.3%21Hold13F
    a16z Perennial Management, L.P.$199.1 Mil16.6%142Hold13F
    Kora Management LP$104.4 Mil14.9%9Hold13F
    Long Walk Management LP$42.2 Mil12.3%11TRIM -22.5%13F
    Coronation Fund Managers Ltd.$258.3 Mil11.8%82ADD +24.8%13F
    Milestones Administradora de Recursos Ltda.$40.3 Mil10.5%17ADD +50.2%13F
    Untitled Investments LP$24.4 Mil9.1%16Hold13F
    Nixon Capital, LLC$24.3 Mil8.3%22Hold13F
    INCA Investments LLC$21.8 Mil7.7%10Hold13F
    ThornTree Capital Partners LP$40.6 Mil7.2%16ADD +20.8%13F
    Alta Park Capital, LP$44.4 Mil7.1%24TRIM -8.6%13F
    Palestra Capital Management LLC$159.8 Mil6.3%22ADD +21.2%13F
    Strategy Capital LLC$61.6 Mil5.0%11Hold13F
    Warther Private Wealth, LLC$21.3 Mil5.0%40ADD +43.8%13F
    SurgoCap Partners LP$141.8 Mil4.7%14TRIM -6.2%13F
    Ravenswood Partners LP$12.8 Mil4.7%35Hold13F
    Lone Pine Capital LLC$546.2 Mil4.4%36ADD +28.3%13F
    Crosslink Capital Inc$44.3 Mil4.3%21ADD +86.1%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    D1 Capital Partners L.P.$372.0 Mil3.3%44New13F
    L1 Capital Pty Ltd$30.6 Mil1.2%22New13F
    Gemsstock Ltd.$18.7 Mil2.0%28New13F
    VR Advisory Services Ltd$14.4 Mil1.7%40New13F
    Aquamarine Financial (Cayman) Ltd$14.4 Mil1.1%17New13F
    Kapitalo Investimentos Ltda$10.0 Mil1.9%48New13F
    Azora Capital LP$9.6 Mil0.6%45New13F
    Partners Group Holding AG$48.2 Mil3.6%50ADD +2212.4%13F
    Dynamo Internacional Gestao de Recursos Ltda.$79.3 Mil29.8%3ADD +676.2%13F
    University of Illinois Foundation$13.9 Mil2.9%31ADD +217.1%13F
    Squadra Investments - Gestao de Recursos Ltda.$320.6 Mil35.9%6ADD +144.0%13F
    Crosslink Capital Inc$44.3 Mil4.3%21ADD +86.1%13F
    Milestones Administradora de Recursos Ltda.$40.3 Mil10.5%17ADD +50.2%13F
    Warther Private Wealth, LLC$21.3 Mil5.0%40ADD +43.8%13F
    Lone Pine Capital LLC$546.2 Mil4.4%36ADD +28.3%13F
    Coronation Fund Managers Ltd.$258.3 Mil11.8%82ADD +24.8%13F
    Palestra Capital Management LLC$159.8 Mil6.3%22ADD +21.2%13F
    ThornTree Capital Partners LP$40.6 Mil7.2%16ADD +20.8%13F
    Foxhaven Asset Management, LP$116.3 Mil3.7%14ADD +18.7%13F
    Investment Management Associates Inc /Adv$15.4 Mil4.2%27ADD +15.6%13F
    Atmos Capital Gestao de Recursos Ltda.$258.9 Mil44.7%15ADD +13.9%13F
    Kinetic Partners Management, LP$36.2 Mil2.0%49ADD +8.6%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
    Whale Rock Capital Management LLC$180.1 Mil2.3%32ExitedDec 31, 202513F
    Carrhae Capital LLP$82.7 Mil5.5%28ExitedDec 31, 202513F
    Atreides Management, LP$54.8 Mil1.2%49ExitedDec 31, 202513F
    Engle Capital Management, L.P.$6.6 Mil2.5%27ExitedDec 31, 202513F
    Sylebra Capital LLC$6.7 Mil0.9%11TRIM -58.0%Mar 31, 202613F
    GCM Grosvenor Holdings, LLC$5.8 Mil0.6%22TRIM -26.9%Mar 31, 202613F
    Nishkama Capital, LLC$12.0 Mil1.7%39TRIM -25.1%Mar 31, 202613F
    Long Walk Management LP$42.2 Mil12.3%11TRIM -22.5%Mar 31, 202613F
    Avala Global LP$71.3 Mil3.4%22TRIM -13.9%Mar 31, 202613F
    Alta Park Capital, LP$44.4 Mil7.1%24TRIM -8.6%Mar 31, 202613F
    SurgoCap Partners LP$141.8 Mil4.7%14TRIM -6.2%Mar 31, 202613F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Technology Crossover Management X, Ltd.$611.8 Mil78.3%6Hold13F
    Lone Pine Capital LLC$546.2 Mil4.4%36ADD +28.3%13F
    Larch Capital Partners LLC$513.8 Mil74.5%53Hold13F
    Kontiki Capital Management (HK) Ltd.$469.1 Mil32.9%7Hold13F
    Ribbit Management Company, LLC$423.7 Mil25.2%16Hold13F
    D1 Capital Partners L.P.$372.0 Mil3.3%44New13F
    Squadra Investments - Gestao de Recursos Ltda.$320.6 Mil35.9%6ADD +144.0%13F
    Atmos Capital Gestao de Recursos Ltda.$258.9 Mil44.7%15ADD +13.9%13F
    Coronation Fund Managers Ltd.$258.3 Mil11.8%82ADD +24.8%13F
    Softbank Group Corp.$256.4 Mil2.2%31Hold13F
    a16z Perennial Management, L.P.$199.1 Mil16.6%142Hold13F
    Palestra Capital Management LLC$159.8 Mil6.3%22ADD +21.2%13F
    SurgoCap Partners LP$141.8 Mil4.7%14TRIM -6.2%13F
    Foxhaven Asset Management, LP$116.3 Mil3.7%14ADD +18.7%13F
    Kora Management LP$104.4 Mil14.9%9Hold13F
    Sands Capital Alternatives, LLC$93.9 Mil22.3%21Hold13F
    Dynamo Internacional Gestao de Recursos Ltda.$79.3 Mil29.8%3ADD +676.2%13F
    Avala Global LP$71.3 Mil3.4%22TRIM -13.9%13F
    Dragoneer Investment Group, LLC $71.2 Mil2.4%17Hold13F
    Strategy Capital LLC$61.6 Mil5.0%11Hold13F
    Comprehensive Financial Management LLC$55.4 Mil1.8%38Hold13F
    Partners Group Holding AG$48.2 Mil3.6%50ADD +2212.4%13F
    Alta Park Capital, LP$44.4 Mil7.1%24TRIM -8.6%13F
    Crosslink Capital Inc$44.3 Mil4.3%21ADD +86.1%13F
    Long Walk Management LP$42.2 Mil12.3%11TRIM -22.5%13F

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