9AT: SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 03/30/2012
ADV Location	RIO DE JANEIRO, Brazil
Contact Info	552 xxxxxxx
Websites

AUM^*	2,081,656,000 -10%
of that, discretionary	2,081,656,000 -10%
Number of Employees	27 4%
of those in investment advisory functions	23 10%
Private Fund GAV^*	1,504,760,000 61%
Avg Account Size	346,942,667 20%
SMA’s	Yes
Private Funds	11 1

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles
- Sovereign wealth funds and foreign official institutions
- Other

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser GOBI CAPITAL LLC	Hedge Fund2.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.4b	AUM2.7b	#Funds7
Adviser INTRINSIC EDGE CAPITAL MANAGEMENT LLC	Hedge Fund771.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV771.8m	AUM771.8m	#Funds6
Adviser EVERSEPT PARTNERS, L.P.	Hedge Fund2.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.3b	AUM2.7b	#Funds6
Adviser ETON ADVISORS	Hedge Fund155.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV155.7m	AUM1.9b	#Funds5
Adviser NO STREET GP LP	Hedge Fund2.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.5b	AUM2.5b	#Funds9
Adviser MADISON AVENUE PARTNERS LP	Hedge Fund3.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.9b	AUM3.9b	#Funds3
Adviser WOLF HILL CAPITAL MANAGEMENT, LP	Hedge Fund1.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.7b	AUM1.9b	#Funds5
Adviser MANE GLOBAL CAPITAL MANAGEMENT LP	Hedge Fund537.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV537.2m	AUM2.9b	#Funds5
Adviser GRAND ALLIANCE ASSET MANAGEMENT LTD.	Hedge Fund762.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV762.6m	AUM2.6b	#Funds2
Adviser MEREWETHER INVESTMENT MANAGEMENT, LP	Hedge Fund5.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.9b	AUM6.9b	#Funds11

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck TickerG6683N103	Stock NameNu Holdings Ltd. (NU)	$ Position$327,764,033	% Position40.00%	$ Change2.00%	# Change10.00%
Stck Ticker58733R102	Stock NameMercadoLibre, Inc. (MELI)	$ Position$291,749,091	% Position36.00%	$ Change-17.00%	# Change-15.00%
Stck Ticker46090E103	Stock NameINVESCO QQQ TR (PUT)	$ Position$71,209,880	% Position9.00%	$ Change	# Change
Stck TickerG4R20B107	Stock NameInter & Co, Inc. (INTR)	$ Position$54,676,304	% Position7.00%	$ Change9.00%	# Change59.00%
Stck TickerG85158106	Stock NameStoneCo Ltd. (STNE)	$ Position$40,619,323	% Position5.00%	$ Change-57.00%	# Change-44.00%
Stck Ticker58733R102	Stock NameMercadoLibre, Inc. (MELI) (CALL)	$ Position$28,516,152	% Position4.00%	$ Change	# Change

Brochure Summary

Overview

A. Description Squadra Investments – Gestão de Recursos Ltda. (“Squadra Investments”) is a Brazilian investment management firm registered with the Comissão de Valores Mobiliários - CVM (Securities and Exchange Commission of Brazil) (“CVM”). Squadra Investments manages private funds and separately managed accounts. The company was founded in December 2007 and the private funds were launched in May 2008. The principal owners are Guilherme Mexias Aché and Luiz Mauricio de Miranda e Silva. Squadra Investments’ partners have vast experience in the equity investment business in the Brazilian market. We are bottom-up, long-term investors, who embrace the idea of capital preservation and acknowledge the power of compounding returns over the long run. Our main investment objective is to deliver long-term, risk-adjusted returns above the opportunity cost in Brazil to our investors. Our flagship fund has an equity long-biased absolute return strategy, which is the ideal investment concept to us. This belief is based on our view that it maximizes the investment committee potential

which has a long-standing experience (with solid track record in diverse market environments) in managing both long/short and long only equity portfolios in Brazil. Currently, Squadra Investments manages two strategies: long-biased and long-only (see further disclosure under the heading “Methods of Analysis, Investment Strategies and Risk of Loss”). B. Type of services Squadra Investments provides discretionary services to private funds and separately managed accounts. C. Tailoring Squadra Investments has discretionary power on the portfolios under management, subject to the restrictions of the offering memoranda, side letters and investment guidelines set forth within the investment management agreement. Such investment guidelines will also set forth any investment restrictions of the fund or account. D. Wrap Fee Squadra Investments currently does not participate in wrap fee programs. E. AUM As of December 31, 2023, Squadra Investments managed approximately USD $2,151,210,000 on a discretionary basis.

SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.