9AT: SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

other names

SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA.

Adviser Profile

As of Date	03/31/2025
ADV Location	RIO DE JANEIRO, Brazil
Adviser Type - Large advisory firm
Number of Employees	28 8%
of those in investment advisory functions	23 10%
Registration	SEC, Approved, 03/30/2012

AUM^*	1,412,824,652 -13%
of that, discretionary	1,412,824,652 -13%
Private Fund GAV^*	935,979,027 -35%
Avg Account Size	201,832,093 24%
SMA’s	Yes
Private Funds	11 6
Contact Info	552 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count10	GAV$935,979,027
Fund TypeVenture Capital Fund	Count1	GAV$

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 PORTMAN SQUARE CAPITAL LLP	Hedge Fund1.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.0m	AUM3.4b	#Funds2
Adviser ETON ADVISORS	Hedge Fund169.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV169.5m	AUM1.9b	#Funds5
Adviser GOVERNORS LANE LP	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM1.5b	#Funds3
Adviser NO STREET GP LP	Hedge Fund2.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.2b	AUM2.2b	#Funds8
Adviser MANE GLOBAL CAPITAL MANAGEMENT LP	Hedge Fund462.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV462.5m	AUM3.4b	#Funds5
Adviser MADISON AVENUE PARTNERS LP	Hedge Fund2.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.3b	AUM2.3b	#Funds3
Adviser TIGER PACIFIC CAPITAL LP	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM1.5b	#Funds6
Adviser INTRINSIC EDGE CAPITAL MANAGEMENT LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds6
Adviser DME CAPITAL MANAGEMENT, LP	Hedge Fund5.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.5b	AUM3.7b	#Funds7
Adviser TIFF INVESTMENT MANAGEMENT	Hedge Fund1.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.9b	AUM1.9b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck TickerG98239109	Stock NameXP INC	$ Position$155,629,547	% Position36.00%	$ Change22.00%	# Change-17.00%
Stck TickerG6683N103	Stock NameNU HLDGS LTD	$ Position$125,798,680	% Position29.00%	$ Change	# Change
Stck TickerG85158106	Stock NameSTONECO LTD	$ Position$112,846,340	% Position26.00%	$ Change-20.00%	# Change-48.00%
Stck TickerG98239109	Stock NameXP INC (PUT)	$ Position$14,350,080	% Position3.00%	$ Change	# Change
Stck TickerG85158106	Stock NameSTONECO LTD (PUT)	$ Position$7,198,752	% Position2.00%	$ Change	# Change
Stck TickerG85158106	Stock NameSTONECO LTD (PUT)	$ Position$7,699,200	% Position2.00%	$ Change	# Change
Stck TickerG4R20B107	Stock NameInter & Co Inc	$ Position$3,016,617	% Position1.00%	$ 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.

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