NU

Original Thesis

Digital banking and consumer fintech exposure in Latin America with a long runway for unit growth.

What Changed

The pace of margin expansion and the share-price re-rate combined to make the risk/reward less attractive than other Latin America platform names.

Why I Exited

Reallocated to higher-conviction holdings.

Lesson

Concentration matters more than diversification within a single regional theme. Capital is better used in one expression than spread thin across overlapping ones.