NU
Nu Holdings
Portfolio weight
Not currently held
This position has been exited. The analysis below is kept as a record of the reasoning at the time and is not maintained as current research. See the Decision Log for the full decision history.
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 the position was exited
Reallocated to higher-conviction holdings.
What it taught
Concentration matters more than diversification within a single regional theme. Capital is better used in one expression than spread thin across overlapping ones.
Relative valuation
Forward P/E
Valuation data pending
Direct-peer average
Pending
Versus its own history
Historical forward-P/E series pending. Maintained by hand in data/fundamentals/manual.ts. No free, reliable source exists for consensus estimates, so nothing is inferred here.
Direct peers
used in the average
Similar enough that comparing multiples is meaningful.
SE
Sea Limited
80% similar
fwd P/E pending
MELI
MercadoLibre
76% similar
fwd P/E pending
Strategic competitors
never averaged
Competing for the same customers or budget, but too different financially for their multiple to say much about this holding.
PYPL
PayPal
46% similar
fwd P/E pending
Excluded from peer average: competes for the same demand, but a different financial profile
AXP
American Express
41% similar
fwd P/E pending
Excluded from peer average: competes for the same demand, but a different financial profile
Selected by weighted similarity across business model, revenue model, products, end markets, customer type, capital intensity, growth, margins and geography. Direct peers score ≥55% and sit within 2 diversification steps; only they feed the peer average.