Archived thesis
Historical analysis; the date it was written was not recorded. It records the reasoning at the time, is not a current recommendation, and is no longer updated. All archived theses
NU · Equity · Emerging MarketsExited
Nu Holdings
Historical view
This position has been exited. The thesis is kept as a record of the reasoning at the time and is not maintained as current research. See its decisions.
Investment case
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.
Related decisions
ExitWeight 1.5% → 0%
Exited Nu Holdings. Capital reallocated toward higher-conviction Latin America and platform-tech expressions in the account.
In the decision log
Sources and revisions
- Holdings snapshot: October 16, 2026
- The analysis and views are Isaac Toffel's own.