Squadra Investments - Gestao De Recursos Ltda. 13F-HR Quarterly holdings report by institutional manager

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The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
XP INC	CL A	G98239109	249,446	13,121,824	SH		DFND		0	13,121,824	0
MERCADOLIBRE INC	COM	58733R102	193,105	233,281	SH		DFND		0	233,281	0
VALOR LATITUDE ACQUISITN COR	UNIT 04/02/2026	G9460N114	9,749	987,717	SH		DFND		0	987,717	0
STONECO LTD.	COM CL A	G85158106	3,106	325,900	SH		DFND		0	325,900	0
MELI KASZEK PIONEER CORP	CLASS A ORD	G5S74L106	2,925	296,385	SH		DFND		0	296,385	0
VTEX	SHS CL A	G9470A102	470	127,070	SH		DFND		0	127,070	0
XP INC	CL A	G98239109	2,509	131,973	SH		OTR	1	0	131,973	0
MERCADOLIBRE INC	COM	58733R102	1,933	2,335	SH		OTR	1	0	2,335	0
MELI KASZEK PIONEER CORP	CLASS A ORD	G5S74L106	36	3,615	SH		OTR	1	0	3,615	0
VALOR LATITUDE ACQUISITN COR	UNIT 04/02/2026	G9460N114	121	12,283	SH		OTR	1	0	12,283	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	5,163	2,257	SH	Put	DFND		0	2,257	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	6,587	2,893	SH	Put	DFND		0	2,893	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,639	1,479	SH	Put	DFND		0	1,479	0
ISHARES INC	MSCI BRAZIL ETF	464286400	1,682	18,480	SH	Put	DFND		0	18,480	0
ISHARES INC	MSCI BRAZIL ETF	464286400	5,322	36,960	SH	Call	DFND		0	36,960	0