Squadra Investments Amends Inter & Co Stake as of Dec 31, 2023

TL;DR

**Squadra Investments just updated its Inter & Co stake, signaling a potential shift in their outlook.**

AI Summary

Squadra Investimentos - Gestao de Recursos Ltda. filed an amended SC 13G/A on January 5, 2024, updating its ownership in Inter & Co, Inc. as of December 31, 2023. This filing indicates a change in their beneficial ownership of Class A Common Shares, amending a previous filing from October 10, 2023. This matters to investors because it signals a significant institutional investor is adjusting its position, which could reflect their updated outlook on Inter & Co's future performance or strategic direction.

Why It Matters

This filing shows a major institutional investor, Squadra Investimentos, has updated its stake in Inter & Co, Inc., which can influence market perception and potentially the stock's price.

Risk Assessment

Risk Level: low — This filing is a routine update of an institutional ownership stake and does not inherently present a high risk.

Analyst Insight

Investors should review the full SC 13G/A filing to understand the specific changes in Squadra Investimentos' ownership percentage and consider if this aligns with their own investment thesis for Inter & Co, Inc.

Key Players & Entities

• Squadra Investimentos - Gestao de Recursos Ltda. (company) — the reporting person amending its ownership in Inter & Co, Inc.
• Inter & Co, Inc. (company) — the subject company whose Class A Common Shares are being reported on
• GUILHERME MEXIAS ACHE (person) — a group member associated with the filing
• SQUADRA INVESTIMENTOS - GESTAO DE RECURSOS LTDA. (company) — a group member associated with the filing
• December 31, 2023 (date) — the date of the event requiring the filing of this statement
• October 10, 2023 (date) — the date of the previously filed Schedule 13G/A that this filing amends

Forward-Looking Statements

• Squadra Investimentos may have adjusted its investment strategy regarding Inter & Co, Inc. based on its updated beneficial ownership. (Squadra Investimentos - Gestao de Recursos Ltda.) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• s70225867a.htm (SC 13G/A) — 69KB
• s70225867b.htm (EX-1) — 8KB
• 0000899140-24-000021.txt ( ) — 79KB

(a)

Item 1(a) Name of Issuer : The name of the issuer is Inter & Co, Inc (the "Company").

(b)

Item 1(b) Address of Issuer's Principal Executive Offices : The Company's principal executive offices are located at Avenida Barbacena, No. 1.219, 22nd floor, Belo Horizonte, Brazil 30 190-131.

(a)

Item 2(a) Name of Person Filing : This statement is filed by: (i) SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA., a Brazilian limited liability company (LTDA) registered as an investment adviser with the U.S. Securities and Exchange Commission (the "US Investment Manager"); and (ii) SQUADRA INVESTIMENTOS - GESTAO DE RECURSOS LTDA., a Brazilian limited liability company (LTDA) registered as an investment adviser with the Securities and Exchange Commission of Brazil (the "Brazil Investment Manager"); and (iii) Mr. GUILHERME MEXIAS ACHE ("Mr. Ache"). The US Investment Manager and the Brazil Investment Manager (together, the "Investment Managers") serve as investment manager of certain investment funds and managed accounts (collectively, the "Funds"). Mr. Ache serves as the chief executive officer and co-chief investment officer of the Investment Managers. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended. The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock (as defined below) reported herein.

(b)

Item 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE The address of the business office of each of the Reporting Persons is Av Borges de Medeiros 633/704 – Leblon Rio de Janeiro – RJ – 22430-041 – Brazil.

(c)

Item 2(c) CITIZENSHIP The Investment Managers are organized under the laws of Brazil. Mr. Ache is a Brazilian citizen.

(d)

Item 2(d) TITLE OF CLASS OF SECURITIES Class A Common Shares ("Common Stock")

(e)

Item 2(e) CUSIP NUMBER G4R20B107 Item 3 IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: The US Investment Manager is an investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E). The Brazil Investment Manager is a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J). Mr. Ache (an individual who may be deemed to control the Investment Managers) is a Control Person, in accordance with 240.13d-1(b)(1)(ii)(G). Item 4 The percentages used herein and in the rest of this Schedule 13G/A are calculated based upon the 284,765,936 shares of Common Stock issued and outstanding as of December 31, 2022 as reflected in the Company's Form 20-F for the fiscal year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission on April 28, 2023. The information required by Items 4(a) – (c) is set forth in Rows 5-11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. Reporting Persons do not directly own any Common Stock. Pursuant to investment agreements with the Funds, the Investment Managers maintain voting and dispositive power with respect to the securities held by the Funds. Mr. Ache controls the Investment Managers. Under the rules promulgated by the Securities and Exchange Commission, the Reporting Persons may be deemed to beneficially own the Common Stock. Each Reporting Person hereby disclaims beneficial ownership of the securities covered by this statement. Item 5 Not applicable. Item 6 The business of Investment Managers is the rendering of financial services and as such they provide discretionary investment advisory services to each of the Funds. In such capacity, the Investment Managers have the power to make decisions regarding the voting and disposition of the Common Stock.

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATE: January 5, 2024 SQUADRA INVESTMENTS - GESTAO DE RECURSOS LTDA. By: /s/ Luis Felipe Stern Name: Luis Felipe Stern Title: Chief Operating Officer SQUADRA INVESTIMENTOS - GESTAO DE RECURSOS LTDA. By: /s/ Luis Felipe Stern Name: Luis Felipe Stern Title: Chief Operating Officer /s/ GUILHERME MEXIAS ACHE GUILHERME MEXIAS ACHE

View Full Filing

View this SC 13G/A filing on SEC EDGAR