MercadoLibre Shares Climb 12% as Triasima Fund Trims $6.3 Million Stake
Fund Manager Takes Profits on MercadoLibre Amid Year-Long Rally
Investment firm Triasima Portfolio Management Inc. disclosed a sale of 3,013 shares of MercadoLibre (NASDAQ: MELI) in a recent SEC filing, a transaction valued at approximately $6.33 million based on the quarter's average price. The move reduced the fund's quarter-end position in the company by $7.19 million when accounting for both the sale and share price movements.
Following the transaction, MercadoLibre now constitutes a mere 0.14% of Triasima's 13F-reported assets. The fund's portfolio remains heavily weighted toward Canadian banking stocks, regional financials, and gold-related holdings, with giants like Royal Bank of Canada and Shopify commanding significantly larger allocations.
MercadoLibre's stock closed at $2,145.37 on the filing date, reflecting a solid 12.4% gain over the past year, though slightly trailing the S&P 500's 15% rise in the same period.
Strong Fundamentals Contrast with Modest Portfolio Role
The sale appears more a function of portfolio management than a critique of MercadoLibre's robust operational health. Often dubbed the "Amazon of Latin America," the company operates a vast integrated ecosystem spanning marketplace, payments (Mercado Pago), logistics, and credit services. Its third-quarter results underscored this strength: net revenue and financial income jumped 39% year-over-year to $7.4 billion, with total payment volume soaring 41% to $71.2 billion.
"For a fund like Triasima, this is less about MercadoLibre's story and more about position sizing," said Michael Torres, a portfolio manager at Horizon Capital Advisors. "When a holding becomes a small satellite position after significant appreciation, trimming is a standard risk-management tactic. It doesn't necessarily reflect a dimming view of the company's exceptional execution in digitizing Latin American commerce."
Other observers offered sharper takes. Elena Vargas, an independent fintech analyst, commented more critically: "It's a perplexing time to lighten up. MercadoLibre is firing on all cylinders—user growth, payment volume, profitability. Selling into this strength, even a small slice, feels like leaving money on the table and underestimating the region's long-term digital transformation. It hints at a conservative, perhaps overly home-biased, investment mandate."
A third perspective came from David Chen, a retail investor following the stock: "As a long-term shareholder, I'm not worried by one fund's rebalance. The core narrative is intact—financial inclusion and e-commerce penetration in Latin America have miles to go. This is noise against that signal."
Disclosure: The Motley Fool has positions in and recommends MercadoLibre and Shopify.