Core Insights - Loomis Sayles Global Growth Fund achieved a return of 16.61% in Q2 2025, outperforming the MSCI ACWI Index Net which returned 11.53% [1] - The fund focuses on investing in high-quality businesses with sustainable competitive advantages, particularly those trading at significant discounts to intrinsic value [1] Company Overview: MercadoLibre, Inc. - MercadoLibre, Inc. is the largest online commerce platform in Latin America, offering a comprehensive ecosystem of six integrated e-commerce services [3] - The company reported that commerce and related services accounted for approximately 59% of net revenue, while payments and fintech solutions made up about 41% [3] - As of September 29, 2025, MercadoLibre's stock closed at $2,501.31 per share, with a market capitalization of $126.81 billion [2] Market Position and Growth Potential - MercadoLibre operates in 18 countries, covering a significant portion of Latin American GDP, and has 218 million active users, representing over 45% of the region's estimated 480 million total internet users [3] - The company is well-positioned for sustained growth over the next decade, driven by increasing internet access, credit availability, and ongoing investments to enhance online transaction convenience [3]

Group 1 - Lakehouse Global Growth Fund achieved a net return of 33.4% for the year, outperforming its benchmark which returned 18.4% [1] - Since its inception in December 2017, the Fund has delivered a total return of 254.4%, significantly higher than the benchmark's 139.9% [1] Group 2 - MercadoLibre, Inc. (NASDAQ:MELI) is highlighted as a key holding in the Lakehouse Global Growth Fund, with a one-month return of 0.81% and a 52-week gain of 20.71% [2] - As of September 25, 2025, MercadoLibre's stock closed at $2,492.25, with a market capitalization of $126.351 billion [2] Group 3 - MercadoLibre reported a 38% year-on-year growth in net revenues, reaching US$22.4 billion, with operating margins at 12.9% [3] - The company gained market share in key regions including Brazil, Argentina, and Mexico, with unique active buyers increasing by 25% year-on-year to 67 million [3] - The growth rate in active buyers has accelerated, reaching its highest level since early 2021 [3]

Core Insights - Brown Capital Management's second quarter 2025 investor letter highlights a significant rally in international stocks, particularly following a 90-day tariff reprieve, with the MSCI ACWI ex US index up 12.30% and the MSCI EAFE index up 12.07% [1] - The strategy outperformed both international equity indexes during this quarter [1] Company Highlights - MercadoLibre, Inc. (NASDAQ:MELI) is identified as a key stock, with a one-month return of 0.81% and a 52-week gain of 20.71%, closing at $2,492.25 per share on September 25, 2025, with a market capitalization of $126.351 billion [2] - MercadoLibre operates as a leading e-commerce platform in Latin America, akin to Amazon, and offers payment and credit services similar to PayPal [3] - The company has a significant market presence in Brazil, Mexico, and Argentina, with about half of its business in Brazil and just under a quarter in each of Mexico and Argentina [3] - MercadoLibre benefits from low e-commerce penetration in Latin America, presenting growth opportunities [3] - The company ships approximately half of its orders with same-day or next-day delivery to over 67 million unique active buyers, creating substantial barriers to entry for competitors [3] - MercadoLibre's fintech services are also highlighted, with 64 million monthly active users utilizing its payment-processing services, credit cards, loans, and savings accounts [3]