Core Insights - Triasima Portfolio Management Inc. sold 3,013 shares of MercadoLibre, valued at approximately $6.33 million, during the fourth quarter, leading to a decrease in the fund's quarter-end position by $7.19 million due to both the sale and price fluctuations [1][2]. Company Overview - MercadoLibre, Inc. is a leading e-commerce and fintech platform in Latin America, with a total revenue of $26.19 billion and a net income of $2.08 billion for the trailing twelve months [4]. - As of February 2, shares of MercadoLibre were priced at $2,145.37, reflecting a 12% increase over the past year, although it underperformed compared to the S&P 500's 15% gain during the same period [3][4]. Business Model - The company operates a comprehensive ecosystem that includes an online marketplace, fintech platform (Mercado Pago), logistics (Mercado Envios), digital advertising, and classified listings, generating revenue primarily through transaction fees, payment processing, credit solutions, and logistics services [5][6]. Financial Performance - In the third quarter, MercadoLibre reported $7.4 billion in net revenue and financial income, a 39% year-over-year increase, with operating income of $724 million and net income of $421 million [9]. - Payment volume surged by 41% year-over-year to $71.2 billion, and the number of monthly active fintech users reached 72 million, highlighting the scale of its ecosystem [9]. Investment Perspective - Following the sale, MercadoLibre represents only 0.14% of Triasima's assets under management, indicating it is a satellite holding rather than a core investment, especially when compared to larger positions in Canadian banks and other financials [3][8]. - The trimming of MercadoLibre shares reflects risk management rather than a lack of confidence in the company's fundamentals, which continue to show strong performance [10].