In the fourth quarter, Pictet North America Advisors SA increased its stake in MercadoLibre by acquiring 2,703 additional shares, bringing its total holding to 9,342 shares. This purchase represented approximately 1.79% of the fund’s reported U.S. equity assets under management as of December 31. The investment, valued at an estimated $5.68 million based on average quarter pricing, contributed to a $3.30 million increase in the position’s market value by quarter-end.

During the first nine months of 2025, MercadoLibre reported a 37% year-over-year increase in revenue, driven by strong e-commerce volume and expanding fintech operations. Net income for the period reached $1.4 billion, up 13% from the prior year, despite a 58% rise in provisions for doubtful accounts. For the trailing twelve months, the platform generated $26.19 billion in revenue and $2.08 billion in net income, underscoring healthy top-line momentum and resilient profitability even as credit risk charges increased.

MercadoLibre’s integrated network spans e-commerce, payments, logistics and credit across Latin America. The company processed $71.2 billion in total payment volume in its latest quarter and served 72 million monthly active fintech users. Its credit portfolio expanded to $11 billion without a deterioration in asset quality, highlighting operating leverage rather than balance sheet strain. With underpenetrated digital markets in the region, the company’s ecosystem—combining marketplace fees, payment processing, logistics services and financial products—positions it to capture further share as consumer adoption and economic conditions improve.