Squadra Cuts Inter (INBR32) Stake Below 10% Amid 34% Selloff

Prominent Brazilian asset manager Squadra Investimentos has reduced its equity stake in digital bank Inter (INBR32) below the 10% regulatory threshold. According to a market disclosure on July 16, 2026, funds managed by Squadra trimmed their position to 9.80%, holding 31.9 million shares. The divestment comes during a difficult year for the financial institution, with Inter's Brazilian Depositary Receipts (BDRs) falling 34% in 2026 amid weaker earnings momentum and a revision of its long-term strategic goals.

The reduction by Squadra, which previously held a 10.07% stake in the digital bank, highlights growing near-term skepticism among local asset managers. Sell-side analysts have recently cut their 2026 and 2027 earnings estimates for Inter by 6% to 10% below consensus, pointing to a period of growth deceleration after a rapid expansion phase. While analysts note that Inter's long-term investment thesis remains structurally sound, the expected deceleration in profit growth over the coming quarters is seen as a key headwind limiting positive repricing.

The broader Brazilian market also faced downward pressure today. The Ibovespa index (IBOV) closed at 173,825.27, down 1.24%. Blue-chip equities dragged the index lower, with Petrobras (PETR4) falling 1.72% to 39.89, Vale (VALE3) dropping 2.05% to 72.98, and Itaú Unibanco (ITUB4) sliding 1.37% to 42.55.