In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 12, 2024), Fourth Sail Capital LP reported 22 stock positions worth $332.0 million . Its top holding was Mac Copper at 23.0% of the portfolio, followed by Laureate Education (LAUR, 9.3% ) and Endava PLC- Spon ADR (DAVA, 8.3% ). Compared with Q4 2023, it opened 9 new positions, sold out of 7, added to 3 and reduced 7. The biggest buy was a new position in Endava PLC- Spon ADR (DAVA) and the biggest sale an exit from Arcos Dorados Class A (ARCO).
Location GRAND CAYMAN, E9
CIK 0001803158
Portfolio Value $332.0M (Q1 2024) Holdings 22 stocks · $332.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 MAC COPPER LTD filed as METALS ACQUISITION LIMITED 5,954,545 $76.5M Reduce -1.3% LAUR Laureate Education Inc. 2,122,092 $30.9M Add +109.3% DAVA Endava PLC- Spon ADR 726,142 $27.6M New DLO Dlocal Ltd. 1,491,209 $21.9M Add +78.5% BIOX Bioceres Crop Solutions Corp. 1,627,630 $20.6M Add +136.1% LILAK Liberty Latin Americ Class C 2,606,589 $18.2M Reduce -3.7% BPOP Popular Inc. 180,700 $15.9M Reduce -33.1% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 736,167 $14.6M New UEC Uranium Energy Corp. 1,880,748 $12.7M New BCO The Brink's Co. 124,500 $11.5M New BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 1,352,283 $11.5M New VTEX Vtex Class A 1,377,194 $11.3M Reduce -57.2% DC Dakota Gold Corp. 4,621,846 $11.0M No change INTR Inter & Co. Inc. Class A 1,603,303 $9.2M New BMA Banco Macro SA-ADR 187,596 $9.0M New CPA Copa Holdings SA Class A 64,993 $6.8M Reduce -9.7% EZPW Ezcorp Inc. Class A 591,877 $6.7M No change EU Encore Energy Corp. 1,404,307 $6.2M No change GDYN Grid Dynamics Holdings Inc. 323,447 $4.0M Reduce -6.6% PSMT Pricesmart Inc. 28,945 $2.4M Reduce -71.7% SGML Sigma Lithium Corp. 187,466 $2.4M New CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 69,933 $1.2M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.3M (not counted above) Total filed on the 13F, all lines: $335.3M.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ ARCO Arcos Dorados Holdings Inc. Class A Sold out 0.00% −7.10 VALE Vale SA-SP ADR Sold out 0.00% −7.04 MELI MercadoLibre Inc. Sold out 0.00% −5.04 ESTA Establishment Labs Holdings Sold out 0.00% −4.63 DESP Despegar.com Corp. Sold out 0.00% −4.14 VTEX Vtex Class A Reduce -57.2% 3.39% −3.68 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −3.05 BPOP Popular Inc. Reduce -33.1% 4.79% −2.30 PSMT Pricesmart Inc. Reduce -71.7% 0.73% −1.74 UROY Uranium Royalty Corp. Sold out 0.00% −0.96 LILAK Liberty Latin Americ Class C Reduce -3.7% 5.49% −0.87 CPA Copa Holdings SA Class A Reduce -9.7% 2.04% −0.41 GDYN Grid Dynamics Holdings Inc. Reduce -6.6% 1.20% −0.28 MAC COPPER LTD Reduce -1.3% 23.05% +1.41
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ DAVA Endava PLC- Spon ADR New 8.32% +8.32 LAUR Laureate Education Inc. Add +109.3% 9.31% +4.87 YPF YPF S.A.-Sponsored ADR New 4.39% +4.39 UEC Uranium Energy Corp. New 3.82% +3.82 BCO The Brink's Co. New 3.46% +3.46 BBAR Bbva Argentina SA-ADR New 3.45% +3.45 BIOX Bioceres Crop Solutions Corp. Add +136.1% 6.21% +3.18 INTR Inter & Co. Inc. Class A New 2.76% +2.76 BMA Banco Macro SA-ADR New 2.72% +2.72 DLO Dlocal Ltd. Add +78.5% 6.60% +1.88 SGML Sigma Lithium Corp. New 0.73% +0.73 CAAP Corp. America Airports SA New 0.35% +0.35
Notes & Other Activity Q4 2023 → Q1 2024 Security Class Change vs Q4 2023 Shares / Principal Value ▼ DC.WS Dakota Gold Corp.-26 *W EXP 03/15/202 Sold out 179,209 $195Kbefore exit ZLSWF Zalatoris II Acquisition Cor *W EXP 99/99/999 Sold out 565,412 $29Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 26 $659.9M BCO, DLO, AVO, BAP, TX Q1 2026 25 $608.4M NATL, MELI, BCO, SFD, DLO Q4 2025 30 $623.4M BBAR, ACN, BAP, GDYN, HRL Q3 2025 28 $413.8M SLVM, SFD, EZPW, BBAR, GDYN Q2 2025 26 $483.1M MAC COPPER LTD, NU, CAAP, BBAR, BCO Q1 2025 28 $427.3M MAC COPPER LTD, CAAP, BAP, DAVA, ARCO Q4 2024 20 $330.7M MAC COPPER LTD, VALE, DAVA, GGAL, CAAP Q3 2024 23 $397.9M MAC COPPER LTD, CAAP, LAUR, BAP, BIOX Q2 2024 21 $436.2M MAC COPPER LTD, BAP, SGML, LAUR, VTEX Q1 2024 22 $332.0M MAC COPPER LTD, LAUR, DAVA, DLO, BIOX