Fourth Sail Capital LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Fourth Sail Capital LP reported 21 stock positions worth $436.2 million. Its top holding was Mac Copper at 19.2% of the portfolio, followed by Credicorp (BAP, 10.1%) and Sigma Lithium (SGML, 8.6%). Compared with Q1 2024, it opened 4 new positions, sold out of 5, added to 12 and reduced 4. The biggest buy was a new position in Credicorp (BAP) and the biggest sale Liberty Latin Americ Class C (LILAK, shares −96%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001803158
Portfolio Value
$436.2M (Q2 2024)
SEC Filing
0001085146-24-003697 ↗ filed Aug 9, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $332.0M Q1 2024 Q2 2024: $436.2M $436.2M Q2 2024 Q3 2024: $397.9M Q3 2024 Q4 2024: $330.7M Q4 2024 Q1 2025: $427.3M Q1 2025 Q2 2025: $483.1M Q2 2025 Q3 2025: $413.8M Q3 2025 Q4 2025: $623.4M Q4 2025 Q1 2026: $608.4M Q1 2026 Q2 2026: $659.9M Q2 2026

Holdings 21 stocks · $436.2M
MAC COPPER LTD filed as METALS ACQUISITION LIMITED 19.17% 6,107,694 $83.6M Add +2.6%
BAP Credicorp Ltd. 10.12% 273,700 $44.2M New
SGML Sigma Lithium Corp. 8.64% 3,134,797 $37.7M Add +1572.2%
LAUR Laureate Education Inc. 7.43% 2,170,727 $32.4M Add +2.3%
VTEX Vtex Class A 5.16% 3,098,762 $22.5M Add +125.0%
BIOX Bioceres Crop Solutions Corp. 5.04% 1,961,825 $22.0M Add +20.5%
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 5.01% 1,314,525 $21.9M Add +1779.7%
BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 5.01% 2,361,386 $21.8M Add +74.6%
STNE Stoneco Ltd. Class A 4.89% 1,778,400 $21.3M New
DAVA Endava PLC- Spon ADR 4.58% 683,733 $20.0M Reduce -5.8%
DLO Dlocal Ltd. 4.45% 2,397,770 $19.4M Add +60.8%
ARCO Arcos Dorados Holdings Inc. Class A 3.77% 1,829,223 $16.5M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 3.02% 655,562 $13.2M Reduce -10.9%
DC Dakota Gold Corp. 2.65% 4,635,503 $11.5M Add +0.3%
CPA Copa Holdings SA Class A 2.36% 108,293 $10.3M Add +66.6%
BPOP Popular Inc. 2.36% 116,400 $10.3M Reduce -35.6%
GDYN Grid Dynamics Holdings Inc. 1.85% 769,924 $8.1M Add +138.0%
EZPW Ezcorp Inc. Class A 1.73% 718,947 $7.5M Add +21.5%
EU Encore Energy Corp. 1.27% 1,404,307 $5.5M No change
PRG Prog Holdings Inc. 1.26% 158,607 $5.5M New
LILAK Liberty Latin Americ Class C 0.22% 98,897 $951K Reduce -96.2%
Other holdings (1): bonds, preferreds, convertibles and warrants · $23K (not counted above)
SecurityClassShares / PrincipalValueChange
ZLSWF Zalatoris II Acquisition Cor *W EXP 99/99/999 565,412$23KNew

Total filed on the 13F, all lines: $436.3M.

Portfolio Sells Q1 2024 → Q2 2024
LILAK Liberty Latin Americ Class C Reduce -96.2% 0.22% −5.27
UEC Uranium Energy Corp. Sold out 0.00% −3.82
DAVA Endava PLC- Spon ADR Reduce -5.8% 4.58% −3.74
BCO The Brink's Co. Sold out 0.00% −3.46
INTR Inter & Co. Inc. Class A Sold out 0.00% −2.76
BMA Banco Macro SA-ADR Sold out 0.00% −2.72
BPOP Popular Inc. Reduce -35.6% 2.36% −2.44
YPF YPF S.A.-Sponsored ADR Reduce -10.9% 3.02% −1.37
PSMT Pricesmart Inc. Sold out 0.00% −0.73

Portfolio Buys Q1 2024 → Q2 2024
BAP Credicorp Ltd. New 10.12% +10.12
SGML Sigma Lithium Corp. Add +1572.2% 8.64% +7.91
STNE Stoneco Ltd. Class A New 4.89% +4.89
CAAP Corp. America Airports SA Add +1779.7% 5.01% +4.66
ARCO Arcos Dorados Holdings Inc. Class A New 3.77% +3.77
VTEX Vtex Class A Add +125.0% 5.16% +1.77
BBAR Bbva Argentina SA-ADR Add +74.6% 5.01% +1.55
PRG Prog Holdings Inc. New 1.26% +1.26
GDYN Grid Dynamics Holdings Inc. Add +138.0% 1.85% +0.66
CPA Copa Holdings SA Class A Add +66.6% 2.36% +0.32
EZPW Ezcorp Inc. Class A Add +21.5% 1.73% −0.29
DC Dakota Gold Corp. Add +0.3% 2.65% −0.65
BIOX Bioceres Crop Solutions Corp. Add +20.5% 5.04% −1.17
LAUR Laureate Education Inc. Add +2.3% 7.43% −1.88
DLO Dlocal Ltd. Add +60.8% 4.45% −2.16
MAC COPPER LTD Add +2.6% 19.17% −3.88

Notes & Other Activity Q1 2024 → Q2 2024
METALS ACQUISITION LTD *W EXP 06/15/202 Sold out 1,612,099 $3.3Mbefore exit
ZLSWF Zalatoris II Acquisition Cor *W EXP 99/99/999 New 565,412 $23K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 26$659.9MBCO, DLO, AVO, BAP, TX
Q1 2026 25$608.4MNATL, MELI, BCO, SFD, DLO
Q4 2025 30$623.4MBBAR, ACN, BAP, GDYN, HRL
Q3 2025 28$413.8MSLVM, SFD, EZPW, BBAR, GDYN
Q2 2025 26$483.1MMAC COPPER LTD, NU, CAAP, BBAR, BCO
Q1 2025 28$427.3MMAC COPPER LTD, CAAP, BAP, DAVA, ARCO
Q4 2024 20$330.7MMAC COPPER LTD, VALE, DAVA, GGAL, CAAP
Q3 2024 23$397.9MMAC COPPER LTD, CAAP, LAUR, BAP, BIOX
Q2 2024 21$436.2MMAC COPPER LTD, BAP, SGML, LAUR, VTEX
Q1 2024 22$332.0MMAC COPPER LTD, LAUR, DAVA, DLO, BIOX