In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Fourth Sail Capital LP reported 23 stock positions worth $397.9 million . Its top holding was Mac Copper at 18.8% of the portfolio, followed by Corp. America Airports (CAAP, 7.1% ) and Laureate Education (LAUR, 6.3% ). Compared with Q2 2024, it opened 6 new positions, sold out of 4, added to 4 and reduced 10. The biggest buy was a new position in Ur-Energy (URG) and the biggest sale Sigma Lithium (SGML, shares −70% ).
Location GRAND CAYMAN, E9
CIK 0001803158
Portfolio Value $397.9M (Q3 2024) Holdings 23 stocks · $397.9M 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 Q2 2024 MAC COPPER LTD filed as METALS ACQUISITION LIMITED 5,397,610 $74.8M Reduce -11.6% CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 1,615,054 $28.2M Add +22.9% LAUR Laureate Education Inc. 1,520,138 $25.2M Reduce -30.0% BAP Credicorp Ltd. 138,356 $25.0M Reduce -49.5% BIOX Bioceres Crop Solutions Corp. 3,171,102 $25.0M Add +61.6% BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 2,361,386 $24.5M No change DAVA Endava PLC- Spon ADR 931,151 $23.8M Add +36.2% VTEX Vtex Class A 2,993,978 $22.3M Reduce -3.4% URG Ur-Energy Inc. 17,512,564 $20.8M New CPA Copa Holdings SA Class A 156,985 $14.7M Add +45.0% DLO Dlocal Ltd. 1,771,932 $14.2M Reduce -26.1% BPOP Popular Inc. 116,400 $11.7M No change SGML Sigma Lithium Corp. 925,552 $11.4M Reduce -70.5% GDYN Grid Dynamics Holdings Inc. 753,813 $10.6M Reduce -2.1% PPTA Perpetua Resources Corp. 1,112,783 $10.4M New XP XP Inc. Class A 558,900 $10.0M New INTR Inter & Co. Inc. Class A 1,398,316 $9.3M New STNE Stoneco Ltd. Class A 816,333 $9.2M Reduce -54.1% DC Dakota Gold Corp. 3,672,668 $8.7M Reduce -20.8% PAM Pampa Energia SA-Spon ADR 142,433 $8.6M New EU Encore Energy Corp. 1,404,307 $5.7M No change EZPW Ezcorp Inc. Class A 221,724 $2.5M Reduce -69.2% UROY Uranium Royalty Corp. 582,712 $1.4M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $114K (not counted above) Security Class Shares / Principal Value Change DC.WS Dakota Gold Corp.-26 *W EXP 03/15/202 163,509 $114K New
Total filed on the 13F, all lines: $398.0M.
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ SGML Sigma Lithium Corp. Reduce -70.5% 2.88% −5.77 BAP Credicorp Ltd. Reduce -49.5% 6.29% −3.83 ARCO Arcos Dorados Holdings Inc. Class A Sold out 0.00% −3.77 YPF YPF S.A.-Sponsored ADR Sold out 0.00% −3.02 STNE Stoneco Ltd. Class A Reduce -54.1% 2.31% −2.58 PRG Prog Holdings Inc. Sold out 0.00% −1.26 EZPW Ezcorp Inc. Class A Reduce -69.2% 0.62% −1.10 LAUR Laureate Education Inc. Reduce -30.0% 6.35% −1.09 DLO Dlocal Ltd. Reduce -26.1% 3.56% −0.88 DC Dakota Gold Corp. Reduce -20.8% 2.18% −0.47 MAC COPPER LTD Reduce -11.6% 18.79% −0.38 LILAK Liberty Latin Americ Class C Sold out 0.00% −0.22 VTEX Vtex Class A Reduce -3.4% 5.60% +0.44 GDYN Grid Dynamics Holdings Inc. Reduce -2.1% 2.65% +0.80
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ URG Ur-Energy Inc. New 5.24% +5.24 PPTA Perpetua Resources Corp. New 2.61% +2.61 XP XP Inc. Class A New 2.52% +2.52 INTR Inter & Co. Inc. Class A New 2.34% +2.34 PAM Pampa Energia SA-Spon ADR New 2.15% +2.15 CAAP Corp. America Airports SA Add +22.9% 7.09% +2.07 DAVA Endava PLC- Spon ADR Add +36.2% 5.98% +1.39 CPA Copa Holdings SA Class A Add +45.0% 3.70% +1.34 BIOX Bioceres Crop Solutions Corp. Add +61.6% 6.27% +1.23 UROY Uranium Royalty Corp. New 0.36% +0.36
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ DC.WS Dakota Gold Corp.-26 *W EXP 03/15/202 New 163,509 $114K ZLSWF Zalatoris II Acquisition Cor *W EXP 99/99/999 Sold out 565,412 $23Kbefore 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