In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), Fourth Sail Capital LP reported 20 stock positions worth $330.7 million . Its top holding was Mac Copper at 16.5% of the portfolio, followed by Vale SA-SP ADR (VALE, 9.5% ) and Endava PLC- Spon ADR (DAVA, 8.6% ). Compared with Q3 2024, it opened 4 new positions, sold out of 7, added to 2 and reduced 12. The biggest buy was a new position in Vale SA-SP ADR (VALE) and the biggest sale an exit from Laureate Education (LAUR).
Location GRAND CAYMAN, E9
CIK 0001803158
Portfolio Value $330.7M (Q4 2024) Holdings 20 stocks · $330.7M 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 Q3 2024 MAC COPPER LTD 5,135,143 $54.5M Reduce -4.9% VALE Vale SA-SP ADR 3,529,300 $31.3M New DAVA Endava PLC- Spon ADR 919,619 $28.4M Reduce -1.2% GGAL Grupo Financiero Galicia-ADR 439,165 $27.4M New CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 1,454,082 $27.1M Reduce -10.0% BIOX Bioceres Crop Solutions Corp. 3,698,961 $22.5M Add +16.6% CPA Copa Holdings SA Class A 207,790 $18.3M Add +32.4% BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 849,804 $16.2M Reduce -64.0% GDYN Grid Dynamics Holdings Inc. 672,661 $15.0M Reduce -10.8% VTEX Vtex Class A 2,407,557 $14.2M Reduce -19.6% BAP Credicorp Ltd. 75,548 $13.8M Reduce -45.4% URG Ur-Energy Inc. 11,856,794 $13.6M Reduce -32.3% DLO Dlocal Ltd. 1,187,598 $13.4M Reduce -33.0% BPOP Popular Inc. 116,400 $10.9M No change PPTA Perpetua Resources Corp. 822,295 $8.8M Reduce -26.1% DC Dakota Gold Corp. 2,709,983 $5.7M Reduce -26.2% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 133,312 $5.7M New EZPW Ezcorp Inc. Class A 158,583 $1.9M Reduce -28.5% UROY Uranium Royalty Corp. 582,712 $1.3M No change EQX Equinox Gold Corp. 144,705 $726K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $5.7M (not counted above) Security Class Shares / Principal Value Change DC.WS Dakota Gold Corp.-26 *W EXP 03/15/202 2,709,983 $5.7M Add +1557.4%
Total filed on the 13F, all lines: $336.4M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ LAUR Laureate Education Inc. Sold out 0.00% −6.35 SGML Sigma Lithium Corp. Sold out 0.00% −2.88 XP XP Inc. Class A Sold out 0.00% −2.52 INTR Inter & Co. Inc. Class A Sold out 0.00% −2.34 STNE Stoneco Ltd. Class A Sold out 0.00% −2.31 MAC COPPER LTD Reduce -4.9% 16.49% −2.30 PAM Pampa Energia SA-Spon ADR Sold out 0.00% −2.15 BAP Credicorp Ltd. Reduce -45.4% 4.19% −2.10 EU Encore Energy Corp. Sold out 0.00% −1.43 VTEX Vtex Class A Reduce -19.6% 4.29% −1.31 BBAR Bbva Argentina SA-ADR Reduce -64.0% 4.90% −1.26 URG Ur-Energy Inc. Reduce -32.3% 4.12% −1.11 DC Dakota Gold Corp. Reduce -26.2% 1.72% −0.46 EZPW Ezcorp Inc. Class A Reduce -28.5% 0.59% −0.04 PPTA Perpetua Resources Corp. Reduce -26.1% 2.65% +0.04 DLO Dlocal Ltd. Reduce -33.0% 4.04% +0.48 CAAP Corp. America Airports SA Reduce -10.0% 8.20% +1.12 GDYN Grid Dynamics Holdings Inc. Reduce -10.8% 4.52% +1.87 DAVA Endava PLC- Spon ADR Reduce -1.2% 8.59% +2.62
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ VALE Vale SA-SP ADR New 9.47% +9.47 GGAL Grupo Financiero Galicia-ADR New 8.28% +8.28 CPA Copa Holdings SA Class A Add +32.4% 5.52% +1.82 YPF YPF S.A.-Sponsored ADR New 1.71% +1.71 BIOX Bioceres Crop Solutions Corp. Add +16.6% 6.80% +0.53 EQX Equinox Gold Corp. New 0.22% +0.22
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ DC.WS Dakota Gold Corp.-26 *W EXP 03/15/202 Add +1557.4% 2,709,983 $5.7M
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