In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Fourth Sail Capital LP reported 28 stock positions worth $427.3 million . Its top holding was Mac Copper at 11.6% of the portfolio, followed by Corp. America Airports (CAAP, 6.8% ) and Credicorp (BAP, 6.7% ). Compared with Q4 2024, it opened 12 new positions, sold out of 4, added to 9 and reduced 5. The biggest buy was a new position in Arcos Dorados Class A (ARCO) and the biggest sale an exit from Bbva Argentina SA-ADR (BBAR).
Location GRAND CAYMAN, E9
CIK 0001803158
Portfolio Value $427.3M (Q1 2025) Holdings 28 stocks · $427.3M 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 2024 MAC COPPER LTD 5,185,005 $49.5M Add +1.0% CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 1,584,784 $29.0M Add +9.0% BAP Credicorp Ltd. 153,365 $28.6M Add +103.0% DAVA Endava PLC- Spon ADR 1,406,223 $27.4M Add +52.9% ARCO Arcos Dorados Holdings Inc. Class A 3,318,350 $26.7M New VALE Vale SA-SP ADR 2,262,967 $22.6M Reduce -35.9% GGAL Grupo Financiero Galicia-ADR 414,167 $22.6M Reduce -5.7% BIOX Bioceres Crop Solutions Corp. 4,627,669 $21.1M Add +25.1% CPA Copa Holdings SA Class A 204,901 $18.9M Reduce -1.4% GDYN Grid Dynamics Holdings Inc. 1,024,269 $16.0M Add +52.3% LILAK Liberty Latin Americ Class C 2,533,603 $15.7M New LOMA Loma Negra Cia Ind-Spon ADR 1,340,806 $14.7M New EZPW Ezcorp Inc. Class A 957,262 $14.1M Add +503.6% STNE Stoneco Ltd. Class A 1,301,556 $13.6M New XP XP Inc. Class A 969,296 $13.3M New CDE Coeur Mining Inc. 2,128,963 $12.6M New BPOP Popular Inc. 120,182 $11.1M Add +3.3% DLO Dlocal Ltd. 1,156,369 $9.6M Reduce -2.6% LILA Liberty Latin Americ Class A 1,418,237 $9.0M New EPAM Epam Systems Inc. 53,000 $8.9M New IFS Intercorp Financial Services 257,874 $8.5M New URG Ur-Energy Inc. 12,295,868 $8.3M Add +3.7% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 563,664 $7.3M New TIGO Millicom Intl Cellular S.A. 228,692 $6.9M New TGS Transportador Gas-ADR SP B 184,703 $4.9M New YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 133,312 $4.7M No change UROY Uranium Royalty Corp. 582,712 $1.0M No change DC Dakota Gold Corp. 169,965 $450K Reduce -93.7%
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ BBAR Bbva Argentina SA-ADR Sold out 0.00% −4.90 VTEX Vtex Class A Sold out 0.00% −4.29 VALE Vale SA-SP ADR Reduce -35.9% 5.29% −4.18 GGAL Grupo Financiero Galicia-ADR Reduce -5.7% 5.28% −3.00 PPTA Perpetua Resources Corp. Sold out 0.00% −2.65 DLO Dlocal Ltd. Reduce -2.6% 2.26% −1.79 DC Dakota Gold Corp. Reduce -93.7% 0.11% −1.61 CPA Copa Holdings SA Class A Reduce -1.4% 4.43% −1.09 EQX Equinox Gold Corp. Sold out 0.00% −0.22
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ ARCO Arcos Dorados Holdings Inc. Class A New 6.26% +6.26 LILAK Liberty Latin Americ Class C New 3.68% +3.68 LOMA Loma Negra Cia Ind-Spon ADR New 3.45% +3.45 STNE Stoneco Ltd. Class A New 3.19% +3.19 XP XP Inc. Class A New 3.12% +3.12 CDE Coeur Mining Inc. New 2.95% +2.95 EZPW Ezcorp Inc. Class A Add +503.6% 3.30% +2.71 BAP Credicorp Ltd. Add +103.0% 6.68% +2.49 LILA Liberty Latin Americ Class A New 2.10% +2.10 EPAM Epam Systems Inc. New 2.09% +2.09 IFS Intercorp Financial Services New 2.00% +2.00 IRS Irsa -SP ADR New 1.70% +1.70 TIGO Millicom Intl Cellular S.A. New 1.62% +1.62 TGS Transportador Gas-ADR SP B New 1.14% +1.14 BPOP Popular Inc. Add +3.3% 2.60% −0.71 GDYN Grid Dynamics Holdings Inc. Add +52.3% 3.75% −0.77 CAAP Corp. America Airports SA Add +9.0% 6.79% −1.42 BIOX Bioceres Crop Solutions Corp. Add +25.1% 4.94% −1.86 DAVA Endava PLC- Spon ADR Add +52.9% 6.42% −2.17 URG Ur-Energy Inc. Add +3.7% 1.94% −2.18 MAC COPPER LTD Add +1.0% 11.58% −4.91
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ DC.WS Dakota Gold Corp.-26 *W EXP 03/15/202 Sold out 2,709,983 $5.7Mbefore 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