Fourth Sail Capital LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Fourth Sail Capital LP reported 26 stock positions worth $483.1 million. Its top holding was Mac Copper at 13.7% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 6.5%) and Corp. America Airports (CAAP, 6.4%). Compared with Q1 2025, it opened 8 new positions, sold out of 10, added to 10 and reduced 6. The biggest buy was a new position in Nu Holdings Ltd./Cayman Isl-A (NU) and the biggest sale an exit from Arcos Dorados Class A (ARCO).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001803158
- Portfolio Value
- $483.1M (Q2 2025)
- SEC Filing
- 0001085146-25-004676 ↗ filed Aug 7, 2025
Holdings Value
Holdings 26 stocks · $483.1M
| MAC COPPER LTD | 13.66% | 5,456,461 | $66.0M | Add +5.2% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 6.46% | 2,275,411 | $31.2M | New |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 6.38% | 1,521,602 | $30.8M | Reduce -4.0% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 6.09% | 1,786,085 | $29.4M | New |
| BCO The Brink's Co. | 5.20% | 281,500 | $25.1M | New |
| LILAK Liberty Latin Americ Class C | 4.94% | 3,835,640 | $23.9M | Add +51.4% |
| BIOX Bioceres Crop Solutions Corp. | 4.28% | 4,627,669 | $20.7M | No change |
| URG Ur-Energy Inc. | 4.27% | 19,644,632 | $20.6M | Add +59.8% |
| CPA Copa Holdings SA Class A | 4.21% | 184,966 | $20.3M | Reduce -9.7% |
| GDYN Grid Dynamics Holdings Inc. | 3.88% | 1,623,562 | $18.8M | Add +58.5% |
| SFD Smithfield Foods Inc. | 3.81% | 782,981 | $18.4M | New |
| DLO Dlocal Ltd. | 3.63% | 1,546,639 | $17.5M | Add +33.8% |
| IFS Intercorp Financial Services | 3.62% | 458,974 | $17.5M | Add +78.0% |
| EZPW Ezcorp Inc. Class A | 3.60% | 1,251,362 | $17.4M | Add +30.7% |
| BAP Credicorp Ltd. | 3.47% | 75,065 | $16.8M | Reduce -51.0% |
| LOMA Loma Negra Cia Ind-Spon ADR | 3.31% | 1,456,770 | $16.0M | Add +8.7% |
| VZLA Vizsla Silver Corp. | 2.64% | 4,331,900 | $12.7M | New |
| EPAM Epam Systems Inc. | 2.62% | 71,700 | $12.7M | Add +35.3% |
| BPOP Popular Inc. | 2.57% | 112,799 | $12.4M | Reduce -6.1% |
| PPTA Perpetua Resources Corp. | 2.52% | 1,003,700 | $12.2M | New |
| DAVA Endava PLC- Spon ADR | 2.32% | 731,423 | $11.2M | Reduce -48.0% |
| LILA Liberty Latin Americ Class A | 1.79% | 1,418,237 | $8.7M | No change |
| SLVM Sylvamo Corp. | 1.69% | 162,600 | $8.1M | New |
| TGS Transportador Gas-ADR SP B | 1.36% | 253,168 | $6.6M | Add +37.1% |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 1.31% | 454,301 | $6.3M | Reduce -19.4% |
| CEPU Central Puerto-Sponsored ADR | 0.36% | 148,601 | $1.7M | New |
Portfolio Sells Q1 2025 → Q2 2025
| ARCO Arcos Dorados Holdings Inc. Class A | Sold out | 0.00% | −6.26 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −5.29 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −5.28 |
| DAVA Endava PLC- Spon ADR | Reduce -48.0% | 2.32% | −4.10 |
| BAP Credicorp Ltd. | Reduce -51.0% | 3.47% | −3.21 |
| STNE Stoneco Ltd. Class A | Sold out | 0.00% | −3.19 |
| XP XP Inc. Class A | Sold out | 0.00% | −3.12 |
| CDE Coeur Mining Inc. | Sold out | 0.00% | −2.95 |
| TIGO Millicom Intl Cellular S.A. | Sold out | 0.00% | −1.62 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −1.09 |
| CAAP Corp. America Airports SA | Reduce -4.0% | 6.38% | −0.41 |
| IRS Irsa -SP ADR | Reduce -19.4% | 1.31% | −0.39 |
| UROY Uranium Royalty Corp. | Sold out | 0.00% | −0.24 |
| CPA Copa Holdings SA Class A | Reduce -9.7% | 4.21% | −0.22 |
| DC Dakota Gold Corp. | Sold out | 0.00% | −0.11 |
| BPOP Popular Inc. | Reduce -6.1% | 2.57% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NU Nu Holdings Ltd./Cayman Isl-A | New | 6.46% | +6.46 |
| BBAR Bbva Argentina SA-ADR | New | 6.09% | +6.09 |
| BCO The Brink's Co. | New | 5.20% | +5.20 |
| SFD Smithfield Foods Inc. | New | 3.81% | +3.81 |
| VZLA Vizsla Silver Corp. | New | 2.64% | +2.64 |
| PPTA Perpetua Resources Corp. | New | 2.52% | +2.52 |
| URG Ur-Energy Inc. | Add +59.8% | 4.27% | +2.33 |
| MAC COPPER LTD | Add +5.2% | 13.66% | +2.08 |
| SLVM Sylvamo Corp. | New | 1.69% | +1.69 |
| IFS Intercorp Financial Services | Add +78.0% | 3.62% | +1.62 |
| DLO Dlocal Ltd. | Add +33.8% | 3.63% | +1.37 |
| LILAK Liberty Latin Americ Class C | Add +51.4% | 4.94% | +1.26 |
| EPAM Epam Systems Inc. | Add +35.3% | 2.62% | +0.53 |
| CEPU Central Puerto-Sponsored ADR | New | 0.36% | +0.36 |
| EZPW Ezcorp Inc. Class A | Add +30.7% | 3.60% | +0.30 |
| TGS Transportador Gas-ADR SP B | Add +37.1% | 1.36% | +0.21 |
| GDYN Grid Dynamics Holdings Inc. | Add +58.5% | 3.88% | +0.13 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +8.7% | 3.31% | −0.14 |
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 |