Fourth Sail Capital LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Fourth Sail Capital LP reported 28 stock positions worth $413.8 million. Its top holding was Sylvamo (SLVM) at 5.9% of the portfolio, followed by Smithfield Foods (SFD, 5.6%) and Ezcorp Class A (EZPW, 5.4%). Compared with Q2 2025, it opened 10 new positions, sold out of 8, added to 7 and reduced 9. The biggest buy was a new position in Hormel Foods (HRL) and the biggest sale Mac Copper (shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001803158
- Portfolio Value
- $413.8M (Q3 2025)
- SEC Filing
- 0001803158-25-000012 ↗ filed Nov 14, 2025
Holdings Value
Holdings 28 stocks · $413.8M
| SLVM Sylvamo Corp. | 5.89% | 550,932 | $24.4M | Add +238.8% |
| SFD Smithfield Foods Inc. | 5.57% | 981,581 | $23.0M | Add +25.4% |
| EZPW Ezcorp Inc. Class A | 5.42% | 1,177,997 | $22.4M | Reduce -5.9% |
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 5.37% | 2,669,262 | $22.2M | Add +49.5% |
| GDYN Grid Dynamics Holdings Inc. | 5.24% | 2,811,405 | $21.7M | Add +73.2% |
| LILAK Liberty Latin Americ Class C | 4.82% | 2,362,507 | $19.9M | Reduce -38.4% |
| VZLA Vizsla Silver Corp. | 4.52% | 4,331,900 | $18.7M | No change |
| URG Ur-Energy Inc. | 4.31% | 9,965,357 | $17.8M | Reduce -49.3% |
| LOMA Loma Negra Cia Ind-Spon ADR | 4.22% | 2,371,924 | $17.5M | Add +62.8% |
| HRL Hormel Foods Corp. | 4.21% | 705,000 | $17.4M | New |
| GPRK Geopark Ltd. | 4.17% | 2,708,539 | $17.3M | New |
| TBBB BBB Foods Inc. Class A | 4.08% | 625,532 | $16.9M | New |
| DLO Dlocal Ltd. | 4.06% | 1,178,000 | $16.8M | Reduce -23.8% |
| CEPU Central Puerto-Sponsored ADR | 4.01% | 2,069,477 | $16.6M | Add +1292.6% |
| WU Western Union Co. | 3.76% | 1,948,600 | $15.6M | New |
| VIST Vista Energy Sab DE CV | 3.29% | 396,200 | $13.6M | New |
| ACN Accenture PLC Class A | 3.29% | 55,200 | $13.6M | New |
| STNE Stoneco Ltd. Class A | 3.14% | 686,400 | $13.0M | New |
| TGS Transportador Gas-ADR SP B | 3.12% | 614,891 | $12.9M | Add +142.9% |
| PPTA Perpetua Resources Corp. | 3.08% | 630,608 | $12.8M | Reduce -37.2% |
| TEO Telecom Argentina SA-SP ADR | 2.87% | 1,632,222 | $11.9M | New |
| IFS Intercorp Financial Services | 2.24% | 230,003 | $9.3M | Reduce -49.9% |
| MAC COPPER LTD | 1.91% | 646,565 | $7.9M | Reduce -88.2% |
| BIOX Bioceres Crop Solutions Corp. | 1.58% | 4,627,669 | $6.5M | No change |
| PAAS Pan American Silver Corp. | 1.51% | 17,901,528 | $6.3M | New |
| BAP Credicorp Ltd. | 1.51% | 23,488 | $6.3M | Reduce -68.7% |
| LILA Liberty Latin Americ Class A | 1.50% | 748,761 | $6.2M | Reduce -47.2% |
| VLRS Controladora Vuela Cia-ADR | 1.31% | 754,484 | $5.4M | New |
Portfolio Sells Q2 2025 → Q3 2025
| MAC COPPER LTD | Reduce -88.2% | 1.91% | −11.75 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −6.46 |
| CAAP Corp. America Airports SA | Sold out | 0.00% | −6.38 |
| BCO The Brink's Co. | Sold out | 0.00% | −5.20 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −4.21 |
| EPAM Epam Systems Inc. | Sold out | 0.00% | −2.62 |
| BPOP Popular Inc. | Sold out | 0.00% | −2.57 |
| DAVA Endava PLC- Spon ADR | Sold out | 0.00% | −2.32 |
| BAP Credicorp Ltd. | Reduce -68.7% | 1.51% | −1.96 |
| IFS Intercorp Financial Services | Reduce -49.9% | 2.24% | −1.38 |
| IRS Irsa -SP ADR | Sold out | 0.00% | −1.31 |
| LILA Liberty Latin Americ Class A | Reduce -47.2% | 1.50% | −0.29 |
| LILAK Liberty Latin Americ Class C | Reduce -38.4% | 4.82% | −0.12 |
| URG Ur-Energy Inc. | Reduce -49.3% | 4.31% | +0.04 |
| DLO Dlocal Ltd. | Reduce -23.8% | 4.06% | +0.43 |
| PPTA Perpetua Resources Corp. | Reduce -37.2% | 3.08% | +0.56 |
| EZPW Ezcorp Inc. Class A | Reduce -5.9% | 5.42% | +1.82 |
Portfolio Buys Q2 2025 → Q3 2025
| HRL Hormel Foods Corp. | New | 4.21% | +4.21 |
| SLVM Sylvamo Corp. | Add +238.8% | 5.89% | +4.20 |
| GPRK Geopark Ltd. | New | 4.17% | +4.17 |
| TBBB BBB Foods Inc. Class A | New | 4.08% | +4.08 |
| WU Western Union Co. | New | 3.76% | +3.76 |
| CEPU Central Puerto-Sponsored ADR | Add +1292.6% | 4.01% | +3.65 |
| VIST Vista Energy Sab DE CV | New | 3.29% | +3.29 |
| ACN Accenture PLC Class A | New | 3.29% | +3.29 |
| STNE Stoneco Ltd. Class A | New | 3.14% | +3.14 |
| TEO Telecom Argentina SA-SP ADR | New | 2.87% | +2.87 |
| TGS Transportador Gas-ADR SP B | Add +142.9% | 3.12% | +1.77 |
| SFD Smithfield Foods Inc. | Add +25.4% | 5.57% | +1.76 |
| PAAS Pan American Silver Corp. | New | 1.51% | +1.51 |
| GDYN Grid Dynamics Holdings Inc. | Add +73.2% | 5.24% | +1.36 |
| VLRS Controladora Vuela Cia-ADR | New | 1.31% | +1.31 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +62.8% | 4.22% | +0.92 |
| BBAR Bbva Argentina SA-ADR | Add +49.5% | 5.37% | −0.72 |
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 |