Fourth Sail Capital LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Fourth Sail Capital LP reported 30 stock positions worth $623.4 million. Its top holding was Bbva Argentina SA-ADR (BBAR) at 8.3% of the portfolio, followed by Accenture Class A (ACN, 6.1%) and Credicorp (BAP, 5.6%). Compared with Q3 2025, it opened 9 new positions, sold out of 7, added to 14 and reduced 7. The biggest buy was a new position in NCR Atleos (NATL) and the biggest sale an exit from Ur-Energy (URG).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001803158
- Portfolio Value
- $623.4M (Q4 2025)
- SEC Filing
- 0001803158-26-000004 ↗ filed Feb 13, 2026
Holdings Value
Holdings 30 stocks · $623.4M
| BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A | 8.25% | 2,847,061 | $51.4M | Add +6.7% |
| ACN Accenture PLC Class A | 6.14% | 142,600 | $38.3M | Add +158.3% |
| BAP Credicorp Ltd. | 5.57% | 120,988 | $34.7M | Add +415.1% |
| GDYN Grid Dynamics Holdings Inc. | 5.55% | 3,827,968 | $34.6M | Add +36.2% |
| HRL Hormel Foods Corp. | 5.48% | 1,441,662 | $34.2M | Add +104.5% |
| VZLA Vizsla Silver Corp. | 5.41% | 6,166,612 | $33.7M | Add +42.4% |
| NATL NCR Atleos Corp. | 5.39% | 881,568 | $33.6M | New |
| LOMA Loma Negra Cia Ind-Spon ADR | 4.99% | 2,404,072 | $31.1M | Add +1.4% |
| DLO Dlocal Ltd. | 4.14% | 1,823,873 | $25.8M | Add +54.8% |
| SFD Smithfield Foods Inc. | 4.09% | 1,140,619 | $25.5M | Add +16.2% |
| AERO Grupo Aeromexico Sab DE CV | 3.88% | 1,100,000 | $24.2M | New |
| WU Western Union Co. | 3.87% | 2,589,752 | $24.1M | Add +32.9% |
| LILAK Liberty Latin Americ Class C | 3.47% | 2,895,728 | $21.6M | Add +22.6% |
| CEPU Central Puerto-Sponsored ADR | 3.34% | 1,191,489 | $20.9M | Reduce -42.4% |
| GPRK Geopark Ltd. | 2.85% | 2,396,408 | $17.8M | Reduce -11.5% |
| STNE Stoneco Ltd. Class A | 2.82% | 1,190,557 | $17.6M | Add +73.5% |
| TGLS Tecnoglass Holdings Inc. | 2.80% | 346,991 | $17.5M | New |
| FCFS Firstcash Holdings Inc. | 2.80% | 109,416 | $17.4M | New |
| SLVM Sylvamo Corp. | 2.71% | 350,632 | $16.9M | Reduce -36.4% |
| EZPW Ezcorp Inc. Class A | 2.71% | 868,717 | $16.9M | Reduce -26.3% |
| GGAL Grupo Financiero Galicia-ADR | 2.67% | 308,728 | $16.7M | New |
| CPA Copa Holdings SA Class A | 2.52% | 130,200 | $15.7M | New |
| CVGW Calavo Growers Inc. | 2.44% | 699,117 | $15.2M | New |
| TECK Teck Resources Ltd.-CLS B | 1.14% | 148,500 | $7.1M | New |
| VLRS Controladora Vuela Cia-ADR | 1.08% | 757,761 | $6.7M | Add +0.4% |
| LILA Liberty Latin Americ Class A | 1.08% | 909,742 | $6.7M | Add +21.5% |
| TGS Transportador Gas-ADR SP B | 0.96% | 191,630 | $6.0M | Reduce -68.8% |
| BIOX Bioceres Crop Solutions Corp. | 0.91% | 4,331,096 | $5.7M | Reduce -6.4% |
| TEO Telecom Argentina SA-SP ADR | 0.84% | 453,402 | $5.3M | Reduce -72.2% |
| AVO Mission Produce Inc. | 0.12% | 62,525 | $725K | New |
Portfolio Sells Q3 2025 → Q4 2025
| URG Ur-Energy Inc. | Sold out | 0.00% | −4.31 |
| TBBB BBB Foods Inc. Class A | Sold out | 0.00% | −4.08 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −3.29 |
| SLVM Sylvamo Corp. | Reduce -36.4% | 2.71% | −3.18 |
| PPTA Perpetua Resources Corp. | Sold out | 0.00% | −3.08 |
| EZPW Ezcorp Inc. Class A | Reduce -26.3% | 2.71% | −2.71 |
| IFS Intercorp Financial Services | Sold out | 0.00% | −2.24 |
| TGS Transportador Gas-ADR SP B | Reduce -68.8% | 0.96% | −2.17 |
| TEO Telecom Argentina SA-SP ADR | Reduce -72.2% | 0.84% | −2.02 |
| MAC COPPER LTD | Sold out | 0.00% | −1.91 |
| PAAS Pan American Silver Corp. | Sold out | 0.00% | −1.51 |
| GPRK Geopark Ltd. | Reduce -11.5% | 2.85% | −1.32 |
| BIOX Bioceres Crop Solutions Corp. | Reduce -6.4% | 0.91% | −0.67 |
| CEPU Central Puerto-Sponsored ADR | Reduce -42.4% | 3.34% | −0.66 |
Portfolio Buys Q3 2025 → Q4 2025
| NATL NCR Atleos Corp. | New | 5.39% | +5.39 |
| BAP Credicorp Ltd. | Add +415.1% | 5.57% | +4.06 |
| AERO Grupo Aeromexico Sab DE CV | New | 3.88% | +3.88 |
| BBAR Bbva Argentina SA-ADR | Add +6.7% | 8.25% | +2.89 |
| ACN Accenture PLC Class A | Add +158.3% | 6.14% | +2.85 |
| TGLS Tecnoglass Holdings Inc. | New | 2.80% | +2.80 |
| FCFS Firstcash Holdings Inc. | New | 2.80% | +2.80 |
| GGAL Grupo Financiero Galicia-ADR | New | 2.67% | +2.67 |
| CPA Copa Holdings SA Class A | New | 2.52% | +2.52 |
| CVGW Calavo Growers Inc. | New | 2.44% | +2.44 |
| HRL Hormel Foods Corp. | Add +104.5% | 5.48% | +1.27 |
| TECK Teck Resources Ltd.-CLS B | New | 1.14% | +1.14 |
| VZLA Vizsla Silver Corp. | Add +42.4% | 5.41% | +0.89 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +1.4% | 4.99% | +0.77 |
| GDYN Grid Dynamics Holdings Inc. | Add +36.2% | 5.55% | +0.31 |
| AVO Mission Produce Inc. | New | 0.12% | +0.12 |
| WU Western Union Co. | Add +32.9% | 3.87% | +0.11 |
| DLO Dlocal Ltd. | Add +54.8% | 4.14% | +0.07 |
| VLRS Controladora Vuela Cia-ADR | Add +0.4% | 1.08% | −0.23 |
| STNE Stoneco Ltd. Class A | Add +73.5% | 2.82% | −0.31 |
| LILA Liberty Latin Americ Class A | Add +21.5% | 1.08% | −0.42 |
| LILAK Liberty Latin Americ Class C | Add +22.6% | 3.47% | −1.35 |
| SFD Smithfield Foods Inc. | Add +16.2% | 4.09% | −1.48 |
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 |