Fourth Sail Capital LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Fourth Sail Capital LP reported 25 stock positions worth $608.4 million. Its top holding was NCR Atleos (NATL) at 14.5% of the portfolio, followed by MercadoLibre (MELI, 9.4%) and Brink's (BCO, 7.1%). Compared with Q4 2025, it opened 8 new positions, sold out of 13, added to 9 and reduced 7. The biggest buy was a new position in MercadoLibre (MELI) and the biggest sale an exit from Bbva Argentina SA-ADR (BBAR).
- Most Recent 13F
- Q2 2026
- Location
- GRAND CAYMAN, E9
- CIK
- 0001803158
- Portfolio Value
- $608.4M (Q1 2026)
- SEC Filing
- 0001803158-26-000013 ↗ filed May 15, 2026
Holdings Value
Holdings 25 stocks · $608.4M
| NATL NCR Atleos Corp. | 14.53% | 2,028,605 | $88.4M | Add +130.1% |
| MELI MercadoLibre Inc. | 9.36% | 32,940 | $57.0M | New |
| BCO The Brink's Co. | 7.08% | 415,428 | $43.1M | New |
| SFD Smithfield Foods Inc. | 5.13% | 1,116,165 | $31.2M | Reduce -2.1% |
| DLO Dlocal Ltd. | 4.83% | 2,266,917 | $29.4M | Add +24.3% |
| TEO Telecom Argentina SA-SP ADR | 4.80% | 2,500,000 | $29.2M | Add +451.4% |
| LOMA Loma Negra Cia Ind-Spon ADR | 4.50% | 2,469,972 | $27.4M | Add +2.7% |
| TECK Teck Resources Ltd.-CLS B | 4.25% | 499,272 | $25.8M | Add +236.2% |
| VZLA Vizsla Silver Corp. | 4.11% | 7,579,112 | $25.0M | Add +22.9% |
| LILAK Liberty Latin Americ Class C | 4.00% | 2,755,775 | $24.3M | Reduce -4.8% |
| HRL Hormel Foods Corp. | 3.79% | 1,017,862 | $23.1M | Reduce -29.4% |
| GPRK Geopark Ltd. | 3.48% | 2,225,933 | $21.1M | Reduce -7.1% |
| CEPU Central Puerto-Sponsored ADR | 3.18% | 1,150,763 | $19.4M | Reduce -3.4% |
| MEOH Methanex Corp. | 3.17% | 323,902 | $19.3M | New |
| IFS Intercorp Financial Services | 3.05% | 369,900 | $18.6M | New |
| VIST Vista Energy Sab DE CV | 2.98% | 240,000 | $18.1M | New |
| SLVM Sylvamo Corp. | 2.97% | 427,510 | $18.1M | Add +21.9% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 2.76% | 363,690 | $16.8M | New |
| CVGW Calavo Growers Inc. | 2.67% | 631,037 | $16.3M | Reduce -9.7% |
| CPA Copa Holdings SA Class A | 2.55% | 136,784 | $15.5M | Add +5.1% |
| AVO Mission Produce Inc. | 2.51% | 1,109,200 | $15.3M | Add +1674.0% |
| EMBJ Embraer SA-Spon ADR | 1.82% | 186,125 | $11.0M | New |
| LILA Liberty Latin Americ Class A | 1.29% | 909,742 | $7.9M | No change |
| SXT Sensient Technologies Corp. | 0.61% | 43,172 | $3.7M | New |
| GDYN Grid Dynamics Holdings Inc. | 0.57% | 610,322 | $3.5M | Reduce -84.1% |
Portfolio Sells Q4 2025 → Q1 2026
| BBAR Bbva Argentina SA-ADR | Sold out | 0.00% | −8.25 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −6.14 |
| BAP Credicorp Ltd. | Sold out | 0.00% | −5.57 |
| GDYN Grid Dynamics Holdings Inc. | Reduce -84.1% | 0.57% | −4.97 |
| AERO Grupo Aeromexico Sab DE CV | Sold out | 0.00% | −3.88 |
| WU Western Union Co. | Sold out | 0.00% | −3.87 |
| STNE Stoneco Ltd. Class A | Sold out | 0.00% | −2.82 |
| TGLS Tecnoglass Holdings Inc. | Sold out | 0.00% | −2.80 |
| FCFS Firstcash Holdings Inc. | Sold out | 0.00% | −2.80 |
| EZPW Ezcorp Inc. Class A | Sold out | 0.00% | −2.71 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −2.67 |
| HRL Hormel Foods Corp. | Reduce -29.4% | 3.79% | −1.69 |
| VLRS Controladora Vuela Cia-ADR | Sold out | 0.00% | −1.08 |
| TGS Transportador Gas-ADR SP B | Sold out | 0.00% | −0.96 |
| BIOX Bioceres Crop Solutions Corp. | Sold out | 0.00% | −0.91 |
| CEPU Central Puerto-Sponsored ADR | Reduce -3.4% | 3.18% | −0.16 |
| CVGW Calavo Growers Inc. | Reduce -9.7% | 2.67% | +0.24 |
| LILAK Liberty Latin Americ Class C | Reduce -4.8% | 4.00% | +0.53 |
| GPRK Geopark Ltd. | Reduce -7.1% | 3.48% | +0.63 |
| SFD Smithfield Foods Inc. | Reduce -2.1% | 5.13% | +1.05 |
Portfolio Buys Q4 2025 → Q1 2026
| MELI MercadoLibre Inc. | New | 9.36% | +9.36 |
| NATL NCR Atleos Corp. | Add +130.1% | 14.53% | +9.14 |
| BCO The Brink's Co. | New | 7.08% | +7.08 |
| TEO Telecom Argentina SA-SP ADR | Add +451.4% | 4.80% | +3.96 |
| MEOH Methanex Corp. | New | 3.17% | +3.17 |
| TECK Teck Resources Ltd.-CLS B | Add +236.2% | 4.25% | +3.11 |
| IFS Intercorp Financial Services | New | 3.05% | +3.05 |
| VIST Vista Energy Sab DE CV | New | 2.98% | +2.98 |
| YPF YPF S.A.-Sponsored ADR | New | 2.76% | +2.76 |
| AVO Mission Produce Inc. | Add +1674.0% | 2.51% | +2.39 |
| EMBJ Embraer SA-Spon ADR | New | 1.82% | +1.82 |
| DLO Dlocal Ltd. | Add +24.3% | 4.83% | +0.70 |
| SXT Sensient Technologies Corp. | New | 0.61% | +0.61 |
| SLVM Sylvamo Corp. | Add +21.9% | 2.97% | +0.26 |
| CPA Copa Holdings SA Class A | Add +5.1% | 2.55% | +0.04 |
| LOMA Loma Negra Cia Ind-Spon ADR | Add +2.7% | 4.50% | −0.49 |
| VZLA Vizsla Silver Corp. | Add +22.9% | 4.11% | −1.30 |
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 |