Fundamenta Capital S.A.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed July 28, 2026), Fundamenta Capital S.A. reported 5 stock positions worth $87.3 million. Its top holding was Pampa Energia SA-Spon ADR (PAM) at 26.9% of the portfolio, followed by Transportador Gas-ADR SP B (TGS, 21.3%) and Banco Macro SA-ADR (BMA, 19.6%).

Most Recent 13F
Q2 2026
Location
MONTEVIDEO, X3
CIK
0002088289
Portfolio Value
$87.3M (Q4 2025)
SEC Filing
0002088289-26-000005 ↗ filed Jul 28, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q4 2025: $87.3M $87.3M Q4 2025 Q1 2026: $101.8M Q1 2026 Q2 2026: $172.4M Q2 2026

Holdings 5 stocks · $87.3M
PAM Pampa Energia SA-Spon ADR 26.92% 265,464 $23.5M —
TGS Transportador Gas-ADR SP B 21.27% 597,147 $18.6M —
BMA Banco Macro SA-ADR 19.63% 190,000 $17.1M —
LTM Latam Airlines Group SA-ADR 17.17% 277,491 $15.0M —
LOMA Loma Negra Cia Ind-Spon ADR 15.00% 1,010,586 $13.1M —

Portfolio Sells Q4 2025

No earlier filing to compare with.

Portfolio Buys Q4 2025

No earlier filing to compare with.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$172.4MBAP, ENIC, PAM, TGS, CCU
Q1 2026Amended 8$101.8MPAM, TGS, BAP, VIST, LOMA
Q4 2025Amended 5$87.3MPAM, TGS, BMA, LTM, LOMA