INCA Investments LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 1, 2024), INCA Investments LLC reported 11 stock positions worth $232.4 million. Its top holding was Credicorp (BAP) at 21.7% of the portfolio, followed by Banco Santander-Chile-ADR (BSAC, 17.9%) and Grupo Aeroportuario Cen-ADR (OMAB, 13.3%). Compared with Q4 2023, it opened 1 new position, sold out of 1, added to 3 and reduced 4. The biggest buy was Grupo Financiero Galicia-ADR (GGAL, shares +28%) and the biggest sale Fomento Economico Mex-SP ADR (FMX, shares −23%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001513137
Portfolio Value
$232.4M (Q1 2024)
SEC Filing
0001513137-24-000003 ↗ filed May 1, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $232.4M $232.4M Q1 2024 Q2 2024: $236.4M Q2 2024 Q3 2024: $234.3M Q3 2024 Q4 2024: $242.6M Q4 2024 Q1 2025: $218.5M Q1 2025 Q2 2025: $257.5M Q2 2025 Q3 2025: $217.3M Q3 2025 Q4 2025: $285.9M Q4 2025 Q1 2026: $281.8M Q1 2026 Q2 2026: $353.4M Q2 2026

Holdings 11 stocks · $232.4M
BAP Credicorp Ltd. 21.72% 297,990 $50.5M Reduce -4.1%
BSAC Banco Santander-Chile-ADR 17.87% 2,094,748 $41.5M Reduce -1.5%
OMAB Grupo Aeroportuario Cen-ADR 13.27% 389,840 $30.8M Add +17.4%
FMX Fomento Economico Mex-SP ADR 13.20% 235,561 $30.7M Reduce -23.4%
GGAL Grupo Financiero Galicia-ADR 11.79% 1,078,149 $27.4M Add +27.6%
BANCOLOMBIA S.A.-SPONS ADR 7.63% 518,072 $17.7M No change
MELI MercadoLibre Inc. 5.49% 8,437 $12.8M Reduce -24.9%
ITUB Itau Unibanco H-Spon PRF ADR 2.77% 928,079 $6.4M No change
XP XP Inc. Class A 2.62% 236,988 $6.1M Add +24.4%
ARCO Arcos Dorados Holdings Inc. Class A 2.59% 541,108 $6.0M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.05% 204,044 $2.4M New

Portfolio Sells Q4 2023 → Q1 2024
FMX Fomento Economico Mex-SP ADR Reduce -23.4% 13.20% −4.54
MELI MercadoLibre Inc. Reduce -24.9% 5.49% −2.33
BBD Banco Bradesco-ADR Sold out 0.00% −1.38
BSAC Banco Santander-Chile-ADR Reduce -1.5% 17.87% −0.49
BAP Credicorp Ltd. Reduce -4.1% 21.72% +1.09

Portfolio Buys Q4 2023 → Q1 2024
GGAL Grupo Financiero Galicia-ADR Add +27.6% 11.79% +5.33
NU Nu Holdings Ltd./Cayman Isl-A New 1.05% +1.05
OMAB Grupo Aeroportuario Cen-ADR Add +17.4% 13.27% +0.82
XP XP Inc. Class A Add +24.4% 2.62% +0.42

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$353.4MBSAC, BAP, GGAL, LTM, CPA
Q1 2026 10$281.8MBAP, GGAL, BSAC, LTM, CPA
Q4 2025 9$285.9MBAP, GGAL, LTM, FMX, BSAC
Q3 2025 9$217.3MBAP, FMX, GGAL, NU, BSAC
Q2 2025 10$257.5MGGAL, BAP, FMX, XP, MELI
Q1 2025 10$218.5MGGAL, BAP, MELI, LOMA, XP
Q4 2024 10$242.6MGGAL, BAP, BSAC, MELI, FMX
Q3 2024 10$234.3MGGAL, BAP, BSAC, XP, FMX
Q2 2024 10$236.4MGGAL, BAP, BSAC, OMAB, XP
Q1 2024 11$232.4MBAP, BSAC, OMAB, FMX, GGAL