INCA Investments LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), INCA Investments LLC reported 10 stock positions worth $242.6 million. Its top holding was Grupo Financiero Galicia-ADR (GGAL) at 35.3% of the portfolio, followed by Credicorp (BAP, 15.2%) and Banco Santander-Chile-ADR (BSAC, 11.9%). Compared with Q3 2024, it opened 1 new position, sold out of 1, added to 3 and reduced 4. The biggest buy was a new position in Loma Negra Cia Ind-Spon ADR (LOMA) and the biggest sale Credicorp (BAP, shares −23%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001513137
Portfolio Value
$242.6M (Q4 2024)
SEC Filing
0001513137-25-000001 ↗ filed Jan 30, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $232.4M Q1 2024 Q2 2024: $236.4M Q2 2024 Q3 2024: $234.3M Q3 2024 Q4 2024: $242.6M $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 10 stocks · $242.6M
GGAL Grupo Financiero Galicia-ADR 35.29% 1,373,576 $85.6M No change
BAP Credicorp Ltd. 15.22% 201,338 $36.9M Reduce -23.4%
BSAC Banco Santander-Chile-ADR 11.91% 1,531,232 $28.9M No change
MELI MercadoLibre Inc. 10.21% 14,559 $24.8M Add +52.6%
FMX Fomento Economico Mex-SP ADR 7.19% 204,046 $17.4M Reduce -13.8%
XP XP Inc. Class A 6.64% 1,358,239 $16.1M Add +3.0%
ARCO Arcos Dorados Holdings Inc. Class A 3.91% 1,301,255 $9.5M Reduce -2.2%
LOMA Loma Negra Cia Ind-Spon ADR 3.70% 752,607 $9.0M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 3.62% 848,304 $8.8M Add +76.2%
ITUB Itau Unibanco H-Spon PRF ADR 2.32% 1,134,092 $5.6M Reduce -35.9%

Portfolio Sells Q3 2024 → Q4 2024
BAP Credicorp Ltd. Reduce -23.4% 15.22% −5.08
FMX Fomento Economico Mex-SP ADR Reduce -13.8% 7.19% −2.77
ITUB Itau Unibanco H-Spon PRF ADR Reduce -35.9% 2.32% −2.70
ARCO Arcos Dorados Holdings Inc. Class A Reduce -2.2% 3.91% −1.05
OMAB Grupo Aeroportuario Cen-ADR Sold out 0.00% −0.26

Portfolio Buys Q3 2024 → Q4 2024
LOMA Loma Negra Cia Ind-Spon ADR New 3.70% +3.70
MELI MercadoLibre Inc. Add +52.6% 10.21% +1.85
NU Nu Holdings Ltd./Cayman Isl-A Add +76.2% 3.62% +0.82
XP XP Inc. Class A Add +3.0% 6.64% −3.46

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