INCA Investments LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), INCA Investments LLC reported 10 stock positions worth $218.5 million. Its top holding was Grupo Financiero Galicia-ADR (GGAL) at 27.4% of the portfolio, followed by Credicorp (BAP, 15.6%) and MercadoLibre (MELI, 13.3%). Compared with Q4 2024, it added to 4 and reduced 4. The biggest buy was Loma Negra Cia Ind-Spon ADR (LOMA, shares +147%) and the biggest sale Grupo Financiero Galicia-ADR (GGAL, shares −20%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001513137
Portfolio Value
$218.5M (Q1 2025)
SEC Filing
0001513137-25-000003 ↗ filed Apr 28, 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 Q4 2024 Q1 2025: $218.5M $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 · $218.5M
GGAL Grupo Financiero Galicia-ADR 27.38% 1,098,490 $59.8M Reduce -20.0%
BAP Credicorp Ltd. 15.61% 183,260 $34.1M Reduce -9.0%
MELI MercadoLibre Inc. 13.29% 14,890 $29.0M Add +2.3%
LOMA Loma Negra Cia Ind-Spon ADR 9.36% 1,860,276 $20.4M Add +147.2%
XP XP Inc. Class A 8.55% 1,358,239 $18.7M No change
BSAC Banco Santander-Chile-ADR 7.12% 682,569 $15.6M Reduce -55.4%
FMX Fomento Economico Mex-SP ADR 5.95% 133,350 $13.0M Reduce -34.6%
ARCO Arcos Dorados Holdings Inc. Class A 4.80% 1,301,255 $10.5M No change
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 4.80% 1,023,641 $10.5M Add +20.7%
ITUB Itau Unibanco H-Spon PRF ADR 3.14% 1,247,501 $6.9M Add +10.0%

Portfolio Sells Q4 2024 → Q1 2025
GGAL Grupo Financiero Galicia-ADR Reduce -20.0% 27.38% −7.91
BSAC Banco Santander-Chile-ADR Reduce -55.4% 7.12% −4.78
FMX Fomento Economico Mex-SP ADR Reduce -34.6% 5.95% −1.24
BAP Credicorp Ltd. Reduce -9.0% 15.61% +0.40

Portfolio Buys Q4 2024 → Q1 2025
LOMA Loma Negra Cia Ind-Spon ADR Add +147.2% 9.36% +5.65
MELI MercadoLibre Inc. Add +2.3% 13.29% +3.09
NU Nu Holdings Ltd./Cayman Isl-A Add +20.7% 4.80% +1.17
ITUB Itau Unibanco H-Spon PRF ADR Add +10.0% 3.14% +0.82

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