INCA Investments LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), INCA Investments LLC reported 10 stock positions worth $257.5 million. Its top holding was Grupo Financiero Galicia-ADR (GGAL) at 20.9% of the portfolio, followed by Credicorp (BAP, 16.8%) and Fomento Economico Mex-SP ADR (FMX, 11.0%). Compared with Q1 2025, it added to 5 and reduced 4. The biggest buy was Nu Holdings Ltd./Cayman Isl-A (NU, shares +82%) and the biggest sale Grupo Financiero Galicia-ADR (GGAL, shares −3%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001513137
Portfolio Value
$257.5M (Q2 2025)
SEC Filing
0001513137-25-000004 ↗ filed Jul 29, 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 Q1 2025 Q2 2025: $257.5M $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 · $257.5M
GGAL Grupo Financiero Galicia-ADR 20.94% 1,069,878 $53.9M Reduce -2.6%
BAP Credicorp Ltd. 16.84% 193,947 $43.4M Add +5.8%
FMX Fomento Economico Mex-SP ADR 10.99% 274,769 $28.3M Add +106.0%
XP XP Inc. Class A 10.25% 1,306,590 $26.4M Reduce -3.8%
MELI MercadoLibre Inc. 10.10% 9,949 $26.0M Reduce -33.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 9.93% 1,864,199 $25.6M Add +82.1%
LOMA Loma Negra Cia Ind-Spon ADR 8.25% 1,936,036 $21.2M Add +4.1%
BSAC Banco Santander-Chile-ADR 5.13% 524,178 $13.2M Reduce -23.2%
ARCO Arcos Dorados Holdings Inc. Class A 4.29% 1,398,553 $11.0M Add +7.5%
ITUB Itau Unibanco H-Spon PRF ADR 3.29% 1,247,501 $8.5M No change

Portfolio Sells Q1 2025 → Q2 2025
GGAL Grupo Financiero Galicia-ADR Reduce -2.6% 20.94% −6.44
MELI MercadoLibre Inc. Reduce -33.2% 10.10% −3.19
BSAC Banco Santander-Chile-ADR Reduce -23.2% 5.13% −1.99
XP XP Inc. Class A Reduce -3.8% 10.25% +1.70

Portfolio Buys Q1 2025 → Q2 2025
NU Nu Holdings Ltd./Cayman Isl-A Add +82.1% 9.93% +5.14
FMX Fomento Economico Mex-SP ADR Add +106.0% 10.99% +5.03
BAP Credicorp Ltd. Add +5.8% 16.84% +1.22
ARCO Arcos Dorados Holdings Inc. Class A Add +7.5% 4.29% −0.51
LOMA Loma Negra Cia Ind-Spon ADR Add +4.1% 8.25% −1.11

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