INCA Investments LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), INCA Investments LLC reported 9 stock positions worth $217.3 million. Its top holding was Credicorp (BAP) at 26.5% of the portfolio, followed by Fomento Economico Mex-SP ADR (FMX, 16.8%) and Grupo Financiero Galicia-ADR (GGAL, 13.7%). Compared with Q2 2025, it sold out of 1, added to 4 and reduced 5. The biggest buy was Credicorp (BAP, shares +11%) and the biggest sale an exit from Loma Negra Cia Ind-Spon ADR (LOMA).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI, FL
- CIK
- 0001513137
- Portfolio Value
- $217.3M (Q3 2025)
- SEC Filing
- 0001420506-25-002987 ↗ filed Nov 4, 2025
Holdings Value
Holdings 9 stocks · $217.3M
| BAP Credicorp Ltd. | 26.47% | 216,050 | $57.5M | Add +11.4% |
| FMX Fomento Economico Mex-SP ADR | 16.78% | 369,725 | $36.5M | Add +34.6% |
| GGAL Grupo Financiero Galicia-ADR | 13.70% | 1,080,161 | $29.8M | Add +1.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 10.99% | 1,491,607 | $23.9M | Reduce -20.0% |
| BSAC Banco Santander-Chile-ADR | 8.72% | 715,192 | $19.0M | Add +36.4% |
| MELI MercadoLibre Inc. | 8.30% | 7,719 | $18.0M | Reduce -22.4% |
| XP XP Inc. Class A | 8.01% | 926,752 | $17.4M | Reduce -29.1% |
| ARCO Arcos Dorados Holdings Inc. Class A | 3.78% | 1,215,564 | $8.2M | Reduce -13.1% |
| ITUB Itau Unibanco H-Spon PRF ADR | 3.25% | 961,948 | $7.1M | Reduce -22.9% |
Portfolio Sells Q2 2025 → Q3 2025
| LOMA Loma Negra Cia Ind-Spon ADR | Sold out | 0.00% | −8.25 |
| XP XP Inc. Class A | Reduce -29.1% | 8.01% | −2.24 |
| MELI MercadoLibre Inc. | Reduce -22.4% | 8.30% | −1.80 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -13.1% | 3.78% | −0.51 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -22.9% | 3.25% | −0.04 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -20.0% | 10.99% | +1.06 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $353.4M | BSAC, BAP, GGAL, LTM, CPA |
| Q1 2026 | 10 | $281.8M | BAP, GGAL, BSAC, LTM, CPA |
| Q4 2025 | 9 | $285.9M | BAP, GGAL, LTM, FMX, BSAC |
| Q3 2025 | 9 | $217.3M | BAP, FMX, GGAL, NU, BSAC |
| Q2 2025 | 10 | $257.5M | GGAL, BAP, FMX, XP, MELI |
| Q1 2025 | 10 | $218.5M | GGAL, BAP, MELI, LOMA, XP |
| Q4 2024 | 10 | $242.6M | GGAL, BAP, BSAC, MELI, FMX |
| Q3 2024 | 10 | $234.3M | GGAL, BAP, BSAC, XP, FMX |
| Q2 2024 | 10 | $236.4M | GGAL, BAP, BSAC, OMAB, XP |
| Q1 2024 | 11 | $232.4M | BAP, BSAC, OMAB, FMX, GGAL |