INCA Investments LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), INCA Investments LLC reported 9 stock positions worth $285.9 million. Its top holding was Credicorp (BAP) at 22.9% of the portfolio, followed by Grupo Financiero Galicia-ADR (GGAL, 17.7%) and Latam Airlines Group SA-ADR (LTM, 15.2%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 4 and reduced 4. The biggest buy was a new position in Latam Airlines Group SA-ADR (LTM) and the biggest sale an exit from XP Class A (XP).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001513137
Portfolio Value
$285.9M (Q4 2025)
SEC Filing
0001420506-26-000163 ↗ filed Feb 4, 2026

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 Q2 2025 Q3 2025: $217.3M Q3 2025 Q4 2025: $285.9M $285.9M Q4 2025 Q1 2026: $281.8M Q1 2026 Q2 2026: $353.4M Q2 2026

Holdings 9 stocks · $285.9M
BAP Credicorp Ltd. 22.91% 228,233 $65.5M Add +5.6%
GGAL Grupo Financiero Galicia-ADR 17.74% 940,056 $50.7M Reduce -13.0%
LTM Latam Airlines Group SA-ADR 15.25% 807,079 $43.6M New
FMX Fomento Economico Mex-SP ADR 13.97% 395,261 $39.9M Add +6.9%
BSAC Banco Santander-Chile-ADR 11.58% 1,064,274 $33.1M Add +48.8%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 8.99% 1,534,540 $25.7M Add +2.9%
MELI MercadoLibre Inc. 5.26% 7,467 $15.0M Reduce -3.3%
ITUB Itau Unibanco H-Spon PRF ADR 2.28% 911,377 $6.5M Reduce -5.3%
ARCO Arcos Dorados Holdings Inc. Class A 2.02% 788,001 $5.8M Reduce -35.2%

Portfolio Sells Q3 2025 → Q4 2025
XP XP Inc. Class A Sold out 0.00% −8.01
MELI MercadoLibre Inc. Reduce -3.3% 5.26% −3.04
ARCO Arcos Dorados Holdings Inc. Class A Reduce -35.2% 2.02% −1.75
ITUB Itau Unibanco H-Spon PRF ADR Reduce -5.3% 2.28% −0.97
GGAL Grupo Financiero Galicia-ADR Reduce -13.0% 17.74% +4.04

Portfolio Buys Q3 2025 → Q4 2025
LTM Latam Airlines Group SA-ADR New 15.25% +15.25
BSAC Banco Santander-Chile-ADR Add +48.8% 11.58% +2.86
NU Nu Holdings Ltd./Cayman Isl-A Add +2.9% 8.99% −2.00
FMX Fomento Economico Mex-SP ADR Add +6.9% 13.97% −2.81
BAP Credicorp Ltd. Add +5.6% 22.91% −3.56

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