INCA Investments LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 30, 2026), INCA Investments LLC reported 10 stock positions worth $281.8 million. Its top holding was Credicorp (BAP) at 24.8% of the portfolio, followed by Grupo Financiero Galicia-ADR (GGAL, 15.6%) and Banco Santander-Chile-ADR (BSAC, 15.0%). Compared with Q4 2025, it opened 1 new position, added to 1 and reduced 5. The biggest buy was a new position in Copa Class A (CPA) and the biggest sale Fomento Economico Mex-SP ADR (FMX, shares −72%).

Most Recent 13F
Q2 2026
Location
MIAMI, FL
CIK
0001513137
Portfolio Value
$281.8M (Q1 2026)
SEC Filing
0001420506-26-000774 ↗ filed Apr 30, 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 Q4 2025 Q1 2026: $281.8M $281.8M Q1 2026 Q2 2026: $353.4M Q2 2026

Holdings 10 stocks · $281.8M
BAP Credicorp Ltd. 24.82% 206,170 $69.9M Reduce -9.7%
GGAL Grupo Financiero Galicia-ADR 15.58% 940,056 $43.9M No change
BSAC Banco Santander-Chile-ADR 14.98% 1,263,892 $42.2M Add +18.8%
LTM Latam Airlines Group SA-ADR 14.16% 807,079 $39.9M No change
CPA Copa Holdings SA Class A 9.56% 237,214 $26.9M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 7.73% 1,515,899 $21.8M Reduce -1.2%
MELI MercadoLibre Inc. 4.58% 7,467 $12.9M No change
FMX Fomento Economico Mex-SP ADR 4.34% 110,104 $12.2M Reduce -72.1%
ITUB Itau Unibanco H-Spon PRF ADR 2.33% 783,087 $6.6M Reduce -14.1%
ARCO Arcos Dorados Holdings Inc. Class A 1.92% 654,392 $5.4M Reduce -17.0%

Portfolio Sells Q4 2025 → Q1 2026
FMX Fomento Economico Mex-SP ADR Reduce -72.1% 4.34% −9.63
NU Nu Holdings Ltd./Cayman Isl-A Reduce -1.2% 7.73% −1.25
ARCO Arcos Dorados Holdings Inc. Class A Reduce -17.0% 1.92% −0.11
ITUB Itau Unibanco H-Spon PRF ADR Reduce -14.1% 2.33% +0.05
BAP Credicorp Ltd. Reduce -9.7% 24.82% +1.90

Portfolio Buys Q4 2025 → Q1 2026
CPA Copa Holdings SA Class A New 9.56% +9.56
BSAC Banco Santander-Chile-ADR Add +18.8% 14.98% +3.40

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