In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Sagil Capital LLP reported 19 stock positions worth $204.7 million . Its top holding was Vista Energy Sab DE CV (VIST) at 18.9% of the portfolio, followed by Grupo Financiero Galicia-ADR (GGAL, 16.1% ) and Zim Integrated Shipping Serv (ZIM, 8.3% ). Compared with Q1 2026, it opened 8 new positions, sold out of 5, added to 5 and reduced 3. The biggest buy was Grupo Financiero Galicia-ADR (GGAL, shares +184% ) and the biggest sale an exit from Telecom Argentina SA-SP ADR (TEO).
Location LONDON, X0
CIK 0001747744
Portfolio Value $204.7M (Q2 2026) Holdings 19 stocks · $204.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 VIST Vista Energy Sab DE CV 606,919 $38.7M Add +142.8% GGAL Grupo Financiero Galicia-ADR 658,626 $33.0M Add +183.9% ZIM Zim Integrated Shipping Serv 655,171 $17.0M Add +141.3% NEXA Nexa Resources SA 1,366,754 $16.7M Add +2.2% XP XP Inc. Class A 1,000,000 $16.3M New B Barrick Mining Corp. 400,000 $14.7M No change PICS Pics NV 1,300,000 $13.8M No change BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 500,985 $9.8M Reduce -16.5% TX Ternium SA-Sponsored ADR 204,756 $8.7M New AZUL Azul SA-Spon ADR 843,494 $7.6M New DHT DHT Holdings Inc. 453,888 $7.5M New GLOB Globant SA 205,700 $6.0M Add +174.3% ARIS Aris Mining Corp. 311,800 $4.6M Reduce -30.7% LQD Ishr Ibx Usd Invgd CB ETF-Ui 36,200 $3.9M No change CPAC Cementos Pacasmayo Saa - ADR 157,531 $1.9M Reduce -41.3% DLO Dlocal Ltd. 119,167 $1.5M New LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) 1,274,000 $1.2M New EC Ecopetrol SA-Sponsored ADR 74,889 $1.1M New USAS Americas Gold and Silver Cor 118,933 $561K New
Options reported separately and not counted above: EEM puts ($28.7M), USO puts ($21.3M), EWZ puts ($10.3M), PBR puts ($6.5M), PBR calls ($5.7M), EC puts ($2.8M).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ TEO Telecom Argentina SA-SP ADR Sold out 0.00% −8.66 TEN Tsakos Energy Navigation Ltd. Sold out 0.00% −6.32 NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −5.52 AGRO Adecoagro SA Sold out 0.00% −4.84 NTR Nutrien Ltd. Sold out 0.00% −4.83 ARIS Aris Mining Corp. Reduce -30.7% 2.27% −3.09 BBAR Bbva Argentina SA-ADR Reduce -16.5% 4.80% −1.37 CPAC Cementos Pacasmayo Saa - ADR Reduce -41.3% 0.92% −0.80
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ GGAL Grupo Financiero Galicia-ADR Add +183.9% 16.10% +9.16 XP XP Inc. Class A New 7.94% +7.94 VIST Vista Energy Sab DE CV Add +142.8% 18.92% +6.83 TX Ternium SA-Sponsored ADR New 4.27% +4.27 ZIM Zim Integrated Shipping Serv Add +141.3% 8.32% +3.74 AZUL Azul SA-Spon ADR New 3.70% +3.70 DHT DHT Holdings Inc. New 3.67% +3.67 DLO Dlocal Ltd. New 0.76% +0.76 GLOB Globant SA Add +174.3% 2.91% +0.69 LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) New 0.61% +0.61 EC Ecopetrol SA-Sponsored ADR New 0.52% +0.52 USAS Americas Gold and Silver Cor New 0.27% +0.27 NEXA Nexa Resources SA Add +2.2% 8.17% −0.90
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ UNITED STS OIL FD LP put Sold out 595,000 $75.7Mbefore exit EEM iShares MSCI Emerging Market put New 420,000 $28.7M ISHARES TR put Sold out 420,000 $23.9Mbefore exit USO United States Oil Fund LP put New 200,000 $21.3M EWZ iShares MSCI Brazil ETF put New 300,000 $10.3M PETROLEO BRASILEIRO S A call Sold out 350,000 $7.3Mbefore exit PBR Petroleo Brasileiro-Spon ADR put New 400,000 $6.5M PBR Petroleo Brasileiro-Spon ADR call New 350,000 $5.7M EC Ecopetrol SA-Sponsored ADR put New 200,000 $2.8M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 19 $204.7M VIST, GGAL, ZIM, NEXA, XP Q1 2026 16 $156.1M VIST, B, NEXA, PICS, TEO Q4 2025 17 $160.0M B, PBR.A, TNK, TEN, CMBT Q3 2025 15 $165.7M B, PBR.A, TNK, SLV, TEN Q2 2025 17 $185.8M B, BBD, BVN, TDW, PBR.A Q1 2025 15 $115.1M BVN, PBR.A, IFS, BBD, GGB Q4 2024 11 $106.5M VALE, BVN, BBD, AU, IFS Q3 2024 14 $98.2M VALE, BBD, BVN, BAP, ABEV Q2 2024 14 $113.9M VALE, BBD, EWW, GPRK, ABEV Q1 2024 18 $107.6M BBD, SLV, GPRK, VALE, STNG