In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Sagil Capital LLP reported 18 stock positions worth $107.6 million . Its top holding was Banco Bradesco-ADR (BBD) at 19.0% of the portfolio, followed by iShares Silver Trust (SLV, 16.9% ) and Geopark (GPRK, 15.8% ). Compared with Q4 2023, it opened 7 new positions, sold out of 4, added to 2 and reduced 5. The biggest buy was a new position in Banco Bradesco-ADR (BBD) and the biggest sale an exit from XP Class A (XP).
Location LONDON, X0
CIK 0001747744
Portfolio Value $107.6M (Q1 2024) Holdings 18 stocks · $107.6M 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 Q4 2023 BBD Banco Bradesco-ADR 7,140,397 $20.4M New SLV iShares Silver Trust 800,000 $18.2M New GPRK Geopark Ltd. 1,766,511 $17.0M Reduce -1.4% VALE Vale SA-SP ADR 1,280,000 $15.6M Add +132.7% STNG Scorpio Tankers Inc. 100,722 $7.2M Reduce -34.0% PSMT Pricesmart Inc. 62,234 $5.2M New EMBJ Embraer SA-Spon ADR 178,303 $4.7M New BLX Bladex Inc. filed as Banco Latinoamericano de Comercio Exterior SA 109,417 $3.2M New CINT Ci&t Inc./United States-A 581,935 $2.4M Add +1056.0% SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 45,000 $2.2M New LOMA Loma Negra Cia Ind-Spon ADR 318,288 $2.1M Reduce -35.1% BMA Banco Macro SA-ADR 38,748 $1.9M Reduce -57.0% VINP Vinci Compass Investments LT filed as VINCI PARTNERS INVTS LTD 150,012 $1.7M Reduce -3.2% BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 187,065 $1.6M New BWMX Betterware DE Mexico Sapi DE 73,534 $1.5M No change CPAC Cementos Pacasmayo Saa - ADR 209,734 $1.3M No change VTRU Vitru Ltd. 51,219 $771K No change YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 30,000 $594K No change
Options reported separately and not counted above: XLE puts ($21.7M), VALE puts ($15.6M), EEMV puts ($13.6M), USO puts ($12.5M), STNG puts ($10.0M), YPF puts ($2.0M).
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ XP XP Inc. Class A Sold out 0.00% −20.42 EXTOY Almacenes Exito SA-ADR Sold out 0.00% −8.58 STNG Scorpio Tankers Inc. Reduce -34.0% 6.70% −6.47 GPRK Geopark Ltd. Reduce -1.4% 15.76% −6.02 ECH iShares MSCI Chile ETF Sold out 0.00% −4.20 BAP Credicorp Ltd. Sold out 0.00% −3.23 LOMA Loma Negra Cia Ind-Spon ADR Reduce -35.1% 1.98% −2.96 BMA Banco Macro SA-ADR Reduce -57.0% 1.73% −1.93 VINP Vinci Compass Investments LT Reduce -3.2% 1.58% −0.83
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ BBD Banco Bradesco-ADR New 18.98% +18.98 SLV iShares Silver Trust New 16.91% +16.91 PSMT Pricesmart Inc. New 4.86% +4.86 EMBJ Embraer SA-Spon ADR New 4.41% +4.41 BLX Bladex Inc. New 3.01% +3.01 VALE Vale SA-SP ADR Add +132.7% 14.50% +2.12 SQM Quimica Y Minera Chil-SP ADR New 2.06% +2.06 CINT Ci&t Inc./United States-A Add +1056.0% 2.23% +1.86 BBAR Bbva Argentina SA-ADR New 1.47% +1.47
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ XLF SS Financial Select Sector put Sold out 1,251,500 $47.1Mbefore exit XLE SS Energy Select Sector put New 230,000 $21.7M EWW iShares MSCI Mexico ETF put Sold out 223,000 $15.1Mbefore exit EEMV iShares MSCI Emg MKT Min Vol put New 330,000 $13.6M USO United States Oil Fund LP put New 159,200 $12.5M ECH iShares MSCI Chile ETF call Sold out 200,000 $5.6Mbefore exit YPF YPF S.A.-Sponsored ADR put Reduce -75.6% 100,000 $2.0M
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