Sagil Capital LLP

Name: Sagil Capital LLP 13F holdings, Q2 2024
Creator: Sagil Capital LLP
Published: 2024-08-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q1 2024

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), Sagil Capital LLP reported 14 stock positions worth $113.9 million. Its top holding was Vale SA-SP ADR (VALE) at 23.5% of the portfolio, followed by Banco Bradesco-ADR (BBD, 17.4%) and iShares MSCI Mexico ETF (EWW, 12.7%). Compared with Q1 2024, it opened 5 new positions, sold out of 9, added to 4 and reduced 4. The biggest buy was a new position in iShares MSCI Mexico ETF (EWW) and the biggest sale an exit from iShares Silver Trust (SLV).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0001747744
Portfolio Value: $113.9M (Q2 2024)
SEC Filing: 0001747744-24-000004 ↗ filed Aug 12, 2024

Holdings Value

Holdings 14 stocks · $113.9M


VALE Vale SA-SP ADR	23.54%	2,400,000	$26.8M	Add +87.5%
BBD Banco Bradesco-ADR	17.43%	8,860,397	$19.8M	Add +24.1%
EWW iShares MSCI Mexico ETF	12.68%	255,000	$14.4M	New
GPRK Geopark Ltd.	8.14%	845,987	$9.3M	Reduce -52.1%
ABEV Ambev SA-ADR	7.70%	4,274,170	$8.8M	New
SAND Sandstorm Gold Ltd.	7.06%	1,478,038	$8.0M	New
SUZ Suzano SA - Spon ADR	5.55%	615,739	$6.3M	New
NEM Newmont Corp.	5.52%	150,000	$6.3M	New
BLX Bladex Inc. filed as BANCO LATINOAMER EXPORT S A CL	4.93%	189,118	$5.6M	Add +72.8%
STNG Scorpio Tankers Inc.	2.92%	40,965	$3.3M	Reduce -59.3%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA	1.77%	100,000	$2.0M	Add +233.3%
PSMT Pricesmart Inc.	1.20%	16,855	$1.4M	Reduce -72.9%
CPAC Cementos Pacasmayo Saa - ADR	1.05%	209,734	$1.2M	No change
BWMX Betterware DE Mexico Sapi DE	0.51%	39,661	$579K	Reduce -46.1%

Options reported separately and not counted above: XLE puts ($21.0M), SLV calls ($15.4M), VALE puts ($14.3M), EWW puts ($14.2M), EEM puts ($14.1M), YPF puts ($2.0M).

Portfolio Sells Q1 2024 → Q2 2024


SLV iShares Silver Trust	Sold out	0.00%	−16.91
GPRK Geopark Ltd.	Reduce -52.1%	8.14%	−7.62
EMBJ Embraer SA-Spon ADR	Sold out	0.00%	−4.41
STNG Scorpio Tankers Inc.	Reduce -59.3%	2.92%	−3.77
PSMT Pricesmart Inc.	Reduce -72.9%	1.20%	−3.66
CINT Ci&t Inc./United States-A	Sold out	0.00%	−2.23
SQM Quimica Y Minera Chil-SP ADR	Sold out	0.00%	−2.06
LOMA Loma Negra Cia Ind-Spon ADR	Sold out	0.00%	−1.98
BMA Banco Macro SA-ADR	Sold out	0.00%	−1.73
VINP Vinci Compass Investments LT	Sold out	0.00%	−1.58
BBAR Bbva Argentina SA-ADR	Sold out	0.00%	−1.47
BWMX Betterware DE Mexico Sapi DE	Reduce -46.1%	0.51%	−0.86
VTRU Vitru Ltd.	Sold out	0.00%	−0.72

Portfolio Buys Q1 2024 → Q2 2024


EWW iShares MSCI Mexico ETF	New	12.68%	+12.68
VALE Vale SA-SP ADR	Add +87.5%	23.54%	+9.05
ABEV Ambev SA-ADR	New	7.70%	+7.70
SAND Sandstorm Gold Ltd.	New	7.06%	+7.06
SUZ Suzano SA - Spon ADR	New	5.55%	+5.55
NEM Newmont Corp.	New	5.52%	+5.52
BLX Bladex Inc.	Add +72.8%	4.93%	+1.92
YPF YPF S.A.-Sponsored ADR	Add +233.3%	1.77%	+1.22
BBD Banco Bradesco-ADR	Add +24.1%	17.43%	−1.55

Options Activity Q1 2024 → Q2 2024


SLV iShares Silver Trust	call	New	580,000	$15.4M
EWW iShares MSCI Mexico ETF	put	New	250,000	$14.2M
EEM iShares MSCI Emerging Market	put	New	330,000	$14.1M
EEMV iShares MSCI Emg MKT Min Vol	put	Sold out	330,000	$13.6Mbefore exit
USO United States Oil Fund LP	put	Sold out	159,200	$12.5Mbefore exit
STNG Scorpio Tankers Inc.	put	Sold out	140,000	$10.0Mbefore exit

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