In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Sagil Capital LLP reported 14 stock positions worth $98.2 million . Its top holding was Vale SA-SP ADR (VALE) at 28.6% of the portfolio, followed by Banco Bradesco-ADR (BBD, 19.5% ) and Cia DE Minas Buenaventur-ADR (BVN, 17.3% ). Compared with Q2 2024, it opened 6 new positions, sold out of 6 and reduced 5. The biggest buy was a new position in Cia DE Minas Buenaventur-ADR (BVN) and the biggest sale an exit from iShares MSCI Mexico ETF (EWW).
Location LONDON, X0
CIK 0001747744
Portfolio Value $98.2M (Q3 2024) Holdings 14 stocks · $98.2M 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 Q2 2024 VALE Vale SA-SP ADR 2,400,000 $28.0M No change BBD Banco Bradesco-ADR 7,179,411 $19.1M Reduce -19.0% BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 1,227,558 $17.0M New BAP Credicorp Ltd. 35,102 $6.4M New ABEV Ambev SA-ADR 2,583,847 $6.3M Reduce -39.5% SUZ Suzano SA - Spon ADR 615,739 $6.2M No change GPRK Geopark Ltd. 721,822 $5.7M Reduce -14.7% XP XP Inc. Class A 215,000 $3.9M New BBAR Bbva Argentina SA-ADR filed as BANCO BBVA ARGENTINA S A 205,455 $2.1M New CPAC Cementos Pacasmayo Saa - ADR 209,734 $1.2M No change ARCO Arcos Dorados Holdings Inc. Class A 130,000 $1.1M New GGAL Grupo Financiero Galicia-ADR 13,777 $580K New PSMT Pricesmart Inc. 4,855 $446K Reduce -71.2% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 10,000 $212K Reduce -90.0%
Options reported separately and not counted above: EEM puts ($33.5M), VALE puts ($23.1M), SLV calls ($5.7M), YPF puts ($2.1M).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ EWW iShares MSCI Mexico ETF Sold out 0.00% −12.68 SAND Sandstorm Gold Ltd. Sold out 0.00% −7.06 NEM Newmont Corp. Sold out 0.00% −5.52 BLX Bladex Inc. Sold out 0.00% −4.93 STNG Scorpio Tankers Inc. Sold out 0.00% −2.92 GPRK Geopark Ltd. Reduce -14.7% 5.79% −2.35 YPF YPF S.A.-Sponsored ADR Reduce -90.0% 0.22% −1.55 ABEV Ambev SA-ADR Reduce -39.5% 6.42% −1.27 PSMT Pricesmart Inc. Reduce -71.2% 0.45% −0.75 BWMX Betterware DE Mexico Sapi DE Sold out 0.00% −0.51 BBD Banco Bradesco-ADR Reduce -19.0% 19.45% +2.02
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ BVN Cia DE Minas Buenaventur-ADR New 17.30% +17.30 BAP Credicorp Ltd. New 6.47% +6.47 XP XP Inc. Class A New 3.93% +3.93 BBAR Bbva Argentina SA-ADR New 2.17% +2.17 ARCO Arcos Dorados Holdings Inc. Class A New 1.15% +1.15 GGAL Grupo Financiero Galicia-ADR New 0.59% +0.59
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ EEM iShares MSCI Emerging Market put Add +121.2% 730,000 $33.5M VALE Vale SA-SP ADR put Add +54.7% 1,980,000 $23.1M XLE SS Energy Select Sector put Sold out 230,000 $21.0Mbefore exit EWW iShares MSCI Mexico ETF put Sold out 250,000 $14.2Mbefore exit SLV iShares Silver Trust call Reduce -65.5% 200,000 $5.7M
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