In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Sagil Capital LLP reported 11 stock positions worth $106.5 million . Its top holding was Vale SA-SP ADR (VALE) at 20.0% of the portfolio, followed by Cia DE Minas Buenaventur-ADR (BVN, 17.9% ) and Banco Bradesco-ADR (BBD, 15.5% ). Compared with Q3 2024, it opened 6 new positions, sold out of 9 and added to 3. The biggest buy was a new position in Anglogold Ashanti (AU) and the biggest sale an exit from Credicorp (BAP).
Location LONDON, X0
CIK 0001747744
Portfolio Value $106.5M (Q4 2024) Holdings 11 stocks · $106.5M 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 Q3 2024 VALE Vale SA-SP ADR 2,400,000 $21.3M No change BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 1,658,518 $19.1M Add +35.1% BBD Banco Bradesco-ADR 8,623,265 $16.5M Add +20.1% AU Anglogold Ashanti PLC 629,506 $14.5M New IFS Intercorp Financial Services 308,943 $9.1M New BMA Banco Macro SA-ADR 75,830 $7.3M New TDW Tidewater Inc. 120,000 $6.6M New PBR.A Petroleo Brasil-SP Pref ADR 500,000 $5.9M New GGAL Grupo Financiero Galicia-ADR 47,860 $3.0M Add +247.4% ERO Ero Copper Corp. 159,300 $2.1M New CPAC Cementos Pacasmayo Saa - ADR 209,734 $1.1M No change
Options reported separately and not counted above: GLD puts ($50.8M), EEM puts ($30.5M), VALE puts ($17.6M), PBR puts ($6.4M), YPF puts ($4.3M), ERO puts ($2.1M).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ BAP Credicorp Ltd. Sold out 0.00% −6.47 ABEV Ambev SA-ADR Sold out 0.00% −6.42 SUZ Suzano SA - Spon ADR Sold out 0.00% −6.27 GPRK Geopark Ltd. Sold out 0.00% −5.79 XP XP Inc. Class A Sold out 0.00% −3.93 BBAR Bbva Argentina SA-ADR Sold out 0.00% −2.17 ARCO Arcos Dorados Holdings Inc. Class A Sold out 0.00% −1.15 PSMT Pricesmart Inc. Sold out 0.00% −0.45 YPF YPF S.A.-Sponsored ADR Sold out 0.00% −0.22
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ AU Anglogold Ashanti PLC New 13.64% +13.64 IFS Intercorp Financial Services New 8.51% +8.51 BMA Banco Macro SA-ADR New 6.89% +6.89 TDW Tidewater Inc. New 6.16% +6.16 PBR.A Petroleo Brasil-SP Pref ADR New 5.56% +5.56 GGAL Grupo Financiero Galicia-ADR Add +247.4% 2.80% +2.21 ERO Ero Copper Corp. New 2.02% +2.02 BVN Cia DE Minas Buenaventur-ADR Add +35.1% 17.94% +0.63 BBD Banco Bradesco-ADR Add +20.1% 15.46% −3.99
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ GLD SPDR Gold Shares put New 210,000 $50.8M PBR Petroleo Brasileiro-Spon ADR put New 500,000 $6.4M SLV iShares Silver Trust call Sold out 200,000 $5.7Mbefore exit ERO Ero Copper Corp. put New 159,300 $2.1M
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