In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Sagil Capital LLP reported 15 stock positions worth $115.1 million . Its top holding was Cia DE Minas Buenaventur-ADR (BVN) at 18.6% of the portfolio, followed by Petroleo Brasil-SP Pref ADR (PBR.A, 12.8% ) and Intercorp Financial Services (IFS, 11.6% ). Compared with Q4 2024, it opened 8 new positions, sold out of 4, added to 3 and reduced 3. The biggest buy was a new position in Gerdau SA -Spon ADR (GGB) and the biggest sale Vale SA-SP ADR (VALE, shares −83% ).
Location LONDON, X0
CIK 0001747744
Portfolio Value $115.1M (Q1 2025) Holdings 15 stocks · $115.1M 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 2024 BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 1,368,854 $21.4M Reduce -17.5% PBR.A Petroleo Brasil-SP Pref ADR 1,127,133 $14.7M Add +125.4% IFS Intercorp Financial Services 403,327 $13.4M Add +30.6% BBD Banco Bradesco-ADR 5,323,265 $11.9M Reduce -38.3% GGB Gerdau SA -Spon ADR 3,900,000 $11.1M New TDW Tidewater Inc. 152,000 $6.4M Add +26.7% NEM Newmont Corp. 130,000 $6.3M New B Barrick Gold Corp. 320,000 $6.2M New EQX Equinox Gold Corp. 1,010,600 $4.8M New VALE Vale SA-SP ADR 420,000 $4.2M Reduce -82.5% BAP Credicorp Ltd. 21,256 $4.0M New HAFN Hafnia Ltd. 931,100 $3.9M New STNG Scorpio Tankers Inc. 100,000 $3.8M New INTR Inter & Co. Inc. Class A 350,000 $1.9M New CPAC Cementos Pacasmayo Saa - ADR 209,734 $1.2M No change
Options reported separately and not counted above: GLD puts ($93.6M), EEM puts ($44.1M).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ VALE Vale SA-SP ADR Reduce -82.5% 3.64% −16.34 AU Anglogold Ashanti PLC Sold out 0.00% −13.64 BMA Banco Macro SA-ADR Sold out 0.00% −6.89 BBD Banco Bradesco-ADR Reduce -38.3% 10.32% −5.15 GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −2.80 ERO Ero Copper Corp. Sold out 0.00% −2.02 BVN Cia DE Minas Buenaventur-ADR Reduce -17.5% 18.59% +0.65
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ GGB Gerdau SA -Spon ADR New 9.62% +9.62 PBR.A Petroleo Brasil-SP Pref ADR Add +125.4% 12.77% +7.21 NEM Newmont Corp. New 5.45% +5.45 B Barrick Gold Corp. New 5.41% +5.41 EQX Equinox Gold Corp. New 4.20% +4.20 BAP Credicorp Ltd. New 3.44% +3.44 HAFN Hafnia Ltd. New 3.37% +3.37 STNG Scorpio Tankers Inc. New 3.27% +3.27 IFS Intercorp Financial Services Add +30.6% 11.61% +3.10 INTR Inter & Co. Inc. Class A New 1.67% +1.67 TDW Tidewater Inc. Add +26.7% 5.58% −0.58
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ GLD SPDR Gold Shares put Add +54.8% 325,000 $93.6M EEM iShares MSCI Emerging Market put Add +38.4% 1,010,000 $44.1M VALE Vale SA-SP ADR put Sold out 1,980,000 $17.6Mbefore exit PBR Petroleo Brasileiro-Spon ADR put Sold out 500,000 $6.4Mbefore exit YPF YPF S.A.-Sponsored ADR put Sold out 100,000 $4.3Mbefore exit ERO Ero Copper Corp. put Sold out 159,300 $2.1Mbefore 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