In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Sagil Capital LLP reported 17 stock positions worth $185.8 million . Its top holding was Barrick Mining (B) at 19.0% of the portfolio, followed by Banco Bradesco-ADR (BBD, 12.8% ) and Cia DE Minas Buenaventur-ADR (BVN, 9.6% ). Compared with Q1 2025, it opened 9 new positions, sold out of 7, added to 4 and reduced 3. The biggest buy was Barrick Mining (B, shares +431% ) and the biggest sale an exit from Gerdau SA -Spon ADR (GGB).
Location LONDON, X0
CIK 0001747744
Portfolio Value $185.8M (Q2 2025) Holdings 17 stocks · $185.8M 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 Q1 2025 B Barrick Mining Corp. 1,700,000 $35.4M Add +431.3% BBD Banco Bradesco-ADR 7,673,265 $23.7M Add +44.1% BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 1,085,207 $17.8M Reduce -20.7% TDW Tidewater Inc. 354,461 $16.4M Add +133.2% PBR.A Petroleo Brasil-SP Pref ADR 1,234,935 $14.3M Add +9.6% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1,029,146 $14.1M New BMA Banco Macro SA-ADR 143,765 $10.1M New GGAL Grupo Financiero Galicia-ADR 195,000 $9.8M New JBS JBS NV-A 652,650 $9.5M New IFS Intercorp Financial Services 199,551 $7.6M Reduce -50.5% TNK Teekay Tankers Ltd. Class A 171,798 $7.2M New SLV iShares Silver Trust 200,000 $6.6M New LQD Ishr Ibx Usd Invgd CB ETF-Ui 36,200 $4.0M New NEM Newmont Corp. 60,000 $3.5M Reduce -53.9% LOMA Loma Negra Cia Ind-Spon ADR 252,554 $2.8M New EVEX Eve Holding Inc. filed as EVE HLDG INC 278,103 $1.9M New CPAC Cementos Pacasmayo Saa - ADR 209,734 $1.2M No change
Options reported separately and not counted above: GLD puts ($51.8M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ GGB Gerdau SA -Spon ADR Sold out 0.00% −9.62 BVN Cia DE Minas Buenaventur-ADR Reduce -20.7% 9.59% −9.00 IFS Intercorp Financial Services Reduce -50.5% 4.09% −7.52 EQX Equinox Gold Corp. Sold out 0.00% −4.20 VALE Vale SA-SP ADR Sold out 0.00% −3.64 NEM Newmont Corp. Reduce -53.9% 1.88% −3.57 BAP Credicorp Ltd. Sold out 0.00% −3.44 HAFN Hafnia Ltd. Sold out 0.00% −3.37 STNG Scorpio Tankers Inc. Sold out 0.00% −3.27 INTR Inter & Co. Inc. Class A Sold out 0.00% −1.67
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ B Barrick Mining Corp. Add +431.3% 19.05% +13.64 NU Nu Holdings Ltd./Cayman Isl-A New 7.60% +7.60 BMA Banco Macro SA-ADR New 5.43% +5.43 GGAL Grupo Financiero Galicia-ADR New 5.29% +5.29 JBS JBS NV-A New 5.13% +5.13 TNK Teekay Tankers Ltd. Class A New 3.86% +3.86 SLV iShares Silver Trust New 3.53% +3.53 TDW Tidewater Inc. Add +133.2% 8.80% +3.22 BBD Banco Bradesco-ADR Add +44.1% 12.76% +2.44 LQD Ishr Ibx Usd Invgd CB ETF-Ui New 2.14% +2.14 LOMA Loma Negra Cia Ind-Spon ADR New 1.49% +1.49 EVEX Eve Holding Inc. New 1.03% +1.03 PBR.A Petroleo Brasil-SP Pref ADR Add +9.6% 7.67% −5.10
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares put Reduce -47.7% 170,000 $51.8M EEM iShares MSCI Emerging Market put Sold out 1,010,000 $44.1Mbefore 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