Sagil Capital LLP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Sagil Capital LLP reported 15 stock positions worth $165.7 million. Its top holding was Barrick Mining (B) at 15.8% of the portfolio, followed by Petroleo Brasil-SP Pref ADR (PBR.A, 12.8%) and Teekay Tankers Class A (TNK, 11.8%). Compared with Q2 2025, it opened 7 new positions, sold out of 9, added to 3 and reduced 3. The biggest buy was a new position in Tsakos Energy Navigation (TEN) and the biggest sale an exit from Banco Bradesco-ADR (BBD).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001747744
Portfolio Value
$165.7M (Q3 2025)
SEC Filing
0001747744-25-000007 ↗ filed Nov 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $107.6M Q1 2024 Q2 2024: $113.9M Q2 2024 Q3 2024: $98.2M Q3 2024 Q4 2024: $106.5M Q4 2024 Q1 2025: $115.1M Q1 2025 Q2 2025: $185.8M Q2 2025 Q3 2025: $165.7M $165.7M Q3 2025 Q4 2025: $160.0M Q4 2025 Q1 2026: $156.1M Q1 2026 Q2 2026: $204.7M Q2 2026

Holdings 15 stocks · $165.7M
B Barrick Mining Corp. 15.82% 800,000 $26.2M Reduce -52.9%
PBR.A Petroleo Brasil-SP Pref ADR 12.84% 1,800,000 $21.3M Add +45.8%
TNK Teekay Tankers Ltd. Class A 11.78% 386,099 $19.5M Add +124.7%
SLV iShares Silver Trust 10.23% 400,000 $16.9M Add +100.0%
TEN Tsakos Energy Navigation Ltd. 10.16% 757,565 $16.8M New
MOS The Mosaic Co. 7.89% 377,000 $13.1M New
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 6.57% 447,516 $10.9M Reduce -58.8%
TDW Tidewater Inc. 6.49% 201,763 $10.8M Reduce -43.1%
ARIS Aris Mining Corp. filed as ARIS MNG CORP 5.60% 947,600 $9.3M New
CMBT CMB Tech NV 3.39% 598,570 $5.6M New
GGB Gerdau SA -Spon ADR 2.93% 1,567,825 $4.9M New
LQD Ishr Ibx Usd Invgd CB ETF-Ui 2.44% 36,200 $4.0M No change
SLSR Solaris Resources Inc. 2.40% 623,100 $4.0M New
CPAC Cementos Pacasmayo Saa - ADR 0.88% 209,734 $1.5M No change
GRO Brazil Potash Corp. 0.58% 359,995 $968K New

Options reported separately and not counted above: GLD puts ($111.5M), EWZ puts ($66.7M), XLE puts ($17.9M).

Portfolio Sells Q2 2025 → Q3 2025
BBD Banco Bradesco-ADR Sold out 0.00% −12.76
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −7.60
BMA Banco Macro SA-ADR Sold out 0.00% −5.43
GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −5.29
JBS JBS NV-A Sold out 0.00% −5.13
IFS Intercorp Financial Services Sold out 0.00% −4.09
B Barrick Mining Corp. Reduce -52.9% 15.82% −3.23
BVN Cia DE Minas Buenaventur-ADR Reduce -58.8% 6.57% −3.02
TDW Tidewater Inc. Reduce -43.1% 6.49% −2.31
NEM Newmont Corp. Sold out 0.00% −1.88
LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −1.49
EVEX Eve Holding Inc. Sold out 0.00% −1.03

Portfolio Buys Q2 2025 → Q3 2025
TEN Tsakos Energy Navigation Ltd. New 10.16% +10.16
TNK Teekay Tankers Ltd. Class A Add +124.7% 11.78% +7.92
MOS The Mosaic Co. New 7.89% +7.89
SLV iShares Silver Trust Add +100.0% 10.23% +6.70
ARIS Aris Mining Corp. New 5.60% +5.60
PBR.A Petroleo Brasil-SP Pref ADR Add +45.8% 12.84% +5.17
CMBT CMB Tech NV New 3.39% +3.39
GGB Gerdau SA -Spon ADR New 2.93% +2.93
SLSR Solaris Resources Inc. New 2.40% +2.40
GRO Brazil Potash Corp. New 0.58% +0.58

Options Activity Q2 2025 → Q3 2025
GLD SPDR Gold Shares put Add +84.5% 313,700 $111.5M
EWZ iShares MSCI Brazil ETF put New 2,152,300 $66.7M
XLE SS Energy Select Sector put New 200,000 $17.9M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 19$204.7MVIST, GGAL, ZIM, NEXA, XP
Q1 2026 16$156.1MVIST, B, NEXA, PICS, TEO
Q4 2025 17$160.0MB, PBR.A, TNK, TEN, CMBT
Q3 2025 15$165.7MB, PBR.A, TNK, SLV, TEN
Q2 2025 17$185.8MB, BBD, BVN, TDW, PBR.A
Q1 2025 15$115.1MBVN, PBR.A, IFS, BBD, GGB
Q4 2024 11$106.5MVALE, BVN, BBD, AU, IFS
Q3 2024 14$98.2MVALE, BBD, BVN, BAP, ABEV
Q2 2024 14$113.9MVALE, BBD, EWW, GPRK, ABEV
Q1 2024 18$107.6MBBD, SLV, GPRK, VALE, STNG