Sagil Capital LLP

Name: Sagil Capital LLP 13F holdings, Q4 2025
Creator: Sagil Capital LLP
Published: 2026-02-12

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Sagil Capital LLP reported 17 stock positions worth $160.0 million. Its top holding was Barrick Mining (B) at 13.1% of the portfolio, followed by Petroleo Brasil-SP Pref ADR (PBR.A, 12.7%) and Teekay Tankers Class A (TNK, 12.5%). Compared with Q3 2025, it opened 8 new positions, sold out of 6, added to 2 and reduced 3. The biggest buy was a new position in Nexa Resources (NEXA) and the biggest sale an exit from iShares Silver Trust (SLV).

Most Recent 13F: Q2 2026
Location: LONDON, X0
CIK: 0001747744
Portfolio Value: $160.0M (Q4 2025)
SEC Filing: 0001747744-26-000001 ↗ filed Feb 12, 2026

Holdings Value

Holdings 17 stocks · $160.0M


B Barrick Mining Corp.	13.06%	480,000	$20.9M	Reduce -40.0%
PBR.A Petroleo Brasil-SP Pref ADR	12.68%	1,800,000	$20.3M	No change
TNK Teekay Tankers Ltd. Class A	12.47%	373,640	$20.0M	Reduce -3.2%
TEN Tsakos Energy Navigation Ltd.	12.07%	861,366	$19.3M	Add +13.7%
CMBT CMB Tech NV	8.43%	1,397,397	$13.5M	Add +133.5%
NEXA Nexa Resources SA	7.28%	1,316,533	$11.7M	New
AUGO Aura Minerals Inc.	4.91%	155,992	$7.9M	New
TEO Telecom Argentina SA-SP ADR	4.77%	657,097	$7.6M	New
ARIS Aris Mining Corp. filed as ARIS MNG CORP	4.56%	450,000	$7.3M	Reduce -52.5%
PBR Petroleo Brasileiro-Spon ADR	4.53%	611,224	$7.2M	New
CPA Copa Holdings SA Class A	4.06%	53,854	$6.5M	New
GGB Gerdau SA -Spon ADR	3.62%	1,567,825	$5.8M	No change
LQD Ishr Ibx Usd Invgd CB ETF-Ui	2.49%	36,200	$4.0M	No change
EXK Endeavour Silver Corp.	2.29%	390,000	$3.7M	New
CPAC Cementos Pacasmayo Saa - ADR	1.37%	209,734	$2.2M	No change
ZIM Zim Integrated Shipping Serv	0.93%	70,000	$1.5M	New
AERO Grupo Aeromexico Sab DE CV	0.49%	35,689	$784K	New

Options reported separately and not counted above: GLD puts ($152.1M), EWZ puts ($95.4M), USO puts ($27.3M), PETROLEO BRASILEIRO S A calls ($4.1M).

Portfolio Sells Q3 2025 → Q4 2025


SLV iShares Silver Trust	Sold out	0.00%	−10.23
MOS The Mosaic Co.	Sold out	0.00%	−7.89
BVN Cia DE Minas Buenaventur-ADR	Sold out	0.00%	−6.57
TDW Tidewater Inc.	Sold out	0.00%	−6.49
B Barrick Mining Corp.	Reduce -40.0%	13.06%	−2.76
SLSR Solaris Resources Inc.	Sold out	0.00%	−2.40
ARIS Aris Mining Corp.	Reduce -52.5%	4.56%	−1.04
GRO Brazil Potash Corp.	Sold out	0.00%	−0.58
TNK Teekay Tankers Ltd. Class A	Reduce -3.2%	12.47%	+0.69

Portfolio Buys Q3 2025 → Q4 2025


NEXA Nexa Resources SA	New	7.28%	+7.28
CMBT CMB Tech NV	Add +133.5%	8.43%	+5.03
AUGO Aura Minerals Inc.	New	4.91%	+4.91
TEO Telecom Argentina SA-SP ADR	New	4.77%	+4.77
PBR Petroleo Brasileiro-Spon ADR	New	4.53%	+4.53
CPA Copa Holdings SA Class A	New	4.06%	+4.06
EXK Endeavour Silver Corp.	New	2.29%	+2.29
TEN Tsakos Energy Navigation Ltd.	Add +13.7%	12.07%	+1.91
ZIM Zim Integrated Shipping Serv	New	0.93%	+0.93
AERO Grupo Aeromexico Sab DE CV	New	0.49%	+0.49

Options Activity Q3 2025 → Q4 2025


GLD SPDR Gold Shares	put	Add +22.3%	383,700	$152.1M
EWZ iShares MSCI Brazil ETF	put	Add +39.5%	3,002,300	$95.4M
USO United States Oil Fund LP	put	New	395,000	$27.3M
XLE SS Energy Select Sector	put	Sold out	400,000	$17.9Mbefore exit
PETROLEO BRASILEIRO S A	call	New	350,000	$4.1M

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