CIK: 0001803158
Total reported value
$608.4M
Reporting period: 2026-03-31 · Number of holdings: 25
Fourth Sail Capital LP disclosed 25 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $608.4M and a quarterly turnover rate of 105.8%.
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Fourth Sail Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.060 — mathematically equivalent to about 17 equally-sized positions, close to its 25 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.72), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add NATL
+130.1% $54.8M
Trim GDYN
-84.1% -$31.1M
Add TEO
+451.4% $24.0M
Add TECK
+236.2% $18.7M
Add AVO
+1674.0% $14.5M
Trim HRL
-29.4% -$11.1M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NATL | Ncr Atleos CORP | Stock-Tech | 14.53% | +9.14% | +130.11% | |
| 2 | MELI | Mercadolibre INC | Stock-Consumer Disc | 9.36% | +9.36% | NEW | |
| 3 | BCO | Brink's Co/the | Stock-Industrials | 7.08% | +7.08% | NEW | |
| 4 | SFD | Smithfield Foods INC | Stock-Other | 5.13% | +1.04% | -2.14% | |
| 5 | DLO | DLocal Limited | Stock-Other | 4.83% | +0.69% | +24.29% | |
| 6 | TEO | Telecom Argentina Sa-sp Adr | Stock-Other | 4.80% | +3.96% | +451.39% | |
| 7 | LOMA | Loma Negra Cia Ind-spon Adr | Stock-Other | 4.50% | -0.49% | +2.74% | |
| 8 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 4.25% | +3.11% | +236.21% | |
| 9 | VZLA | Vizsla Silver CORP | Stock-Other | 4.11% | -1.30% | +22.91% | |
| 10 | LILA | Liberty Latin America Ltd. | Stock-Other | 4.00% | +0.53% | -4.83% | |
| 11 | HRL | Hormel Foods CORP | Stock-Consumer Staples | 3.79% | -1.69% | -29.40% | |
| 12 | GPRK | GeoPark Limited | Stock-Other | 3.48% | +0.63% | -7.11% | |
| 13 | CEPU | Central Puerto-sponsored Adr | Stock-Other | 3.18% | -0.16% | -3.42% | |
| 14 | MEOH | Methanex CORP | Stock-Other | 3.17% | +3.17% | NEW | |
| 15 | IFS | Intercorp Financial Services Inc. | Stock-Other | 3.05% | +3.05% | NEW | |
| 16 | VIST | Vista Energy Sab De Cv | Stock-Other | 2.98% | +2.98% | NEW | |
| 17 | SLVM | Sylvamo CORP | Stock-Materials | 2.97% | +0.26% | +21.93% | |
| 18 | YPF | Ypf S.a.-sponsored Adr | Stock-Other | 2.76% | +2.76% | NEW | |
| 19 | ✓ | Calavo Growers INC | Stock-Other | 2.67% | +0.24% | -9.74% | |
| 20 | CPA | Copa Holdings, S.A. | Stock-Other | 2.55% | +0.03% | +5.06% | |
| 21 | AVO | Mission Produce INC | Stock-Other | 2.51% | +2.39% | +1674.01% | |
| 22 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 1.82% | +1.82% | NEW | |
| 23 | ✓ | Liberty Latin America LTD Com Cl A | Stock-Other | 1.29% | +0.21% | — | |
| 24 | SXT | Sensient Technologies CORP | Stock-Materials | 0.61% | +0.61% | NEW | |
| 25 | GDYN | Grid Dynamics Holdings INC | Stock-Other | 0.57% | -4.98% | -84.06% |
Performance for Q3 2026
+10.7%
Performance Last 4 Quarters
+22%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 25 | $608.4M | 100 | |
| 2025-12-31 | 30 | $623.4M | 84 | |
| 2025-09-30 | 28 | $413.8M | 100 | |
| 2025-06-30 | 26 | $483.1M | 0 | |
| 2025-03-31 | 28 | $427.3M | 0 | |
| 2024-12-31 | 21 | $336.4M | 0 | |
| 2024-09-30 | 24 | $398.0M | 0 | |
| 2024-06-30 | 22 | $436.3M | 0 | |
| 2024-03-31 | 23 | $335.3M | 0 | |
| 2023-12-31 | 23 | $315.7M | 0 |
Fourth Sail Capital LP's most significant position changes for 2026-03-31: New buy: Mercadolibre INC (MELI); Sold out: Bbva Argentina Sa-adr (BBAR); New buy: Brink's Co/the (BCO); Sold out: Accenture plc (ACN); Sold out: Credicorp Ltd. (BAP).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NATL | Ncr Atleos CORP | +9.1% | +130.11% | Add |
| 2 | TEO | Telecom Argentina Sa-sp Adr | +4% | +451.39% | Add |
| 3 | TECK | Teck Resources Ltd-cls B | +3.1% | +236.21% | Add |
| 4 | AVO | Mission Produce INC | +2.4% | +1674.01% | Add |
| 5 | SFD | Smithfield Foods INC | +1% | -2.14% | Trim |
| 6 | DLO | DLocal Limited | +0.7% | +24.29% | Add |
| 7 | GPRK | GeoPark Limited | +0.6% | -7.11% | Trim |
| 8 | LILA | Liberty Latin America Ltd. | +0.5% | -4.83% | Trim |
| 9 | SLVM | Sylvamo CORP | +0.3% | +21.93% | Add |
| 10 | ✓ | Calavo Growers INC | +0.2% | -9.74% | Trim |
| 11 | ✓ | Liberty Latin America LTD Com Cl A | +0.2% | — | Unchanged |
| 12 | CPA | Copa Holdings, S.A. | 0% | +5.06% | Add |
| 13 | CEPU | Central Puerto-sponsored Adr | -0.2% | -3.42% | Trim |
| 14 | LOMA | Loma Negra Cia Ind-spon Adr | -0.5% | +2.74% | Add |
| 15 | VZLA | Vizsla Silver CORP | -1.3% | +22.91% | Add |
| 16 | HRL | Hormel Foods CORP | -1.7% | -29.40% | Trim |
| 17 | GDYN | Grid Dynamics Holdings INC | -5% | -84.06% | Trim |
| 18 | MELI | Mercadolibre INC | — | NEW | New buy |
| 19 | BBAR | Bbva Argentina Sa-adr | — | EXIT | Sold out |
| 20 | BCO | Brink's Co/the | — | NEW | New buy |
| 21 | ACN | Accenture plc | — | EXIT | Sold out |
| 22 | BAP | Credicorp Ltd. | — | EXIT | Sold out |
| 23 | AERO | Grupo Aeromexico Sab De Cv | — | EXIT | Sold out |
| 24 | WU | Western Union Co | — | EXIT | Sold out |
| 25 | MEOH | Methanex CORP | — | NEW | New buy |
| 26 | IFS | Intercorp Financial Services Inc. | — | NEW | New buy |
| 27 | VIST | Vista Energy Sab De Cv | — | NEW | New buy |
| 28 | STNE | StoneCo Ltd. | — | EXIT | Sold out |
| 29 | TGLS | Tecnoglass Inc. | — | EXIT | Sold out |
| 30 | FCFS | Firstcash Holdings INC | — | EXIT | Sold out |
| 31 | EZPW | Ezcorp Inc-cl A | — | EXIT | Sold out |
| 32 | YPF | Ypf S.a.-sponsored Adr | — | NEW | New buy |
| 33 | GGAL | Grupo Financiero Galicia-adr | — | EXIT | Sold out |
| 34 | EMBJ | Embraer Sa-spon Adr | — | NEW | New buy |
| 35 | VLRS | Controladora Vuela Cia-adr | — | EXIT | Sold out |
| 36 | TGS | Transportador Gas-adr Sp B | — | EXIT | Sold out |
| 37 | BIOX | Bioceres Crop Solutions Corp. | — | EXIT | Sold out |
| 38 | SXT | Sensient Technologies CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-12 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-06 | 13F-HR | View on EDGAR |
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