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Fourth Sail Capital LP

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13F filer, CIK 1803158, GRAND CAYMAN, Cayman Islands

Fourth Sail Capital LP reported $483,057,693 across 26 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-07. Its ten largest share positions make up 59.37% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001085146-25-004676

Period
2025-06-30
Reported value
$483M
Holdings
26
Top 10 weight
59.37%
New
8
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NUnew+2,275,411$31.2M
BBARnew+1,786,085$29.4M
BCOnew+281,500$25.1M
SFDnew+782,981$18.4M
VZLAnew+4,331,900$12.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
ARCOexited-3,318,350-$26.7M
VALEexited-2,262,967-$22.6M
GGALexited-414,167-$22.6M
BAPreduced-78,300-$17.5M
STNEexited-1,301,556-$13.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001085146-25-004676, largest first. % of portfolio is the value over $483,057,693, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MAC Copper LtdMAC Copper LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,397,610 shares; 2024Q4: 5,135,143 shares; 2025Q1: 5,185,005 shares; 2025Q2: 5,456,461 shares 5,456,461$66M13.66%+271,456
NUNU HLDGS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,275,411 shares 2,275,411$31.2M6.46%newTimeline
CAAPCORPORACION AMER ARPTS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,615,054 shares; 2024Q4: 1,454,082 shares; 2025Q1: 1,584,784 shares; 2025Q2: 1,521,602 shares 1,521,602$30.8M6.38%-63,182Timeline
BBARBANCO BBVA ARGENTINA S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,361,386 shares; 2024Q4: 849,804 shares; 2025Q1: not reported; 2025Q2: 1,786,085 shares 1,786,085$29.4M6.09%newTimeline
BCOBRINKS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 281,500 shares 281,500$25.1M5.2%newTimeline
LILAKLIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,533,603 shares; 2025Q2: 3,835,640 shares 3,835,640$23.9M4.94%+1,302,037Timeline
BIOXBIOCERES CROP SOLUTIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,171,102 shares; 2024Q4: 3,698,961 shares; 2025Q1: 4,627,669 shares; 2025Q2: 4,627,669 shares 4,627,669$20.7M4.28%0Timeline
URGUR-ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,512,564 shares; 2024Q4: 11,856,794 shares; 2025Q1: 12,295,868 shares; 2025Q2: 19,644,632 shares 19,644,632$20.6M4.27%+7,348,764Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 156,985 shares; 2024Q4: 207,790 shares; 2025Q1: 204,901 shares; 2025Q2: 184,966 shares 184,966$20.3M4.21%-19,935Timeline
GDYNGRID DYNAMICS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 753,813 shares; 2024Q4: 672,661 shares; 2025Q1: 1,024,269 shares; 2025Q2: 1,623,562 shares 1,623,562$18.8M3.88%+599,293Timeline
SFDSMITHFIELD FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 782,981 shares 782,981$18.4M3.81%newTimeline
DLODLOCAL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,771,932 shares; 2024Q4: 1,187,598 shares; 2025Q1: 1,156,369 shares; 2025Q2: 1,546,639 shares 1,546,639$17.5M3.63%+390,270Timeline
IFSINTERCORP FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 257,874 shares; 2025Q2: 458,974 shares 458,974$17.5M3.62%+201,100Timeline
EZPWEZCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 221,724 shares; 2024Q4: 158,583 shares; 2025Q1: 957,262 shares; 2025Q2: 1,251,362 shares 1,251,362$17.4M3.6%+294,100Timeline
BAPCREDICORP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,356 shares; 2024Q4: 75,548 shares; 2025Q1: 153,365 shares; 2025Q2: 75,065 shares 75,065$16.8M3.47%-78,300Timeline
LOMALOMA NEGRA C I A S A MTN 14Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,340,806 shares; 2025Q2: 1,456,770 shares 1,456,770$16M3.31%+115,964Timeline
VZLAVIZSLA SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,331,900 shares 4,331,900$12.7M2.64%newTimeline
EPAMEPAM SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 53,000 shares; 2025Q2: 71,700 shares 71,700$12.7M2.62%+18,700Timeline
BPOPPOPULAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 116,400 shares; 2024Q4: 116,400 shares; 2025Q1: 120,182 shares; 2025Q2: 112,799 shares 112,799$12.4M2.57%-7,383Timeline
PPTAPERPETUA RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,112,783 shares; 2024Q4: 822,295 shares; 2025Q1: not reported; 2025Q2: 1,003,700 shares 1,003,700$12.2M2.52%newTimeline
DAVAENDAVA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 931,151 shares; 2024Q4: 919,619 shares; 2025Q1: 1,406,223 shares; 2025Q2: 731,423 shares 731,423$11.2M2.32%-674,800Timeline
LILALIBERTY LATIN AMERICA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,418,237 shares; 2025Q2: 1,418,237 shares 1,418,237$8.65M1.79%0Timeline
SLVMSYLVAMO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 162,600 shares 162,600$8.15M1.69%newTimeline
TGSTRANSPORTADORA DE GAS DEL SUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 184,703 shares; 2025Q2: 253,168 shares 253,168$6.56M1.36%+68,465Timeline
IRSIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 563,664 shares; 2025Q2: 454,301 shares 454,301$6.33M1.31%-109,363Timeline
CEPUCENTRAL PUERTO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 148,601 shares 148,601$1.74M0.36%newTimeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ARCOARCOS DORADOS HLDGS INC3,318,350$26.7Mshares
VALEVALE S A2,262,967$22.6Mshares
GGALGRUPO FINANCIERO GALICIA S.A414,167$22.6Mshares
STNESTONECO LTD1,301,556$13.6Mshares
XPXP INC969,296$13.3Mshares
CDECOEUR MNG INC2,128,963$12.6Mshares
TIGOMILLICOM INTL CELLULAR S A228,692$6.92Mshares
YPFYPF SOCIEDAD ANONIMA133,312$4.67Mshares
UROYURANIUM RTY CORP582,712$1.03Mshares
DCDAKOTA GOLD CORP169,965$450Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001085146-25-004676 base2025-08-07acceptance time not in the bulk data set