Managers / Q1 2026
Seafarer Capital Partners, LLC
CIK 0001697721 · P P BOX 7036, CORTE MADERA, CA, 94976 · 415-578-7633
Summary
Seafarer Capital Partners, LLC reported $436M in U.S.-listed holdings across 9 positions for Q1 2026.
The portfolio is heavily concentrated: Itau Unibanco H Spon Prf alone accounts for 21.0% of reported value.
The book was largely unchanged from Q4 2025.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ADR · 64.8% · $282M
- Other · 35.2% · $153M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HDBHDFC Bank LTD | ADDED | +516.0K | 1.15M | +$8M | $31M |
| Suzano SA | ADDED | +100.0K | 365.0K | +$1M | $4M |
| BAP US | TRIMMED | −42.1K | 230.9K | −$34,338 | $78M |
| Itau Unibanco H Spon PRF | HELD | +0 | 10.91M | +$13M | $91M |
| ABEVAmbev - SA | HELD | +0 | 28.07M | +$13M | $82M |
| XP Inc. | HELD | +0 | 3.77M | +$10M | $72M |
| BUDAnheuser Busch Inbev SA NV | HELD | +0 | 1.03M | +$6M | $72M |
| ARCOS DORADOS HOLDINGS | HELD | +0 | 400.0K | +$364,000 | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | Itau Unibanco H Spon PRF | SPONSORED ADR | 20.98% | $91M | 10.91M |
| 2 | ABEVAmbev - SAhistory → | SPONSORED ADR | 18.81% | $82M | 28.07M |
| 3 | BAP US | COM | 17.97% | $78M | 230.9K |
| 4 | XP Inc. | Class A | 16.48% | $72M | 3.77M |
| 5 | BUDAnheuser Busch Inbev SA NVhistory → | SPONSORED ADR | 16.46% | $72M | 1.03M |
| 6 | HDBHDFC Bank LTDhistory → | SPONSORED ADS | 7.07% | $31M | 1.15M |
| 7 | Suzano SA | SPONSORED ADS | 0.84% | $4M | 365.0K |
| 8 | ARCOS DORADOS HOLDINGS | Class A | 0.76% | $3M | 400.0K |
| 9 | KOFCOCA-COLA FEMSA SAB-SP ADR | SPONSORED ADR | 0.65% | $3M | 29.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $436M | 9 | May 5, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $385M | 9 | Jan 9, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $351M | 7 | Nov 4, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $366M | 7 | Aug 5, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $309M | 7 | May 7, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $263M | 7 | Feb 3, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $350M | 7 | Nov 4, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $293M | 6 | Aug 5, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $342M | 6 | May 3, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $370M | 6 | Feb 2, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $311M | 6 | Nov 6, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $329M | 6 | Aug 18, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $267M | 6 | May 4, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $227M | 6 | Feb 2, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $208M | 7 | Nov 4, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $231M | 6 | Aug 4, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $227M | 5 | May 6, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $179M | 5 | Feb 7, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $192M | 4 | Nov 3, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $208M | 4 | Aug 4, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $131M | 3 | May 5, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $142M | 3 | Feb 4, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $138M | 4 | Nov 4, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $143M | 3 | Aug 5, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $100M | 2 | May 12, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $111M | 2 | Feb 4, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $53M | 2 | Nov 5, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $51M | 2 | Aug 1, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $47M | 2 | May 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $43M | 2 | Feb 4, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.