Managers / Q2 2022 · view latest →
Emerging Variant Capital Management LP
CIK 0001754001 · 1270 AVENUE OF THE AMERICAS, 20TH FLOOR, NEW YORK, NY, 10020 · 646-757-9516
Summary
Emerging Variant Capital Management LP reported $41M in U.S.-listed holdings across 5 positions for Q2 2022.
The portfolio is heavily concentrated: VLRS alone accounts for 25.2% of reported value.
Compared with Q1 2022, the fund opened 1 new position and exited 9.
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
- Other · 54.7% · $22M
- ADR · 45.3% · $18M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PETROLEO BRASILEIRO SA PETRO | NEW | +650.0K | 650.0K | +$12M | $12M |
| SQMSOCIEDAD QUIMICA Y MINERA DE | SOLD OUT | −80.5K | 0 | −$86M | $0 |
| BSACBANCO SANTANDER CHILE NEW | SOLD OUT | −252.0K | 0 | −$23M | $0 |
| VALE S A | SOLD OUT | −1.27M | 0 | −$20M | $0 |
| VALE S A | SOLD OUT | −698.0K | 0 | −$20M | $0 |
| PETROLEO BRASILEIRO SA PETRO | SOLD OUT | −556.0K | 0 | −$15M | $0 |
| PBRPETROLEO BRASILEIRO SA PETRO | SOLD OUT | −1.40M | 0 | −$15M | $0 |
| ARCOS DORADOS HOLDINGS INC | SOLD OUT | −851.4K | 0 | −$8M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2022
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | VLRSCONTROLADORA VUELA COMP DE Ahistory → | SPON ADR RP 10 | 25.21% | $10M | 1.07M |
| 2 | TLVGRUPO TELEVISA S A Bhistory → | SPON ADR REP ORD | 20.08% | $8M | 591.9K |
| 3 | DESPEGAR COM CORP | ORD SHS | 19.88% | $8M | 3.11M |
| 4 | ADECOAGRO S A | COM | 6.16% | $3M | 941.1K |
Filing History
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 ↗.