Managers / Q1 2026
Fundamenta Capital S.A.
CIK 0002088289 · RUTA 8 KM 17.500, ZONAMERICA, CELEBRA BUILDING, OF. 603, MONTEVIDEO, 91600 · 59895047937
Summary
Fundamenta Capital S.A. reported $116M in U.S.-listed holdings across 11 positions for Q1 2026.
Its largest position, PAM, represents 20.0% of the portfolio.
Compared with Q4 2025, the fund opened 7 new positions and exited 6.
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 · 79.2% · $92M
- Other · 20.8% · $24M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CREDICORP LTD | NEW | +48.5K | 48.5K | +$16M | $16M |
| VISTA ENERGY S.A.B. DE C.V. | NEW | +209.0K | 209.0K | +$16M | $16M |
| ARCOS DORADOS HLDGS INC | NEW | +938.2K | 938.2K | +$8M | $8M |
| CEMEX SA EURO MTN BE 144A | NEW | +438.6K | 438.6K | +$5M | $5M |
| EMBJEMBRAER S.A. | NEW | +70.0K | 70.0K | +$4M | $4M |
| BVNCOMPANIA DE MINAS BUENAVENTU | NEW | +115.0K | 115.0K | +$4M | $4M |
| VLRSCONTROLADORA VUELA COMP DE A | NEW | +33.9K | 33.9K | +$245,545 | $245,545 |
| ECECOPETROL S A | SOLD OUT | −2.01M | 0 | −$20M | $0 |
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 | PAMPAMPA ENERGIA SAhistory → | SPONS ADR LVL I | 19.97% | $23M | 262.7K |
| 2 | TRANSPORTADORA DE GAS DEL SU | SPONSORED ADS B | 16.95% | $20M | 570.0K |
| 3 | CREDICORP LTD | COM | 14.13% | $16M | 48.5K |
| 4 | VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 13.55% | $16M | 209.0K |
| 5 | LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 9.11% | $11M | 956.6K |
| 6 | FMXFOMENTO ECONOMICO MEXICANO Shistory → | SPON ADR UNITS | 8.00% | $9M | 83.8K |
| 7 | ARCOS DORADOS HLDGS INC | SHS CLASS -A - | 6.65% | $8M | 938.2K |
| 8 | CEMEX SA EURO MTN BE 144A | SPON ADR NEW | 4.31% | $5M | 438.6K |
| 9 | EMBJEMBRAER S.A.history → | SPONSORED ADS | 3.57% | $4M | 70.0K |
| 10 | BVNCOMPANIA DE MINAS BUENAVENTUhistory → | SPONSORED ADR | 3.56% | $4M | 115.0K |
| 11 | VLRSCONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 0.21% | $245,545 | 33.9K |
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 ↗.