INCA Investments LLC — 13F Holdings & Portfolio
CIK 1513137 · latest 13F-HR filed 2026-11-06
INCA Investments LLC manages $276.2M in 13F-reported U.S. long-equity assets across 10 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are BSAC (20.40%), BAP (18.12%), GGAL (13.00%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 0 new positions and exited 0; 0 existing positions rose in reported value and 8 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-11-06
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 26 → Q3 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Apr 14, 2026.
#800
MIAMI, FL 33130
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BORENSTEIN, DAVID, MICHAEL Control | MEMBER/CHIEF COMPLIANCE OFFICER since Jul 2015 | 5–10% | Individual |
| CHAVEZ, EFRAIN, MARTIN Control | MEMBER since Jul 2015 | 5–10% | Individual |
| DE GUZMAN, JERONIMO Control | MEMBER since Jul 2021 | 5–10% | Individual |
| FXD HOLDINGS, LLC Control | HOLDING COMPANY since Dec 2020 | 50–75% | Domestic Entity |
| DONAYRE, FERNANDO, XAVIER Control Indirect owner via FXD HOLDINGS, LLC | MEMBER since Apr 2004 | 75% or more | Individual |
Ownership & leadership changes · 8 filings with changes since Feb 6, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedFXD HOLDINGS, LLC · ownership 75% or more → 50–75%
- No longer listedFERMIN, EDWIN, ANDRES · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Aug 2016
- ChangedBORENSTEIN, DAVID, MICHAEL · title MEMBER → MEMBER/CHIEF COMPLIANCE OFFICER; ownership Less than 5% → 5–10%
- ChangedDE GUZMAN, JERONIMO · ownership Less than 5% → 5–10%
- ChangedCHAVEZ, EFRAIN, MARTIN · ownership Less than 5% → 5–10%
- No longer listedDONAYRE, FERNANDO, XAVIER · CHIEF INVESTMENT OFFICER / CHIEF EXECUTIVE OFFICER · 75% or more · control person · listed since Apr 2004
- AddedDE GUZMAN, JERONIMO · MEMBER · Less than 5% · control person
- ChangedDONAYRE, FERNANDO, XAVIER · indirect via FXD HOLDINGS, LLC: title CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER → MEMBER
- AddedDONAYRE, FERNANDO, XAVIER · CHIEF EXECUTIVE OFFICER/CHIEF INVESTMENT OFFICER · 75% or more · indirect via FXD HOLDINGS, LLC · control person
- AddedFXD HOLDINGS, LLC · HOLDING COMPANY · 75% or more · control person
- ChangedDONAYRE, FERNANDO, XAVIER · title CHIEF INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER / CHIEF EXECUTIVE OFFICER
- No longer listedWOODRUFF, NATHAN, L · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since May 2011
- AddedFERMIN, EDWIN, ANDRES · CHIEF COMPLIANCE OFFICER · Less than 5%
- AddedBORENSTEIN, DAVID, MICHAEL · MEMBER · Less than 5% · control person
- AddedCHAVEZ, EFRAIN, MARTIN · MEMBER · Less than 5% · control person
- ListedDONAYRE, FERNANDO, XAVIER · CHIEF INVESTMENT OFFICER · 75% or more · control person
- ListedWOODRUFF, NATHAN, L · CHIEF COMPLIANCE OFFICER · Less than 5%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Trims
- LATAM AIRLINES GROUP SA-$25.2M -53.6%
- GRUPO FINANCIERO GALICIA S.A-$17.4M -32.6%
- CREDICORP LTD-$11.1M -18.2%
- COPA HOLDINGS SA-$8.1M -21.9%
- BANCO SANTANDER CHILE NEW-$7.6M -11.9%
INCA Investments LLC Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | BANCO SANTANDER CHILE NEW | BSAC | 05965X109 | $56.3M | 20.40% | 1,689,042 | SH |
| 2 | CREDICORP LTD | BAP | G2519Y108 | $50.0M | 18.12% | 131,725 | SH |
| 3 | GRUPO FINANCIERO GALICIA S.A | GGAL | 399909100 | $35.9M | 13.00% | 964,178 | SH |
| 4 | AMERICA MOVIL SAB DE CV | AMX | 02390A101 | $32.7M | 11.84% | 1,543,081 | SH |
| 5 | COPA HOLDINGS SA | CPA | P31076105 | $28.8M | 10.44% | 218,611 | SH |
| 6 | NU HLDGS LTD | NU | G6683N103 | $27.7M | 10.04% | 2,190,270 | SH |
| 7 | LATAM AIRLINES GROUP SA | LTM | 51817R205 | $21.8M | 7.89% | 436,987 | SH |
| 8 | MERCADOLIBRE INC | MELI | 58733R102 | $12.5M | 4.54% | 7,257 | SH |
| 9 | ITAU UNIBANCO HLDG S A | ITUB | 465562106 | $6.2M | 2.26% | 731,705 | SH |
| 10 | ARCOS DORADOS HLDGS INC | ARCO | G0457F107 | $4.0M | 1.46% | 564,023 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-06 | $276.2M | 10 | 0001420506-26-002529 |
| 2026-06-30 | 2026-07-28 | $353.4M | 10 | 0001420506-26-001318 |
| 2026-03-31 | 2026-04-30 | $281.8M | 10 | 0001420506-26-000774 |
| 2025-12-31 | 2026-02-04 | $285.9M | 9 | 0001420506-26-000163 |
SUITE 800
MIAMI, FL 33130