Fourth Sail Capital LP — 13F Holdings & Portfolio
CIK 1803158 · latest 13F-HR filed 2026-08-05
Fourth Sail Capital LP manages $659.9M in 13F-reported U.S. long-equity assets across 26 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are BCO (14.12%), DLO (7.77%), AVO (7.10%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 12 new positions and exited 11; 7 existing positions rose in reported value and 5 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 2026-08-05
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 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
Q1 26 → Q2 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 = 60.6%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Mar 27, 2026.
SUITE 550
BOCA RATON, FL 33486
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| FOURTH SAIL CAPITAL LP Control | OWNER since Jul 2024 | 75% or more | Foreign Entity |
| FSC (US) LLC Control | GENERAL PARTNER since Jul 2024 | Less than 5% | Domestic Entity |
| MERENSTEIN, ARIEL, NATAN Control | CEO, LIMITED PARTNER since Jul 2024 | Less than 5% | Individual |
| DORIA, THIAGO | CCO, CFO since Jul 2024 | Less than 5% | Individual |
| LA NINA CAPITAL LLC Control Indirect owner via FOURTH SAIL CAPITAL LP | LIMITED PARTNERS since Apr 2018 | 25–50% | Domestic Entity |
| LA PINTA PARTNERS LTD Control Indirect owner via FOURTH SAIL CAPITAL LP | LIMITED PARTNERS since Apr 2018 | 25–50% | Foreign Entity |
| LA PINTA TRUST Control Indirect owner via LA PINTA PARTNERS LTD | INDIRECT OWNER since Jul 2024 | 75% or more | Domestic Entity |
| MERENSTEIN, ARIEL, NATAN Control Indirect owner via LA NINA CAPITAL LLC | INDIRECT OWNER since Jul 2024 | 75% or more | Individual |
| SOUTH DAKOTA TRUST COMPANY LLC Control Indirect owner via LA PINTA TRUST | TRUSTEE since Jul 2024 | General partner, trustee or manager | Domestic Entity |
| ZAKLIKOW LTD Control Indirect owner via FSC (US) LLC | DIRECT OWNER since Jul 2022 | General partner, trustee or manager | Foreign Entity |
Ownership & leadership changes · 3 filings with changes since Jul 15, 2024
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.
- AddedZAKLIKOW LTD · DIRECT OWNER · General partner, trustee or manager · indirect via FSC (US) LLC · control person
- ChangedMERENSTEIN, ARIEL, NATAN · ownership 25–50% → Less than 5%
- AddedFSC (US) LLC · GENERAL PARTNER · Less than 5% · control person
- AddedLA PINTA TRUST · INDIRECT OWNER · 75% or more · indirect via LA PINTA PARTNERS LTD · control person
- AddedMERENSTEIN, ARIEL, NATAN · INDIRECT OWNER · 75% or more · indirect via LA NINA CAPITAL LLC · control person
- AddedSOUTH DAKOTA TRUST COMPANY LLC · TRUSTEE · General partner, trustee or manager · indirect via LA PINTA TRUST · control person
- ListedDORIA, THIAGO · CCO, CFO · Less than 5%
- ListedFOURTH SAIL CAPITAL LP · OWNER · 75% or more · control person
- ListedLA NINA CAPITAL LLC · LIMITED PARTNERS · 25–50% · indirect via FOURTH SAIL CAPITAL LP · control person
- ListedLA PINTA PARTNERS LTD · LIMITED PARTNERS · 25–50% · indirect via FOURTH SAIL CAPITAL LP · control person
- ListedMERENSTEIN, ARIEL, NATAN · CEO, LIMITED PARTNER · 25–50% · control person
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 Adds (vs prior quarter)
- BRINKS CO$50.1M +116.4%
- MISSION PRODUCE INC$31.6M +207.2%
- DLOCAL LTD$21.8M +74.3%
- VISTA ENERGY S.A.B. DE C.V.$8.4M +46.2%
- METHANEX CORP$8.2M +42.6%
Top Trims
- TECK RESOURCES LTD-$12.5M -48.3%
- COPA HOLDINGS SA-$11.7M -75.5%
- LOMA NEGRA C I A S A MTN 14-$5.4M -19.6%
- SMITHFIELD FOODS INC-$5.3M -17.0%
- GEOPARK LTD-$3.6M -17.1%
New Positions
- CREDICORP LTD$46.5M
- TERNIUM SA$29.0M
- XP INC$24.4M
- CRANE NXT CO$17.5M
- WESTERN UN CO$16.3M
Exited Positions
- NCR ATLEOS CORPORATION$88.4M
- MERCADOLIBRE INC$57.0M
- TELECOM ARGENTINA SA$29.2M
- LIBERTY LATIN AMERICA LTD$24.3M
- INTERCORP FINL SVCS INC$18.6M
Fourth Sail Capital LP Holdings (2026-06-30)
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 | BRINKS CO | BCO | 109696104 | $93.2M | 14.12% | 986,050 | SH |
| 2 | DLOCAL LTD | DLO | G29018101 | $51.2M | 7.77% | 3,943,171 | SH |
| 3 | MISSION PRODUCE INC | AVO | 60510V108 | $46.9M | 7.10% | 3,976,272 | SH |
| 4 | CREDICORP LTD | BAP | G2519Y108 | $46.5M | 7.05% | 119,464 | SH |
| 5 | TERNIUM SA | TX | 880890108 | $29.0M | 4.40% | 679,328 | SH |
| 6 | HORMEL FOODS CORP | HRL | 440452100 | $27.9M | 4.23% | 1,125,162 | SH |
| 7 | METHANEX CORP | MEOH | 59151K108 | $27.5M | 4.17% | 595,817 | SH |
| 8 | VISTA ENERGY S.A.B. DE C.V. | VIST | 92837L109 | $26.5M | 4.01% | 415,100 | SH |
| 9 | SMITHFIELD FOODS INC | SFD | 832248207 | $25.9M | 3.92% | 1,067,579 | SH |
| 10 | CENTRAL PUERTO S A | CEPU | 155038201 | $25.3M | 3.84% | 1,704,152 | SH |
| 11 | VIZSLA SILVER CORP | VZLA | 92859G608 | $25.0M | 3.79% | 7,579,112 | SH |
| 12 | XP INC | XP | G98239109 | $24.4M | 3.70% | 1,500,660 | SH |
| 13 | LOMA NEGRA C I A S A MTN 14 | LOMA | 54150E104 | $22.0M | 3.34% | 1,923,486 | SH |
| 14 | SYLVAMO CORP | SLVM | 871332102 | $17.6M | 2.67% | 466,904 | SH |
| 15 | GEOPARK LTD | GPRK | G38327105 | $17.5M | 2.66% | 1,926,723 | SH |
| 16 | CRANE NXT CO | CXT | 224441105 | $17.5M | 2.66% | 342,600 | SH |
| 17 | WESTERN UN CO | WU | 959802109 | $16.3M | 2.47% | 2,120,585 | SH |
| 18 | VULCAN MATLS CO | VMC | 929160109 | $16.0M | 2.43% | 54,300 | SH |
| 19 | GRUPO FINANCIERO GALICIA S.A | GGAL | 399909100 | $16.0M | 2.42% | 319,247 | SH |
| 20 | STONECO LTD | STNE | G85158106 | $15.9M | 2.41% | 1,465,500 | SH |
| 21 | MARTIN MARIETTA MATLS INC | MLM | 573284106 | $15.6M | 2.36% | 27,000 | SH |
| 22 | ACCENTURE PLC IRELAND | ACN | G1151C101 | $15.5M | 2.35% | 124,700 | SH |
| 23 | PATRIA INVESTMENTS LIMITED | PAX | G69451105 | $15.1M | 2.29% | 1,373,995 | SH |
| 24 | TECK RESOURCES LTD | TECK | 878742204 | $13.4M | 2.02% | 224,599 | SH |
| 25 | EVE HLDG INC | EVEX | 29970N104 | $8.2M | 1.25% | 3,276,673 | SH |
| 26 | COPA HOLDINGS SA | CPA | P31076105 | $3.8M | 0.58% | 24,481 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-05 | $659.9M | 26 | 0001803158-26-000015 |
| 2026-03-31 | 2026-05-15 | $608.4M | 25 | 0001803158-26-000013 |
| 2025-12-31 | 2026-02-13 | $623.4M | 30 | 0001803158-26-000004 |
| 2025-09-30 | 2025-11-14 | $413.8M | 28 | 0001803158-25-000012 |
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