Fundamenta Capital S.A. — 13F Holdings & Portfolio
CIK 2088289 · latest 13F-HR filed 2026-11-03
Fundamenta Capital S.A. manages $143.1M in 13F-reported U.S. long-equity assets across 12 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are BAP (17.25%), ENIC (14.62%), PAM (12.20%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 2 new positions and exited 4; 3 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 2026-11-03
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 = 95.6%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Jan 20, 2026.
EDIFICIO CELEBRA, OFICINA 603
MONTEVIDEO 91600
Uruguay
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| AVOGADRO, MARCELO Control | PRESIDENT since Oct 2020 | 10–25% | Individual |
| FUNDAMENTA ASSET MANAGEMENT LTD. Control | OWNER since May 2024 | 75% or more | Foreign Entity |
| LOPEZ CASTELO, SANTIAGO Control | VICE PRESIDENT since Oct 2020 | 10–25% | Individual |
| FUNDAMENTA HOLDINGS LTD. Control Indirect owner via FUNDAMENTA ASSET MANAGEMENT LTD. | OWNER since May 2024 | 75% or more | Foreign Entity |
Ownership & leadership changes · 1 filing with changes since Oct 6, 2023
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.
- AddedFUNDAMENTA ASSET MANAGEMENT LTD. · OWNER · 75% or more · control person
- AddedFUNDAMENTA HOLDINGS LTD. · OWNER · 75% or more · indirect via FUNDAMENTA ASSET MANAGEMENT LTD. · control person
- ChangedAVOGADRO, MARCELO · ownership 50–75% → 10–25%
- ChangedLOPEZ CASTELO, SANTIAGO · ownership 50–75% → 10–25%
- ListedAVOGADRO, MARCELO · PRESIDENT · 50–75% · control person
- ListedLOPEZ CASTELO, SANTIAGO · VICE PRESIDENT · 50–75% · 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)
- BANCO DE CHILE$3.6M +46.4%
- BANCO SANTANDER CHILE$1.3M +9.7%
- TELECOM ARGENTINA SA$1.2M +13.0%
Top Trims
- CREDICORP LTD-$2.6M -9.5%
- GRUPO FINANCIERO GALICIA S.A-$2.3M -25.6%
- TRANSPORTADORA DE GAS DEL SUR-$1.4M -8.8%
- ARCOS DORADOS HLDGS INC-$700.2K -11.3%
- SOCIEDAD QUIMICA Y MINERA DE CHILE-$331.2K -10.1%
Exited Positions
- COMPANIA CERVECERIAS UNIDAS$13.4M
- VISTA ENERGY S.A.B. DE C.V.$13.3M
- EMBRAER S.A.$10.0M
- AXIA ENERGIA SA$3.5M
Fundamenta Capital S.A. 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 | CREDICORP LTD | BAP | G2519Y108 | $24.7M | 17.25% | 65,000 | SH |
| 2 | ENEL CHILE SA | ENIC | 29278D105 | $20.9M | 14.62% | 4,947,536 | SH |
| 3 | PAMPA ENERGIA SA | PAM | 697660207 | $17.5M | 12.20% | 224,498 | SH |
| 4 | TRANSPORTADORA DE GAS DEL SUR | TGS | 893870204 | $15.0M | 10.45% | 576,561 | SH |
| 5 | BANCO SANTANDER CHILE | BSAC | 05965X109 | $14.4M | 10.06% | 431,778 | SH |
| 6 | BANCO DE CHILE | BCH | 059520106 | $11.4M | 7.96% | 284,726 | SH |
| 7 | PETROLEO BRASILEIRO S A | PBR | 71654V408 | $10.4M | 7.29% | 500,000 | SH |
| 8 | TELECOM ARGENTINA SA | TEO | 879273209 | $10.3M | 7.17% | 835,790 | SH |
| 9 | GRUPO FINANCIERO GALICIA S.A | GGAL | 399909100 | $6.8M | 4.74% | 182,260 | SH |
| 10 | ARCOS DORADOS HLDGS INC | ARCO | G0457F107 | $5.5M | 3.84% | 769,415 | SH |
| 11 | GEOPARK LTD | GPRK | G38327105 | $3.3M | 2.34% | 320,000 | SH |
| 12 | SOCIEDAD QUIMICA Y MINERA DE CHILE | SQM | 833635105 | $3.0M | 2.07% | 45,570 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-03 | $143.1M | 12 | 0002088289-26-000007 |
| 2026-06-30 | 2026-07-28 | $172.4M | 14 | 0002088289-26-000004 |
| 2026-03-31 | 2026-05-04 | $116.4M | 11 | 0002088289-26-000003 |
| 2026-03-31 | 2026-07-28 | $101.8M | 8 | 0002088289-26-000006 |
| 2025-12-31 | 2026-01-27 | $145.9M | 10 | 0002088289-26-000001 |
| 2025-12-31 | 2026-07-28 | $87.3M | 5 | 0002088289-26-000005 |
ZONAMERICA, CELEBRA BUILDING, OF. 603
MONTEVIDEO 91600