Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.65%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.72%
baseline attrition
Rally response
-4.72%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BAPCredicorp Ltd. | $70M | 24.8% | +92.5% | 10.5 yr |
| GGALGrupo Financiero Galicia | $44M | 15.6% | -11.7% | 7.5 yr |
| BSACBanco Santander-Chile | $42M | 15.0% | +52.7% | 8.0 yr |
| LTMLATAM Airlines Group S.A | $40M | 14.2% | +66.5% | 0.5 yr |
| CPACopa Holdings, S.A. | $27M | 9.6% | +29.6% | 5.8 yr |
| NUNu Holdings Ltd. | $22M | 7.7% | +40.3% | 2.3 yr |
| MELIMercadoLibre, Inc. | $13M | 4.6% | -11.4% | 4.3 yr |
| FMXFomento Económico Mexic | $12M | 4.3% | +22.7% | 4.0 yr |
| ITUBItaú Unibanco Holding S | $7M | 2.3% | +64.3% | 10.5 yr |
| ARCOArcos Dorados Holdings I | $5M | 1.9% | +5.0% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional32.9%-4.8pp$93M
Banks - Diversified32.5%+12.1pp$92M
Airlines, Airports & Air Services23.7%$67M
Specialty Retail4.6%-8.7pp$13M
Beverages - Alcoholic4.3%-1.6pp$12M
Restaurants1.9%-2.9pp$5M
Country
CL29.1%+22.0pp
PE24.8%+9.2pp
AR15.6%-21.2pp
BR10.1%-6.4pp
PA9.6%
UY6.5%-11.6pp
MX4.3%-1.6pp
Top 5: 79.1% · Top 10: 100.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $282M | 10 | +26.22% | +17.59% | +8.63% | -0.01B |
| 2025-12-31 | $286M | 9 | +27.27% | +17.72% | +9.56% | +0.03B |
| 2025-09-30 | $217M | 9 | +11.57% | +17.52% | -5.95% | -0.02B |
| 2025-06-30 | $257M | 10 | +37.43% | +14.94% | +22.49% | +0.01B |
| 2025-03-31 | $219M | 10 | +17.01% | +8.30% | +8.71% | -0.03B |
| 2024-12-31 | $243M | 10 | +20.32% | +24.89% | -4.56% | +0.00B |
| 2024-09-30 | $234M | 10 | +36.26% | +36.04% | +0.22% | -0.03B |
| 2024-06-30 | $236M | 10 | +11.82% | +24.49% | -12.67% | +0.01B |
| 2024-03-31 | $232M | 11 | +37.21% | +29.62% | +7.59% | -0.01B |
| 2023-12-31 | $226M | 11 | +48.60% | +26.18% | +22.43% | -0.06B |
| 2023-09-30 | $249M | 11 | +43.75% | +21.57% | +22.18% | -0.02B |
| 2023-06-30 | $286M | 11 | +56.92% | +19.42% | +37.50% | -0.04B |
| 2023-03-31 | $269M | 11 | -2.87% | -7.82% | +4.94% | +0.00B |
| 2022-12-31 | $231M | 11 | +12.64% | +7.56% | +5.08% | +0.04B |
| 2022-09-30 | $173M | 12 | +1.78% | -4.93% | +6.70% | -0.01B |
| 2022-06-30 | $179M | 11 | -25.83% | -16.11% | -9.72% | +0.04B |