Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.04%
baseline attrition
Rally response
-18.23%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PAMPampa EnergÃa S.A. | $23M | 20.0% | — | 0.5 yr |
| TGSTransportadora de Gas de | $20M | 16.9% | — | 0.5 yr |
| BAPCredicorp Ltd. | $16M | 14.1% | — | 0.3 yr |
| VISTVista Energy, S.A.B. de | $16M | 13.5% | — | 0.3 yr |
| LOMALoma Negra CompañÃa In | $11M | 9.1% | — | 0.5 yr |
| FMXFomento Económico Mexic | $9M | 8.0% | — | 0.5 yr |
| ARCOArcos Dorados Holdings I | $8M | 6.6% | — | 0.3 yr |
| CXCEMEX, S.A.B. de C.V. | $5M | 4.3% | — | 0.3 yr |
| ERJEmbraer S.A. | $4M | 3.6% | — | 0.3 yr |
| BVNCompañÃa de Minas Buen | $4M | 3.6% | — | 0.3 yr |
| VLRSControladora Vuela Compa | $0M | 0.2% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Independent Power Producers20.0%$23M
Oil & Gas Integrated16.9%$20M
Banks - Diversified14.1%$16M
Oil & Gas Exploration & Production13.5%$16M
Construction Materials13.4%$16M
Beverages - Alcoholic8.0%$9M
Restaurants6.6%$8M
Aerospace & Defense3.6%$4M
Other Precious Metals3.6%$4M
Airlines, Airports & Air Services0.2%$0M
Country
AR46.0%
MX26.1%
PE17.7%
UY6.6%
BR3.6%
Top 5: 73.7% · Top 10: 99.8% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 7
| ERJ Embraer S.A.new | +$0M |
| BAP Credicorp Ltd.new | +$16M |
| VIST Vista Energy, S.A.B. de C.V.new | +$16M |
| ARCO Arcos Dorados Holdings Inc.new | +$8M |
| CX CEMEX, S.A.B. de C.V.new | +$5M |
| BVN CompañÃa de Minas Buenaventunew | +$4M |
| VLRS Controladora Vuela CompañÃa new | +$0M |
Top sells this quarter · 10
| — exit | −$0M |
| EC Ecopetrol S.A.exit | −$30M |
| PBR Petróleo Brasileiro S.A. - Peexit | −$28M |
| BMA Banco Macro S.A.exit | −$15M |
| LTM LATAM Airlines Group S.A.exit | −$14M |
| INTR Inter & Co, Inc.exit | −$7M |
| FMX Fomento Económico Mexicano, S | −$6M |
| TGS Transportadora de Gas del Sur | −$19M |
| LOMA Loma Negra CompañÃa Industri | −$1M |
| PAM Pampa EnergÃa S.A. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $116M | 11 | +9.71% | -4.37% | +14.08% | -0.04B |
| 2025-12-31 | $146M | 10 | — | — | — | — |