CIK 1768237
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Metals & Mining | 53.60% | 4 |
| Banks | 16.78% | 2 |
| Oil, Gas & Consumable Fuels | 15.97% | 1 |
| Unclassified | 6.49% | 2 |
| Diversified Consumer Services | 4.22% | 1 |
| Commercial Services & Supplies | 2.95% | 1 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | KGC | KINROSS GOLD CORP | Materials | 26.14% |
| 2 | VIST | Vista Energy, S.A.B. de C.V. | Energy | 15.97% |
| 3 | ERO | Ero Copper Corp. | Materials | 11.81% |
| 4 | TX | Ternium S.A. | Materials | 9.74% |
| 5 | BAP | Credicorp Ltd | Financials | 8.50% |
| 6 | BMA | Macro Bank Inc. | Financials | 8.27% |
| 7 | EGO | ELDORADO GOLD CORP /FI | Materials | 5.91% |
| 8 | LAUR | LAUREATE EDUCATION, INC. | Consumer Discretionary | 4.22% |
| 9 | CPA | COPA HOLDINGS SA | Unclassified | 3.95% |
| 10 | KSPI | Joint Stock Co Kaspi.kz | Industrials | 2.95% |
9/11 names classified · sector 93.5% of weight · industry 93.5% · mkt cap 21.9%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 93.5% of the book is sector-classified (unclassified names shown, never dropped).
Only 4% of book weight classified — the grid is NOT representative of the whole book.
Classified: 4.2% of book weight (1/11 names) · unclassified 95.8%: KGC, VIST, ERO, TX, BAP, BMA, EGO, CPA, KSPI, PBR.A. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | KGCKINROSS GOLD CORP | 3,771,084 | $115M | 26.1% | ADD 7% |
| 2 | VISTVISTA ENERGY S.A.B. DE C.V. | 931,842 | $70M | 16.0% | ADD 35% |
| 3 | EROERO COPPER CORP | 1,949,128 | $52M | 11.8% | ADD 13% |
| 4 | TXTERNIUM SA | 1,067,811 | $43M | 9.7% | HOLD |
| 5 | BAPCREDICORP LTD | 110,353 | $37M | 8.5% | HOLD |
| 6 | BMABANCO MACRO SA | 470,908 | $36M | 8.3% | HOLD |
| 7 | EGOELDORADO GOLD CORP NEW | 758,654 | $26M | 5.9% | NEW |
| 8 | LAURLAUREATE EDUCATION INC | 533,022 | $19M | 4.2% | TRIM −27% |
| 9 | CPACOPA HOLDINGS SA | 153,248 | $17M | 4.0% | TRIM −30% |
| 10 | KSPIKASPI KZ JSC | 175,512 | $13M | 3.0% | HOLD |
| 11 | PBR.APETROLEO BRASILEIRO SA PETRO | 594,813 | $11M | 2.5% | ADD 4% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| KGCKINROSS GOLD CORP | 3.6M | 3.6M | 3.5M | 3.5M | 3.5M | 3.8M | $115M |
| VISTVISTA ENERGY S.A.B. DE C.V. | — | — | 591K | 584K | 690K | 932K | $70M |
| EROERO COPPER CORP | — | — | 1.0M | 1.0M | 1.7M | 1.9M | $52M |
| TXTERNIUM SA | 758K | 903K | 897K | 887K | 1.1M | 1.1M | $43M |
| BAPCREDICORP LTD | 161K | 156K | 155K | 109K | 110K | 110K | $37M |
| BMABANCO MACRO SA | 209K | 201K | 278K | 461K | 465K | 471K | $36M |
| EGOELDORADO GOLD CORP NEW | — | — | — | — | — | 759K | $26M |
| LAURLAUREATE EDUCATION INC | 952K | 929K | 925K | 920K | 735K | 533K | $19M |
| CPACOPA HOLDINGS SA | 230K | 222K | 221K | 218K | 220K | 153K | $17M |
| KSPIKASPI KZ JSC | — | — | — | 174K | 175K | 176K | $13M |
| PBR/APETROLEO BRASILEIRO SA PETRO | 455K | 455K | 455K | 455K | 574K | 595K | $11M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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