INCA Investments portfolio

What changed this quarter

7 positions with a change (1 new, 4 added to, 1 trimmed, 1 sold). 7 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• America Movil SAB De Cv/+9.1 ppof portfolioNew
  — → 9.1%
• Banco Santander-chile+54%more sharesIncreased
  15.0% → 18.1%
• Credicorp−24%fewer sharesReduced
  24.8% → 17.3%
• Fomento Economico Mexicano S−3.5 ppof portfolioSold out
  4.3% → —
• Nu Holdings+60%more sharesIncreased
  7.7% → 9.1%
• Grupo Financiero Galicia+13%more sharesIncreased
  15.6% → 15.1%
• MercadoLibre+18%more sharesIncreased
  4.6% → 4.2%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Banco Santander-chileBSAC18.1%Since Q2 2018 · 33 quartersDetails ▾
• CredicorpBAP17.3%Since at least Q2 2013 · 53 quartersDetails ▾
• Grupo Financiero GaliciaGGAL15.1%Since Q3 2021 · 20 quartersDetails ▾
• LATAM Airlines GroupLTM13.3%Since Q4 2025 · 3 quartersDetails ▾
• Copa HoldingsCPA10.4%Since Q1 2026 · 2 quartersDetails ▾
• Nu HoldingsNU9.1%Since Q1 2024 · 10 quartersDetails ▾
• America Movil SAB De Cv/AMX9.1%Since Q2 2026 · 1 quarterDetails ▾
• MercadoLibreMELI4.2%Since Q1 2022 · 18 quartersDetails ▾
• Itau Unibanco HoldingITUB1.8%Since at least Q2 2013 · 53 quartersDetails ▾
• Arcos Dorados HoldingsARCO1.5%Since Q2 2018 · 33 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.