Performance vs S&P 500

03
Tracked Q3 2025–Q2 2026 +31.4%
S&P 500 total return (same window) +13.0%
Excess return +18.4%

Annualized: +44.0% · S&P 500: +17.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Financials 61.3%
Energy 31.3%
Materials 3.7%
Technology 1.8%
Healthcare 1.2%
Retail 0.3%
Industrials 0.2%
Utilities 0.0%
Other/Unmapped 0.1%

Full portfolio 17 positions

05
Type Streak 8Q trend
BBD Banco Bradesco Sa American Depositary Shares $649,020,291 35.83% 186,948,134 $60,325,341 Up ×3
YPF YPF Sociedad Anonima Common Stock $565,871,786 31.24% 12,444,948 $148,658,867 Up ×1
GGAL Grupo Financiero Galicia S.A. - American Depositary Shares, Class B Shares underlying $175,883,667 9.71% 3,515,564 $65,224,523 Up ×3
NU Nu Holdings Ltd. Class A Ordinary Shares $119,941,217 6.62% 8,977,636 $105,571,217 Up ×1
BMA Banco Macro S.A. ADR (representing Ten Class B Common Shares) $78,006,149 4.31% 842,490 $36,807,398 Up ×1
GGB Gerdau S.A. Common Stock $67,573,731 3.73% 16,726,171 $7,192,254
BSBR Banco Santander Brasil SA American Depositary Shares, each representing one unit $54,569,466 3.01% 10,394,184 $-3,650,829 Up ×3
BBAR Banco BBVA Argentina S.A. ADS $33,358,140 1.84% 1,701,078 $13,518,869 Up ×3
PGY Pagaya Technologies Ltd. - Class A Ordinary Shares $32,324,564 1.78% 1,771,209 Up ×1
ORMP Oramed Pharmaceuticals Inc. - Common Stock $12,083,562 0.67% 2,512,175 $4,901,701 Up ×2
DRTS Alpha Tau Medical Ltd. - Ordinary Shares $9,076,483 0.50% 721,501 $3,975,471
CSAN Cosan S.A. ADS $6,039,084 0.33% 2,096,904 $-2,600,160
INVZ Innoviz Technologies Ltd. - Ordinary shares $4,436,996 0.24% 5,828,949 $1,162,368 Up ×2
PLSM Pulsenmore Ltd. - Ordinary Shares $1,951,897 0.11% 338,541 $773,183
TGS Transportadora de Gas del Sur SA TGS Common Stock $882,862 0.05% 29,696 $-144,917
CEPU Central Puerto S.A. American Depositary Shares (each represents ten Common Shares) $287,006 0.02% 19,314 $-38,049
VLNWS CUSIP: M9607U107 $15,670 0.00% 559,653 $1,119

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
BBD $649,020,291 35.83% up ×3
GGAL $175,883,667 9.71% up ×3
BSBR $54,569,466 3.01% up ×3
BBAR $33,358,140 1.84% up ×3

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
PGY $32,324,564 1,771,209 1.78%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
YPF Bought more +3.4M +$148.7M
GGAL Bought more +1.2M +$65.2M
BBD Bought more +30.1M +$60.3M
BMA Bought more +310K +$36.8M
BBAR Bought more +466K +$13.5M
GGB Price move only +0 +$7.2M
ORMP Bought more +400K +$4.9M
DRTS Price move only +0 +$4.0M
BSBR Bought more +576K -$3.7M
CSAN Price move only +0 -$2.6M

1 position hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
SCO June 30, 2026 3,400,000 $28,288,000 -54.5%