Fourth Sail Capital LP
Long book
$608.4M
Q1 2026
Positions
25
Top-10 weight
63%
concentration
Last quarter
+3.6%
SPY +14.8%
Turnover
55%
of book per quarter
Strategy in plain words
auto-generated from filingsFourth Sail Capital LP is a concentrated fundamental stock-picker, running a $608.4M US long book across 25 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: NCR ATLEOS CORP, MERCADOLIBRE INC, BRINK'S CO/THE, SMITHFIELD FOODS INC, DLOCAL LTD.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.6%
Q2 2024
+3.9%
Q3 2024
+7.4%
Q4 2024
-10.5%
Q1 2025
+9.5%
Q2 2025
+4.6%
Q3 2025
+23.5%
Q4 2025
-5.7%
Q1 2026
+3.6%
Sector allocation
Technology 20%
Services media 18%
Consumer staples 15%
Industrials 12%
Materials 11%
Other 9%
Communications 7%
Energy 4%
Long book by quarter
What does Fourth Sail own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NATL NCR ATLEOS CORP | Technology | 2.0M | $88.4M | 14.5% | +130.1% |
| MELI MERCADOLIBRE INC | Services media | 32.9K | $57.0M | 9.4% | New |
| BCO BRINK'S CO/THE | Industrials | 415.4K | $43.1M | 7.1% | New |
| SFD SMITHFIELD FOODS INC | Consumer staples | 1.1M | $31.2M | 5.1% | -2.1% |
| DLO DLOCAL LTD | Services media | 2.3M | $29.4M | 4.8% | +24.3% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 499.3K | $25.8M | 4.2% | +236.2% |
| VZLA VIZSLA SILVER CORP | Materials | 7.6M | $25.0M | 4.1% | +22.9% |
| LILAK LIBERTY LATIN AMERIC-CL C | Communications | 2.8M | $24.3M | 4.0% | -4.8% |
| HRL HORMEL FOODS CORP | Consumer staples | 1.0M | $23.1M | 3.8% | -29.4% |
| GPRK GEOPARK LTD | Energy | 2.2M | $21.1M | 3.5% | -7.1% |
| MEOH METHANEX CORP | Other | 323.9K | $19.3M | 3.2% | New |
| IFS INTERCORP FINANCIAL SERVICES | Financials | 369.9K | $18.6M | 3.1% | New |
| SLVM SYLVAMO CORP | Other | 427.5K | $18.1M | 3.0% | +21.9% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 136.8K | $15.5M | 2.6% | +5.1% |
| AVO MISSION PRODUCE INC | Consumer staples | 1.1M | $15.3M | 2.5% | +1674.0% |
| LILA LIBERTY LATIN AMERIC-CL A | Communications | 909.7K | $7.9M | 1.3% | Held |
| SXT SENSIENT TECHNOLOGIES CORP | Other | 43.2K | $3.7M | 0.6% | New |
| GDYN GRID DYNAMICS HOLDINGS INC | Technology | 610.3K | $3.5M | 0.6% | -84.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 25 | $608.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 30 | $623.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 28 | $413.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 26 | $483.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 28 | $427.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 21 | $336.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 24 | $398.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 22 | $436.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 12, 2024 | 23 | $335.3M | canonical | SEC ↗ |
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