INCA Investments LLC
Long book
$281.8M
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+13.0%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsINCA Investments LLC is a concentrated fundamental stock-picker, specialised in financials (65% of the long book), running a $281.8M US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CREDICORP LTD, GRUPO FINANCIERO GALICIA-ADR, BANCO SANTANDER-CHILE-ADR, LATAM AIRLINES GROUP SA-ADR, COPA HOLDINGS SA-CLASS A.
Over the last 9 quarters its long book ran on average 1.4pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.3%
Q2 2024
+13.6%
Q3 2024
+2.4%
Q4 2024
+2.7%
Q1 2025
+14.8%
Q2 2025
-9.2%
Q3 2025
+16.3%
Q4 2025
+1.6%
Q1 2026
+13.0%
Sector allocation
Financials 67%
Industrials 20%
Services media 9%
Consumer discretionary 4%
Long book by quarter
What does INCA Investments own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BAP CREDICORP LTD | Financials | 206.2K | $69.9M | 24.8% | -9.7% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 237.2K | $26.9M | 9.6% | New |
| NU NU HOLDINGS LTD/CAYMAN ISL-A | Financials | 1.5M | $21.8M | 7.7% | -1.2% |
| MELI MERCADOLIBRE INC | Services media | 7.5K | $12.9M | 4.6% | Held |
| ARCO ARCOS DORADOS HOLDINGS INC-A | Consumer discretionary | 654.4K | $5.4M | 1.9% | -17.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 30, 2026 | 10 | $281.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 4, 2026 | 9 | $285.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 9 | $217.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 29, 2025 | 10 | $257.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 28, 2025 | 10 | $218.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 30, 2025 | 10 | $242.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 10 | $234.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 10 | $236.4M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 1, 2024 | 11 | $232.4M | $K fixed canonical | SEC ↗ |