Data as of Q4 2025 (Dec 31, 2025)

INCA Investments LLC

•CIK: 1513137•Filing: Q4 2025

**INCA Investments LLC** manages $286M across a concentrated portfolio of nine positions. The fund exhibits significant conviction in its top holdings, led by BCLYF at $65.5M and GGAL at $50.7M. Further substantial allocations include LTM ($43.6M) and FMX ($39.9M), representing core investment themes. This structure suggests a focused, high-conviction approach to generating alpha within its current mandate.

Total AUM
$285.9M
QoQ Performance
+31.6%
Positions
9
Top 10 Concentration
100.0%
Latest Filing
Q4 2025

Top Holdings Allocation

BAP
GGAL
LTM
FMX
BSAC
NU
MLB1
BAP22.9%
GGAL17.7%
LTM15.2%
FMX14.0%
BSAC11.6%
NU9.0%
MLB15.3%
BVXB2.3%

📈 Biggest Buys

LTM
LATAM AIRLINES GROUP SA
NEW
15.2% of portfolio
BSAC
BANCO SANTANDER CHILE NEW
+48.8%
11.6% of portfolio
BAP
CREDICORP LTD
+5.6%
22.9% of portfolio
FMX
FOMENTO ECONOMICO MEXICANO S
+6.9%
14.0% of portfolio
NU
NU HLDGS LTD
+2.9%
9.0% of portfolio

📉 Biggest Sells

GGAL
GRUPO FINANCIERO GALICIA S A
-13.0%
17.7% of portfolio
ARCO
ARCOS DORADOS HOLDINGS INC
-35.2%
2.0% of portfolio
MLB1
MERCADOLIBRE INC
-3.3%
5.3% of portfolio
BVXB
ITAU UNIBANCO HLDG SA
-5.3%
2.3% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

XP
XP INC
SOLD
$17.4M

Changes from Q3 2025

NEW1 new position
↑4 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

BAP22.9%
CREDICORP LTD
$65.5M
GGAL17.7%
GRUPO FINANCIERO GALICIA S A
$50.7M
LTM15.2%
LATAM AIRLINES GROUP SA
$43.6M
FMX14.0%
FOMENTO ECONOMICO MEXICANO S
$39.9M
BSAC11.6%
BANCO SANTANDER CHILE NEW
$33.1M

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