Breakout Capital Partners, LP

Key Holdings

The portfolio is evenly distributed among four primary positions, with the top holding accounting for less than 30% of the total assets.

• ISHARES INC (29.56%): This is the largest position, valued at $20.31 million. While the specific ETF ticker is not detailed in the summary, the position was aggressively increased by 52.3% during the quarter. This suggests the fund is using ETFs either for broad market exposure, liquidity management, or as a tactical overlay to the equity positions.
• XP INC (24.50%): A new position and the second-largest holding, valued at $16.84 million. The initiation of an ~896,000 share stake indicates a strong conviction in the Brazilian financial infrastructure and digital brokerage space.
• HDFC BANK LTD (24.34%): Valued at $16.73 million, this position represents the fund's exposure to the Indian financial sector. Notably, the stake was doubled (+100%) during the quarter, signaling a reinforced bullish outlook on the Indian banking sector.
• PETROLEO BRASILEIRO SA - PETROBRAS (21.60%): The energy component of the portfolio, valued at $14.85 million. This holding provides exposure to oil and gas, likely acting as a hedge or a play on commodity prices and Brazilian domestic energy demand.