Fundamenta Capital S.A.

Key Holdings

The portfolio is dominated by Latin American blue-chip companies, with a heavy weighting in Argentina and Brazil.

• Pampa Energia S.A. (16.10%): As the largest position, valued at $23.50 million (265,000 shares), the fund has placed its biggest bet on the Argentine integrated energy and electricity sector. This indicates a strong view on the Argentine energy market's potential, likely driven by domestic energy reforms or valuation dislocations.
• Ecopetrol S.A. (13.80%): The second-largest holding ($20.14 million) represents a major investment in the Colombian state-owned oil giant. This reinforces the fund's comfort with the energy sector and emerging market sovereign risk profiles.
• Transportadora de Gas Sur (12.72%): This Argentine natural gas transportation company ($18.57 million) further cements the fund's strategic allocation to Argentine infrastructure and energy logistics.
• Banco Macro S.A. (11.74%): Valued at $17.13 million, this position shows a significant exposure to the Argentine financial sector. It suggests the fund is bullish on the Argentine banking sector's ability to navigate inflation and currency volatility.
• Petrobras (11.01%): The Brazilian state-owned oil company ($16.06 million) diversifies the energy exposure geographically to Brazil, balancing the Argentine-heavy concentration of the top three holdings.
• LATAM Airlines Group (10.27%): Representing over 10% of the portfolio ($14.99 million), this position introduces exposure to the travel and transportation sector, suggesting a cyclical view on post-pandemic recovery or regional economic mobility.