Northcape Capital Pty Ltd

Key Holdings

The portfolio is dominated by three "mega" positions, which collectively account for approximately 74.15% of the total assets.

1. MercadoLibre Inc (27.50%): This is the largest holding, valued at $238.37M. Northcape increased its stake by 46.1% (adding $51.45M), signaling strong conviction in the Latin American e-commerce and fintech leader. This position represents a significant growth tilt within the portfolio.
2. America Movil SAB de CV (25.40%): The second-largest holding, valued at $220.22M, represents a massive wager on the Mexican telecommunications giant. The firm added $32.33M to this position (+19.1%), suggesting a view of undervaluation or strong cash flow generation potential in the telecom sector.
3. HDFC Bank Ltd (21.25%): Valued at $184.19M, this Indian financial giant anchors the financial services allocation. While the position size grew by 8.2%, the increase was more measured compared to the top two holdings.