Sagil Capital LLP

2. Key Holdings

The portfolio is dominated by a strong allocation to precious metals, with SPDR Gold Trust (GLD) serving as the anchor position. GLD accounts for 40.50% of the total portfolio ($111.51M), making it the single largest holding by a wide margin. This massive exposure underscores a defensive or inflation-hedge stance.

Beyond gold, the firm maintains significant exposure to equities within the commodities and industrial transport sectors. Barrick Gold Corp (B) is the second-largest individual holding at 9.52%, though the firm reduced this stake significantly (discussed below). Petrobras (PBR/A) represents the top energy equity position at 7.73%, while Teekay Tankers and Tsakos Energy Navigation collectively represent roughly 13.2% of the portfolio, highlighting a deep conviction on the shipping and energy transport sector.