Seafarer Capital Partners, LLC

The portfolio is heavily top-heavy, with the top four positions—BAP, ITUB, ABEV, and BUD—each comprising between 17% and 20.5% of the total assets. Combined, these four positions account for roughly 75.8% of the entire portfolio value. The remaining five positions range significantly in size, from 16% (XP Inc.) down to less than 1%, creating a distinct barbell structure with a few massive core holdings and several smaller satellite positions.

2. Key Holdings

The portfolio is dominated by major financial and consumer staple players, primarily with exposure to emerging and developing markets.