Westwood Global 13F (2026 Q1): 12 Stocks, Mostly Latin America

A concentrated bet on emerging markets

Most emerging-markets funds spread their capital across dozens or hundreds of names to manage the volatility inherent in developing economies. Westwood Global Investments does the opposite. Its 2026Q1 13F holds just 12 positions worth about $2.68 billion, an extraordinary level of concentration for an asset class better known for diversification. This is high-conviction emerging-markets investing in its purest form, a small set of companies the firm believes are deeply undervalued, sized so that each one genuinely matters.

The geographic tilt is unmistakable: this is, above all, a Latin American book. The largest holding is Credicorp, Peru's dominant financial group, at 19.87% of reported value, followed closely by Brazilian banking giant Itaú Unibanco at 18.97%. Peruvian miner Buenaventura, steel-pipe maker Tenaris, Mexican telecom América Móvil, and Argentine bank Grupo Galicia fill out the top, with a smaller sleeve in Asia through a new Yum China position and India's HDFC Bank.

Concentration as the whole thesis

With only 12 names and the top five accounting for the overwhelming majority of the book, Westwood Global is making concentrated, country-and-company-specific bets rather than buying emerging markets as a broad asset class. The heavy weighting toward Latin American financials, Credicorp, Itaú, and Grupo Galicia together form a huge slice of the portfolio, expresses a clear view: that the region's leading banks are undervalued relative to their franchise strength and growth. Pairing those with a Mexican telecom, a Peruvian miner, and a global steel-pipe supplier gives the book exposure to the region's resources and infrastructure alongside its financial system.

Leaning into Argentina and adding Yum China

The quarter's moves sharpened the concentrated, conviction-driven character. Westwood increased its Argentine bank Grupo Galicia position by 78% of shares, a bold add in one of the world's most volatile markets, and added 45% more HDFC Bank in India. It established a new position in Yum China, the operator of KFC and Pizza Hut in China, bringing fresh Asian consumer exposure, while trimming Tenaris by 8%. In a 12-stock book, each of these moves is significant; adding aggressively to Argentina and initiating Yum China are real statements of where the firm currently sees opportunity.

Reported value has grown rapidly, up 36% on the quarter and well higher over the past year. For a fund this concentrated, that growth most likely reflects a combination of inflows into a successful strategy and strong performance from the underlying holdings, rather than any single distortion; the steady, position-level activity is consistent with a book attracting capital, not one being repositioned wholesale.

How to read an ultra-concentrated EM book

A filing like Westwood's carries a distinct risk-and-opportunity profile. With a fifth of the book in a single Peruvian financial and the bulk concentrated in Latin America, the portfolio's fate is tied tightly to the region's currencies, politics, interest rates, and commodity cycles, factors that can move sharply and together. That concentration is the source of both the potential reward and the risk. For investors seeking high-conviction emerging-markets ideas, Westwood's book is a curated, unusually clear expression of where one specialist sees deep value, but it is emphatically a focused regional wager, not diversified EM exposure. You can explore the full holdings, the position changes, and the longer history on the Westwood Global filer page.