Fundamenta Capital
MONTEVIDEO, X3files as Fundamenta Capital S.A.
$172m in 14 US stocks at the end of 30 June 2026. The top 10 are 87.9% of the money. It changed about 48.8% of the portfolio this quarter.
Value
$172m
Stocks
14
Top 10 share
87.9%
Turnover
48.8%
What changed this quarter
New
Bought for the first time this quarter.
- Enel Chile SAENIC12.7% of the fund
- United BreweriesCCU7.8% of the fund
- Banco Santander ChileBSAC7.6% of the fund
- Grupo Financiero Galicia S.AGGAL5.3% of the fund
- Telecom Argentina SATEO5.3% of the fund
- Bank of ChileBCH4.5% of the fund
- Axia Energia SAAXIAY2.0% of the fund
- Chemical & Mining CO of ChileSQM1.9% of the fund
Added
Bought more of a stock they already held.
- CredicorpBAP15.8% of the fund+44%
- EmbraerEMBJ5.8% of the fund+123%
Cut
Sold some of their stake.
- Pampa EnergyPAM10.5% of the fund-16%
- Gas Transporter of the SouthTGS9.5% of the fund-3%
- Arcos Dorados HoldingsARCO3.6% of the fund-18%
Sold out
Sold their entire stake.
Holdings
- Enel Chile SAENIC
- Share
- 12.7%
- Value
- $22m
- Shares
- 4,875,363
New
- Vista Energy S.A.B. de C.V.VIST
- Share
- 7.7%
- Value
- $13m
- Shares
- 209,000
Held
- Grupo Financiero Galicia S.AGGAL
- Share
- 5.3%
- Value
- $9m
- Shares
- 182,260
New
- Axia Energia SAAXIAY
- Share
- 2.0%
- Value
- $4m
- Shares
- 333,367
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| CredicorpBAP | 15.8% | $27m | 70,000 | +44% |
| Enel Chile SAENIC | 12.7% | $22m | 4,875,363 | New |
| Pampa EnergyPAM | 10.5% | $18m | 219,498 | -16% |
| Gas Transporter of the SouthTGS | 9.5% | $16m | 551,743 | -3% |
| United BreweriesCCU | 7.8% | $13m | 1,194,528 | New |
| Vista Energy S.A.B. de C.V.VIST | 7.7% | $13m | 209,000 | Held |
| Banco Santander ChileBSAC | 7.6% | $13m | 398,778 | New |
| EmbraerEMBJ | 5.8% | $10m | 156,126 | +123% |
| Grupo Financiero Galicia S.AGGAL | 5.3% | $9m | 182,260 | New |
| Telecom Argentina SATEO | 5.3% | $9m | 697,869 | New |
| Bank of ChileBCH | 4.5% | $8m | 195,726 | New |
| Arcos Dorados HoldingsARCO | 3.6% | $6m | 769,415 | -18% |
| Axia Energia SAAXIAY | 2.0% | $4m | 333,367 | New |
| Chemical & Mining CO of ChileSQM | 1.9% | $3m | 44,400 | New |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 97.6% since 31 December 2025.
Where the money is
Financial services27.9%
Utilities20.0%
Everyday goods7.8%
Industrials5.8%
Media & telecom5.3%
Retail & consumer3.6%
Materials1.9%
Other27.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.