Sagil Capital LLP Hedge Fund

CIK: 0001747744 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $438,937 (100.0% shares, 0.0% debt)

Holdings (21)

New Positions (10)

USO UNITED STS OIL FD LP 6.2%

Value ($000) $27,318 Shares 395,000 Est. Cost — Unrealized —

NEXA NEXA RES S A 2.7%

Value ($000) $11,651 Shares 1,316,533 Est. Cost $6.51 Unrealized 0.0%

AUGO AURA MINERALS INC 1.8%

Value ($000) $7,864 Shares 155,992 Est. Cost $39.27 Unrealized 0.0%

TEO TELECOM ARGENTINA SA 1.7%

Value ($000) $7,629 Shares 657,097 Est. Cost $11.61 Unrealized —

PBR PETROLEO BRASILEIRO SA PETRO 1.7%

Value ($000) $7,243 Shares 611,224 Est. Cost $11.85 Unrealized —

CPA COPA HOLDINGS SA 1.5%

Value ($000) $6,495 Shares 53,854 Est. Cost $121.26 Unrealized 0.0%

— PETROLEO BRASILEIRO SA PETRO 0.9%

Value ($000) $4,148 Shares 350,000 Est. Cost — Unrealized —

EXK ENDEAVOUR SILVER CORP 0.8%

Value ($000) $3,666 Shares 390,000 Est. Cost $8.48 Unrealized 0.0%

ZIM ZIM INTEGRATED SHIPPING SERV 0.3%

Value ($000) $1,486 Shares 70,000 Est. Cost $16.77 Unrealized 0.0%

AERO GRUPO AEROMEXICO SAB DE CV 0.2%

Value ($000) $784 Shares 35,689 Est. Cost $21.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USO	UNITED STS OIL FD LP	395,000	$27,318	6.2%	—	—	PUT	91232N207
NEXA	NEXA RES S A	1,316,533	$11,651	2.7%	$6.51	0.0%	COM	L67359106
AUGO	AURA MINERALS INC	155,992	$7,864	1.8%	$39.27	0.0%	SHS NEW	G06973112
TEO	TELECOM ARGENTINA SA	657,097	$7,629	1.7%	$11.61	—	SPON ADR REP B	879273209
PBR	PETROLEO BRASILEIRO SA PETRO	611,224	$7,243	1.7%	$11.85	—	SPONSORED ADR	71654V408
CPA	COPA HOLDINGS SA	53,854	$6,495	1.5%	$121.26	0.0%	CL A	P31076105
—	PETROLEO BRASILEIRO SA PETRO	350,000	$4,148	0.9%	—	—	CALL	71654V908
EXK	ENDEAVOUR SILVER CORP	390,000	$3,666	0.8%	$8.48	0.0%	COM	29258Y103
ZIM	ZIM INTEGRATED SHIPPING SERV	70,000	$1,486	0.3%	$16.77	0.0%	SHS	M9T951109
AERO	GRUPO AEROMEXICO SAB DE CV	35,689	$784	0.2%	$21.96	—	SPONSORED ADS	40054J109

Increased Positions (4)

GLD SPDR GOLD TR 34.6%

Value ($000) $152,064 (+36.4%) Shares 383,700 (+22.3%) Est. Cost — Unrealized —

EWZ ISHARES INC 21.7%

Value ($000) $95,383 (+43.0%) Shares 3,002,300 (+39.5%) Est. Cost — Unrealized —

CMBT CMB.TECH NV 3.1%

Value ($000) $13,485 (+139.9%) Shares 1,397,397 (+133.5%) Est. Cost $9.48 Unrealized +2.6%

TEN TSAKOS ENERGY NAVIGATION LTD 4.4%

Value ($000) $19,312 (+14.7%) Shares 861,366 (+13.7%) Est. Cost $21.29 Unrealized +9.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	383,700 (+22.3%)	$152,064 (+36.4%)	34.6%	—	—	PUT	78463V107
EWZ	ISHARES INC	3,002,300 (+39.5%)	$95,383 (+43.0%)	21.7%	—	—	PUT	464286400
CMBT	CMB.TECH NV	1,397,397 (+133.5%)	$13,485 (+139.9%)	3.1%	$9.48	+2.6%	SHS	B38564108
TEN	TSAKOS ENERGY NAVIGATION LTD	861,366 (+13.7%)	$19,312 (+14.7%)	4.4%	$21.29	+9.9%	SHS	G9108L173

Exited Positions (7)

XLE SELECT SECTOR SPDR TR 4.1%

Value ($000) $17,868 Shares 200,000 Est. Cost — Unrealized —

SLV ISHARES SILVER TR 3.9%

Value ($000) $16,948 Shares 400,000 Est. Cost $37.59 Unrealized —

MOS MOSAIC CO NEW 3.0%

Value ($000) $13,074 Shares 377,000 Est. Cost $33.96 Unrealized -21.2%

BVN COMPANIA DE MINAS BUENAVENTU 2.5%

Value ($000) $10,888 Shares 447,516 Est. Cost $13.24 Unrealized —

TDW TIDEWATER INC NEW 2.5%

Value ($000) $10,760 Shares 201,763 Est. Cost $46.89 Unrealized +12.6%

SLSR SOLARIS RES INC 0.9%

Value ($000) $3,972 Shares 623,100 Est. Cost $5.31 Unrealized +30.6%

GRO BRAZIL POTASH CORP 0.2%

Value ($000) $968 Shares 359,995 Est. Cost $1.92 Unrealized +18.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLE	SELECT SECTOR SPDR TR	200,000	$17,868	4.1%	—	—	PUT	81369Y506
SLV	ISHARES SILVER TR	400,000	$16,948	3.9%	$37.59	—	—	46428Q109
MOS	MOSAIC CO NEW	377,000	$13,074	3.0%	$33.96	-21.2%	—	61945C103
BVN	COMPANIA DE MINAS BUENAVENTU	447,516	$10,888	2.5%	$13.24	—	—	204448104
TDW	TIDEWATER INC NEW	201,763	$10,760	2.5%	$46.89	+12.6%	—	88642R109
SLSR	SOLARIS RES INC	623,100	$3,972	0.9%	$5.31	+30.6%	—	83419D201
GRO	BRAZIL POTASH CORP	359,995	$968	0.2%	$1.92	+18.5%	—	10586A108

Decreased Positions (3)

B BARRICK MNG CORP 4.8%

Value ($000) $20,904 (-20.3%) Shares 480,000 (-40.0%) Est. Cost $19.29 Unrealized +94.0%

ARMN ARIS MNG CORP 1.7%

Value ($000) $7,299 (-21.3%) Shares 450,000 (-52.5%) Est. Cost $7.97 Unrealized +54.2%

TNK TEEKAY TANKERS LTD 4.5%

Value ($000) $19,960 (+2.3%) Shares 373,640 (-3.2%) Est. Cost $44.92 Unrealized +25.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MNG CORP	480,000 (-40.0%)	$20,904 (-20.3%)	4.8%	$19.29	+94.0%	COM SHS	06849F108
ARMN	ARIS MNG CORP	450,000 (-52.5%)	$7,299 (-21.3%)	1.7%	$7.97	+54.2%	COM	04040Y109
TNK	TEEKAY TANKERS LTD	373,640 (-3.2%)	$19,960 (+2.3%)	4.5%	$44.92	+25.0%	CL A	G8726X106

Unchanged Positions (4)

PBR/A PETROLEO BRASILEIRO SA PETRO 4.6%

Value ($000) $20,286 Shares 1,800,000 Est. Cost $12.23 Unrealized —

GGB GERDAU SA 1.3%

Value ($000) $5,785 Shares 1,567,825 Est. Cost $3.10 Unrealized —

CPAC CEMENTOS PACASMAYO S A A 0.5%

Value ($000) $2,185 Shares 209,734 Est. Cost $4.98 Unrealized —

LQD ISHARES TR 0.9%

Value ($000) $3,989 Shares 36,200 Est. Cost $109.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PBR/A	PETROLEO BRASILEIRO SA PETRO	1,800,000	$20,286	4.6%	$12.23	—	SP ADR NON VTG	71654V101
GGB	GERDAU SA	1,567,825	$5,785	1.3%	$3.10	—	SPON ADR REP PFD	373737105
CPAC	CEMENTOS PACASMAYO S A A	209,734	$2,185	0.5%	$4.98	—	SPONSORED ADR	15126Q208
LQD	ISHARES TR	36,200	$3,989	0.9%	$109.61	—	IBOXX INV CP ETF	464287242