Inca Investments 13F annual report

Inca Investments is an investment fund managing more than $236 million ran by David Borenstein. There are currently 10 companies in Mr. Borenstein’s portfolio. The largest investments include Grupo Financiero Galicia S A and Credicorp Ltd, together worth $81.4 million.

$236 million Assets Under Management (AUM)

As of 29th July 2024, Inca Investments’s top holding is 1,349,222 shares of Grupo Financiero Galicia S A currently worth over $41.2 million and making up 17.4% of the portfolio value. In addition, the fund holds 249,065 shares of Credicorp Ltd worth $40.2 million, whose value grew 8.0% in the past six months. The third-largest holding is Banco Santander Chile New worth $37.4 million and the next is Grupo Aeroportuario Del Cent worth $27.7 million, with 409,906 shares owned.

Currently, Inca Investments's portfolio is worth at least $236 million. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Inca Investments

The Inca Investments office and employees reside in Miami, Florida. According to the last 13-F report filed with the SEC, David Borenstein serves as the CHIEF COMPLIANCE OFFICER at Inca Investments.

Recent trades

In the most recent 13F filing, Inca Investments revealed that it had opened a new position in Nu Hldgs Ltd and bought 376,246 shares worth $4.85 million.

The investment fund also strengthened its position in Grupo Financiero Galicia S A by buying 504,053 additional shares. This makes their stake in Grupo Financiero Galicia S A total 1,349,222 shares worth $41.2 million.

On the other hand, there are companies that Inca Investments is getting rid of from its portfolio. Inca Investments closed its position in Bancolombia Sa on 5th August 2024. It sold the previously owned 518,072 shares for $15.9 million. David Borenstein also disclosed a decreased stake in Credicorp Ltd by 0.2%. This leaves the value of the investment at $40.2 million and 249,065 shares.

One of the smallest hedge funds

The two most similar investment funds to Inca Investments are Soapstone Management L.P. and Jackson Creek Investment Advisors. They manage $236 million and $237 million respectively.

David Borenstein investment strategy

Inca Investments’s portfolio is diversified across 3 sectors. Currently, their heaviest sector is Finance — making up 26.8% of the total portfolio value. The fund focuses on investments in the Peru as 10.0% of the portfolio companies are based in the Peru.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 20% of the total holdings value. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. The average market cap of the portfolio companies is close to $16.3 billion.

The complete list of Inca Investments trades based on 13F SEC filings

These positions were updated on August 5th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
Grupo Financiero Galicia S A	59.64% 1,349,222	$41,232,000	17.44%
Credicorp Ltd	19.83% 249,065	$40,182,000	17.00%
Banco Santander Chile New	6.72% 1,984,071	$37,360,000	15.80%
Grupo Aeroportuario Del Cent	23.42% 409,906	$27,730,000	11.73%
XP Inc	592.30% 1,319,150	$23,204,000	9.81%
Fomento Economico Mexicano S	31.62% 210,151	$22,623,000	9.57%
Bancolombia Sa	Closed 518,072	$15,941,000
MercadoLibre Inc	15.02% 9,541	$15,680,000	6.63%
Arcos Dorados Holdings Inc	145.84% 1,330,255	$11,972,000	5.06%
Itau Unibanco Hldg Sa	113.79% 1,984,162	$11,588,000	4.90%
Nu Hldgs Ltd	Opened 376,246	$4,850,000	2.05%
Banco Bradesco S.A.	Closed 890,061	$3,115,000
No transactions found
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