Equal-WT
WhaleScore 2.0
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Inca Investments is based out of Miami. Inca Investments is a hedge fund with 2 clients and discretionary assets under management (AUM) of $468,404,633 (Form ADV from 2025-03-28). Their last reported 13F filing for Q1 2025 included $218,525,426 in managed 13F securities
and a top 10 holdings concentration of 100.0%. Inca Investments's largest holding is Grupo Financiero Galicia with shares held of 1,098,490. Whalewisdom has at least 61 13F filings, and 4 13G filings
Business Description
INCA manages Funds and Separate Accounts, which are reviewed daily by the CEO, Fernando X. Donayre, and Portfolio Managers, Efrain Chavez and Jeronimo De Guzman. Weekly investment team meetings are held to discuss portfolio construction, company profiles, monitoring, on-site visits, feedback, and risk management. The CEO has the final authority in investment decisions. INCA may also meet with clients, participate in conference calls, and respond to information requests. All accounts are reviewed considering country, industry, and company developments.
INCA has agreements with Referring Agents, compensating them for client referrals with a percentage of management and performance fees paid by referred clients. INCA uses client brokerage commissions to pay for research services, creating a potential conflict of interest. INCA attempts to receive research services that benefit all clients, but there is no guarantee that research services paid for by higher commissions will benefit only the portfolios that paid for them. INCA does not request that clients direct the execution of transactions with specific brokers, nor does any client currently require INCA to do so.
Investment Strategy
INCA performs both qualitative and quantitative analyses when analyzing the underlying companies of investment securities. On the qualitative side, INCA seeks to determine the prospects for the industry in which the prospective company operates and also seeks to evaluate the operations and business strategies pursued by the company. On the quantitative side, INCA performs a financial analysis of a company’s historical financial statements and builds models to project the expected future financial performance of a company.
INCA's research process seeks to identify mispriced or undervalued securities whose underlying fundamental characteristics have been inadequately recognized or valued by the market. The methodology is based on fundamental analysis which primarily includes a bottom-up review, which focuses on the operating, financial and strategic prospects for a particular company, as well as a top-down review of global and local macro factors, such as political and economic conditions. INCA conducts a variety of investment analysis techniques in its efforts to invest in Latin American securities which INCA believes will provide long-term capital appreciation.
Owners
- FXD HOLDINGS, LLC - HOLDING COMPANY
- CHAVEZ, EFRAIN, MARTIN - MEMBER
- DE GUZMAN, JERONIMO - MEMBER
- BORENSTEIN, DAVID, MICHAEL - MEMBER/CHIEF COMPLIANCE OFFICER Click on the Ownership/Private Fund Data tab for more details.
Known Email Addresses
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Other Contact Information
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2025-03-31
Top Buys (13F)
Name | % Change |
---|---|
LOMA Loma Negra Compania | 5.65% |
MELI MercadoLibre Inc | 3.09% |
NU Nu Holdings Ltd | 1.17% |
ITUB Itau Unibanco Holdin | 0.82% |

2025-03-31
Top Sells (13F)
Name | % Change |
---|---|
GGAL Grupo Financiero Gal | 7.91% |
BSAC Banco Santander Chil | 4.78% |
FMX Fomento Economico Me | 1.24% |

2025-03-31
13F Holdings Summary
Name | $ Change |
---|---|
GGAL Grupo Financiero Gal | 27.38% |
BAP Credicorp Ltd | 15.61% |
MELI MercadoLibre Inc | 13.29% |
LOMA Loma Negra Compania | 9.36% |
XP XP Inc | 8.55% |

2025-03-31
13F Activity
Market Value | $219m, Prior: $243m |
Inflows (Outflows) as % of Total MV | (-13.4351)% |
New Purchases | 0 stocks |
Added To | 4 stocks |
Sold out of | 0 stocks |
Reduced holdings in | 4 stocks |
Top 10 Holdings % | 100% |
Turnover %[1] | 0% |
Turnover Alt %[2] | 6.97% |
Time Held Top 20 | 22 quarters |
Time Held Top 10 | 19.3 quarters |
Time Held All | 22 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2025-03-31
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data

2025-03-31
Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2025-03-31