Inca Investments LLC
INCA Investments LLC is an SEC-registered investment adviser based in Miami, Florida, exclusively focused on investing in Latin American equities. Founded in 2001, the firm employs approximately 10 professionals and serves institutional investors by leveraging deep regional expertise and a fundamental, bottom-up research process.
Investment Strategy
INCA Investments pursues a bottom-up, fundamental approach focusing on Latin American stock markets. The firm uses a contrarian, long-term philosophy to invest in mispriced companies—often in the small and mid-cap space or in off-index countries—where temporary factors or neglected growth potential present opportunities. They favor businesses with strong, defendable franchises, domestic market focus, sustainable advantages, and low regulatory risks, positioning themselves to benefit from Latin America’s secular consumer growth trends.
Latest 13F Filing Activity
Inca Investments LLC filed their most recent 13F report on Jun 30, 2025 disclosing 10 equity positions with a total 13F market value of $257M. The fund increased holdings in Fomento Economico Mexicano S, Nu HLDGS LTD, Credicorp LTD among other positions. Inca Investments LLC reduced exposure to Grupo Financiero Galicia S A, Mercadolibre Inc., Banco Santander Chile New among others.
Top Holdings
Equity Positions (10)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
G GGAL | GRUPO FINANCIERO GALICIA S A | 20.94% | $53.9M | 1,069,878 | $16.33 | $50.39 | -$5.9M |
B BAP | CREDICORP LTD | 16.84% | $43.4M | 193,947 | $144.39 | $223.52 | +$9.2M |
F FMX | FOMENTO ECONOMICO MEXICANO S | 10.99% | $28.3M | 274,769 | $87.81 | $102.98 | +$15.3M |
X XP | XP INC | 10.25% | $26.4M | 1,306,590 | $16.67 | $20.20 | +$7.7M |
M MELI | MERCADOLIBRE INC | 10.10% | $26.0M | 9,949 | $1168.27 | $2613.63 | -$3.0M |