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FSC

Fourth Sail Capital Portfolio holdings

AUM $608M

1-Year Est. Return 48.69%

This Fund

S&P 500

This Quarter Est. Return

+10.34%

1 Year Est. Return

+48.69%

3 Year Est. Return

–

5 Year Est. Return

–

10 Year Est. Return

–

AUM

$316M

AUM Growth

–

Cap. Flow

+$296M

Cap. Flow % of AUM

93.6%

Top 10 Holdings % Top 10 Hldgs %

74.42%

Holding

New

Increased

–

Reduced

–

Closed

–

Top Buys

1	MTAL Metals Acquisition MTAL	+$64.9M
2	Vale VALE	+$19.9M
3	VTEX VTEX	+$19.6M
4	Liberty Latin America Class C LILAK	+$19.3M
5	Popular Inc BPOP	+$19.1M

Top Sells

No sells this quarter

Sector Composition

1	Materials	35.23%
2	Consumer Discretionary	16.13%
3	Technology	13.15%
4	Financials	11.69%
5	Consumer Staples	6.85%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Change in Stake	Capital Flow
1	MTAL 1 DELISTED Metals Acquisition MTAL	$67.7M	21.43%	+6,030,722	New	+$64.9M
2	2 Arcos Dorados Holdings ARCO $1.73B	$22.2M	7.03%	+1,748,811	New	+$18.7M
3	3 Popular Inc BPOP $10.9B	$22.2M	7.03%	+270,300	New	+$19.1M
4	4 VTEX VTEX $694M	$22.1M	7.01%	+3,215,475	New	+$19.6M
5	5 Vale VALE $62.1B	$22M	6.97%	+1,387,600	New	+$19.9M
6	6 Liberty Latin America Class C LILAK $1.46B	$19.9M	6.29%	+2,977,953	New	+$19.3M
7	7 Mercado Libre MELI $95B	$15.8M	4.99%	+10,034	New	+$14.2M
8	8 dLocal DLO $4.37B	$14.8M	4.68%	+835,661	New	+$14.9M
9	9 Establishment Labs ESTA $2.55B	$14.5M	4.58%	+559,003	New	+$16.4M
10	10 Laureate Education LAUR $5.58B	$13.9M	4.4%	+1,013,950	New	+$13.9M
11	DESP 11 DELISTED Despegar.com DESP	$13M	4.1%	+1,369,370	New	+$10.6M
12	12 Dakota Gold DC $587M	$12.1M	3.84%	+4,621,846	New	+$12.4M
13	13 Nu Holdings NU $67.6B	$9.55M	3.03%	+1,146,800	New	+$9.27M
14	14 Bioceres Crop Solutions BIOX $22.3M	$9.46M	3%	+689,348	New	+$8.06M
15	15 Pricesmart PSMT $6B	$7.74M	2.45%	+102,110	New	+$7.25M
16	16 Copa Holdings CPA $6.01B	$7.65M	2.42%	+71,993	New	+$6.58M
17	EU 17 enCore Energy EU $243M	$5.52M	1.75%	+1,404,307	New	+$5M
18	18 Ezcorp Inc EZPW $1.96B	$5.17M	1.64%	+591,877	New	+$4.97M
19	19 Grid Dynamics Holdings GDYN $488M	$4.61M	1.46%	+346,166	New	+$4.22M
20	UROY 20 Uranium Royalty Corp UROY $400M	$3.01M	0.95%	+1,114,641	New	+$3.12M
21	MTAL.WS 21 DELISTED Metals Acquisition Limited Warrants to purchase one share of Ordinary Share, each at an exercise price of $11.50 per share MTAL.WS	$2.76M	0.87%	+1,612,099	New	+$2.81M
22	DC.WS 22 DELISTED Dakota Gold Corp Warrants DC.WS	$195K	0.06%	+179,209	New	+$189K
23	ZLSWW 23 DELISTED Zalatoris II Acquisition Corp Warrant ZLSWW	$28.9K	0.01%	+565,412	New	+$46.6K