Fundamenta Capital S.A.
Fundamenta Capital S.A. is an exempt reporting adviser based in Montevideo, Uruguay that reports managing 5 hedge funds on Form ADV. Its private funds, of all types, hold $512.3 million in gross assets. Its disclosed U.S. stock holdings returned an estimated -8.5% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated -8.5% from Q1 2026 to Q2 2026, compared with +9.5% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- —Form ADV Item 5.F
- Gross assets of private funds
- $512.3 millionAll private fund types, Form ADV
- Hedge funds managed
- 55 private funds in total
- Employees
- —Form ADV Item 5.A
- Registration
- Exempt reporting adviserCRD 328733
- Latest Form ADV
- 01/20/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | -4.7% | +14.8% |
| Q1 2026 | -4.0% | -4.6% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.
13F holdings as of Sep 30, 2026
All 12 share positions ($143,115,543) reported by Fundamenta Capital S.A. on Form 13F for the quarter ended Sep 30, 2026, filed Nov 3, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗ The estimated return above runs through Jun 30, 2026; it is updated when the SEC publishes its complete data for the quarter.
| Stock | Value | % of 13F portfolio | Shares | Shares vs prior quarter |
|---|---|---|---|---|
| Credicorp LTD | $24,691,550 | 17.25% | 65,000 | -7.14% |
| Enel Chile SA | $20,928,077 | 14.62% | 4,947,536 | +1.48% |
| Pampa Energia SA | $17,459,209 | 12.20% | 224,498 | +2.28% |
| Transportadora De Gas Del Su | $14,961,758 | 10.45% | 576,561 | +4.50% |
| Banco Santander Chile New | $14,404,114 | 10.06% | 431,778 | +8.28% |
| Banco De Chile | $11,391,887 | 7.96% | 284,726 | +45.47% |
| Petroleo Brasileiro S A | $10,435,000 | 7.29% | 500,000 | New |
| Telecom Argentina SA | $10,255,143 | 7.17% | 835,790 | +19.76% |
| Grupo Financiero Galicia S.A | $6,787,362 | 4.74% | 182,260 | Unchanged |
| Arcos Dorados Hldgs Inc | $5,501,317 | 3.84% | 769,415 | Unchanged |
| Geopark LTD | $3,344,000 | 2.34% | 320,000 | New |
| Sociedad Quimica Y Minera De | $2,956,126 | 2.07% | 45,570 | +2.64% |
Changes since Jun 30, 2026
Comparing the share counts in the two quarter-end filings: 2 new positions, 4 sold out, 7 increased, 1 reduced and 2 unchanged.
New positions
| Stock | Value | Shares |
|---|---|---|
| Petroleo Brasileiro S A | $10,435,000 | 500,000 |
| Geopark LTD | $3,344,000 | 320,000 |
Sold out
| Stock | Value at Jun 30, 2026 | Shares held then |
|---|---|---|
| Compania Cervecerias Unidas | $13,378,714 | 1,194,528 |
| Vista Energy S.a.b. De C.V. | $13,334,200 | 209,000 |
| Embraer S.A. | $9,960,839 | 156,126 |
| Axia Energia SA | $3,520,356 | 333,367 |
Largest increases
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Banco De Chile | +89,000 | +45.47% | $11,391,887 | 284,726 |
| Telecom Argentina SA | +137,921 | +19.76% | $10,255,143 | 835,790 |
| Banco Santander Chile New | +33,000 | +8.28% | $14,404,114 | 431,778 |
| Transportadora De Gas Del Su | +24,818 | +4.50% | $14,961,758 | 576,561 |
| Pampa Energia SA | +5,000 | +2.28% | $17,459,209 | 224,498 |
| Enel Chile SA | +72,173 | +1.48% | $20,928,077 | 4,947,536 |
| Sociedad Quimica Y Minera De | +1,170 | +2.64% | $2,956,126 | 45,570 |
Largest reductions
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Credicorp LTD | -5,000 | -7.14% | $24,691,550 | 65,000 |
Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.
From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures
Private funds reported on Form ADV (1)
As reported in the adviser's Form ADV filed Oct 22, 2024. Funds also listed from Form D are shown above.
Fund vehicles: feeder funds and single-deal vehicles (3)
Feeder funds invest through a master fund; single-deal vehicles (SPVs, co-investments, series) hold one investment.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures