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Fourth Sail Capital LP
Ariel Merenstein · Hedge Fund · Long/Short Equity
Fourth Sail Capital LP is a boutique asset management firm founded in 2019 by Ariel Merenstein following a spin-out from Prince Street Capital Management. Headquartered in the Cayman Islands with operational offices in Miami and São Paulo, the firm focuses on investment opportunities within the global commodities sector and Latin American emerging and frontier markets. The institution manages institutional capital through various structures, including long/short equity and long-only funds, and is registered as an investment advisor with the SEC, serving high-net-worth and institutional clients.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +34.5% |
| YTD return | -6.0% |
| Sharpe ratio | 3.92 |
| Win rate | 61% |
| AUM | $0.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.fourthsailcap.com/ |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| BBAR | BBVA Banco Frances SA ADR | 9.0% | +59.2% |
| BAP | Credicorp Ltd | 8.3% | +13.0% |
| NATL | NCR Atleos Corporation | 7.5% | +8.2% |
| SFD | Smithfield Foods, Inc. Common Stock | 6.6% | -15.2% |
| LILA | Liberty Latin America Ltd | 6.1% | +15.7% |
| HRL | Hormel Foods Corporation | 5.9% | -14.8% |
| LOMA | Loma Negra Compania Industrial Argentina SA ADR | 5.5% | +26.1% |
| ACN | Accenture plc | 4.9% | -19.4% |
| EZPW | EZCORP Inc | 4.8% | +57.3% |
| DLO | Dlocal Ltd | 4.6% | +4.1% |
| WU | Western Union Co | 4.5% | -25.6% |
| FCFS | FirstCash Inc | 4.3% | +19.4% |
| GPRK | GeoPark Ltd | 4.1% | +57.7% |
| CEPU | Central Puerto S.A. | 3.9% | +60.3% |
| GDYN | Grid Dynamics Holdings Inc | 3.8% | -2.2% |
| CVGW | Calavo Growers Inc | 3.8% | -2.4% |
| AERO | Grupo Aeroméxico, S.A.B. de C.V. | 3.3% | -22.4% |
| STNE | StoneCo Ltd | 3.2% | -43.7% |
| TGLS | Tecnoglass Inc | 3.0% | -20.3% |
| CPA | Copa Holdings SA | 3.0% | +12.7% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Apr 13, 2026 | SELL | FCFS | 4.3% → 4.3% |
| Apr 13, 2026 | BUY | NATL | 7.5% → 7.5% |
| Apr 13, 2026 | BUY | CEPU | 4.0% → 3.9% |
| Apr 13, 2026 | BUY | LILA | 6.2% → 6.1% |
| Apr 13, 2026 | BUY | LOMA | 5.2% → 5.5% |
Investment Style Analysis
Fourth Sail Capital LP is widely recognized for employing a Long/Short Equity strategy. As of Sep 18, 2026, the firm oversees approximately $0.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Banks - Regional and Credit Services sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Apr 13, Fourth Sail Capital LP made a significant move by reducing the position in FCFS. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Fourth Sail Capital employs a fundamental, bottom-up investment philosophy primarily focused on Latin America and the global commodities landscape. The firm seeks to achieve superior risk-adjusted long-term returns by identifying mispriced securities in emerging and frontier markets. Its strategy integrates deep regional expertise with a rigorous research process, utilizing both long and short positions to capture alpha while managing downside risk and volatility across varying market cycles.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Fourth Sail Capital LP.
Similar Investment Style
Based on Long/Short Equity.
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Frequently asked questions
How is the simulated portfolio for Fourth Sail Capital LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Fourth Sail Capital LP's largest holding?
As of the latest filing, Fourth Sail Capital LP's top position is BBVA Banco Frances SA ADR (BBAR), representing 9.0% of the portfolio. This reflects a high-conviction bet by the institution.
What is Fourth Sail Capital LP's historical performance and risk profile?
Our simulation indicates a total return of +34.5% with a win rate of 61%. Notably, the portfolio maintains a Sharpe Ratio of 3.92, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Fourth Sail Capital LP primarily invest in?
Fourth Sail Capital LP has a strong preference for the Banks - Regional sector, which makes up 17.3% of their disclosed assets. The portfolio also has exposure to Credit Services, indicating a specific thematic focus.
Is Fourth Sail Capital LP's portfolio concentrated or diversified?
Fourth Sail Capital LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 24.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Fourth Sail Capital LP performed in 2026?
Our AI-simulated model portfolio for Fourth Sail Capital LP tracks a Year-to-Date (YTD) return of -6.0%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Ariel Merenstein manage Fourth Sail Capital LP directly?
Yes, Ariel Merenstein serves as the key portfolio manager for Fourth Sail Capital LP, overseeing the investment strategy and final capital allocation decisions.