Emerging Variant Capital Management LP

CIK

1754001

Location

NEW YORK, NY

Portfolio Value

Micro $47,108,651

Diversification

Diversified

Filing Date

Global Rank

#5,469 / 6,944 ▲ 76

Top Industry

Banks - Regional 25.6%

3Y Alpha vs SPY

-10.2%

Period ended 3 years ago

Filed Feb 13, 2023 · 3y

5 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+35.2%

SPY

+76.3%

Annualised alpha

-10.2%

Max drawdown

−27.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

8 positions · as of Dec 31, 2022 · Δ vs Sep 30, 2022

Top Position

20.1%

−21.1 pts

Top 5

76.1%

−23.9 pts

Top 10

100.0%

0.0 pts

HHI

1,418

Diversified−1,483

Portfolio Trend

5 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2022

Sector	% Portfolio	Value	Positions
Industrials	30.9%	$14,547,762	2
Basic Materials	26.6%	$12,548,736	2
Financial Services	25.6%	$12,081,205	2
Communication Services	10.2%	$4,799,860	1
Consumer Cyclical	6.6%	$3,131,088	1

Last Quarter's Activity

Export CSV

Dec 31, 2022 vs Sep 30, 2022

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
BBD	Bank Bradesco	+2,413,000	3,043,000	$8,763,840
VALE	Vale S.A.	+20,000	370,000	$6,278,900
MELI	Mercadolibre Inc	+200	3,700	$3,131,088
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
ITUB	Itau Unibanco Holding S.A.	−2,302,000	798,000	$3,317,365
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V.	−352,926	1,130,384	$9,450,010
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
GGB	Gerdau S.A.	1,426,000	$6,269,836
EMBJ	Embraer S.A.	466,400	$5,097,752
TV	Grupo Televisa, S.A.B.	1,052,601	$4,799,860
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

8 positions · $47,108,651 total · as of Dec 31, 2022

All sectors Basic Materials Communication Services Consumer Cyclical Financial Services Industrials

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
VLRS	Controladora Vuela Compania de Aviacion, S.A.B. de C.V. Industrials	Reduced	1,130,384	-352,926	$9,450,010	−8.9%	20.06%
BBD	Bank Bradesco Financial Services	Added	3,043,000	+2,413,000	$8,763,840	+278.0%	18.60%
VALE	Vale S.A. Basic Materials	Added	370,000	+20,000	$6,278,900	+34.7%	13.33%
GGB	Gerdau S.A. Basic Materials	NEW	1,426,000	NEW	$6,269,836	NEW	13.31%
EMBJ	Embraer S.A. Industrials	NEW	466,400	NEW	$5,097,752	NEW	10.82%
TV	Grupo Televisa, S.A.B. Communication Services	NEW	1,052,601	NEW	$4,799,860	NEW	10.19%
ITUB	Itau Unibanco Holding S.A. Financial Services	Reduced	798,000	-2,302,000	$3,317,365	−76.5%	7.04%
MELI	Mercadolibre Inc Consumer Cyclical	Added	3,700	+200	$3,131,088	+8.1%	6.65%