Emerging Variant Capital Management L.P. 13F annual report

Emerging Variant Capital Management L.P. is an investment fund managing more than $905 million ran by Ronaldo Lyrio. There are currently 9 companies in Mr. Lyrio’s portfolio. The largest investments include MercadoLibre Inc and Vale S.A, together worth $863 million.

$905 million Assets Under Management (AUM)

As of 6th February 2023, Emerging Variant Capital Management L.P.’s top holding is 3,700 shares of MercadoLibre Inc currently worth over $846 million and making up 93.5% of the portfolio value. Relative to the number of outstanding shares of MercadoLibre Inc, Emerging Variant Capital Management L.P. owns more than approximately 0.1% of the company. In addition, the fund holds 370,000 shares of Vale S.A worth $17 million, whose value fell approximately 0.1% in the past six months. The third-largest holding is Embraer S.A worth $10.9 million and the next is Controladora Vuela Comp De A worth $8.36 million, with 1,130,384 shares owned.

Currently, Emerging Variant Capital Management L.P.'s portfolio is worth at least $905 million. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Emerging Variant Capital Management L.P.

The Emerging Variant Capital Management L.P. office and employees reside in New York, New York. According to the last 13-F report filed with the SEC, Ronaldo Lyrio serves as the COO/CCO at Emerging Variant Capital Management L.P..

Recent trades

In the most recent 13F filing, Emerging Variant Capital Management L.P. revealed that it had opened a new position in Embraer S.A and bought 466,400 shares worth $10.9 million. This means they effectively own approximately 0.1% of the company. Embraer S.A makes up 100.0% of the fund's Industrials sector allocation and has decreased its share price by approximately 0.1% in the past year.

The investment fund also strengthened its position in MercadoLibre Inc by buying 200 additional shares. This makes their stake in MercadoLibre Inc total 3,700 shares worth $846 million. MercadoLibre Inc dropped approximately 0.1% in the past year.

On the other hand, there are companies that Emerging Variant Capital Management L.P. is getting rid of from its portfolio. Emerging Variant Capital Management L.P. closed its position in Ishares Inc on 13th February 2023. It sold the previously owned 654,000 shares for $30 thousand. Ronaldo Lyrio also disclosed a decreased stake in Controladora Vuela Comp De A by 0.2%. This leaves the value of the investment at $8.36 million and 1,130,384 shares.

One of the smaller hedge funds

The two most similar investment funds to Emerging Variant Capital Management L.P. are Vivo Capital and Oakworth Capital. They manage $906 million and $904 million respectively.

Ronaldo Lyrio investment strategy

Emerging Variant Capital Management L.P.’s portfolio is diversified across 5 sectors. Currently, their heaviest sector is Consumer Discretionary — making up 94.0% of the total portfolio value. The fund focuses on investments in the Uruguay as 11.1% of the portfolio companies are based in the Uruguay.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 33% of the total holdings value. On the other hand, small-cap stocks make up only approximately 0.1% of the portfolio. The average market cap of the portfolio companies is close to $30 billion.

The complete list of Emerging Variant Capital Management L.P. trades based on 13F SEC filings

These positions were updated on February 13th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
MercadoLibre Inc	5.71% 3,700	$846,240,000	93.47%
Vale S.A.	5.71% 370,000	$16,970,000	1.87%
Embraer S.A.	Opened 466,400	$10,930,000	1.21%
Controladora Vuela Comp De A	23.79% 1,130,384	$8,360,000	0.92%
Gerdau Sa	Opened 1,426,000	$5,540,000	0.61%
Despegar.com Corp	9.40% 2,365,543	$5,130,000	0.57%
Itau Unibanco Hldg S A	74.26% 798,000	$4,710,000	0.52%
Grupo Televisa S A B	Opened 1,052,601	$4,560,000	0.50%
Banco Bradesco S.A.	383.02% 3,043,000	$2,880,000	0.32%
Ishares Inc	Closed 654,000	$30,000
No transactions found
Showing first 500 out of 10 holdings