Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SLV	ISHARES SILVER TR	2,189,800	$119M	3.8%	$54.51	—	—	CALL	46428Q109
ASX	ASE TECHNOLOGY HLDG CO LTD	1,464,677	$65.12M	2.1%	$44.46	$39.17	+13.5%	SPONSORED ADS	00215W100
BP	BP PLC	1,347,372	$59.27M	1.9%	$43.99	$42.91	+2.5%	SPONSORED ADR	055622104
EWY	ISHARES INC	295,700	$54.05M	1.7%	$182.78	—	—	CALL	464286772
SHEL	SHELL PLC	567,748	$53.96M	1.7%	$95.05	$90.23	+5.3%	SPON ADS	780259305
MU	MICRON TECHNOLOGY INC	43,000	$45.8M	1.5%	$1065.11	—	—	PUT	595112103
TLT	ISHARES TR	376,785	$29.31M	0.9%	$77.78	$82.47	-5.7%	20 YR TR BD ETF	464287432
INTC	INTEL CORP	197,123	$23.7M	0.8%	$120.23	$102.00	+17.9%	COM	458140100
GDX	VANECK ETF TRUST	252,819	$22.2M	0.7%	$87.80	$87.37	+0.5%	GOLD MINERS ETF	92189F106
NXPI	NXP SEMICONDUCTORS N V	71,483	$16.98M	0.5%	$237.53	$243.70	-2.5%	COM	N6596X109
MT	ARCELORMITTAL SA LUXEMBOURG	222,440	$14.85M	0.5%	$66.74	$70.81	-5.7%	NY REGISTRY SH	03938L203

Increased Positions (8)

BABA ALIBABA GROUP HLDG LTD 5.5%

Value $171M (+255.6%) Shares 1,587,270 (+217.4%) Share Price $107.54 Est. Cost/Share $123.97 Unrealized @ Report Date -13.3%

ITUB ITAU UNIBANCO HLDG S A 6.0%

Value $185M (+135.1%) Shares 21,715,203 (+125.2%) Share Price $8.53 Est. Cost/Share $8.20 Unrealized @ Report Date +4.0%

EGO ELDORADO GOLD CORP NEW 6.4%

Value $198M (+63.1%) Shares 5,149,668 (+31.7%) Share Price $38.49 Est. Cost/Share $22.19 Unrealized @ Report Date +73.5%

BABA ALIBABA GROUP HLDG LTD 5.9%

Value $183M (+32.1%) Shares 1,699,300 (+17.9%) Share Price $107.54 Est. Cost/Share $123.97 Unrealized @ Report Date -13.3%

TSM TAIWAN SEMICONDUCTOR MANUFAC 7.5%

Value $231M (+16.8%) Shares 507,110 (+22.3%) Share Price $456.19 Est. Cost/Share $287.69 Unrealized @ Report Date +58.6%

GDS GDS HLDGS LTD 3.5%

Value $107M (+8.2%) Shares 3,434,200 (+4.1%) Share Price $31.23 Est. Cost/Share $34.98 Unrealized @ Report Date -10.7%

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.5%

Value $16.02M (+35.8%) Shares 339,484 (+53.3%) Share Price $47.20 Est. Cost/Share $66.81 Unrealized @ Report Date -29.3%

TS TENARIS S A 0.5%

Value $16.11M (+4.3%) Shares 291,886 (+4.9%) Share Price $55.18 Est. Cost/Share $49.55 Unrealized @ Report Date +11.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	1,587,270 (+217.4%)	$171M (+255.6%)	5.5%	$107.54	$123.97	-13.3%	SPONSORED ADS	01609W102
ITUB	ITAU UNIBANCO HLDG S A	21,715,203 (+125.2%)	$185M (+135.1%)	6.0%	$8.53	$8.20	+4.0%	SPON ADR REP PFD	465562106
EGO	ELDORADO GOLD CORP NEW	5,149,668 (+31.7%)	$198M (+63.1%)	6.4%	$38.49	$22.19	+73.5%	COM	284902509
BABA	ALIBABA GROUP HLDG LTD	1,699,300 (+17.9%)	$183M (+32.1%)	5.9%	$107.54	$123.97	-13.3%	CALL	01609W102
TSM	TAIWAN SEMICONDUCTOR MANUFAC	507,110 (+22.3%)	$231M (+16.8%)	7.5%	$456.19	$287.69	+58.6%	SPONSORED ADS	874039100
GDS	GDS HLDGS LTD	3,434,200 (+4.1%)	$107M (+8.2%)	3.5%	$31.23	$34.98	-10.7%	SPONSORED ADS	36165L108
MMYT	MAKEMYTRIP LIMITED MAURITIUS	339,484 (+53.3%)	$16.02M (+35.8%)	0.5%	$47.20	$66.81	-29.3%	SHS	V5633W109
TS	TENARIS S A	291,886 (+4.9%)	$16.11M (+4.3%)	0.5%	$55.18	$49.55	+11.4%	SPONSORED ADS	88031M109

Exited Positions (10)

GGAL GRUPO FINANCIERO GALICIA S.A 2.2%

Value $68.05M Shares 1,360,220 Share Price $50.03 * Est. Cost/Share $50.03 Unrealized @ Report Date -25.6%

ASML ASML HLDG NV 2.1%

Value $63.77M Shares 32,056 Share Price $1989.44 * Est. Cost/Share $1591.72 Unrealized @ Report Date +13.8%

USO UNITED STS OIL FD LP 2.0%

Value $63.52M Shares 596,800 Share Price $106.44 Est. Cost/Share — Unrealized @ Report Date —

AU ANGLOGOLD ASHANTI PLC 2.0%

Value $61.2M Shares 756,610 Share Price $80.89 * Est. Cost/Share $87.02 Unrealized @ Report Date +8.0%

PPC PILGRIMS PRIDE CORP 1.7%

Value $52.19M Shares 1,856,460 Share Price $28.11 * Est. Cost/Share $30.73 Unrealized @ Report Date -12.1%

NTES NETEASE COM INC 1.3%

Value $39.28M Shares 306,577 Share Price $128.14 * Est. Cost/Share $119.39 Unrealized @ Report Date +1.5%

SLB SLB LIMITED 1.3%

Value $38.79M Shares 834,322 Share Price $46.49 * Est. Cost/Share $50.13 Unrealized @ Report Date -2.8%

CPNG COUPANG INC 1.2%

Value $38.19M Shares 2,198,457 Share Price $17.37 * Est. Cost/Share $18.05 Unrealized @ Report Date -23.2%

BBD BANCO BRADESCO S A 0.5%

Value $15.56M Shares 4,484,271 Share Price $3.47 Est. Cost/Share $3.66 Unrealized @ Report Date -3.8%

BEKE KE HLDGS INC 0.3%

Value $10.14M Shares 697,760 Share Price $14.53 * Est. Cost/Share $16.47 Unrealized @ Report Date +2.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GGAL	GRUPO FINANCIERO GALICIA S.A	1,360,220	$68.05M	2.2%	$50.03 *	$50.03	-25.6%	—	399909100
ASML	ASML HLDG NV	32,056	$63.77M	2.1%	$1989.44 *	$1591.72	+13.8%	—	N07059210
USO	UNITED STS OIL FD LP	596,800	$63.52M	2.0%	$106.44	—	—	PUT	91232N207
AU	ANGLOGOLD ASHANTI PLC	756,610	$61.2M	2.0%	$80.89 *	$87.02	+8.0%	—	G0378L100
PPC	PILGRIMS PRIDE CORP	1,856,460	$52.19M	1.7%	$28.11 *	$30.73	-12.1%	—	72147K108
NTES	NETEASE COM INC	306,577	$39.28M	1.3%	$128.14 *	$119.39	+1.5%	—	64110W102
SLB	SLB LIMITED	834,322	$38.79M	1.3%	$46.49 *	$50.13	-2.8%	—	806857108
CPNG	COUPANG INC	2,198,457	$38.19M	1.2%	$17.37 *	$18.05	-23.2%	—	22266T109
BBD	BANCO BRADESCO S A	4,484,271	$15.56M	0.5%	$3.47	$3.66	-3.8%	—	059460303
BEKE	KE HLDGS INC	697,760	$10.14M	0.3%	$14.53 *	$16.47	+2.3%	—	482497104

Decreased Positions (10)

EEM ISHARES TR 5.2%

Value $162M (-70.5%) Shares 2,427,000 (-69.8%) Share Price $66.79 Est. Cost/Share — Unrealized @ Report Date —

QQQ INVESCO QQQ TR 23.3%

Value $724M (-31.9%) Shares 978,700 (-32.2%) Share Price $739.77 Est. Cost/Share — Unrealized @ Report Date —

EMBJ EMBRAER S.A. 1.0%

Value $30.36M (-76.6%) Shares 403,071 (-80.1%) Share Price $75.32 Est. Cost/Share $60.03 Unrealized @ Report Date +25.5%

KWEB KRANESHARES TRUST 0.9%

Value $27.33M (-58.5%) Shares 1,115,000 (-58.6%) Share Price $24.51 Est. Cost/Share — Unrealized @ Report Date —

IBN ICICI BK LTD 2.1%

Value $63.97M (-37.0%) Shares 2,321,873 (-33.6%) Share Price $27.55 Est. Cost/Share $30.64 Unrealized @ Report Date -10.1%

CPA COPA HOLDINGS SA 1.0%

Value $29.86M (-52.0%) Shares 226,475 (-43.4%) Share Price $131.85 Est. Cost/Share $128.87 Unrealized @ Report Date +2.3%

SE SEA LTD 3.9%

Value $120M (-14.4%) Shares 1,234,958 (-15.8%) Share Price $97.36 Est. Cost/Share $87.91 Unrealized @ Report Date +10.7%

HAL HALLIBURTON CO 0.5%

Value $14.06M (-43.0%) Shares 442,069 (-39.1%) Share Price $31.80 Est. Cost/Share $35.38 Unrealized @ Report Date -10.1%

PBR PETROLEO BRASILEIRO S A 2.7%

Value $84.69M (-3.2%) Shares 4,057,844 (-25.0%) Share Price $20.87 Est. Cost/Share $19.54 Unrealized @ Report Date +6.8%

GLD SPDR GOLD TR 7.3%

Value $225M (+0.6%) Shares 591,600 (-2.7%) Share Price $380.84 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EEM	ISHARES TR	2,427,000 (-69.8%)	$162M (-70.5%)	5.2%	$66.79	—	—	PUT	464287234
QQQ	INVESCO QQQ TR	978,700 (-32.2%)	$724M (-31.9%)	23.3%	$739.77	—	—	PUT	46090E103
EMBJ	EMBRAER S.A.	403,071 (-80.1%)	$30.36M (-76.6%)	1.0%	$75.32	$60.03	+25.5%	SPONSORED ADS	29082A107
KWEB	KRANESHARES TRUST	1,115,000 (-58.6%)	$27.33M (-58.5%)	0.9%	$24.51	—	—	CALL	500767306
IBN	ICICI BK LTD	2,321,873 (-33.6%)	$63.97M (-37.0%)	2.1%	$27.55	$30.64	-10.1%	ADR	45104G104
CPA	COPA HOLDINGS SA	226,475 (-43.4%)	$29.86M (-52.0%)	1.0%	$131.85	$128.87	+2.3%	CL A	P31076105
SE	SEA LTD	1,234,958 (-15.8%)	$120M (-14.4%)	3.9%	$97.36	$87.91	+10.7%	SPONSORD ADS	81141R100
HAL	HALLIBURTON CO	442,069 (-39.1%)	$14.06M (-43.0%)	0.5%	$31.80	$35.38	-10.1%	COM	406216101
PBR	PETROLEO BRASILEIRO S A	4,057,844 (-25.0%)	$84.69M (-3.2%)	2.7%	$20.87	$19.54	+6.8%	SPONSORED ADR	71654V408
GLD	SPDR GOLD TR	591,600 (-2.7%)	$225M (+0.6%)	7.3%	$380.84	—	—	CALL	78463V107

Unchanged Positions (1)

VNET VNET GROUP INC 0.3%

Value $8.143M Shares 1,467,195 Share Price $5.55 Est. Cost/Share $10.60 Unrealized @ Report Date -47.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
VNET	VNET GROUP INC	1,467,195	$8.143M	0.3%	$5.55	$10.60	-47.6%	SPONSORED ADS A	90138A103