Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HAL	HALLIBURTON CO	876,300	$29.75M	3.3%	$33.95	—	COM	406216101
FCX	FREEPORT-MCMORAN INC	344,076	$21.64M	2.4%	$62.89	—	CL B	35671D857
GOOGL	ALPHABET INC CLASS A COMMON STOCK ⚠	43,900	$15.69M	1.7%	$357.37	—	CAP STK CL A	02079K305
V	VISA INC. CMN CLASS A	45,517	$15.62M	1.7%	$343.09	—	COM	92826C839
MA	MASTERCARD INCORPORATED CMN CLASS A ⚠	29,622	$15.21M	1.7%	$513.60	—	COM	57636Q104
AMZN	AMAZON.COM INC CMN ⚠	60,746	$14.48M	1.6%	$212.94	—	COM	023135106
MSFT	MICROSOFT CORPORATION ⚠	37,500	$13.99M	1.6%	$373.02	—	COM	594918104
META	META PLATFORMS INC-CLASS A CMN CLASS A ⚠	24,792	$13.97M	1.6%	$587.61	—	COM	30303M102
NVDA	NVIDIA CORPORATION CMN ⚠	61,339	$12.27M	1.4%	$184.56	—	COM	67066G104
MSFT	MICROSOFT CORPORATION CMN ⚠	26,957	$10.06M	1.1%	$373.02	—	COM	594918104
WDC	WESTERN DIGITAL	11,300	$7.218M	0.8%	$638.72	—	COM	958102105
COHR	COHERENT CORP	16,750	$6.607M	0.7%	$394.47	—	COM	19247G107
LITE	LUMENTUM HOLDINGS INC ⚠	7,500	$6.435M	0.7%	$858.06	—	COM	55024U109
GOOGL	ALPHABET INC. CMN CLASS A ⚠	17,350	$6.2M	0.7%	$357.37	—	CAP STK CL A	02079K305
AAOI	APPLIED OPTOELR	35,500	$5.26M	0.6%	$148.16	—	COM	03823U102
STX	SEAGATE TECHNOLOGY HOLDINGS	5,200	$5.018M	0.6%	$965.00	—	ORD SHS	G7997R103
GGAL	GRUPO FINANCIERO GALICIA	85,000	$4.253M	0.5%	$50.03	—	SPONSORED ADR	399909100
SPOT	SPOTIFY TECHNOLOGY S.A. CMN	8,626	$3.96M	0.4%	$459.13	—	COM	L8681T102
ITUB	ITAU UNIBANCO HOLDING SA	479,169	$3.915M	0.4%	$8.17	—	SPON ADR REP PFD	465562106
ONON	ON HOLDING AG CMN CLASS A	108,412	$3.84M	0.4%	$35.42	—	COM	H5919C104
BKNG	BOOKING HOLDINGS INC. CMN	19,961	$3.558M	0.4%	$178.24	—	COM	09857L108
MU	MICRON TECHNOLOGY, INC. CMN ⚠	2,583	$2.982M	0.3%	$1142.28	—	COM	595112103
AVGO	BROADCOM INC. CMN	7,098	$2.681M	0.3%	$377.75	—	COM	11135F101
AAPL	APPLE INC. CMN	7,800	$2.257M	0.3%	$289.36	—	COM	037833100
TER	TERADYNE INC CMN	3,864	$1.87M	0.2%	$483.84	—	COM	880770102
ACMR	ACM RESEARCH, INC. CMN CLASS A	13,815	$1.753M	0.2%	$126.89	—	COM	00108J109
BMA	BANCO MACRO BANSUD SA	18,567	$1.719M	0.2%	$92.59	—	SPON ADR B	05961W105
ORCL	ORACLE CORPORATION CMN	11,365	$1.666M	0.2%	$146.55	—	COM	68389X105
COST	COSTCO WHOLESALE CORPORATION CMN	1,600	$1.497M	0.2%	$935.47	—	COM	22160K105
WMT	WALMART INC CMN	13,205	$1.496M	0.2%	$113.26	—	COM	931142103
NTRA	NATERA, INC. CMN	5,400	$1.466M	0.2%	$271.45	—	COM	632307104
HOOD	ROBINHOOD MARKETS, INC. CMN	14,338	$1.438M	0.2%	$100.28	—	COM	770700102
LITE	LUMENTUM HOLDINGS INC. CMN ⚠	1,375	$1.18M	0.1%	$858.06	—	COM	55024U109
MA	MASTERCARD INCORPORATED ⚠	2,080	$1.068M	0.1%	$513.60	—	COM	57636Q104
AMAT	APPLIED MATERIALS INC CMN	1,250	$904K	0.1%	$723.00	—	COM	038222105
PURR	HYPERLIQUID STRATEGIES INC CMN	109,330	$860K	0.1%	$7.87	—	COM	44916Y106
VRT	VERTIV HOLDINGS LLC CMN CLASS A	2,454	$822K	0.1%	$334.82	—	COM	92537N108
LRCX	LAM RESEARCH CORPORATION CMN	1,725	$747K	0.1%	$433.33	—	COM	512807306
VNET	VNET GROUP INC SPONSORED ADR CMN	79,788	$641K	0.1%	$8.04	—	COM	90138A103
INTC	INTEL CORP	4,590	$641K	0.1%	$139.63	—	COM	458140100
WULF	TERAWULF INC CMN	25,841	$638K	0.1%	$24.70	—	COM	88080T104
ASML	ASML HOLDING N.V. ADR CMN	291	$579K	0.1%	$1989.44	—	COM	N07059210
APTV	APTIV PLC CMN ⚠	9,000	$552K	0.1%	$61.38	—	COM	G3265R107
PAX	PATRIA INVESTMENTS LTD-A	18,540	$204K	0.0%	$10.98	—	COM CL A	G69451105
QCOM	QUALCOMM INC	1,030	$190K	0.0%	$184.79	—	COM	747525103
AZUL	AZUL SA-SPON ADR	15,676	$141K	0.0%	$8.99	—	SPONSORED ADR	05501U601
TIMB	TIM SA-ADR	5,670	$121K	0.0%	$21.42	—	SPONSORED ADR	88706T108
APTV	APTIV HOLDINGS LTD ⚠	1,370	$84,091	0.0%	$61.38	—	COM	G3265R107
CSAN	COSAN SA -ADR -W/I	425	$1,224	0.0%	$2.88	—	ADS	22113B103
BHP	BHP BILLITON LTD -SPON ADR ⚠	0	$0	0.0%	—	—	SPONSORED ADR	088606108
CIG/C	COMPNHIA ENRG C ⚠	0	$0	0.0%	—	—	SPONSORED ADR	204409882

Increased Positions (16)

XP XP INC - CLASS A 8.7%

Value $78.26M (+246.3%) Shares 4,813,132 (+305.5%) Est. Cost $16.56 Unrealized —

PAM PAMPA ENERGIA SA 5.0%

Value $44.98M (+210.6%) Shares 547,637 (+234.7%) Est. Cost $84.03 Unrealized —

RIO RIO TINTO PLC 3.3%

Value $29.29M (+545.4%) Shares 308,586 (+534.3%) Est. Cost $89.95 Unrealized —

IFS INTERCORP FINANCIAL SERVICES 2.5%

Value $22.87M (+227709.4%) Shares 401,546 (+200673.0%) Est. Cost $56.96 Unrealized —

TEO TELECOM ARGENTINA 3.4%

Value $30.17M (+252.2%) Shares 2,320,411 (+216.7%) Est. Cost $12.59 Unrealized —

TGS TRANSPORT GAS SUR B ADR 6.0%

Value $53.98M (+52.1%) Shares 1,815,590 (+77.1%) Est. Cost $29.09 Unrealized —

LTM LATAM AIRLINES GROUP-SP ADR 6.8%

Value $60.99M (+39.9%) Shares 1,046,638 (+18.7%) Est. Cost $49.40 Unrealized —

MU MICRON TECHNOLOGY INC ⚠ 1.9%

Value $16.74M (+22942.6%) Shares 14,500 (+6644.2%) Est. Cost $1142.28 Unrealized —

EMBJ EMBRAER SA 3.6%

Value $32.11M (+53.1%) Shares 503,225 (+42.4%) Est. Cost $60.67 Unrealized —

BSAC BANCO SANTANDER CHILE 1.2%

Value $11.09M (+487.8%) Shares 336,710 (+496.2%) Est. Cost $33.01 Unrealized —

CIB GRUPO CIBEST SA-ADR 0.9%

Value $7.842M (+563.1%) Shares 98,727 (+507.9%) Est. Cost $78.34 Unrealized —

SBS BASIC SANITATION COMPANY OF THE STATE OF 0.2%

Value $2.037M (-62.5%) Shares 352,413 (+98.0%) Est. Cost $13.32 Unrealized —

EWZ ISHARES MSCI BRAZIL ETF 2.2%

Value $20.06M (+5.9%) Shares 581,348 (+17.9%) Est. Cost $37.80 Unrealized —

AXIA AXIA ENERGIA SA 0.1%

Value $1.04M (+7075.6%) Shares 98,495 (+7565.0%) Est. Cost $10.52 Unrealized —

BCH BANCO DE CHILE 0.0%

Value $124K (+132.9%) Shares 3,131 (+117.0%) Est. Cost $38.51 Unrealized —

CIG COMPNHIA ENRG 0.1%

Value $865K (-1.7%) Shares 412,092 (+11.9%) Est. Cost $2.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XP	XP INC - CLASS A	4,813,132 (+305.5%)	$78.26M (+246.3%)	8.7%	$16.56	—	CL A	G98239109
PAM	PAMPA ENERGIA SA	547,637 (+234.7%)	$44.98M (+210.6%)	5.0%	$84.03	—	SPONS ADR LVL I	697660207
RIO	RIO TINTO PLC	308,586 (+534.3%)	$29.29M (+545.4%)	3.3%	$89.95	—	SPONSORED ADR	767204100
IFS	INTERCORP FINANCIAL SERVICES	401,546 (+200673.0%)	$22.87M (+227709.4%)	2.5%	$56.96	—	SHS	P5626F128
TEO	TELECOM ARGENTINA	2,320,411 (+216.7%)	$30.17M (+252.2%)	3.4%	$12.59	—	SPON ADR REP B	879273209
TGS	TRANSPORT GAS SUR B ADR	1,815,590 (+77.1%)	$53.98M (+52.1%)	6.0%	$29.09	—	SPONSORED ADS B	893870204
LTM	LATAM AIRLINES GROUP-SP ADR	1,046,638 (+18.7%)	$60.99M (+39.9%)	6.8%	$49.40	—	SPONSORED ADR	51817R205
MU	MICRON TECHNOLOGY INC ⚠	14,500 (+6644.2%)	$16.74M (+22942.6%)	1.9%	$1142.28	—	COM	595112103
EMBJ	EMBRAER SA	503,225 (+42.4%)	$32.11M (+53.1%)	3.6%	$60.67	—	SPONSORED ADR	29082A107
BSAC	BANCO SANTANDER CHILE	336,710 (+496.2%)	$11.09M (+487.8%)	1.2%	$33.01	—	SP ADR REP COM	05965X109
CIB	GRUPO CIBEST SA-ADR	98,727 (+507.9%)	$7.842M (+563.1%)	0.9%	$78.34	—	SPON ADS	40090E106
SBS	BASIC SANITATION COMPANY OF THE STATE OF	352,413 (+98.0%)	$2.037M (-62.5%)	0.2%	$13.32	—	SPONSORED ADR	20441A102
EWZ	ISHARES MSCI BRAZIL ETF	581,348 (+17.9%)	$20.06M (+5.9%)	2.2%	$37.80	—	MSCI BRAZIL ETF	464286400
AXIA	AXIA ENERGIA SA	98,495 (+7565.0%)	$1.04M (+7075.6%)	0.1%	$10.52	—	SPONSORED ADR	15234Q207
BCH	BANCO DE CHILE	3,131 (+117.0%)	$124K (+132.9%)	0.0%	$38.51	—	SPONSORED ADS	059520106
CIG	COMPNHIA ENRG	412,092 (+11.9%)	$865K (-1.7%)	0.1%	$2.12	—	SP ADR N-V PFD	204409601

Exited Positions (41)

XLP STATE STREET CONSUMER STAPLES 13.4%

Value $120M Shares 1,466,111 Est. Cost $81.98 Unrealized —

MCHI ISHARES MSCI CHN 6.1%

Value $54.61M Shares 972,000 Est. Cost $56.18 Unrealized —

NU NU HOLDINGS LTD/CAYMAN ISL-A 4.1%

Value $36.93M Shares 2,569,755 Est. Cost $17.34 Unrealized —

CPA COPA HOLDINGS SA 2.8%

Value $25.54M Shares 224,792 Est. Cost $87.17 Unrealized —

BP BP PLC 1.9%

Value $16.65M Shares 354,344 Est. Cost $31.98 Unrealized —

GGB GERDAU SA 1.7%

Value $15.36M Shares 4,254,223 Est. Cost $3.04 Unrealized —

AA ALCOA CORP 1.1%

Value $10.3M Shares 155,300 Est. Cost $61.09 Unrealized —

CPAY CORPAY INC 0.9%

Value $8.514M Shares 29,260 Est. Cost $314.99 Unrealized —

OIH VANECK OIL SERVICES ETF 0.7%

Value $6.669M Shares 16,500 Est. Cost $404.21 Unrealized —

CEPU CENTRAL PUERTO-SPONSORED ADR 0.7%

Value $6.084M Shares 361,495 Est. Cost $16.83 Unrealized —

GRND GRINDR INC 0.6%

Value $5.511M Shares 455,800 Est. Cost $14.89 Unrealized —

SHEL SHELL PLC-ADR 0.5%

Value $4.864M Shares 52,300 Est. Cost $93.00 Unrealized —

OWL BLUE OWL CAPITAL INC 0.5%

Value $4.471M Shares 489,660 Est. Cost $18.50 Unrealized —

LUXE LUXEXPERIENCE BV 0.5%

Value $4.187M Shares 523,410 Est. Cost $8.23 Unrealized —

CEPT CANTOR EQUITY PARTNERS-CL A 0.4%

Value $3.321M Shares 305,000 Est. Cost $11.28 Unrealized —

CTLP CANTALOUPE INC 0.4%

Value $3.228M Shares 298,600 Est. Cost $9.72 Unrealized —

CORZ CORE SCIENTIFIC INC 0.3%

Value $3.072M Shares 205,350 Est. Cost $17.57 Unrealized —

TLN TALEN ENERGY CORP 0.3%

Value $2.391M Shares 7,490 Est. Cost $198.93 Unrealized —

— PUT - EEM 100 @ 56 EXP 04/17/2026 0.3%

Value $2.302M Shares 17,000 Est. Cost — Unrealized —

SOLS SOLSTICE ADVANCED MATERI-W/I 0.3%

Value $2.254M Shares 29,600 Est. Cost $65.21 Unrealized —

PGY PAGAYA TECHNOLOGIES LTD -A 0.2%

Value $2.098M Shares 180,100 Est. Cost $25.07 Unrealized —

TDG TRANSDIGM GROUP INC 0.2%

Value $2.063M Shares 1,780 Est. Cost $1300.02 Unrealized —

NYAX NAYAX LTD 0.1%

Value $1.149M Shares 20,524 Est. Cost $41.91 Unrealized —

JBL JABIL IN 0.1%

Value $1.063M Shares 4,000 Est. Cost $248.04 Unrealized —

IREN IREN LTD 0.1%

Value $992K Shares 28,950 Est. Cost $33.77 Unrealized —

— PUT - EWY 100 @ 100 EXP 05/15/2026 0.1%

Value $612K Shares 2,091 Est. Cost — Unrealized —

BSBR BANCO SANTANDER 0.1%

Value $515K Shares 86,883 Est. Cost $6.04 Unrealized —

— PUT - SMH 100 @ 375 EXP 04/10/2026 0.1%

Value $476K Shares 700 Est. Cost — Unrealized —

AXIA/P AXIA ENERGIA SA 0.0%

Value $381K Shares 30,376 Est. Cost $9.36 Unrealized —

— PUT - JETS 100 @ 22 EXP 04/17/2026 0.0%

Value $222K Shares 6,000 Est. Cost — Unrealized —

— CALL- IGV 100 @ 90 EXP 06/18/2026 0.0%

Value $197K Shares 1,300 Est. Cost — Unrealized —

— CALL- IWM 100 @ 280 EXP 06/18/2026 0.0%

Value $184K Shares 1,000 Est. Cost — Unrealized —

ENIC ENEL CHILE S.A. 0.0%

Value $168K Shares 42,596 Est. Cost $4.02 Unrealized —

— CALL- IWM 100 @ 290 EXP 06/18/2026 0.0%

Value $78,500 Shares 1,000 Est. Cost — Unrealized —

STLD STEEL DYNAMICS 0.0%

Value $75,420 Shares 419 Est. Cost $184.13 Unrealized —

EWZS ISHRS BRAZIL SM 0.0%

Value $53,568 Shares 3,617 Est. Cost $14.81 Unrealized —

— CALL- PBR 100 @ 29 EXP 04/17/2026 0.0%

Value $10,896 Shares 3,850 Est. Cost — Unrealized —

— CALL- CRWV 100 @ 150 EXP 06/18/2026 0.0%

Value $8,199 Shares 100 Est. Cost — Unrealized —

BRBI BR ADVISORY PARTNERS PARTICI 0.0%

Value $7,817 Shares 525 Est. Cost $14.89 Unrealized —

BABA ALIBABA GROUP HOLDING LTD 0.0%

Value $2,007 Shares 16 Est. Cost $153.61 Unrealized —

SCCO SOUTHERN COPPER CORP 0.0%

Value $172 Shares 1 Est. Cost $187.35 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLP	STATE STREET CONSUMER STAPLES	1,466,111	$120M	13.4%	$81.98	—	—	81369Y308
MCHI	ISHARES MSCI CHN	972,000	$54.61M	6.1%	$56.18	—	—	46429B671
NU	NU HOLDINGS LTD/CAYMAN ISL-A	2,569,755	$36.93M	4.1%	$17.34	—	—	G6683N103
CPA	COPA HOLDINGS SA	224,792	$25.54M	2.8%	$87.17	—	—	P31076105
BP	BP PLC	354,344	$16.65M	1.9%	$31.98	—	—	055622104
GGB	GERDAU SA	4,254,223	$15.36M	1.7%	$3.04	—	—	373737105
AA	ALCOA CORP	155,300	$10.3M	1.1%	$61.09	—	—	013872106
CPAY	CORPAY INC	29,260	$8.514M	0.9%	$314.99	—	—	219948106
OIH	VANECK OIL SERVICES ETF	16,500	$6.669M	0.7%	$404.21	—	—	92189H607
CEPU	CENTRAL PUERTO-SPONSORED ADR	361,495	$6.084M	0.7%	$16.83	—	—	155038201
GRND	GRINDR INC	455,800	$5.511M	0.6%	$14.89	—	—	39854F101
SHEL	SHELL PLC-ADR	52,300	$4.864M	0.5%	$93.00	—	—	780259305
OWL	BLUE OWL CAPITAL INC	489,660	$4.471M	0.5%	$18.50	—	—	09581B103
LUXE	LUXEXPERIENCE BV	523,410	$4.187M	0.5%	$8.23	—	—	55406W103
CEPT	CANTOR EQUITY PARTNERS-CL A	305,000	$3.321M	0.4%	$11.28	—	—	G1827P106
CTLP	CANTALOUPE INC	298,600	$3.228M	0.4%	$9.72	—	—	138103106
CORZ	CORE SCIENTIFIC INC	205,350	$3.072M	0.3%	$17.57	—	—	21874A106
TLN	TALEN ENERGY CORP	7,490	$2.391M	0.3%	$198.93	—	—	87422Q109
—	PUT - EEM 100 @ 56 EXP 04/17/2026	17,000	$2.302M	0.3%	—	—	PUT	99DQX52N2
SOLS	SOLSTICE ADVANCED MATERI-W/I	29,600	$2.254M	0.3%	$65.21	—	—	83443Q103
PGY	PAGAYA TECHNOLOGIES LTD -A	180,100	$2.098M	0.2%	$25.07	—	—	M7S64L123
TDG	TRANSDIGM GROUP INC	1,780	$2.063M	0.2%	$1300.02	—	—	893641100
NYAX	NAYAX LTD	20,524	$1.149M	0.1%	$41.91	—	—	M7S750159
JBL	JABIL IN	4,000	$1.063M	0.1%	$248.04	—	—	466313103
IREN	IREN LTD	28,950	$992K	0.1%	$33.77	—	—	Q4982L109
—	PUT - EWY 100 @ 100 EXP 05/15/2026	2,091	$612K	0.1%	—	—	PUT	99DSPL5M1
BSBR	BANCO SANTANDER	86,883	$515K	0.1%	$6.04	—	—	05967A107
—	PUT - SMH 100 @ 375 EXP 04/10/2026	700	$476K	0.1%	—	—	PUT	99DSN51Z3
AXIA/P	AXIA ENERGIA SA	30,376	$381K	0.0%	$9.36	—	—	15235A102
—	PUT - JETS 100 @ 22 EXP 04/17/2026	6,000	$222K	0.0%	—	—	PUT	99DRRS1M0
—	CALL- IGV 100 @ 90 EXP 06/18/2026	1,300	$197K	0.0%	—	—	CALL	99DLC3QX3
—	CALL- IWM 100 @ 280 EXP 06/18/2026	1,000	$184K	0.0%	—	—	CALL	99D7LNWD7
ENIC	ENEL CHILE S.A.	42,596	$168K	0.0%	$4.02	—	—	29278D105
—	CALL- IWM 100 @ 290 EXP 06/18/2026	1,000	$78,500	0.0%	—	—	CALL	99D7T9F31
STLD	STEEL DYNAMICS	419	$75,420	0.0%	$184.13	—	—	858119100
EWZS	ISHRS BRAZIL SM	3,617	$53,568	0.0%	$14.81	—	—	464289131
—	CALL- PBR 100 @ 29 EXP 04/17/2026	3,850	$10,896	0.0%	—	—	CALL	99DRWVJC0
—	CALL- CRWV 100 @ 150 EXP 06/18/2026	100	$8,199	0.0%	—	—	CALL	99DLHHN28
BRBI	BR ADVISORY PARTNERS PARTICI	525	$7,817	0.0%	$14.89	—	—	05616P109
BABA	ALIBABA GROUP HOLDING LTD	16	$2,007	0.0%	$153.61	—	—	01609W102
SCCO	SOUTHERN COPPER CORP	1	$172	0.0%	$187.35	—	—	84265V105

Decreased Positions (20)

PBR/A PETROLEO BRASILEIRO SA PETRO 1.6%

Value $14.54M (-88.7%) Shares 992,898 (-85.6%) Est. Cost $17.74 Unrealized —

VALE VALE SA SP ADR 0.7%

Value $5.993M (-93.2%) Shares 398,493 (-92.8%) Est. Cost $16.20 Unrealized —

STNE STONECO LTD-A 3.6%

Value $32.56M (-70.2%) Shares 3,004,035 (-61.1%) Est. Cost $14.65 Unrealized —

NVDA NVIDIA CORP ⚠ 1.1%

Value $10.28M (-77.6%) Shares 51,400 (-80.5%) Est. Cost $184.56 Unrealized —

PBR PETROLEO BRASILEIRO ADR 0.1%

Value $1.301M (-96.4%) Shares 80,480 (-95.4%) Est. Cost $12.73 Unrealized —

INTR INTER & CO INC - CL A 2.1%

Value $18.54M (-42.1%) Shares 3,414,933 (-15.1%) Est. Cost $8.77 Unrealized —

AMZN AMAZON.COM INC ⚠ 0.0%

Value $0 (-100.0%) Shares 0 (-100.0%) Est. Cost $212.94 Unrealized —

ARCO ARCOS DORADOS HOLDINGS INC 4.0%

Value $36.28M (-26.1%) Shares 4,501,327 (-24.3%) Est. Cost $7.33 Unrealized —

BBD BANCO BRADESCO 3.4%

Value $30.76M (-23.8%) Shares 8,863,299 (-19.8%) Est. Cost $3.51 Unrealized —

SN SHARKNINJA, INC. CMN 0.2%

Value $1.798M (-83.7%) Shares 11,808 (-88.7%) Est. Cost $101.97 Unrealized —

AXIA/PC AXIA ENERGIA SA 0.0%

Value $19,085 (-99.7%) Shares 1,809 (-99.7%) Est. Cost $8.62 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG ADS LTD ADS 1ADS EQUALS 5ORDS 1.5%

Value $13.67M (-31.8%) Shares 28,621 (-51.7%) Est. Cost $337.95 Unrealized —

VINP VINCI COMPASS INVESTMENTS LTD 4.8%

Value $43.22M (-12.3%) Shares 4,441,517 (-4.9%) Est. Cost $10.96 Unrealized —

BAP CREDICORP 1.9%

Value $17.13M (-25.1%) Shares 43,967 (-34.8%) Est. Cost $205.27 Unrealized —

ELPC CIA PARANAENSE DE ENER-ADR 0.6%

Value $5.433M (-49.6%) Shares 466,331 (-48.3%) Est. Cost $9.27 Unrealized —

EVEX EVE HOLDING INC 0.1%

Value $1.041M (-81.7%) Shares 414,632 (-81.9%) Est. Cost $4.59 Unrealized —

META META PLATFORMS INC ⚠ 0.1%

Value $696K (-85.7%) Shares 1,235 (-85.4%) Est. Cost $587.61 Unrealized —

UGP ULTRAPAR PARTICIPACOES 0.2%

Value $1.898M (-33.7%) Shares 378,023 (-27.2%) Est. Cost $3.78 Unrealized —

SUZ SUZANO SA 0.0%

Value $292K (-41.6%) Shares 37,621 (-24.6%) Est. Cost $661.97 Unrealized —

ABEV COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV 0.0%

Value $160K (-22.3%) Shares 50,872 (-27.7%) Est. Cost $2.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PBR/A	PETROLEO BRASILEIRO SA PETRO	992,898 (-85.6%)	$14.54M (-88.7%)	1.6%	$17.74	—	SP ADR NON VTG	71654V101
VALE	VALE SA SP ADR	398,493 (-92.8%)	$5.993M (-93.2%)	0.7%	$16.20	—	SPONSORED ADS	91912E105
STNE	STONECO LTD-A	3,004,035 (-61.1%)	$32.56M (-70.2%)	3.6%	$14.65	—	COM CL A	G85158106
NVDA	NVIDIA CORP ⚠	51,400 (-80.5%)	$10.28M (-77.6%)	1.1%	$184.56	—	COM	67066G104
PBR	PETROLEO BRASILEIRO ADR	80,480 (-95.4%)	$1.301M (-96.4%)	0.1%	$12.73	—	SPONSORED ADR	71654V408
INTR	INTER & CO INC - CL A	3,414,933 (-15.1%)	$18.54M (-42.1%)	2.1%	$8.77	—	CLASS A COM	G4R20B107
AMZN	AMAZON.COM INC ⚠	0 (-100.0%)	$0 (-100.0%)	0.0%	$212.94	—	COM	023135106
ARCO	ARCOS DORADOS HOLDINGS INC	4,501,327 (-24.3%)	$36.28M (-26.1%)	4.0%	$7.33	—	SHS CLASS -A -	G0457F107
BBD	BANCO BRADESCO	8,863,299 (-19.8%)	$30.76M (-23.8%)	3.4%	$3.51	—	SP ADR PFD NEW	059460303
SN	SHARKNINJA, INC. CMN	11,808 (-88.7%)	$1.798M (-83.7%)	0.2%	$101.97	—	COM	G8068L108
AXIA/PC	AXIA ENERGIA SA	1,809 (-99.7%)	$19,085 (-99.7%)	0.0%	$8.62	—	SPON ADS PF CL C	15236F100
TSM	TAIWAN SEMICONDUCTOR MFG ADS LTD ADS 1ADS EQUALS 5ORDS	28,621 (-51.7%)	$13.67M (-31.8%)	1.5%	$337.95	—	COM	874039100
VINP	VINCI COMPASS INVESTMENTS LTD	4,441,517 (-4.9%)	$43.22M (-12.3%)	4.8%	$10.96	—	COM CL A	G9451V109
BAP	CREDICORP	43,967 (-34.8%)	$17.13M (-25.1%)	1.9%	$205.27	—	COM	G2519Y108
ELPC	CIA PARANAENSE DE ENER-ADR	466,331 (-48.3%)	$5.433M (-49.6%)	0.6%	$9.27	—	SPONSORED ADS	20441B704
EVEX	EVE HOLDING INC	414,632 (-81.9%)	$1.041M (-81.7%)	0.1%	$4.59	—	COM	29970N104
META	META PLATFORMS INC ⚠	1,235 (-85.4%)	$696K (-85.7%)	0.1%	$587.61	—	COM	30303M102
UGP	ULTRAPAR PARTICIPACOES	378,023 (-27.2%)	$1.898M (-33.7%)	0.2%	$3.78	—	SP ADR REP COM	90400P101
SUZ	SUZANO SA	37,621 (-24.6%)	$292K (-41.6%)	0.0%	$661.97	—	SPON ADS	86959K105
ABEV	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV	50,872 (-27.7%)	$160K (-22.3%)	0.0%	$2.00	—	SPONSORED ADR	02319V103

Unchanged Positions (1)

FXI ISHARE CHINA LARGE CAP ETF 0.1%

Value $801K Shares 25,370 Est. Cost $30.44 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FXI	ISHARE CHINA LARGE CAP ETF	25,370	$801K	0.1%	$30.44	—	CHINA LG-CAP ETF	464287184