Sagil Capital LLP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	UNITED STS OIL FD LP	595,000	$75,714	28.8%	—	—	PUT	91232N957
—	ISHARES TR	420,000	$23,852	9.1%	—	—	PUT	464287954
VIST	VISTA ENERGY S.A.B. DE C.V.	250,000	$18,868	7.2%	$75.47	—	SPONSORED ADS	92837L109
PICS	PICS NV	1,300,000	$13,585	5.2%	$10.45	—	COM CL A	N69958101
GGAL	GRUPO FINANCIERO GALICIA S.A	231,958	$10,835	4.1%	$46.71	—	SPONSORED ADR	399909100
BBAR	BANCO BBVA ARGENTINA S A	600,000	$9,636	3.7%	$16.06	—	SPONSORED ADS	058934100
NU	NU HLDGS LTD	600,000	$8,622	3.3%	$17.34	0.0%	ORD SHS CL A	G6683N103
AGRO	ADECOAGRO S A	503,476	$7,562	2.9%	$8.62	0.0%	COM	L00849106
NTR	NUTRIEN LTD	100,000	$7,546	2.9%	$68.11	0.0%	COM	67077M108
GLOB	GLOBANT S A	75,000	$3,458	1.3%	$60.35	0.0%	COM	L44385109

Increased Positions (4)

TEO TELECOM ARGENTINA SA 5.1%

Value ($000) $13,518 (+77.2%) Shares 1,156,409 (+76.0%) Est. Cost $11.64 Unrealized —

ZIM ZIM INTEGRATED SHIPPING SERV 2.7%

Value ($000) $7,153 (+381.4%) Shares 271,475 (+287.8%) Est. Cost $21.72 Unrealized +7.9%

NEXA NEXA RES S A 5.4%

Value ($000) $14,167 (+21.6%) Shares 1,337,794 (+1.6%) Est. Cost $6.59 Unrealized +79.9%

CPAC CEMENTOS PACASMAYO S A A 1.0%

Value ($000) $2,682 (+22.7%) Shares 268,197 (+27.9%) Est. Cost $6.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TEO	TELECOM ARGENTINA SA	1,156,409 (+76.0%)	$13,518 (+77.2%)	5.1%	$11.64	—	SPON ADR REP B	879273209
ZIM	ZIM INTEGRATED SHIPPING SERV	271,475 (+287.8%)	$7,153 (+381.4%)	2.7%	$21.72	+7.9%	SHS	M9T951109
NEXA	NEXA RES S A	1,337,794 (+1.6%)	$14,167 (+21.6%)	5.4%	$6.59	+79.9%	COM	L67359106
CPAC	CEMENTOS PACASMAYO S A A	268,197 (+27.9%)	$2,682 (+22.7%)	1.0%	$6.07	—	SPONSORED ADR	15126Q208

Exited Positions (12)

GLD SPDR GOLD TR 57.8%

Value ($000) $152,064 Shares 383,700 Est. Cost — Unrealized —

EWZ ISHARES INC 36.3%

Value ($000) $95,383 Shares 3,002,300 Est. Cost — Unrealized —

USO UNITED STS OIL FD LP 10.4%

Value ($000) $27,318 Shares 395,000 Est. Cost — Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 7.7%

Value ($000) $20,286 Shares 1,800,000 Est. Cost $12.23 Unrealized —

TNK TEEKAY TANKERS LTD 7.6%

Value ($000) $19,960 Shares 373,640 Est. Cost $44.92 Unrealized +43.5%

CMBT CMB.TECH NV 5.1%

Value ($000) $13,485 Shares 1,397,397 Est. Cost $9.48 Unrealized +29.3%

AUGO AURA MINERALS INC 3.0%

Value ($000) $7,864 Shares 155,992 Est. Cost $39.27 Unrealized +67.1%

PBR PETROLEO BRASILEIRO SA PETRO 2.8%

Value ($000) $7,243 Shares 611,224 Est. Cost $11.85 Unrealized —

CPA COPA HOLDINGS SA 2.5%

Value ($000) $6,495 Shares 53,854 Est. Cost $121.26 Unrealized +14.5%

GGB GERDAU SA 2.2%

Value ($000) $5,785 Shares 1,567,825 Est. Cost $3.10 Unrealized —

EXK ENDEAVOUR SILVER CORP 1.4%

Value ($000) $3,666 Shares 390,000 Est. Cost $8.48 Unrealized +39.8%

AERO GRUPO AEROMEXICO SAB DE CV 0.3%

Value ($000) $784 Shares 35,689 Est. Cost $21.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	383,700	$152,064	57.8%	—	—	PUT	78463V107
EWZ	ISHARES INC	3,002,300	$95,383	36.3%	—	—	PUT	464286400
USO	UNITED STS OIL FD LP	395,000	$27,318	10.4%	—	—	PUT	91232N207
PBR/A	PETROLEO BRASILEIRO SA PETRO	1,800,000	$20,286	7.7%	$12.23	—	—	71654V101
TNK	TEEKAY TANKERS LTD	373,640	$19,960	7.6%	$44.92	+43.5%	—	G8726X106
CMBT	CMB.TECH NV	1,397,397	$13,485	5.1%	$9.48	+29.3%	—	B38564108
AUGO	AURA MINERALS INC	155,992	$7,864	3.0%	$39.27	+67.1%	—	G06973112
PBR	PETROLEO BRASILEIRO SA PETRO	611,224	$7,243	2.8%	$11.85	—	—	71654V408
CPA	COPA HOLDINGS SA	53,854	$6,495	2.5%	$121.26	+14.5%	—	P31076105
GGB	GERDAU SA	1,567,825	$5,785	2.2%	$3.10	—	—	373737105
EXK	ENDEAVOUR SILVER CORP	390,000	$3,666	1.4%	$8.48	+39.8%	—	29258Y103
AERO	GRUPO AEROMEXICO SAB DE CV	35,689	$784	0.3%	$21.96	—	—	40054J109

Decreased Positions (2)

TEN TSAKOS ENERGY NAVIGATION LTD 3.8%

Value ($000) $9,865 (-48.9%) Shares 250,000 (-71.0%) Est. Cost $21.29 Unrealized +27.0%

B BARRICK MNG CORP 6.2%

Value ($000) $16,316 (-21.9%) Shares 400,000 (-16.7%) Est. Cost $19.29 Unrealized +150.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TEN	TSAKOS ENERGY NAVIGATION LTD	250,000 (-71.0%)	$9,865 (-48.9%)	3.8%	$21.29	+27.0%	SHS	G9108L173
B	BARRICK MNG CORP	400,000 (-16.7%)	$16,316 (-21.9%)	6.2%	$19.29	+150.4%	COM SHS	06849F108

Unchanged Positions (3)

— PETROLEO BRASILEIRO S A 2.8%

Value ($000) $7,263 Shares 350,000 Est. Cost — Unrealized —

ARIS ARIS MINING CORPORATION 3.2%

Value ($000) $8,365 Shares 450,000 Est. Cost $7.97 Unrealized +137.2%

LQD ISHARES TR 1.5%

Value ($000) $3,945 Shares 36,200 Est. Cost $109.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PETROLEO BRASILEIRO S A	350,000	$7,263	2.8%	—	—	CALL	71654V908
ARIS	ARIS MINING CORPORATION	450,000	$8,365	3.2%	$7.97	+137.2%	COM	04040Y109
LQD	ISHARES TR	36,200	$3,945	1.5%	$109.61	—	IBOXX INV CP ETF	464287242