Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TLT	ISHARES TR	1,000,000	$77.78M	8.8%	$77.78	—	—	CALL	464287432
EWY	ISHARES INC	237,050	$43.33M	4.9%	$182.78	$176.01	+3.8%	MSCI STH KOR ETF	464286772
URA	GLOBAL X FDS	338,400	$13.49M	1.5%	$39.85	$42.87	-7.1%	GLOBAL X URANIUM	37954Y871
JAAA	JANUS DETROIT STR TR	191,640	$9.672M	1.1%	$50.47	$50.60	-0.3%	HENDRSON AAA CL	47103U845
SLV	ISHARES SILVER TR	125,000	$6.814M	0.8%	$54.51	—	—	CALL	46428Q109
EFX	EQUIFAX INC	41,700	$5.723M	0.6%	$137.24	$173.87	-21.1%	COM	294429105
ROKU	ROKU INC	29,656	$4.516M	0.5%	$152.28	$150.48	+1.2%	COM CL A	77543R102
STNE	STONECO LTD	460,000	$4.296M	0.5%	$9.34	$9.34	—	COM CL A	G85158106
NSC	NORFOLK SOUTHN CORP	13,688	$4.23M	0.5%	$309.00	$331.23	-6.7%	COM	655844108
SLAB	SILICON LABORATORIES INC	10,867	$2.408M	0.3%	$221.58	$218.90	+1.2%	COM	826919102
VAL	VALARIS LTD	23,760	$1.866M	0.2%	$78.52	$81.52	-3.7%	CL A	G9460G101
IMXI	INTERNATIONAL MONEY EXPRESS	155,722	$1.803M	0.2%	$11.58	$13.32	-13.1%	COM	46005L101
PBR	PETROLEO BRASILEIRO S A	57,805	$1.206M	0.1%	$20.87	$19.00	+9.9%	SPONSORED ADR	71654V408
BKNG	BOOKING HOLDINGS INC	5,150	$839K	0.1%	$162.91	$187.94	-13.3%	COM	09857L108
EWZ	ISHARES INC	12,859	$479K	0.1%	$37.25	$36.05	+3.3%	MSCI BRAZIL ETF	464286400
SNPS	SYNOPSYS INC	765	$333K	0.0%	$434.94	$407.79	+6.7%	COM	871607107
BABA	ALIBABA GROUP HLDG LTD	2,900	$312K	0.0%	$107.54	$115.58	-7.0%	SPONSORED ADS	01609W102
MLM	MARTIN MARIETTA MATLS INC	630	$302K	0.0%	$479.81	$535.55	-10.4%	COM	573284106
VMC	VULCAN MATLS CO	1,210	$296K	0.0%	$244.63	$272.05	-10.1%	COM	929160109
APP	APPLOVIN CORP	900	$261K	0.0%	$290.43	$368.24	-21.1%	COM CL A	03831W108
VTEX	VTEX	10,000	$36,500	0.0%	$3.65	$3.87	-5.6%	SHS CL A	G9470A102

Increased Positions (7)

WBD WARNER BROS DISCOVERY INC 9.2%

Value $81.36M (+249.9%) Shares 2,628,880 (+201.4%) Share Price $30.95 Est. Cost/Share $27.65 Unrealized @ Report Date +11.9%

MU MICRON TECHNOLOGY INC 3.3%

Value $29.23M (+2432.2%) Shares 27,442 (+2644.2%) Share Price $1065.11 Est. Cost/Share $942.61 Unrealized @ Report Date +13.0%

VST VISTRA CORP 5.8%

Value $51.06M (+41.0%) Shares 369,060 (+61.7%) Share Price $138.35 Est. Cost/Share $161.73 Unrealized @ Report Date -14.5%

SOXX ISHARES TR 3.2%

Value $28.43M (+77.5%) Shares 50,000 (+100.0%) Share Price $568.64 Est. Cost/Share $507.70 Unrealized @ Report Date +12.0%

TECK TECK RESOURCES LTD 3.3%

Value $28.72M (+36.9%) Shares 436,487 (+23.7%) Share Price $65.79 Est. Cost/Share $47.17 Unrealized @ Report Date +39.5%

SBS COMPANHIA DE SANEAMENTO BASI 0.9%

Value $8.246M (+1375.8%) Shares 1,552,893 (+1506.4%) Share Price $5.31 Est. Cost/Share $5.31 Unrealized @ Report Date +0.1%

TSM TAIWAN SEMICONDUCTOR MANUFAC 10.0%

Value $88.34M (+1.0%) Shares 193,644 (+5.8%) Share Price $456.19 Est. Cost/Share $401.55 Unrealized @ Report Date +13.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	2,628,880 (+201.4%)	$81.36M (+249.9%)	9.2%	$30.95	$27.65	+11.9%	COM SER A	934423104
MU	MICRON TECHNOLOGY INC	27,442 (+2644.2%)	$29.23M (+2432.2%)	3.3%	$1065.11	$942.61	+13.0%	COM	595112103
VST	VISTRA CORP	369,060 (+61.7%)	$51.06M (+41.0%)	5.8%	$138.35	$161.73	-14.5%	COM	92840M102
SOXX	ISHARES TR	50,000 (+100.0%)	$28.43M (+77.5%)	3.2%	$568.64	$507.70	+12.0%	CALL	464287523
TECK	TECK RESOURCES LTD	436,487 (+23.7%)	$28.72M (+36.9%)	3.3%	$65.79	$47.17	+39.5%	CL B	878742204
SBS	COMPANHIA DE SANEAMENTO BASI	1,552,893 (+1506.4%)	$8.246M (+1375.8%)	0.9%	$5.31	$5.31	+0.1%	SPONSORED ADR	20441A102
TSM	TAIWAN SEMICONDUCTOR MANUFAC	193,644 (+5.8%)	$88.34M (+1.0%)	10.0%	$456.19	$401.55	+13.6%	SPONSORED ADS	874039100

Exited Positions (26)

TSLA TESLA INC 14.3%

Value $126M Shares 300,429 Share Price $420.60 * Est. Cost/Share $397.72 Unrealized @ Report Date -10.8%

TSLA TESLA INC 14.3%

Value $126M Shares 300,000 Share Price $420.60 * Est. Cost/Share $397.72 Unrealized @ Report Date -10.8%

KRE SPDR SERIES TRUST 8.6%

Value $75.37M Shares 1,006,900 Share Price $74.85 * Est. Cost/Share $69.98 Unrealized @ Report Date -0.8%

EA ELECTRONIC ARTS INC 4.3%

Value $38.05M Shares 185,573 Share Price $205.04 * Est. Cost/Share $201.80 Unrealized @ Report Date +3.9%

XBI SPDR SERIES TRUST 4.1%

Value $36.4M Shares 230,000 Share Price $158.25 Est. Cost/Share — Unrealized @ Report Date —

NFLX NETFLIX INC. 3.9%

Value $34.27M Shares 480,000 Share Price $71.40 * Est. Cost/Share $88.07 Unrealized @ Report Date -21.0%

IEF ISHARES TR 3.2%

Value $28.37M Shares 300,000 Share Price $94.57 Est. Cost/Share — Unrealized @ Report Date —

PLTR PALANTIR TECHNOLOGIES INC 2.9%

Value $25.67M Shares 220,000 Share Price $116.67 * Est. Cost/Share $136.41 Unrealized @ Report Date +37.1%

PLTR PALANTIR TECHNOLOGIES INC 2.9%

Value $25.67M Shares 220,000 Share Price $116.67 * Est. Cost/Share $136.41 Unrealized @ Report Date +37.1%

AXIA AXIA ENERGIA SA 1.5%

Value $13.42M Shares 1,271,245 Share Price $10.56 * Est. Cost/Share $10.42 Unrealized @ Report Date -8.5%

MA MASTERCARD INCORPORATED 1.5%

Value $12.81M Shares 24,937 Share Price $513.60 * Est. Cost/Share $500.13 Unrealized @ Report Date +10.3%

AMZN AMAZON COM INC 1.4%

Value $11.92M Shares 50,000 Share Price $238.34 * Est. Cost/Share $233.91 Unrealized @ Report Date +6.5%

NU NU HLDGS LTD 1.2%

Value $10.85M Shares 811,923 Share Price $13.36 * Est. Cost/Share $15.83 Unrealized @ Report Date -20.0%

COF CAPITAL ONE FINL CORP 1.1%

Value $10.01M Shares 49,880 Share Price $200.62 * Est. Cost/Share $191.29 Unrealized @ Report Date +0.9%

AES AES CORP 1.0%

Value $9.069M Shares 618,623 Share Price $14.66 Est. Cost/Share $14.84 Unrealized @ Report Date +0.4%

DBRG DIGITALBRIDGE GROUP INC 0.9%

Value $8.055M Shares 510,475 Share Price $15.78 Est. Cost/Share $15.42 Unrealized @ Report Date +3.8%

TSLA TESLA INC 0.7%

Value $6.309M Shares 15,000 Share Price $420.60 * Est. Cost/Share $397.72 Unrealized @ Report Date -10.8%

SOXX ISHARES TR 0.7%

Value $5.895M Shares 9,200 Share Price $640.76 * Est. Cost/Share $507.70 Unrealized @ Report Date +12.0%

RSP INVESCO EXCHANGE TRADED FD T 0.6%

Value $5.106M Shares 24,000 Share Price $212.77 * Est. Cost/Share $204.64 Unrealized @ Report Date +1.6%

BHF BRIGHTHOUSE FINL INC 0.5%

Value $4.266M Shares 67,400 Share Price $63.30 * Est. Cost/Share $62.44 Unrealized @ Report Date -20.1%

MCO MOODYS CORP 0.3%

Value $2.672M Shares 5,900 Share Price $452.92 Est. Cost/Share $449.10 Unrealized @ Report Date +1.1%

WBS WEBSTER FINL CORP 0.2%

Value $2.145M Shares 28,073 Share Price $76.42 Est. Cost/Share $68.47 Unrealized @ Report Date +13.3%

DASH DOORDASH INC 0.2%

Value $2.011M Shares 10,900 Share Price $184.53 Est. Cost/Share $165.28 Unrealized @ Report Date +11.1%

V VISA INC 0.2%

Value $1.699M Shares 4,952 Share Price $343.09 * Est. Cost/Share $326.25 Unrealized @ Report Date +10.1%

KVUE KENVUE INC 0.1%

Value $1.108M Shares 58,000 Share Price $19.11 * Est. Cost/Share $19.24 Unrealized @ Report Date -8.2%

MELI MERCADOLIBRE INC 0.1%

Value $772K Shares 455 Share Price $1697.39 Est. Cost/Share $1707.75 Unrealized @ Report Date +1.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TSLA	TESLA INC	300,429	$126M	14.3%	$420.60 *	$397.72	-10.8%	—	88160R101
TSLA	TESLA INC	300,000	$126M	14.3%	$420.60 *	$397.72	-10.8%	PUT	88160R101
KRE	SPDR SERIES TRUST	1,006,900	$75.37M	8.6%	$74.85 *	$69.98	-0.8%	—	78464A698
EA	ELECTRONIC ARTS INC	185,573	$38.05M	4.3%	$205.04 *	$201.80	+3.9%	—	285512109
XBI	SPDR SERIES TRUST	230,000	$36.4M	4.1%	$158.25	—	—	CALL	78464A870
NFLX	NETFLIX INC.	480,000	$34.27M	3.9%	$71.40 *	$88.07	-21.0%	PUT	64110L106
IEF	ISHARES TR	300,000	$28.37M	3.2%	$94.57	—	—	CALL	464287440
PLTR	PALANTIR TECHNOLOGIES INC	220,000	$25.67M	2.9%	$116.67 *	$136.41	+37.1%	—	69608A108
PLTR	PALANTIR TECHNOLOGIES INC	220,000	$25.67M	2.9%	$116.67 *	$136.41	+37.1%	PUT	69608A108
AXIA	AXIA ENERGIA SA	1,271,245	$13.42M	1.5%	$10.56 *	$10.42	-8.5%	—	15234Q207
MA	MASTERCARD INCORPORATED	24,937	$12.81M	1.5%	$513.60 *	$500.13	+10.3%	—	57636Q104
AMZN	AMAZON COM INC	50,000	$11.92M	1.4%	$238.34 *	$233.91	+6.5%	PUT	023135106
NU	NU HLDGS LTD	811,923	$10.85M	1.2%	$13.36 *	$15.83	-20.0%	—	G6683N103
COF	CAPITAL ONE FINL CORP	49,880	$10.01M	1.1%	$200.62 *	$191.29	+0.9%	—	14040H105
AES	AES CORP	618,623	$9.069M	1.0%	$14.66	$14.84	+0.4%	—	00130H105
DBRG	DIGITALBRIDGE GROUP INC	510,475	$8.055M	0.9%	$15.78	$15.42	+3.8%	—	25401T603
TSLA	TESLA INC	15,000	$6.309M	0.7%	$420.60 *	$397.72	-10.8%	CALL	88160R101
SOXX	ISHARES TR	9,200	$5.895M	0.7%	$640.76 *	$507.70	+12.0%	—	464287523
RSP	INVESCO EXCHANGE TRADED FD T	24,000	$5.106M	0.6%	$212.77 *	$204.64	+1.6%	—	46137V357
BHF	BRIGHTHOUSE FINL INC	67,400	$4.266M	0.5%	$63.30 *	$62.44	-20.1%	—	10922N103
MCO	MOODYS CORP	5,900	$2.672M	0.3%	$452.92	$449.10	+1.1%	—	615369105
WBS	WEBSTER FINL CORP	28,073	$2.145M	0.2%	$76.42	$68.47	+13.3%	—	947890109
DASH	DOORDASH INC	10,900	$2.011M	0.2%	$184.53	$165.28	+11.1%	—	25809K105
V	VISA INC	4,952	$1.699M	0.2%	$343.09 *	$326.25	+10.1%	—	92826C839
KVUE	KENVUE INC	58,000	$1.108M	0.1%	$19.11 *	$19.24	-8.2%	—	49177J102
MELI	MERCADOLIBRE INC	455	$772K	0.1%	$1697.39	$1707.75	+1.2%	—	58733R102

Decreased Positions (16)

SPY STATE STR SPDR S&P 500 ETF T 2.3%

Value $20.51M (-86.4%) Shares 26,900 (-86.6%) Share Price $762.63 Est. Cost/Share $725.01 Unrealized @ Report Date +5.2%

META META PLATFORMS INC 0.3%

Value $2.337M (-96.6%) Shares 3,223 (-97.3%) Share Price $725.18 Est. Cost/Share $631.48 Unrealized @ Report Date +14.8%

AMZN AMAZON COM INC 7.8%

Value $68.71M (-37.2%) Shares 275,779 (-39.9%) Share Price $249.15 Est. Cost/Share $233.91 Unrealized @ Report Date +6.5%

NVDA NVIDIA CORPORATION 4.2%

Value $36.6M (-50.7%) Shares 160,259 (-56.8%) Share Price $228.38 Est. Cost/Share $191.98 Unrealized @ Report Date +19.0%

NFLX NETFLIX INC. 0.1%

Value $751K (-97.8%) Shares 10,800 (-97.8%) Share Price $69.58 Est. Cost/Share $88.07 Unrealized @ Report Date -21.0%

IVV ISHARES TR 14.4%

Value $127M (-18.8%) Shares 165,507 (-20.6%) Share Price $765.85 Est. Cost/Share $713.14 Unrealized @ Report Date +7.4%

SUZ SUZANO S A 0.4%

Value $3.232M (-75.6%) Shares 377,151 (-77.9%) Share Price $8.57 Est. Cost/Share $9.21 Unrealized @ Report Date -6.9%

MSFT MICROSOFT CORP 0.2%

Value $1.813M (-83.4%) Shares 3,535 (-87.9%) Share Price $512.90 Est. Cost/Share $501.83 Unrealized @ Report Date +2.2%

SPGI S&P GLOBAL INC 0.3%

Value $3.055M (-72.0%) Shares 7,744 (-71.6%) Share Price $394.47 Est. Cost/Share $423.44 Unrealized @ Report Date -6.8%

IGV ISHARES TR 1.2%

Value $10.65M (-41.2%) Shares 100,000 (-50.0%) Share Price $106.48 Est. Cost/Share — Unrealized @ Report Date —

GGB GERDAU SA 0.0%

Value $88,764 (-98.4%) Shares 18,806 (-98.7%) Share Price $4.72 Est. Cost/Share $3.93 Unrealized @ Report Date +20.0%

EMBJ EMBRAER S.A. 1.3%

Value $11.29M (-31.7%) Shares 149,888 (-42.2%) Share Price $75.32 Est. Cost/Share $59.93 Unrealized @ Report Date +25.7%

UGP ULTRAPAR PARTICIPACOES SA 0.0%

Value $174K (-95.5%) Shares 23,814 (-96.9%) Share Price $7.32 Est. Cost/Share $3.88 Unrealized @ Report Date +88.8%

VALE VALE S A 0.9%

Value $8.222M (-28.6%) Shares 613,131 (-20.0%) Share Price $13.41 Est. Cost/Share $15.71 Unrealized @ Report Date -14.6%

SE SEA LTD 0.5%

Value $4.217M (-39.1%) Shares 43,312 (-40.1%) Share Price $97.36 Est. Cost/Share $89.05 Unrealized @ Report Date +9.3%

AAPL APPLE INC 0.1%

Value $632K (-62.4%) Shares 1,897 (-67.3%) Share Price $333.02 Est. Cost/Share $266.07 Unrealized @ Report Date +25.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	26,900 (-86.6%)	$20.51M (-86.4%)	2.3%	$762.63	$725.01	+5.2%	TR UNIT	78462F103
META	META PLATFORMS INC	3,223 (-97.3%)	$2.337M (-96.6%)	0.3%	$725.18	$631.48	+14.8%	CL A	30303M102
AMZN	AMAZON COM INC	275,779 (-39.9%)	$68.71M (-37.2%)	7.8%	$249.15	$233.91	+6.5%	COM	023135106
NVDA	NVIDIA CORPORATION	160,259 (-56.8%)	$36.6M (-50.7%)	4.2%	$228.38	$191.98	+19.0%	COM	67066G104
NFLX	NETFLIX INC.	10,800 (-97.8%)	$751K (-97.8%)	0.1%	$69.58	$88.07	-21.0%	COM	64110L106
IVV	ISHARES TR	165,507 (-20.6%)	$127M (-18.8%)	14.4%	$765.85	$713.14	+7.4%	CORE S&P500 ETF	464287200
SUZ	SUZANO S A	377,151 (-77.9%)	$3.232M (-75.6%)	0.4%	$8.57	$9.21	-6.9%	SPON ADS	86959K105
MSFT	MICROSOFT CORP	3,535 (-87.9%)	$1.813M (-83.4%)	0.2%	$512.90	$501.83	+2.2%	COM	594918104
SPGI	S&P GLOBAL INC	7,744 (-71.6%)	$3.055M (-72.0%)	0.3%	$394.47	$423.44	-6.8%	COM	78409V104
IGV	ISHARES TR	100,000 (-50.0%)	$10.65M (-41.2%)	1.2%	$106.48	—	—	PUT	464287515
GGB	GERDAU SA	18,806 (-98.7%)	$88,764 (-98.4%)	0.0%	$4.72	$3.93	+20.0%	SPON ADR REP PFD	373737105
EMBJ	EMBRAER S.A.	149,888 (-42.2%)	$11.29M (-31.7%)	1.3%	$75.32	$59.93	+25.7%	SPONSORED ADS	29082A107
UGP	ULTRAPAR PARTICIPACOES SA	23,814 (-96.9%)	$174K (-95.5%)	0.0%	$7.32	$3.88	+88.8%	SP ADR REP COM	90400P101
VALE	VALE S A	613,131 (-20.0%)	$8.222M (-28.6%)	0.9%	$13.41	$15.71	-14.6%	SPONSORED ADS	91912E105
SE	SEA LTD	43,312 (-40.1%)	$4.217M (-39.1%)	0.5%	$97.36	$89.05	+9.3%	SPONSORD ADS	81141R100
AAPL	APPLE INC	1,897 (-67.3%)	$632K (-62.4%)	0.1%	$333.02	$266.07	+25.2%	COM	037833100

Unchanged Positions (11)

ERO ERO COPPER CORP 4.5%

Value $39.71M Shares 1,082,320 Share Price $36.69 Est. Cost/Share $15.73 Unrealized @ Report Date +133.3%

YPF YPF SOCIEDAD ANONIMA 1.5%

Value $12.98M Shares 258,830 Share Price $50.13 Est. Cost/Share $30.71 Unrealized @ Report Date +63.2%

XP XP INC 0.5%

Value $4.738M Shares 225,664 Share Price $21.00 Est. Cost/Share $41.35 Unrealized @ Report Date -49.2%

LOMA LOMA NEGRA C I A S A MTN 14 0.4%

Value $3.503M Shares 380,788 Share Price $9.20 Est. Cost/Share $11.40 Unrealized @ Report Date -19.3%

EVEX EVE HLDG INC 0.2%

Value $2.133M Shares 1,105,116 Share Price $1.93 Est. Cost/Share $6.83 Unrealized @ Report Date -71.7%

ECH ISHARES INC 0.8%

Value $6.716M Shares 177,631 Share Price $37.81 Est. Cost/Share $42.54 Unrealized @ Report Date -11.1%

VIV TELEFONICA BRASIL SA 0.2%

Value $1.416M Shares 123,667 Share Price $11.45 Est. Cost/Share $12.41 Unrealized @ Report Date -7.7%

FXI ISHARES TR 0.3%

Value $2.656M Shares 78,086 Share Price $34.02 Est. Cost/Share $33.85 Unrealized @ Report Date +0.5%

RIO RIO TINTO PLC 1.4%

Value $12.1M Shares 128,447 Share Price $94.17 Est. Cost/Share $63.99 Unrealized @ Report Date +47.2%

DIS DISNEY WALT CO 0.0%

Value $338K Shares 3,220 Share Price $104.90 Est. Cost/Share $108.81 Unrealized @ Report Date -3.6%

TSLX SIXTH STREET SPECIALTY LENDI 0.0%

Value $362K Shares 20,080 Share Price $18.02 Est. Cost/Share $17.84 Unrealized @ Report Date +1.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ERO	ERO COPPER CORP	1,082,320	$39.71M	4.5%	$36.69	$15.73	+133.3%	COM	296006109
YPF	YPF SOCIEDAD ANONIMA	258,830	$12.98M	1.5%	$50.13	$30.71	+63.2%	SPONSORED ADS	984245100
XP	XP INC	225,664	$4.738M	0.5%	$21.00	$41.35	-49.2%	CL A	G98239109
LOMA	LOMA NEGRA C I A S A MTN 14	380,788	$3.503M	0.4%	$9.20	$11.40	-19.3%	SPONSORED ADS	54150E104
EVEX	EVE HLDG INC	1,105,116	$2.133M	0.2%	$1.93	$6.83	-71.7%	COM	29970N104
ECH	ISHARES INC	177,631	$6.716M	0.8%	$37.81	$42.54	-11.1%	MSCI CHILE ETF	464286640
VIV	TELEFONICA BRASIL SA	123,667	$1.416M	0.2%	$11.45	$12.41	-7.7%	SPONSORED ADS	87936R205
FXI	ISHARES TR	78,086	$2.656M	0.3%	$34.02	$33.85	+0.5%	CHINA LG-CAP ETF	464287184
RIO	RIO TINTO PLC	128,447	$12.1M	1.4%	$94.17	$63.99	+47.2%	SPONSORED ADR	767204100
DIS	DISNEY WALT CO	3,220	$338K	0.0%	$104.90	$108.81	-3.6%	COM	254687106
TSLX	SIXTH STREET SPECIALTY LENDI	20,080	$362K	0.0%	$18.02	$17.84	+1.0%	COM	83012A109