Glenorchy Capital Ltd Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ECH	ISHARES INC	149,744	$5,954	0.3%	$39.76	—	MSCI CHILE ETF	464286640
SSL	SASOL LTD	348,220	$4,513	0.3%	$12.96	—	SPONSORED ADR	803866300
LXU	LSB INDS INC	254,766	$3,796	0.2%	$9.63	0.0%	COM	502160104
SDRL	SEADRILL LTD	81,477	$3,707	0.2%	$38.97	0.0%	COM	G7997W102
SM	SM ENERGY COMPANY	28,249	$881	0.1%	$19.89	0.0%	COM	78454L100
ENIC	ENEL CHILE SA	14,559	$57	0.0%	$3.94	—	SPONSORED ADR	29278D105

Increased Positions (48)

QQQ INVESCO QQQ TR 76.2%

Value ($000) $1,307,774 (+4.4%) Shares 2,265,800 (+11.1%) Est. Cost — Unrealized —

FRO FRONTLINE PLC 0.4%

Value ($000) $6,514 (+66.8%) Shares 186,865 (+4.4%) Est. Cost $18.85 Unrealized +50.4%

RIG TRANSOCEAN LTD 0.3%

Value ($000) $4,976 (+74.2%) Shares 750,502 (+8.5%) Est. Cost $5.63 Unrealized -8.3%

TEN TSAKOS ENERGY NAVIGATION LTD 0.3%

Value ($000) $4,381 (+85.7%) Shares 111,018 (+5.5%) Est. Cost $21.93 Unrealized +23.3%

EWZ ISHARES INC 0.6%

Value ($000) $10,213 (+22.9%) Shares 266,027 (+1.7%) Est. Cost $31.12 Unrealized —

NE NOBLE CORP PLC 0.2%

Value ($000) $4,016 (+85.5%) Shares 81,839 (+6.8%) Est. Cost $33.40 Unrealized +11.3%

DHT DHT HOLDINGS INC 0.3%

Value ($000) $4,301 (+56.1%) Shares 235,427 (+4.3%) Est. Cost $9.17 Unrealized +56.1%

INSW INTERNATIONAL SEAWAYS INC 0.2%

Value ($000) $3,876 (+59.7%) Shares 53,180 (+6.4%) Est. Cost $39.27 Unrealized +51.4%

YPF YPF SOCIEDAD ANONIMA 0.3%

Value ($000) $5,321 (+29.6%) Shares 115,113 (+1.4%) Est. Cost $21.61 Unrealized —

IPI INTREPID POTASH INC 0.2%

Value ($000) $2,619 (+60.0%) Shares 61,235 (+3.7%) Est. Cost $23.06 Unrealized +41.5%

TDW TIDEWATER INC NEW 0.1%

Value ($000) $2,288 (+72.6%) Shares 27,381 (+4.4%) Est. Cost $63.09 Unrealized +1.5%

OII OCEANEERING INTL INC 0.2%

Value ($000) $2,634 (+50.2%) Shares 74,265 (+1.7%) Est. Cost $22.41 Unrealized +36.5%

HLX HELIX ENERGY SOLUTIONS GRP I 0.1%

Value ($000) $2,055 (+63.6%) Shares 207,774 (+3.7%) Est. Cost $9.77 Unrealized -18.4%

STNG SCORPIO TANKERS INC 0.1%

Value ($000) $2,259 (+52.6%) Shares 30,254 (+3.9%) Est. Cost $60.45 Unrealized —

GEOS GEOSPACE TECHNOLOGIES CORP 0.1%

Value ($000) $2,115 (-26.9%) Shares 173,339 (+1.4%) Est. Cost $11.92 Unrealized +30.8%

TNK TEEKAY TANKERS LTD 0.2%

Value ($000) $2,750 (+39.3%) Shares 37,501 (+1.5%) Est. Cost $44.47 Unrealized +45.0%

ASC ARDMORE SHIPPING CORP 0.1%

Value ($000) $2,028 (+50.7%) Shares 133,016 (+4.7%) Est. Cost $12.53 Unrealized +1.5%

PBR PETROLEO BRASILEIRO S A 0.1%

Value ($000) $1,197 (+114.2%) Shares 57,678 (+22.3%) Est. Cost $16.20 Unrealized —

RRC RANGE RES CORP 0.1%

Value ($000) $2,542 (+31.7%) Shares 56,257 (+2.8%) Est. Cost $33.11 Unrealized +9.2%

ECO OKEANIS ECO TANKERS COR 0.1%

Value ($000) $1,439 (+71.9%) Shares 27,706 (+11.5%) Est. Cost $24.98 Unrealized +64.4%

AR ANTERO RESOURCES CORP 0.1%

Value ($000) $2,504 (+27.3%) Shares 59,004 (+3.3%) Est. Cost $26.01 Unrealized +29.9%

XPRO EXPRO GROUP HOLDINGS NV 0.1%

Value ($000) $1,948 (+37.9%) Shares 111,910 (+5.7%) Est. Cost $17.03 Unrealized -6.0%

GPRK GEOPARK LTD 0.1%

Value ($000) $1,917 (+38.1%) Shares 201,826 (+7.7%) Est. Cost $8.72 Unrealized -8.4%

LOMA LOMA NEGRA C I A S A MTN 14 0.3%

Value ($000) $4,792 (-9.7%) Shares 432,065 (+5.4%) Est. Cost $9.89 Unrealized —

BTU PEABODY ENGR CORP 0.2%

Value ($000) $3,415 (+16.5%) Shares 103,652 (+5.0%) Est. Cost $23.00 Unrealized +51.1%

WFRD WEATHERFORD INTL PLC 0.2%

Value ($000) $2,609 (+22.7%) Shares 27,582 (+1.5%) Est. Cost $72.93 Unrealized +30.3%

EQT EQT CORP 0.2%

Value ($000) $2,674 (+21.4%) Shares 42,025 (+2.2%) Est. Cost $39.30 Unrealized +40.6%

EC ECOPETROL S A 0.1%

Value ($000) $1,090 (+74.1%) Shares 72,700 (+16.3%) Est. Cost $11.70 Unrealized —

BMA BANCO MACRO S A 0.2%

Value ($000) $3,722 (-10.4%) Shares 48,112 (+4.4%) Est. Cost $32.08 Unrealized —

HAFN HAFNIA LTD 0.1%

Value ($000) $957 (+81.4%) Shares 124,253 (+25.6%) Est. Cost $5.66 Unrealized +9.8%

MOS MOSAIC CO 0.1%

Value ($000) $1,890 (+26.6%) Shares 74,103 (+19.6%) Est. Cost $29.33 Unrealized -5.0%

CNR CORE NATURAL RESOURCES INC 0.1%

Value ($000) $1,898 (+26.3%) Shares 18,118 (+6.7%) Est. Cost $84.62 Unrealized +9.7%

TRMD TORM PLC 0.1%

Value ($000) $933 (+72.2%) Shares 33,427 (+20.9%) Est. Cost $22.06 Unrealized +9.6%

ECNS ISHARES TR 0.4%

Value ($000) $6,457 (+6.4%) Shares 198,622 (+7.3%) Est. Cost $38.89 Unrealized —

BWLP BW LPG LTD 0.1%

Value ($000) $1,041 (+59.5%) Shares 58,883 (+18.1%) Est. Cost $13.95 Unrealized +10.3%

BBAR BANCO BBVA ARGENTINA S A 0.2%

Value ($000) $4,136 (-8.0%) Shares 257,507 (+3.5%) Est. Cost $6.04 Unrealized —

SMHI SEACOR MARINE HLDGS INC 0.1%

Value ($000) $1,510 (+30.1%) Shares 210,927 (+9.4%) Est. Cost $10.32 Unrealized -34.0%

CALM CAL MAINE FOODS INC 0.0%

Value ($000) $656 (+89.2%) Shares 8,292 (+90.2%) Est. Cost $89.98 Unrealized -10.4%

SBLK STAR BULK CARRIERS CORP. 0.1%

Value ($000) $890 (+52.7%) Shares 38,746 (+27.8%) Est. Cost $22.87 Unrealized -2.2%

TGS TRANSPORTADORA DE GAS DEL SU 0.1%

Value ($000) $1,435 (+20.6%) Shares 41,460 (+8.3%) Est. Cost $16.78 Unrealized —

PAM PAMPA ENERGIA SA 0.3%

Value ($000) $5,690 (+4.0%) Shares 64,297 (+4.0%) Est. Cost $52.75 Unrealized —

WB WEIBO CORP 0.0%

Value ($000) $599 (+51.1%) Shares 68,502 (+76.4%) Est. Cost $10.24 Unrealized —

BTI BRITISH AMERN TOB PLC 0.1%

Value ($000) $1,048 (+20.3%) Shares 17,917 (+16.5%) Est. Cost $34.33 Unrealized —

CNX CNX RES CORP 0.1%

Value ($000) $2,527 (+7.0%) Shares 65,555 (+2.1%) Est. Cost $22.03 Unrealized +71.6%

CRESY CRESUD S A C I F Y A 0.2%

Value ($000) $4,174 (+4.0%) Shares 328,160 (+3.3%) Est. Cost $9.94 Unrealized —

IRS IRSA INVERSIONES Y REP S A 0.1%

Value ($000) $1,030 (+16.2%) Shares 63,547 (+18.6%) Est. Cost $11.36 Unrealized —

CEPU CENTRAL PUERTO S A 0.3%

Value ($000) $4,978 (-2.4%) Shares 295,779 (+1.5%) Est. Cost $9.21 Unrealized —

ICL ICL GROUP LTD 0.1%

Value ($000) $1,718 (-2.8%) Shares 331,637 (+7.2%) Est. Cost $4.75 Unrealized +15.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	2,265,800 (+11.1%)	$1,307,774 (+4.4%)	76.2%	—	—	PUT	46090E103
FRO	FRONTLINE PLC	186,865 (+4.4%)	$6,514 (+66.8%)	0.4%	$18.85	+50.4%	COM	M46528101
RIG	TRANSOCEAN LTD	750,502 (+8.5%)	$4,976 (+74.2%)	0.3%	$5.63	-8.3%	REGISTERED SHS	H8817H100
TEN	TSAKOS ENERGY NAVIGATION LTD	111,018 (+5.5%)	$4,381 (+85.7%)	0.3%	$21.93	+23.3%	SHS	G9108L173
EWZ	ISHARES INC	266,027 (+1.7%)	$10,213 (+22.9%)	0.6%	$31.12	—	MSCI BRAZIL ETF	464286400
NE	NOBLE CORP PLC	81,839 (+6.8%)	$4,016 (+85.5%)	0.2%	$33.40	+11.3%	ORD SHS A	G65431127
DHT	DHT HOLDINGS INC	235,427 (+4.3%)	$4,301 (+56.1%)	0.3%	$9.17	+56.1%	SHS NEW	Y2065G121
INSW	INTERNATIONAL SEAWAYS INC	53,180 (+6.4%)	$3,876 (+59.7%)	0.2%	$39.27	+51.4%	COM	Y41053102
YPF	YPF SOCIEDAD ANONIMA	115,113 (+1.4%)	$5,321 (+29.6%)	0.3%	$21.61	—	SPON ADR CL D	984245100
IPI	INTREPID POTASH INC	61,235 (+3.7%)	$2,619 (+60.0%)	0.2%	$23.06	+41.5%	COM	46121Y201
TDW	TIDEWATER INC NEW	27,381 (+4.4%)	$2,288 (+72.6%)	0.1%	$63.09	+1.5%	COM	88642R109
OII	OCEANEERING INTL INC	74,265 (+1.7%)	$2,634 (+50.2%)	0.2%	$22.41	+36.5%	COM	675232102
HLX	HELIX ENERGY SOLUTIONS GRP I	207,774 (+3.7%)	$2,055 (+63.6%)	0.1%	$9.77	-18.4%	COM	42330P107
STNG	SCORPIO TANKERS INC	30,254 (+3.9%)	$2,259 (+52.6%)	0.1%	$60.45	—	SHS	Y7542C130
GEOS	GEOSPACE TECHNOLOGIES CORP	173,339 (+1.4%)	$2,115 (-26.9%)	0.1%	$11.92	+30.8%	COM	37364X109
TNK	TEEKAY TANKERS LTD	37,501 (+1.5%)	$2,750 (+39.3%)	0.2%	$44.47	+45.0%	CL A	G8726X106
ASC	ARDMORE SHIPPING CORP	133,016 (+4.7%)	$2,028 (+50.7%)	0.1%	$12.53	+1.5%	COM	Y0207T100
PBR	PETROLEO BRASILEIRO S A	57,678 (+22.3%)	$1,197 (+114.2%)	0.1%	$16.20	—	SPONSORED ADR	71654V408
RRC	RANGE RES CORP	56,257 (+2.8%)	$2,542 (+31.7%)	0.1%	$33.11	+9.2%	COM	75281A109
ECO	OKEANIS ECO TANKERS COR	27,706 (+11.5%)	$1,439 (+71.9%)	0.1%	$24.98	+64.4%	SHS	Y64177101
AR	ANTERO RESOURCES CORP	59,004 (+3.3%)	$2,504 (+27.3%)	0.1%	$26.01	+29.9%	COM	03674X106
XPRO	EXPRO GROUP HOLDINGS NV	111,910 (+5.7%)	$1,948 (+37.9%)	0.1%	$17.03	-6.0%	COM	N3144W105
GPRK	GEOPARK LTD	201,826 (+7.7%)	$1,917 (+38.1%)	0.1%	$8.72	-8.4%	USD SHS	G38327105
LOMA	LOMA NEGRA C I A S A MTN 14	432,065 (+5.4%)	$4,792 (-9.7%)	0.3%	$9.89	—	SPONSORED ADS	54150E104
BTU	PEABODY ENGR CORP	103,652 (+5.0%)	$3,415 (+16.5%)	0.2%	$23.00	+51.1%	COM	704551100
WFRD	WEATHERFORD INTL PLC	27,582 (+1.5%)	$2,609 (+22.7%)	0.2%	$72.93	+30.3%	ORD SHS	G48833118
EQT	EQT CORP	42,025 (+2.2%)	$2,674 (+21.4%)	0.2%	$39.30	+40.6%	COM	26884L109
EC	ECOPETROL S A	72,700 (+16.3%)	$1,090 (+74.1%)	0.1%	$11.70	—	SPONSORED ADS	279158109
BMA	BANCO MACRO S A	48,112 (+4.4%)	$3,722 (-10.4%)	0.2%	$32.08	—	SPON ADR B	05961W105
HAFN	HAFNIA LTD	124,253 (+25.6%)	$957 (+81.4%)	0.1%	$5.66	+9.8%	SHS	Y2990R101
MOS	MOSAIC CO	74,103 (+19.6%)	$1,890 (+26.6%)	0.1%	$29.33	-5.0%	COM	61945C103
CNR	CORE NATURAL RESOURCES INC	18,118 (+6.7%)	$1,898 (+26.3%)	0.1%	$84.62	+9.7%	COM SHS	218937100
TRMD	TORM PLC	33,427 (+20.9%)	$933 (+72.2%)	0.1%	$22.06	+9.6%	SHS CL A	G89479102
ECNS	ISHARES TR	198,622 (+7.3%)	$6,457 (+6.4%)	0.4%	$38.89	—	CHINA SM-CAP ETF	46429B200
BWLP	BW LPG LTD	58,883 (+18.1%)	$1,041 (+59.5%)	0.1%	$13.95	+10.3%	COM	Y10230103
BBAR	BANCO BBVA ARGENTINA S A	257,507 (+3.5%)	$4,136 (-8.0%)	0.2%	$6.04	—	SPONSORED ADS	058934100
SMHI	SEACOR MARINE HLDGS INC	210,927 (+9.4%)	$1,510 (+30.1%)	0.1%	$10.32	-34.0%	COM	78413P101
CALM	CAL MAINE FOODS INC	8,292 (+90.2%)	$656 (+89.2%)	0.0%	$89.98	-10.4%	COM NEW	128030202
SBLK	STAR BULK CARRIERS CORP.	38,746 (+27.8%)	$890 (+52.7%)	0.1%	$22.87	-2.2%	SHS PAR	Y8162K204
TGS	TRANSPORTADORA DE GAS DEL SU	41,460 (+8.3%)	$1,435 (+20.6%)	0.1%	$16.78	—	SPONSORED ADS B	893870204
PAM	PAMPA ENERGIA SA	64,297 (+4.0%)	$5,690 (+4.0%)	0.3%	$52.75	—	SPONS ADR LVL I	697660207
WB	WEIBO CORP	68,502 (+76.4%)	$599 (+51.1%)	0.0%	$10.24	—	SPONSORED ADR	948596101
BTI	BRITISH AMERN TOB PLC	17,917 (+16.5%)	$1,048 (+20.3%)	0.1%	$34.33	—	SPONSORED ADR	110448107
CNX	CNX RES CORP	65,555 (+2.1%)	$2,527 (+7.0%)	0.1%	$22.03	+71.6%	COM	12653C108
CRESY	CRESUD S A C I F Y A	328,160 (+3.3%)	$4,174 (+4.0%)	0.2%	$9.94	—	SPONSORED ADR	226406106
IRS	IRSA INVERSIONES Y REP S A	63,547 (+18.6%)	$1,030 (+16.2%)	0.1%	$11.36	—	SPON GDS ECH 10	450047303
CEPU	CENTRAL PUERTO S A	295,779 (+1.5%)	$4,978 (-2.4%)	0.3%	$9.21	—	SPONSORED ADR	155038201
ICL	ICL GROUP LTD	331,637 (+7.2%)	$1,718 (-2.8%)	0.1%	$4.75	+15.1%	SHS	M53213100

Exited Positions (5)

GREK GLOBAL X FDS 0.5%

Value ($000) $8,738 Shares 132,579 Est. Cost $38.69 Unrealized —

KWEB KRANESHARES TRUST 0.4%

Value ($000) $7,479 Shares 219,643 Est. Cost $29.24 Unrealized —

CIVI CIVITAS RESOURCES INC 0.0%

Value ($000) $383 Shares 14,120 Est. Cost $46.72 Unrealized -42.5%

NE NOBLE CORP PLC 0.0%

Value ($000) $8 Shares 300 Est. Cost $33.40 Unrealized +11.3%

SBSW SIBANYE STILLWATER LTD 0.0%

Value ($000) $1 Shares 100 Est. Cost $4.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GREK	GLOBAL X FDS	132,579	$8,738	0.5%	$38.69	—	—	37954Y319
KWEB	KRANESHARES TRUST	219,643	$7,479	0.4%	$29.24	—	—	500767306
CIVI	CIVITAS RESOURCES INC	14,120	$383	0.0%	$46.72	-42.5%	—	17888H103
NE	NOBLE CORP PLC	300	$8	0.0%	$33.40	+11.3%	CALL	G65431127
SBSW	SIBANYE STILLWATER LTD	100	$1	0.0%	$4.12	—	CALL	82575P107

Decreased Positions (7)

SPY STATE STR SPDR S&P 500 ETF T 0.0%

Value ($000) $585 (-97.4%) Shares 900 (-97.3%) Est. Cost — Unrealized —

TLT ISHARES TR 12.3%

Value ($000) $210,934 (-1.8%) Shares 2,433,200 (-1.3%) Est. Cost — Unrealized —

CRK COMSTOCK RES INC 0.1%

Value ($000) $2,032 (-51.4%) Shares 96,378 (-46.5%) Est. Cost $10.41 Unrealized +105.8%

FTI TECHNIPFMC PLC 0.3%

Value ($000) $4,786 (+52.8%) Shares 69,236 (-1.5%) Est. Cost $20.47 Unrealized +175.2%

EXE EXPAND ENERGY CORPORATION 0.1%

Value ($000) $1,506 (-43.7%) Shares 13,719 (-43.4%) Est. Cost $83.62 Unrealized +26.5%

GDX VANECK ETF TRUST 0.6%

Value ($000) $9,857 (+4.6%) Shares 107,410 (-2.2%) Est. Cost $31.54 Unrealized —

MNDO MIND C T I LTD 0.0%

Value ($000) $195 (-2.2%) Shares 169,621 (-2.2%) Est. Cost $1.90 Unrealized -37.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	900 (-97.3%)	$585 (-97.4%)	0.0%	—	—	PUT	78462F103
TLT	ISHARES TR	2,433,200 (-1.3%)	$210,934 (-1.8%)	12.3%	—	—	PUT	464287432
CRK	COMSTOCK RES INC	96,378 (-46.5%)	$2,032 (-51.4%)	0.1%	$10.41	+105.8%	COM	205768302
FTI	TECHNIPFMC PLC	69,236 (-1.5%)	$4,786 (+52.8%)	0.3%	$20.47	+175.2%	COM	G87110105
EXE	EXPAND ENERGY CORPORATION	13,719 (-43.4%)	$1,506 (-43.7%)	0.1%	$83.62	+26.5%	COM	165167735
GDX	VANECK ETF TRUST	107,410 (-2.2%)	$9,857 (+4.6%)	0.6%	$31.54	—	GOLD MINERS ETF	92189F106
MNDO	MIND C T I LTD	169,621 (-2.2%)	$195 (-2.2%)	0.0%	$1.90	-37.3%	ORD	M70240102

Unchanged Positions (6)

VAL VALARIS LTD 0.6%

Value ($000) $10,833 Shares 110,500 Est. Cost $65.92 Unrealized +2.6%

VAL VALARIS LTD 0.2%

Value ($000) $3,021 Shares 30,813 Est. Cost $65.92 Unrealized +2.6%

BORR BORR DRILLING LTD 0.2%

Value ($000) $3,546 Shares 614,531 Est. Cost $3.31 Unrealized +48.3%

SBSW SIBANYE STILLWATER LTD 0.3%

Value ($000) $4,658 Shares 378,082 Est. Cost $4.12 Unrealized —

IVV ISHARES TR 0.0%

Value ($000) $730 Shares 1,118 Est. Cost $547.23 Unrealized —

DSX DIANA SHIPPING INC 0.0%

Value ($000) $39 Shares 15,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VAL	VALARIS LTD	110,500	$10,833	0.6%	$65.92	+2.6%	CALL	G9460G101
VAL	VALARIS LTD	30,813	$3,021	0.2%	$65.92	+2.6%	CL A	G9460G101
BORR	BORR DRILLING LTD	614,531	$3,546	0.2%	$3.31	+48.3%	SHS	G1466R173
SBSW	SIBANYE STILLWATER LTD	378,082	$4,658	0.3%	$4.12	—	SPONSORED ADR	82575P107
IVV	ISHARES TR	1,118	$730	0.0%	$547.23	—	CORE S&P500 ETF	464287200
DSX	DIANA SHIPPING INC	15,700	$39	0.0%	—	—	CALL	Y2066G104