Wealth High Governance Capital Ltda Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALB	ALBEMARLE	152,608	$21,585	4.0%	$113.25	0.0%	COM	012653101
NXT	NEXTPOWER INC	244,105	$21,264	4.0%	$90.67	0.0%	CLASS A COM	65290E101
SQM	SOCIEDAD QUIMICA Y MINERA DE	305,131	$20,993	3.9%	$68.80	—	SPON ADR SER B	833635105
LITE	LUMENTUM HLDGS INC	54,924	$20,244	3.8%	$256.82	0.0%	COM	55024U109
SATS	ECHOSTAR CORP	183,079	$19,901	3.7%	$81.43	0.0%	CL A	278768106
PH	PARKER-HANNIFIN CORP	21,359	$18,774	3.5%	$817.77	0.0%	COM	701094104
TAN	INVESCO EXCH TRADED FD TR II	366,157	$17,986	3.4%	$49.12	—	SOLAR ETF	46138G706
SN	SHARKNINJA INC	152,566	$17,072	3.2%	$98.55	0.0%	COM SHS	G8068L108
TKR	TIMKEN CO	195,284	$16,429	3.1%	$79.55	0.0%	COM	887389104
CHRW	C H ROBINSON WORLDWIDE INC	97,642	$15,697	2.9%	$147.32	0.0%	COM NEW	12541W209
C	CITIGROUP INC	122,052	$14,242	2.7%	$103.64	0.0%	COM NEW	172967424
CELH	CELSIUS HLDGS INC	305,131	$13,957	2.6%	$50.38	0.0%	COM NEW	15118V207
MS	MORGAN STANLEY	73,231	$13,001	2.4%	$166.47	0.0%	COM NEW	617446448
PAAS	PAN AMERN SILVER CORP	244,020	$12,643	2.4%	$41.86	0.0%	COM	697900108
KRE	SPDR SERIES TRUST	183,079	$11,865	2.2%	$64.81	—	STATE STREET SPD	78464A698
CRH	CRH PLC	91,539	$11,424	2.1%	$119.13	0.0%	ORD	G25508105
CCJ	CAMECO CORP	122,052	$11,167	2.1%	$89.94	0.0%	COM	13321L108
TRU	TRANSUNION	122,052	$10,466	2.0%	$82.11	0.0%	COM	89400J107
XP	XP INC	610,262	$9,990	1.9%	$17.61	0.0%	CL A	G98239109
SEI	SOLARIS ENERGY INFRAS INC	213,635	$9,821	1.8%	$48.29	0.0%	COM CL A	83418M103
BTI	BRITISH AMERN TOB PLC	122,052	$6,911	1.3%	$56.62	—	SPONSORED ADR	110448107
RL	RALPH LAUREN CORP	18,308	$6,474	1.2%	$340.01	0.0%	CL A	751212101
DECK	DECKERS OUTDOOR CORP	61,026	$6,327	1.2%	$93.73	0.0%	COM	243537107
B	BARRICK MNG CORP	121,968	$5,312	1.0%	$37.42	0.0%	COM SHS	06849F108
FLUT	FLUTTER ENTMT PLC	24,411	$5,249	1.0%	$224.90	0.0%	SHS	G3643J108
VIK	VIKING HOLDINGS LTD	73,231	$5,229	1.0%	$63.81	0.0%	ORD SHS	G93A5A101
PAM	PAMPA ENERGIA S A	54,924	$4,861	0.9%	$88.51	—	SPONS ADR LVL I	697660207
KGS	KODIAK GAS SVCS INC	122,052	$4,565	0.9%	$35.36	0.0%	COM	50012A108
CMG	CHIPOTLE MEXICAN GRILL INC	122,052	$4,516	0.8%	$36.17	0.0%	COM	169656105
GAP	GAP INC	122,052	$3,125	0.6%	$24.07	0.0%	COM	364760108
ROST	ROSS STORES INC	12,205	$2,199	0.4%	$166.60	0.0%	COM	778296103
WMT	WALMART INC	6,103	$680	0.1%	$107.20	0.0%	COM	931142103

Increased Positions (9)

NRG NRG ENERGY INC 7.3%

Value ($000) $38,871 (+100.0%) Shares 244,105 (+103.4%) Est. Cost $146.14 Unrealized +13.1%

CVNA CARVANA CO 2.9%

Value ($000) $15,463 (+241.6%) Shares 36,641 (+205.3%) Est. Cost $352.99 Unrealized +5.3%

TTMI TTM TECHNOLOGIES INC 2.4%

Value ($000) $12,632 (+509.2%) Shares 183,079 (+408.6%) Est. Cost $61.57 Unrealized +6.0%

HBM HUDBAY MINERALS INC 2.7%

Value ($000) $14,544 (+166.5%) Shares 732,314 (+103.4%) Est. Cost $12.72 Unrealized +33.0%

CW CURTISS WRIGHT CORP 3.1%

Value ($000) $16,821 (+72.1%) Shares 30,513 (+69.5%) Est. Cost $479.22 Unrealized +16.4%

CLS CELESTICA INC 2.7%

Value ($000) $14,432 (+62.7%) Shares 48,821 (+35.6%) Est. Cost $148.66 Unrealized +102.7%

SRAD SPORTRADAR GROUP AG 1.6%

Value ($000) $8,704 (+115.7%) Shares 366,157 (+144.1%) Est. Cost $25.21 Unrealized —

CENX CENTURY ALUM CO 1.1%

Value ($000) $5,978 (+35.7%) Shares 152,566 (+1.7%) Est. Cost $22.81 Unrealized +37.0%

AS AMER SPORTS INC 0.9%

Value ($000) $4,559 (+9.3%) Shares 122,052 (+1.7%) Est. Cost $37.65 Unrealized -8.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NRG	NRG ENERGY INC	244,105 (+103.4%)	$38,871 (+100.0%)	7.3%	$146.14	+13.1%	COM NEW	629377508
CVNA	CARVANA CO	36,641 (+205.3%)	$15,463 (+241.6%)	2.9%	$352.99	+5.3%	CL A	146869102
TTMI	TTM TECHNOLOGIES INC	183,079 (+408.6%)	$12,632 (+509.2%)	2.4%	$61.57	+6.0%	COM	87305R109
HBM	HUDBAY MINERALS INC	732,314 (+103.4%)	$14,544 (+166.5%)	2.7%	$12.72	+33.0%	COM	443628102
CW	CURTISS WRIGHT CORP	30,513 (+69.5%)	$16,821 (+72.1%)	3.1%	$479.22	+16.4%	COM	231561101
CLS	CELESTICA INC	48,821 (+35.6%)	$14,432 (+62.7%)	2.7%	$148.66	+102.7%	COM	15101Q207
SRAD	SPORTRADAR GROUP AG	366,157 (+144.1%)	$8,704 (+115.7%)	1.6%	$25.21	—	CLASS A ORD SHS	H8088L103
CENX	CENTURY ALUM CO	152,566 (+1.7%)	$5,978 (+35.7%)	1.1%	$22.81	+37.0%	COM	156431108
AS	AMER SPORTS INC	122,052 (+1.7%)	$4,559 (+9.3%)	0.9%	$37.65	-8.9%	COM SHS	G0260P102

Exited Positions (21)

COPX GLOBAL X FDS 6.0%

Value ($000) $32,297 Shares 540,001 Est. Cost $59.81 Unrealized —

EQT EQT CORP 4.9%

Value ($000) $26,126 Shares 480,000 Est. Cost $48.76 Unrealized +15.1%

EXE EXPAND ENERGY CORPORATION 4.8%

Value ($000) $25,498 Shares 240,001 Est. Cost $102.21 Unrealized +8.3%

JEF JEFFERIES FINL GROUP INC 2.9%

Value ($000) $15,701 Shares 240,000 Est. Cost $53.89 Unrealized +5.2%

ONON ON HLDG AG 2.4%

Value ($000) $12,705 Shares 300,000 Est. Cost $51.17 Unrealized -15.8%

KSA ISHARES TR 2.3%

Value ($000) $12,174 Shares 300,000 Est. Cost $40.58 Unrealized —

NGD NEW GOLD INC CDA 1.8%

Value ($000) $9,478 Shares 1,320,000 Est. Cost $5.41 Unrealized +39.2%

RBLX ROBLOX CORP 1.6%

Value ($000) $8,311 Shares 60,000 Est. Cost $95.93 Unrealized +10.7%

BIRK BIRKENSTOCK HOLDING PLC 1.5%

Value ($000) $8,145 Shares 180,000 Est. Cost $51.54 Unrealized -17.8%

LTM LATAM AIRLINES GROUP SA 1.5%

Value ($000) $8,145 Shares 180,000 Est. Cost $45.25 Unrealized —

NI NISOURCE INC 1.5%

Value ($000) $7,794 Shares 180,000 Est. Cost $41.04 Unrealized +3.9%

ANF ABERCROMBIE & FITCH CO 1.4%

Value ($000) $7,700 Shares 90,000 Est. Cost $93.30 Unrealized -6.3%

FCX FREEPORT-MCMORAN INC 1.3%

Value ($000) $7,060 Shares 180,000 Est. Cost $41.31 Unrealized +4.9%

CCL CARNIVAL CORP 1.3%

Value ($000) $6,938 Shares 240,000 Est. Cost $22.59 Unrealized +23.4%

RRC RANGE RES CORP 1.3%

Value ($000) $6,775 Shares 180,000 Est. Cost $35.71 Unrealized +4.3%

AR ANTERO RESOURCES CORP 1.1%

Value ($000) $6,041 Shares 180,000 Est. Cost $33.33 Unrealized +1.6%

EIS ISHARES INC 1.1%

Value ($000) $6,018 Shares 60,000 Est. Cost $100.30 Unrealized —

ELF E L F BEAUTY INC 0.9%

Value ($000) $4,769 Shares 36,000 Est. Cost $85.34 Unrealized +15.3%

AA ALCOA CORP 0.7%

Value ($000) $3,947 Shares 120,000 Est. Cost $30.96 Unrealized +32.0%

WIX WIX COM LTD 0.4%

Value ($000) $2,132 Shares 12,000 Est. Cost $150.49 Unrealized -19.7%

BTDR BITDEER TECHNOLOGIES GROUP 0.4%

Value ($000) $2,051 Shares 119,999 Est. Cost $14.04 Unrealized +14.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COPX	GLOBAL X FDS	540,001	$32,297	6.0%	$59.81	—	—	37954Y830
EQT	EQT CORP	480,000	$26,126	4.9%	$48.76	+15.1%	—	26884L109
EXE	EXPAND ENERGY CORPORATION	240,001	$25,498	4.8%	$102.21	+8.3%	—	165167735
JEF	JEFFERIES FINL GROUP INC	240,000	$15,701	2.9%	$53.89	+5.2%	—	47233W109
ONON	ON HLDG AG	300,000	$12,705	2.4%	$51.17	-15.8%	—	H5919C104
KSA	ISHARES TR	300,000	$12,174	2.3%	$40.58	—	—	46434V423
NGD	NEW GOLD INC CDA	1,320,000	$9,478	1.8%	$5.41	+39.2%	—	644535106
RBLX	ROBLOX CORP	60,000	$8,311	1.6%	$95.93	+10.7%	—	771049103
BIRK	BIRKENSTOCK HOLDING PLC	180,000	$8,145	1.5%	$51.54	-17.8%	—	M2029K104
LTM	LATAM AIRLINES GROUP SA	180,000	$8,145	1.5%	$45.25	—	—	51817R205
NI	NISOURCE INC	180,000	$7,794	1.5%	$41.04	+3.9%	—	65473P105
ANF	ABERCROMBIE & FITCH CO	90,000	$7,700	1.4%	$93.30	-6.3%	—	002896207
FCX	FREEPORT-MCMORAN INC	180,000	$7,060	1.3%	$41.31	+4.9%	—	35671D857
CCL	CARNIVAL CORP	240,000	$6,938	1.3%	$22.59	+23.4%	—	143658300
RRC	RANGE RES CORP	180,000	$6,775	1.3%	$35.71	+4.3%	—	75281A109
AR	ANTERO RESOURCES CORP	180,000	$6,041	1.1%	$33.33	+1.6%	—	03674X106
EIS	ISHARES INC	60,000	$6,018	1.1%	$100.30	—	—	464286632
ELF	E L F BEAUTY INC	36,000	$4,769	0.9%	$85.34	+15.3%	—	26856L103
AA	ALCOA CORP	120,000	$3,947	0.7%	$30.96	+32.0%	—	013872106
WIX	WIX COM LTD	12,000	$2,132	0.4%	$150.49	-19.7%	—	M98068105
BTDR	BITDEER TECHNOLOGIES GROUP	119,999	$2,051	0.4%	$14.04	+14.8%	—	G11448100

Decreased Positions (5)

EAT BRINKER INTL INC 0.5%

Value ($000) $2,628 (-82.7%) Shares 18,308 (-84.7%) Est. Cost $155.69 Unrealized -15.9%

HPE HEWLETT PACKARD ENTERPRISE C 0.8%

Value ($000) $4,398 (-66.8%) Shares 183,079 (-66.1%) Est. Cost $19.40 Unrealized +20.8%

HLI HOULIHAN LOKEY INC 2.0%

Value ($000) $10,630 (-28.1%) Shares 61,026 (-15.2%) Est. Cost $175.40 Unrealized +4.4%

IAG IAMGOLD CORP 0.8%

Value ($000) $4,025 (-48.1%) Shares 244,105 (-59.3%) Est. Cost $8.76 Unrealized +60.9%

HUT HUT 8 CORP 3.1%

Value ($000) $16,821 (+15.1%) Shares 366,157 (-12.8%) Est. Cost $25.41 Unrealized +73.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EAT	BRINKER INTL INC	18,308 (-84.7%)	$2,628 (-82.7%)	0.5%	$155.69	-15.9%	COM	109641100
HPE	HEWLETT PACKARD ENTERPRISE C	183,079 (-66.1%)	$4,398 (-66.8%)	0.8%	$19.40	+20.8%	COM	42824C109
HLI	HOULIHAN LOKEY INC	61,026 (-15.2%)	$10,630 (-28.1%)	2.0%	$175.40	+4.4%	CL A	441593100
IAG	IAMGOLD CORP	244,105 (-59.3%)	$4,025 (-48.1%)	0.8%	$8.76	+60.9%	COM	450913108
HUT	HUT 8 CORP	366,157 (-12.8%)	$16,821 (+15.1%)	3.1%	$25.41	+73.4%	COM	44812J104