Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EEM	ISHARES TR	8,027,800	$549M	15.2%	—	—	PUT	464287234
SE	SEA LTD	1,466,148	$141M	3.9%	$95.83	—	SPONSORD ADS	81141R100
PBR	PETROLEO BRASILEIRO S A	5,411,909	$87.46M	2.4%	$16.16	—	SPONSORED ADR	71654V408
GGAL	GRUPO FINANCIERO GALICIA S.A	1,360,220	$68.05M	1.9%	$50.03	—	SPONSORED ADR	399909100
ASML	ASML HLDG NV	32,056	$63.77M	1.8%	$1989.44	—	N Y REGISTRY SHS	N07059210
PPC	PILGRIMS PRIDE CORP	1,856,460	$52.19M	1.4%	$28.11	—	COM	72147K108
CPNG	COUPANG INC	2,198,457	$38.19M	1.1%	$17.37	—	CL A	22266T109
BBD	BANCO BRADESCO S A	4,484,271	$15.56M	0.4%	$3.47	—	SP ADR PFD NEW	059460303
BEKE	KE HLDGS INC	697,760	$10.14M	0.3%	$14.53	—	SPONSORED ADS	482497104

Increased Positions (9)

GLD SPDR GOLD TR 6.2%

Value $224M (+283.3%) Shares 608,000 (+347.7%) Est. Cost — Unrealized —

BABA ALIBABA GROUP HLDG LTD 3.8%

Value $138M (+201.5%) Shares 1,440,800 (+294.1%) Est. Cost $127.03 Unrealized —

AU ANGLOGOLD ASHANTI PLC 1.7%

Value $61.2M (+148.5%) Shares 756,610 (+199.1%) Est. Cost $77.87 Unrealized —

NTES NETEASE COM INC 1.1%

Value $39.28M (+407.4%) Shares 306,577 (+343.2%) Est. Cost $124.49 Unrealized —

KWEB KRANESHARES TRUST 1.8%

Value $65.86M (+24.6%) Shares 2,691,600 (+44.8%) Est. Cost — Unrealized —

GDS GDS HLDGS LTD 2.7%

Value $99.11M (+12.6%) Shares 3,300,419 (+51.1%) Est. Cost $34.13 Unrealized —

SLB SLB LIMITED 1.1%

Value $38.79M (+35.6%) Shares 834,322 (+49.8%) Est. Cost $47.70 Unrealized —

MMYT MAKEMYTRIP LIMITED MAURITIUS 0.3%

Value $11.8M (+110.1%) Shares 221,385 (+47.0%) Est. Cost $75.46 Unrealized —

HAL HALLIBURTON CO 0.7%

Value $24.65M (+5.8%) Shares 726,193 (+21.5%) Est. Cost $33.61 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	608,000 (+347.7%)	$224M (+283.3%)	6.2%	—	—	CALL	78463V107
BABA	ALIBABA GROUP HLDG LTD	1,440,800 (+294.1%)	$138M (+201.5%)	3.8%	$127.03	—	CALL	01609W102
AU	ANGLOGOLD ASHANTI PLC	756,610 (+199.1%)	$61.2M (+148.5%)	1.7%	$77.87	—	COM SHS	G0378L100
NTES	NETEASE COM INC	306,577 (+343.2%)	$39.28M (+407.4%)	1.1%	$124.49	—	SPONSORED ADS	64110W102
KWEB	KRANESHARES TRUST	2,691,600 (+44.8%)	$65.86M (+24.6%)	1.8%	—	—	CALL	500767306
GDS	GDS HLDGS LTD	3,300,419 (+51.1%)	$99.11M (+12.6%)	2.7%	$34.13	—	SPONSORED ADS	36165L108
SLB	SLB LIMITED	834,322 (+49.8%)	$38.79M (+35.6%)	1.1%	$47.70	—	COM STK	806857108
MMYT	MAKEMYTRIP LIMITED MAURITIUS	221,385 (+47.0%)	$11.8M (+110.1%)	0.3%	$75.46	—	SHS	V5633W109
HAL	HALLIBURTON CO	726,193 (+21.5%)	$24.65M (+5.8%)	0.7%	$33.61	—	COM	406216101

Exited Positions (9)

SLV ISHARES SILVER TR 4.9%

Value $179M Shares 2,627,200 Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 1.5%

Value $52.65M Shares 515,274 Est. Cost $106.52 Unrealized —

JBS JBS N.V. 1.3%

Value $45.73M Shares 2,546,345 Est. Cost $13.83 Unrealized —

ASHR DBX ETF TR 1.2%

Value $43.58M Shares 1,335,300 Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.9%

Value $33.9M Shares 100,300 Est. Cost $278.07 Unrealized —

HSAI HESAI GROUP 0.8%

Value $29.99M Shares 1,568,343 Est. Cost $19.12 Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 0.3%

Value $10.22M Shares 196,677 Est. Cost $51.98 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 0.2%

Value $6.014M Shares 79,692 Est. Cost $43.31 Unrealized —

RNW RENEW ENERGY GLOBAL PLC 0.2%

Value $5.849M Shares 1,277,071 Est. Cost $7.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	2,627,200	$179M	4.9%	—	—	CALL	46428Q109
PDD	PDD HOLDINGS INC	515,274	$52.65M	1.5%	$106.52	—	—	722304102
JBS	JBS N.V.	2,546,345	$45.73M	1.3%	$13.83	—	—	N4732M103
ASHR	DBX ETF TR	1,335,300	$43.58M	1.2%	—	—	CALL	233051879
TSM	TAIWAN SEMICONDUCTOR MANUFAC	100,300	$33.9M	0.9%	$278.07	—	PUT	874039100
HSAI	HESAI GROUP	1,568,343	$29.99M	0.8%	$19.12	—	—	428050108
MT	ARCELORMITTAL SA LUXEMBOURG	196,677	$10.22M	0.3%	$51.98	—	—	03938L203
VIST	VISTA ENERGY S.A.B. DE C.V.	79,692	$6.014M	0.2%	$43.31	—	—	92837L109
RNW	RENEW ENERGY GLOBAL PLC	1,277,071	$5.849M	0.2%	$7.64	—	—	G7500M104

Decreased Positions (10)

QQQ INVESCO QQQ TR 29.4%

Value $1.063B (-25.6%) Shares 1,444,000 (-41.7%) Est. Cost — Unrealized —

BABA ALIBABA GROUP HLDG LTD 1.3%

Value $48.01M (-71.3%) Shares 500,160 (-62.5%) Est. Cost $127.03 Unrealized —

ITUB ITAU UNIBANCO HLDG S A 2.2%

Value $78.78M (-54.0%) Shares 9,643,006 (-52.8%) Est. Cost $8.38 Unrealized —

EGO ELDORADO GOLD CORP NEW 3.4%

Value $122M (-27.7%) Shares 3,909,137 (-20.2%) Est. Cost $17.55 Unrealized —

EMBJ EMBRAER S.A. 3.6%

Value $129M (-24.5%) Shares 2,029,766 (-29.7%) Est. Cost $58.37 Unrealized —

IBN ICICI BANK LIMITED 2.8%

Value $101M (-22.2%) Shares 3,496,179 (-30.6%) Est. Cost $27.61 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 5.5%

Value $198M (+4.8%) Shares 414,556 (-25.8%) Est. Cost $278.07 Unrealized —

TS TENARIS S A 0.4%

Value $15.44M (-21.3%) Shares 278,311 (-17.5%) Est. Cost $58.18 Unrealized —

CPA COPA HOLDINGS SA 1.7%

Value $62.27M (+5.8%) Shares 400,262 (-22.7%) Est. Cost $134.64 Unrealized —

VNET VNET GROUP INC 0.3%

Value $11.8M (-7.1%) Shares 1,467,195 (-3.0%) Est. Cost $8.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	1,444,000 (-41.7%)	$1.063B (-25.6%)	29.4%	—	—	PUT	46090E103
BABA	ALIBABA GROUP HLDG LTD	500,160 (-62.5%)	$48.01M (-71.3%)	1.3%	$127.03	—	SPONSORED ADS	01609W102
ITUB	ITAU UNIBANCO HLDG S A	9,643,006 (-52.8%)	$78.78M (-54.0%)	2.2%	$8.38	—	SPON ADR REP PFD	465562106
EGO	ELDORADO GOLD CORP NEW	3,909,137 (-20.2%)	$122M (-27.7%)	3.4%	$17.55	—	COM	284902509
EMBJ	EMBRAER S.A.	2,029,766 (-29.7%)	$129M (-24.5%)	3.6%	$58.37	—	SPONSORED ADS	29082A107
IBN	ICICI BANK LIMITED	3,496,179 (-30.6%)	$101M (-22.2%)	2.8%	$27.61	—	ADR	45104G104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	414,556 (-25.8%)	$198M (+4.8%)	5.5%	$278.07	—	SPONSORED ADS	874039100
TS	TENARIS S A	278,311 (-17.5%)	$15.44M (-21.3%)	0.4%	$58.18	—	SPONSORED ADS	88031M109
CPA	COPA HOLDINGS SA	400,262 (-22.7%)	$62.27M (+5.8%)	1.7%	$134.64	—	CL A	P31076105
VNET	VNET GROUP INC	1,467,195 (-3.0%)	$11.8M (-7.1%)	0.3%	$8.39	—	SPONSORED ADS A	90138A103

Unchanged Positions (1)

USO UNITED STS OIL FD LP 1.8%

Value $63.52M Shares 596,800 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USO	UNITED STS OIL FD LP	596,800	$63.52M	1.8%	—	—	PUT	91232N207