SPX Gestao de Recursos Ltda Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KRANESHARES CSI CHINA	2,075,400	$70,667	7.2%	$34.05	—	CSI CHI INTERNET	500767306
SPY	STATE STREET SPDR S&P 500 ETF	81,424	$55,525	5.7%	$681.92	—	TR UNIT	78462F103
GLOB	GLOBANT SA	133,160	$8,705	0.9%	$62.86	0.0%	COM	L44385109
AXIA/PC	AXIA ENERGIA-ADR PREF C	680,091	$5,862	0.6%	$8.62	—	SPON ADS PF CL C	15236F100
CEPT	CANTOR EQUITY PARTNERS-CL A	305,000	$3,434	0.4%	$11.28	0.0%	CL A ORD SHS	G1827P106
CORZ	CORE SCIENTIFIC INC	104,800	$1,526	0.2%	$17.44	0.0%	COM	21874A106
—	PUT - GLD 100 @ 365 EXP 03/20/2026	2,183	$848	0.1%	—	—	PUT	99DJXJ7S2
—	PUT - QQQ 100 @ 590 EXP 01/16/2026	2,500	$560	0.1%	—	—	PUT	99DNMM329
—	CALL- META 100 @ 650 EXP 03/20/2026	100	$481	0.0%	—	—	CALL	99DHS7VZ5
BSBR	BANCO SANTANDER	54,694	$334	0.0%	$6.11	—	ADS REP 1 UNIT	05967A107
AXIA/P	AXIA ENERGIA	33,986	$318	0.0%	$9.36	—	SPON ADS PFD B1	15235A102
ENIC	ENEL CHILE S.A.	70,089	$282	0.0%	$4.02	—	SPONSORED ADR	29278D105
—	CALL- CRWV 100 @ 150 EXP 06/18/2026	100	$34	0.0%	—	—	CALL	99DLHHN28
GOOGL	ALPHABET INC CLASS A COMMON STOCK	44	$14	0.0%	$285.60	0.0%	CAP STK CL A	02079K305
SID	COMPANHIA SIDERURGICA NACIONAL	3,107	$5	0.0%	$1.60	—	SPONSORED ADR	20440W105
—	CALL- SNAP 100 @ 10 EXP 01/16/2026	2,000	$3	0.0%	—	—	CALL	99D61BMM8
CIG/C	COMPNHIA ENRG C	565	$1	0.0%	$2.59	—	SPONSORED ADR	204409882
—	CALL- EVEX 100 @ 5 EXP 01/16/2026	4	$0	0.0%	—	—	CALL	99DHYPXD5

Increased Positions (24)

STNE STONECO LTD-A 7.9%

Value ($000) $77,450 (+803.2%) Shares 5,236,620 (+1054.8%) Est. Cost $14.90 Unrealized —

XP XP INC - CLASS A 7.0%

Value ($000) $68,678 (+82.7%) Shares 4,195,379 (+109.7%) Est. Cost $17.49 Unrealized +0.7%

FSLR FIRST SOLAR INC 5.5%

Value ($000) $53,356 (+108.1%) Shares 204,250 (+75.7%) Est. Cost $217.91 Unrealized +15.7%

TGS TRANSPORT GAS SUR B ADR 3.8%

Value ($000) $37,520 (+208.5%) Shares 1,206,803 (+108.7%) Est. Cost $28.60 Unrealized —

BAP CREDICORP 5.8%

Value ($000) $57,137 (+66.9%) Shares 199,083 (+54.8%) Est. Cost $205.27 Unrealized +29.0%

MU MICRON TECHNOLOGY INC 2.6%

Value ($000) $25,687 (+667.6%) Shares 90,000 (+350.0%) Est. Cost $200.14 Unrealized +14.6%

BABA ALIBABA GROUP HOLDING LTD 2.2%

Value ($000) $21,987 (+267.2%) Shares 150,000 (+347.8%) Est. Cost $153.61 Unrealized —

AUGO AURA MINERALS INC 4.5%

Value ($000) $44,225 (+47.5%) Shares 877,211 (+8.8%) Est. Cost $29.46 Unrealized +33.3%

ARCO ARCOS DORADOS HOLDINGS INC 5.7%

Value ($000) $55,429 (+29.5%) Shares 7,551,676 (+19.1%) Est. Cost $7.33 Unrealized -2.5%

EVEX EVE HOLDING INC 1.2%

Value ($000) $11,354 (+406.0%) Shares 2,845,692 (+383.1%) Est. Cost $4.59 Unrealized -4.2%

ELPC CIA PARANAENSE DE ENER-ADR 0.9%

Value ($000) $8,731 (+1273.9%) Shares 918,127 (+1194.4%) Est. Cost $9.27 Unrealized —

GGB GERDAU SA 1.8%

Value ($000) $18,061 (+29.7%) Shares 4,894,496 (+9.0%) Est. Cost $3.04 Unrealized —

SBS BASIC SANITATION COMPANY OF THE STATE OF 0.8%

Value ($000) $8,301 (+58.4%) Shares 348,052 (+65.3%) Est. Cost $20.72 Unrealized —

CPAY CORPAY INC 0.9%

Value ($000) $8,805 (+53.1%) Shares 29,260 (+46.6%) Est. Cost $314.99 Unrealized -7.8%

GRND GRINDR INC 0.6%

Value ($000) $5,440 (+104.3%) Shares 401,800 (+126.6%) Est. Cost $15.33 Unrealized -11.3%

JBS JBS NV-A 0.3%

Value ($000) $3,001 (+411.7%) Shares 208,100 (+429.8%) Est. Cost $13.90 Unrealized -1.1%

SN SHARKNINJA INC 1.2%

Value ($000) $11,657 (+24.6%) Shares 104,170 (+14.9%) Est. Cost $101.97 Unrealized -3.4%

UGP ULTRAPAR PARTICIPACOES 0.2%

Value ($000) $2,196 (+2395.2%) Shares 582,585 (+2613.6%) Est. Cost $3.78 Unrealized —

LUXE LUXEXPERIENCE BV 0.4%

Value ($000) $4,370 (+37.5%) Shares 523,410 (+40.0%) Est. Cost $8.23 Unrealized —

PGY PAGAYA TECHNOLOGIES LTD -A 0.3%

Value ($000) $2,514 (+69.4%) Shares 120,300 (+140.6%) Est. Cost $28.31 Unrealized -10.0%

OWL BLUE OWL CAPITAL INC 0.7%

Value ($000) $7,316 (+13.3%) Shares 489,660 (+28.4%) Est. Cost $18.50 Unrealized -15.5%

NYAX NAYAX LTD 0.1%

Value ($000) $1,212 (+33.2%) Shares 23,958 (+25.4%) Est. Cost $41.91 Unrealized +7.8%

XOP STATE STREET SPDR S&P OIL & GA 0.2%

Value ($000) $1,894 (+2.3%) Shares 15,000 (+7.1%) Est. Cost $131.80 Unrealized —

CIG COMPNHIA ENRG 0.1%

Value ($000) $710 (+4.8%) Shares 354,805 (+10.6%) Est. Cost $2.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STNE	STONECO LTD-A	5,236,620 (+1054.8%)	$77,450 (+803.2%)	7.9%	$14.90	—	COM CL A	G85158106
XP	XP INC - CLASS A	4,195,379 (+109.7%)	$68,678 (+82.7%)	7.0%	$17.49	+0.7%	CL A	G98239109
FSLR	FIRST SOLAR INC	204,250 (+75.7%)	$53,356 (+108.1%)	5.5%	$217.91	+15.7%	COM	336433107
TGS	TRANSPORT GAS SUR B ADR	1,206,803 (+108.7%)	$37,520 (+208.5%)	3.8%	$28.60	—	SPONSORED ADS B	893870204
BAP	CREDICORP	199,083 (+54.8%)	$57,137 (+66.9%)	5.8%	$205.27	+29.0%	COM	G2519Y108
MU	MICRON TECHNOLOGY INC	90,000 (+350.0%)	$25,687 (+667.6%)	2.6%	$200.14	+14.6%	COM	595112103
BABA	ALIBABA GROUP HOLDING LTD	150,000 (+347.8%)	$21,987 (+267.2%)	2.2%	$153.61	—	SPONSORED ADS	01609W102
AUGO	AURA MINERALS INC	877,211 (+8.8%)	$44,225 (+47.5%)	4.5%	$29.46	+33.3%	SHS NEW	G06973112
ARCO	ARCOS DORADOS HOLDINGS INC	7,551,676 (+19.1%)	$55,429 (+29.5%)	5.7%	$7.33	-2.5%	SHS CLASS -A -	G0457F107
EVEX	EVE HOLDING INC	2,845,692 (+383.1%)	$11,354 (+406.0%)	1.2%	$4.59	-4.2%	COM	29970N104
ELPC	CIA PARANAENSE DE ENER-ADR	918,127 (+1194.4%)	$8,731 (+1273.9%)	0.9%	$9.27	—	SPONSORED ADS	20441B704
GGB	GERDAU SA	4,894,496 (+9.0%)	$18,061 (+29.7%)	1.8%	$3.04	—	SPON ADR REP PFD	373737105
SBS	BASIC SANITATION COMPANY OF THE STATE OF	348,052 (+65.3%)	$8,301 (+58.4%)	0.8%	$20.72	—	SPONSORED ADR	20441A102
CPAY	CORPAY INC	29,260 (+46.6%)	$8,805 (+53.1%)	0.9%	$314.99	-7.8%	COM SHS	219948106
GRND	GRINDR INC	401,800 (+126.6%)	$5,440 (+104.3%)	0.6%	$15.33	-11.3%	COM	39854F101
JBS	JBS NV-A	208,100 (+429.8%)	$3,001 (+411.7%)	0.3%	$13.90	-1.1%	CL A SHS	N4732M103
SN	SHARKNINJA INC	104,170 (+14.9%)	$11,657 (+24.6%)	1.2%	$101.97	-3.4%	COM SHS	G8068L108
UGP	ULTRAPAR PARTICIPACOES	582,585 (+2613.6%)	$2,196 (+2395.2%)	0.2%	$3.78	—	SP ADR REP COM	90400P101
LUXE	LUXEXPERIENCE BV	523,410 (+40.0%)	$4,370 (+37.5%)	0.4%	$8.23	—	ADS	55406W103
PGY	PAGAYA TECHNOLOGIES LTD -A	120,300 (+140.6%)	$2,514 (+69.4%)	0.3%	$28.31	-10.0%	CL A NEW	M7S64L123
OWL	BLUE OWL CAPITAL INC	489,660 (+28.4%)	$7,316 (+13.3%)	0.7%	$18.50	-15.5%	COM CL A	09581B103
NYAX	NAYAX LTD	23,958 (+25.4%)	$1,212 (+33.2%)	0.1%	$41.91	+7.8%	SHS	M7S750159
XOP	STATE STREET SPDR S&P OIL & GA	15,000 (+7.1%)	$1,894 (+2.3%)	0.2%	$131.80	—	S&P OILGAS EXP	78468R556
CIG	COMPNHIA ENRG	354,805 (+10.6%)	$710 (+4.8%)	0.1%	$2.11	—	SP ADR N-V PFD	204409601

Exited Positions (109)

EEM ISHARES MSCI EMERGING MARKETS ETF 8.1%

Value ($000) $79,032 Shares 1,480,000 Est. Cost $52.98 Unrealized —

EWZ ISHARES MSCI BRAZIL ETF 5.1%

Value ($000) $49,600 Shares 1,600,000 Est. Cost $30.73 Unrealized —

VST VISTRA CORP 4.3%

Value ($000) $41,633 Shares 212,500 Est. Cost $131.41 Unrealized +38.4%

GEV GE VERNOVA LLC 1.8%

Value ($000) $17,648 Shares 28,700 Est. Cost $515.85 Unrealized +18.1%

EMBJ EMBRAER SA 1.4%

Value ($000) $13,974 Shares 231,172 Est. Cost $50.91 Unrealized —

NU NU HOLDINGS LTD/CAYMAN ISL-A 1.1%

Value ($000) $10,473 Shares 654,165 Est. Cost $13.95 Unrealized +15.2%

MSFT MICROSOFT CORPORATION 1.1%

Value ($000) $10,359 Shares 20,000 Est. Cost $508.71 Unrealized -1.6%

— COMPANHIA PARANAENSE DE ENERGI 0.9%

Value ($000) $8,323 Shares 849,336 Est. Cost $468.01 Unrealized —

HDB HDFC BK LTD 0.8%

Value ($000) $7,584 Shares 222,000 Est. Cost $51.25 Unrealized —

AVGO BROADCOM INC 0.7%

Value ($000) $6,928 Shares 21,000 Est. Cost $305.74 Unrealized +16.8%

CNR CORE NATURAL RESOURCES INC 0.7%

Value ($000) $6,845 Shares 82,000 Est. Cost $70.86 Unrealized +20.2%

SE SEA LTD-ADR 0.7%

Value ($000) $6,792 Shares 38,000 Est. Cost $178.73 Unrealized —

FUTU FUTU HOLDINGS LTD-ADR 0.6%

Value ($000) $5,391 Shares 31,000 Est. Cost $173.91 Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.5%

Value ($000) $4,951 Shares 34,000 Est. Cost $122.39 Unrealized +25.7%

COHR COHERENT CORP 0.5%

Value ($000) $4,847 Shares 45,000 Est. Cost $99.69 Unrealized +50.0%

LEU CENTRUS ENERGY CORP 0.3%

Value ($000) $3,287 Shares 10,600 Est. Cost $221.21 Unrealized +36.5%

UUUU ENERGY FUELS INC 0.3%

Value ($000) $3,009 Shares 196,000 Est. Cost $10.62 Unrealized +59.8%

UEC URANIUM ENERGY 0.3%

Value ($000) $2,868 Shares 215,000 Est. Cost $8.47 Unrealized +54.9%

IBM INTL BUSINESS MACHINES CORP 0.3%

Value ($000) $2,822 Shares 10,000 Est. Cost $259.55 Unrealized +15.1%

— CALL- TLT 100 @ 93 EXP 12/19/2025 0.3%

Value ($000) $2,732 Shares 31,765 Est. Cost — Unrealized —

EQT EQT CORP 0.3%

Value ($000) $2,722 Shares 50,000 Est. Cost $52.61 Unrealized +6.7%

TTWO TAKE TWO 0.3%

Value ($000) $2,584 Shares 10,000 Est. Cost $236.70 Unrealized +5.3%

WDC WESTERN DIGITAL 0.2%

Value ($000) $2,401 Shares 20,000 Est. Cost $81.60 Unrealized +85.7%

LLY ELI LILLY & CO 0.2%

Value ($000) $2,136 Shares 2,800 Est. Cost $742.24 Unrealized +28.7%

NEM NEWMONT CORP 0.2%

Value ($000) $2,108 Shares 25,000 Est. Cost $52.90 Unrealized +70.5%

RKLB ROCKET LAB CORP 0.2%

Value ($000) $2,031 Shares 42,400 Est. Cost $45.36 Unrealized +26.4%

UBER UBER TECHNOLOGIES INC 0.2%

Value ($000) $1,959 Shares 20,000 Est. Cost $71.62 Unrealized +25.7%

JHX JAMES HARDIE IND 0.2%

Value ($000) $1,952 Shares 101,600 Est. Cost $23.95 Unrealized -16.3%

COP CONOCOPHILLIPS COM STK 0.2%

Value ($000) $1,892 Shares 20,000 Est. Cost $93.28 Unrealized -3.5%

IONQ IONQ INC 0.2%

Value ($000) $1,845 Shares 30,000 Est. Cost $47.02 Unrealized +19.2%

GAMB GAMBLING.COM GROUP LTD 0.2%

Value ($000) $1,708 Shares 208,800 Est. Cost $11.79 Unrealized -46.0%

BE BLOOM ENERGY CORP- A 0.2%

Value ($000) $1,691 Shares 20,000 Est. Cost $46.44 Unrealized +126.3%

GIS GENERAL MILLS 0.2%

Value ($000) $1,623 Shares 32,180 Est. Cost $49.46 Unrealized -4.0%

RIOT RIOT PLATFORMS INC 0.2%

Value ($000) $1,599 Shares 84,000 Est. Cost $13.85 Unrealized +23.5%

TSM TAIWAN SEMI ADR 0.2%

Value ($000) $1,564 Shares 5,600 Est. Cost $279.29 Unrealized —

— CALL- EEM 100 @ 54 EXP 10/17/2025 0.2%

Value ($000) $1,552 Shares 32,000 Est. Cost — Unrealized —

DASH DOORDASH INC - A 0.2%

Value ($000) $1,523 Shares 5,600 Est. Cost $200.58 Unrealized +16.9%

RGTI RIGETTI COMPUTING INC 0.2%

Value ($000) $1,490 Shares 50,000 Est. Cost $17.53 Unrealized +86.0%

DNA GINKGO BIOWORKS HOLDINGS INC 0.1%

Value ($000) $1,458 Shares 100,000 Est. Cost $11.97 Unrealized -10.0%

NKE NIKE INC CL B 0.1%

Value ($000) $1,395 Shares 20,000 Est. Cost $59.08 Unrealized +9.9%

NRG NRG ENERGY INC 0.1%

Value ($000) $1,360 Shares 8,400 Est. Cost $155.26 Unrealized +6.5%

PYPL PAYPAL HOLDINGS INC 0.1%

Value ($000) $1,341 Shares 20,000 Est. Cost $70.32 Unrealized -7.8%

CAT CATERPILLAR INC 0.1%

Value ($000) $1,336 Shares 2,800 Est. Cost $425.39 Unrealized +30.6%

DELL DELL TECHNOLOGIES -C 0.1%

Value ($000) $1,276 Shares 9,000 Est. Cost $129.18 Unrealized +9.0%

SNOW SNOWFLAKE INC-CLASS A 0.1%

Value ($000) $1,263 Shares 5,600 Est. Cost $160.80 Unrealized +51.8%

NBIS NEBIUS GROUP NV 0.1%

Value ($000) $1,257 Shares 11,200 Est. Cost $69.43 Unrealized +49.3%

HON HONEYWELL INTERNATIONAL INC 0.1%

Value ($000) $1,179 Shares 5,600 Est. Cost $207.11 Unrealized -5.8%

QUBT QUANTUM COMPUTING INC 0.1%

Value ($000) $1,178 Shares 64,000 Est. Cost $17.16 Unrealized -17.1%

ANET ARISTA NETWORKS 0.1%

Value ($000) $1,166 Shares 8,000 Est. Cost $128.77 Unrealized +6.9%

QBTS D-WAVE QUANTUM INC 0.1%

Value ($000) $1,087 Shares 44,000 Est. Cost $18.22 Unrealized +59.9%

PATH UIPATH INC - CLASS A 0.1%

Value ($000) $1,070 Shares 80,000 Est. Cost $11.82 Unrealized +31.6%

ASPI ASP ISOTOPES INC 0.1%

Value ($000) $1,054 Shares 109,600 Est. Cost $9.22 Unrealized -13.7%

ETN EATON CORP PLC 0.1%

Value ($000) $1,048 Shares 2,800 Est. Cost $306.71 Unrealized +15.5%

BWXT BWX TECHNOLOGIES INC 0.1%

Value ($000) $1,014 Shares 5,500 Est. Cost $160.55 Unrealized +16.7%

ACHR ARCHER AVIATION INC 0.1%

Value ($000) $1,006 Shares 105,000 Est. Cost $9.02 Unrealized +4.3%

— PUT - SPY 100 @ 663 EXP 10/10/2025 0.1%

Value ($000) $964 Shares 2,716 Est. Cost — Unrealized —

CRWV COREWEAVE INC 0.1%

Value ($000) $958 Shares 7,000 Est. Cost $118.31 Unrealized -14.3%

— CALL- MRVL 100 @ 81 EXP 10/17/2025 0.1%

Value ($000) $933 Shares 1,700 Est. Cost — Unrealized —

MTZ MASTEC INC 0.1%

Value ($000) $894 Shares 4,200 Est. Cost $183.12 Unrealized +14.6%

JPM JPMORGAN CHASE & CO 0.1%

Value ($000) $883 Shares 2,800 Est. Cost $295.93 Unrealized +4.6%

SHEL SHELL PLC-ADR 0.1%

Value ($000) $873 Shares 12,198 Est. Cost $71.53 Unrealized —

BMNR BITMINE IMMERSION TECHNOLOGIES 0.1%

Value ($000) $872 Shares 16,800 Est. Cost $50.65 Unrealized -20.0%

CVX CHEVRON CORP 0.1%

Value ($000) $870 Shares 5,600 Est. Cost $152.28 Unrealized -0.6%

FIVE FIVE BELOW 0.1%

Value ($000) $866 Shares 5,600 Est. Cost $141.49 Unrealized +14.9%

GGAL GRUPO FINANCIERO GALICIA 0.1%

Value ($000) $827 Shares 30,000 Est. Cost $52.85 Unrealized —

BAC BANK OF AMERICA 0.1%

Value ($000) $774 Shares 15,000 Est. Cost $41.45 Unrealized +27.1%

BTDR BITDEER TECHNOLOGIES GROUP-A 0.1%

Value ($000) $718 Shares 42,000 Est. Cost $14.04 Unrealized +14.8%

— INDIVIOR PLC 0.1%

Value ($000) $675 Shares 28,000 Est. Cost $24.11 Unrealized —

NTAP NETAPP INC 0.1%

Value ($000) $663 Shares 5,600 Est. Cost $110.78 Unrealized +2.6%

— CALL- MU 100 @ 180 EXP 12/19/2025 0.1%

Value ($000) $590 Shares 500 Est. Cost — Unrealized —

BBBY BED BATH & BEYOND INC 0.1%

Value ($000) $548 Shares 56,000 Est. Cost $9.09 Unrealized -20.0%

— CENTRAIS ELEC BRAS-ADR PREF 0.1%

Value ($000) $522 Shares 50,366 Est. Cost $8.19 Unrealized —

DBX DROPBOX INC-CLASS A 0.1%

Value ($000) $508 Shares 16,800 Est. Cost $28.60 Unrealized +1.8%

— CALL- KWEB 100 @ 44 EXP 10/17/2025 0.0%

Value ($000) $460 Shares 10,000 Est. Cost — Unrealized —

— CALL- UBER 100 @ 110 EXP 11/21/2025 0.0%

Value ($000) $438 Shares 2,000 Est. Cost — Unrealized —

— PUT - QQQ 100 @ 585 EXP 10/17/2025 0.0%

Value ($000) $411 Shares 1,100 Est. Cost — Unrealized —

— CALL- GDXJ 100 @ 100 EXP 11/21/2025 0.0%

Value ($000) $377 Shares 600 Est. Cost — Unrealized —

SEDG SOLAREDGE TECHNOLOGIES INC 0.0%

Value ($000) $296 Shares 8,000 Est. Cost $29.86 Unrealized +16.8%

— CALL- FXI 100 @ 43 EXP 11/21/2025 0.0%

Value ($000) $288 Shares 3,000 Est. Cost — Unrealized —

CSIQ CANADIAN SOLAR INC 0.0%

Value ($000) $287 Shares 22,000 Est. Cost $11.96 Unrealized +82.2%

SHLS SHOALS TECHNOLOGIES GROUP -A 0.0%

Value ($000) $282 Shares 38,000 Est. Cost $6.15 Unrealized +46.0%

NXT NEXTRACKER INC-CL A 0.0%

Value ($000) $274 Shares 3,700 Est. Cost $64.43 Unrealized +40.7%

RUN SUNRUN INC 0.0%

Value ($000) $268 Shares 15,500 Est. Cost $7.86 Unrealized +143.8%

— PUT - TLT 100 @ 89 EXP 12/19/2025 0.0%

Value ($000) $260 Shares 1,179 Est. Cost — Unrealized —

JKS JINKOSOLAR HOLDING CO-ADR 0.0%

Value ($000) $252 Shares 10,500 Est. Cost $24.03 Unrealized —

ARRY ARRAY TECHNOLOGIES INC 0.0%

Value ($000) $220 Shares 27,000 Est. Cost $7.57 Unrealized +13.3%

ORBS EIGHTCO HOLDINGS INC 0.0%

Value ($000) $154 Shares 16,800 Est. Cost $5.47 Unrealized -14.1%

— CALL- FSLR 100 @ 240 EXP 11/21/2025 0.0%

Value ($000) $121 Shares 100 Est. Cost — Unrealized —

— CALL- DDOG 100 @ 150 EXP 10/17/2025 0.0%

Value ($000) $117 Shares 500 Est. Cost — Unrealized —

— CALL- EEM 100 @ 54 EXP 11/21/2025 0.0%

Value ($000) $111 Shares 1,000 Est. Cost — Unrealized —

— CALL- NVDA 100 @ 180 EXP 10/17/2025 0.0%

Value ($000) $102 Shares 100 Est. Cost — Unrealized —

— CALL- FSLR 100 @ 250 EXP 11/21/2025 0.0%

Value ($000) $92 Shares 100 Est. Cost — Unrealized —

— CALL- CROX 100 @ 90 EXP 10/24/2025 0.0%

Value ($000) $90 Shares 400 Est. Cost — Unrealized —

— CALL- HUT 100 @ 45 EXP 12/19/2025 0.0%

Value ($000) $70 Shares 200 Est. Cost — Unrealized —

AMBWQ AMBIPAR EMERGENCY RESPONS-28 0.0%

Value ($000) $67 Shares 1,592,965 Est. Cost $0.49 Unrealized —

— CALL- META 100 @ 780 EXP 10/17/2025 0.0%

Value ($000) $44 Shares 100 Est. Cost — Unrealized —

— PUT - QQQ 100 @ 570 EXP 10/17/2025 0.0%

Value ($000) $38 Shares 200 Est. Cost — Unrealized —

— CALL- IWM 100 @ 242 EXP 10/03/2025 0.0%

Value ($000) $36 Shares 200 Est. Cost — Unrealized —

— PUT - QQQ 100 @ 565 EXP 10/17/2025 0.0%

Value ($000) $31 Shares 200 Est. Cost — Unrealized —

— CALL- META 100 @ 800 EXP 10/17/2025 0.0%

Value ($000) $30 Shares 140 Est. Cost — Unrealized —

— CALL- AMZN 100 @ 250 EXP 10/17/2025 0.0%

Value ($000) $27 Shares 1,000 Est. Cost — Unrealized —

— PUT - SPY 100 @ 620 EXP 10/17/2025 0.0%

Value ($000) $23 Shares 300 Est. Cost — Unrealized —

— PUT - XLU 100 @ 83.5 EXP 10/17/2025 0.0%

Value ($000) $22 Shares 1,000 Est. Cost — Unrealized —

— PUT - HYG 100 @ 80.5 EXP 10/17/2025 0.0%

Value ($000) $19 Shares 1,000 Est. Cost — Unrealized —

— CALL- XHB 100 @ 130 EXP 11/21/2025 0.0%

Value ($000) $13 Shares 500 Est. Cost — Unrealized —

— PUT - INTC 100 @ 27 EXP 10/17/2025 0.0%

Value ($000) $12 Shares 1,000 Est. Cost — Unrealized —

VSTA VASTA PLATFORM LTD 0.0%

Value ($000) $8 Shares 1,550 Est. Cost $4.37 Unrealized +13.2%

AMBIQ AMBIPAR EMERGENCY RESPONSE 0.0%

Value ($000) $5 Shares 6,642 Est. Cost $8.46 Unrealized -92.7%

WALDW WALDENCAST ACQ CL A -CW27 0.0%

Value ($000) $0 Shares 1,988 Est. Cost $0.50 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEM	ISHARES MSCI EMERGING MARKETS ETF	1,480,000	$79,032	8.1%	$52.98	—	—	464287234
EWZ	ISHARES MSCI BRAZIL ETF	1,600,000	$49,600	5.1%	$30.73	—	—	464286400
VST	VISTRA CORP	212,500	$41,633	4.3%	$131.41	+38.4%	—	92840M102
GEV	GE VERNOVA LLC	28,700	$17,648	1.8%	$515.85	+18.1%	—	36828A101
EMBJ	EMBRAER SA	231,172	$13,974	1.4%	$50.91	—	—	29082A107
NU	NU HOLDINGS LTD/CAYMAN ISL-A	654,165	$10,473	1.1%	$13.95	+15.2%	—	G6683N103
MSFT	MICROSOFT CORPORATION	20,000	$10,359	1.1%	$508.71	-1.6%	—	594918104
—	COMPANHIA PARANAENSE DE ENERGI	849,336	$8,323	0.9%	$468.01	—	—	20441B605
HDB	HDFC BK LTD	222,000	$7,584	0.8%	$51.25	—	—	40415F101
AVGO	BROADCOM INC	21,000	$6,928	0.7%	$305.74	+16.8%	—	11135F101
CNR	CORE NATURAL RESOURCES INC	82,000	$6,845	0.7%	$70.86	+20.2%	—	218937100
SE	SEA LTD-ADR	38,000	$6,792	0.7%	$178.73	—	—	81141R100
FUTU	FUTU HOLDINGS LTD-ADR	31,000	$5,391	0.6%	$173.91	—	—	36118L106
CRDO	CREDO TECHNOLOGY GROUP HOLDI	34,000	$4,951	0.5%	$122.39	+25.7%	—	G25457105
COHR	COHERENT CORP	45,000	$4,847	0.5%	$99.69	+50.0%	—	19247G107
LEU	CENTRUS ENERGY CORP	10,600	$3,287	0.3%	$221.21	+36.5%	—	15643U104
UUUU	ENERGY FUELS INC	196,000	$3,009	0.3%	$10.62	+59.8%	—	292671708
UEC	URANIUM ENERGY	215,000	$2,868	0.3%	$8.47	+54.9%	—	916896103
IBM	INTL BUSINESS MACHINES CORP	10,000	$2,822	0.3%	$259.55	+15.1%	—	459200101
—	CALL- TLT 100 @ 93 EXP 12/19/2025	31,765	$2,732	0.3%	—	—	CALL	99DHJ2G83
EQT	EQT CORP	50,000	$2,722	0.3%	$52.61	+6.7%	—	26884L109
TTWO	TAKE TWO	10,000	$2,584	0.3%	$236.70	+5.3%	—	874054109
WDC	WESTERN DIGITAL	20,000	$2,401	0.2%	$81.60	+85.7%	—	958102105
LLY	ELI LILLY & CO	2,800	$2,136	0.2%	$742.24	+28.7%	—	532457108
NEM	NEWMONT CORP	25,000	$2,108	0.2%	$52.90	+70.5%	—	651639106
RKLB	ROCKET LAB CORP	42,400	$2,031	0.2%	$45.36	+26.4%	—	773121108
UBER	UBER TECHNOLOGIES INC	20,000	$1,959	0.2%	$71.62	+25.7%	—	90353T100
JHX	JAMES HARDIE IND	101,600	$1,952	0.2%	$23.95	-16.3%	—	G4253H101
COP	CONOCOPHILLIPS COM STK	20,000	$1,892	0.2%	$93.28	-3.5%	—	20825C104
IONQ	IONQ INC	30,000	$1,845	0.2%	$47.02	+19.2%	—	46222L108
GAMB	GAMBLING.COM GROUP LTD	208,800	$1,708	0.2%	$11.79	-46.0%	—	G3R239101
BE	BLOOM ENERGY CORP- A	20,000	$1,691	0.2%	$46.44	+126.3%	—	093712107
GIS	GENERAL MILLS	32,180	$1,623	0.2%	$49.46	-4.0%	—	370334104
RIOT	RIOT PLATFORMS INC	84,000	$1,599	0.2%	$13.85	+23.5%	—	767292105
TSM	TAIWAN SEMI ADR	5,600	$1,564	0.2%	$279.29	—	—	874039100
—	CALL- EEM 100 @ 54 EXP 10/17/2025	32,000	$1,552	0.2%	—	—	CALL	99DM6ZFL5
DASH	DOORDASH INC - A	5,600	$1,523	0.2%	$200.58	+16.9%	—	25809K105
RGTI	RIGETTI COMPUTING INC	50,000	$1,490	0.2%	$17.53	+86.0%	—	76655K103
DNA	GINKGO BIOWORKS HOLDINGS INC	100,000	$1,458	0.1%	$11.97	-10.0%	—	37611X209
NKE	NIKE INC CL B	20,000	$1,395	0.1%	$59.08	+9.9%	—	654106103
NRG	NRG ENERGY INC	8,400	$1,360	0.1%	$155.26	+6.5%	—	629377508
PYPL	PAYPAL HOLDINGS INC	20,000	$1,341	0.1%	$70.32	-7.8%	—	70450Y103
CAT	CATERPILLAR INC	2,800	$1,336	0.1%	$425.39	+30.6%	—	149123101
DELL	DELL TECHNOLOGIES -C	9,000	$1,276	0.1%	$129.18	+9.0%	—	24703L202
SNOW	SNOWFLAKE INC-CLASS A	5,600	$1,263	0.1%	$160.80	+51.8%	—	833445109
NBIS	NEBIUS GROUP NV	11,200	$1,257	0.1%	$69.43	+49.3%	—	N97284108
HON	HONEYWELL INTERNATIONAL INC	5,600	$1,179	0.1%	$207.11	-5.8%	—	438516106
QUBT	QUANTUM COMPUTING INC	64,000	$1,178	0.1%	$17.16	-17.1%	—	74766W108
ANET	ARISTA NETWORKS	8,000	$1,166	0.1%	$128.77	+6.9%	—	040413205
QBTS	D-WAVE QUANTUM INC	44,000	$1,087	0.1%	$18.22	+59.9%	—	26740W109
PATH	UIPATH INC - CLASS A	80,000	$1,070	0.1%	$11.82	+31.6%	—	90364P105
ASPI	ASP ISOTOPES INC	109,600	$1,054	0.1%	$9.22	-13.7%	—	00218A105
ETN	EATON CORP PLC	2,800	$1,048	0.1%	$306.71	+15.5%	—	G29183103
BWXT	BWX TECHNOLOGIES INC	5,500	$1,014	0.1%	$160.55	+16.7%	—	05605H100
ACHR	ARCHER AVIATION INC	105,000	$1,006	0.1%	$9.02	+4.3%	—	03945R102
—	PUT - SPY 100 @ 663 EXP 10/10/2025	2,716	$964	0.1%	—	—	PUT	99DNJRJH2
CRWV	COREWEAVE INC	7,000	$958	0.1%	$118.31	-14.3%	—	21873S108
—	CALL- MRVL 100 @ 81 EXP 10/17/2025	1,700	$933	0.1%	—	—	CALL	99DNZ6T06
MTZ	MASTEC INC	4,200	$894	0.1%	$183.12	+14.6%	—	576323109
JPM	JPMORGAN CHASE & CO	2,800	$883	0.1%	$295.93	+4.6%	—	46625H100
SHEL	SHELL PLC-ADR	12,198	$873	0.1%	$71.53	—	—	780259305
BMNR	BITMINE IMMERSION TECHNOLOGIES	16,800	$872	0.1%	$50.65	-20.0%	—	09175A206
CVX	CHEVRON CORP	5,600	$870	0.1%	$152.28	-0.6%	—	166764100
FIVE	FIVE BELOW	5,600	$866	0.1%	$141.49	+14.9%	—	33829M101
GGAL	GRUPO FINANCIERO GALICIA	30,000	$827	0.1%	$52.85	—	—	399909100
BAC	BANK OF AMERICA	15,000	$774	0.1%	$41.45	+27.1%	—	060505104
BTDR	BITDEER TECHNOLOGIES GROUP-A	42,000	$718	0.1%	$14.04	+14.8%	—	G11448100
—	INDIVIOR PLC	28,000	$675	0.1%	$24.11	—	—	G4766E116
NTAP	NETAPP INC	5,600	$663	0.1%	$110.78	+2.6%	—	64110D104
—	CALL- MU 100 @ 180 EXP 12/19/2025	500	$590	0.1%	—	—	CALL	99D9YZPC2
BBBY	BED BATH & BEYOND INC	56,000	$548	0.1%	$9.09	-20.0%	—	690370101
—	CENTRAIS ELEC BRAS-ADR PREF	50,366	$522	0.1%	$8.19	—	—	15234Q108
DBX	DROPBOX INC-CLASS A	16,800	$508	0.1%	$28.60	+1.8%	—	26210C104
—	CALL- KWEB 100 @ 44 EXP 10/17/2025	10,000	$460	0.0%	—	—	CALL	99DM6XYR6
—	CALL- UBER 100 @ 110 EXP 11/21/2025	2,000	$438	0.0%	—	—	CALL	99DJDLN28
—	PUT - QQQ 100 @ 585 EXP 10/17/2025	1,100	$411	0.0%	—	—	PUT	99DM4G3P3
—	CALL- GDXJ 100 @ 100 EXP 11/21/2025	600	$377	0.0%	—	—	CALL	99DLQC2S5
SEDG	SOLAREDGE TECHNOLOGIES INC	8,000	$296	0.0%	$29.86	+16.8%	—	83417M104
—	CALL- FXI 100 @ 43 EXP 11/21/2025	3,000	$288	0.0%	—	—	CALL	99DJNHD35
CSIQ	CANADIAN SOLAR INC	22,000	$287	0.0%	$11.96	+82.2%	—	136635109
SHLS	SHOALS TECHNOLOGIES GROUP -A	38,000	$282	0.0%	$6.15	+46.0%	—	82489W107
NXT	NEXTRACKER INC-CL A	3,700	$274	0.0%	$64.43	+40.7%	—	65290E101
RUN	SUNRUN INC	15,500	$268	0.0%	$7.86	+143.8%	—	86771W105
—	PUT - TLT 100 @ 89 EXP 12/19/2025	1,179	$260	0.0%	—	—	PUT	99DHJ33Q5
JKS	JINKOSOLAR HOLDING CO-ADR	10,500	$252	0.0%	$24.03	—	—	47759T100
ARRY	ARRAY TECHNOLOGIES INC	27,000	$220	0.0%	$7.57	+13.3%	—	04271T100
ORBS	EIGHTCO HOLDINGS INC	16,800	$154	0.0%	$5.47	-14.1%	—	22890A302
—	CALL- FSLR 100 @ 240 EXP 11/21/2025	100	$121	0.0%	—	—	CALL	99DN4NST1
—	CALL- DDOG 100 @ 150 EXP 10/17/2025	500	$117	0.0%	—	—	CALL	99DJ8TD44
—	CALL- EEM 100 @ 54 EXP 11/21/2025	1,000	$111	0.0%	—	—	CALL	99DM6ZMR4
—	CALL- NVDA 100 @ 180 EXP 10/17/2025	100	$102	0.0%	—	—	CALL	99DHCF1P9
—	CALL- FSLR 100 @ 250 EXP 11/21/2025	100	$92	0.0%	—	—	CALL	99DN4PM96
—	CALL- CROX 100 @ 90 EXP 10/24/2025	400	$90	0.0%	—	—	CALL	99DNKJRJ5
—	CALL- HUT 100 @ 45 EXP 12/19/2025	200	$70	0.0%	—	—	CALL	99DGRWTD5
AMBWQ	AMBIPAR EMERGENCY RESPONS-28	1,592,965	$67	0.0%	$0.49	—	—	G02532110
—	CALL- META 100 @ 780 EXP 10/17/2025	100	$44	0.0%	—	—	CALL	99DJX4ZL9
—	PUT - QQQ 100 @ 570 EXP 10/17/2025	200	$38	0.0%	—	—	PUT	99DM4FHZ8
—	CALL- IWM 100 @ 242 EXP 10/03/2025	200	$36	0.0%	—	—	CALL	99DNDHGM2
—	PUT - QQQ 100 @ 565 EXP 10/17/2025	200	$31	0.0%	—	—	PUT	99DMDK6F3
—	CALL- META 100 @ 800 EXP 10/17/2025	140	$30	0.0%	—	—	CALL	99DJX5KZ1
—	CALL- AMZN 100 @ 250 EXP 10/17/2025	1,000	$27	0.0%	—	—	CALL	99DJ8XX19
—	PUT - SPY 100 @ 620 EXP 10/17/2025	300	$23	0.0%	—	—	PUT	99DLCXB88
—	PUT - XLU 100 @ 83.5 EXP 10/17/2025	1,000	$22	0.0%	—	—	PUT	99DNWBPX0
—	PUT - HYG 100 @ 80.5 EXP 10/17/2025	1,000	$19	0.0%	—	—	PUT	99DNWB6N3
—	CALL- XHB 100 @ 130 EXP 11/21/2025	500	$13	0.0%	—	—	CALL	99DMNDZX7
—	PUT - INTC 100 @ 27 EXP 10/17/2025	1,000	$12	0.0%	—	—	PUT	99DJ2H8Y6
VSTA	VASTA PLATFORM LTD	1,550	$8	0.0%	$4.37	+13.2%	—	G9440A109
AMBIQ	AMBIPAR EMERGENCY RESPONSE	6,642	$5	0.0%	$8.46	-92.7%	—	G02532102
WALDW	WALDENCAST ACQ CL A -CW27	1,988	$0	0.0%	$0.50	—	—	G9503X111

Decreased Positions (22)

VALE VALE SA SP ADR 0.5%

Value ($000) $5,147 (-95.7%) Shares 395,018 (-96.4%) Est. Cost $19.92 Unrealized —

PBR PETROLEO BRASILEIRO ADR 5.9%

Value ($000) $57,918 (-42.2%) Shares 4,887,558 (-38.3%) Est. Cost $12.73 Unrealized —

TLN TALEN ENERGY CORP 0.4%

Value ($000) $3,557 (-87.4%) Shares 9,490 (-85.8%) Est. Cost $198.93 Unrealized +95.4%

LTM LATAM AIRLINES GROUP-SP ADR 1.8%

Value ($000) $17,740 (-58.1%) Shares 328,463 (-64.9%) Est. Cost $44.90 Unrealized —

INTR INTER & CO INC - CL A 0.3%

Value ($000) $2,943 (-84.5%) Shares 347,106 (-83.1%) Est. Cost $7.76 Unrealized +12.5%

NVDA NVIDIA CORP 0.3%

Value ($000) $2,704 (-83.7%) Shares 14,500 (-83.7%) Est. Cost $149.04 Unrealized +24.9%

ITUB ITAU UNIBANCO HOLDING SA 0.0%

Value ($000) $159 (-98.7%) Shares 22,194 (-98.7%) Est. Cost $94.82 Unrealized —

BBD BANCO BRADESCO 1.2%

Value ($000) $11,446 (-42.0%) Shares 3,437,249 (-41.2%) Est. Cost $3.18 Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 1.4%

Value ($000) $13,220 (-35.8%) Shares 1,173,051 (-32.7%) Est. Cost $12.85 Unrealized —

ABEV COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV 0.0%

Value ($000) $174 (-97.6%) Shares 70,408 (-97.8%) Est. Cost $2.00 Unrealized —

BP BP PLC 1.9%

Value ($000) $18,172 (-25.0%) Shares 523,230 (-25.6%) Est. Cost $31.98 Unrealized —

RIO RIO TINTO PLC 3.8%

Value ($000) $37,487 (-12.2%) Shares 468,415 (-27.6%) Est. Cost $63.31 Unrealized —

META META PLATFORMS INC 0.3%

Value ($000) $2,944 (-63.7%) Shares 4,460 (-59.6%) Est. Cost $622.04 Unrealized +7.3%

AXIA AXIA ENERGIA 0.0%

Value ($000) $12 (-99.7%) Shares 1,285 (-99.7%) Est. Cost $7.14 Unrealized —

IREN IREN LTD 0.1%

Value ($000) $661 (-80.6%) Shares 17,500 (-75.9%) Est. Cost $24.29 Unrealized +112.4%

EWY ISHARES MSCI SOUTH KOREA ETF 0.0%

Value ($000) $153 (-93.6%) Shares 1,574 (-94.8%) Est. Cost $71.78 Unrealized —

HUT HUT 8 MINING CORP 0.1%

Value ($000) $835 (-60.5%) Shares 18,180 (-70.1%) Est. Cost $25.41 Unrealized +73.4%

CPA COPA HOLDINGS SA 4.8%

Value ($000) $47,465 (-1.8%) Shares 393,542 (-3.2%) Est. Cost $87.17 Unrealized +39.1%

AMZN AMAZON.COM INC 0.8%

Value ($000) $7,492 (+3.8%) Shares 32,460 (-1.3%) Est. Cost $200.03 Unrealized +14.4%

SUZ SUZANO SA 0.1%

Value ($000) $1,083 (-20.1%) Shares 115,964 (-19.6%) Est. Cost $661.97 Unrealized —

AFYA AFYA LTD-CLASS A 0.3%

Value ($000) $2,726 (-5.8%) Shares 176,892 (-4.7%) Est. Cost $15.33 Unrealized -3.9%

AMD ADVANCED MICRO DEVICES 0.1%

Value ($000) $964 (-8.4%) Shares 4,500 (-30.8%) Est. Cost $161.38 Unrealized +39.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VALE	VALE SA SP ADR	395,018 (-96.4%)	$5,147 (-95.7%)	0.5%	$19.92	—	SPONSORED ADS	91912E105
PBR	PETROLEO BRASILEIRO ADR	4,887,558 (-38.3%)	$57,918 (-42.2%)	5.9%	$12.73	—	SPONSORED ADR	71654V408
TLN	TALEN ENERGY CORP	9,490 (-85.8%)	$3,557 (-87.4%)	0.4%	$198.93	+95.4%	COM	87422Q109
LTM	LATAM AIRLINES GROUP-SP ADR	328,463 (-64.9%)	$17,740 (-58.1%)	1.8%	$44.90	—	SPONSORED ADR	51817R205
INTR	INTER & CO INC - CL A	347,106 (-83.1%)	$2,943 (-84.5%)	0.3%	$7.76	+12.5%	CLASS A COM	G4R20B107
NVDA	NVIDIA CORP	14,500 (-83.7%)	$2,704 (-83.7%)	0.3%	$149.04	+24.9%	COM	67066G104
ITUB	ITAU UNIBANCO HOLDING SA	22,194 (-98.7%)	$159 (-98.7%)	0.0%	$94.82	—	SPON ADR REP PFD	465562106
BBD	BANCO BRADESCO	3,437,249 (-41.2%)	$11,446 (-42.0%)	1.2%	$3.18	—	SP ADR PFD NEW	059460303
PBR/A	PETROLEO BRASILEIRO SA PETRO	1,173,051 (-32.7%)	$13,220 (-35.8%)	1.4%	$12.85	—	SP ADR NON VTG	71654V101
ABEV	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV	70,408 (-97.8%)	$174 (-97.6%)	0.0%	$2.00	—	SPONSORED ADR	02319V103
BP	BP PLC	523,230 (-25.6%)	$18,172 (-25.0%)	1.9%	$31.98	—	SPONSORED ADR	055622104
RIO	RIO TINTO PLC	468,415 (-27.6%)	$37,487 (-12.2%)	3.8%	$63.31	—	SPONSORED ADR	767204100
META	META PLATFORMS INC	4,460 (-59.6%)	$2,944 (-63.7%)	0.3%	$622.04	+7.3%	CL A	30303M102
AXIA	AXIA ENERGIA	1,285 (-99.7%)	$12 (-99.7%)	0.0%	$7.14	—	SPONSORED ADR	15234Q207
IREN	IREN LTD	17,500 (-75.9%)	$661 (-80.6%)	0.1%	$24.29	+112.4%	ORDINARY SHARES	Q4982L109
EWY	ISHARES MSCI SOUTH KOREA ETF	1,574 (-94.8%)	$153 (-93.6%)	0.0%	$71.78	—	MSCI STH KOR ETF	464286772
HUT	HUT 8 MINING CORP	18,180 (-70.1%)	$835 (-60.5%)	0.1%	$25.41	+73.4%	COM	44812J104
CPA	COPA HOLDINGS SA	393,542 (-3.2%)	$47,465 (-1.8%)	4.8%	$87.17	+39.1%	CL A	P31076105
AMZN	AMAZON.COM INC	32,460 (-1.3%)	$7,492 (+3.8%)	0.8%	$200.03	+14.4%	COM	023135106
SUZ	SUZANO SA	115,964 (-19.6%)	$1,083 (-20.1%)	0.1%	$661.97	—	SPON ADS	86959K105
AFYA	AFYA LTD-CLASS A	176,892 (-4.7%)	$2,726 (-5.8%)	0.3%	$15.33	-3.9%	CL A COM	G01125106
AMD	ADVANCED MICRO DEVICES	4,500 (-30.8%)	$964 (-8.4%)	0.1%	$161.38	+39.2%	COM	007903107

Unchanged Positions (5)

VINP VINCI COMPASS INVESTMENTS LTD 5.3%

Value ($000) $52,169 Shares 4,000,725 Est. Cost $10.67 Unrealized +11.9%

FXI ISHARE CHINA LARGE CAP ETF 0.1%

Value ($000) $971 Shares 25,370 Est. Cost $30.44 Unrealized —

GRO BRAZIL POTASH CORP 0.0%

Value ($000) $141 Shares 74,572 Est. Cost $4.07 Unrealized -44.2%

TDG TRANSDIGM GROUP INC 0.2%

Value ($000) $1,862 Shares 1,400 Est. Cost $1283.32 Unrealized +2.1%

CTLP CANTALOUPE INC 0.3%

Value ($000) $3,171 Shares 298,600 Est. Cost $9.72 Unrealized +9.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VINP	VINCI COMPASS INVESTMENTS LTD	4,000,725	$52,169	5.3%	$10.67	+11.9%	COM CL A	G9451V109
FXI	ISHARE CHINA LARGE CAP ETF	25,370	$971	0.1%	$30.44	—	CHINA LG-CAP ETF	464287184
GRO	BRAZIL POTASH CORP	74,572	$141	0.0%	$4.07	-44.2%	COMMON SHARES	10586A108
TDG	TRANSDIGM GROUP INC	1,400	$1,862	0.2%	$1283.32	+2.1%	COM	893641100
CTLP	CANTALOUPE INC	298,600	$3,171	0.3%	$9.72	+9.0%	COM	138103106