Absolute Gestao de Investimentos Ltda. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	DAYFORCE INC	1,299,386	$89,866	9.4%	$68.83	0.0%	COM	15677J108
EXAS	EXACT SCIENCES CORP	651,423	$66,159	6.9%	$80.31	0.0%	COM	30063P105
XLF	SELECT SECTOR SPDR TR	950,000	$52,032	5.4%	$54.77	—	STATE STREET FIN	81369Y605
HOLX	HOLOGIC INC	630,749	$46,984	4.9%	$73.07	0.0%	COM	436440101
AL	AIR LEASE CORP	446,067	$28,651	3.0%	$63.69	0.0%	CL A	00912X302
CSGS	CSG SYS INTL INC	133,995	$10,276	1.1%	$73.52	0.0%	COM	126349109
WBD	WARNER BROS DISCOVERY INC	180,000	$5,188	0.5%	$23.37	0.0%	COM SER A	934423104
STNE	STONECO LTD	347,565	$5,140	0.5%	$14.79	—	COM CL A	G85158106
PAGS	PAGSEGURO DIGITAL LTD	362,484	$3,494	0.4%	$9.59	0.0%	COM CL A	G68707101
SIG	SIGNET JEWELERS LIMITED	33,623	$2,787	0.3%	$94.99	0.0%	SHS	G81276100
TSM	TAIWAN SEMICONDUCTOR MFG LTD	9,000	$2,735	0.3%	$303.89	—	SPONSORED ADS	874039100
GOOGL	ALPHABET INC	7,000	$2,191	0.2%	$285.60	0.0%	CAP STK CL A	02079K305
ALK	ALASKA AIR GROUP INC	43,422	$2,184	0.2%	$46.23	0.0%	COM	011659109
VTEX	VTEX	578,098	$2,174	0.2%	$4.10	0.0%	SHS CL A	G9470A102
JBS	JBS N.V.	150,000	$2,163	0.2%	$13.74	0.0%	CL A SHS	N4732M103
STAA	STAAR SURGICAL CO	90,000	$2,078	0.2%	$25.77	0.0%	COM PAR $0.01	852312305
ARCO	ARCOS DORADOS HOLDINGS INC	154,584	$1,135	0.1%	$7.14	0.0%	SHS CLASS -A -	G0457F107
LOMA	LOMA NEGRA C I A S A MTN 14	85,426	$1,106	0.1%	$12.95	—	SPONSORED ADS	54150E104
TEVA	TEVA PHARMACEUTICAL INDS LTD	30,800	$961	0.1%	$31.21	—	SPONSORED ADS	881624209
GOOG	ALPHABET INC	3,000	$941	0.1%	$286.33	0.0%	CAP STK CL C	02079K107
PBR	PETROLEO BRASILEIRO SA PETRO	72,841	$863	0.1%	$11.85	—	SPONSORED ADR	71654V408
—	SELECT SECTOR SPDR TR	44,250	$615	0.1%	—	—	CALL	81369Y905
ABEV	AMBEV SA	141,469	$349	0.0%	$2.47	—	SPONSORED ADR	02319V103
LITE	LUMENTUM HLDGS INC	925	$341	0.0%	$256.82	0.0%	COM	55024U109
IREN	IREN LIMITED	8,165	$308	0.0%	$51.59	0.0%	ORDINARY SHARES	Q4982L109
BE	BLOOM ENERGY CORP	3,125	$272	0.0%	$105.07	0.0%	COM CL A	093712107
CLS	CELESTICA INC	890	$263	0.0%	$301.37	0.0%	COM	15101Q207
CIFR	CIPHER MINING INC	17,820	$263	0.0%	$17.65	0.0%	COM	17253J106
WULF	TERAWULF INC	21,123	$243	0.0%	$13.40	0.0%	COM	88080T104
COHR	COHERENT CORP	1,110	$205	0.0%	$149.58	0.0%	COM	19247G107
CLSK	CLEANSPARK INC	19,722	$200	0.0%	$14.99	0.0%	COM NEW	18452B209

Increased Positions (8)

EA ELECTRONIC ARTS INC 14.2%

Value ($000) $136,180 (+744.0%) Shares 666,473 (+733.1%) Est. Cost $197.34 Unrealized +2.2%

GTLS CHART INDS INC 19.4%

Value ($000) $185,803 (+110.6%) Shares 900,952 (+104.4%) Est. Cost $196.48 Unrealized +3.1%

— CYBERARK SOFTWARE LTD 16.1%

Value ($000) $153,778 (+66.7%) Shares 344,748 (+80.6%) Est. Cost $466.60 Unrealized —

EFA ISHARES TR 6.9%

Value ($000) $66,453 (+149.3%) Shares 692,000 (+142.4%) Est. Cost $94.93 Unrealized —

XP XP INC 3.9%

Value ($000) $37,043 (+81.8%) Shares 2,262,857 (+108.6%) Est. Cost $17.25 Unrealized +2.0%

AMZN AMAZON COM INC 0.5%

Value ($000) $4,346 (+271.5%) Shares 18,828 (+253.4%) Est. Cost $222.41 Unrealized +2.9%

— SELECT SECTOR SPDR TR 0.0%

Value ($000) $43 (-94.7%) Shares 27,353 (+173.5%) Est. Cost — Unrealized —

— ISHARES TR 0.1%

Value ($000) $683 (-37.8%) Shares 45,734 (+479.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EA	ELECTRONIC ARTS INC	666,473 (+733.1%)	$136,180 (+744.0%)	14.2%	$197.34	+2.2%	COM	285512109
GTLS	CHART INDS INC	900,952 (+104.4%)	$185,803 (+110.6%)	19.4%	$196.48	+3.1%	COM	16115Q308
—	CYBERARK SOFTWARE LTD	344,748 (+80.6%)	$153,778 (+66.7%)	16.1%	$466.60	—	SHS	M2682V108
EFA	ISHARES TR	692,000 (+142.4%)	$66,453 (+149.3%)	6.9%	$94.93	—	MSCI EAFE ETF	464287465
XP	XP INC	2,262,857 (+108.6%)	$37,043 (+81.8%)	3.9%	$17.25	+2.0%	CL A	G98239109
AMZN	AMAZON COM INC	18,828 (+253.4%)	$4,346 (+271.5%)	0.5%	$222.41	+2.9%	COM	023135106
—	SELECT SECTOR SPDR TR	27,353 (+173.5%)	$43 (-94.7%)	0.0%	—	—	CALL	81369Y906
—	ISHARES TR	45,734 (+479.6%)	$683 (-37.8%)	0.1%	—	—	CALL	464287905

Exited Positions (30)

EMXC ISHARES INC 5.0%

Value ($000) $48,270 Shares 715,000 Est. Cost $67.51 Unrealized —

— VERONA PHARMA PLC 4.6%

Value ($000) $44,117 Shares 413,432 Est. Cost $106.71 Unrealized —

— KELLANOVA 3.9%

Value ($000) $37,465 Shares 456,781 Est. Cost $78.72 Unrealized +5.0%

KWEB KRANESHARES TRUST 3.3%

Value ($000) $31,173 Shares 742,042 Est. Cost $41.39 Unrealized —

— MERUS N V 3.3%

Value ($000) $31,125 Shares 330,588 Est. Cost $94.15 Unrealized —

— SANDSTORM GOLD LTD 2.6%

Value ($000) $24,456 Shares 1,953,356 Est. Cost $12.52 Unrealized —

— MR COOPER GROUP INC 2.5%

Value ($000) $23,687 Shares 112,372 Est. Cost $149.21 Unrealized —

EWA ISHARES INC 2.3%

Value ($000) $21,600 Shares 800,000 Est. Cost $27.00 Unrealized —

TECK TECK RESOURCES LTD 2.2%

Value ($000) $20,628 Shares 470,000 Est. Cost $36.34 Unrealized +19.2%

— WNS HLDGS LTD 1.6%

Value ($000) $15,307 Shares 200,689 Est. Cost $76.27 Unrealized —

NVDA NVIDIA CORPORATION 1.2%

Value ($000) $11,195 Shares 60,000 Est. Cost $174.29 Unrealized +6.8%

NSC NORFOLK SOUTHN CORP 1.0%

Value ($000) $9,914 Shares 33,000 Est. Cost $276.03 Unrealized +4.6%

— ARIS WATER SOLUTIONS INC 0.8%

Value ($000) $7,413 Shares 300,625 Est. Cost $24.66 Unrealized —

— AVIDXCHANGE HOLDINGS INC 0.5%

Value ($000) $4,497 Shares 451,998 Est. Cost $9.95 Unrealized —

— FRONTIER COMMUNICATIONS PARE 0.3%

Value ($000) $3,202 Shares 85,726 Est. Cost $35.34 Unrealized —

VALE VALE S A 0.2%

Value ($000) $2,172 Shares 200,000 Est. Cost $10.86 Unrealized —

NEM NEWMONT CORP 0.2%

Value ($000) $1,686 Shares 20,000 Est. Cost $69.39 Unrealized +30.0%

EWW ISHARES INC 0.2%

Value ($000) $1,501 Shares 22,000 Est. Cost $60.56 Unrealized —

SBS COMPANHIA DE SANEAMENTO BASI 0.2%

Value ($000) $1,493 Shares 60,000 Est. Cost $24.89 Unrealized —

URA GLOBAL X FDS 0.1%

Value ($000) $1,372 Shares 28,781 Est. Cost $47.67 Unrealized —

KVUE KENVUE INC 0.1%

Value ($000) $1,055 Shares 65,000 Est. Cost $20.06 Unrealized -19.0%

TIGO MILLICOM INTL CELLULAR S A 0.1%

Value ($000) $1,013 Shares 20,862 Est. Cost $34.26 Unrealized +47.0%

SCCO SOUTHERN COPPER CORP 0.1%

Value ($000) $1,007 Shares 8,300 Est. Cost $97.73 Unrealized +35.8%

— SPDR DOW JONES INDL AVERAGE 0.1%

Value ($000) $958 Shares 3,910 Est. Cost — Unrealized —

BBD BANCO BRADESCO S A 0.1%

Value ($000) $733 Shares 216,955 Est. Cost $3.38 Unrealized —

— KRANESHARES TRUST 0.1%

Value ($000) $488 Shares 12,800 Est. Cost — Unrealized —

— GLOBAL X FDS 0.0%

Value ($000) $424 Shares 5,000 Est. Cost — Unrealized —

— COINBASE GLOBAL INC 0.0%

Value ($000) $420 Shares 350 Est. Cost — Unrealized —

— RIOT PLATFORMS INC 0.0%

Value ($000) $290 Shares 2,800 Est. Cost — Unrealized —

— SPDR SERIES TRUST 0.0%

Value ($000) $167 Shares 16,675 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EMXC	ISHARES INC	715,000	$48,270	5.0%	$67.51	—	—	46434G764
—	VERONA PHARMA PLC	413,432	$44,117	4.6%	$106.71	—	—	925050106
—	KELLANOVA	456,781	$37,465	3.9%	$78.72	+5.0%	—	487836108
KWEB	KRANESHARES TRUST	742,042	$31,173	3.3%	$41.39	—	—	500767306
—	MERUS N V	330,588	$31,125	3.3%	$94.15	—	—	N5749R100
—	SANDSTORM GOLD LTD	1,953,356	$24,456	2.6%	$12.52	—	—	80013R206
—	MR COOPER GROUP INC	112,372	$23,687	2.5%	$149.21	—	—	62482R107
EWA	ISHARES INC	800,000	$21,600	2.3%	$27.00	—	—	464286103
TECK	TECK RESOURCES LTD	470,000	$20,628	2.2%	$36.34	+19.2%	—	878742204
—	WNS HLDGS LTD	200,689	$15,307	1.6%	$76.27	—	—	G98196101
NVDA	NVIDIA CORPORATION	60,000	$11,195	1.2%	$174.29	+6.8%	—	67066G104
NSC	NORFOLK SOUTHN CORP	33,000	$9,914	1.0%	$276.03	+4.6%	—	655844108
—	ARIS WATER SOLUTIONS INC	300,625	$7,413	0.8%	$24.66	—	—	04041L106
—	AVIDXCHANGE HOLDINGS INC	451,998	$4,497	0.5%	$9.95	—	—	05368X102
—	FRONTIER COMMUNICATIONS PARE	85,726	$3,202	0.3%	$35.34	—	—	35909D109
VALE	VALE S A	200,000	$2,172	0.2%	$10.86	—	—	91912E105
NEM	NEWMONT CORP	20,000	$1,686	0.2%	$69.39	+30.0%	—	651639106
EWW	ISHARES INC	22,000	$1,501	0.2%	$60.56	—	—	464286822
SBS	COMPANHIA DE SANEAMENTO BASI	60,000	$1,493	0.2%	$24.89	—	—	20441A102
URA	GLOBAL X FDS	28,781	$1,372	0.1%	$47.67	—	—	37954Y871
KVUE	KENVUE INC	65,000	$1,055	0.1%	$20.06	-19.0%	—	49177J102
TIGO	MILLICOM INTL CELLULAR S A	20,862	$1,013	0.1%	$34.26	+47.0%	—	L6388F110
SCCO	SOUTHERN COPPER CORP	8,300	$1,007	0.1%	$97.73	+35.8%	—	84265V105
—	SPDR DOW JONES INDL AVERAGE	3,910	$958	0.1%	—	—	CALL	78467X909
BBD	BANCO BRADESCO S A	216,955	$733	0.1%	$3.38	—	—	059460303
—	KRANESHARES TRUST	12,800	$488	0.1%	—	—	CALL	500767906
—	GLOBAL X FDS	5,000	$424	0.0%	—	—	CALL	37954Y901
—	COINBASE GLOBAL INC	350	$420	0.0%	—	—	CALL	19260Q907
—	RIOT PLATFORMS INC	2,800	$290	0.0%	—	—	CALL	767292905
—	SPDR SERIES TRUST	16,675	$167	0.0%	—	—	CALL	78464A908

Decreased Positions (7)

EEM ISHARES TR 2.5%

Value ($000) $23,530 (-73.8%) Shares 430,077 (-74.4%) Est. Cost $48.24 Unrealized —

EWZ ISHARES INC 0.4%

Value ($000) $3,723 (-92.4%) Shares 117,187 (-92.6%) Est. Cost $31.00 Unrealized —

NU NU HLDGS LTD 0.2%

Value ($000) $1,784 (-91.1%) Shares 106,594 (-91.5%) Est. Cost $13.95 Unrealized +15.2%

— ISHARES INC 0.0%

Value ($000) $248 (-92.1%) Shares 19,800 (-58.3%) Est. Cost — Unrealized —

— ISHARES TR 0.2%

Value ($000) $1,642 (-63.3%) Shares 53,406 (-50.7%) Est. Cost — Unrealized —

PAM PAMPA ENERGIA S A 0.9%

Value ($000) $8,534 (+35.9%) Shares 96,420 (-7.8%) Est. Cost $63.76 Unrealized —

OLN OLIN CORP 0.1%

Value ($000) $692 (-38.5%) Shares 33,200 (-26.2%) Est. Cost $21.88 Unrealized -2.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEM	ISHARES TR	430,077 (-74.4%)	$23,530 (-73.8%)	2.5%	$48.24	—	MSCI EMG MKT ETF	464287234
EWZ	ISHARES INC	117,187 (-92.6%)	$3,723 (-92.4%)	0.4%	$31.00	—	MSCI BRAZIL ETF	464286400
NU	NU HLDGS LTD	106,594 (-91.5%)	$1,784 (-91.1%)	0.2%	$13.95	+15.2%	ORD SHS CL A	G6683N103
—	ISHARES INC	19,800 (-58.3%)	$248 (-92.1%)	0.0%	—	—	CALL	464286900
—	ISHARES TR	53,406 (-50.7%)	$1,642 (-63.3%)	0.2%	—	—	CALL	464287904
PAM	PAMPA ENERGIA S A	96,420 (-7.8%)	$8,534 (+35.9%)	0.9%	$63.76	—	SPONS ADR LVL I	697660207
OLN	OLIN CORP	33,200 (-26.2%)	$692 (-38.5%)	0.1%	$21.88	-2.0%	COM PAR $1	680665205