Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EZU	ISHARES INC	199,236	$13.85M	16.0%	$69.50	—	MSCI EURZONE ETF	464286608
CPA	COPA HOLDINGS SA	71,416	$11.11M	12.8%	$155.57	—	CL A	P31076105
ENIC	ENEL CHILE SA	2,452,532	$11.04M	12.7%	$4.50	—	SPONSORED ADR	29278D105
SNDK	SANDISK CORP	604	$1.373M	1.6%	$2273.73	—	COM	80004C200
KLAC	KLA CORP	3,720	$1.122M	1.3%	$301.71	—	COM NEW	482480100
INTR	INTER & CO INC	74,945	$407K	0.5%	$5.43	—	INTER & CO INC	G4R20B107
—	ISHARES INC	1,480	$370K	0.4%	$250.00	—	PUT	464286952
—	ISHARES TR	5,474	$345K	0.4%	$63.00	—	PUT	464287954
—	ISHARES TR	610	$177K	0.2%	$290.00	—	PUT	464287953
—	INVESCO QQQ TR	520	$20,800	0.0%	$40.00	—	PUT	46090E953

Increased Positions (3)

AUGO AURA MINERALS INC 14.8%

Value $12.84M (+111.0%) Shares 204,003 (+173.5%) Est. Cost $50.39 Unrealized —

HBM HUDBAY MINERALS INC 4.4%

Value $3.825M (+226.1%) Shares 162,004 (+188.7%) Est. Cost $23.90 Unrealized —

FCX FREEPORT MCMORAN INC 4.4%

Value $3.794M (+207.4%) Shares 60,330 (+187.3%) Est. Cost $62.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AUGO	AURA MINERALS INC	204,003 (+173.5%)	$12.84M (+111.0%)	14.8%	$50.39	—	SHS NEW	G06973112
HBM	HUDBAY MINERALS INC	162,004 (+188.7%)	$3.825M (+226.1%)	4.4%	$23.90	—	COM	443628102
FCX	FREEPORT MCMORAN INC	60,330 (+187.3%)	$3.794M (+207.4%)	4.4%	$62.27	—	CL B	35671D857

Exited Positions (16)

SPY STATE STR SPDR S&P 500 ETF T 31.3%

Value $27.16M Shares 41,764 Est. Cost $650.34 Unrealized —

EWY ISHARES INC 19.4%

Value $16.83M Shares 130,808 Est. Cost $128.68 Unrealized —

EWZ ISHARES INC 12.9%

Value $11.19M Shares 291,554 Est. Cost $38.39 Unrealized —

XP XP INC 12.5%

Value $10.82M Shares 568,151 Est. Cost $19.34 Unrealized —

MSFT MICROSOFT CORP 11.5%

Value $9.959M Shares 26,904 Est. Cost $431.99 Unrealized —

NVDA NVIDIA CORPORATION 7.5%

Value $6.523M Shares 37,402 Est. Cost $166.30 Unrealized —

ASML ASML HLDG NV 4.2%

Value $3.661M Shares 2,772 Est. Cost $1320.83 Unrealized —

U UNITY SOFTWARE INC 3.9%

Value $3.391M Shares 154,536 Est. Cost $32.68 Unrealized —

LITE LUMENTUM HLDGS INC 3.2%

Value $2.798M Shares 3,856 Est. Cost $467.14 Unrealized —

COHR COHERENT CORP 3.2%

Value $2.797M Shares 11,502 Est. Cost $213.35 Unrealized —

GLW CORNING INC 3.1%

Value $2.689M Shares 19,520 Est. Cost $111.68 Unrealized —

SOXX ISHARES TR 3.1%

Value $2.686M Shares 8,172 Est. Cost $328.66 Unrealized —

VRT VERTIV HOLDINGS CO 2.9%

Value $2.488M Shares 9,630 Est. Cost $199.85 Unrealized —

EEM ISHARES TR 1.4%

Value $1.171M Shares 11,712 Est. Cost $100.00 Unrealized —

TSEM TOWER SEMICONDUCTOR LTD 0.2%

Value $195K Shares 1,112 Est. Cost $128.86 Unrealized —

QCOM QUALCOMM INC 0.0%

Value $3,348 Shares 26 Est. Cost $153.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	41,764	$27.16M	31.3%	$650.34	—	—	78462F103
EWY	ISHARES INC	130,808	$16.83M	19.4%	$128.68	—	—	464286772
EWZ	ISHARES INC	291,554	$11.19M	12.9%	$38.39	—	—	464286400
XP	XP INC	568,151	$10.82M	12.5%	$19.34	—	—	G98239109
MSFT	MICROSOFT CORP	26,904	$9.959M	11.5%	$431.99	—	—	594918104
NVDA	NVIDIA CORPORATION	37,402	$6.523M	7.5%	$166.30	—	—	67066G104
ASML	ASML HLDG NV	2,772	$3.661M	4.2%	$1320.83	—	—	N07059210
U	UNITY SOFTWARE INC	154,536	$3.391M	3.9%	$32.68	—	—	91332U101
LITE	LUMENTUM HLDGS INC	3,856	$2.798M	3.2%	$467.14	—	—	55024U109
COHR	COHERENT CORP	11,502	$2.797M	3.2%	$213.35	—	—	19247G107
GLW	CORNING INC	19,520	$2.689M	3.1%	$111.68	—	—	219350105
SOXX	ISHARES TR	8,172	$2.686M	3.1%	$328.66	—	—	464287523
VRT	VERTIV HOLDINGS CO	9,630	$2.488M	2.9%	$199.85	—	—	92537N108
EEM	ISHARES TR	11,712	$1.171M	1.4%	$100.00	—	—	464287234
TSEM	TOWER SEMICONDUCTOR LTD	1,112	$195K	0.2%	$128.86	—	—	M87915274
QCOM	QUALCOMM INC	26	$3,348	0.0%	$153.90	—	—	747525103

Decreased Positions (4)

MU MICRON TECHNOLOGY INC 1.3%

Value $1.164M (-87.7%) Shares 1,008 (-96.3%) Est. Cost $387.04 Unrealized —

NU NU HLDGS LTD 25.2%

Value $21.82M (-17.6%) Shares 1,633,453 (-11.3%) Est. Cost $14.79 Unrealized —

WFRD WEATHERFORD INTL PLC 2.1%

Value $1.793M (-55.0%) Shares 22,000 (-47.7%) Est. Cost $94.99 Unrealized —

BKR BAKER HUGHES COMPANY 1.8%

Value $1.597M (-46.1%) Shares 28,780 (-40.8%) Est. Cost $56.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	1,008 (-96.3%)	$1.164M (-87.7%)	1.3%	$387.04	—	COM	595112103
NU	NU HLDGS LTD	1,633,453 (-11.3%)	$21.82M (-17.6%)	25.2%	$14.79	—	ORD SHS CL A	G6683N103
WFRD	WEATHERFORD INTL PLC	22,000 (-47.7%)	$1.793M (-55.0%)	2.1%	$94.99	—	ORD SHS	G48833118
BKR	BAKER HUGHES COMPANY	28,780 (-40.8%)	$1.597M (-46.1%)	1.8%	$56.08	—	CL A	05722G100