Kapitalo Investimentos Ltda Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EA	ELECTRONIC ARTS INC	96,054	$19,627	3.8%	$201.71	0.0%	COM	285512109
VST	VISTRA CORP	105,000	$16,940	3.2%	$181.92	0.0%	COM	92840M102
EXAS	EXACT SCIENCES CORP	64,428	$6,543	1.3%	$80.31	0.0%	COM	30063P105
VIV	TELEFONICA BRASIL SA	355,066	$4,211	0.8%	$11.86	—	SPONSORED ADS	87936R205
MA	MASTERCARD INCORPORATED	6,165	$3,519	0.7%	$558.95	0.0%	CL A	57636Q104
TGNA	TEGNA INC	168,689	$3,274	0.6%	$19.76	0.0%	COM	87901J105
—	DAYFORCE INC	34,337	$2,375	0.5%	$68.83	0.0%	COM	15677J108
TXNM	TXNM ENERGY INC	39,978	$2,354	0.5%	$57.71	0.0%	COM	69349H107
ZM	ZOOM COMMUNICATIONS INC	2,931	$253	0.0%	$84.17	0.0%	CL A	98980L101

Increased Positions (9)

META META PLATFORMS INC 7.2%

Value ($000) $37,389 (+1967.1%) Shares 56,642 (+2199.7%) Est. Cost $666.28 Unrealized +0.2%

AMZN AMAZON COM INC 25.0%

Value ($000) $130,382 (+26.4%) Shares 564,866 (+20.2%) Est. Cost $218.98 Unrealized +4.5%

KVUE KENVUE INC 6.6%

Value ($000) $34,500 (+32.9%) Shares 2,000,000 (+25.0%) Est. Cost $19.30 Unrealized -15.8%

SUZ SUZANO S A 1.4%

Value ($000) $7,327 (+247.2%) Shares 784,450 (+249.4%) Est. Cost $9.45 Unrealized —

KWEB KRANESHARES TRUST 11.3%

Value ($000) $59,043 (+5.5%) Shares 1,734,000 (+30.2%) Est. Cost $34.92 Unrealized —

UGP ULTRAPAR PARTICIPACOES SA 0.6%

Value ($000) $3,298 (+314.5%) Shares 874,882 (+350.7%) Est. Cost $3.84 Unrealized —

MSFT MICROSOFT CORP 6.6%

Value ($000) $34,531 (+5.6%) Shares 71,402 (+13.1%) Est. Cost $501.83 Unrealized -0.2%

EMBJ EMBRAER S.A. 1.2%

Value ($000) $6,397 (+16.1%) Shares 99,372 (+9.1%) Est. Cost $60.14 Unrealized —

EWZ ISHARES INC 0.0%

Value ($000) $72 (+350.0%) Shares 900,000 (+462.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	56,642 (+2199.7%)	$37,389 (+1967.1%)	7.2%	$666.28	+0.2%	CL A	30303M102
AMZN	AMAZON COM INC	564,866 (+20.2%)	$130,382 (+26.4%)	25.0%	$218.98	+4.5%	COM	023135106
KVUE	KENVUE INC	2,000,000 (+25.0%)	$34,500 (+32.9%)	6.6%	$19.30	-15.8%	COM	49177J102
SUZ	SUZANO S A	784,450 (+249.4%)	$7,327 (+247.2%)	1.4%	$9.45	—	SPON ADS	86959K105
KWEB	KRANESHARES TRUST	1,734,000 (+30.2%)	$59,043 (+5.5%)	11.3%	$34.92	—	CSI CHI INTERNET	500767306
UGP	ULTRAPAR PARTICIPACOES SA	874,882 (+350.7%)	$3,298 (+314.5%)	0.6%	$3.84	—	SP ADR REP COM	90400P101
MSFT	MICROSOFT CORP	71,402 (+13.1%)	$34,531 (+5.6%)	6.6%	$501.83	-0.2%	COM	594918104
EMBJ	EMBRAER S.A.	99,372 (+9.1%)	$6,397 (+16.1%)	1.2%	$60.14	—	SPONSORED ADS	29082A107
EWZ	ISHARES INC	900,000 (+462.5%)	$72 (+350.0%)	0.0%	—	—	CALL	464286400

Exited Positions (36)

NXE NEXGEN ENERGY LTD 2.9%

Value ($000) $15,118 Shares 1,689,155 Est. Cost $5.89 Unrealized +49.9%

— KELLANOVA 2.0%

Value ($000) $10,391 Shares 126,694 Est. Cost $80.18 Unrealized +3.1%

— ALLETE INC 1.5%

Value ($000) $7,659 Shares 115,344 Est. Cost $65.18 Unrealized —

CCJ CAMECO CORP 1.4%

Value ($000) $7,447 Shares 88,801 Est. Cost $47.83 Unrealized +88.0%

APO APOLLO GLOBAL MGMT INC 1.2%

Value ($000) $6,390 Shares 47,951 Est. Cost $140.75 Unrealized -5.8%

GGB GERDAU SA 1.1%

Value ($000) $5,958 Shares 1,921,865 Est. Cost $3.10 Unrealized —

— INTERPUBLIC GROUP COS INC 1.0%

Value ($000) $5,425 Shares 194,366 Est. Cost $25.59 Unrealized +1.5%

SBS COMPANHIA DE SANEAMENTO BASI 1.0%

Value ($000) $5,138 Shares 206,416 Est. Cost $21.97 Unrealized —

URA GLOBAL X FDS 1.0%

Value ($000) $5,067 Shares 106,292 Est. Cost $39.31 Unrealized —

VALE VALE S A 0.6%

Value ($000) $3,126 Shares 287,819 Est. Cost $10.86 Unrealized —

CSAN COSAN S A 0.4%

Value ($000) $1,925 Shares 418,432 Est. Cost $4.72 Unrealized —

BMA BANCO MACRO SA 0.4%

Value ($000) $1,892 Shares 44,733 Est. Cost $42.29 Unrealized —

SUPV GRUPO SUPERVIELLE S.A. 0.2%

Value ($000) $1,092 Shares 220,600 Est. Cost $4.95 Unrealized —

NOW SERVICENOW INC 0.2%

Value ($000) $949 Shares 1,031 Est. Cost $192.75 Unrealized -11.0%

BBAR BANCO BBVA ARGENTINA S A 0.2%

Value ($000) $918 Shares 110,334 Est. Cost $8.32 Unrealized —

PBT PERMIAN BASIN RTY TR 0.1%

Value ($000) $560 Shares 30,677 Est. Cost $16.03 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.1%

Value ($000) $425 Shares 100,000 Est. Cost — Unrealized —

KVUE KENVUE INC 0.1%

Value ($000) $390 Shares 750,000 Est. Cost $19.30 Unrealized -15.8%

BAK BRASKEM S A 0.1%

Value ($000) $375 Shares 155,017 Est. Cost $3.85 Unrealized —

FF FUTUREFUEL CORP 0.1%

Value ($000) $343 Shares 88,465 Est. Cost $3.85 Unrealized -8.0%

AAPL APPLE INC 0.1%

Value ($000) $302 Shares 1,185 Est. Cost $225.58 Unrealized +19.0%

NMRK NEWMARK GROUP INC 0.0%

Value ($000) $249 Shares 13,336 Est. Cost $16.19 Unrealized +8.1%

CF CF INDS HLDGS INC 0.0%

Value ($000) $229 Shares 2,554 Est. Cost $88.36 Unrealized -7.3%

PARR PAR PAC HOLDINGS INC 0.0%

Value ($000) $223 Shares 6,303 Est. Cost $19.05 Unrealized +108.6%

VIST VISTA ENERGY S.A.B. DE C.V. 0.0%

Value ($000) $202 Shares 5,867 Est. Cost $34.40 Unrealized —

ACI ALBERTSONS COS INC 0.0%

Value ($000) $180 Shares 10,280 Est. Cost $21.20 Unrealized -16.8%

BRLT BRILLIANT EARTH GROUP INC 0.0%

Value ($000) $94 Shares 45,463 Est. Cost $1.72 Unrealized +23.3%

SKIN THE BEAUTY HEALTH COMPANY 0.0%

Value ($000) $91 Shares 45,787 Est. Cost $1.60 Unrealized -9.7%

GLD SPDR GOLD TR 0.0%

Value ($000) $90 Shares 200,000 Est. Cost — Unrealized —

TTI TETRA TECHNOLOGIES INC DEL 0.0%

Value ($000) $67 Shares 11,601 Est. Cost $2.91 Unrealized +165.0%

— HUDSON PAC PPTYS INC 0.0%

Value ($000) $58 Shares 20,861 Est. Cost $2.76 Unrealized —

CHGG CHEGG INC 0.0%

Value ($000) $55 Shares 36,348 Est. Cost $1.41 Unrealized -22.4%

MQ MARQETA INC 0.0%

Value ($000) $53 Shares 10,068 Est. Cost $4.74 Unrealized +1.2%

TDAY GANNETT CO INC 0.0%

Value ($000) $44 Shares 10,665 Est. Cost $4.02 Unrealized +16.9%

SPY SPDR S&P 500 ETF TR 0.0%

Value ($000) $28 Shares 50,000 Est. Cost — Unrealized —

RXT RACKSPACE TECHNOLOGY INC 0.0%

Value ($000) $17 Shares 12,372 Est. Cost $1.34 Unrealized -6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NXE	NEXGEN ENERGY LTD	1,689,155	$15,118	2.9%	$5.89	+49.9%	—	65340P106
—	KELLANOVA	126,694	$10,391	2.0%	$80.18	+3.1%	—	487836108
—	ALLETE INC	115,344	$7,659	1.5%	$65.18	—	—	018522300
CCJ	CAMECO CORP	88,801	$7,447	1.4%	$47.83	+88.0%	—	13321L108
APO	APOLLO GLOBAL MGMT INC	47,951	$6,390	1.2%	$140.75	-5.8%	—	03769M106
GGB	GERDAU SA	1,921,865	$5,958	1.1%	$3.10	—	—	373737105
—	INTERPUBLIC GROUP COS INC	194,366	$5,425	1.0%	$25.59	+1.5%	—	460690100
SBS	COMPANHIA DE SANEAMENTO BASI	206,416	$5,138	1.0%	$21.97	—	—	20441A102
URA	GLOBAL X FDS	106,292	$5,067	1.0%	$39.31	—	—	37954Y871
VALE	VALE S A	287,819	$3,126	0.6%	$10.86	—	—	91912E105
CSAN	COSAN S A	418,432	$1,925	0.4%	$4.72	—	—	22113B103
BMA	BANCO MACRO SA	44,733	$1,892	0.4%	$42.29	—	—	05961W105
SUPV	GRUPO SUPERVIELLE S.A.	220,600	$1,092	0.2%	$4.95	—	—	40054A108
NOW	SERVICENOW INC	1,031	$949	0.2%	$192.75	-11.0%	—	81762P102
BBAR	BANCO BBVA ARGENTINA S A	110,334	$918	0.2%	$8.32	—	—	058934100
PBT	PERMIAN BASIN RTY TR	30,677	$560	0.1%	$16.03	—	—	714236106
PLTR	PALANTIR TECHNOLOGIES INC	100,000	$425	0.1%	—	—	PUT	69608A108
KVUE	KENVUE INC	750,000	$390	0.1%	$19.30	-15.8%	CALL	49177J102
BAK	BRASKEM S A	155,017	$375	0.1%	$3.85	—	—	105532105
FF	FUTUREFUEL CORP	88,465	$343	0.1%	$3.85	-8.0%	—	36116M106
AAPL	APPLE INC	1,185	$302	0.1%	$225.58	+19.0%	—	037833100
NMRK	NEWMARK GROUP INC	13,336	$249	0.0%	$16.19	+8.1%	—	65158N102
CF	CF INDS HLDGS INC	2,554	$229	0.0%	$88.36	-7.3%	—	125269100
PARR	PAR PAC HOLDINGS INC	6,303	$223	0.0%	$19.05	+108.6%	—	69888T207
VIST	VISTA ENERGY S.A.B. DE C.V.	5,867	$202	0.0%	$34.40	—	—	92837L109
ACI	ALBERTSONS COS INC	10,280	$180	0.0%	$21.20	-16.8%	—	013091103
BRLT	BRILLIANT EARTH GROUP INC	45,463	$94	0.0%	$1.72	+23.3%	—	109504100
SKIN	THE BEAUTY HEALTH COMPANY	45,787	$91	0.0%	$1.60	-9.7%	—	88331L108
GLD	SPDR GOLD TR	200,000	$90	0.0%	—	—	PUT	78463V107
TTI	TETRA TECHNOLOGIES INC DEL	11,601	$67	0.0%	$2.91	+165.0%	—	88162F105
—	HUDSON PAC PPTYS INC	20,861	$58	0.0%	$2.76	—	—	444097109
CHGG	CHEGG INC	36,348	$55	0.0%	$1.41	-22.4%	—	163092109
MQ	MARQETA INC	10,068	$53	0.0%	$4.74	+1.2%	—	57142B104
TDAY	GANNETT CO INC	10,665	$44	0.0%	$4.02	+16.9%	—	36472T109
SPY	SPDR S&P 500 ETF TR	50,000	$28	0.0%	—	—	PUT	78462F103
RXT	RACKSPACE TECHNOLOGY INC	12,372	$17	0.0%	$1.34	-6.0%	—	750102105

Decreased Positions (8)

KRE SPDR SERIES TRUST 10.0%

Value ($000) $52,034 (-50.2%) Shares 802,873 (-51.3%) Est. Cost $63.30 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.4%

Value ($000) $2,329 (-90.3%) Shares 7,664 (-91.1%) Est. Cost $166.00 Unrealized —

DIS DISNEY WALT CO 0.7%

Value ($000) $3,734 (-55.9%) Shares 32,820 (-55.6%) Est. Cost $108.81 Unrealized +0.7%

V VISA INC 0.7%

Value ($000) $3,761 (-54.2%) Shares 10,725 (-55.4%) Est. Cost $345.14 Unrealized -1.4%

GGAL GRUPO FINANCIERO GALICIA S.A 0.0%

Value ($000) $203 (-93.4%) Shares 3,763 (-96.6%) Est. Cost $27.56 Unrealized —

ABEV AMBEV SA 0.3%

Value ($000) $1,598 (-59.8%) Shares 647,014 (-63.7%) Est. Cost $2.29 Unrealized —

LOMA LOMA NEGRA C I A S A MTN 14 0.9%

Value ($000) $4,932 (+73.5%) Shares 380,833 (-1.3%) Est. Cost $10.92 Unrealized —

AXIA CENTRAIS ELET BRAS SA 0.1%

Value ($000) $695 (-62.0%) Shares 75,855 (-58.9%) Est. Cost $7.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRE	SPDR SERIES TRUST	802,873 (-51.3%)	$52,034 (-50.2%)	10.0%	$63.30	—	STATE STREET SPD	78464A698
TSM	TAIWAN SEMICONDUCTOR MFG LTD	7,664 (-91.1%)	$2,329 (-90.3%)	0.4%	$166.00	—	SPONSORED ADS	874039100
DIS	DISNEY WALT CO	32,820 (-55.6%)	$3,734 (-55.9%)	0.7%	$108.81	+0.7%	COM	254687106
V	VISA INC	10,725 (-55.4%)	$3,761 (-54.2%)	0.7%	$345.14	-1.4%	COM CL A	92826C839
GGAL	GRUPO FINANCIERO GALICIA S.A	3,763 (-96.6%)	$203 (-93.4%)	0.0%	$27.56	—	SPONSORED ADR	399909100
ABEV	AMBEV SA	647,014 (-63.7%)	$1,598 (-59.8%)	0.3%	$2.29	—	SPONSORED ADR	02319V103
LOMA	LOMA NEGRA C I A S A MTN 14	380,833 (-1.3%)	$4,932 (+73.5%)	0.9%	$10.92	—	SPONSORED ADS	54150E104
AXIA	CENTRAIS ELET BRAS SA	75,855 (-58.9%)	$695 (-62.0%)	0.1%	$7.10	—	SPONSORED ADR	15234Q207

Unchanged Positions (11)

ERO ERO COPPER CORP 5.8%

Value ($000) $30,460 Shares 1,076,696 Est. Cost $15.73 Unrealized +48.1%

YPF YPF SOCIEDAD ANONIMA 1.8%

Value ($000) $9,295 Shares 257,042 Est. Cost $24.29 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $74 Shares 200,000 Est. Cost — Unrealized —

RIO RIO TINTO PLC 2.0%

Value ($000) $10,224 Shares 127,754 Est. Cost $63.72 Unrealized —

TECK TECK RESOURCES LTD 2.8%

Value ($000) $14,504 Shares 302,859 Est. Cost $41.48 Unrealized +4.4%

XP XP INC 0.7%

Value ($000) $3,694 Shares 225,664 Est. Cost $41.35 Unrealized -57.4%

FXI ISHARES TR 0.6%

Value ($000) $2,976 Shares 77,718 Est. Cost $35.84 Unrealized —

EVEX EVE HLDG INC 0.8%

Value ($000) $4,389 Shares 1,100,000 Est. Cost $6.83 Unrealized -35.6%

UNH UNITEDHEALTH GROUP INC 0.6%

Value ($000) $2,914 Shares 8,826 Est. Cost $298.94 Unrealized +12.8%

TEAM ATLASSIAN CORPORATION 0.5%

Value ($000) $2,568 Shares 15,840 Est. Cost $180.93 Unrealized -13.3%

SID COMPANHIA SIDERURGICA NACION 0.0%

Value ($000) $91 Shares 56,779 Est. Cost $1.52 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ERO	ERO COPPER CORP	1,076,696	$30,460	5.8%	$15.73	+48.1%	COM	296006109
YPF	YPF SOCIEDAD ANONIMA	257,042	$9,295	1.8%	$24.29	—	SPON ADR CL D	984245100
PLTR	PALANTIR TECHNOLOGIES INC	200,000	$74	0.0%	—	—	CALL	69608A108
RIO	RIO TINTO PLC	127,754	$10,224	2.0%	$63.72	—	SPONSORED ADR	767204100
TECK	TECK RESOURCES LTD	302,859	$14,504	2.8%	$41.48	+4.4%	CL B	878742204
XP	XP INC	225,664	$3,694	0.7%	$41.35	-57.4%	CL A	G98239109
FXI	ISHARES TR	77,718	$2,976	0.6%	$35.84	—	CHINA LG-CAP ETF	464287184
EVEX	EVE HLDG INC	1,100,000	$4,389	0.8%	$6.83	-35.6%	COM	29970N104
UNH	UNITEDHEALTH GROUP INC	8,826	$2,914	0.6%	$298.94	+12.8%	COM	91324P102
TEAM	ATLASSIAN CORPORATION	15,840	$2,568	0.5%	$180.93	-13.3%	CL A	049468101
SID	COMPANHIA SIDERURGICA NACION	56,779	$91	0.0%	$1.52	—	SPONSORED ADR	20440W105