Fourth Sail Capital LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NATL	NCR ATLEOS CORPORATION	881,568	$33,597	5.4%	$37.51	0.0%	COM SHS	63001N106
AERO	GRUPO AEROMEXICO SAB DE CV	1,100,000	$24,156	3.9%	$21.96	—	SPONSORED ADS	40054J109
TGLS	TECNOGLASS INC	346,991	$17,461	2.8%	$54.59	0.0%	ORD SHS	G87264100
FCFS	FIRSTCASH HOLDINGS INC	109,416	$17,439	2.8%	$157.02	0.0%	COM	33768G107
GGAL	GRUPO FINANCIERO GALICIA S.A	308,728	$16,653	2.7%	$53.94	—	SPONSORED ADR	399909100
CPA	COPA HOLDINGS SA	130,200	$15,703	2.5%	$121.26	0.0%	CL A	P31076105
CVGW	CALAVO GROWERS INC	699,117	$15,206	2.4%	$21.98	0.0%	COM	128246105
TECK	TECK RESOURCES LTD	148,500	$7,112	1.1%	$43.32	0.0%	CL B	878742204
AVO	MISSION PRODUCE INC	62,525	$725	0.1%	$11.98	0.0%	COM	60510V108

Increased Positions (13)

BBAR BANCO BBVA ARGENTINA S A 8.3%

Value ($000) $51,446 (+131.7%) Shares 2,847,061 (+6.7%) Est. Cost $14.04 Unrealized —

BAP CREDICORP LTD 5.6%

Value ($000) $34,724 (+455.2%) Shares 120,988 (+415.1%) Est. Cost $245.37 Unrealized +7.9%

ACN ACCENTURE PLC IRELAND 6.1%

Value ($000) $38,260 (+181.1%) Shares 142,600 (+158.3%) Est. Cost $256.59 Unrealized -1.0%

HRL HORMEL FOODS CORP 5.5%

Value ($000) $34,167 (+95.9%) Shares 1,441,662 (+104.5%) Est. Cost $25.27 Unrealized -7.8%

VZLA VIZSLA SILVER CORP 5.4%

Value ($000) $33,731 (+80.2%) Shares 6,166,612 (+42.4%) Est. Cost $3.23 Unrealized +45.5%

LOMA LOMA NEGRA C I A S A MTN 14 5.0%

Value ($000) $31,133 (+78.1%) Shares 2,404,072 (+1.4%) Est. Cost $9.64 Unrealized —

GDYN GRID DYNAMICS HLDGS INC 5.5%

Value ($000) $34,567 (+59.5%) Shares 3,827,968 (+36.2%) Est. Cost $10.92 Unrealized -20.7%

DLO DLOCAL LTD 4.1%

Value ($000) $25,790 (+53.3%) Shares 1,823,873 (+54.8%) Est. Cost $13.58 Unrealized +3.9%

WU WESTERN UN CO 3.9%

Value ($000) $24,111 (+54.9%) Shares 2,589,752 (+32.9%) Est. Cost $8.32 Unrealized —

STNE STONECO LTD 2.8%

Value ($000) $17,608 (+35.7%) Shares 1,190,557 (+73.4%) Est. Cost $17.17 Unrealized —

SFD SMITHFIELD FOODS INC 4.1%

Value ($000) $25,470 (+10.5%) Shares 1,140,619 (+16.2%) Est. Cost $21.99 Unrealized -0.5%

LILAK LIBERTY LATIN AMERICA LTD 3.5%

Value ($000) $21,602 (+8.3%) Shares 2,895,728 (+22.6%) Est. Cost $6.60 Unrealized +24.6%

LILA LIBERTY LATIN AMERICA LTD 1.1%

Value ($000) $6,723 (+8.3%) Shares 909,742 (+21.5%) Est. Cost $6.97 Unrealized +16.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBAR	BANCO BBVA ARGENTINA S A	2,847,061 (+6.7%)	$51,446 (+131.7%)	8.3%	$14.04	—	SPONSORED ADS	058934100
BAP	CREDICORP LTD	120,988 (+415.1%)	$34,724 (+455.2%)	5.6%	$245.37	+7.9%	COM	G2519Y108
ACN	ACCENTURE PLC IRELAND	142,600 (+158.3%)	$38,260 (+181.1%)	6.1%	$256.59	-1.0%	SHS CLASS A	G1151C101
HRL	HORMEL FOODS CORP	1,441,662 (+104.5%)	$34,167 (+95.9%)	5.5%	$25.27	-7.8%	COM	440452100
VZLA	VIZSLA SILVER CORP	6,166,612 (+42.4%)	$33,731 (+80.2%)	5.4%	$3.23	+45.5%	COM NEW	92859G608
LOMA	LOMA NEGRA C I A S A MTN 14	2,404,072 (+1.4%)	$31,133 (+78.1%)	5.0%	$9.64	—	SPONSORED ADS	54150E104
GDYN	GRID DYNAMICS HLDGS INC	3,827,968 (+36.2%)	$34,567 (+59.5%)	5.5%	$10.92	-20.7%	CL A	39813G109
DLO	DLOCAL LTD	1,823,873 (+54.8%)	$25,790 (+53.3%)	4.1%	$13.58	+3.9%	CLASS A COM	G29018101
WU	WESTERN UN CO	2,589,752 (+32.9%)	$24,111 (+54.9%)	3.9%	$8.32	—	COM	959802109
STNE	STONECO LTD	1,190,557 (+73.4%)	$17,608 (+35.7%)	2.8%	$17.17	—	COM CL A	G85158106
SFD	SMITHFIELD FOODS INC	1,140,619 (+16.2%)	$25,470 (+10.5%)	4.1%	$21.99	-0.5%	COM	832248207
LILAK	LIBERTY LATIN AMERICA LTD	2,895,728 (+22.6%)	$21,602 (+8.3%)	3.5%	$6.60	+24.6%	COM CL C	G9001E128
LILA	LIBERTY LATIN AMERICA LTD	909,742 (+21.5%)	$6,723 (+8.3%)	1.1%	$6.97	+16.6%	COM CL A	G9001E102

Exited Positions (7)

URG UR-ENERGY INC 2.9%

Value ($000) $17,838 Shares 9,965,357 Est. Cost $1.04 Unrealized +42.1%

TBBB BBB FOODS INC 2.7%

Value ($000) $16,864 Shares 625,532 Est. Cost $25.99 Unrealized +15.0%

VIST VISTA ENERGY S.A.B. DE C.V. 2.2%

Value ($000) $13,629 Shares 396,200 Est. Cost $34.40 Unrealized —

PPTA PERPETUA RESOURCES CORP 2.0%

Value ($000) $12,757 Shares 630,608 Est. Cost $13.47 Unrealized +82.7%

IFS INTERCORP FINL SVCS INC 1.5%

Value ($000) $9,278 Shares 230,003 Est. Cost $32.69 Unrealized +25.8%

— MAC COPPER LIMITED 1.3%

Value ($000) $7,895 Shares 646,565 Est. Cost $11.32 Unrealized —

PAAS PAN AMERN SILVER CORP 1.0%

Value ($000) $6,264 Shares 17,901,528 Est. Cost $32.15 Unrealized +30.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
URG	UR-ENERGY INC	9,965,357	$17,838	2.9%	$1.04	+42.1%	—	91688R108
TBBB	BBB FOODS INC	625,532	$16,864	2.7%	$25.99	+15.0%	—	G0896C103
VIST	VISTA ENERGY S.A.B. DE C.V.	396,200	$13,629	2.2%	$34.40	—	—	92837L109
PPTA	PERPETUA RESOURCES CORP	630,608	$12,757	2.0%	$13.47	+82.7%	—	714266103
IFS	INTERCORP FINL SVCS INC	230,003	$9,278	1.5%	$32.69	+25.8%	—	P5626F128
—	MAC COPPER LIMITED	646,565	$7,895	1.3%	$11.32	—	—	G60409110
PAAS	PAN AMERN SILVER CORP	17,901,528	$6,264	1.0%	$32.15	+30.2%	—	697900108

Decreased Positions (7)

SLVM SYLVAMO CORP 2.7%

Value ($000) $16,883 (-30.7%) Shares 350,632 (-36.4%) Est. Cost $48.15 Unrealized -6.4%

TGS TRANSPORTADORA DE GAS SUR 1.0%

Value ($000) $5,958 (-53.9%) Shares 191,630 (-68.8%) Est. Cost $23.20 Unrealized —

TEO TELECOM ARGENTINA SA 0.8%

Value ($000) $5,264 (-55.6%) Shares 453,402 (-72.2%) Est. Cost $7.27 Unrealized —

EZPW EZCORP INC 2.7%

Value ($000) $16,870 (-24.8%) Shares 868,717 (-26.3%) Est. Cost $12.93 Unrealized +45.8%

CEPU CENTRAL PUERTO S A 3.3%

Value ($000) $20,851 (+25.8%) Shares 1,191,489 (-42.4%) Est. Cost $8.27 Unrealized —

BIOX BIOCERES CROP SOLUTIONS CORP 0.9%

Value ($000) $5,674 (-13.0%) Shares 4,331,096 (-6.4%) Est. Cost $9.78 Unrealized -83.6%

GPRK GEOPARK LTD 2.8%

Value ($000) $17,757 (+2.9%) Shares 2,396,408 (-11.5%) Est. Cost $6.59 Unrealized +11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLVM	SYLVAMO CORP	350,632 (-36.4%)	$16,883 (-30.7%)	2.7%	$48.15	-6.4%	COMMON STOCK	871332102
TGS	TRANSPORTADORA DE GAS SUR	191,630 (-68.8%)	$5,958 (-53.9%)	1.0%	$23.20	—	SPONSORED ADS B	893870204
TEO	TELECOM ARGENTINA SA	453,402 (-72.2%)	$5,264 (-55.6%)	0.8%	$7.27	—	SPON ADR REP B	879273209
EZPW	EZCORP INC	868,717 (-26.3%)	$16,870 (-24.8%)	2.7%	$12.93	+45.8%	CL A NON VTG	302301106
CEPU	CENTRAL PUERTO S A	1,191,489 (-42.4%)	$20,851 (+25.8%)	3.3%	$8.27	—	SPONSORED ADR	155038201
BIOX	BIOCERES CROP SOLUTIONS CORP	4,331,096 (-6.4%)	$5,674 (-13.0%)	0.9%	$9.78	-83.6%	SHS	G1117K114
GPRK	GEOPARK LTD	2,396,408 (-11.5%)	$17,757 (+2.9%)	2.8%	$6.59	+11.0%	USD SHS	G38327105

Unchanged Positions (1)

VLRS CONTROLADORA VUELA COMP DE A 1.1%

Value ($000) $6,729 Shares 757,761 Est. Cost $7.18 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VLRS	CONTROLADORA VUELA COMP DE A	757,761	$6,729	1.1%	$7.18	—	SPON ADR RP 10	21240E105