Glenorchy Capital Ltd Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	2,038,700 (+320.4%)	$1,252,394 (+330.1%)	75.9%	—	—	PUT	46090E103
ECNS	ISHARES TR	185,154 (+1.7%)	$6,066 (-15.6%)	0.4%	$39.35	—	CHINA SM-CAP ETF	46429B200
RIG	TRANSOCEAN LTD	691,779 (+3.2%)	$2,857 (+36.6%)	0.2%	$5.67	-31.5%	REGISTERED SHS	H8817H100
IRS	IRSA INVERSIONES Y REP S A	53,599 (+23.8%)	$887 (+72.9%)	0.1%	$10.46	—	SPON GDS ECH 10	450047303
GPRK	GEOPARK LTD	187,433 (+5.8%)	$1,389 (+23.1%)	0.1%	$8.78	-16.6%	USD SHS	G38327105
EXE	EXPAND ENERGY CORPORATION	24,248 (+4.9%)	$2,676 (+9.0%)	0.2%	$83.62	+32.3%	COM	165167735
XPRO	EXPRO GROUP HOLDINGS NV	105,842 (+1.6%)	$1,413 (+14.2%)	0.1%	$17.09	-21.1%	COM	N3144W105
MOS	MOSAIC CO NEW	61,982 (+31.1%)	$1,493 (-8.9%)	0.1%	$29.61	-9.7%	COM	61945C103
ASC	ARDMORE SHIPPING CORP	127,072 (+1.3%)	$1,346 (-9.7%)	0.1%	$12.52	-5.0%	COM	Y0207T100
WB	WEIBO CORP	38,823 (+88.4%)	$397 (+55.3%)	0.0%	$11.38	—	SPONSORED ADR	948596101
NE	NOBLE CORP PLC	76,647 (+6.6%)	$2,165 (+6.4%)	0.1%	$33.14	-11.8%	ORD SHS A	G65431127
CNR	CORE NATURAL RESOURCES INC	16,980 (+1.4%)	$1,503 (+7.5%)	0.1%	$84.07	+1.3%	COM SHS	218937100
EC	ECOPETROL S A	62,487 (+4.9%)	$626 (+14.2%)	0.0%	$11.16	—	SPONSORED ADS	279158109
SBLK	STAR BULK CARRIERS CORP.	30,319 (+9.4%)	$583 (+13.1%)	0.0%	$23.01	-18.9%	SHS PAR	Y8162K204
CALM	CAL MAINE FOODS INC	4,360 (+42.7%)	$347 (+20.6%)	0.0%	$98.40	-12.0%	COM NEW	128030202
TDW	TIDEWATER INC NEW	26,238 (+1.1%)	$1,325 (-4.2%)	0.1%	$63.05	-16.2%	COM	88642R109
BWLP	BW LPG LTD	49,850 (+1.5%)	$653 (-7.0%)	0.0%	$13.68	-6.6%	COM	Y10230103
HAFN	HAFNIA LTD	98,964 (+3.6%)	$527 (-8.2%)	0.0%	$5.51	+8.1%	SHS	Y2990R101
SMHI	SEACOR MARINE HLDGS INC	192,803 (+4.3%)	$1,161 (-3.3%)	0.1%	$10.65	-38.0%	COM	78413P101
CIVI	CIVITAS RESOURCES INC	14,120 (+31.3%)	$383 (+9.5%)	0.0%	$46.72	-38.9%	COM NEW	17888H103
HLX	HELIX ENERGY SOLUTIONS GRP I	200,316 (+3.4%)	$1,256 (-1.2%)	0.1%	$9.83	-32.4%	COM	42330P107
PBR	PETROLEO BRASILEIRO SA PETRO	47,161 (+8.1%)	$559 (+1.2%)	0.0%	$15.19	—	SPONSORED ADR	71654V408
TRMD	TORM PLC	27,658 (+4.5%)	$542 (-0.7%)	0.0%	$21.62	-3.8%	SHS CL A	G89479102

Exited Positions (2)

GIFI GULF IS FABRICATION INC 0.1%

Value ($000) $1,952 Shares 278,076 Est. Cost $4.74 Unrealized +112.2%

GLD SPDR GOLD TR 0.1%

Value ($000) $853 Shares 2,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GIFI	GULF IS FABRICATION INC	278,076	$1,952	0.1%	$4.74	+112.2%	—	402307102
GLD	SPDR GOLD TR	2,400	$853	0.1%	—	—	CALL	78463V107

Decreased Positions (28)

TLT ISHARES TR 13.0%

Value ($000) $214,788 (-3.6%) Shares 2,464,300 (-1.1%) Est. Cost — Unrealized —

CEPU CENTRAL PUERTO S A 0.3%

Value ($000) $5,098 (+106.0%) Shares 291,323 (-5.7%) Est. Cost $9.10 Unrealized —

BBAR BANCO BBVA ARGENTINA S A 0.3%

Value ($000) $4,497 (+106.5%) Shares 248,865 (-4.9%) Est. Cost $5.70 Unrealized —

LOMA LOMA NEGRA C I A S A MTN 14 0.3%

Value ($000) $5,308 (+72.1%) Shares 409,870 (-2.1%) Est. Cost $9.82 Unrealized —

BMA BANCO MACRO SA 0.3%

Value ($000) $4,157 (+104.0%) Shares 46,101 (-4.3%) Est. Cost $30.10 Unrealized —

PAM PAMPA ENERGIA S A 0.3%

Value ($000) $5,472 (+40.7%) Shares 61,823 (-4.5%) Est. Cost $51.32 Unrealized —

YPF YPF SOCIEDAD ANONIMA 0.2%

Value ($000) $4,105 (+40.5%) Shares 113,532 (-5.6%) Est. Cost $21.27 Unrealized —

SBSW SIBANYE STILLWATER LTD 0.3%

Value ($000) $5,354 (+21.6%) Shares 375,719 (-4.1%) Est. Cost $4.12 Unrealized —

GEOS GEOSPACE TECHNOLOGIES CORP 0.2%

Value ($000) $2,891 (-16.3%) Shares 170,992 (-6.2%) Est. Cost $11.87 Unrealized +69.2%

CRK COMSTOCK RES INC 0.3%

Value ($000) $4,179 (+13.5%) Shares 180,270 (-2.9%) Est. Cost $10.41 Unrealized +111.8%

GDX VANECK ETF TRUST 0.6%

Value ($000) $9,423 (+5.1%) Shares 109,867 (-6.4%) Est. Cost $31.54 Unrealized —

TGS TRANSPORTADORA DE GAS SUR 0.1%

Value ($000) $1,190 (+32.4%) Shares 38,275 (-10.4%) Est. Cost $15.30 Unrealized —

FRO FRONTLINE PLC 0.2%

Value ($000) $3,905 (-6.7%) Shares 178,947 (-2.5%) Est. Cost $18.43 Unrealized +26.8%

CNX CNX RES CORP 0.1%

Value ($000) $2,361 (+10.8%) Shares 64,217 (-3.2%) Est. Cost $21.70 Unrealized +65.0%

BTU PEABODY ENERGY CORP 0.2%

Value ($000) $2,931 (+8.4%) Shares 98,702 (-3.2%) Est. Cost $22.41 Unrealized +31.0%

STNG SCORPIO TANKERS INC 0.1%

Value ($000) $1,480 (-11.9%) Shares 29,118 (-2.8%) Est. Cost $59.89 Unrealized —

RRC RANGE RES CORP 0.1%

Value ($000) $1,930 (-8.5%) Shares 54,732 (-2.3%) Est. Cost $33.02 Unrealized +12.8%

FTI TECHNIPFMC PLC 0.2%

Value ($000) $3,132 (+5.9%) Shares 70,283 (-6.3%) Est. Cost $20.47 Unrealized +106.2%

GREK GLOBAL X FDS 0.5%

Value ($000) $8,738 (-1.6%) Shares 132,579 (-3.9%) Est. Cost $38.69 Unrealized —

EQT EQT CORP 0.1%

Value ($000) $2,204 (-5.0%) Shares 41,116 (-3.6%) Est. Cost $38.95 Unrealized +44.1%

INSW INTERNATIONAL SEAWAYS INC 0.1%

Value ($000) $2,427 (+4.3%) Shares 49,982 (-1.0%) Est. Cost $37.98 Unrealized +28.6%

ECO OKEANIS ECO TANKERS COR 0.1%

Value ($000) $837 (+10.8%) Shares 24,859 (-3.1%) Est. Cost $23.14 Unrealized +46.6%

EWZ ISHARES INC 0.5%

Value ($000) $8,312 (-0.7%) Shares 261,634 (-3.1%) Est. Cost $31.00 Unrealized —

AR ANTERO RESOURCES CORP 0.1%

Value ($000) $1,968 (+1.2%) Shares 57,099 (-1.4%) Est. Cost $25.75 Unrealized +31.5%

VAL VALARIS LTD 0.1%

Value ($000) $1,551 (+1.5%) Shares 30,768 (-1.8%) Est. Cost $65.92 Unrealized -18.6%

BTI BRITISH AMERN TOB PLC 0.1%

Value ($000) $871 (-1.4%) Shares 15,381 (-7.5%) Est. Cost $30.35 Unrealized —

DHT DHT HOLDINGS INC 0.2%

Value ($000) $2,756 (-0.3%) Shares 225,713 (-2.5%) Est. Cost $8.95 Unrealized +37.2%

MNDO MIND C T I LTD 0.0%

Value ($000) $199 (-2.2%) Shares 173,438 (-6.4%) Est. Cost $1.90 Unrealized -40.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	2,464,300 (-1.1%)	$214,788 (-3.6%)	13.0%	—	—	PUT	464287432
CEPU	CENTRAL PUERTO S A	291,323 (-5.7%)	$5,098 (+106.0%)	0.3%	$9.10	—	SPONSORED ADR	155038201
BBAR	BANCO BBVA ARGENTINA S A	248,865 (-4.9%)	$4,497 (+106.5%)	0.3%	$5.70	—	SPONSORED ADS	058934100
LOMA	LOMA NEGRA C I A S A MTN 14	409,870 (-2.1%)	$5,308 (+72.1%)	0.3%	$9.82	—	SPONSORED ADS	54150E104
BMA	BANCO MACRO SA	46,101 (-4.3%)	$4,157 (+104.0%)	0.3%	$30.10	—	SPON ADR B	05961W105
PAM	PAMPA ENERGIA S A	61,823 (-4.5%)	$5,472 (+40.7%)	0.3%	$51.32	—	SPONS ADR LVL I	697660207
YPF	YPF SOCIEDAD ANONIMA	113,532 (-5.6%)	$4,105 (+40.5%)	0.2%	$21.27	—	SPON ADR CL D	984245100
SBSW	SIBANYE STILLWATER LTD	375,719 (-4.1%)	$5,354 (+21.6%)	0.3%	$4.12	—	SPONSORED ADR	82575P107
GEOS	GEOSPACE TECHNOLOGIES CORP	170,992 (-6.2%)	$2,891 (-16.3%)	0.2%	$11.87	+69.2%	COM	37364X109
CRK	COMSTOCK RES INC	180,270 (-2.9%)	$4,179 (+13.5%)	0.3%	$10.41	+111.8%	COM	205768302
GDX	VANECK ETF TRUST	109,867 (-6.4%)	$9,423 (+5.1%)	0.6%	$31.54	—	GOLD MINERS ETF	92189F106
TGS	TRANSPORTADORA DE GAS SUR	38,275 (-10.4%)	$1,190 (+32.4%)	0.1%	$15.30	—	SPONSORED ADS B	893870204
FRO	FRONTLINE PLC	178,947 (-2.5%)	$3,905 (-6.7%)	0.2%	$18.43	+26.8%	COM	M46528101
CNX	CNX RES CORP	64,217 (-3.2%)	$2,361 (+10.8%)	0.1%	$21.70	+65.0%	COM	12653C108
BTU	PEABODY ENERGY CORP	98,702 (-3.2%)	$2,931 (+8.4%)	0.2%	$22.41	+31.0%	COM	704551100
STNG	SCORPIO TANKERS INC	29,118 (-2.8%)	$1,480 (-11.9%)	0.1%	$59.89	—	SHS	Y7542C130
RRC	RANGE RES CORP	54,732 (-2.3%)	$1,930 (-8.5%)	0.1%	$33.02	+12.8%	COM	75281A109
FTI	TECHNIPFMC PLC	70,283 (-6.3%)	$3,132 (+5.9%)	0.2%	$20.47	+106.2%	COM	G87110105
GREK	GLOBAL X FDS	132,579 (-3.9%)	$8,738 (-1.6%)	0.5%	$38.69	—	MSCI GREECE ETF	37954Y319
EQT	EQT CORP	41,116 (-3.6%)	$2,204 (-5.0%)	0.1%	$38.95	+44.1%	COM	26884L109
INSW	INTERNATIONAL SEAWAYS INC	49,982 (-1.0%)	$2,427 (+4.3%)	0.1%	$37.98	+28.6%	COM	Y41053102
ECO	OKEANIS ECO TANKERS COR	24,859 (-3.1%)	$837 (+10.8%)	0.1%	$23.14	+46.6%	SHS	Y64177101
EWZ	ISHARES INC	261,634 (-3.1%)	$8,312 (-0.7%)	0.5%	$31.00	—	MSCI BRAZIL ETF	464286400
AR	ANTERO RESOURCES CORP	57,099 (-1.4%)	$1,968 (+1.2%)	0.1%	$25.75	+31.5%	COM	03674X106
VAL	VALARIS LTD	30,768 (-1.8%)	$1,551 (+1.5%)	0.1%	$65.92	-18.6%	CL A	G9460G101
BTI	BRITISH AMERN TOB PLC	15,381 (-7.5%)	$871 (-1.4%)	0.1%	$30.35	—	SPONSORED ADR	110448107
DHT	DHT HOLDINGS INC	225,713 (-2.5%)	$2,756 (-0.3%)	0.2%	$8.95	+37.2%	SHS NEW	Y2065G121
MNDO	MIND C T I LTD	173,438 (-6.4%)	$199 (-2.2%)	0.0%	$1.90	-40.3%	ORD	M70240102

Unchanged Positions (13)

KWEB KRANESHARES TRUST 0.5%

Value ($000) $7,479 Shares 219,643 Est. Cost $29.24 Unrealized —

CRESY CRESUD S A C I F Y A 0.2%

Value ($000) $4,012 Shares 317,646 Est. Cost $9.85 Unrealized —

SPY SPDR S&P 500 ETF TR 1.4%

Value ($000) $22,503 Shares 33,000 Est. Cost — Unrealized —

VAL VALARIS LTD 0.3%

Value ($000) $5,569 Shares 110,500 Est. Cost $65.92 Unrealized -18.6%

IPI INTREPID POTASH INC 0.1%

Value ($000) $1,637 Shares 59,032 Est. Cost $22.70 Unrealized +18.4%

ICL ICL GROUP LTD 0.1%

Value ($000) $1,767 Shares 309,431 Est. Cost $4.70 Unrealized +23.1%

TNK TEEKAY TANKERS LTD 0.1%

Value ($000) $1,973 Shares 36,937 Est. Cost $44.16 Unrealized +27.1%

OII OCEANEERING INTL INC 0.1%

Value ($000) $1,754 Shares 72,995 Est. Cost $22.27 Unrealized +8.5%

IVV ISHARES TR 0.0%

Value ($000) $766 Shares 1,118 Est. Cost $547.23 Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 0.1%

Value ($000) $2,360 Shares 105,246 Est. Cost $21.65 Unrealized +8.1%

DSX DIANA SHIPPING INC 0.0%

Value ($000) $26 Shares 15,700 Est. Cost — Unrealized —

SBSW SIBANYE STILLWATER LTD 0.0%

Value ($000) $1 Shares 100 Est. Cost $4.12 Unrealized —

NE NOBLE CORP PLC 0.0%

Value ($000) $8 Shares 300 Est. Cost $33.14 Unrealized -11.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KRANESHARES TRUST	219,643	$7,479	0.5%	$29.24	—	CSI CHI INTERNET	500767306
CRESY	CRESUD S A C I F Y A	317,646	$4,012	0.2%	$9.85	—	SPONSORED ADR	226406106
SPY	SPDR S&P 500 ETF TR	33,000	$22,503	1.4%	—	—	PUT	78462F103
VAL	VALARIS LTD	110,500	$5,569	0.3%	$65.92	-18.6%	CALL	G9460G101
IPI	INTREPID POTASH INC	59,032	$1,637	0.1%	$22.70	+18.4%	COM	46121Y201
ICL	ICL GROUP LTD	309,431	$1,767	0.1%	$4.70	+23.1%	SHS	M53213100
TNK	TEEKAY TANKERS LTD	36,937	$1,973	0.1%	$44.16	+27.1%	CL A	G8726X106
OII	OCEANEERING INTL INC	72,995	$1,754	0.1%	$22.27	+8.5%	COM	675232102
IVV	ISHARES TR	1,118	$766	0.0%	$547.23	—	CORE S&P500 ETF	464287200
TEN	TSAKOS ENERGY NAVIGATION LTD	105,246	$2,360	0.1%	$21.65	+8.1%	SHS	G9108L173
DSX	DIANA SHIPPING INC	15,700	$26	0.0%	—	—	CALL	Y2066G104
SBSW	SIBANYE STILLWATER LTD	100	$1	0.0%	$4.12	—	CALL	82575P107
NE	NOBLE CORP PLC	300	$8	0.0%	$33.14	-11.8%	CALL	G65431127