Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	3,175,800 (+40.2%)	$2.339B (+78.8%)	86.2%	—	—	PUT	46090E103
RIG	TRANSOCEAN LTD	764,300 (+1.8%)	$3.737M (-24.9%)	0.1%	$5.62	—	REGISTERED SHS	H8817H100
BBAR	BANCO BBVA ARGENTINA S A	263,410 (+2.3%)	$5.165M (+24.9%)	0.2%	$6.35	—	SPONSORED ADS	058934100
SSL	SASOL LTD	357,657 (+2.7%)	$3.512M (-22.2%)	0.1%	$12.88	—	SPONSORED ADR	803866300
EWZ	ISHARES INC	268,876 (+1.1%)	$9.276M (-9.2%)	0.3%	$31.16	—	MSCI BRAZIL ETF	464286400
LXU	LSB INDS INC	266,876 (+4.8%)	$2.885M (-24.0%)	0.1%	$9.69	—	COM	502160104
BMA	BANCO MACRO S A	49,879 (+3.7%)	$4.618M (+24.1%)	0.2%	$34.22	—	SPON ADR B	05961W105
BTU	PEABODY ENGR CORP	109,113 (+5.3%)	$2.523M (-26.1%)	0.1%	$23.00	—	COM	704551100
ECNS	ISHARES TR	203,667 (+2.5%)	$5.735M (-11.2%)	0.2%	$38.62	—	CHINA SM-CAP ETF	46429B200
SDRL	SEADRILL LTD	82,323 (+1.0%)	$3.113M (-16.0%)	0.1%	$38.96	—	COM	G7997W102
CEPU	CENTRAL PUERTO S A	298,810 (+1.0%)	$4.44M (-10.8%)	0.2%	$9.27	—	SPONSORED ADR	155038201
CRK	COMSTOCK RES INC	102,948 (+6.8%)	$1.536M (-24.4%)	0.1%	$10.69	—	COM	205768302
RRC	RANGE RES CORP	56,989 (+1.3%)	$2.119M (-16.6%)	0.1%	$33.16	—	COM	75281A109
AR	ANTERO RESOURCES CORP	59,607 (+1.0%)	$2.095M (-16.4%)	0.1%	$26.10	—	COM	03674X106
EQT	EQT CORP	42,831 (+1.9%)	$2.277M (-14.8%)	0.1%	$39.56	—	COM	26884L109
CNR	CORE NATURAL RESOURCES INC	18,837 (+4.0%)	$1.507M (-20.6%)	0.1%	$84.44	—	COM SHS	218937100
CRESY	CRESUD S A C I F Y A	338,520 (+3.2%)	$3.795M (-9.1%)	0.1%	$9.98	—	SPONSORED ADR	226406106
WFRD	WEATHERFORD INTL PLC	27,889 (+1.1%)	$2.273M (-12.9%)	0.1%	$73.02	—	ORD SHS	G48833118
DHT	DHT HOLDINGS INC	240,458 (+2.1%)	$3.975M (-7.6%)	0.1%	$9.33	—	SHS NEW	Y2065G121
PAM	PAMPA ENERGIA SA	65,655 (+2.1%)	$5.392M (-5.2%)	0.2%	$53.36	—	SPONS ADR LVL I	697660207
TNK	TEEKAY TANKERS LTD	37,937 (+1.2%)	$2.461M (-10.5%)	0.1%	$44.70	—	CL A	G8726X106
CNX	CNX RES CORP	66,807 (+1.9%)	$2.267M (-10.3%)	0.1%	$22.25	—	COM	12653C108
XPRO	EXPRO GROUP HOLDINGS NV	114,969 (+2.7%)	$1.698M (-12.8%)	0.1%	$16.97	—	COM	N3144W105
ECH	ISHARES INC	156,160 (+4.3%)	$6.2M (+4.1%)	0.2%	$39.76	—	MSCI CHILE ETF	464286640
PBR	PETROLEO BRASILEIRO S A	59,324 (+2.9%)	$959K (-19.9%)	0.0%	$16.20	—	SPONSORED ADR	71654V408
MOS	MOSAIC CO	78,625 (+6.1%)	$1.666M (-11.8%)	0.1%	$28.86	—	COM	61945C103
HLX	HELIX ENERGY SOLUTIONS GRP I	210,068 (+1.1%)	$1.836M (-10.7%)	0.1%	$9.75	—	COM	42330P107
SMHI	SEACOR MARINE HLDGS INC	219,261 (+4.0%)	$1.677M (+11.1%)	0.1%	$10.22	—	COM	78413P101
EXE	EXPAND ENERGY CORPORATION	14,697 (+7.1%)	$1.34M (-11.0%)	0.0%	$84.13	—	COM	165167735
TGS	TRANSPORTADORA DE GAS DEL SU	42,920 (+3.5%)	$1.276M (-11.1%)	0.0%	$17.22	—	SPONSORED ADS B	893870204
HAFN	HAFNIA LTD	127,066 (+2.3%)	$830K (-13.3%)	0.0%	$5.68	—	SHS	Y2990R101
ASC	ARDMORE SHIPPING CORP	135,775 (+2.1%)	$1.902M (-6.2%)	0.1%	$12.56	—	COM	Y0207T100
SBLK	STAR BULK CARRIERS CORP.	40,242 (+3.9%)	$1.005M (+12.9%)	0.0%	$22.94	—	SHS PAR	Y8162K204
SM	SM ENERGY COMPANY	29,653 (+5.0%)	$774K (-12.1%)	0.0%	$20.19	—	COM	78454L100
BTI	BRITISH AMERN TOB PLC	18,660 (+4.1%)	$1.152M (+10.0%)	0.0%	$35.42	—	SPONSORED ADR	110448107
CALM	CAL MAINE FOODS INC	9,031 (+8.9%)	$728K (+10.9%)	0.0%	$89.21	—	COM NEW	128030202
GPRK	GEOPARK LTD	205,785 (+2.0%)	$1.873M (-2.3%)	0.1%	$8.73	—	USD SHS	G38327105
WB	WEIBO CORP	77,498 (+13.1%)	$563K (-6.1%)	0.0%	$9.89	—	SPONSORED ADR	948596101
TRMD	TORM PLC	34,898 (+4.4%)	$909K (-2.5%)	0.0%	$22.22	—	SHS CL A	G89479102
ICL	ICL GROUP LTD	340,574 (+2.7%)	$1.696M (-1.3%)	0.1%	$4.76	—	SHS	M53213100
EC	ECOPETROL S A	77,125 (+6.1%)	$1.098M (+0.8%)	0.0%	$11.85	—	SPONSORED ADS	279158109
IRS	IRSA INVERSIONES Y REP S A	66,697 (+5.0%)	$1.03M (-0.0%)	0.0%	$11.55	—	SPON GDS ECH 10	450047303

Exited Positions (3)

LOMA LOMA NEGRA C I A S A MTN 14 0.2%

Value $4.792M Shares 432,065 Est. Cost $9.89 Unrealized —

IVV ISHARES TR 0.0%

Value $730K Shares 1,118 Est. Cost $547.23 Unrealized —

ENIC ENEL CHILE SA 0.0%

Value $57,363 Shares 14,559 Est. Cost $3.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LOMA	LOMA NEGRA C I A S A MTN 14	432,065	$4.792M	0.2%	$9.89	—	—	54150E104
IVV	ISHARES TR	1,118	$730K	0.0%	$547.23	—	—	464287200
ENIC	ENEL CHILE SA	14,559	$57,363	0.0%	$3.94	—	—	29278D105

Decreased Positions (7)

TLT ISHARES TR 7.6%

Value $206M (-2.1%) Shares 2,389,000 (-1.8%) Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.3%

Value $8.002M (-18.8%) Shares 106,062 (-1.3%) Est. Cost $31.54 Unrealized —

GEOS GEOSPACE TECHNOLOGIES CORP 0.0%

Value $464K (-78.1%) Shares 68,488 (-60.5%) Est. Cost $11.92 Unrealized —

VAL VALARIS LTD 0.1%

Value $2.181M (-27.8%) Shares 30,034 (-2.5%) Est. Cost $65.92 Unrealized —

FTI TECHNIPFMC PLC 0.2%

Value $4.529M (-5.4%) Shares 68,312 (-1.3%) Est. Cost $20.47 Unrealized —

ECO OKEANIS ECO TANKERS COR 0.0%

Value $1.294M (-10.1%) Shares 26,198 (-5.4%) Est. Cost $24.98 Unrealized —

MNDO MIND C T I LTD 0.0%

Value $165K (-15.2%) Shares 160,513 (-5.4%) Est. Cost $1.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	2,389,000 (-1.8%)	$206M (-2.1%)	7.6%	—	—	PUT	464287432
GDX	VANECK ETF TRUST	106,062 (-1.3%)	$8.002M (-18.8%)	0.3%	$31.54	—	GOLD MINERS ETF	92189F106
GEOS	GEOSPACE TECHNOLOGIES CORP	68,488 (-60.5%)	$464K (-78.1%)	0.0%	$11.92	—	COM	37364X109
VAL	VALARIS LTD	30,034 (-2.5%)	$2.181M (-27.8%)	0.1%	$65.92	—	CL A	G9460G101
FTI	TECHNIPFMC PLC	68,312 (-1.3%)	$4.529M (-5.4%)	0.2%	$20.47	—	COM	G87110105
ECO	OKEANIS ECO TANKERS COR	26,198 (-5.4%)	$1.294M (-10.1%)	0.0%	$24.98	—	SHS	Y64177101
MNDO	MIND C T I LTD	160,513 (-5.4%)	$165K (-15.2%)	0.0%	$1.90	—	ORD	M70240102

Unchanged Positions (15)

VAL VALARIS LTD 0.3%

Value $8.022M Shares 110,500 Est. Cost $65.92 Unrealized —

SBSW SIBANYE STILLWATER LTD 0.1%

Value $3.23M Shares 380,466 Est. Cost $4.12 Unrealized —

BORR BORR DRILLING LTD 0.1%

Value $2.528M Shares 612,198 Est. Cost $3.31 Unrealized —

NE NOBLE CORP PLC 0.1%

Value $3.041M Shares 81,516 Est. Cost $33.40 Unrealized —

IPI INTREPID POTASH INC 0.1%

Value $2M Shares 61,006 Est. Cost $23.06 Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 0.1%

Value $3.932M Shares 111,180 Est. Cost $21.93 Unrealized —

TDW TIDEWATER INC NEW 0.1%

Value $1.84M Shares 27,609 Est. Cost $63.09 Unrealized —

OII OCEANEERING INTL INC 0.1%

Value $3.013M Shares 74,354 Est. Cost $22.41 Unrealized —

INSW INTERNATIONAL SEAWAYS INC 0.2%

Value $4.1M Shares 53,538 Est. Cost $39.27 Unrealized —

STNG SCORPIO TANKERS INC 0.1%

Value $2.114M Shares 30,521 Est. Cost $60.45 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.0%

Value $672K Shares 900 Est. Cost — Unrealized —

YPF YPF SOCIEDAD ANONIMA 0.2%

Value $5.243M Shares 115,298 Est. Cost $21.61 Unrealized —

FRO FRONTLINE PLC 0.2%

Value $6.537M Shares 187,906 Est. Cost $18.85 Unrealized —

BWLP BW LPG LTD 0.0%

Value $1.032M Shares 59,240 Est. Cost $13.95 Unrealized —

DSX DIANA SHIPPING INC 0.0%

Value $32,970 Shares 15,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VAL	VALARIS LTD	110,500	$8.022M	0.3%	$65.92	—	CALL	G9460G101
SBSW	SIBANYE STILLWATER LTD	380,466	$3.23M	0.1%	$4.12	—	SPONSORED ADR	82575P107
BORR	BORR DRILLING LTD	612,198	$2.528M	0.1%	$3.31	—	SHS	G1466R173
NE	NOBLE CORP PLC	81,516	$3.041M	0.1%	$33.40	—	ORD SHS A	G65431127
IPI	INTREPID POTASH INC	61,006	$2M	0.1%	$23.06	—	COM	46121Y201
TEN	TSAKOS ENERGY NAVIGATION LTD	111,180	$3.932M	0.1%	$21.93	—	SHS	G9108L173
TDW	TIDEWATER INC NEW	27,609	$1.84M	0.1%	$63.09	—	COM	88642R109
OII	OCEANEERING INTL INC	74,354	$3.013M	0.1%	$22.41	—	COM	675232102
INSW	INTERNATIONAL SEAWAYS INC	53,538	$4.1M	0.2%	$39.27	—	COM	Y41053102
STNG	SCORPIO TANKERS INC	30,521	$2.114M	0.1%	$60.45	—	SHS	Y7542C130
SPY	STATE STR SPDR S&P 500 ETF T	900	$672K	0.0%	—	—	PUT	78462F103
YPF	YPF SOCIEDAD ANONIMA	115,298	$5.243M	0.2%	$21.61	—	SPON ADR CL D	984245100
FRO	FRONTLINE PLC	187,906	$6.537M	0.2%	$18.85	—	COM	M46528101
BWLP	BW LPG LTD	59,240	$1.032M	0.0%	$13.95	—	COM	Y10230103
DSX	DIANA SHIPPING INC	15,700	$32,970	0.0%	—	—	CALL	Y2066G104