JGP Global Gestao de Recursos Ltda. Activity Q4 2014-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
XP	Sell	XP INC - CLASS A	$25,975,345	-49.4%	1,126,913	-48.5%	16.43%	-54.2%
MELI	Buy	MERCADOLIBRE INC	$18,940,859	+2322.6%	14,939	+2163.5%	11.98%	+2094.1%
	Buy	SIGMA LITHIUM CORP	$17,991,548	+198.9%	554,610	+271.3%	11.38%	+170.6%
STNE	New	STONECO LTD-A	$16,602,637	–	1,556,011	–	10.50%	–
	Buy	NU HOLDINGS LTD/CAYMAN ISL-A	$11,394,006	+471.5%	1,571,587	+521.9%	7.21%	+417.4%
	New	SPROTT PHYSICAL URANIUM TRUSclosed-end fund	$9,272,000	–	400,000	–	5.86%	–
	Buy	LITHIUM IONIC CORP	$6,112,294	+12.3%	3,056,147	+38.7%	3.87%	+1.7%
ATVI	Sell	ACTIVISION BLIZZARD INC	$4,962,390	-49.9%	53,000	-54.9%	3.14%	-54.6%
OBNNF	New	OSISKO MINING INC	$4,920,000	–	2,000,000	–	3.11%	–
SGEN	Sell	SEAGEN INC	$3,733,416	+10.2%	17,598	-0.0%	2.36%	-0.2%
UNH	Sell	UNITEDHEALTH GROUP INC	$1,581,140	+3.8%	3,136	-1.1%	1.00%	-6.0%
LLY	Sell	ELI LILLY & CO	$1,260,107	-20.3%	2,346	-30.4%	0.80%	-27.8%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$951,093	-4.0%	1,879	-1.1%	0.60%	-13.0%
BGNE	Sell	BEIGENE LTD-ADRadr	$751,857	+0.8%	4,180	-0.0%	0.48%	-8.6%
INCY	Sell	INCYTE CORP	$719,641	-7.3%	12,457	-0.1%	0.46%	-16.1%
DHR	Sell	DANAHER CORP	$701,627	+2.3%	2,828	-1.1%	0.44%	-7.3%
REGN	Sell	REGENERON PHARMACEUTICALS	$674,004	+13.4%	819	-1.0%	0.43%	+2.7%
AZN	Sell	ASTRAZENECA PLC-SPONS ADRadr	$663,453	-6.4%	9,797	-1.1%	0.42%	-15.2%
MRK	Sell	MERCK & CO. INC.	$637,775	-11.7%	6,195	-1.1%	0.40%	-20.2%
ISRG	Sell	INTUITIVE SURGICAL INC	$629,300	-15.4%	2,153	-1.1%	0.40%	-23.5%
ARGX	Sell	ARGENX SE - ADRadr	$626,828	+25.2%	1,275	-0.8%	0.40%	+13.1%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$520,567	-2.2%	1,497	-1.1%	0.33%	-11.6%
ANTM	Sell	ELEVANCE HEALTH INC	$519,456	-3.1%	1,193	-1.1%	0.33%	-12.0%
SYK	Sell	STRYKER CORP	$494,619	-11.4%	1,810	-1.0%	0.31%	-19.7%
HUM	Sell	HUMANA INC	$405,271	+7.8%	833	-1.0%	0.26%	-2.7%
BDX	Sell	BECTON DICKINSON AND CO	$357,547	-3.1%	1,383	-1.1%	0.23%	-12.4%
ACAD	Sell	ACADIA PHARMACEUTICALS INC	$340,797	-13.1%	16,353	-0.1%	0.22%	-21.2%
	Sell	SIGMA LITHIUM CORPput	$340,000	+13.4%	2,000	-81.8%	0.22%	+2.9%
ALNY	Sell	ALNYLAM PHARMACEUTICALS INC	$328,698	-7.8%	1,856	-1.1%	0.21%	-16.5%
ABBV	Sell	ABBVIE INC	$308,852	+9.5%	2,072	-1.1%	0.20%	-1.0%
MOH	Sell	MOLINA HEALTHCARE INC	$299,364	+7.7%	913	-1.1%	0.19%	-2.6%
A	Sell	AGILENT TECHNOLOGIES INC	$296,435	-8.0%	2,651	-1.0%	0.19%	-16.9%
PFE	Sell	PFIZER INC	$284,963	-10.5%	8,591	-1.1%	0.18%	-18.9%
CNC	Sell	CENTENE CORP	$275,107	+1.1%	3,994	-1.0%	0.17%	-8.4%
	New	JACOBS SOLUTIONS INC	$270,816	–	1,984	–	0.17%	–
UBS	New	UBS AG-REG	$264,322	–	10,723	–	0.17%	–
	New	SHELL PLC-ADRadr	$255,911	–	3,975	–	0.16%	–
CI	Sell	CIGNA CORP	$244,018	+0.9%	853	-1.0%	0.15%	-8.9%
ASND	Sell	ASCENDIS PHARMA - ADRadr	$215,840	+4.4%	2,305	-0.5%	0.14%	-4.9%
YPF	New	YPF S.A.-SPONSORED ADRadr	$187,425	–	15,300	–	0.12%	–
TEO	New	TELECOM ARGENTINA SA-SP ADRadr	$179,625	–	37,500	–	0.11%	–
HES	New	HESS CORPput	$174,000	–	2,400	–	0.11%	–
VINP	New	VINCI PARTNERS INVESTMENTS-A	$166,770	–	16,350	–	0.10%	–
GGAL	New	GRUPO FINANCIERO GALICIA-ADRadr	$159,210	–	12,200	–	0.10%	–
ITUB	Sell	ITAU UNIBANCO HLDNG-PREF ADRadr	$143,760	-51.3%	26,771	-46.5%	0.09%	-55.8%
	Sell	SPINNOVA OYJ	$111,982	-38.5%	34,089	-8.2%	0.07%	-44.1%
XP	Sell	XP INC - CLASS Aput	$44,625	-54.3%	1,050	-88.6%	0.03%	-58.8%
GOOG	Exit	ALPHABET INC-CL Ccall	$0	–	-25	–	-0.00%	–
GOOG	Exit	ALPHABET INC-CL Cput	$0	–	-25	–	-0.00%	–
ATVI	Exit	ACTIVISION BLIZZARD INCput	$0	–	-2,315	–	-0.14%	–
EWY	Exit	ISHARES MSCI SOUTH KOREA CAPetp	$0	–	-3,500	–	-0.16%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-767	–	-0.16%	–
PEN	Exit	PENUMBRA INC	$0	–	-834	–	-0.20%	–
AAPL	Exit	APPLE INC	$0	–	-1,500	–	-0.20%	–
CDNS	Exit	CADENCE DESIGN SYS INC	$0	–	-1,400	–	-0.23%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-2,700	–	-0.25%	–
TSM	Exit	TAIWAN SEMICONDUCTOR-SP ADRadr	$0	–	-3,500	–	-0.25%	–
BLK	Exit	BLACKROCK INC	$0	–	-550	–	-0.27%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-3,000	–	-0.34%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-2,500	–	-0.36%	–
DIS	Exit	WALT DISNEY CO/THE	$0	–	-7,000	–	-0.44%	–
NVDA	Exit	NVIDIA CORPput	$0	–	-5,500	–	-0.50%	–
NVO	Exit	NOVO-NORDISK A/S-SPONS ADRadr	$0	–	-6,000	–	-0.68%	–
IGV	Exit	ISHARES EXPANDED TECH-SOFTWAetp	$0	–	-3,000	–	-0.72%	–
SQM	Exit	QUIMICA Y MINERA CHIL-SP ADRadr	$0	–	-17,000	–	-0.86%	–
CRH	Exit	CRH PLC-SPONSORED ADRadr	$0	–	-25,000	–	-0.97%	–
ATVI	Exit	ACTIVISION BLIZZARD INCcall	$0	–	-2,015	–	-1.05%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-7,200	–	-1.12%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-15,100	–	-1.28%	–
NVDA	Exit	NVIDIA CORP	$0	–	-10,850	–	-3.21%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-16,500	–	-3.92%	–

Q2 2023

			Value		Shares		↓ Weighting
XP	New	XP INC - CLASS A	$51,309,483	–	2,187,105	–	35.84%	–
	New	DAIICHI SANKYO CO LTD	$22,049,300	–	4,846	–	15.40%	–
ATVI	New	ACTIVISION BLIZZARD INC	$9,905,250	–	117,500	–	6.92%	–
	New	SIGMA LITHIUM CORP	$6,019,611	–	149,370	–	4.20%	–
MSFT	New	MICROSOFT CORP	$5,618,910	–	16,500	–	3.92%	–
	New	LITHIUM IONIC CORP	$5,443,386	–	2,203,800	–	3.80%	–
NVDA	New	NVIDIA CORP	$4,589,767	–	10,850	–	3.21%	–
SGEN	New	SEAGEN INC	$3,388,066	–	17,604	–	2.37%	–
	New	NU HOLDINGS LTD/CAYMAN ISL-A	$1,993,803	–	252,700	–	1.39%	–
GOOG	New	ALPHABET INC-CL C	$1,826,647	–	15,100	–	1.28%	–
ALB	New	ALBEMARLE CORP	$1,606,248	–	7,200	–	1.12%	–
LLY	New	ELI LILLY & CO	$1,580,932	–	3,371	–	1.10%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,523,629	–	3,170	–	1.06%	–
ATVI	New	ACTIVISION BLIZZARD INCcall	$1,498,315	–	2,015	–	1.05%	–
CRH	New	CRH PLC-SPONSORED ADRadr	$1,393,250	–	25,000	–	0.97%	–
SQM	New	QUIMICA Y MINERA CHIL-SP ADRadr	$1,234,540	–	17,000	–	0.86%	–
IGV	New	ISHARES EXPANDED TECH-SOFTWAetp	$1,037,730	–	3,000	–	0.72%	–
	New	GENMAB A/S	$1,006,200	–	390	–	0.70%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$990,803	–	1,899	–	0.69%	–
NVO	New	NOVO-NORDISK A/S-SPONS ADRadr	$970,980	–	6,000	–	0.68%	–
MELI	New	MERCADOLIBRE INC	$781,836	–	660	–	0.55%	–
INCY	New	INCYTE CORP	$776,195	–	12,469	–	0.54%	–
GDX	New	MARKET VECTORS GOLD MINERSetp	$770,304	–	25,583	–	0.54%	–
BGNE	New	BEIGENE LTD-ADRadr	$745,651	–	4,182	–	0.52%	–
ISRG	New	INTUITIVE SURGICAL INC	$744,061	–	2,176	–	0.52%	–
NVDA	New	NVIDIA CORPput	$722,750	–	5,500	–	0.50%	–
MRK	New	MERCK & CO. INC.	$722,572	–	6,262	–	0.50%	–
AZN	New	ASTRAZENECA PLC-SPONS ADRadr	$708,758	–	9,903	–	0.50%	–
DHR	New	DANAHER CORP	$686,160	–	2,859	–	0.48%	–
DIS	New	WALT DISNEY CO/THE	$624,960	–	7,000	–	0.44%	–
REGN	New	REGENERON PHARMACEUTICALS	$594,233	–	827	–	0.42%	–
SYK	New	STRYKER CORP	$558,010	–	1,829	–	0.39%	–
ANTM	New	ELEVANCE HEALTH INC	$535,814	–	1,206	–	0.37%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$532,440	–	1,513	–	0.37%	–
UNP	New	UNION PACIFIC CORP	$511,550	–	2,500	–	0.36%	–
ARGX	New	ARGENX SE - ADRadr	$500,803	–	1,285	–	0.35%	–
ANET	New	ARISTA NETWORKS INC	$486,180	–	3,000	–	0.34%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$392,014	–	16,368	–	0.27%	–
BLK	New	BLACKROCK INC	$380,127	–	550	–	0.27%	–
HUM	New	HUMANA INC	$376,036	–	841	–	0.26%	–
BDX	New	BECTON DICKINSON AND CO	$369,086	–	1,398	–	0.26%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$356,327	–	1,876	–	0.25%	–
TSM	New	TAIWAN SEMICONDUCTOR-SP ADRadr	$353,220	–	3,500	–	0.25%	–
AMZN	New	AMAZON.COM INC	$351,972	–	2,700	–	0.25%	–
CDNS	New	CADENCE DESIGN SYS INC	$328,328	–	1,400	–	0.23%	–
A	New	AGILENT TECHNOLOGIES INC	$322,150	–	2,679	–	0.22%	–
PFE	New	PFIZER INC	$318,529	–	8,684	–	0.22%	–
	New	SIGMA LITHIUM CORPput	$299,823	–	11,000	–	0.21%	–
ITUB	New	ITAU UNIBANCO HLDNG-PREF ADRadr	$295,330	–	50,056	–	0.21%	–
AAPL	New	APPLE INC	$290,955	–	1,500	–	0.20%	–
PEN	New	PENUMBRA INC	$286,946	–	834	–	0.20%	–
ABBV	New	ABBVIE INC	$282,125	–	2,094	–	0.20%	–
MOH	New	MOLINA HEALTHCARE INC	$278,045	–	923	–	0.19%	–
CNC	New	CENTENE CORP	$272,228	–	4,036	–	0.19%	–
CI	New	CIGNA CORP	$241,877	–	862	–	0.17%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$235,163	–	2,713	–	0.16%	–
HCA	New	HCA HOLDINGS INC	$232,769	–	767	–	0.16%	–
EWY	New	ISHARES MSCI SOUTH KOREA CAPetp	$221,830	–	3,500	–	0.16%	–
ASND	New	ASCENDIS PHARMA - ADRadr	$206,792	–	2,317	–	0.14%	–
ATVI	New	ACTIVISION BLIZZARD INCput	$196,023	–	2,315	–	0.14%	–
	New	SPINNOVA OYJ	$182,108	–	37,127	–	0.13%	–
XP	New	XP INC - CLASS Aput	$97,750	–	9,250	–	0.07%	–
SBRCY	New	SBERBANK PJSC - SPONSORED ADRadr	$7,248	–	160,000	–	0.01%	–
GOOG	New	ALPHABET INC-CL Cput	$2,800	–	25	–	0.00%	–
GOOG	New	ALPHABET INC-CL Ccall	$1,863	–	25	–	0.00%	–
OIBRC	New	OI SA-ADRadr	$2,070	–	575,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
EXPE	Exit	EXPEDIA GROUP INCcall	$0	–	-5	–	-0.00%	–
DIS	Exit	WALT DISNEY CO/THEcall	$0	–	-25	–	-0.00%	–
SBRCY	Exit	SBERBANK PJSC - SPONSORED ADRadr	$0	–	-160,000	–	-0.01%	–
DIS	Exit	WALT DISNEY CO/THEput	$0	–	-50	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTcall	$0	–	-80	–	-0.02%	–
ATVI	Exit	ACTIVISION BLIZZARD INCcall	$0	–	-290	–	-0.03%	–
OIBRC	Exit	OI SA-ADRadr	$0	–	-575,000	–	-0.05%	–
ITUB	Exit	ITAU UNIBANCO HLDNG-PREF ADRadr	$0	–	-12,500	–	-0.06%	–
BBD	Exit	BANCO BRADESCO-ADRadr	$0	–	-17,600	–	-0.06%	–
MRNA	Exit	MODERNA INC	$0	–	-1,907	–	-0.19%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-2,713	–	-0.19%	–
ASND	Exit	ASCENDIS PHARMA - ADRadr	$0	–	-2,278	–	-0.20%	–
HOLX	Exit	HOLOGIC INC	$0	–	-3,848	–	-0.21%	–
CI	Exit	CIGNA CORP	$0	–	-921	–	-0.22%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-16,743	–	-0.23%	–
MOH	Exit	MOLINA HEALTHCARE INC	$0	–	-847	–	-0.24%	–
EXPE	Exit	EXPEDIA INC	$0	–	-3,000	–	-0.24%	–
SWAV	Exit	SHOCKWAVE MEDICAL INC	$0	–	-1,131	–	-0.26%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-1,415	–	-0.27%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-2,630	–	-0.27%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-2,800	–	-0.27%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-3,600	–	-0.29%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-1,737	–	-0.29%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWRE	$0	–	-3,200	–	-0.30%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,662	–	-0.30%	–
SYK	Exit	STRYKER CORP	$0	–	-1,893	–	-0.32%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-11,084	–	-0.34%	–
CNC	Exit	CENTENE CORP	$0	–	-5,196	–	-0.34%	–
PFE	Exit	PFIZER INC	$0	–	-9,288	–	-0.34%	–
MRK	Exit	MERCK & CO. INC.	$0	–	-4,740	–	-0.34%	–
HUM	Exit	HUMANA INC	$0	–	-916	–	-0.38%	–
XLV	Exit	HEALTH CARE SELECT SECTORetp	$0	–	-3,679	–	-0.38%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-668	–	-0.39%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-1,073	–	-0.41%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-2,688	–	-0.42%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-1,759	–	-0.43%	–
ARGX	Exit	ARGENX SE - ADRadr	$0	–	-1,497	–	-0.45%	–
AZN	Exit	ASTRAZENECA PLC-SPONS ADRadr	$0	–	-9,731	–	-0.45%	–
BGNE	Exit	BEIGENE LTD-ADRadr	$0	–	-4,169	–	-0.47%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,700	–	-0.53%	–
DHR	Exit	DANAHER CORP	$0	–	-2,870	–	-0.63%	–
LLY	Exit	ELI LILLY & CO	$0	–	-2,572	–	-0.70%	–
INCY	Exit	INCYTE CORP	$0	–	-13,192	–	-0.74%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,849	–	-0.79%	–
ICE	Exit	INTERCONTINENTALEXCHANGE INC	$0	–	-11,500	–	-0.88%	–
XP	Exit	XP INC - CLASS Acall	$0	–	-13,000	–	-0.90%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,172	–	-1.35%	–
	Exit	NUSCALE POWER CORP	$0	–	-170,000	–	-1.68%	–
DIS	Exit	WALT DISNEY CO/THE	$0	–	-22,500	–	-1.79%	–
SGEN	Exit	SEAGEN INC	$0	–	-17,730	–	-2.05%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-42,000	–	-2.64%	–
STNE	Exit	ITIQUIRA ACQUISITION CORPunit	$0	–	-900,000	–	-7.54%	–
VLATU	Exit	VALOR LATITUDE ACQUISITION Cunit	$0	–	-1,100,000	–	-9.17%	–
XLE	Exit	ENERGY SELECT SECTOR SPDRetp	$0	–	-170,795	–	-10.38%	–
	Exit	SIGMA LITHIUM CORP	$0	–	-961,714	–	-22.08%	–
XP	Exit	XP INC - CLASS A	$0	–	-1,650,442	–	-26.49%	–

Q3 2022

			Value		Shares		↓ Weighting
XP	Buy	XP INC - CLASS A	$31,375,000	+16.4%	1,650,442	+5.3%	26.49%	+29.1%
	Sell	SIGMA LITHIUM CORP	$26,149,000	-2.0%	961,714	-44.5%	22.08%	+8.8%
XLE	Buy	ENERGY SELECT SECTOR SPDRetp	$12,301,000	+1117.9%	170,795	+1109.9%	10.38%	+1252.2%
ATVI	Buy	ACTIVISION BLIZZARD INC	$3,122,000	+903.9%	42,000	+950.0%	2.64%	+1012.2%
SGEN	Sell	SEAGEN INC	$2,426,000	-24.9%	17,730	-2.8%	2.05%	-16.6%
DIS	Buy	WALT DISNEY CO/THE	$2,122,000	+2.2%	22,500	+2.3%	1.79%	+13.4%
	New	NUSCALE POWER CORP	$1,986,000	–	170,000	–	1.68%	–
UNH	Sell	UNITEDHEALTH GROUP INC	$1,602,000	-10.9%	3,172	-9.3%	1.35%	-1.1%
XP	New	XP INC - CLASS Acall	$1,072,000	–	13,000	–	0.90%	–
ICE	Buy	INTERCONTINENTALEXCHANGE INC	$1,039,000	+145.6%	11,500	+155.6%	0.88%	+172.4%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$938,000	-1.2%	1,849	+5.8%	0.79%	+9.7%
INCY	Sell	INCYTE CORP	$879,000	-17.6%	13,192	-6.1%	0.74%	-8.6%
LLY	Buy	ELI LILLY & CO	$832,000	+0.4%	2,572	+0.5%	0.70%	+11.3%
DHR	Sell	DANAHER CORP	$741,000	-0.7%	2,870	-2.5%	0.63%	+10.2%
MSFT	Sell	MICROSOFT CORP	$629,000	-45.6%	2,700	-40.0%	0.53%	-39.6%
BGNE	Sell	BEIGENE LTD-ADRadr	$562,000	-18.7%	4,169	-2.4%	0.47%	-9.9%
AZN	Buy	ASTRAZENECA PLC-SPONS ADRadr	$534,000	-7.8%	9,731	+11.1%	0.45%	+2.3%
ARGX	Buy	ARGENX SE - ADRadr	$529,000	0.0%	1,497	+7.3%	0.45%	+11.2%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$509,000	+7.2%	1,759	+4.4%	0.43%	+19.1%
ISRG	Buy	INTUITIVE SURGICAL INC	$504,000	-6.0%	2,688	+0.6%	0.42%	+4.2%
ANTM	Buy	ELEVANCE HEALTH INC	$487,000	-3.0%	1,073	+3.2%	0.41%	+7.6%
REGN	Buy	REGENERON PHARMACEUTICALS	$460,000	+50.8%	668	+29.5%	0.39%	+67.2%
HUM	Sell	HUMANA INC	$444,000	-7.5%	916	-10.6%	0.38%	+2.7%
MRK	Sell	MERCK & CO. INC.	$408,000	-12.6%	4,740	-7.4%	0.34%	-3.1%
PFE	Buy	PFIZER INC	$406,000	+59.2%	9,288	+91.0%	0.34%	+76.8%
CNC	Sell	CENTENE CORP	$404,000	-10.0%	5,196	-2.0%	0.34%	-0.3%
SYK	Sell	STRYKER CORP	$383,000	-5.0%	1,893	-6.5%	0.32%	+5.2%
ABBV	Sell	ABBVIE INC	$357,000	-27.0%	2,662	-16.7%	0.30%	-19.1%
TTWO	New	TAKE-TWO INTERACTIVE SOFTWRE	$349,000	–	3,200	–	0.30%	–
ALNY	Buy	ALNYLAM PHARMACEUTICALS INC	$348,000	+60.4%	1,737	+16.5%	0.29%	+78.2%
GOOG	New	ALPHABET INC-CL C	$346,000	–	3,600	–	0.29%	–
EA	Buy	ELECTRONIC ARTS INC	$324,000	+20.9%	2,800	+27.3%	0.27%	+34.3%
A	Sell	AGILENT TECHNOLOGIES INC	$320,000	+2.2%	2,630	-0.3%	0.27%	+13.4%
BDX	Buy	BECTON DICKINSON AND CO	$315,000	-6.5%	1,415	+3.6%	0.27%	+3.9%
SWAV	Buy	SHOCKWAVE MEDICAL INC	$314,000	+55.4%	1,131	+7.1%	0.26%	+72.1%
EXPE	Sell	EXPEDIA INC	$281,000	-89.2%	3,000	-89.1%	0.24%	-88.0%
MOH	Buy	MOLINA HEALTHCARE INC	$279,000	+22.4%	847	+3.8%	0.24%	+36.4%
ACAD	Buy	ACADIA PHARMACEUTICALS INC	$274,000	+19.7%	16,743	+2.8%	0.23%	+32.8%
CI	Sell	CIGNA CORP	$256,000	-7.6%	921	-12.3%	0.22%	+2.4%
HOLX	Buy	HOLOGIC INC	$248,000	+0.4%	3,848	+8.1%	0.21%	+11.2%
ASND	Buy	ASCENDIS PHARMA - ADRadr	$235,000	+10.8%	2,278	+0.0%	0.20%	+23.0%
MRNA	Buy	MODERNA INC	$226,000	+10.8%	1,907	+33.7%	0.19%	+23.2%
BBD	New	BANCO BRADESCO-ADRadr	$65,000	–	17,600	–	0.06%	–
ITUB	New	ITAU UNIBANCO HLDNG-PREF ADRadr	$65,000	–	12,500	–	0.06%	–
ATVI	New	ACTIVISION BLIZZARD INCcall	$39,000	–	290	–	0.03%	–
SPY	New	SPDR S&P 500 ETF TRUSTcall	$19,000	–	80	–	0.02%	–
DIS	New	WALT DISNEY CO/THEput	$8,000	–	50	–	0.01%	–
DIS	Buy	WALT DISNEY CO/THEcall	$3,000	0.0%	25	+150.0%	0.00%	+50.0%
EXPE	New	EXPEDIA GROUP INCcall	$2,000	–	5	–	0.00%	–
RBLX	Exit	ROBLOX CORP -CLASS Acall	$0	–	-300	–	0.00%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTput	$0	–	-6,000	–	-0.01%	–
BNTX	Exit	BIONTECH SE-ADRadr	$0	–	-1,411	–	-0.16%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-2,000	–	-0.16%	–
CSX	Exit	CSX CORP	$0	–	-7,500	–	-0.17%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-1,319	–	-0.17%	–
HES	Exit	HESS CORP	$0	–	-2,604	–	-0.21%	–
WST	Exit	WEST PHARMACEUTICAL SERVICES	$0	–	-920	–	-0.21%	–
SLB	Exit	SCHLUMBERGER LTDcall	$0	–	-2,000	–	-0.48%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-9,800	–	-2.51%	–
XOP	Exit	SPDR S&P OIL & GAS EXP & PRetp	$0	–	-110,266	–	-10.02%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-20,842	–	-10.10%	–

Q2 2022

			Value		Shares		↓ Weighting
XP	New	XP INC - CLASS Aunit	$26,960,000	–	1,567,626	–	20.51%	–
	New	SIGMA LITHIUM CORP	$26,671,000	–	1,731,885	–	20.29%	–
MELI	New	MERCADOLIBRE INC	$13,274,000	–	20,842	–	10.10%	–
XOP	New	SPDR S&P OIL & GAS EXP & PRetp	$13,175,000	–	110,266	–	10.02%	–
VLATU	New	VALOR LATITUDE ACQUISITION Cunit	$10,769,000	–	1,100,000	–	8.19%	–
STNE	New	ITIQUIRA ACQUISITION CORPunit	$8,865,000	–	900,000	–	6.74%	–
SPGI	New	S&P GLOBAL INC	$3,303,000	–	9,800	–	2.51%	–
SGEN	New	SEAGEN INC	$3,229,000	–	18,250	–	2.46%	–
EXPE	New	EXPEDIA INC	$2,598,000	–	27,400	–	1.98%	–
DIS	New	WALT DISNEY CO/THE	$2,077,000	–	22,000	–	1.58%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,797,000	–	3,498	–	1.37%	–
MSFT	New	MICROSOFT CORP	$1,156,000	–	4,500	–	0.88%	–
INCY	New	INCYTE CORP	$1,067,000	–	14,051	–	0.81%	–
XLE	New	ENERGY SELECT SECTOR SPDRetp	$1,010,000	–	14,117	–	0.77%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$949,000	–	1,747	–	0.72%	–
LLY	New	ELI LILLY & CO	$829,000	–	2,558	–	0.63%	–
DHR	New	DANAHER CORP	$746,000	–	2,944	–	0.57%	–
BGNE	New	BEIGENE LTD-ADRadr	$691,000	–	4,272	–	0.53%	–
SLB	New	SCHLUMBERGER LTDcall	$630,000	–	2,000	–	0.48%	–
AZN	New	ASTRAZENECA PLC-SPONS ADRadr	$579,000	–	8,760	–	0.44%	–
ISRG	New	INTUITIVE SURGICAL INC	$536,000	–	2,672	–	0.41%	–
ARGX	New	ARGENX SE - ADRadr	$529,000	–	1,395	–	0.40%	–
ANTM	New	ELEVANCE HEALTH INC	$502,000	–	1,040	–	0.38%	–
ABBV	New	ABBVIE INC	$489,000	–	3,196	–	0.37%	–
HUM	New	HUMANA INC	$480,000	–	1,025	–	0.36%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$475,000	–	1,685	–	0.36%	–
XLV	New	HEALTH CARE SELECT SECTORetp	$472,000	–	3,679	–	0.36%	–
MRK	New	MERCK & CO. INC.	$467,000	–	5,121	–	0.36%	–
CNC	New	CENTENE CORP	$449,000	–	5,304	–	0.34%	–
ICE	New	INTERCONTINENTALEXCHANGE INC	$423,000	–	4,500	–	0.32%	–
SYK	New	STRYKER CORP	$403,000	–	2,025	–	0.31%	–
SLB	New	SCHLUMBERGER LTD	$396,000	–	11,084	–	0.30%	–
BDX	New	BECTON DICKINSON AND CO	$337,000	–	1,366	–	0.26%	–
A	New	AGILENT TECHNOLOGIES INC	$313,000	–	2,638	–	0.24%	–
ATVI	New	ACTIVISION BLIZZARD INC	$311,000	–	4,000	–	0.24%	–
REGN	New	REGENERON PHARMACEUTICALS	$305,000	–	516	–	0.23%	–
WST	New	WEST PHARMACEUTICAL SERVICES	$278,000	–	920	–	0.21%	–
CI	New	CIGNA CORP	$277,000	–	1,050	–	0.21%	–
HES	New	HESS CORP	$276,000	–	2,604	–	0.21%	–
EA	New	ELECTRONIC ARTS INC	$268,000	–	2,200	–	0.20%	–
PFE	New	PFIZER INC	$255,000	–	4,862	–	0.19%	–
HOLX	New	HOLOGIC INC	$247,000	–	3,560	–	0.19%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$229,000	–	16,281	–	0.17%	–
MOH	New	MOLINA HEALTHCARE INC	$228,000	–	816	–	0.17%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$225,000	–	2,713	–	0.17%	–
HCA	New	HCA HOLDINGS INC	$222,000	–	1,319	–	0.17%	–
CSX	New	CSX CORP	$218,000	–	7,500	–	0.17%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$217,000	–	1,491	–	0.16%	–
ASND	New	ASCENDIS PHARMA - ADRadr	$212,000	–	2,277	–	0.16%	–
AMZN	New	AMAZON.COM INC	$212,000	–	2,000	–	0.16%	–
BNTX	New	BIONTECH SE-ADRadr	$210,000	–	1,411	–	0.16%	–
MRNA	New	MODERNA INC	$204,000	–	1,426	–	0.16%	–
SWAV	New	SHOCKWAVE MEDICAL INC	$202,000	–	1,056	–	0.15%	–
OIBRC	New	OI SA-ADRadr	$178,000	–	575,000	–	0.14%	–
SPY	New	SPDR S&P 500 ETF TRUSTput	$9,000	–	6,000	–	0.01%	–
SBRCY	New	SBERBANK PJSC - SPONSORED ADRadr	$7,000	–	160,000	–	0.01%	–
DIS	New	WALT DISNEY CO/THEcall	$3,000	–	10	–	0.00%	–
RBLX	New	ROBLOX CORP -CLASS Acall	$0	–	300	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
SPY	Exit	SPDR S&P 500 ETF TRUSTcall	$0	–	-45	–	-0.01%	–
AVTR	Exit	AVANTOR INC	$0	–	-4,899	–	-0.07%	–
HES	Exit	HESS CORP	$0	–	-2,619	–	-0.07%	–
BIIB	Exit	BIOGEN INC	$0	–	-716	–	-0.07%	–
MOS	Exit	MOSAIC CO/THE	$0	–	-6,003	–	-0.08%	–
MOH	Exit	MOLINA HEALTHCARE INC	$0	–	-793	–	-0.08%	–
AMGN	Exit	AMGEN INC	$0	–	-1,046	–	-0.08%	–
MRTX	Exit	MIRATI THERAPEUTICS INC	$0	–	-1,272	–	-0.08%	–
NUE	Exit	NUCOR CORP	$0	–	-2,296	–	-0.08%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-3,036	–	-0.08%	–
HOLX	Exit	HOLOGIC INC	$0	–	-3,206	–	-0.09%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-1,304	–	-0.09%	–
XLF	Exit	FINANCIAL SELECT SECTOR SPDRetp	$0	–	-6,917	–	-0.09%	–
SWAV	Exit	SHOCKWAVE MEDICAL INC	$0	–	-1,251	–	-0.09%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-16,668	–	-0.10%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-1,167	–	-0.10%	–
EXPE	Exit	EXPEDIA INC	$0	–	-1,750	–	-0.10%	–
XLRN	Exit	ACCELERON PHARMA INC	$0	–	-1,777	–	-0.11%	–
WST	Exit	WEST PHARMACEUTICAL SERVICES	$0	–	-730	–	-0.11%	–
MRK	Exit	MERCK & CO. INC.	$0	–	-4,235	–	-0.12%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-566	–	-0.12%	–
ASND	Exit	ASCENDIS PHARMA - ADRadr	$0	–	-2,184	–	-0.13%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-1,433	–	-0.13%	–
CNC	Exit	CENTENE CORP	$0	–	-5,659	–	-0.13%	–
DIS	Exit	WALT DISNEY CO/THE	$0	–	-2,100	–	-0.13%	–
CI	Exit	CIGNA CORP	$0	–	-1,808	–	-0.13%	–
GDX	Exit	MARKET VECTORS GOLD MINERSetp	$0	–	-12,220	–	-0.13%	–
IEUR	Exit	ISHARES MSCI EUROPEetp	$0	–	-6,594	–	-0.13%	–
HUM	Exit	HUMANA INC	$0	–	-954	–	-0.14%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,472	–	-0.14%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,003	–	-0.14%	–
AZN	Exit	ASTRAZENECA PLC-SPONS ADRadr	$0	–	-6,353	–	-0.14%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-7,494	–	-0.15%	–
WFC	Exit	WELLS FARGO & COcall	$0	–	-10,000	–	-0.15%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-2,703	–	-0.16%	–
ARGX	Exit	ARGENX SE - ADRadr	$0	–	-1,424	–	-0.16%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-2,592	–	-0.17%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA-ADRadr	$0	–	-48,203	–	-0.18%	–
IBB	Exit	ISHARES NASDAQ BIOTECHNOLOGYetp	$0	–	-3,142	–	-0.18%	–
BNTX	Exit	BIONTECH SE-ADRadr	$0	–	-1,929	–	-0.19%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-10,560	–	-0.20%	–
TWTR	Exit	TWITTER INC	$0	–	-9,058	–	-0.20%	–
SYK	Exit	STRYKER CORP	$0	–	-2,096	–	-0.20%	–
BMA	Exit	BANCO MACRO SA-ADRadr	$0	–	-33,025	–	-0.20%	–
KOD	Exit	KODIAK SCIENCES INC	$0	–	-6,527	–	-0.23%	–
MRNA	Exit	MODERNA INC	$0	–	-1,699	–	-0.24%	–
EBAY	Exit	EBAY INC	$0	–	-9,449	–	-0.24%	–
FB	Exit	FACEBOOK INC-A	$0	–	-2,051	–	-0.25%	–
AAXJ	Exit	ISHARES MSCI ASIA EX JAPANetp	$0	–	-8,684	–	-0.27%	–
LLY	Exit	ELI LILLY & CO	$0	–	-3,576	–	-0.30%	–
DHR	Exit	DANAHER CORP	$0	–	-2,985	–	-0.33%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-277	–	-0.33%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-920	–	-0.33%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,720	–	-0.36%	–
INCY	Exit	INCYTE CORP	$0	–	-14,604	–	-0.36%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,563	–	-0.50%	–
BGNE	Exit	BEIGENE LTD-ADRadr	$0	–	-4,308	–	-0.57%	–
CNI	Exit	CANADIAN NATL RAILWAY CO	$0	–	-15,000	–	-0.63%	–
FISV	Exit	FISERV INC	$0	–	-17,000	–	-0.67%	–
PVG	Exit	PRETIUM RESOURCES INC	$0	–	-300,000	–	-1.05%	–
SGEN	Exit	SEAGEN INC	$0	–	-18,229	–	-1.12%	–
APA	Exit	APACHE CORP	$0	–	-200,000	–	-1.56%	–
TX	Exit	TERNIUM SA-SPONSORED ADRadr	$0	–	-121,385	–	-1.86%	–
AGI	Exit	ALAMOS GOLD INC-CLASS A	$0	–	-1,119,840	–	-2.93%	–
STNE	Exit	ITIQUIRA ACQUISITION CORPunit	$0	–	-900,000	–	-3.25%	–
MYTE	Exit	MYT NETHERLANDS PARENT BVadr	$0	–	-400,000	–	-3.91%	–
VLATU	Exit	VALOR LATITUDE ACQUISITION Cunit	$0	–	-1,100,000	–	-3.97%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-310,367	–	-4.00%	–
FCX	Exit	FREEPORT-MCMORAN COPPER	$0	–	-428,500	–	-5.06%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-11,369	–	-6.93%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-611,190	–	-7.08%	–
XP	Exit	XP INC - CLASS Aunit	$0	–	-755,185	–	-9.37%	–
DISH	Exit	DISH NETWORK CORP-A	$0	–	-612,657	–	-9.67%	–
XLE	Exit	ENERGY SELECT SECTOR SPDRetp	$0	–	-615,210	–	-11.64%	–
	Exit	SIGMA LITHIUM CORP	$0	–	-5,112,610	–	-15.56%	–

Q3 2021

			Value		Shares		↓ Weighting
	New	SIGMA LITHIUM CORP	$42,844,000	–	5,112,610	–	15.56%	–
XLE	New	ENERGY SELECT SECTOR SPDRetp	$32,046,000	–	615,210	–	11.64%	–
XP	Sell	XP INC - CLASS Aunit	$25,819,000	-1.2%	755,185	-8.9%	9.37%	+7.9%
ELAN	Sell	ELANCO ANIMAL HEALTH INC	$19,491,000	-15.0%	611,190	-7.5%	7.08%	-7.2%
MELI	Sell	MERCADOLIBRE INC	$19,093,000	-60.8%	11,369	-63.6%	6.93%	-57.2%
FCX	Sell	FREEPORT-MCMORAN COPPER	$13,939,000	-17.1%	428,500	-5.4%	5.06%	-9.4%
DVN	New	DEVON ENERGY CORPORATION	$11,021,000	–	310,367	–	4.00%	–
STNE	Sell	ITIQUIRA ACQUISITION CORPunit	$8,955,000	-76.1%	900,000	-32.0%	3.25%	-73.9%
AGI	Buy	ALAMOS GOLD INC-CLASS A	$8,063,000	+427.0%	1,119,840	+459.9%	2.93%	+475.0%
TX	Sell	TERNIUM SA-SPONSORED ADRadr	$5,135,000	-7.5%	121,385	-15.9%	1.86%	+1.0%
APA	New	APACHE CORP	$4,286,000	–	200,000	–	1.56%	–
SGEN	Buy	SEAGEN INC	$3,095,000	+8.2%	18,229	+0.6%	1.12%	+18.2%
PVG	Buy	PRETIUM RESOURCES INC	$2,892,000	+51.3%	300,000	+50.0%	1.05%	+65.1%
FISV	New	FISERV INC	$1,845,000	–	17,000	–	0.67%	–
CNI	New	CANADIAN NATL RAILWAY CO	$1,735,000	–	15,000	–	0.63%	–
BGNE	Sell	BEIGENE LTD-ADRadr	$1,564,000	-10.9%	4,308	-15.7%	0.57%	-2.7%
UNH	Buy	UNITEDHEALTH GROUP INC	$1,392,000	+4.5%	3,563	+7.1%	0.50%	+14.0%
INCY	Buy	INCYTE CORP	$1,004,000	-15.0%	14,604	+4.0%	0.36%	-7.1%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$983,000	+14.2%	1,720	+0.8%	0.36%	+24.8%
ISRG	Sell	INTUITIVE SURGICAL INC	$915,000	-2.2%	920	-9.6%	0.33%	+6.8%
DHR	Buy	DANAHER CORP	$909,000	+54.3%	2,985	+35.9%	0.33%	+68.4%
AMZN	Sell	AMAZON.COM INC	$910,000	-16.8%	277	-12.9%	0.33%	-9.3%
LLY	Buy	ELI LILLY & CO	$826,000	+43.9%	3,576	+43.0%	0.30%	+57.1%
AAXJ	New	ISHARES MSCI ASIA EX JAPANetp	$738,000	–	8,684	–	0.27%	–
FB	Sell	FACEBOOK INC-A	$696,000	-90.0%	2,051	-89.7%	0.25%	-89.0%
EBAY	Buy	EBAY INC	$658,000	+26.1%	9,449	+27.1%	0.24%	+37.4%
MRNA	New	MODERNA INC	$654,000	–	1,699	–	0.24%	–
KOD	Buy	KODIAK SCIENCES INC	$626,000	+21.6%	6,527	+17.8%	0.23%	+32.7%
BMA	New	BANCO MACRO SA-ADRadr	$561,000	–	33,025	–	0.20%	–
SYK	Buy	STRYKER CORP	$553,000	+14.7%	2,096	+13.0%	0.20%	+25.6%
LUV	New	SOUTHWEST AIRLINES CO	$543,000	–	10,560	–	0.20%	–
BNTX	New	BIONTECH SE-ADRadr	$527,000	–	1,929	–	0.19%	–
IBB	Sell	ISHARES NASDAQ BIOTECHNOLOGYetp	$508,000	-40.9%	3,142	-40.2%	0.18%	-35.7%
GGAL	New	GRUPO FINANCIERO GALICIA-ADRadr	$485,000	–	48,203	–	0.18%	–
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$470,000	+0.9%	2,592	+12.3%	0.17%	+10.3%
ARGX	Buy	ARGENX SE - ADRadr	$430,000	+6.4%	1,424	+6.2%	0.16%	+16.4%
A	Sell	AGILENT TECHNOLOGIES INC	$426,000	+4.7%	2,703	-1.9%	0.16%	+14.8%
AIG	New	AMERICAN INTERNATIONAL GROUP	$411,000	–	7,494	–	0.15%	–
AZN	Buy	ASTRAZENECA PLC-SPONS ADRadr	$382,000	+2.4%	6,353	+2.0%	0.14%	+12.1%
ANTM	Buy	ANTHEM INC	$374,000	+34.5%	1,003	+37.8%	0.14%	+47.8%
ABBV	Buy	ABBVIE INC	$375,000	+13.6%	3,472	+18.4%	0.14%	+23.6%
HUM	Buy	HUMANA INC	$371,000	-7.2%	954	+5.6%	0.14%	+1.5%
IEUR	New	ISHARES MSCI EUROPEetp	$370,000	–	6,594	–	0.13%	–
GDX	New	MARKET VECTORS GOLD MINERSetp	$360,000	–	12,220	–	0.13%	–
CI	Buy	CIGNA CORP	$362,000	-3.2%	1,808	+14.5%	0.13%	+5.6%
DIS	Buy	WALT DISNEY CO/THE	$355,000	+34.5%	2,100	+40.0%	0.13%	+46.6%
CNC	Buy	CENTENE CORP	$353,000	-9.7%	5,659	+5.7%	0.13%	-1.5%
ASND	Sell	ASCENDIS PHARMA - ADRadr	$348,000	+7.1%	2,184	-11.6%	0.13%	+16.7%
HCA	Sell	HCA HOLDINGS INC	$348,000	+7.4%	1,433	-8.5%	0.13%	+16.7%
REGN	Sell	REGENERON PHARMACEUTICALS	$343,000	-0.3%	566	-8.0%	0.12%	+9.6%
MRK	Sell	MERCK & CO. INC.	$318,000	-44.2%	4,235	-42.2%	0.12%	-39.5%
WST	Buy	WEST PHARMACEUTICAL SERVICES	$310,000	+36.0%	730	+15.1%	0.11%	+48.7%
XLRN	Buy	ACCELERON PHARMA INC	$306,000	+41.0%	1,777	+2.8%	0.11%	+54.2%
EXPE	New	EXPEDIA INC	$287,000	–	1,750	–	0.10%	–
BDX	Sell	BECTON DICKINSON AND CO	$287,000	-36.1%	1,167	-36.8%	0.10%	-30.2%
ACAD	Sell	ACADIA PHARMACEUTICALS INC	$277,000	-35.0%	16,668	-4.6%	0.10%	-28.9%
SWAV	Buy	SHOCKWAVE MEDICAL INC	$258,000	+20.0%	1,251	+10.4%	0.09%	+32.4%
XLF	New	FINANCIAL SELECT SECTOR SPDRetp	$260,000	–	6,917	–	0.09%	–
ALNY	Sell	ALNYLAM PHARMACEUTICALS INC	$246,000	+6.0%	1,304	-4.9%	0.09%	+15.6%
HOLX	Sell	HOLOGIC INC	$237,000	+4.9%	3,206	-5.5%	0.09%	+14.7%
BMRN	Sell	BIOMARIN PHARMACEUTICAL INC	$235,000	-9.3%	3,036	-2.4%	0.08%	-1.2%
MRTX	New	MIRATI THERAPEUTICS INC	$225,000	–	1,272	–	0.08%	–
NUE	New	NUCOR CORP	$226,000	–	2,296	–	0.08%	–
AMGN	Sell	AMGEN INC	$222,000	-36.2%	1,046	-26.7%	0.08%	-30.2%
MOS	New	MOSAIC CO/THE	$214,000	–	6,003	–	0.08%	–
MOH	New	MOLINA HEALTHCARE INC	$215,000	–	793	–	0.08%	–
BIIB	Buy	BIOGEN INC	$203,000	-9.4%	716	+10.5%	0.07%	0.0%
HES	New	HESS CORP	$205,000	–	2,619	–	0.07%	–
AVTR	New	AVANTOR INC	$200,000	–	4,899	–	0.07%	–
SPY	New	SPDR S&P 500 ETF TRUSTcall	$17,000	–	45	–	0.01%	–
AMRN	Exit	AMARIN CORP PLC -ADRadr	$0	–	-12,373	–	-0.02%	–
MELI	Exit	MERCADOLIBRE INCcall	$0	–	-4	–	-0.02%	–
WFC	Exit	WELLS FARGO & COput	$0	–	-5,000	–	-0.07%	–
DXCM	Exit	DEXCOM INC	$0	–	-483	–	-0.07%	–
ITUB	Exit	ITAU UNIBANCO HLDNG-PREF ADRadr	$0	–	-35,000	–	-0.07%	–
TGT	Exit	TARGET CORP	$0	–	-1,000	–	-0.08%	–
TSM	Exit	TAIWAN SEMICONDUCTOR-SP ADRadr	$0	–	-2,158	–	-0.09%	–
CCCC	Exit	C4 THERAPEUTICS INC	$0	–	-6,853	–	-0.09%	–
EXAS	Exit	EXACT SCIENCES CORP	$0	–	-2,227	–	-0.09%	–
EWZ	Exit	ISHARES MSCI BRAZIL CAPPED Eetp	$0	–	-12,195	–	-0.16%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-14,929	–	-0.22%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-4,921	–	-0.30%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-1,296	–	-1.08%	–
OIBRC	Exit	OI SA-ADRadr	$0	–	-2,310,427	–	-1.14%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-23,757	–	-1.85%	–
DNLI	Exit	DENALI THERAPEUTICS INC	$0	–	-91,760	–	-2.39%	–
PBR	Exit	PETROLEO BRASILEIRO S.A.-ADRadr	$0	–	-707,244	–	-2.88%	–
ARCE	Exit	ARCO PLATFORM LTD - CLASS A	$0	–	-848,012	–	-8.65%	–

Q2 2021

			Value		Shares		↓ Weighting
MELI	New	MERCADOLIBRE INC	$48,672,000	–	31,244	–	16.18%	–
STNE	New	STONECO LTD-Aunit	$37,443,000	–	1,324,007	–	12.45%	–
XP	New	XP INC - CLASS Aunit	$26,134,000	–	829,140	–	8.69%	–
ARCE	New	ARCO PLATFORM LTD - CLASS A	$26,000,000	–	848,012	–	8.65%	–
DISH	New	DISH NETWORK CORP-A	$25,609,000	–	612,657	–	8.52%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$22,933,000	–	661,085	–	7.63%	–
FCX	New	FREEPORT-MCMORAN COPPER	$16,805,000	–	452,850	–	5.59%	–
MYTE	New	MYT NETHERLANDS PARENT BVadr	$12,172,000	–	400,000	–	4.05%	–
VLATU	New	VALOR LATITUDE ACQUISITION Cunit	$10,934,000	–	1,100,000	–	3.64%	–
PBR	New	PETROLEO BRASILEIRO S.A.-ADRadr	$8,650,000	–	707,244	–	2.88%	–
DNLI	New	DENALI THERAPEUTICS INC	$7,198,000	–	91,760	–	2.39%	–
FB	New	FACEBOOK INC-A	$6,933,000	–	19,939	–	2.30%	–
V	New	VISA INC-CLASS A SHARES	$5,555,000	–	23,757	–	1.85%	–
TX	New	TERNIUM SA-SPONSORED ADRadr	$5,553,000	–	144,371	–	1.85%	–
WFC	New	WELLS FARGO & COcall	$3,897,000	–	10,000	–	1.30%	–
OIBRC	New	OI SA-ADRadr	$3,443,000	–	2,310,427	–	1.14%	–
GOOG	New	ALPHABET INC-CL C	$3,248,000	–	1,296	–	1.08%	–
SGEN	New	SEAGEN INC	$2,860,000	–	18,117	–	0.95%	–
PVG	New	PRETIUM RESOURCES INC	$1,912,000	–	200,000	–	0.64%	–
BGNE	New	BEIGENE LTD-ADRadr	$1,755,000	–	5,113	–	0.58%	–
AGI	New	ALAMOS GOLD INC-CLASS A	$1,530,000	–	200,000	–	0.51%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,332,000	–	3,326	–	0.44%	–
INCY	New	INCYTE CORP	$1,181,000	–	14,041	–	0.39%	–
AMZN	New	AMAZON.COM INC	$1,094,000	–	318	–	0.36%	–
ISRG	New	INTUITIVE SURGICAL INC	$936,000	–	1,018	–	0.31%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$904,000	–	4,921	–	0.30%	–
IBB	New	ISHARES NASDAQ BIOTECHNOLOGYetp	$860,000	–	5,258	–	0.29%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$861,000	–	1,707	–	0.29%	–
WFC	New	WELLS FARGO & CO	$676,000	–	14,929	–	0.22%	–
TWTR	New	TWITTER INC	$623,000	–	9,058	–	0.21%	–
DHR	New	DANAHER CORP	$589,000	–	2,196	–	0.20%	–
LLY	New	ELI LILLY & CO	$574,000	–	2,500	–	0.19%	–
MRK	New	MERCK & CO. INC.	$570,000	–	7,326	–	0.19%	–
EBAY	New	EBAY INC	$522,000	–	7,437	–	0.17%	–
KOD	New	KODIAK SCIENCES INC	$515,000	–	5,542	–	0.17%	–
EWZ	New	ISHARES MSCI BRAZIL CAPPED Eetp	$494,000	–	12,195	–	0.16%	–
SYK	New	STRYKER CORP	$482,000	–	1,855	–	0.16%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$466,000	–	2,309	–	0.16%	–
BDX	New	BECTON DICKINSON AND CO	$449,000	–	1,846	–	0.15%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$426,000	–	17,479	–	0.14%	–
A	New	AGILENT TECHNOLOGIES INC	$407,000	–	2,756	–	0.14%	–
ARGX	New	ARGENX SE - ADRadr	$404,000	–	1,341	–	0.13%	–
HUM	New	HUMANA INC	$400,000	–	903	–	0.13%	–
CNC	New	CENTENE CORP	$391,000	–	5,356	–	0.13%	–
AZN	New	ASTRAZENECA PLC-SPONS ADRadr	$373,000	–	6,231	–	0.12%	–
CI	New	CIGNA CORP	$374,000	–	1,579	–	0.12%	–
AMGN	New	AMGEN INC	$348,000	–	1,427	–	0.12%	–
REGN	New	REGENERON PHARMACEUTICALS	$344,000	–	615	–	0.11%	–
ABBV	New	ABBVIE INC	$330,000	–	2,932	–	0.11%	–
ASND	New	ASCENDIS PHARMA - ADRadr	$325,000	–	2,471	–	0.11%	–
HCA	New	HCA HOLDINGS INC	$324,000	–	1,566	–	0.11%	–
ANTM	New	ANTHEM INC	$278,000	–	728	–	0.09%	–
EXAS	New	EXACT SCIENCES CORP	$277,000	–	2,227	–	0.09%	–
DIS	New	WALT DISNEY CO/THE	$264,000	–	1,500	–	0.09%	–
TSM	New	TAIWAN SEMICONDUCTOR-SP ADRadr	$259,000	–	2,158	–	0.09%	–
CCCC	New	C4 THERAPEUTICS INC	$259,000	–	6,853	–	0.09%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$259,000	–	3,110	–	0.09%	–
TGT	New	TARGET CORP	$242,000	–	1,000	–	0.08%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$232,000	–	1,371	–	0.08%	–
WST	New	WEST PHARMACEUTICAL SERVICES	$228,000	–	634	–	0.08%	–
HOLX	New	HOLOGIC INC	$226,000	–	3,392	–	0.08%	–
BIIB	New	BIOGEN INC	$224,000	–	648	–	0.07%	–
XLRN	New	ACCELERON PHARMA INC	$217,000	–	1,729	–	0.07%	–
SWAV	New	SHOCKWAVE MEDICAL INC	$215,000	–	1,133	–	0.07%	–
ITUB	New	ITAU UNIBANCO HLDNG-PREF ADRadr	$210,000	–	35,000	–	0.07%	–
WFC	New	WELLS FARGO & COput	$205,000	–	5,000	–	0.07%	–
DXCM	New	DEXCOM INC	$206,000	–	483	–	0.07%	–
MELI	New	MERCADOLIBRE INCcall	$68,000	–	4	–	0.02%	–
AMRN	New	AMARIN CORP PLC -ADRadr	$54,000	–	12,373	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
OIBRQ	Exit	OI SA-ADR/Qadr	$0	–	-16,567	–	-0.00%	–
AMRN	Exit	AMARIN CORP PLC -ADRadr	$0	–	-21,873	–	-0.05%	–
COO	Exit	COOPER COS INC/THE	$0	–	-600	–	-0.11%	–
PFE	Exit	PFIZER INC	$0	–	-5,639	–	-0.11%	–
ALNY	Exit	ALNYLAM PHARMACEUTICALS INC	$0	–	-1,426	–	-0.11%	–
IMMU	Exit	IMMUNOMEDICS INC	$0	–	-2,488	–	-0.12%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-9,000	–	-0.12%	–
SRPT	Exit	SAREPTA THERAPEUTICS INC	$0	–	-1,644	–	-0.13%	–
MYOK	Exit	MYOKARDIA INC	$0	–	-1,719	–	-0.13%	–
KOD	Exit	KODIAK SCIENCES INC	$0	–	-3,984	–	-0.13%	–
LLY	Exit	ELI LILLY & CO	$0	–	-1,825	–	-0.15%	–
NBIX	Exit	NEUROCRINE BIOSCIENCES INC	$0	–	-2,912	–	-0.15%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-1,500	–	-0.16%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-1,500	–	-0.16%	–
WST	Exit	WEST PHARMACEUTICAL SERVICES	$0	–	-1,120	–	-0.17%	–
QDEL	Exit	QUIDEL CORP	$0	–	-1,531	–	-0.18%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,262	–	-0.18%	–
EXAS	Exit	EXACT SCIENCES CORP	$0	–	-3,373	–	-0.19%	–
MRK	Exit	MERCK & CO. INC.	$0	–	-4,176	–	-0.19%	–
HOLX	Exit	HOLOGIC INC	$0	–	-5,355	–	-0.20%	–
CI	Exit	CIGNA CORP	$0	–	-2,224	–	-0.21%	–
AZN	Exit	ASTRAZENECA PLC-SPONS ADRadr	$0	–	-7,055	–	-0.21%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-6,438	–	-0.21%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-3,181	–	-0.22%	–
MRTX	Exit	MIRATI THERAPEUTICS INC	$0	–	-2,396	–	-0.22%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-5,284	–	-0.22%	–
CNC	Exit	CENTENE CORP	$0	–	-7,002	–	-0.22%	–
HUM	Exit	HUMANA INC	$0	–	-996	–	-0.22%	–
ABBV	Exit	ABBVIE INC	$0	–	-4,706	–	-0.22%	–
DXCM	Exit	DEXCOM INC	$0	–	-1,138	–	-0.26%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-4,735	–	-0.26%	–
ARGX	Exit	ARGENX SE - ADRadr	$0	–	-1,860	–	-0.27%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-895	–	-0.27%	–
ASND	Exit	ASCENDIS PHARMA - ADRadr	$0	–	-3,584	–	-0.30%	–
AMGN	Exit	AMGEN INC	$0	–	-2,294	–	-0.32%	–
SYK	Exit	STRYKER CORP	$0	–	-3,050	–	-0.35%	–
DHR	Exit	DANAHER CORP	$0	–	-3,388	–	-0.40%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-6,413	–	-0.40%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-255	–	-0.44%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-3,883	–	-0.49%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-22,916	–	-0.52%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,715	–	-0.66%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-4,516	–	-0.67%	–
IBB	Exit	ISHARES NASDAQ BIOTECHNOLOGYetp	$0	–	-10,000	–	-0.74%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-4,412	–	-0.75%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-1,975	–	-0.77%	–
XLF	Exit	FINANCIAL SELECT SECTOR SPDRetp	$0	–	-63,000	–	-0.83%	–
INCY	Exit	INCYTE CORP	$0	–	-17,190	–	-0.84%	–
BGNE	Exit	BEIGENE LTD-ADRadr	$0	–	-5,647	–	-0.88%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-20,000	–	-1.05%	–
SLV	Exit	ISHARES SILVER TRUSTetp	$0	–	-100,000	–	-1.18%	–
HPXU	Exit	HPX CORPunit	$0	–	-300,000	–	-1.67%	–
OIBRC	Exit	OI SA-ADRadr	$0	–	-2,788,860	–	-2.21%	–
SGEN	Exit	SEATTLE GENETICS INC	$0	–	-23,938	–	-2.56%	–
XP	Exit	XP INC - CLASS A	$0	–	-182,563	–	-4.16%	–
PVG	Exit	PRETIUM RESOURCES INC	$0	–	-600,000	–	-4.21%	–
CZZ	Exit	COSAN LTD-CLASS A SHARES	$0	–	-790,700	–	-6.42%	–
ARCE	Exit	ARCO PLATFORM LTD - CLASS A	$0	–	-402,737	–	-9.00%	–
VALE	Exit	VALE SA-SP ADRadr	$0	–	-1,774,318	–	-10.27%	–
EWZ	Exit	ISHARES MSCI BRAZIL CAPPED Eetp	$0	–	-1,344,000	–	-20.33%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-36,836	–	-21.80%	–

Q3 2020

			Value		Shares		↓ Weighting
MELI	Buy	MERCADOLIBRE INC	$39,874,000	+15.0%	36,836	+4.8%	21.80%	+6.4%
EWZ	New	ISHARES MSCI BRAZIL CAPPED Eetp	$37,175,000	–	1,344,000	–	20.33%	–
VALE	Sell	VALE SA-SP ADRadr	$18,772,000	-56.5%	1,774,318	-57.6%	10.27%	-59.7%
ARCE	New	ARCO PLATFORM LTD - CLASS A	$16,448,000	–	402,737	–	9.00%	–
CZZ	New	COSAN LTD-CLASS A SHARES	$11,742,000	–	790,700	–	6.42%	–
PVG	New	PRETIUM RESOURCES INC	$7,704,000	–	600,000	–	4.21%	–
XP	Buy	XP INC - CLASS A	$7,611,000	+41.8%	182,563	+42.9%	4.16%	+31.1%
SGEN	New	SEATTLE GENETICS INC	$4,684,000	–	23,938	–	2.56%	–
OIBRC	Buy	OI SA-ADRadr	$4,044,000	+38.1%	2,788,860	+0.0%	2.21%	+27.7%
HPXU	New	HPX CORPunit	$3,060,000	–	300,000	–	1.67%	–
SLV	New	ISHARES SILVER TRUSTetp	$2,164,000	–	100,000	–	1.18%	–
BGNE	Buy	BEIGENE LTD-ADRadr	$1,618,000	+54.7%	5,647	+1.7%	0.88%	+43.0%
INCY	Buy	INCYTE CORP	$1,543,000	-12.5%	17,190	+1.3%	0.84%	-19.1%
XLF	New	FINANCIAL SELECT SECTOR SPDRetp	$1,516,000	–	63,000	–	0.83%	–
ISRG	Sell	INTUITIVE SURGICAL INC	$1,401,000	+17.3%	1,975	-5.7%	0.77%	+8.5%
UNH	Sell	UNITEDHEALTH GROUP INC	$1,376,000	-0.2%	4,412	-5.7%	0.75%	-7.8%
IBB	Sell	ISHARES NASDAQ BIOTECHNOLOGYetp	$1,354,000	-91.0%	10,000	-90.9%	0.74%	-91.7%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$1,229,000	-11.6%	4,516	-5.7%	0.67%	-18.2%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$1,199,000	+15.0%	2,715	-5.7%	0.66%	+6.3%
ACAD	Buy	ACADIA PHARMACEUTICALS INC	$945,000	-14.6%	22,916	+0.3%	0.52%	-21.1%
BDX	Sell	BECTON DICKINSON AND CO	$903,000	-8.3%	3,883	-5.7%	0.49%	-15.3%
ALXN	Sell	ALEXION PHARMACEUTICALS INC	$734,000	+0.8%	6,413	-1.1%	0.40%	-7.0%
DHR	Sell	DANAHER CORP	$730,000	+15.0%	3,388	-5.7%	0.40%	+6.1%
SYK	Sell	STRYKER CORP	$636,000	+9.1%	3,050	-5.7%	0.35%	+0.9%
AMGN	Sell	AMGEN INC	$583,000	+1.6%	2,294	-5.7%	0.32%	-6.2%
ASND	Sell	ASCENDIS PHARMA - ADRadr	$553,000	+1.7%	3,584	-2.5%	0.30%	-6.2%
REGN	Sell	REGENERON PHARMACEUTICALS	$501,000	-15.4%	895	-5.8%	0.27%	-21.7%
ARGX	Sell	ARGENX SE - ADRadr	$488,000	+11.9%	1,860	-3.9%	0.27%	+3.5%
A	Sell	AGILENT TECHNOLOGIES INC	$478,000	+7.7%	4,735	-5.7%	0.26%	-0.8%
DXCM	Sell	DEXCOM INC	$469,000	-4.1%	1,138	-5.6%	0.26%	-11.4%
ABBV	Sell	ABBVIE INC	$412,000	-15.9%	4,706	-5.7%	0.22%	-22.4%
HUM	Sell	HUMANA INC	$412,000	+0.7%	996	-5.7%	0.22%	-7.0%
CNC	Sell	CENTENE CORP	$408,000	-13.6%	7,002	-5.7%	0.22%	-20.1%
BMRN	Sell	BIOMARIN PHARMACEUTICAL INC	$402,000	-38.8%	5,284	-0.8%	0.22%	-43.4%
MRTX	Sell	MIRATI THERAPEUTICS INC	$398,000	+44.7%	2,396	-0.5%	0.22%	+33.7%
HCA	Sell	HCA HOLDINGS INC	$397,000	+21.4%	3,181	-5.7%	0.22%	+12.4%
AZN	Sell	ASTRAZENECA PLC-SPONS ADRadr	$387,000	-2.3%	7,055	-5.7%	0.21%	-9.4%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$388,000	-3.2%	6,438	-5.7%	0.21%	-10.5%
CI	Sell	CIGNA CORP	$377,000	-14.7%	2,224	-5.6%	0.21%	-21.1%
HOLX	Sell	HOLOGIC INC	$356,000	+9.9%	5,355	-5.7%	0.20%	+1.6%
MRK	Sell	MERCK & CO. INC.	$346,000	+1.2%	4,176	-5.7%	0.19%	-6.4%
EXAS	Sell	EXACT SCIENCES CORP	$344,000	+16.2%	3,373	-1.1%	0.19%	+7.4%
ANTM	Sell	ANTHEM INC	$339,000	-3.7%	1,262	-5.7%	0.18%	-11.1%
QDEL	Sell	QUIDEL CORP	$336,000	-7.4%	1,531	-5.7%	0.18%	-14.4%
WST	Sell	WEST PHARMACEUTICAL SERVICES	$308,000	+14.1%	1,120	-5.7%	0.17%	+5.0%
V	Buy	VISA INC-CLASS A SHARES	$300,000	+14.5%	1,500	+10.7%	0.16%	+5.8%
PYPL	Sell	PAYPAL HOLDINGS INC	$296,000	-62.4%	1,500	-66.9%	0.16%	-65.2%
NBIX	Sell	NEUROCRINE BIOSCIENCES INC	$280,000	-24.7%	2,912	-4.4%	0.15%	-30.5%
LLY	Sell	ELI LILLY & CO	$270,000	-15.1%	1,825	-5.7%	0.15%	-21.3%
KOD	Buy	KODIAK SCIENCES INC	$236,000	+12.4%	3,984	+2.5%	0.13%	+4.0%
MYOK	New	MYOKARDIA INC	$234,000	–	1,719	–	0.13%	–
SRPT	Sell	SAREPTA THERAPEUTICS INC	$231,000	-17.2%	1,644	-5.7%	0.13%	-23.6%
BAC	New	BANK OF AMERICA CORP	$217,000	–	9,000	–	0.12%	–
IMMU	New	IMMUNOMEDICS INC	$212,000	–	2,488	–	0.12%	–
ALNY	Sell	ALNYLAM PHARMACEUTICALS INC	$208,000	-7.1%	1,426	-5.8%	0.11%	-13.6%
PFE	New	PFIZER INC	$207,000	–	5,639	–	0.11%	–
COO	New	COOPER COS INC/THE	$202,000	–	600	–	0.11%	–
AMRN	Buy	AMARIN CORP PLC -ADRadr	$92,000	-38.7%	21,873	+1.2%	0.05%	-43.8%
MOH	Exit	MOLINA HEALTHCARE INC	$0	–	-1,156	–	-0.12%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC-A	$0	–	-430	–	-0.13%	–
HD	Exit	HOME DEPOT INC	$0	–	-895	–	-0.13%	–
TFX	Exit	TELEFLEX INC	$0	–	-616	–	-0.13%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-165	–	-0.14%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC-CL B	$0	–	-1,500	–	-0.16%	–
MA	Exit	MASTERCARD INC-CLASS A	$0	–	-1,000	–	-0.18%	–
TRU	Exit	TRANSUNION	$0	–	-3,745	–	-0.19%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-7,350	–	-0.19%	–
SGEN	Exit	SEATTLE GENETICS INC	$0	–	-23,525	–	-2.36%	–
	Exit	ARCO PLATFORM LTD - CLASS A	$0	–	-333,338	–	-8.57%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-15,000	–	-12.54%	–

Q2 2020

			Value		Shares		↓ Weighting
VALE	New	VALE SA-SP ADRadr	$43,112,000	–	4,181,600	–	25.50%	–
MELI	New	MERCADOLIBRE INC	$34,659,000	–	35,159	–	20.50%	–
GOOG	New	ALPHABET INC-CL C	$21,204,000	–	15,000	–	12.54%	–
IBB	New	ISHARES NASDAQ BIOTECHNOLOGYetp	$15,036,000	–	110,000	–	8.89%	–
	New	ARCO PLATFORM LTD - CLASS A	$14,494,000	–	333,338	–	8.57%	–
XP	New	XP INC - CLASS A	$5,367,000	–	127,755	–	3.18%	–
SGEN	New	SEATTLE GENETICS INC	$3,997,000	–	23,525	–	2.36%	–
OIBRC	New	OI SA-ADRadr	$2,928,000	–	2,788,720	–	1.73%	–
JPM	New	JPMORGAN CHASE & CO	$1,881,000	–	20,000	–	1.11%	–
INCY	New	INCYTE CORP	$1,764,000	–	16,971	–	1.04%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$1,390,000	–	4,789	–	0.82%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,379,000	–	4,677	–	0.82%	–
ISRG	New	INTUITIVE SURGICAL INC	$1,194,000	–	2,095	–	0.71%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$1,107,000	–	22,847	–	0.66%	–
BGNE	New	BEIGENE LTD-ADRadr	$1,046,000	–	5,550	–	0.62%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,043,000	–	2,879	–	0.62%	–
BDX	New	BECTON DICKINSON AND CO	$985,000	–	4,118	–	0.58%	–
PYPL	New	PAYPAL HOLDINGS INC	$788,000	–	4,525	–	0.47%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$728,000	–	6,486	–	0.43%	–
AMZN	New	AMAZON.COM INC	$703,000	–	255	–	0.42%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$657,000	–	5,326	–	0.39%	–
DHR	New	DANAHER CORP	$635,000	–	3,593	–	0.38%	–
REGN	New	REGENERON PHARMACEUTICALS	$592,000	–	950	–	0.35%	–
SYK	New	STRYKER CORP	$583,000	–	3,234	–	0.34%	–
AMGN	New	AMGEN INC	$574,000	–	2,432	–	0.34%	–
ASND	New	ASCENDIS PHARMA - ADRadr	$544,000	–	3,675	–	0.32%	–
ABBV	New	ABBVIE INC	$490,000	–	4,990	–	0.29%	–
DXCM	New	DEXCOM INC	$489,000	–	1,206	–	0.29%	–
CNC	New	CENTENE CORP	$472,000	–	7,422	–	0.28%	–
A	New	AGILENT TECHNOLOGIES INC	$444,000	–	5,021	–	0.26%	–
CI	New	CIGNA CORP	$442,000	–	2,357	–	0.26%	–
ARGX	New	ARGENX SE - ADRadr	$436,000	–	1,935	–	0.26%	–
HUM	New	HUMANA INC	$409,000	–	1,056	–	0.24%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$401,000	–	6,824	–	0.24%	–
AZN	New	ASTRAZENECA PLC-SPONS ADRadr	$396,000	–	7,482	–	0.23%	–
NBIX	New	NEUROCRINE BIOSCIENCES INC	$372,000	–	3,047	–	0.22%	–
QDEL	New	QUIDEL CORP	$363,000	–	1,624	–	0.22%	–
ANTM	New	ANTHEM INC	$352,000	–	1,338	–	0.21%	–
MRK	New	MERCK & CO. INC.	$342,000	–	4,428	–	0.20%	–
KO	New	COCA-COLA CO/THE	$328,000	–	7,350	–	0.19%	–
TRU	New	TRANSUNION	$326,000	–	3,745	–	0.19%	–
HCA	New	HCA HOLDINGS INC	$327,000	–	3,373	–	0.19%	–
HOLX	New	HOLOGIC INC	$324,000	–	5,678	–	0.19%	–
LLY	New	ELI LILLY & CO	$318,000	–	1,935	–	0.19%	–
EXAS	New	EXACT SCIENCES CORP	$296,000	–	3,410	–	0.18%	–
MA	New	MASTERCARD INC-CLASS A	$296,000	–	1,000	–	0.18%	–
SRPT	New	SAREPTA THERAPEUTICS INC	$279,000	–	1,743	–	0.16%	–
MRTX	New	MIRATI THERAPEUTICS INC	$275,000	–	2,407	–	0.16%	–
WST	New	WEST PHARMACEUTICAL SERVICES	$270,000	–	1,188	–	0.16%	–
BRKB	New	BERKSHIRE HATHAWAY INC-CL B	$268,000	–	1,500	–	0.16%	–
V	New	VISA INC-CLASS A SHARES	$262,000	–	1,355	–	0.16%	–
GOOGL	New	ALPHABET INC-CL A	$234,000	–	165	–	0.14%	–
ALNY	New	ALNYLAM PHARMACEUTICALS INC	$224,000	–	1,513	–	0.13%	–
HD	New	HOME DEPOT INC	$224,000	–	895	–	0.13%	–
TFX	New	TELEFLEX INC	$224,000	–	616	–	0.13%	–
CHTR	New	CHARTER COMMUNICATIONS INC-A	$219,000	–	430	–	0.13%	–
KOD	New	KODIAK SCIENCES INC	$210,000	–	3,888	–	0.12%	–
MOH	New	MOLINA HEALTHCARE INC	$206,000	–	1,156	–	0.12%	–
AMRN	New	AMARIN CORP PLC -ADRadr	$150,000	–	21,607	–	0.09%	–
OIBRQ	New	OI SA-ADR/Qadr	$4,000	–	16,567	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
OIBRQ	Exit	OI SA-ADR/Qadr	$0	–	-16,567	–	-0.00%	–
CVS	Exit	CVS HEALTH CORPcall	$0	–	-100	–	-0.01%	–
CSX	Exit	CSX CORPcall	$0	–	-300	–	-0.01%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETput	$0	–	-3,000	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTput	$0	–	-600	–	-0.04%	–
BMA	Exit	BANCO MACRO SA-ADRcall	$0	–	-600	–	-0.05%	–
WFC	Exit	WELLS FARGO & COput	$0	–	-4,000	–	-0.06%	–
TWTR	Exit	TWITTER INCput	$0	–	-2,000	–	-0.06%	–
MELI	Exit	MERCADOLIBRE INCcall	$0	–	-45	–	-0.07%	–
ARGX	Exit	ARGENX SE - ADRadr	$0	–	-1,843	–	-0.12%	–
MELI	Exit	MERCADOLIBRE INCput	$0	–	-50	–	-0.12%	–
TFX	Exit	TELEFLEX INC	$0	–	-663	–	-0.12%	–
COO	Exit	COOPER COS INC/THE	$0	–	-773	–	-0.13%	–
AMGN	Exit	AMGEN INC	$0	–	-1,225	–	-0.13%	–
WCG	Exit	WELLCARE HEALTH PLANS INC	$0	–	-957	–	-0.14%	–
CELG	Exit	CELGENE CORP	$0	–	-2,687	–	-0.15%	–
CNC	Exit	CENTENE CORP	$0	–	-6,367	–	-0.15%	–
NBIX	Exit	NEUROCRINE BIOSCIENCES INC	$0	–	-3,097	–	-0.15%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-1,013	–	-0.16%	–
GHDX	Exit	GENOMIC HEALTH INC	$0	–	-4,266	–	-0.16%	–
HUM	Exit	HUMANA INC	$0	–	-1,141	–	-0.16%	–
HOLX	Exit	HOLOGIC INC	$0	–	-6,059	–	-0.17%	–
ASND	Exit	ASCENDIS PHARMA - ADRadr	$0	–	-3,360	–	-0.18%	–
AZN	Exit	ASTRAZENECA PLC-SPONS ADRadr	$0	–	-7,585	–	-0.19%	–
MRK	Exit	MERCK & CO. INC.	$0	–	-4,148	–	-0.19%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-5,478	–	-0.20%	–
FICO	Exit	FAIR ISAAC CORP	$0	–	-1,231	–	-0.21%	–
AMRN	Exit	AMARIN CORP PLC -ADRadr	$0	–	-24,915	–	-0.21%	–
LH	Exit	LABORATORY CRP OF AMER HLDGS	$0	–	-2,317	–	-0.22%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-3,387	–	-0.23%	–
LLY	Exit	ELI LILLY & CO	$0	–	-4,036	–	-0.25%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-2,520	–	-0.25%	–
FB	Exit	FACEBOOK INC-A	$0	–	-2,600	–	-0.26%	–
CI	Exit	CIGNA CORP	$0	–	-3,294	–	-0.28%	–
IWD	Exit	ISHARES RUSSELL 1000 VALUE Eetp	$0	–	-3,913	–	-0.28%	–
SAGE	Exit	SAGE THERAPEUTICS INC	$0	–	-3,601	–	-0.28%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-6,838	–	-0.29%	–
DHR	Exit	DANAHER CORP	$0	–	-3,718	–	-0.30%	–
CSX	Exit	CSX CORP	$0	–	-7,907	–	-0.30%	–
PFE	Exit	PFIZER INC	$0	–	-16,030	–	-0.32%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,446	–	-0.32%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC-A	$0	–	-10,648	–	-0.33%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-500	–	-0.34%	–
BGNE	Exit	BEIGENE LTD-ADRadr	$0	–	-5,585	–	-0.38%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-7,465	–	-0.40%	–
SYK	Exit	STRYKER CORP	$0	–	-3,453	–	-0.41%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-21,796	–	-0.43%	–
CBOE	Exit	CBOE GLOBAL MARKETS INC	$0	–	-6,920	–	-0.44%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-7,056	–	-0.45%	–
TJX	Exit	TJX Cost Inc New	$0	–	-15,258	–	-0.47%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-5,085	–	-0.48%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-3,016	–	-0.48%	–
VALE	Exit	VALE SA-SP ADRadr	$0	–	-87,526	–	-0.56%	–
HD	Exit	HOME DEPOT INC	$0	–	-4,399	–	-0.56%	–
BDX	Exit	BECTON DICKINSON AND CO	$0	–	-4,407	–	-0.62%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-2,270	–	-0.68%	–
INCY	Exit	INCYTE CORP	$0	–	-17,505	–	-0.72%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-6,202	–	-0.74%	–
MSCI	Exit	MSCI INC	$0	–	-6,528	–	-0.79%	–
BUD	Exit	ANHEUSER-BUSCH INBEV SPN ADRadr	$0	–	-17,602	–	-0.93%	–
SGEN	Exit	SEATTLE GENETICS INC	$0	–	-23,170	–	-1.09%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETetp	$0	–	-80,000	–	-1.81%	–
OIBRC	Exit	OI SA-ADRadr	$0	–	-3,014,562	–	-1.83%	–
AFYA	Exit	AFYA LTD-CLASS A	$0	–	-310,496	–	-4.40%	–
STNE	Exit	STONECO LTD-A	$0	–	-464,360	–	-8.93%	–
AVP	Exit	AVON PRODUCTS INC	$0	–	-3,884,427	–	-9.45%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-400,000	–	-11.16%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD-CL A	$0	–	-538,558	–	-13.79%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-99,820	–	-30.42%	–

Q3 2019

			Value		Shares		↓ Weighting
MELI	Buy	MERCADOLIBRE INC	$55,024,000	+140.7%	99,820	+167.2%	30.42%	+238.4%
PAGS	Buy	PAGSEGURO DIGITAL LTD-CL A	$24,941,000	+50.6%	538,558	+26.7%	13.79%	+111.7%
WFC	New	WELLS FARGO & CO	$20,176,000	–	400,000	–	11.16%	–
AVP	Buy	AVON PRODUCTS INC	$17,091,000	+63.1%	3,884,427	+43.9%	9.45%	+129.3%
STNE	New	STONECO LTD-A	$16,150,000	–	464,360	–	8.93%	–
AFYA	New	AFYA LTD-CLASS A	$7,961,000	–	310,496	–	4.40%	–
OIBRC	Sell	OI SA-ADRadr	$3,316,000	-48.2%	3,014,562	-5.3%	1.83%	-27.2%
EEM	New	ISHARES MSCI EMERGING MARKETetp	$3,270,000	–	80,000	–	1.81%	–
SGEN	Buy	SEATTLE GENETICS INC	$1,979,000	+59.0%	23,170	+28.8%	1.09%	+123.3%
BUD	New	ANHEUSER-BUSCH INBEV SPN ADRadr	$1,675,000	–	17,602	–	0.93%	–
MSCI	New	MSCI INC	$1,421,000	–	6,528	–	0.79%	–
UNH	Buy	UNITEDHEALTH GROUP INC	$1,348,000	-9.2%	6,202	+2.0%	0.74%	+27.6%
INCY	Buy	INCYTE CORP	$1,299,000	+9.3%	17,505	+25.2%	0.72%	+53.7%
ISRG	Buy	INTUITIVE SURGICAL INC	$1,226,000	+5.0%	2,270	+2.0%	0.68%	+47.7%
BDX	Buy	BECTON DICKINSON AND CO	$1,115,000	+2.5%	4,407	+2.1%	0.62%	+43.9%
HD	New	HOME DEPOT INC	$1,021,000	–	4,399	–	0.56%	–
VALE	Sell	VALE SA-SP ADRadr	$1,007,000	-94.6%	87,526	-93.7%	0.56%	-92.4%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$878,000	+1.2%	3,016	+2.0%	0.48%	+42.2%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$862,000	-5.7%	5,085	+2.0%	0.48%	+32.5%
TJX	New	TJX Cost Inc New	$850,000	–	15,258	–	0.47%	–
DLTR	New	DOLLAR TREE INC	$806,000	–	7,056	–	0.45%	–
CBOE	New	CBOE GLOBAL MARKETS INC	$795,000	–	6,920	–	0.44%	–
ACAD	Buy	ACADIA PHARMACEUTICALS INC	$784,000	+65.8%	21,796	+23.2%	0.43%	+132.8%
SYK	Buy	STRYKER CORP	$747,000	+7.3%	3,453	+2.0%	0.41%	+50.7%
ALXN	Buy	ALEXION PHARMACEUTICALS INC	$731,000	-14.5%	7,465	+14.4%	0.40%	+20.2%
BGNE	Buy	BEIGENE LTD-ADRadr	$684,000	+26.4%	5,585	+27.9%	0.38%	+77.5%
GOOG	New	ALPHABET INC-CL C	$610,000	–	500	–	0.34%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC-A	$589,000	–	10,648	–	0.33%	–
ANTM	Buy	ANTHEM INC	$587,000	-13.3%	2,446	+2.0%	0.32%	+22.2%
PFE	Buy	PFIZER INC	$576,000	-15.4%	16,030	+2.0%	0.32%	+18.7%
CSX	New	CSX CORP	$548,000	–	7,907	–	0.30%	–
DHR	Buy	DANAHER CORP	$537,000	+3.1%	3,718	+2.0%	0.30%	+44.9%
A	Buy	AGILENT TECHNOLOGIES INC	$524,000	+4.6%	6,838	+2.0%	0.29%	+47.2%
SAGE	Buy	SAGE THERAPEUTICS INC	$505,000	-21.8%	3,601	+2.0%	0.28%	+9.8%
IWD	New	ISHARES RUSSELL 1000 VALUE Eetp	$502,000	–	3,913	–	0.28%	–
CI	Buy	CIGNA CORP	$500,000	-1.8%	3,294	+2.0%	0.28%	+38.0%
FB	Sell	FACEBOOK INC-A	$463,000	-95.2%	2,600	-94.8%	0.26%	-93.3%
NSC	New	NORFOLK SOUTHERN CORP	$453,000	–	2,520	–	0.25%	–
LLY	Buy	ELI LILLY & CO	$451,000	+3.0%	4,036	+2.0%	0.25%	+44.8%
HCA	Buy	HCA HOLDINGS INC	$408,000	-9.1%	3,387	+2.0%	0.23%	+27.7%
LH	New	LABORATORY CRP OF AMER HLDGS	$389,000	–	2,317	–	0.22%	–
AMRN	Buy	AMARIN CORP PLC -ADRadr	$378,000	-4.5%	24,915	+22.0%	0.21%	+34.0%
FICO	New	FAIR ISAAC CORP	$374,000	–	1,231	–	0.21%	–
BMRN	Buy	BIOMARIN PHARMACEUTICAL INC	$369,000	-7.8%	5,478	+17.3%	0.20%	+29.9%
MRK	Buy	MERCK & CO. INC.	$349,000	+2.3%	4,148	+2.0%	0.19%	+44.0%
AZN	Buy	ASTRAZENECA PLC-SPONS ADRadr	$338,000	+10.1%	7,585	+2.1%	0.19%	+54.5%
ASND	Buy	ASCENDIS PHARMA - ADRadr	$324,000	-5.5%	3,360	+12.7%	0.18%	+32.6%
HOLX	Buy	HOLOGIC INC	$306,000	+7.4%	6,059	+2.0%	0.17%	+50.9%
HUM	Buy	HUMANA INC	$292,000	-1.7%	1,141	+2.0%	0.16%	+37.6%
GHDX	New	GENOMIC HEALTH INC	$289,000	–	4,266	–	0.16%	–
REGN	Buy	REGENERON PHARMACEUTICALS	$281,000	-9.6%	1,013	+2.0%	0.16%	+27.0%
NBIX	Buy	NEUROCRINE BIOSCIENCES INC	$279,000	+12.5%	3,097	+5.6%	0.15%	+57.1%
CNC	Buy	CENTENE CORP	$275,000	-15.9%	6,367	+2.0%	0.15%	+17.8%
CELG	Buy	CELGENE CORP	$267,000	+9.9%	2,687	+2.0%	0.15%	+54.2%
WCG	Buy	WELLCARE HEALTH PLANS INC	$248,000	-7.1%	957	+2.0%	0.14%	+30.5%
AMGN	Buy	AMGEN INC	$237,000	+7.2%	1,225	+2.0%	0.13%	+50.6%
COO	Buy	COOPER COS INC/THE	$230,000	-9.8%	773	+2.0%	0.13%	+27.0%
TFX	Buy	TELEFLEX INC	$225,000	+4.7%	663	+2.0%	0.12%	+45.9%
MELI	New	MERCADOLIBRE INCput	$218,000	–	50	–	0.12%	–
ARGX	Buy	ARGENX SE - ADRadr	$210,000	-13.6%	1,843	+7.6%	0.12%	+20.8%
MELI	New	MERCADOLIBRE INCcall	$129,000	–	45	–	0.07%	–
TWTR	New	TWITTER INCput	$112,000	–	2,000	–	0.06%	–
WFC	New	WELLS FARGO & COput	$108,000	–	4,000	–	0.06%	–
BMA	New	BANCO MACRO SA-ADRcall	$96,000	–	600	–	0.05%	–
SPY	Sell	SPDR S&P 500 ETF TRUSTput	$71,000	-99.9%	600	-99.8%	0.04%	-99.9%
EEM	New	ISHARES MSCI EMERGING MARKETput	$24,000	–	3,000	–	0.01%	–
CSX	New	CSX CORPcall	$22,000	–	300	–	0.01%	–
CVS	New	CVS HEALTH CORPcall	$14,000	–	100	–	0.01%	–
OIBRQ	Sell	OI SA-ADR/Qadr	$6,000	-45.5%	16,567	-42.0%	0.00%	-25.0%
EXAS	Exit	EXACT SCIENCES CORP	$0	–	-1,703	–	-0.08%	–
ILMN	Exit	ILLUMINA INC	$0	–	-580	–	-0.08%	–
ARRY	Exit	ARRAY BIOPHARMA INC	$0	–	-7,724	–	-0.14%	–
SRPT	Exit	SAREPTA THERAPEUTICS INC	$0	–	-2,399	–	-0.14%	–
LOMA	Exit	LOMA NEGRA CIA IND-SPON ADRadr	$0	–	-42,955	–	-0.20%	–
BMA	Exit	BANCO MACRO SA-ADRadr	$0	–	-7,439	–	-0.21%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA-ADRadr	$0	–	-74,850	–	-1.04%	–
LINX	Exit	LINX SA - ADRadr	$0	–	-639,810	–	-2.30%	–
SMH	Exit	VANECK VECTORS SEMICONDUCTORput	$0	–	-200,000	–	-8.67%	–

Q2 2019

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRUSTput	$117,200,000	–	400,000	–	46.10%	–
MELI	New	MERCADOLIBRE INC	$22,856,000	–	37,360	–	8.99%	–
SMH	New	VANECK VECTORS SEMICONDUCTORput	$22,036,000	–	200,000	–	8.67%	–
VALE	New	VALE SA-SP ADRadr	$18,707,000	–	1,391,874	–	7.36%	–
PAGS	New	PAGSEGURO DIGITAL LTD-CL A	$16,562,000	–	425,000	–	6.52%	–
AVP	New	AVON PRODUCTS INC	$10,476,000	–	2,700,000	–	4.12%	–
FB	New	FACEBOOK INC-CLASS A	$9,650,000	–	50,000	–	3.80%	–
OIBRC	New	OI SA-ADRadr	$6,401,000	–	3,184,559	–	2.52%	–
LINX	New	LINX SA - ADRadr	$5,835,000	–	639,810	–	2.30%	–
GGAL	New	GRUPO FINANCIERO GALICIA-ADRadr	$2,657,000	–	74,850	–	1.04%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,484,000	–	6,082	–	0.58%	–
SGEN	New	SEATTLE GENETICS INC	$1,245,000	–	17,985	–	0.49%	–
INCY	New	INCYTE CORP	$1,188,000	–	13,986	–	0.47%	–
ISRG	New	INTUITIVE SURGICAL INC	$1,168,000	–	2,226	–	0.46%	–
BDX	New	BECTON DICKINSON AND CO	$1,088,000	–	4,317	–	0.43%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$914,000	–	4,986	–	0.36%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$868,000	–	2,957	–	0.34%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$855,000	–	6,524	–	0.34%	–
SYK	New	STRYKER CORP	$696,000	–	3,385	–	0.27%	–
PFE	New	PFIZER INC	$681,000	–	15,720	–	0.27%	–
ANTM	New	ANTHEM INC	$677,000	–	2,399	–	0.27%	–
SAGE	New	SAGE THERAPEUTICS INC	$646,000	–	3,530	–	0.25%	–
BMA	New	BANCO MACRO SA-ADRadr	$542,000	–	7,439	–	0.21%	–
BGNE	New	BEIGENE LTD-ADRadr	$541,000	–	4,365	–	0.21%	–
DHR	New	DANAHER CORP	$521,000	–	3,644	–	0.20%	–
CI	New	CIGNA CORP	$509,000	–	3,229	–	0.20%	–
LOMA	New	LOMA NEGRA CIA IND-SPON ADRadr	$503,000	–	42,955	–	0.20%	–
A	New	AGILENT TECHNOLOGIES INC	$501,000	–	6,704	–	0.20%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$473,000	–	17,697	–	0.19%	–
HCA	New	HCA HEALTHCARE INC	$449,000	–	3,320	–	0.18%	–
LLY	New	ELI LILLY & CO	$438,000	–	3,957	–	0.17%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$400,000	–	4,669	–	0.16%	–
AMRN	New	AMARIN CORP PLC -ADRadr	$396,000	–	20,425	–	0.16%	–
SRPT	New	SAREPTA THERAPEUTICS INC	$365,000	–	2,399	–	0.14%	–
ARRY	New	ARRAY BIOPHARMA INC	$358,000	–	7,724	–	0.14%	–
ASND	New	ASCENDIS PHARMA A/S - ADRadr	$343,000	–	2,981	–	0.14%	–
MRK	New	MERCK & CO. INC.	$341,000	–	4,067	–	0.13%	–
CNC	New	CENTENE CORP	$327,000	–	6,244	–	0.13%	–
REGN	New	REGENERON PHARMACEUTICALS	$311,000	–	993	–	0.12%	–
AZN	New	ASTRAZENECA PLC-SPONS ADRadr	$307,000	–	7,432	–	0.12%	–
HUM	New	HUMANA INC	$297,000	–	1,119	–	0.12%	–
HOLX	New	HOLOGIC INC	$285,000	–	5,941	–	0.11%	–
WCG	New	WELLCARE HEALTH PLANS INC	$267,000	–	938	–	0.10%	–
COO	New	COOPER COS INC/THE	$255,000	–	758	–	0.10%	–
NBIX	New	NEUROCRINE BIOSCIENCES INC	$248,000	–	2,934	–	0.10%	–
CELG	New	CELGENE CORP	$243,000	–	2,634	–	0.10%	–
ARGX	New	ARGENX SE - ADRadr	$243,000	–	1,713	–	0.10%	–
AMGN	New	AMGEN INC	$221,000	–	1,201	–	0.09%	–
TFX	New	TELEFLEX INC	$215,000	–	650	–	0.08%	–
ILMN	New	ILLUMINA INC	$214,000	–	580	–	0.08%	–
EXAS	New	EXACT SCIENCES CORP	$201,000	–	1,703	–	0.08%	–
OIBRQ	New	OI SA-ADRadr	$11,000	–	28,567	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
BCRX	Exit	BCRX	$0	–	-26,445	–	-0.34%	–
IMMU	Exit	IMMU	$0	–	-12,410	–	-0.44%	–
DBVT	Exit	DBVTadr	$0	–	-11,788	–	-0.45%	–
ACAD	Exit	ACAD	$0	–	-12,825	–	-0.45%	–
PRQR	Exit	PRQR	$0	–	-15,618	–	-0.51%	–
NTRA	Exit	NTRA	$0	–	-12,893	–	-0.52%	–
EXEL	Exit	EXEL	$0	–	-18,237	–	-0.55%	–
FOLD	Exit	FOLD	$0	–	-31,810	–	-0.65%	–
BSX	Exit	BSX US Equity	$0	–	-12,886	–	-0.84%	–
ASMB	Exit	ASMB US Equity	$0	–	-14,606	–	-0.92%	–
BMY	Exit	BMY	$0	–	-11,022	–	-1.16%	–
FTI	Exit	FTI	$0	–	-29,550	–	-1.56%	–
INCY	Exit	INCY	$0	–	-19,450	–	-2.27%	–
BMRN	Exit	BMRN	$0	–	-16,823	–	-2.76%	–
SGEN	Exit	SGEN	$0	–	-23,027	–	-3.00%	–
EEM	Exit	EEMetp	$0	–	-50,000	–	-3.63%	–
BRKB	Exit	BRK/B	$0	–	-11,139	–	-4.03%	–
BUD	Exit	BUDadr	$0	–	-61,313	–	-9.08%	–
OIBRC	Exit	OI SA-ADWadw	$0	–	-2,058,301	–	-9.50%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFcall	$0	–	-175,000	–	-10.77%	–
PBR	Exit	PETROLEO BRASILEIRO-SPON ADRcall	$0	–	-872,100	–	-20.28%	–
KHC	Exit	KRAFT HEINZ CO/THEcall	$0	–	-280,000	–	-26.29%	–

Q3 2018

			Value		Shares		↓ Weighting
KHC	New	KRAFT HEINZ CO/THEcall	$15,546,000	–	280,000	–	26.29%	–
PBR	New	PETROLEO BRASILEIRO-SPON ADRcall	$11,991,000	–	872,100	–	20.28%	–
EWZ	New	ISHARES MSCI BRAZIL ETFcall	$6,370,000	–	175,000	–	10.77%	–
OIBRC	New	OI SA-ADWadw	$5,620,000	–	2,058,301	–	9.50%	–
EEM	Sell	EEMetp	$2,146,000	-95.0%	50,000	-95.0%	3.63%	-94.8%
SGEN	Buy	SGEN	$1,776,000	+61.9%	23,027	+39.4%	3.00%	+71.0%
BMRN	New	BMRN	$1,631,000	–	16,823	–	2.76%	–
INCY	Buy	INCY	$1,344,000	+81.9%	19,450	+76.4%	2.27%	+92.1%
BMY	New	BMY	$684,000	–	11,022	–	1.16%	–
ASMB	New	ASMB US Equity	$542,000	–	14,606	–	0.92%	–
BSX	New	BSX US Equity	$496,000	–	12,886	–	0.84%	–
FOLD	Buy	FOLD	$385,000	+31.8%	31,810	+70.2%	0.65%	+39.4%
EXEL	Buy	EXEL	$323,000	+45.5%	18,237	+76.8%	0.55%	+53.8%
NTRA	New	NTRA	$309,000	–	12,893	–	0.52%	–
PRQR	New	PRQR	$302,000	–	15,618	–	0.51%	–
ACAD	New	ACAD	$266,000	–	12,825	–	0.45%	–
DBVT	New	DBVTadr	$265,000	–	11,788	–	0.45%	–
IMMU	New	IMMU	$259,000	–	12,410	–	0.44%	–
BCRX	New	BCRX	$202,000	–	26,445	–	0.34%	–
PBRA	Exit	PBR/Aadr	$0	–	-129,578	–	-1.83%	–
XPH	Exit	XPHept	$0	–	-150,000	–	-10.33%	–

Q2 2018

			Value		Shares		↓ Weighting
EEM	New	EEMept	$43,330,000	–	1,000,000	–	69.36%	–
XPH	New	XPHept	$6,452,000	–	150,000	–	10.33%	–
BUD	New	BUDadr	$6,178,000	–	61,313	–	9.89%	–
BRKB	New	BRK/B	$2,079,000	–	11,139	–	3.33%	–
PBRA	New	PBR/Aadr	$1,145,000	–	129,578	–	1.83%	–
SGEN	New	SGEN	$1,097,000	–	16,524	–	1.76%	–
FTI	New	FTI	$938,000	–	29,550	–	1.50%	–
INCY	New	INCY	$739,000	–	11,025	–	1.18%	–
FOLD	New	FOLD	$292,000	–	18,691	–	0.47%	–
EXEL	New	EXEL	$222,000	–	10,316	–	0.36%	–

Q4 2017

			Value		Shares		↓ Weighting
GDX	Exit	VanEck Vectors Gold Miners ETFcall	$0	–	-2,200	–	-0.05%	–
VXX	Exit	iPath S&P 500 VIX Short-Term Futures ETNcall	$0	–	-2,300	–	-0.09%	–
VXX	Exit	iPath S&P 500 VIX Short-Term Futures ETNput	$0	–	-2,300	–	-0.09%	–
EPZM	Exit	EPIZYME INC	$0	–	-15,333	–	-0.30%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-11,607	–	-0.45%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-15,302	–	-0.46%	–
ASMB	Exit	ASSEMBLY BIOSCIENCES INC	$0	–	-14,596	–	-0.52%	–
EXEL	Exit	EXELIXIS INC	$0	–	-22,020	–	-0.55%	–
FOLD	Exit	AMICUS THERAPEUTICS INC	$0	–	-37,773	–	-0.58%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-10,340	–	-0.68%	–
AERI	Exit	AERIE PHARMACEUTICALS INC	$0	–	-13,844	–	-0.69%	–
EWZ	Exit	iShares MSCI Brazil Capped Indput	$0	–	-16,200	–	-0.69%	–
SGEN	Exit	SEATTLE GENETICS INC	$0	–	-20,603	–	-1.15%	–
	Exit	TECHNIPFMC PLC	$0	–	-50,150	–	-1.44%	–
AZUL	Exit	AZUL SA-ADRadr	$0	–	-54,900	–	-1.55%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-18,506	–	-1.77%	–
NETS	Exit	NETSHOES CAYMAN LTDadr	$0	–	-133,000	–	-1.80%	–
BMA	Exit	Banco Macro SAadr	$0	–	-20,900	–	-2.52%	–
INCY	Exit	INCYTE CORP	$0	–	-22,938	–	-2.75%	–
AGI	Exit	ALAMOS GOLD INC-CLASS A	$0	–	-600,000	–	-4.16%	–
VALE	Exit	Vale SAadr	$0	–	-570,760	–	-5.90%	–
NGD	Exit	NEW GOLD INC	$0	–	-2,200,000	–	-8.38%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-35,400	–	-9.41%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-122,292	–	-9.73%	–
EWZ	Exit	iShares MSCI Brazil Capped ETFetp	$0	–	-250,000	–	-10.70%	–
GGAL	Exit	Grupo Financiero Galicia SAadr	$0	–	-307,314	–	-16.26%	–
KHC	Exit	Kraft Heinz Cocall	$0	–	-218,000	–	-17.35%	–

Q3 2017

			Value		Shares		↓ Weighting
KHC	New	Kraft Heinz Cocall	$16,906,000	–	218,000	–	17.35%	–
GGAL	New	Grupo Financiero Galicia SAadr	$15,839,000	–	307,314	–	16.26%	–
EWZ	New	iShares MSCI Brazil Capped ETFetp	$10,423,000	–	250,000	–	10.70%	–
KHC	New	KRAFT HEINZ CO	$9,484,000	–	122,292	–	9.73%	–
MELI	New	MERCADOLIBRE INC	$9,166,000	–	35,400	–	9.41%	–
NGD	New	NEW GOLD INC	$8,162,000	–	2,200,000	–	8.38%	–
VALE	New	Vale SAadr	$5,748,000	–	570,760	–	5.90%	–
AGI	New	ALAMOS GOLD INC-CLASS A	$4,056,000	–	600,000	–	4.16%	–
INCY	Sell	INCYTE CORP	$2,678,000	-8.7%	22,938	-1.6%	2.75%	-29.4%
BMA	New	Banco Macro SAadr	$2,453,000	–	20,900	–	2.52%	–
NETS	New	NETSHOES CAYMAN LTDadr	$1,749,000	–	133,000	–	1.80%	–
BMRN	Sell	BIOMARIN PHARMACEUTICAL INC	$1,722,000	-1.6%	18,506	-3.9%	1.77%	-23.9%
AZUL	New	AZUL SA-ADRadr	$1,507,000	–	54,900	–	1.55%	–
	New	TECHNIPFMC PLC	$1,400,000	–	50,150	–	1.44%	–
SGEN	Buy	SEATTLE GENETICS INC	$1,121,000	+10.3%	20,603	+4.9%	1.15%	-14.7%
EWZ	New	iShares MSCI Brazil Capped Indput	$675,000	–	16,200	–	0.69%	–
AERI	New	AERIE PHARMACEUTICALS INC	$673,000	–	13,844	–	0.69%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$659,000	–	10,340	–	0.68%	–
FOLD	New	AMICUS THERAPEUTICS INC	$570,000	–	37,773	–	0.58%	–
EXEL	New	EXELIXIS INC	$534,000	–	22,020	–	0.55%	–
ASMB	New	ASSEMBLY BIOSCIENCES INC	$510,000	–	14,596	–	0.52%	–
BSX	New	BOSTON SCIENTIFIC CORP	$446,000	–	15,302	–	0.46%	–
ACAD	New	ACADIA PHARMACEUTICALS INC	$437,000	–	11,607	–	0.45%	–
EPZM	New	EPIZYME INC	$292,000	–	15,333	–	0.30%	–
VXX	New	iPath S&P 500 VIX Short-Term Futures ETNput	$90,000	–	2,300	–	0.09%	–
VXX	New	iPath S&P 500 VIX Short-Term Futures ETNcall	$90,000	–	2,300	–	0.09%	–
GDX	New	VanEck Vectors Gold Miners ETFcall	$51,000	–	2,200	–	0.05%	–
EWZ	Exit	ISHARES MSCI BRAZIL CAPPED INDcall	$0	–	-2,300	–	-0.10%	–
NBIX	Exit	NEUROCRINE BIOSCIENCES INC	$0	–	-5,890	–	-0.36%	–
TSRO	Exit	TESARIO INC	$0	–	-2,294	–	-0.43%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-2,697	–	-0.46%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-961	–	-0.63%	–
LLY	Exit	LILLY ELI & CO	$0	–	-6,426	–	-0.70%	–
ALXN	Exit	ALEXION PHARMACEUTICALS IN	$0	–	-10,743	–	-1.73%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-7,850	–	-1.93%	–
CELG	Exit	CELGENE CORP	$0	–	-11,333	–	-1.95%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETS ETFput	$0	–	-350,000	–	-19.21%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTput	$0	–	-100,000	–	-32.07%	–
QQQ	Exit	POWERSHARES QQQ TRUST SERIES 1put	$0	–	-180,000	–	-32.86%	–

Q2 2017

			Value		Shares		↓ Weighting
QQQ	New	POWERSHARES QQQ TRUST SERIES 1put	$24,775,000	–	180,000	–	32.86%	–
SPY	New	SPDR S&P 500 ETF TRUSTput	$24,180,000	–	100,000	–	32.07%	–
EEM	New	ISHARES MSCI EMERGING MARKETS ETFput	$14,487,000	–	350,000	–	19.21%	–
INCY	New	INCYTE CORP	$2,934,000	–	23,300	–	3.89%	–
BMRN	New	BIOMARIN PHARMACEUTICALS INC	$1,750,000	–	19,264	–	2.32%	–
CELG	New	CELGENE CORP	$1,472,000	–	11,333	–	1.95%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,456,000	–	7,850	–	1.93%	–
ALXN	New	ALEXION PHARMACEUTICALS IN	$1,307,000	–	10,743	–	1.73%	–
SGEN	New	SEATTLE GENETICS INC	$1,016,000	–	19,634	–	1.35%	–
LLY	New	LILLY ELI & CO	$529,000	–	6,426	–	0.70%	–
REGN	New	REGENERON PHARMACEUTICALS	$472,000	–	961	–	0.63%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$348,000	–	2,697	–	0.46%	–
TSRO	New	TESARIO INC	$321,000	–	2,294	–	0.43%	–
NBIX	New	NEUROCRINE BIOSCIENCES INC	$271,000	–	5,890	–	0.36%	–
EWZ	New	ISHARES MSCI BRAZIL CAPPED INDcall	$79,000	–	2,300	–	0.10%	–

Q4 2016

			Value		Shares		↓ Weighting
SGEN	Exit	SEATTLE GENETICS INC	$0	–	-4,432	–	-0.02%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-5,586	–	-0.03%	–
LB	Exit	L BRANDS INC	$0	–	-4,864	–	-0.03%	–
ACAD	Exit	ACADIA PHARMACEUTICALS INC	$0	–	-11,696	–	-0.04%	–
ROST	Exit	ROSS STORES INC	$0	–	-6,391	–	-0.04%	–
INCY	Exit	INCYTE CORP	$0	–	-4,529	–	-0.04%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-8,294	–	-0.04%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-5,250	–	-0.04%	–
NKE	Exit	NIKE INCcl b	$0	–	-8,995	–	-0.05%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-10,700	–	-0.05%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-10,879	–	-0.05%	–
AAPL	Exit	APPLE INC	$0	–	-4,355	–	-0.05%	–
HD	Exit	HOME DEPOT INC	$0	–	-4,092	–	-0.05%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-6,664	–	-0.05%	–
V	Exit	VISA INC	$0	–	-7,092	–	-0.06%	–
MCO	Exit	MOODYS CORP	$0	–	-5,592	–	-0.06%	–
AMGN	Exit	AMGEN INC	$0	–	-3,834	–	-0.06%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-485	–	-0.07%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-2,294	–	-0.09%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-12,468	–	-0.09%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-10,448	–	-0.09%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,875	–	-0.10%	–
BIIB	Exit	BIOGEN INC	$0	–	-3,520	–	-0.11%	–
LLY	Exit	LILLY ELI & CO	$0	–	-14,154	–	-0.11%	–
AGN	Exit	ALLERGAN PLC	$0	–	-5,273	–	-0.12%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-10,677	–	-0.14%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-9,553	–	-0.15%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-12,979	–	-0.15%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-20,817	–	-0.18%	–
CELG	Exit	CELGENE CORP	$0	–	-18,261	–	-0.18%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-25,908	–	-0.20%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,777	–	-0.21%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-18,312	–	-0.23%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-27,997	–	-0.24%	–
VFC	Exit	V F CORP	$0	–	-134,000	–	-0.73%	–
CRI	Exit	CARTER INC	$0	–	-156,605	–	-1.32%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-4,520,000	–	-94.73%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$977,676,000	+117.1%	4,520,000	+110.2%	94.73%	+9.3%
CRI	Buy	CARTER INC	$13,579,000	+1287.0%	156,605	+1602.8%	1.32%	+600.0%
VFC	Sell	V F CORP	$7,511,000	-20.7%	134,000	-13.0%	0.73%	-60.0%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$2,406,000	-6.0%	18,312	-5.8%	0.23%	-52.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$2,159,000	-71.0%	2,777	-74.2%	0.21%	-85.4%
GILD	Sell	GILEAD SCIENCES INC	$2,050,000	-8.4%	25,908	-3.5%	0.20%	-53.8%
CELG	Sell	CELGENE CORP	$1,909,000	-19.8%	18,261	-24.4%	0.18%	-59.6%
CVS	Sell	CVS HEALTH CORP	$1,853,000	-15.6%	20,817	-9.2%	0.18%	-57.3%
ALXN	Sell	ALEXION PHARMACEUTICALS INC	$1,590,000	-4.6%	12,979	-9.0%	0.15%	-52.0%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$1,520,000	+30.6%	9,553	+21.3%	0.15%	-34.4%
UNH	New	UNITEDHEALTH GROUP INC	$1,495,000	–	10,677	–	0.14%	–
AGN	Sell	ALLERGAN PLC	$1,214,000	-1.2%	5,273	-0.8%	0.12%	-50.0%
LLY	Sell	LILLY ELI & CO	$1,136,000	-15.2%	14,154	-16.8%	0.11%	-57.4%
BIIB	Sell	BIOGEN INC	$1,102,000	-22.7%	3,520	-40.3%	0.11%	-60.9%
ABBV	Sell	ABBVIE INC	$1,001,000	-13.6%	15,875	-15.2%	0.10%	-56.5%
BMRN	Buy	BIOMARIN PHARMACEUTICAL INC	$967,000	+20.4%	10,448	+1.3%	0.09%	-39.4%
HCA	New	HCA HOLDINGS INC	$943,000	–	12,468	–	0.09%	–
REGN	Buy	REGENERON PHARMACEUTICALS	$922,000	+57.9%	2,294	+37.2%	0.09%	-20.5%
PCLN	Sell	PRICELINE GRP INC	$714,000	-38.5%	485	-47.8%	0.07%	-69.1%
AMGN	Sell	AMGEN INC	$640,000	-33.7%	3,834	-39.6%	0.06%	-66.7%
MCO	Sell	MOODYS CORP	$606,000	-27.3%	5,592	-37.1%	0.06%	-63.1%
V	Sell	VISA INC	$587,000	-23.0%	7,092	-31.0%	0.06%	-61.2%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$537,000	-2.0%	6,664	+1.3%	0.05%	-50.5%
HD	Sell	HOME DEPOT INC	$527,000	-33.9%	4,092	-34.5%	0.05%	-66.7%
AAPL	Sell	APPLE INC	$492,000	-24.7%	4,355	-36.3%	0.05%	-61.9%
QSR	Sell	RESTAURANT BRANDS INTL INC	$485,000	-26.1%	10,879	-31.0%	0.05%	-62.7%
NKE	Sell	NIKE INCcl b	$474,000	-96.2%	8,995	-96.0%	0.05%	-98.1%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$458,000	-26.4%	5,250	-27.4%	0.04%	-63.3%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$447,000	-51.4%	8,294	-33.6%	0.04%	-75.7%
INCY	New	INCYTE CORP	$427,000	–	4,529	–	0.04%	–
ROST	Sell	ROSS STORES INC	$411,000	-21.7%	6,391	-31.0%	0.04%	-60.4%
ACAD	New	ACADIA PHARMACEUTICALS INC	$372,000	–	11,696	–	0.04%	–
LB	Sell	L BRANDS INC	$344,000	-27.3%	4,864	-31.0%	0.03%	-63.7%
SBUX	New	STARBUCKS CORP	$302,000	–	5,586	–	0.03%	–
SGEN	New	SEATTLE GENETICS INC	$239,000	–	4,432	–	0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-5,000	–	-0.20%	–
AET	Exit	AETNA INC NEW	$0	–	-15,705	–	-0.37%	–
EEM	Exit	ISHARES TRcall	$0	–	-70,000	–	-0.46%	–
EWZ	Exit	ISHAREScall	$0	–	-100,000	–	-0.58%	–

Q2 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$450,371,000	–	2,150,000	–	86.66%	–
NKE	New	NIKE INCcl b	$12,445,000	–	225,447	–	2.40%	–
VFC	New	V F CORP	$9,471,000	–	154,022	–	1.82%	–
GOOG	New	ALPHABET INCcap stk cl c	$7,439,000	–	10,748	–	1.43%	–
EWZ	New	ISHAREScall	$3,018,000	–	100,000	–	0.58%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$2,559,000	–	19,430	–	0.49%	–
KHC	New	KRAFT HEINZ CO	$2,477,000	–	27,997	–	0.48%	–
EEM	New	ISHARES TRcall	$2,405,000	–	70,000	–	0.46%	–
CELG	New	CELGENE CORP	$2,381,000	–	24,142	–	0.46%	–
GILD	New	GILEAD SCIENCES INC	$2,239,000	–	26,841	–	0.43%	–
CVS	New	CVS HEALTH CORP	$2,195,000	–	22,928	–	0.42%	–
AET	New	AETNA INC NEW	$1,918,000	–	15,705	–	0.37%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$1,666,000	–	14,270	–	0.32%	–
BIIB	New	BIOGEN INC	$1,426,000	–	5,899	–	0.27%	–
LLY	New	LILLY ELI & CO	$1,340,000	–	17,019	–	0.26%	–
AGN	New	ALLERGAN PLC	$1,229,000	–	5,317	–	0.24%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,164,000	–	7,877	–	0.22%	–
PCLN	New	PRICELINE GRP INC	$1,161,000	–	930	–	0.22%	–
ABBV	New	ABBVIE INC	$1,159,000	–	18,728	–	0.22%	–
SPY	New	SPDR S&P 500 ETF TRcall	$1,047,000	–	5,000	–	0.20%	–
CRI	New	CARTER INC	$979,000	–	9,197	–	0.19%	–
AMGN	New	AMGEN INC	$966,000	–	6,349	–	0.19%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$919,000	–	12,497	–	0.18%	–
MCO	New	MOODYS CORP	$834,000	–	8,895	–	0.16%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$803,000	–	10,317	–	0.16%	–
HD	New	HOME DEPOT INC	$797,000	–	6,245	–	0.15%	–
V	New	VISA INC	$762,000	–	10,276	–	0.15%	–
QSR	New	RESTAURANT BRANDS INTL INC	$656,000	–	15,764	–	0.13%	–
AAPL	New	APPLE INC	$653,000	–	6,835	–	0.13%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$622,000	–	7,231	–	0.12%	–
REGN	New	REGENERON PHARMACEUTICALS	$584,000	–	1,672	–	0.11%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$548,000	–	6,581	–	0.10%	–
ROST	New	ROSS STORES INC	$525,000	–	9,260	–	0.10%	–
MDLZ	New	MONDELEZ INTL INCcl a	$487,000	–	10,700	–	0.09%	–
LB	New	L BRANDS INC	$473,000	–	7,047	–	0.09%	–

Q4 2015

			Value		Shares		↓ Weighting
EDN	Exit	EMPRESA DIST Y COMERCIAL NORspon adr	$0	–	-10,200	–	-0.07%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-4,212	–	-0.41%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-300,000	–	-0.72%	–
USB	Exit	US BANCORP DEL	$0	–	-32,397	–	-0.73%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-12,700	–	-0.74%	–
DIS	Exit	DISNEY WALT CO	$0	–	-15,358	–	-0.86%	–
AAPL	Exit	APPLE INC	$0	–	-14,813	–	-0.90%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-31,851	–	-0.90%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-50,000	–	-0.90%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-23,824	–	-0.92%	–
MCO	Exit	MOODYS CORP	$0	–	-17,680	–	-0.95%	–
EFX	Exit	EQUIFAX INC	$0	–	-18,036	–	-0.96%	–
AGN	Exit	ALLERGAN PLC	$0	–	-6,566	–	-0.98%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-8,715	–	-0.98%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-1,594	–	-1.08%	–
LB	Exit	L BRANDS INC	$0	–	-21,971	–	-1.09%	–
HD	Exit	HOME DEPOT INC	$0	–	-17,845	–	-1.13%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-185,938	–	-2.24%	–
EWZ	Exit	ISHARESput	$0	–	-328,900	–	-3.96%	–
VALEP	Exit	VALE S Aadr repstg pfd	$0	–	-3,899,380	–	-7.17%	–
BIIB	Exit	BIOGEN INC	$0	–	-57,898	–	-9.27%	–
V	Exit	VISA INC	$0	–	-245,044	–	-9.37%	–
CRI	Exit	CARTER INC	$0	–	-192,671	–	-9.59%	–
VFC	Exit	V F CORP	$0	–	-275,725	–	-10.32%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-38,052	–	-12.71%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-200,000	–	-21.04%	–

Q3 2015

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$38,326,000	-86.7%	200,000	-85.7%	21.04%	-68.7%
GOOG	Buy	GOOGLE INCcl c	$23,152,000	+809.7%	38,052	+678.3%	12.71%	+2039.4%
VFC	Sell	V F CORP	$18,807,000	-56.7%	275,725	-55.8%	10.32%	+1.7%
CRI	Buy	CARTER INC	$17,464,000	+811.5%	192,671	+968.7%	9.59%	+2044.5%
V	Buy	VISA INC	$17,070,000	+897.7%	245,044	+861.9%	9.37%	+2242.5%
BIIB	New	BIOGEN INC	$16,895,000	–	57,898	–	9.27%	–
VALEP	New	VALE S Aadr repstg pfd	$13,063,000	–	3,899,380	–	7.17%	–
EWZ	New	ISHARESput	$7,219,000	–	328,900	–	3.96%	–
EWZ	New	ISHARESmsci brz cap etf	$4,081,000	–	185,938	–	2.24%	–
HD	Buy	HOME DEPOT INC	$2,061,000	+16.1%	17,845	+11.7%	1.13%	+172.5%
LB	Buy	L BRANDS INC	$1,980,000	+32.6%	21,971	+26.2%	1.09%	+211.5%
PCLN	Buy	PRICELINE GRP INC	$1,972,000	+28.6%	1,594	+19.7%	1.08%	+202.2%
SHPG	Buy	SHIRE PLCsponsored adr	$1,789,000	+0.2%	8,715	+17.8%	0.98%	+135.5%
AGN	New	ALLERGAN PLC	$1,785,000	–	6,566	–	0.98%	–
EFX	New	EQUIFAX INC	$1,753,000	–	18,036	–	0.96%	–
MCO	Sell	MOODYS CORP	$1,736,000	-9.9%	17,680	-0.9%	0.95%	+111.8%
KHC	New	KRAFT HEINZ CO	$1,681,000	–	23,824	–	0.92%	–
EEM	New	ISHARES TRmsci emg mkt etf	$1,639,000	–	50,000	–	0.90%	–
WFC	Sell	WELLS FARGO & CO NEW	$1,636,000	-9.8%	31,851	-1.2%	0.90%	+112.3%
AAPL	Buy	APPLE INC	$1,634,000	-2.2%	14,813	+11.2%	0.90%	+130.0%
DIS	Sell	DISNEY WALT CO	$1,570,000	-11.2%	15,358	-0.9%	0.86%	+108.7%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,350,000	-69.5%	12,700	-65.4%	0.74%	-28.3%
USB	Sell	US BANCORP DEL	$1,329,000	-26.3%	32,397	-22.0%	0.73%	+73.4%
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,305,000	–	300,000	–	0.72%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$751,000	–	4,212	–	0.41%	–
EDN	New	EMPRESA DIST Y COMERCIAL NORspon adr	$130,000	–	10,200	–	0.07%	–
EPC	Exit	EDGEWELL PERS CARE CO	$0	–	-3,714	–	-0.08%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-30,000	–	-0.29%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-16,153	–	-0.38%	–
PPG	Exit	PPG INDS INC	$0	–	-14,726	–	-0.39%	–
TWX	Exit	TIME WARNER INC	$0	–	-21,593	–	-0.44%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-22,402	–	-2.83%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVcall	$0	–	-200,000	–	-5.64%	–
SMH	Exit	MARKET VECTORS ETF TRput	$0	–	-500,000	–	-6.37%	–

Q2 2015

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$288,190,000	–	1,400,000	–	67.31%	–
VFC	New	V F CORP	$43,461,000	–	623,185	–	10.15%	–
SMH	New	MARKET VECTORS ETF TRput	$27,285,000	–	500,000	–	6.37%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVcall	$24,134,000	–	200,000	–	5.64%	–
GOOGL	New	GOOGLE INCcl a	$12,098,000	–	22,402	–	2.83%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$4,429,000	–	36,700	–	1.03%	–
GOOG	New	GOOGLE INCcl c	$2,545,000	–	4,889	–	0.59%	–
MCO	New	MOODYS CORP	$1,927,000	–	17,846	–	0.45%	–
CRI	New	CARTER INC	$1,916,000	–	18,029	–	0.45%	–
TWX	New	TIME WARNER INC	$1,887,000	–	21,593	–	0.44%	–
WFC	New	WELLS FARGO & CO NEW	$1,813,000	–	32,234	–	0.42%	–
USB	New	US BANCORP DEL	$1,803,000	–	41,548	–	0.42%	–
SHPG	New	SHIRE PLCsponsored adr	$1,786,000	–	7,395	–	0.42%	–
HD	New	HOME DEPOT INC	$1,775,000	–	15,969	–	0.42%	–
DIS	New	DISNEY WALT CO	$1,769,000	–	15,502	–	0.41%	–
V	New	VISA INC	$1,711,000	–	25,474	–	0.40%	–
PPG	New	PPG INDS INC	$1,689,000	–	14,726	–	0.39%	–
AAPL	New	APPLE INC	$1,671,000	–	13,324	–	0.39%	–
HON	New	HONEYWELL INTL INC	$1,647,000	–	16,153	–	0.38%	–
PCLN	New	PRICELINE GRP INC	$1,534,000	–	1,332	–	0.36%	–
LB	New	L BRANDS INC	$1,493,000	–	17,414	–	0.35%	–
RIO	New	RIO TINTO PLCsponsored adr	$1,236,000	–	30,000	–	0.29%	–
EPC	New	EDGEWELL PERS CARE CO	$362,000	–	3,714	–	0.08%	–

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