DYNAMO INTERNACIONAL GESTAO DE RECURSOS LTDA. Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
	Buy	NU HLDGS LTD	$197,588,615	+14.2%	27,253,602	+24.3%	13.63%	-33.9%
	Buy	WALDENCAST PLC	$144,436,229	+82.6%	15,332,933	+4.6%	9.96%	+5.7%
MELI	New	MERCADO LIBRE INC	$134,561,372	–	106,131	–	9.28%	–
QQQ	New	INVESCO QQQ TRput	$126,635,098	–	352,000	–	8.74%	–
VALE	Buy	VALE SAsponsored ads	$96,927,078	+218.7%	7,233,364	+219.2%	6.69%	+84.4%
IWM	New	ISHARES TRput	$94,925,532	–	535,000	–	6.55%	–
MELI	New	MERCADO LIBRE INCcall	$89,639,116	–	70,700	–	6.18%	–
RIO	New	RIO TINTO PLCput	$68,731,200	–	1,080,000	–	4.74%	–
SPY	New	SPDR S&P 500 ETF TRput	$68,575,312	–	160,000	–	4.73%	–
NTCO	Sell	NATURA &CO HOLDINGads	$62,024,319	-63.0%	10,749,456	-55.3%	4.28%	-78.6%
EZU	New	ISHARES INCput	$58,317,465	–	1,377,000	–	4.02%	–
	Sell	LINDE PLC	$39,978,474	-6.3%	107,368	-4.1%	2.76%	-45.8%
APPF	Sell	APPFOLIO INC	$38,708,062	-9.6%	211,948	-14.8%	2.67%	-47.7%
	Buy	VTEX	$33,125,228	+115.6%	6,611,822	+106.6%	2.28%	+24.7%
DHR	Sell	DANAHER CORPORATION	$29,904,238	-0.8%	120,533	-4.0%	2.06%	-42.6%
AMZN	Sell	AMAZON COM INC	$24,930,267	-34.6%	196,116	-33.0%	1.72%	-62.2%
TPX	Sell	TEMPUR SEALY INTL INC	$21,550,074	-32.3%	497,233	-37.4%	1.49%	-60.8%
APH	Buy	AMPHENOL CORP NEWcl a	$21,443,403	+26.2%	255,309	+27.6%	1.48%	-27.0%
	New	GENERAL ELECTRIC CO	$20,700,267	–	187,248	–	1.43%	–
OKTA	Sell	OKTA INCcl a	$15,023,680	-18.9%	184,317	-31.0%	1.04%	-53.1%
RYAAY	Buy	RYANAIR HOLDINGS PLCsponsored ads	$13,955,662	-2.5%	143,562	+10.9%	0.96%	-43.6%
	Sell	ATLASSIAN CORPORATIONcl a	$13,126,765	+15.2%	65,142	-4.1%	0.91%	-33.3%
HEI	Buy	HEICO CORP NEW	$10,431,414	+17.0%	80,726	+27.3%	0.72%	-32.3%
DSGX	New	DESCARTES SYS GROUP INC	$2,693,046	–	36,700	–	0.19%	–
RWM	Exit	PROSHARES TRshrt russell2000	$0	–	-36,000	–	-0.10%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-5,000	–	-0.11%	–
	Exit	STEVANATO GROUP SPA	$0	–	-262,971	–	-1.02%	–
VALE	Exit	VALE SAcall	$0	–	-4,980,000	–	-7.97%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	NU HLDGS LTD	$173,041,231	–	21,931,715	–	20.63%	–
NTCO	New	NATURA &CO HOLDINGads	$167,562,111	–	24,040,475	–	19.98%	–
	New	WALDENCAST PLC	$79,093,767	–	14,658,333	–	9.43%	–
VALE	New	VALE SAcall	$66,831,600	–	4,980,000	–	7.97%	–
APPF	New	APPFOLIO INC	$42,805,537	–	248,667	–	5.10%	–
	New	LINDE PLC	$42,648,568	–	111,915	–	5.08%	–
AMZN	New	AMAZON COM INC	$38,143,597	–	292,602	–	4.55%	–
TPX	New	TEMPUR SEALY INTL INC	$31,839,742	–	794,603	–	3.80%	–
VALE	New	VALE SAsponsored ads	$30,414,202	–	2,266,334	–	3.63%	–
DHR	New	DANAHER CORPORATION	$30,147,360	–	125,614	–	3.59%	–
	New	WALDENCAST PLC*w exp 07/27/202	$24,141,400	–	6,247,776	–	2.88%	–
OKTA	New	OKTA INCcl a	$18,532,886	–	267,237	–	2.21%	–
APH	New	AMPHENOL CORP NEWcl a	$16,991,444	–	200,017	–	2.03%	–
	New	VTEX	$15,364,248	–	3,200,885	–	1.83%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$14,313,631	–	129,418	–	1.71%	–
	New	NU HLDGS LTDcall	$12,261,060	–	1,554,000	–	1.46%	–
	New	ATLASSIAN CORPORATIONcl a	$11,393,796	–	67,897	–	1.36%	–
HEI	New	HEICO CORP NEW	$8,914,462	–	63,403	–	1.06%	–
	New	STEVANATO GROUP SPA	$8,515,001	–	262,971	–	1.02%	–
SUZ	New	SUZANO S Aspon ads	$4,149,000	–	450,000	–	0.50%	–
IWM	New	ISHARES TRrussell 2000 etf	$936,350	–	5,000	–	0.11%	–
RWM	New	PROSHARES TRshrt russell2000	$821,880	–	36,000	–	0.10%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	WALDENCAST PLC*w exp 07/27/202	$0	–	-6,247,776	–	-0.36%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-810,964	–	-0.52%	–
	Exit	STEVANATO GROUP SPA	$0	–	-341,794	–	-0.70%	–
	Exit	NU HOLDINGS LTD	$0	–	-1,701,368	–	-1.06%	–
	Exit	VTEX	$0	–	-3,215,399	–	-1.68%	–
OKTA	Exit	OKTA INCcl a	$0	–	-524,957	–	-3.54%	–
AMZN	Exit	AMAZON COM INC	$0	–	-300,663	–	-3.82%	–
XP	Exit	XP INCcl a	$0	–	-1,643,112	–	-4.42%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-42,322	–	-4.95%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,632,239	–	-10.78%	–
VALE	Exit	VALE SAsponsored ads	$0	–	-6,235,302	–	-11.74%	–
APPF	Exit	APPFOLIO INC	$0	–	-748,609	–	-12.12%	–
NTCO	Exit	NATURA &CO HOLDINGads	$0	–	-16,974,353	–	-12.44%	–
	Exit	WALDENCAST PLC	$0	–	-14,658,333	–	-12.78%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-4,568,928	–	-19.09%	–

Q3 2022

			Value		Shares		↓ Weighting
TPX	Sell	TEMPUR SEALY INTL INC	$135,011,822	+23.2%	4,568,928	-10.9%	19.09%	+10.7%
	New	WALDENCAST PLC	$90,408,968	–	14,658,333	–	12.78%	–
APPF	Sell	APPFOLIO INC	$85,715,748	+11.7%	748,609	-11.6%	12.12%	+0.3%
VALE	Buy	VALE SAsponsored ads	$83,054,223	+9.8%	6,235,302	+20.6%	11.74%	-1.4%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$76,273,921	+3.9%	1,632,239	+20.0%	10.78%	-6.6%
MELI	Sell	MERCADOLIBRE INC	$35,033,305	-32.2%	42,322	-47.8%	4.95%	-39.1%
XP	Sell	XP INCcl a	$31,235,559	-9.6%	1,643,112	-14.6%	4.42%	-18.7%
AMZN	Sell	AMAZON COM INC	$27,053,657	-35.8%	300,663	-24.2%	3.82%	-42.3%
OKTA	Buy	OKTA INCcl a	$25,040,449	-35.9%	524,957	+21.6%	3.54%	-42.4%
	Sell	NU HOLDINGS LTD	$7,486,019	-48.2%	1,701,368	-56.0%	1.06%	-53.5%
	New	STEVANATO GROUP SPA	$4,938,923	–	341,794	–	0.70%	–
	New	WALDENCAST PLC*w exp 07/27/202	$2,549,166	–	6,247,776	–	0.36%	–
LEAP	Exit	RIBBIT LEAP LTD	$0	–	-10	–	0.00%	–
LEAPWS	Exit	RIBBIT LEAP LTD*w exp 09/09/202	$0	–	-86,778	–	-0.00%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-2,919	–	-0.03%	–
TEAM	Exit	ATLASSIAN CORP PLCcl a	$0	–	-43,070	–	-1.27%	–
WALDU	Exit	WALDENCAST ACQUISITION CORPunit 03/11/2026	$0	–	-810,000	–	-1.29%	–

Q2 2022

			Value		Shares		↓ Weighting
TPX	New	TEMPUR SEALY INTL INC	$109,617,522	–	5,129,505	–	17.25%	–
NTCO	New	NATURA &CO HOLDINGads	$88,436,379	–	16,974,353	–	13.92%	–
APPF	New	APPFOLIO INC	$76,746,352	–	846,716	–	12.08%	–
VALE	New	VALE SAsponsored ads	$75,649,258	–	5,170,831	–	11.90%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$73,400,162	–	1,360,522	–	11.55%	–
MELI	New	MERCADOLIBRE INC	$51,649,520	–	81,099	–	8.13%	–
AMZN	New	AMAZON COM INC	$42,151,563	–	396,870	–	6.63%	–
OKTA	New	OKTA INCcl a	$39,041,952	–	431,880	–	6.14%	–
XP	New	XP INCcl a	$34,538,050	–	1,923,054	–	5.44%	–
	New	NU HOLDINGS LTD	$14,445,903	–	3,862,541	–	2.27%	–
	New	VTEX	$9,903,429	–	3,215,399	–	1.56%	–
WALDU	New	WALDENCAST ACQUISITION CORPunit 03/11/2026	$8,172,900	–	810,000	–	1.29%	–
TEAM	New	ATLASSIAN CORP PLCcl a	$8,071,318	–	43,070	–	1.27%	–
GGB	New	GERDAU SAspon adr rep pfd	$3,479,036	–	810,964	–	0.55%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$196,303	–	2,919	–	0.03%	–
LEAPWS	New	RIBBIT LEAP LTD*w exp 09/09/202	$19,091	–	86,778	–	0.00%	–
LEAP	New	RIBBIT LEAP LTD	$99	–	10	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
LEAPWS	Exit	RIBBIT LEAP LTD*w exp 09/09/202	$0	–	-87,065	–	-0.01%	–
STNE	Exit	STONECO LTD	$0	–	-14,368	–	-0.05%	–
	Exit	MELI KASZEK PIONEER CORPclass a ord	$0	–	-229,732	–	-0.25%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-810,964	–	-0.40%	–
LEAP	Exit	RIBBIT LEAP LTD	$0	–	-435,325	–	-0.44%	–
	Exit	VTEX	$0	–	-230,389	–	-0.47%	–
TCVA	Exit	TCV ACQUISITION CORP	$0	–	-726,237	–	-0.71%	–
LEAPU	Exit	RIBBIT LEAP LTDunit 99/99/9999	$0	–	-779,011	–	-0.81%	–
WALDU	Exit	WALDENCAST ACQUISITION CORPunit 03/11/2026	$0	–	-810,000	–	-0.82%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-85,139	–	-0.96%	–
LOMA	Exit	LOMA NEGRA C I A S A MTNsponsored adr	$0	–	-1,605,030	–	-1.14%	–
OKTA	Exit	OKTA INCcl a	$0	–	-133,640	–	-3.12%	–
XP	Exit	XP INCcl a	$0	–	-865,117	–	-3.47%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-7,046,377	–	-3.71%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-22,452	–	-6.04%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-182,749	–	-6.20%	–
VALE	Exit	VALE SAsponsored ads	$0	–	-4,971,994	–	-6.93%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,266,913	–	-7.25%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-48,355	–	-8.12%	–
APPF	Exit	APPFOLIO INC	$0	–	-697,611	–	-8.41%	–
NTCO	Exit	NATURA &CO HOLDING S Aads	$0	–	-10,083,257	–	-16.74%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-4,959,985	–	-23.93%	–

Q3 2021

			Value		Shares		↓ Weighting
TPX	Sell	TEMPUR SEALY INTL INC	$239,418,000	+18.2%	4,959,985	-4.0%	23.93%	+43.4%
NTCO	Sell	NATURA &CO HOLDING S Aads	$167,464,000	-29.4%	10,083,257	-3.6%	16.74%	-14.4%
APPF	Buy	APPFOLIO INC	$84,104,000	+4.5%	697,611	+22.4%	8.41%	+26.8%
MELI	Sell	MERCADOLIBRE INC	$81,207,000	+3.7%	48,355	-3.8%	8.12%	+25.9%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$72,552,000	+18.0%	1,266,913	+48.4%	7.25%	+43.2%
VALE	Sell	VALE SAsponsored ads	$69,366,000	-39.9%	4,971,994	-1.7%	6.93%	-27.0%
FB	Buy	FACEBOOK INCcl a	$62,063,000	+9.2%	182,749	+11.9%	6.20%	+32.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$60,405,000	-27.4%	22,452	-32.4%	6.04%	-11.9%
ITUB	Buy	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$37,134,000	+156.4%	7,046,377	+192.4%	3.71%	+211.1%
XP	Sell	XP INCcl a	$34,752,000	-43.9%	865,117	-39.2%	3.47%	-31.9%
OKTA	Buy	OKTA INCcl a	$31,182,000	+21.5%	133,640	+27.4%	3.12%	+47.4%
LOMA	Sell	LOMA NEGRA C I A S A MTNsponsored adr	$11,444,000	-16.2%	1,605,030	-20.0%	1.14%	+1.7%
RYAAY	Sell	RYANAIR HOLDINGS PLCsponsored ads	$9,653,000	-4.9%	85,139	-9.3%	0.96%	+15.4%
	New	VTEX	$4,739,000	–	230,389	–	0.47%	–
	New	MELI KASZEK PIONEER CORPclass a ord	$2,539,000	–	229,732	–	0.25%	–
STNE	Sell	STONECO LTD	$499,000	-98.9%	14,368	-97.8%	0.05%	-98.6%
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-66,260	–	-1.50%	–
DDOG	Exit	DATADOG INC	$0	–	-736,635	–	-6.32%	–

Q2 2021

			Value		Shares		↓ Weighting
NTCO	New	NATURA &CO HLDG S Aads	$237,307,000	–	10,458,657	–	19.55%	–
TPX	New	TEMPUR SEALY INTL INC	$202,571,000	–	5,168,939	–	16.68%	–
VALE	New	VALE SAsponsored ads	$115,352,000	–	5,057,066	–	9.50%	–
GOOG	New	ALPHABET INCcap stk cl c	$83,182,000	–	33,189	–	6.85%	–
APPF	New	APPFOLIO INC	$80,474,000	–	569,932	–	6.63%	–
MELI	New	MERCADOLIBRE INC	$78,287,000	–	50,255	–	6.45%	–
DDOG	New	DATADOG INC	$76,669,000	–	736,635	–	6.32%	–
XP	New	XP INCcl a	$61,925,000	–	1,421,939	–	5.10%	–
BUD	New	ANHEUSER-BUSCH INBEV SA/NVsponsored adr	$61,489,000	–	853,896	–	5.06%	–
FB	New	FACEBOOK INCcl a	$56,809,000	–	163,380	–	4.68%	–
STNE	New	STONECO LTD	$43,970,000	–	655,681	–	3.62%	–
OKTA	New	OKTA INCcl a	$25,669,000	–	104,910	–	2.11%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$18,261,000	–	66,260	–	1.50%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$14,484,000	–	2,409,911	–	1.19%	–
LOMA	New	LOMA NEGRA CORPsponsored ads	$13,661,000	–	2,005,999	–	1.12%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$10,154,000	–	93,839	–	0.84%	–
LEAPU	New	RIBBIT LEAP LTDunit 99/99/9999	$8,655,000	–	779,011	–	0.71%	–
WALDU	New	WALDENCAST ACQUISITION CORPunit 03/11/2026	$8,323,000	–	810,000	–	0.69%	–
TCVA	New	TCV ACQUISITION CORP	$7,197,000	–	726,237	–	0.59%	–
GGB	New	GERDAU SAspon adr rep pfd	$4,785,000	–	810,964	–	0.39%	–
LEAP	New	RIBBIT LEAP LTD	$4,654,000	–	435,325	–	0.38%	–
LEAPWS	New	RIBBIT LEAP LTD*w exp 09/09/202	$195,000	–	87,065	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-480,446	–	-0.14%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-810,964	–	-0.21%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-895,818	–	-0.22%	–
LOMA	Exit	LOMA NEGRA CORPsponsored ads	$0	–	-2,477,422	–	-0.76%	–
WORK	Exit	SLACK TECHNOLOGIES INC	$0	–	-671,500	–	-1.92%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-82,830	–	-2.13%	–
RWM	Exit	PROSHARES TRshrt russell2000	$0	–	-173,800	–	-2.37%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-78,874	–	-2.59%	–
APPF	Exit	APPFOLIO INC	$0	–	-186,302	–	-2.80%	–
DIS	Exit	DISNEY WALT CO	$0	–	-272,360	–	-3.58%	–
XP	Exit	XP INCcl a	$0	–	-1,575,908	–	-4.69%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-375,464	–	-5.18%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-37,204	–	-5.79%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,046,396	–	-6.00%	–
CZZ	Exit	COSAN LTD	$0	–	-7,191,016	–	-7.63%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-9,023,645	–	-8.77%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-123,704	–	-9.56%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-1,577,899	–	-14.89%	–
NTCO	Exit	NATURA &CO HLDG S Aads	$0	–	-12,347,467	–	-20.76%	–

Q3 2020

			Value		Shares		↓ Weighting
NTCO	Sell	NATURA &CO HLDG S Aads	$290,720,000	+14.3%	12,347,467	-0.8%	20.76%	+5.0%
TPX	Sell	TEMPUR SEALY INTL INC	$208,522,000	+4.3%	1,577,899	-6.6%	14.89%	-4.2%
MELI	Sell	MERCADOLIBRE INC	$133,907,000	-24.7%	123,704	-31.4%	9.56%	-30.8%
VALE	Sell	VALE S Asponsored ads	$122,848,000	-24.9%	9,023,645	-29.7%	8.77%	-31.1%
CZZ	Buy	COSAN LTD	$106,787,000	+18.0%	7,191,016	+19.7%	7.63%	+8.4%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$83,945,000	-1.1%	1,046,396	-5.1%	6.00%	-9.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$81,032,000	+65.8%	37,204	+63.1%	5.79%	+52.3%
EA	Buy	ELECTRONIC ARTS INC	$72,568,000	-6.2%	375,464	+0.0%	5.18%	-13.8%
XP	Buy	XP INCcl a	$65,700,000	+587.9%	1,575,908	+593.2%	4.69%	+531.5%
DIS	Buy	DISNEY WALT CO	$50,086,000	+1.7%	272,360	+0.0%	3.58%	-6.6%
APPF	New	APPFOLIO INC	$39,206,000	–	186,302	–	2.80%	–
RYAAY	Sell	RYANAIR HOLDINGS PLCsponsored ads	$36,295,000	-26.0%	78,874	-42.0%	2.59%	-32.0%
RWM	Sell	PROSHARES TRshrt russell2000	$33,200,000	-5.7%	173,800	-2.9%	2.37%	-13.4%
SPOT	New	SPOTIFY TECHNOLOGY S A	$29,781,000	–	82,830	–	2.13%	–
WORK	New	SLACK TECHNOLOGIES INC	$26,925,000	–	671,500	–	1.92%	–
LOMA	Sell	LOMA NEGRA CORPsponsored ads	$10,678,000	-1.6%	2,477,422	-2.7%	0.76%	-9.6%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$3,073,000	-10.0%	895,818	+0.0%	0.22%	-17.4%
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$1,912,000	–	480,446	–	0.14%	–
GRUB	Exit	GRUBHUB INC	$0	–	-272,253	–	-2.27%	–

Q2 2020

			Value		Shares		↓ Weighting
NTCO	New	NATURA &CO HLDG SAads	$254,244,000	–	12,447,467	–	19.77%	–
TPX	New	TEMPUR SEALY INTL INC	$199,841,000	–	1,688,999	–	15.54%	–
MELI	New	MERCADOLIBRE INC	$177,807,000	–	180,374	–	13.83%	–
VALE	New	VALE SAsponsored ads	$163,658,000	–	12,827,963	–	12.73%	–
CZZ	New	COSAN LTD	$90,496,000	–	6,009,040	–	7.04%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$84,885,000	–	1,102,096	–	6.60%	–
EA	New	ELECTRONIC ARTS INC	$77,364,000	–	375,314	–	6.02%	–
DIS	New	DISNEY WALT CO	$49,229,000	–	272,330	–	3.83%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$49,035,000	–	136,045	–	3.81%	–
GOOG	New	ALPHABET INCcap stk cl c	$48,867,000	–	22,814	–	3.80%	–
RWM	New	PROSHARES TRshrt russell2000	$35,196,000	–	179,000	–	2.74%	–
GRUB	New	GRUBHUB INC	$29,186,000	–	272,253	–	2.27%	–
LOMA	New	LOMA NEGRA CORPsponsored ads	$10,848,000	–	2,546,480	–	0.84%	–
XP	New	XP INCcl a	$9,551,000	–	227,344	–	0.74%	–
BBD	New	BANCO BRADESCO SA	$3,413,000	–	895,815	–	0.26%	–
GGB	New	GERDAU SAspon adr rep pfd	$2,400,000	–	810,964	–	0.19%	–

Q4 2019

			Value		Shares		↓ Weighting
VALE	Exit	VALE SAsponsored ads	$0	–	-444,156	–	-0.53%	–
LOMA	Exit	LOMA NEGRA CORPsponsored ads	$0	–	-989,555	–	-0.59%	–
SIX	Exit	SIX FLAGS ENTMT CORP	$0	–	-701,340	–	-4.77%	–
GTX	Exit	GARRETT MOTION INC	$0	–	-3,806,058	–	-5.08%	–
CZZ	Exit	COSAN LTD	$0	–	-4,123,874	–	-6.39%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-929,345	–	-9.61%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-824,934	–	-10.81%	–
AVP	Exit	AVON PRODS INC	$0	–	-32,261,002	–	-16.81%	–
LIN	Exit	LINDE PLC	$0	–	-687,492	–	-17.84%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-441,652	–	-27.56%	–

Q3 2019

			Value		Shares		↓ Weighting
MELI	Buy	MERCADOLIBRE INC	$264,864,000	+24.2%	441,652	+35.3%	27.56%	+27.5%
LIN	Sell	LINDE PLC	$171,484,000	-12.2%	687,492	-11.1%	17.84%	-9.9%
AVP	Buy	AVON PRODS INC	$161,577,000	+15.5%	32,261,002	+0.8%	16.81%	+18.6%
EA	Buy	ELECTRONIC ARTS INC	$103,905,000	+9.5%	824,934	+10.8%	10.81%	+12.4%
TPX	Sell	TEMPUR SEALY INTL INC	$92,388,000	-40.0%	929,345	-44.6%	9.61%	-38.4%
CZZ	Sell	COSAN LTD	$61,446,000	+3.6%	4,123,874	-7.1%	6.39%	+6.4%
GTX	Buy	GARRETT MOTION INC	$48,812,000	+28.1%	3,806,058	+93.0%	5.08%	+31.6%
SIX	Sell	SIX FLAGS ENTMT CORP	$45,879,000	-22.6%	701,340	-26.1%	4.77%	-20.6%
LOMA	New	LOMA NEGRA CORPsponsored ads	$5,690,000	–	989,555	–	0.59%	–
VALE	Sell	VALE SAsponsored ads	$5,108,000	-37.8%	444,156	-27.3%	0.53%	-36.2%
BUD	Exit	ANHEUSER-BUSCH INBEV SA/NVsponsored adr	$0	–	-220,080	–	-2.49%	–

Q2 2019

			Value		Shares		↓ Weighting
MELI	New	MERCADOLIBRE INC	$213,191,000	–	326,474	–	21.61%	–
LIN	New	LINDE PLC	$195,274,000	–	772,932	–	19.79%	–
TPX	New	TEMPUR SEALY INTL INC	$154,044,000	–	1,678,799	–	15.61%	–
AVP	New	AVON PRODS INC	$139,892,000	–	32,005,653	–	14.18%	–
EA	New	ELECTRONIC ARTS INC	$94,881,000	–	744,731	–	9.62%	–
CZZ	New	COSAN LTD	$59,298,000	–	4,438,488	–	6.01%	–
SIX	New	SIX FLAGS ENTMT CORP	$59,281,000	–	948,489	–	6.01%	–
GTX	New	GARRETT MOTION INC	$38,091,000	–	1,972,287	–	3.86%	–
BUD	New	ANHEUSER-BUSCH INBEV SA/NVsponsored adr	$24,537,000	–	220,080	–	2.49%	–
VALE	New	VALE SAsponsored ads	$8,212,000	–	611,027	–	0.83%	–

Q4 2018

			Value		Shares		↓ Weighting
COTY	Exit	COTY INC	$0	–	-98,506	–	-0.23%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-15,188	–	-0.25%	–
CZZ	Exit	COSAN LTD	$0	–	-3,642,412	–	-4.53%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-363,354	–	-5.04%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-661,258	–	-6.77%	–
PX	Exit	PRAXAIR INC	$0	–	-911,914	–	-27.16%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-436,087	–	-27.58%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-2,893,750	–	-28.44%	–

Q3 2018

			Value		Shares		↓ Weighting
TPX	Sell	TEMPUR SEALY INTL INC	$153,079,000	-2.6%	2,893,750	-4.7%	28.44%	+9.0%
MELI	Sell	MERCADOLIBRE INC	$148,473,000	-0.6%	436,087	-4.7%	27.58%	+11.2%
PX	Sell	PRAXAIR INC	$146,234,000	-25.8%	911,914	-24.3%	27.16%	-17.0%
KHC	Sell	KRAFT HEINZ CO	$36,442,000	-16.2%	661,258	-6.1%	6.77%	-6.2%
SPB	Sell	SPECTRUM BRANDS HLDGS INC	$27,150,000	-11.4%	363,354	-6.2%	5.04%	-0.9%
CZZ	Buy	COSAN LTD	$24,373,000	+13.2%	3,642,412	+29.1%	4.53%	+26.6%

Q2 2018

			Value		Shares		↓ Weighting
PX	New	PRAXAIR INC	$197,078,000	–	1,204,180	–	32.73%	–
TPX	New	TEMPUR SEALY INTL INC	$157,117,000	–	3,034,924	–	26.09%	–
MELI	New	MERCADOLIBRE INC	$149,389,000	–	457,582	–	24.81%	–
KHC	New	KRAFT HEINZ CO	$43,461,000	–	704,538	–	7.22%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$30,645,000	–	387,524	–	5.09%	–
CZZ	New	COSAN LTD	$21,531,000	–	2,821,997	–	3.58%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,530,000	–	15,188	–	0.25%	–
COTY	New	COTY INC	$1,389,000	–	98,506	–	0.23%	–

Q4 2017

			Value		Shares		↓ Weighting
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-31,811	–	-0.55%	–
CZZ	Exit	COSAN LTD	$0	–	-758,941	–	-0.70%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-813,990	–	-4.27%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-788,577	–	-4.32%	–
COTY	Exit	COTY INC	$0	–	-2,062,997	–	-4.91%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-543,563	–	-5.20%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC424456	$0	–	-475,744	–	-7.25%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-796,650	–	-8.89%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-348,848	–	-12.71%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-2,712,801	–	-25.18%	–
PX	Exit	PRAXAIR INC	$0	–	-1,294,319	–	-26.02%	–

Q3 2017

			Value		Shares		↓ Weighting
PX	Sell	PRAXAIR INC	$180,812,000	+2.0%	1,294,319	-3.2%	26.02%	+2.2%
TPX	Sell	TEMPUR SEALY INTL INC	$175,030,000	+11.8%	2,712,801	-7.5%	25.18%	+12.1%
MELI	Buy	MERCADOLIBRE INC	$88,360,000	+154.5%	348,848	+152.1%	12.71%	+155.1%
KHC	Sell	KRAFT HEINZ CO	$61,760,000	-12.4%	796,650	-3.2%	8.89%	-12.1%
SPB	Sell	SPECTRUM BRANDS HLDGS INC424456	$50,373,000	-36.0%	475,744	-24.5%	7.25%	-35.9%
SIG	Sell	SIGNET JEWELERS LIMITED	$36,162,000	+1.8%	543,563	-3.2%	5.20%	+2.1%
COTY	Sell	COTY INC	$34,101,000	-56.5%	2,062,997	-50.6%	4.91%	-56.4%
FWONK	Buy	LIBERTY MEDIA CORP DELAWARE	$30,037,000	+5.4%	788,577	+1.3%	4.32%	+5.6%
FWONA	Buy	LIBERTY MEDIA CORP DELAWARE	$29,682,000	+4.2%	813,990	+0.1%	4.27%	+4.4%
CZZ	Buy	COSAN LTD	$4,865,000	+68.2%	758,941	+68.2%	0.70%	+68.7%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$3,795,000	-26.0%	31,811	-31.6%	0.55%	-25.9%

Q2 2017

			Value		Shares		↓ Weighting
PX	New	PRAXAIR INC	$177,255,000	–	1,337,269	–	25.44%	–
TPX	New	TEMPUR SEALY INTL INC	$156,548,000	–	2,932,157	–	22.47%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$78,769,000	–	629,952	–	11.31%	–
COTY	New	COTY INC	$78,319,000	–	4,174,778	–	11.24%	–
KHC	New	KRAFT HEINZ CO	$70,465,000	–	822,810	–	10.12%	–
SIG	New	SIGNET JEWELERS LIMITED	$35,508,000	–	561,473	–	5.10%	–
MELI	New	MERCADOLIBRE INC	$34,721,000	–	138,396	–	4.98%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$28,511,000	–	778,577	–	4.09%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$28,495,000	–	813,430	–	4.09%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$5,131,000	–	46,489	–	0.74%	–
CZZ	New	COSAN LTD	$2,893,000	–	451,287	–	0.42%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	COTY INC	$0	–	-1,550,000	–	-0.01%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-5,808	–	-0.14%	–
CZZ	Exit	COSAN LTD	$0	–	-462,387	–	-0.60%	–
COTY	Exit	COTY INC	$0	–	-1,369,863	–	-5.16%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-169,196	–	-5.64%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-327,328	–	-8.13%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-611,688	–	-8.22%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-800,060	–	-12.92%	–
HRG	Exit	HRG GROUP INC	$0	–	-5,124,064	–	-14.51%	–
PX	Exit	PRAXAIR INC	$0	–	-1,007,249	–	-21.95%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-2,226,390	–	-22.73%	–

Q3 2016

			Value		Shares		↓ Weighting
TPX	Sell	TEMPUR SEALY INTL INC	$126,022,000	-8.6%	2,226,390	-10.7%	22.73%	-13.8%
PX	Buy	PRAXAIR INC	$121,706,000	+40.4%	1,007,249	+30.4%	21.95%	+32.3%
HRG	Sell	HRG GROUP INC	$80,447,000	-7.7%	5,124,064	-19.3%	14.51%	-13.0%
KHC	Sell	KRAFT HEINZ CO	$71,614,000	-22.4%	800,060	-23.3%	12.92%	-26.9%
SIG	Buy	SIGNET JEWELERS LIMITED	$45,589,000	-9.4%	611,688	+0.2%	8.22%	-14.5%
SPB	Buy	SPECTRUM BRANDS HLDGS INC	$45,070,000	+15.6%	327,328	+0.2%	8.13%	+9.0%
MELI	New	MERCADOLIBRE INC	$31,297,000	–	169,196	–	5.64%	–
COTY	Buy	COTY INC	$28,581,000	+9.6%	1,369,863	+36.5%	5.16%	+3.4%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$763,000	+90.3%	5,808	+90.9%	0.14%	+79.2%
	New	COTY INC	$77,000	–	1,550,000	–	0.01%	–

Q2 2016

			Value		Shares		↓ Weighting
TPX	New	TEMPUR SEALY INTL INC	$137,855,000	–	2,491,956	–	26.37%	–
KHC	New	KRAFT HEINZ CO	$92,335,000	–	1,043,560	–	17.66%	–
HRG	New	HRG GROUP INC	$87,158,000	–	6,348,036	–	16.67%	–
PX	New	PRAXAIR INC	$86,714,000	–	772,210	–	16.58%	–
SIG	New	SIGNET JEWELERS LIMITED	$50,302,000	–	610,388	–	9.62%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$38,994,000	–	326,828	–	7.46%	–
COTY	New	COTY INC	$26,074,000	–	1,003,247	–	4.99%	–
CZZ	New	COSAN LTD	$3,010,000	–	462,387	–	0.58%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$401,000	–	3,043	–	0.08%	–

Q4 2015

			Value		Shares		↓ Weighting
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-28,823	–	-0.39%	–
CZZ	Exit	COSAN LTD	$0	–	-462,387	–	-0.40%	–
VIV	Exit	TELEFONICA BRASIL ASsponsored adr	$0	–	-188,996	–	-0.52%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-17,696	–	-0.56%	–
	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-51,251	–	-0.71%	–
PACD	Exit	PACIFIC DRILLING SA LUXEMBOU	$0	–	-5,880,923	–	-2.20%	–
	Exit	HRG GROUP INC	$0	–	-1,018,647	–	-3.57%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-116,803	–	-4.75%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-220,920	–	-6.04%	–
HRG	Exit	HRG GROUP INC	$0	–	-4,404,803	–	-15.43%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-963,770	–	-20.32%	–
COTY	Exit	COTY INC	$0	–	-2,612,044	–	-21.11%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-1,125,655	–	-24.01%	–

Q3 2015

			Value		Shares		↓ Weighting
TPX	Buy	TEMPUR SEALY INTL INC	$80,405,000	+24.3%	1,125,655	+14.7%	24.01%	+44.2%
COTY	Sell	COTY INC	$70,682,000	-42.7%	2,612,044	-32.3%	21.11%	-33.5%
KHC	New	KRAFT HEINZ CO	$68,023,000	–	963,770	–	20.32%	–
HRG	New	HRG GROUP INC	$51,668,000	–	4,404,803	–	15.43%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$20,216,000	–	220,920	–	6.04%	–
SIG	New	SIGNET JEWELERS LIMITED	$15,900,000	–	116,803	–	4.75%	–
	New	HRG GROUP INC	$11,949,000	–	1,018,647	–	3.57%	–
	New	SPECTRUM BRANDS HLDGS INC	$2,386,000	–	51,251	–	0.71%	–
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$1,882,000	-38.5%	17,696	-30.0%	0.56%	-28.7%
VIV	New	TELEFONICA BRASIL ASsponsored adr	$1,726,000	–	188,996	–	0.52%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-918,452	–	-9.73%	–
HRG	Exit	HARBINGER GROUP INC	$0	–	-5,274,873	–	-17.32%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-841,270	–	-18.44%	–

Q2 2015

			Value		Shares		↓ Weighting
COTY	New	COTY INC	$123,372,000	–	3,859,014	–	31.76%	–
KRFT	New	KRAFT FOODS GROUP INC	$71,626,000	–	841,270	–	18.44%	–
HRG	New	HARBINGER GROUP INC	$67,279,000	–	5,274,873	–	17.32%	–
TPX	New	TEMPUR SEALY INTL INC	$64,678,000	–	981,455	–	16.65%	–
MDLZ	New	MONDELEZ INTL INCcl a	$37,785,000	–	918,452	–	9.73%	–
PACD	New	PACIFIC DRILLING SA LUXEMBOU	$16,466,000	–	5,880,923	–	4.24%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$3,060,000	–	25,296	–	0.79%	–
CZZ	New	COSAN LTD	$2,848,000	–	462,387	–	0.73%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$1,293,000	–	28,823	–	0.33%	–

Q4 2014

			Value		Shares		↓ Weighting
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-986,851	–	-1.66%	–
CZZ	Exit	COSAN LTD	$0	–	-478,791	–	-1.80%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-98,168	–	-3.04%	–
HRG	Exit	HARBINGER GROUP INC	$0	–	-1,099,740	–	-4.94%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-886,140	–	-7.85%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-818,100	–	-9.67%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-265,995	–	-10.18%	–
PACD	Exit	PACIFIC DRILLING SA LUXEMBOU	$0	–	-4,291,850	–	-11.74%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-1,602,463	–	-19.04%	–
COTY	Exit	COTY INC	$0	–	-5,378,234	–	-30.08%	–

Q3 2014

			Value		Shares		↓ Weighting
COTY	Buy	COTY INC	$86,092,000	+5.3%	5,378,234	+11.9%	30.08%	+35.5%
MDLZ	Buy	MONDELEZ INTL INCcl a	$54,512,000	-4.5%	1,602,463	+5.5%	19.04%	+22.9%
PACD	Buy	PACIFIC DRILLING SA LUXEMBOU	$33,605,000	-17.3%	4,291,850	+5.5%	11.74%	+6.4%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$29,140,000	-29.5%	265,995	-26.0%	10.18%	-9.3%
SIX	Buy	SIX FLAGS ENTMT CORP NEW	$27,678,000	-15.2%	818,100	+5.5%	9.67%	+9.1%
OCN	Buy	OCWEN FINL CORP	$22,475,000	-27.6%	886,140	+5.8%	7.85%	-6.8%
HRG	New	HARBINGER GROUP INC	$14,150,000	–	1,099,740	–	4.94%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$8,695,000	–	98,168	–	3.04%	–
CZZ	Sell	COSAN LTD	$5,152,000	-22.7%	478,791	-2.6%	1.80%	-0.5%
GGB	Sell	GERDAU S Aspon adr rep pfd	$4,737,000	-35.0%	986,851	-20.2%	1.66%	-16.3%
CIG	Exit	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$0	–	-766,554	–	-1.51%	–
POST	Exit	POST HLDGS INC	$0	–	-224,480	–	-3.08%	–
TPX	Exit	TEMPUR SEALY INTL INC	$0	–	-887,825	–	-14.38%	–

Q2 2014

			Value		Shares		↓ Weighting
COTY	New	COTY INC	$81,746,000	–	4,805,234	–	22.19%	–
MDLZ	New	MONDELEZ INTL INCcl a	$57,086,000	–	1,519,163	–	15.50%	–
TPX	New	TEMPUR SEALY INTL INC	$52,958,000	–	887,825	–	14.38%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$41,336,000	–	359,577	–	11.22%	–
PACD	New	PACIFIC DRILLING SA LUXEMBOU	$40,653,000	–	4,068,580	–	11.04%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$32,640,000	–	775,580	–	8.86%	–
OCN	New	OCWEN FINL CORP	$31,049,000	–	837,630	–	8.43%	–
POST	New	POST HLDGS INC	$11,363,000	–	224,480	–	3.08%	–
GGB	New	GERDAU S Aspon adr rep pfd	$7,285,000	–	1,236,851	–	1.98%	–
CZZ	New	COSAN LTD	$6,665,000	–	491,497	–	1.81%	–
CIG	New	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$5,559,000	–	766,554	–	1.51%	–

Q4 2013

			Value		Shares		↓ Weighting
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-109,652	–	-1.27%	–
CIG	Exit	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$0	–	-606,600	–	-2.11%	–
CZZ	Exit	COSAN LTD	$0	–	-518,768	–	-3.71%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-1,340,000	–	-4.65%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-342,566	–	-10.84%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-336,915	–	-15.48%	–
PACD	Exit	PACIFIC DRILLING SA LUXEMBOU	$0	–	-3,478,098	–	-17.34%	–
COTY	Exit	COTY INC	$0	–	-3,107,091	–	-22.19%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-1,612,963	–	-22.41%	–

Q3 2013

			Value		Shares		↓ Weighting
MDLZ	Buy	MONDELEZ INTL INCcl a	$48,166,000	+32.3%	1,612,963	+26.4%	22.41%	+17.3%
COTY	Buy	COTY INC	$47,694,000	+90.5%	3,107,091	+113.2%	22.19%	+68.9%
PACD	Buy	PACIFIC DRILLING SA LUXEMBOU	$37,267,000	+31.6%	3,478,098	+20.1%	17.34%	+16.7%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$33,279,000	-29.2%	336,915	-35.3%	15.48%	-37.3%
SIG	Buy	SIGNET JEWELERS LIMITED	$23,289,000	+47.9%	342,566	+46.7%	10.84%	+31.1%
CZZ	Buy	COSAN LTD	$7,973,000	-4.9%	518,768	+0.0%	3.71%	-15.7%
SIX	Sell	SIX FLAGS ENTMT CORP NEW	$2,725,000	-83.6%	109,652	-76.7%	1.27%	-85.4%

Q2 2013

			Value		Shares		↓ Weighting
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$47,023,000	–	520,973	–	24.68%	–
MDLZ	New	MONDELEZ INTL INCcl a	$36,398,000	–	1,275,763	–	19.10%	–
PACD	New	PACIFIC DRILLING SA LUXEMBOU	$28,316,000	–	2,895,301	–	14.86%	–
COTY	New	COTY INC	$25,042,000	–	1,457,650	–	13.14%	–
SIX	New	SIX FLAGS ENTMT CORP NEW	$16,570,000	–	471,278	–	8.70%	–
SIG	New	SIGNET JEWELERS LIMITED	$15,749,000	–	233,564	–	8.26%	–
CZZ	New	COSAN LTD	$8,383,000	–	518,568	–	4.40%	–
GGB	New	GERDAU S Aspon adr rep pfd	$7,651,000	–	1,340,000	–	4.02%	–
CIG	New	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$5,441,000	–	606,600	–	2.86%	–

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