SPX Gestao de Recursos Ltda Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LQD	Buy	ISHARES IBOXX $ INVEST GRADE CORP BDiboxx inv cp etf	$340,914,215	+67.9%	3,341,641	+78.0%	17.94%	+86.4%
IGSB	Buy	ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN	$272,529,638	+9.2%	5,469,188	+10.0%	14.34%	+21.3%
PBR	Buy	PETROLEO BRASILEIRO ADRsponsored adr	$197,196,568	+104.7%	13,155,208	+88.9%	10.37%	+127.3%
FXI	Buy	ISHARE CHINA LARGE CAP ETFchina lg-cap etf	$79,343,749	+77.1%	2,990,718	+81.5%	4.17%	+96.6%
BABA	Buy	ALIBABA GROUP HOLDING LTDsponsored ads	$45,790,306	+17.4%	527,903	+12.8%	2.41%	+30.3%
MSFT	New	MICROSOFT CORPORATION	$41,429,558	–	131,210	–	2.18%	–
FB	Sell	META PLATFORMS INCcl a	$39,312,500	-10.1%	130,950	-14.0%	2.07%	-0.1%
EWJ	New	ISHARES MSCI JAPAN ETFmsci jpn etf new	$38,706,180	–	642,000	–	2.04%	–
ERJ	Buy	EMBRAER SAsponsored ads	$33,331,011	+2.5%	2,429,374	+15.5%	1.75%	+13.7%
	New	SHELL PLC-ADRspon ads	$32,264,037	–	501,150	–	1.70%	–
FDX	Sell	FEDEX CORP	$31,177,375	-15.1%	117,686	-20.5%	1.64%	-5.7%
DD	Sell	DUPONT DE NEMOURS INC	$28,947,260	-8.3%	388,085	-12.2%	1.52%	+1.7%
ITUB	Buy	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$28,715,275	+77.8%	5,347,351	+95.3%	1.51%	+97.3%
EMB	Buy	ISHARES JPMORGAN USD EMERGING MARKET BNDjpmorgan usd emg	$27,726,720	+14.0%	336,000	+19.6%	1.46%	+26.5%
H	Buy	HYATT HOTELS CORP-CL A	$26,713,066	-7.0%	251,820	+0.4%	1.40%	+3.2%
SPY	Sell	SPDR S&P 500 ETF TRUSTtr unit	$26,552,920	-78.5%	62,115	-77.7%	1.40%	-76.1%
WMG	Sell	WARNER MUSIC GROUP CORP-CL A	$25,365,077	+18.0%	807,805	-1.9%	1.33%	+30.9%
TMUS	Sell	T-MOBILE US INC COM STK	$25,310,256	-12.2%	180,723	-12.9%	1.33%	-2.5%
XLU	Sell	UTILITIES SPDRsbi int-utils	$25,166,999	-47.5%	427,066	-41.7%	1.32%	-41.7%
WMT	Buy	WALMART INC	$24,773,157	+57.0%	154,900	+54.3%	1.30%	+74.2%
CTVA	Buy	CORTEVA INC	$24,326,580	+9.8%	475,500	+23.0%	1.28%	+21.9%
SLB	Buy	SCHLUMBERGER LTD	$24,057,903	+23.3%	412,657	+3.9%	1.27%	+36.9%
EMR	Sell	EMERSON ELECTRIC CO	$21,148,830	-9.1%	219,000	-14.9%	1.11%	+0.9%
CPA	Buy	COPA HOLDINGS SAcl a	$20,070,715	+34.0%	225,210	+66.2%	1.06%	+48.7%
CRS	Sell	CARPENTER TECH	$19,005,644	-8.0%	282,780	-23.2%	1.00%	+2.1%
XLI	Sell	INDUSTRIAL SPDRsbi int-inds	$16,624,597	-78.2%	163,983	-76.9%	0.88%	-75.8%
NFLX	Sell	NETFLIX INC	$16,357,632	-35.0%	43,320	-24.2%	0.86%	-27.9%
BP	New	BP PLCsponsored adr	$15,776,464	–	407,450	–	0.83%	–
SKX	Sell	SKECHERS USAcl a	$15,098,138	-24.2%	308,440	-18.5%	0.79%	-16.0%
	New	KENVUE INC ORD	$15,084,417	–	751,216	–	0.79%	–
XLP	New	CONSUMER STAPLES SPDRsbi cons stpls	$14,795,870	–	215,025	–	0.78%	–
MDLZ	Sell	MONDELEZ INT CLAcl a	$14,587,880	-18.0%	210,200	-13.8%	0.77%	-9.0%
LVS	Buy	LAS VEGAS SANDS	$14,283,744	+5.9%	311,600	+34.0%	0.75%	+17.5%
ELP	Buy	COMPANIAspon ads	$13,279,078	+39.9%	1,514,148	+37.4%	0.70%	+55.3%
XLF	New	FINANCIAL SELECT SECTOR SPDRfinancial	$13,040,752	–	393,149	–	0.69%	–
PM	New	PHILIP MORRIS	$11,757,660	–	127,000	–	0.62%	–
BYD	Sell	BOYD GAMING	$10,947,088	-25.4%	179,962	-14.9%	0.58%	-17.2%
UNP	New	UNION PACIFIC CP	$10,548,034	–	51,800	–	0.56%	–
FSLR	New	FIRST SOLAR INC	$10,422,555	–	64,500	–	0.55%	–
NVDA	New	NVIDIA CORP	$9,939,522	–	22,850	–	0.52%	–
PAGS	Buy	PAGSEGURO DIGITAL LTD-CL A	$9,318,147	-4.1%	1,082,247	+5.2%	0.49%	+6.5%
CIG	Buy	COMPNHIA ENRGsp adr n-v pfd	$9,192,150	+38.6%	3,798,409	+50.7%	0.48%	+54.1%
	New	CRH PLC ORDord	$9,156,329	–	167,300	–	0.48%	–
IYR	New	ISHR DJ REAL ESTu.s. real es etf	$8,787,546	–	112,459	–	0.46%	–
XOP	New	STREETTRACKS SPDR OIL & GAS EXPLORATIONs&p oilgas exp	$8,578,780	–	58,000	–	0.45%	–
AMZN	New	AMAZON.COM INC	$8,005,763	–	62,978	–	0.42%	–
GGB	Buy	GERDAU SAspon adr rep pfd	$7,909,409	+37.4%	1,658,157	+50.4%	0.42%	+52.4%
RIO	New	RIO TINTO PLCsponsored adr	$7,626,490	–	119,838	–	0.40%	–
VALE	Sell	VALE SA SP ADRsponsored ads	$7,555,912	-34.1%	563,874	-34.0%	0.40%	-27.0%
VVV	New	VALVOLINE INC	$7,415,200	–	230,000	–	0.39%	–
UBS	Sell	UBS GROUP AG	$7,103,045	-52.5%	288,156	-60.9%	0.37%	-47.2%
ALB	New	ALBEMARLE	$6,769,803	–	39,813	–	0.36%	–
IBN	New	ICICI BANK LTDadr	$6,593,338	–	285,179	–	0.35%	–
EWZ	Buy	ISHARES MSCI BRAZIL ETFmsci brazil etf	$6,382,151	-2.8%	208,091	+2.8%	0.34%	+8.0%
HDB	New	HDFC BK LTDsponsored ads	$6,280,611	–	106,433	–	0.33%	–
CNHI	Sell	CNH INDUSTRAL NV	$6,268,683	-74.6%	518,073	-69.7%	0.33%	-71.7%
DIS	Sell	WALT DISNEY CO	$5,916,650	-59.4%	73,000	-55.3%	0.31%	-55.0%
	Sell	ON HOLDING AG-CLASS Anamen akt a	$5,881,148	-55.0%	211,400	-46.6%	0.31%	-50.2%
PAX	Sell	PATRIA INVESTMENTS LTD-A	$5,580,947	-70.8%	382,781	-71.4%	0.29%	-67.5%
PDD	New	PDD HOLDINGS INCsponsored ads	$4,903,500	–	50,000	–	0.26%	–
CROX	New	CROCS INC	$4,334,828	–	49,131	–	0.23%	–
	New	PUT - SPY 100 @ 440 EXP 10/20/2023put	$4,024,920	–	3,000	–	0.21%	–
SBS	Buy	SABESPsponsored adr	$3,882,618	+1505.0%	320,348	+1468.0%	0.20%	+1754.5%
VSTA	Buy	VASTA PLATFORM LTDcl a	$3,872,243	+66.1%	937,589	+34.7%	0.20%	+85.5%
KMX	New	CARMAX GROUP	$3,692,106	–	52,200	–	0.19%	–
TCOM	New	TRIP.COM GROUP LTDads	$3,184,088	–	91,052	–	0.17%	–
	New	PUT - SPY 100 @ 445 EXP 10/20/2023put	$3,003,492	–	1,700	–	0.16%	–
	Sell	NU HOLDINGS LTD/CAYMAN ISL-A	$2,970,949	-35.9%	409,786	-30.3%	0.16%	-29.1%
	New	PUT - SPY 100 @ 450 EXP 01/19/2024put	$2,808,576	–	1,150	–	0.15%	–
	New	CALL- ASHR 100 @ 27 EXP 11/17/2023call	$2,760,000	–	60,000	–	0.14%	–
ABEV	Buy	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$2,710,680	+656.3%	1,050,651	+832.2%	0.14%	+741.2%
BA	New	THE BOEING COMPANY	$2,372,807	–	12,379	–	0.12%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$2,270,307	–	165,595	–	0.12%	–
VINP	Buy	VINCI PARTNERS INVESTMENTS-A	$1,573,860	+386.1%	154,300	+344.2%	0.08%	+453.3%
BBD	Sell	BANCO BRADESCOsp adr pfd new	$1,160,252	-33.8%	407,106	-19.6%	0.06%	-26.5%
	New	CALL- ASHR 100 @ 28 EXP 11/17/2023call	$1,025,000	–	50,000	–	0.05%	–
	Buy	AMBIPAR EMERGENCY RESPONS-28*w exp 99/99/999	$707,899	-0.5%	1,573,109	+10.6%	0.04%	+8.8%
EBR	Sell	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$659,442	-20.4%	90,211	-9.9%	0.04%	-10.3%
	Buy	AMBIPAR EMERGENCY RESPONSE	$640,993	+205.9%	92,629	+328.9%	0.03%	+240.0%
NTCO	Buy	NATURA &CO HOLDING-ADRads	$612,705	+36.0%	106,188	+64.3%	0.03%	+52.4%
BSBR	New	BANCO SANTANDERads rep 1 unit	$547,397	–	106,705	–	0.03%	–
	New	ALMACENES EXITO SA-ADR-W/Ispon ads	$559,996	–	102,189	–	0.03%	–
	Sell	INTER & CO INC - CL A	$534,536	+25.6%	133,634	-1.7%	0.03%	+40.0%
BAK	New	BRASKEM SA-SPON ADRsp adr pfd a	$535,998	–	65,286	–	0.03%	–
EQNR	New	EQUINOR ASAsponsored adr	$298,389	–	9,100	–	0.02%	–
	New	CALL- DIS 100 @ 90 EXP 11/17/2023call	$259,860	–	2,440	–	0.01%	–
VIV	New	TELEFONICA BRASIL SA-ADRnew adr	$257,697	–	30,140	–	0.01%	–
SUZ	Sell	SUZANO SAspon ads	$237,597	-91.3%	22,102	-92.5%	0.01%	-90.7%
	New	CALL- PM 100 @ 105 EXP 12/15/2023call	$60,000	–	2,000	–	0.00%	–
EBRB	Sell	CENTRAIS ELEC BRAS-ADR PREFspon adr pfd b	$33,612	-79.6%	4,089	-76.6%	0.00%	-75.0%
	New	CALL- PM 100 @ 97 EXP 10/20/2023call	$33,000	–	600	–	0.00%	–
UGP	New	ULTRAPAR PARTICIPACOES	$32,553	–	8,870	–	0.00%	–
XHB	Sell	SPDR S&P HOMEBUILDERSs&p homebuild	$35,988	-95.7%	470	-95.5%	0.00%	-95.0%
	New	CALL- FDX 100 @ 280 EXP 10/20/2023call	$26,850	–	300	–	0.00%	–
VTRU	New	VITRU LTD	$25,717	–	1,462	–	0.00%	–
EWZS	Exit	ISHRS BRAZIL SMbrazil sm-cp etf	$0	–	-400	–	0.00%	–
BBDO	Sell	BANCO BRADESCOsponsored adr	$0	-100.0%	0	-100.0%	0.00%	-100.0%
AZUL	Exit	AZUL SAsponsr adr pfd	$0	–	-110	–	0.00%	–
BHP	New	BHP BILLITON LTD -SPON ADRsponsored ads	$7,849	–	138	–	0.00%	–
CBD	Sell	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$7,662	-97.7%	11,496	-86.9%	0.00%	-100.0%
SID	New	COMPANHIA SIDERURGICA NACIONALsponsored adr	$1,721	–	720	–	0.00%	–
	Exit	CALL- SU 100 @ 32 EXP 07/21/2023call	$0	–	-1,000	–	0.00%	–
	Exit	CALL- CNHI 100 @ 15 EXP 07/21/2023call	$0	–	-1,000	–	-0.00%	–
	Exit	PUT - SPY 100 @ 415 EXP 07/21/2023put	$0	–	-770	–	-0.00%	–
CSAN	Exit	COSAN SA -ADR -W/Iads	$0	–	-2,575	–	-0.00%	–
GOL	Exit	GOL LINHAS AEREAS INTELspon adr pfd new	$0	–	-15,290	–	-0.00%	–
STNE	Exit	STONECO LTD-A	$0	–	-9,688	–	-0.01%	–
	Exit	PUT - SCCO 100 @ 65 EXP 08/18/2023put	$0	–	-1,250	–	-0.01%	–
	Exit	PUT - SPY 100 @ 424 EXP 07/21/2023put	$0	–	-3,150	–	-0.01%	–
	Exit	CALL- BA 100 @ 225 EXP 08/18/2023call	$0	–	-500	–	-0.01%	–
	Exit	CALL- CVX 100 @ 165 EXP 08/18/2023call	$0	–	-1,000	–	-0.01%	–
	Exit	PUT - NKE 100 @ 108 EXP 07/21/2023put	$0	–	-1,800	–	-0.01%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-18,000	–	-0.01%	–
	Exit	CALL- LVS 100 @ 62.5 EXP 09/15/2023call	$0	–	-2,000	–	-0.02%	–
	Exit	PUT - FCX 100 @ 35 EXP 08/18/2023put	$0	–	-7,000	–	-0.02%	–
CNQ	Exit	CANADIAN NATURAL RESOURCES LIMITED	$0	–	-10,000	–	-0.03%	–
PSX	Exit	PHILLIPS 66	$0	–	-6,097	–	-0.03%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-7,645	–	-0.04%	–
	Exit	CALL- ASHR 100 @ 29 EXP 08/18/2023call	$0	–	-71,000	–	-0.04%	–
VLO	Exit	VALERO ENERGY	$0	–	-8,544	–	-0.05%	–
	Exit	VESTA REAL ESTATE CORPORATIONads	$0	–	-43,300	–	-0.07%	–
AGRO	Exit	ADECOAGRO SA	$0	–	-179,895	–	-0.08%	–
CVX	Exit	CHEVRON CORP	$0	–	-15,500	–	-0.12%	–
	Exit	VTEX -CLASS A	$0	–	-528,287	–	-0.12%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-250,641	–	-0.12%	–
AFYA	Exit	AFYA LTD-CLASS A	$0	–	-307,433	–	-0.20%	–
	Exit	PUT - PBR 100 @ 14 EXP 07/21/2023put	$0	–	-80,000	–	-0.21%	–
	Exit	GSK PLC-SPON ADRsponsored adr	$0	–	-138,722	–	-0.23%	–
	Exit	U-HAUL HOLDING CO	$0	–	-101,946	–	-0.24%	–
MCHI	Exit	ISHARES MSCI CHNmsci china etf	$0	–	-130,835	–	-0.28%	–
ARCE	Exit	ARCO PLATFORM LTD - CLASS A	$0	–	-553,536	–	-0.32%	–
PENN	Exit	PENN ENTERTAINMENT INC	$0	–	-309,316	–	-0.35%	–
MTCH	Exit	MATCH GROUP INC	$0	–	-200,000	–	-0.40%	–
RYT	Exit	INVESCO S&P 500 EQUAL WEIGHT Ts&p500 eql tec	$0	–	-31,600	–	-0.44%	–
CCI	Exit	CROWN CASTLE INC	$0	–	-81,400	–	-0.44%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-680,788	–	-0.51%	–
SNOW	Exit	SNOWFLAKE INC-CLASS Acl a	$0	–	-71,250	–	-0.59%	–
TS	Exit	TENARIS S A ADRsponsored ads	$0	–	-543,467	–	-0.77%	–
ELY	Exit	TOPGOLF CALLAWAY BRANDS CORP	$0	–	-912,098	–	-0.86%	–
XLE	Exit	ENERGY SPDRenergy	$0	–	-228,641	–	-0.88%	–
QQQ	Exit	INVESCO QQQ TRUST SERIES 1unit ser 1	$0	–	-52,666	–	-0.92%	–
ZI	Exit	ZOOMINFO TECHNOLOGIES INC-A	$0	–	-797,300	–	-0.96%	–
GDDY	Exit	GODADDY INCcl a	$0	–	-271,850	–	-0.97%	–
XLB	Exit	MATERIALS SPDRsbi materials	$0	–	-266,635	–	-1.05%	–
XP	Exit	XP INC - CLASS Acl a	$0	–	-1,146,978	–	-1.28%	–
RTX	Exit	RTX CORP	$0	–	-314,480	–	-1.46%	–
GDX	Exit	VANECK GOLD MINERS ETFgold miners etf	$0	–	-1,779,909	–	-2.54%	–
XLV	Exit	HEALTH CARE SPDR ETFsbi healthcare	$0	–	-552,880	–	-3.48%	–
HYG	Exit	ISHARES IBOXX H/Y CORP BONDiboxx hi yd etf	$0	–	-2,351,876	–	-8.37%	–

Q2 2023

			Value		Shares		↓ Weighting
IGSB	New	ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN	$249,468,720	–	4,972,468	–	11.82%	–
LQD	New	ISHARES IBOXX $ INVEST GRADE CORP BDiboxx inv cp etf	$203,015,656	–	1,877,341	–	9.62%	–
HYG	New	ISHARES IBOXX H/Y CORP BONDiboxx hi yd etf	$176,555,331	–	2,351,876	–	8.37%	–
SPY	New	SPDR S&P 500 ETF TRUSTtr unit	$123,570,949	–	278,765	–	5.86%	–
PBR	New	PETROLEO BRASILEIRO ADRsponsored adr	$96,317,209	–	6,964,368	–	4.56%	–
XLI	New	INDUSTRIAL SPDRsbi int-inds	$76,282,090	–	710,791	–	3.62%	–
XLV	New	HEALTH CARE SPDR ETFsbi healthcare	$73,383,762	–	552,880	–	3.48%	–
GDX	New	VANECK GOLD MINERS ETFgold miners etf	$53,593,060	–	1,779,909	–	2.54%	–
XLU	New	UTILITIES SPDRsbi int-utils	$47,902,080	–	732,000	–	2.27%	–
FXI	New	ISHARE CHINA LARGE CAP ETFchina lg-cap etf	$44,795,008	–	1,647,481	–	2.12%	–
FB	New	META PLATFORMS INCcl a	$43,705,619	–	152,295	–	2.07%	–
BABA	New	ALIBABA GROUP HOLDING LTDsponsored ads	$39,008,967	–	468,014	–	1.85%	–
FDX	New	FEDEX CORP	$36,713,990	–	148,100	–	1.74%	–
ERJ	New	EMBRAER SAsponsored ads	$32,528,659	–	2,104,053	–	1.54%	–
DD	New	DUPONT DE NEMOURS INC	$31,582,552	–	442,085	–	1.50%	–
RTX	New	RTX CORP	$30,806,461	–	314,480	–	1.46%	–
TMUS	New	T-MOBILE US INC COM STK	$28,830,640	–	207,564	–	1.37%	–
H	New	HYATT HOTELS CORP-CL A	$28,738,956	–	250,820	–	1.36%	–
XP	New	XP INC - CLASS Acl a	$26,908,104	–	1,146,978	–	1.28%	–
NFLX	New	NETFLIX INC	$25,182,813	–	57,170	–	1.19%	–
CNHI	New	CNH INDUSTRAL NV	$24,637,406	–	1,710,931	–	1.17%	–
EMB	New	ISHARES JPMORGAN USD EMERGING MARKET BNDjpmorgan usd emg	$24,317,740	–	281,000	–	1.15%	–
EMR	New	EMERSON ELECTRIC CO	$23,274,883	–	257,494	–	1.10%	–
CTVA	New	CORTEVA INC	$22,157,910	–	386,700	–	1.05%	–
XLB	New	MATERIALS SPDRsbi materials	$22,096,042	–	266,635	–	1.05%	–
WMG	New	WARNER MUSIC GROUP CORP-CL A	$21,493,072	–	823,805	–	1.02%	–
CRS	New	CARPENTER TECH	$20,657,524	–	368,030	–	0.98%	–
GDDY	New	GODADDY INCcl a	$20,424,091	–	271,850	–	0.97%	–
ZI	New	ZOOMINFO TECHNOLOGIES INC-A	$20,243,447	–	797,300	–	0.96%	–
SKX	New	SKECHERS USAcl a	$19,928,650	–	378,440	–	0.94%	–
SLB	New	SCHLUMBERGER LTD	$19,508,352	–	397,157	–	0.92%	–
QQQ	New	INVESCO QQQ TRUST SERIES 1unit ser 1	$19,455,874	–	52,666	–	0.92%	–
PAX	New	PATRIA INVESTMENTS LTD-A	$19,114,581	–	1,336,684	–	0.91%	–
XLE	New	ENERGY SPDRenergy	$18,558,790	–	228,641	–	0.88%	–
ELY	New	TOPGOLF CALLAWAY BRANDS CORP	$18,105,145	–	912,098	–	0.86%	–
MDLZ	New	MONDELEZ INT CLAcl a	$17,790,066	–	243,900	–	0.84%	–
TS	New	TENARIS S A ADRsponsored ads	$16,276,837	–	543,467	–	0.77%	–
ITUB	New	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$16,154,837	–	2,738,108	–	0.77%	–
WMT	New	WALMART INC	$15,780,872	–	100,400	–	0.75%	–
CPA	New	COPA HOLDINGS SAcl a	$14,980,273	–	135,470	–	0.71%	–
UBS	New	UBS GROUP AG	$14,947,726	–	737,431	–	0.71%	–
BYD	New	BOYD GAMING	$14,676,056	–	211,562	–	0.70%	–
DIS	New	WALT DISNEY CO	$14,570,496	–	163,200	–	0.69%	–
LVS	New	LAS VEGAS SANDS	$13,485,000	–	232,500	–	0.64%	–
	New	ON HOLDING AG-CLASS Anamen akt a	$13,074,468	–	396,196	–	0.62%	–
SNOW	New	SNOWFLAKE INC-CLASS Acl a	$12,538,575	–	71,250	–	0.59%	–
VALE	New	VALE SA SP ADRsponsored ads	$11,469,497	–	854,657	–	0.54%	–
OUT	New	OUTFRONT MEDIA INC	$10,701,987	–	680,788	–	0.51%	–
PAGS	New	PAGSEGURO DIGITAL LTD-CL A	$9,714,260	–	1,029,053	–	0.46%	–
ELP	New	COMPANIAspon ads	$9,489,382	–	1,102,135	–	0.45%	–
RYT	New	INVESCO S&P 500 EQUAL WEIGHT Ts&p500 eql tec	$9,293,244	–	31,600	–	0.44%	–
CCI	New	CROWN CASTLE INC	$9,274,716	–	81,400	–	0.44%	–
MTCH	New	MATCH GROUP INC	$8,370,000	–	200,000	–	0.40%	–
PENN	New	PENN ENTERTAINMENT INC	$7,432,863	–	309,316	–	0.35%	–
ARCE	New	ARCO PLATFORM LTD - CLASS A	$6,719,927	–	553,536	–	0.32%	–
CIG	New	COMPNHIA ENRGsp adr n-v pfd	$6,629,956	–	2,520,896	–	0.31%	–
EWZ	New	ISHARES MSCI BRAZIL ETFmsci brazil etf	$6,562,924	–	202,372	–	0.31%	–
MCHI	New	ISHARES MSCI CHNmsci china etf	$5,853,558	–	130,835	–	0.28%	–
GGB	New	GERDAU SAspon adr rep pfd	$5,754,643	–	1,102,422	–	0.27%	–
	New	U-HAUL HOLDING CO	$5,165,604	–	101,946	–	0.24%	–
	New	GSK PLC-SPON ADRsponsored adr	$4,944,052	–	138,722	–	0.23%	–
	New	NU HOLDINGS LTD/CAYMAN ISL-A	$4,636,969	–	587,702	–	0.22%	–
	New	PUT - PBR 100 @ 14 EXP 07/21/2023put	$4,462,400	–	80,000	–	0.21%	–
AFYA	New	AFYA LTD-CLASS A	$4,316,359	–	307,433	–	0.20%	–
SUZ	New	SUZANO SAspon ads	$2,722,509	–	295,283	–	0.13%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$2,569,070	–	250,641	–	0.12%	–
	New	VTEX -CLASS A	$2,535,778	–	528,287	–	0.12%	–
CVX	New	CHEVRON CORP	$2,438,925	–	15,500	–	0.12%	–
VSTA	New	VASTA PLATFORM LTDcl a	$2,331,208	–	695,883	–	0.11%	–
	New	PUT - NU 100 @ 5.5 EXP 10/20/2023put	$2,116,000	–	200,000	–	0.10%	–
BBD	New	BANCO BRADESCOsp adr pfd new	$1,752,172	–	506,408	–	0.08%	–
AGRO	New	ADECOAGRO SA	$1,683,817	–	179,895	–	0.08%	–
	New	VESTA REAL ESTATE CORPORATIONads	$1,395,126	–	43,300	–	0.07%	–
	New	ZANITE ACQ CL A -CW25*w exp 05/09/202	$1,323,491	–	1,503,796	–	0.06%	–
VLO	New	VALERO ENERGY	$1,002,211	–	8,544	–	0.05%	–
	New	CALL- ASHR 100 @ 29 EXP 08/18/2023call	$887,500	–	71,000	–	0.04%	–
MPC	New	MARATHON PETROLEUM CORP	$891,407	–	7,645	–	0.04%	–
XHB	New	SPDR S&P HOMEBUILDERSs&p homebuild	$833,675	–	10,382	–	0.04%	–
EBR	New	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$828,307	–	100,158	–	0.04%	–
	New	AMBIPAR EMERGENCY RESPONS-28*w exp 99/99/999	$711,114	–	1,421,940	–	0.03%	–
PSX	New	PHILLIPS 66	$581,532	–	6,097	–	0.03%	–
CNQ	New	CANADIAN NATURAL RESOURCES LIMITED	$562,600	–	10,000	–	0.03%	–
NTCO	New	NATURA &CO HOLDING-ADRads	$450,464	–	64,629	–	0.02%	–
	New	INTER & CO INC - CL A	$425,608	–	135,977	–	0.02%	–
ABEV	New	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$358,392	–	112,702	–	0.02%	–
	New	PUT - FCX 100 @ 35 EXP 08/18/2023put	$350,000	–	7,000	–	0.02%	–
	New	CALL- LVS 100 @ 62.5 EXP 09/15/2023call	$349,000	–	2,000	–	0.02%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$336,686	–	87,451	–	0.02%	–
VINP	New	VINCI PARTNERS INVESTMENTS-A	$323,758	–	34,738	–	0.02%	–
CVE	New	CENOVUS ENERGY INC	$305,640	–	18,000	–	0.01%	–
SBS	New	SABESPsponsored adr	$241,903	–	20,431	–	0.01%	–
	New	AMBIPAR EMERGENCY RESPONSE	$209,510	–	21,599	–	0.01%	–
	New	PUT - NKE 100 @ 108 EXP 07/21/2023put	$206,100	–	1,800	–	0.01%	–
	New	CALL- CVX 100 @ 165 EXP 08/18/2023call	$201,000	–	1,000	–	0.01%	–
	New	PUT - SPY 100 @ 424 EXP 07/21/2023put	$185,881	–	3,150	–	0.01%	–
	New	CALL- BA 100 @ 225 EXP 08/18/2023call	$190,000	–	500	–	0.01%	–
EBRB	New	CENTRAIS ELEC BRAS-ADR PREFspon adr pfd b	$164,497	–	17,444	–	0.01%	–
	New	PUT - SCCO 100 @ 65 EXP 08/18/2023put	$143,750	–	1,250	–	0.01%	–
STNE	New	STONECO LTD-A	$123,425	–	9,688	–	0.01%	–
GOL	New	GOL LINHAS AEREAS INTELspon adr pfd new	$83,483	–	15,290	–	0.00%	–
CSAN	New	COSAN SA -ADR -W/Iads	$38,419	–	2,575	–	0.00%	–
	New	PUT - SPY 100 @ 415 EXP 07/21/2023put	$26,565	–	770	–	0.00%	–
	New	CALL- CNHI 100 @ 15 EXP 07/21/2023call	$12,500	–	1,000	–	0.00%	–
BBDO	New	BANCO BRADESCOsponsored adr	$19,839	–	6,591	–	0.00%	–
	New	CALL- SU 100 @ 32 EXP 07/21/2023call	$7,000	–	1,000	–	0.00%	–
	New	WALDENCAST ACQ CL A -CW27*w exp 07/27/202	$994	–	1,988	–	0.00%	–
EWZS	New	ISHRS BRAZIL SMbrazil sm-cp etf	$6,024	–	400	–	0.00%	–
AZUL	New	AZUL SAsponsr adr pfd	$1,506	–	110	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	CALL- EWZ 100 @ 55 EXP 10/21/2022call	$0	–	-2,100	–	0.00%	–
	Exit	CALL- PBR 100 @ 17 EXP 10/21/2022call	$0	–	-69	–	0.00%	–
	Exit	CALL- PBR 100 @ 14 EXP 10/21/2022call	$0	–	-8	–	0.00%	–
	Exit	CALL- PBR 100 @ 18 EXP 10/21/2022call	$0	–	-1	–	0.00%	–
	Exit	CALL- PBR 100 @ 16 EXP 10/21/2022call	$0	–	-44	–	0.00%	–
	Exit	CALL- PBR 100 @ 19 EXP 11/18/2022call	$0	–	-1,486	–	-0.00%	–
	Exit	PUT - PBR 100 @ 17 EXP 11/18/2022put	$0	–	-28	–	-0.00%	–
	Exit	CALL- PBR 100 @ 18 EXP 11/18/2022call	$0	–	-547	–	-0.00%	–
	Exit	CALL- PBR 100 @ 15 EXP 10/21/2022call	$0	–	-743	–	-0.00%	–
ABEV	Exit	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$0	–	-7,674	–	-0.00%	–
	Exit	CALL- PBRA 100 @ 15 EXP 12/16/2022call	$0	–	-1,001	–	-0.00%	–
	Exit	PUT - PBR 100 @ 16 EXP 11/18/2022put	$0	–	-64	–	-0.00%	–
	Exit	CALL- PBR 100 @ 17 EXP 11/18/2022call	$0	–	-2,381	–	-0.00%	–
BBDO	Exit	BANCO BRADESCOsponsored adr	$0	–	-22,904	–	-0.01%	–
	Exit	CALL- PBRA 100@12 1/2 EXP 12/16/2022call	$0	–	-1,000	–	-0.01%	–
	Exit	EVE HOLDING INC	$0	–	-8,801	–	-0.01%	–
	Exit	GETNET ADQUIRENCIA E SERsponsored ads	$0	–	-63,869	–	-0.01%	–
NTCO	Exit	NATURA &CO HOLDING-ADRads	$0	–	-26,359	–	-0.01%	–
HPXWS	Exit	HPX CORP-A -CW25*w exp 07/14/202	$0	–	-582,694	–	-0.01%	–
	Exit	CALL- PBR 100 @ 16 EXP 11/18/2022call	$0	–	-6,003	–	-0.02%	–
	Exit	INTER & CO INC - CL A	$0	–	-69,935	–	-0.02%	–
CSAN	Exit	COSAN SA -ADR -W/Iads	$0	–	-19,963	–	-0.02%	–
CIG	Exit	COMPNHIA ENRGsp adr n-v pfd	$0	–	-161,202	–	-0.03%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-37,942	–	-0.04%	–
BBD	Exit	BANCO BRADESCOsp adr pfd new	$0	–	-141,033	–	-0.05%	–
ARCE	Exit	ARCO PLATFORM LTD - CLASS A	$0	–	-51,557	–	-0.05%	–
ENIC	Exit	ENEL CHILE S.A.sponsored adr	$0	–	-399,697	–	-0.05%	–
DE	Exit	DEERE & CO	$0	–	-1,700	–	-0.05%	–
BRFS	Exit	BRF - BRASIL FOODS SAsponsored adr	$0	–	-247,426	–	-0.05%	–
	Exit	ZANITE ACQ CL A -CW25*w exp 05/09/202	$0	–	-1,617,173	–	-0.07%	–
FPI	Exit	FARMLAND PARTNER	$0	–	-72,002	–	-0.08%	–
ELP	Exit	COMPANIAspon ads	$0	–	-169,070	–	-0.09%	–
PEJ	Exit	INVESCO DYNAMIC LEISURE AND ENdynmc leisure	$0	–	-31,667	–	-0.10%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-10,000	–	-0.10%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-48,084	–	-0.12%	–
XYL	Exit	XYLEM INC	$0	–	-17,490	–	-0.14%	–
SUZ	Exit	SUZANO SAspon ads	$0	–	-193,763	–	-0.15%	–
STLD	Exit	STEEL DYNAMICS	$0	–	-23,295	–	-0.15%	–
TS	Exit	TENARIS S A ADRsponsored ads	$0	–	-68,128	–	-0.16%	–
	Exit	CALL- FXI 100 @ 28 EXP 10/21/2022call	$0	–	-80,000	–	-0.17%	–
KMX	Exit	CARMAX GROUP	$0	–	-28,000	–	-0.17%	–
NVS	Exit	NOVARTIS ADRsponsored adr	$0	–	-25,000	–	-0.18%	–
	Exit	NU HOLDINGS LTD/CAYMAN ISL-A	$0	–	-450,569	–	-0.18%	–
BHP	Exit	BHP BILLITON LTD -SPON ADRsponsored ads	$0	–	-55,000	–	-0.26%	–
	Exit	PUT - XLP 100 @ 68 EXP 10/21/2022put	$0	–	-14,000	–	-0.27%	–
NOMD	Exit	NOMAD HOLDINGS LTD. ORDINARY SHARES (VIR	$0	–	-261,483	–	-0.34%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$0	–	-1,072,465	–	-0.35%	–
SIX	Exit	SIX FLAGS ENTERTAINMENT CORPORATION NEW	$0	–	-214,700	–	-0.35%	–
CRM	Exit	SALESFORCE INC	$0	–	-26,730	–	-0.36%	–
PAX	Exit	PATRIA INVESTMENTS LTD-A	$0	–	-300,535	–	-0.36%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-363,240	–	-0.39%	–
TIMB	Exit	TIM SA-ADRsponsored adr	$0	–	-377,875	–	-0.39%	–
	Exit	GSK PLC-SPON ADRsponsored adr	$0	–	-145,000	–	-0.40%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-201,000	–	-0.42%	–
SPLK	Exit	SPLUNK INC	$0	–	-66,502	–	-0.46%	–
XLU	Exit	UTILITIES SPDRsbi int-utils	$0	–	-82,024	–	-0.50%	–
BYD	Exit	BOYD GAMING	$0	–	-118,262	–	-0.52%	–
	Exit	CALL- SPY 100 @ 375 EXP 10/21/2022call	$0	–	-18,000	–	-0.54%	–
AAP	Exit	ADVANCE AUTO PARTS INC	$0	–	-37,919	–	-0.55%	–
ELY	Exit	TOPGOLF CALLAWAY BRANDS CORP	$0	–	-320,000	–	-0.57%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-172,777	–	-0.57%	–
NFLX	Exit	NETFLIX INC	$0	–	-28,730	–	-0.63%	–
CTVA	Exit	CORTEVA INC	$0	–	-118,600	–	-0.63%	–
AJRD	Exit	AEROJET ROCKETDYNE HOLDINGS IN	$0	–	-172,141	–	-0.64%	–
NOW	Exit	SERVICENOW	$0	–	-18,300	–	-0.64%	–
IAA	Exit	IAA INC	$0	–	-243,240	–	-0.72%	–
GPK	Exit	GRAPHIC PACKA	$0	–	-403,747	–	-0.74%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-1,134,248	–	-0.76%	–
HAS	Exit	HASBRO	$0	–	-124,000	–	-0.77%	–
ASAI	Exit	SENDAS DISTRIBUIDORA SA-W/Ispon ads	$0	–	-543,691	–	-0.81%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFmsci brazil etf	$0	–	-310,659	–	-0.85%	–
BP	Exit	BP PLCsponsored adr	$0	–	-334,000	–	-0.88%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-144,670	–	-0.98%	–
DPZ	Exit	DOMINOS PIZZA	$0	–	-35,410	–	-1.02%	–
	Exit	PUT - PBR 100 @ 12 EXP 10/21/2022put	$0	–	-150,000	–	-1.02%	–
	Exit	CALL- VALE 100 @ 14 EXP 11/18/2022call	$0	–	-150,000	–	-1.05%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-14,269	–	-1.09%	–
PBR	Exit	PETROLEO BRASILEIRO ADRsponsored adr	$0	–	-962,911	–	-1.10%	–
FOXA	Exit	FOX CORP - CLASS A	$0	–	-390,604	–	-1.11%	–
TMUS	Exit	T-MOBILE US INC COM STK	$0	–	-107,927	–	-1.34%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-3,210,602	–	-1.34%	–
CSX	Exit	CSX CORP	$0	–	-556,420	–	-1.37%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTtr unit	$0	–	-43,834	–	-1.45%	–
MT	Exit	ARCELOR MITTALny registry sh	$0	–	-819,952	–	-1.51%	–
AA	Exit	ALCOA CORP	$0	–	-490,147	–	-1.53%	–
H	Exit	HYATT HOTELS CORP-CL A	$0	–	-212,020	–	-1.59%	–
ITUB	Exit	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$0	–	-3,585,168	–	-1.72%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-233,369	–	-1.77%	–
ERJ	Exit	EMBRAER SAsponsored ads	$0	–	-2,249,816	–	-1.79%	–
ITQRU	Exit	ITIQUIRA ACQUISITION CORPunit 02/03/2026	$0	–	-2,000,000	–	-1.84%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-413,000	–	-1.92%	–
CNHI	Exit	CNH INDUSTRAL NV	$0	–	-1,920,950	–	-1.99%	–
STNE	Exit	STONECO LTD-A	$0	–	-2,484,329	–	-2.19%	–
VALE	Exit	VALE SA SP ADRsponsored ads	$0	–	-2,155,203	–	-2.66%	–
	Exit	SHELL PLC-ADRspon ads	$0	–	-801,251	–	-3.69%	–
	Exit	PUT - SPY 100 @ 350 EXP 10/21/2022put	$0	–	-75,000	–	-4.85%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-1,480,701	–	-7.54%	–
XLV	Exit	HEALTH CARE SPDR ETFsbi healthcare	$0	–	-864,089	–	-9.68%	–
XLE	Exit	ENERGY SPDRenergy	$0	–	-3,431,317	–	-22.87%	–

Q3 2022

			Value		Shares		↓ Weighting
XLE	Buy	ENERGY SPDRenergy	$247,123,450,000	+374.1%	3,431,317	+370.7%	22.87%	+219.9%
XLV	New	HEALTH CARE SPDR ETFsbi healthcare	$104,649,818,000	–	864,089	–	9.68%	–
RIO	New	RIO TINTO PLCsponsored adr	$81,527,397,000	–	1,480,701	–	7.54%	–
	New	PUT - SPY 100 @ 350 EXP 10/21/2022put	$52,425,000,000	–	75,000	–	4.85%	–
	Buy	SHELL PLC-ADRspon ads	$39,870,249,000	+0.3%	801,251	+5.4%	3.69%	-32.4%
VALE	Buy	VALE SA SP ADRsponsored ads	$28,707,426,000	+31.2%	2,155,203	+44.1%	2.66%	-11.4%
STNE	New	STONECO LTD-A	$23,675,655,000	–	2,484,329	–	2.19%	–
CNHI	Buy	CNH INDUSTRAL NV	$21,457,011,000	+56.2%	1,920,950	+62.1%	1.99%	+5.4%
MU	New	MICRON TECHNOLOGY INC	$20,691,300,000	–	413,000	–	1.92%	–
ERJ	Sell	EMBRAER SAsponsored ads	$19,348,417,000	-45.5%	2,249,816	-44.4%	1.79%	-63.2%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$19,103,586,000	-14.3%	233,369	+0.6%	1.77%	-42.2%
ITUB	Sell	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$18,535,318,000	-21.4%	3,585,168	-34.9%	1.72%	-47.0%
H	Buy	HYATT HOTELS CORP-CL A	$17,165,139,000	+43.9%	212,020	+31.3%	1.59%	-2.9%
AA	Sell	ALCOA CORP	$16,498,348,000	-32.9%	490,147	-9.1%	1.53%	-54.7%
MT	New	ARCELOR MITTALny registry sh	$16,325,244,000	–	819,952	–	1.51%	–
SPY	Buy	SPDR S&P 500 ETF TRUSTtr unit	$15,656,628,000	+3122.2%	43,834	+3303.3%	1.45%	+2062.7%
CSX	Sell	CSX CORP	$14,823,028,000	-34.7%	556,420	-28.7%	1.37%	-55.9%
GGB	Buy	GERDAU SAspon adr rep pfd	$14,511,921,000	+903.8%	3,210,602	+852.7%	1.34%	+578.3%
FOXA	Sell	FOX CORP - CLASS A	$11,983,730,000	-21.3%	390,604	-17.5%	1.11%	-46.9%
PBR		PETROLEO BRASILEIRO ADRsponsored adr	$11,882,321,000	–	962,911	–	1.10%	–
MELI	New	MERCADOLIBRE INC	$11,811,592,000	–	14,269	–	1.09%	–
	New	CALL- VALE 100 @ 14 EXP 11/18/2022call	$11,325,000,000	–	150,000	–	1.05%	–
	New	PUT - PBR 100 @ 12 EXP 10/21/2022put	$11,016,000,000	–	150,000	–	1.02%	–
DPZ	New	DOMINOS PIZZA	$10,984,182,000	–	35,410	–	1.02%	–
EMR	Sell	EMERSON ELECTRIC CO	$10,592,737,000	-26.5%	144,670	-20.1%	0.98%	-50.4%
BP	New	BP PLCsponsored adr	$9,535,700,000	–	334,000	–	0.88%	–
EWZ	Buy	ISHARES MSCI BRAZIL ETFmsci brazil etf	$9,204,826,000	+238243.5%	310,659	+220225.5%	0.85%	+85100.0%
ASAI	Sell	SENDAS DISTRIBUIDORA SA-W/Ispon ads	$8,769,735,000	-41.6%	543,691	-50.8%	0.81%	-60.6%
HAS	New	HASBRO	$8,360,080,000	–	124,000	–	0.77%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$8,268,667,000	–	1,134,248	–	0.76%	–
GPK	Buy	GRAPHIC PACKA	$7,969,965,000	+0.0%	403,747	+3.9%	0.74%	-32.5%
IAA	Buy	IAA INC	$7,747,194,000	+22.6%	243,240	+26.1%	0.72%	-17.3%
NOW	Buy	SERVICENOW	$6,910,263,000	+13.4%	18,300	+42.7%	0.64%	-23.4%
AJRD	Buy	AEROJET ROCKETDYNE HOLDINGS IN	$6,883,918,000	+2.6%	172,141	+4.1%	0.64%	-30.8%
CTVA	New	CORTEVA INC	$6,777,990,000	–	118,600	–	0.63%	–
NFLX	New	NETFLIX INC	$6,764,191,000	–	28,730	–	0.63%	–
SLB	Sell	SCHLUMBERGER LTD	$6,202,694,000	-34.7%	172,777	-34.9%	0.57%	-55.9%
ELY	New	TOPGOLF CALLAWAY BRANDS CORP	$6,163,200,000	–	320,000	–	0.57%	–
AAP	New	ADVANCE AUTO PARTS INC	$5,928,256,000	–	37,919	–	0.55%	–
	New	CALL- SPY 100 @ 375 EXP 10/21/2022call	$5,796,179,000	–	18,000	–	0.54%	–
BYD	Sell	BOYD GAMING	$5,635,184,000	-28.2%	118,262	-25.0%	0.52%	-51.5%
XLU	Buy	UTILITIES SPDRsbi int-utils	$5,373,392,000	+20.6%	82,024	+29.1%	0.50%	-18.7%
SPLK	Buy	SPLUNK INC	$5,000,950,000	+3.0%	66,502	+21.2%	0.46%	-30.5%
MRO	New	MARATHON OIL CORP	$4,538,580,000	–	201,000	–	0.42%	–
	New	GSK PLC-SPON ADRsponsored adr	$4,267,350,000	–	145,000	–	0.40%	–
TIMB	Sell	TIM SA-ADRsponsored adr	$4,224,642,000	-56.9%	377,875	-53.1%	0.39%	-70.9%
	Sell	WARNER BROS DISCOVERY INC	$4,177,260,000	-23.5%	363,240	-10.7%	0.39%	-48.3%
PAX	New	PATRIA INVESTMENTS LTD-A	$3,921,981,000	–	300,535	–	0.36%	–
CRM	Sell	SALESFORCE INC	$3,844,843,000	-53.6%	26,730	-46.8%	0.36%	-68.7%
SIX	New	SIX FLAGS ENTERTAINMENT CORPORATION NEW	$3,800,190,000	–	214,700	–	0.35%	–
CBD	Buy	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$3,796,526,000	+42.7%	1,072,465	+24.9%	0.35%	-3.8%
NOMD	New	NOMAD HOLDINGS LTD. ORDINARY SHARES (VIR	$3,713,058,000	–	261,483	–	0.34%	–
	New	PUT - XLP 100 @ 68 EXP 10/21/2022put	$2,890,859,000	–	14,000	–	0.27%	–
BHP	New	BHP BILLITON LTD -SPON ADRsponsored ads	$2,752,200,000	–	55,000	–	0.26%	–
	New	NU HOLDINGS LTD/CAYMAN ISL-A	$1,982,503,000	–	450,569	–	0.18%	–
NVS	New	NOVARTIS ADRsponsored adr	$1,900,250,000	–	25,000	–	0.18%	–
KMX	New	CARMAX GROUP	$1,848,560,000	–	28,000	–	0.17%	–
	New	CALL- FXI 100 @ 28 EXP 10/21/2022call	$1,800,000,000	–	80,000	–	0.17%	–
TS	New	TENARIS S A ADRsponsored ads	$1,760,427,000	–	68,128	–	0.16%	–
STLD	New	STEEL DYNAMICS	$1,652,780,000	–	23,295	–	0.15%	–
SUZ	Sell	SUZANO SAspon ads	$1,598,544,000	-17.9%	193,763	-5.7%	0.15%	-44.6%
XYL	New	XYLEM INC	$1,527,926,000	–	17,490	–	0.14%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$1,314,135,000	–	48,084	–	0.12%	–
AMZN	New	AMAZON.COM INC	$1,130,000,000	–	10,000	–	0.10%	–
PEJ	New	INVESCO DYNAMIC LEISURE AND ENdynmc leisure	$1,097,261,000	–	31,667	–	0.10%	–
ELP	New	COMPANIAspon ads	$1,002,585,000	–	169,070	–	0.09%	–
FPI	New	FARMLAND PARTNER	$912,265,000	–	72,002	–	0.08%	–
	Sell	ZANITE ACQ CL A -CW25*w exp 05/09/202	$792,253,000	-5.3%	1,617,173	-1.3%	0.07%	-36.5%
BRFS	New	BRF - BRASIL FOODS SAsponsored adr	$578,976,000	–	247,426	–	0.05%	–
DE	Sell	DEERE & CO	$567,613,000	-89.3%	1,700	-90.4%	0.05%	-92.7%
ENIC	Sell	ENEL CHILE S.A.sponsored adr	$551,581,000	+15.8%	399,697	-6.9%	0.05%	-21.5%
ARCE	New	ARCO PLATFORM LTD - CLASS A	$556,300,000	–	51,557	–	0.05%	–
BBD	Sell	BANCO BRADESCOsp adr pfd new	$519,001,000	-80.1%	141,033	-82.4%	0.05%	-86.6%
PBRA	Sell	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$420,397,000	-93.0%	37,942	-93.3%	0.04%	-95.3%
CIG	New	COMPNHIA ENRGsp adr n-v pfd	$325,628,000	–	161,202	–	0.03%	–
CSAN	Sell	COSAN SA -ADR -W/Iads	$257,123,000	-37.6%	19,963	-32.7%	0.02%	-57.9%
	New	INTER & CO INC - CL A	$227,988,000	–	69,935	–	0.02%	–
	New	CALL- PBR 100 @ 16 EXP 11/18/2022call	$171,085,000	–	6,003	–	0.02%	–
NTCO		NATURA &CO HOLDING-ADRads	$143,920,000	–	26,359	–	0.01%	–
HPXWS	New	HPX CORP-A -CW25*w exp 07/14/202	$139,846,000	–	582,694	–	0.01%	–
	Sell	GETNET ADQUIRENCIA E SERsponsored ads	$110,493,000	-58.1%	63,869	-60.8%	0.01%	-72.2%
	Buy	EVE HOLDING INC	$81,321,000	+838.2%	8,801	+529.5%	0.01%	+700.0%
BBDO	Buy	BANCO BRADESCOsponsored adr	$68,941,000	+78.4%	22,904	+61.8%	0.01%	+20.0%
	New	CALL- PBRA 100@12 1/2 EXP 12/16/2022call	$67,569,000	–	1,000	–	0.01%	–
	New	CALL- PBR 100 @ 17 EXP 11/18/2022call	$44,048,000	–	2,381	–	0.00%	–
	New	CALL- PBRA 100 @ 15 EXP 12/16/2022call	$20,029,000	–	1,001	–	0.00%	–
	New	PUT - PBR 100 @ 16 EXP 11/18/2022put	$26,573,000	–	64	–	0.00%	–
ABEV	Buy	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$21,717,000	+106.1%	7,674	+82.8%	0.00%	+100.0%
	New	PUT - PBR 100 @ 17 EXP 11/18/2022put	$14,137,000	–	28	–	0.00%	–
	New	CALL- PBR 100 @ 19 EXP 11/18/2022call	$13,715,000	–	1,486	–	0.00%	–
	New	CALL- PBR 100 @ 18 EXP 11/18/2022call	$6,301,000	–	547	–	0.00%	–
	New	CALL- PBR 100 @ 15 EXP 10/21/2022call	$14,488,000	–	743	–	0.00%	–
	New	CALL- PBR 100 @ 17 EXP 10/21/2022call	$463,000	–	69	–	0.00%	–
	New	CALL- EWZ 100 @ 55 EXP 10/21/2022call	$2,184,000	–	2,100	–	0.00%	–
	New	CALL- PBR 100 @ 14 EXP 10/21/2022call	$305,000	–	8	–	0.00%	–
	New	CALL- PBR 100 @ 18 EXP 10/21/2022call	$4,000	–	1	–	0.00%	–
	New	CALL- PBR 100 @ 16 EXP 10/21/2022call	$418,000	–	44	–	0.00%	–
	Exit	CALL- ASHR 100 @ 37 EXP 08/19/2022call	$0	–	0	–	0.00%	–
	Exit	CALL- SPY 100 @ 410 EXP 07/15/2022call	$0	–	0	–	0.00%	–
	Exit	CALL- ASHR 100 @ 34 EXP 08/19/2022call	$0	–	0	–	0.00%	–
EBR	Exit	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$0	–	0	–	0.00%	–
EMB	Exit	ISHARES JPMORGAN USD EMERGING MARKET BONjpmorgan usd emg	$0	–	0	–	0.00%	–
GOL	Exit	GOL LINHAS AEREAS INTELspon adr pfd new	$0	–	-20,000	–	-0.01%	–
UGP	Exit	ULTRAPAR PARTICIPACOES	$0	–	-107,706	–	-0.04%	–
ICOL	Exit	ISHARES INCmsci colmbia etf	$0	–	-117,775	–	-0.15%	–
AFYA	Exit	AFYA LTD-CLASS A	$0	–	-243,726	–	-0.33%	–
XOP	Exit	STREETTRACKS SPDR OIL & GAS EXPLORATIONs&p oilgas exp	$0	–	-29,400	–	-0.48%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-187,526	–	-0.53%	–
AYX	Exit	ALTERYX LLC - A	$0	–	-81,470	–	-0.54%	–
IAC	Exit	IAC/INTERACTIVECORP	$0	–	-55,435	–	-0.58%	–
VRNS	Exit	VARONIS SYSTEMS INC	$0	–	-169,044	–	-0.68%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-178,000	–	-0.71%	–
WCC	Exit	WESCO INTL	$0	–	-49,873	–	-0.73%	–
MDLZ	Exit	MONDELEZ INT CLAcl a	$0	–	-96,366	–	-0.82%	–
EQT	Exit	EQT CORP	$0	–	-175,100	–	-0.83%	–
GM	Exit	GENERAL MOTORS	$0	–	-196,380	–	-0.86%	–
DIA	Exit	SPDR DOW JONES INDL AVUT SER 1ut ser 1	$0	–	-32,000	–	-1.35%	–
AR	Exit	ANTERO RSRCS CRP	$0	–	-343,648	–	-1.44%	–
HAL	Exit	HALLIBURTON CO	$0	–	-379,540	–	-1.63%	–
WALD	Exit	WALDENCAST ACQUISITION COR-A	$0	–	-1,396,495	–	-1.89%	–
	Exit	PUT - SPY 100 @ 370 EXP 08/19/2022put	$0	–	-15,000	–	-2.30%	–
HYG	Exit	ISHARES IBOXX H/Y CORP BONDiboxx hi yd etf	$0	–	-238,000	–	-2.40%	–
	Exit	CALL- FXI 100 @ 35 EXP 08/19/2022call	$0	–	-150,000	–	-2.67%	–
PSTH	Exit	PERSHING SQUARE TONTINE -A	$0	–	-1,128,665	–	-3.09%	–
VLO	Exit	VALERO ENERGY	$0	–	-328,667	–	-4.79%	–
FXI	Exit	ISHARE CHINA LARGE CAP ETFchina lg-cap etf	$0	–	-2,122,000	–	-9.87%	–

Q2 2022

			Value		Shares		↓ Weighting
FXI	New	ISHARE CHINA LARGE CAP ETFchina lg-cap etf	$71,957,020,000	–	2,122,000	–	9.87%	–
XLE	New	ENERGY SPDRenergy	$52,125,927,000	–	728,932	–	7.15%	–
	New	SHELL PLC-ADRspon ads	$39,768,584,000	–	760,539	–	5.46%	–
ERJ	New	EMBRAER SAsponsored ads	$35,504,353,000	–	4,043,776	–	4.87%	–
VLO	New	VALERO ENERGY	$34,930,729,000	–	328,667	–	4.79%	–
AA	New	ALCOA CORP	$24,587,903,000	–	539,445	–	3.37%	–
ITUB	New	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$23,583,686,000	–	5,510,207	–	3.24%	–
CSX	New	CSX CORP	$22,690,629,000	–	780,820	–	3.11%	–
PSTH	New	PERSHING SQUARE TONTINE -A	$22,539,440,000	–	1,128,665	–	3.09%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$22,304,152,000	–	232,069	–	3.06%	–
VALE	New	VALE SA SP ADRsponsored ads	$21,873,108,000	–	1,495,116	–	3.00%	–
ITQRU	New	ITIQUIRA ACQUISITION CORPunit 02/03/2026	$19,700,000,000	–	2,000,000	–	2.70%	–
	New	CALL- FXI 100 @ 35 EXP 08/19/2022call	$19,465,500,000	–	150,000	–	2.67%	–
HYG	New	ISHARES IBOXX H/Y CORP BONDiboxx hi yd etf	$17,519,180,000	–	238,000	–	2.40%	–
	New	PUT - SPY 100 @ 370 EXP 08/19/2022put	$16,750,800,000	–	15,000	–	2.30%	–
FOXA	New	FOX CORP - CLASS A	$15,234,321,000	–	473,704	–	2.09%	–
ASAI	New	SENDAS DISTRIBUIDORA SA-W/Ispon ads	$15,025,892,000	–	1,105,658	–	2.06%	–
TMUS	New	T-MOBILE US INC COM STK	$14,520,499,000	–	107,927	–	1.99%	–
EMR	New	EMERSON ELECTRIC CO	$14,402,308,000	–	181,070	–	1.98%	–
WALD	New	WALDENCAST ACQUISITION COR-A	$13,755,476,000	–	1,396,495	–	1.89%	–
CNHI	New	CNH INDUSTRAL NV	$13,734,509,000	–	1,185,031	–	1.88%	–
H	New	HYATT HOTELS CORP-CL A	$11,930,552,000	–	161,420	–	1.64%	–
HAL	New	HALLIBURTON CO	$11,902,374,000	–	379,540	–	1.63%	–
AR	New	ANTERO RSRCS CRP	$10,532,811,000	–	343,648	–	1.44%	–
DIA	New	SPDR DOW JONES INDL AVUT SER 1ut ser 1	$9,850,240,000	–	32,000	–	1.35%	–
TIMB	New	TIM SA-ADRsponsored adr	$9,797,201,000	–	806,354	–	1.34%	–
SLB	New	SCHLUMBERGER LTD	$9,497,034,000	–	265,577	–	1.30%	–
CRM	New	SALESFORCE INC	$8,285,008,000	–	50,200	–	1.14%	–
GPK	New	GRAPHIC PACKA	$7,969,314,000	–	388,747	–	1.09%	–
BYD	New	BOYD GAMING	$7,843,685,000	–	157,662	–	1.08%	–
AJRD	New	AEROJET ROCKETDYNE HOLDINGS IN	$6,711,180,000	–	165,300	–	0.92%	–
IAA	New	IAA INC	$6,319,367,000	–	192,840	–	0.87%	–
GM	New	GENERAL MOTORS	$6,237,029,000	–	196,380	–	0.86%	–
NOW	New	SERVICENOW	$6,096,166,000	–	12,820	–	0.84%	–
EQT	New	EQT CORP	$6,023,440,000	–	175,100	–	0.83%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$6,007,215,000	–	565,119	–	0.82%	–
MDLZ	New	MONDELEZ INT CLAcl a	$5,983,365,000	–	96,366	–	0.82%	–
	New	WARNER BROS DISCOVERY INC	$5,461,672,000	–	406,980	–	0.75%	–
WCC	New	WESCO INTL	$5,341,398,000	–	49,873	–	0.73%	–
DE	New	DEERE & CO	$5,327,571,000	–	17,790	–	0.73%	–
DAL	New	DELTA AIRLINES INC	$5,156,660,000	–	178,000	–	0.71%	–
VRNS	New	VARONIS SYSTEMS INC	$4,956,370,000	–	169,044	–	0.68%	–
SPLK	New	SPLUNK INC	$4,854,685,000	–	54,880	–	0.67%	–
XLU	New	UTILITIES SPDRsbi int-utils	$4,454,938,000	–	63,524	–	0.61%	–
IAC	New	IAC/INTERACTIVECORP	$4,211,397,000	–	55,435	–	0.58%	–
AYX	New	ALTERYX LLC - A	$3,944,777,000	–	81,470	–	0.54%	–
UBER	New	UBER TECHNOLOGIES INC	$3,836,782,000	–	187,526	–	0.53%	–
XOP	New	STREETTRACKS SPDR OIL & GAS EXPLORATIONs&p oilgas exp	$3,512,712,000	–	29,400	–	0.48%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$2,661,111,000	–	858,423	–	0.36%	–
BBD	New	BANCO BRADESCOsp adr pfd new	$2,606,432,000	–	799,519	–	0.36%	–
AFYA	New	AFYA LTD-CLASS A	$2,425,074,000	–	243,726	–	0.33%	–
SUZ	New	SUZANO SAspon ads	$1,947,628,000	–	205,446	–	0.27%	–
GGB	New	GERDAU SAspon adr rep pfd	$1,445,700,000	–	336,993	–	0.20%	–
ICOL	New	ISHARES INCmsci colmbia etf	$1,061,518,000	–	117,775	–	0.15%	–
	New	ZANITE ACQ CL A -CW25*w exp 05/09/202	$836,698,000	–	1,639,299	–	0.12%	–
SPY	New	SPDR S&P 500 ETF TRUSTtr unit	$485,898,000	–	1,288	–	0.07%	–
ENIC	New	ENEL CHILE S.A.sponsored adr	$476,299,000	–	429,098	–	0.06%	–
CSAN	New	COSAN SA -ADR -W/Iads	$412,107,000	–	29,648	–	0.06%	–
	New	GETNET ADQUIRENCIA E SERsponsored ads	$263,755,000	–	162,812	–	0.04%	–
UGP	New	ULTRAPAR PARTICIPACOES	$253,109,000	–	107,706	–	0.04%	–
GOL	New	GOL LINHAS AEREAS INTELspon adr pfd new	$68,200,000	–	20,000	–	0.01%	–
BBDO	New	BANCO BRADESCOsponsored adr	$38,638,000	–	14,153	–	0.01%	–
ABEV	New	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$10,539,000	–	4,199	–	0.00%	–
	New	EVE HOLDING INC	$8,668,000	–	1,398	–	0.00%	–
EWZ	New	ISHARES MSCI BRAZIL ETFmsci brazil etf	$3,862,000	–	141	–	0.00%	–
PBR	New	PETROLEO BRASILEIRO ADRsponsored adr	$0	–	0	–	0.00%	–
NTCO	New	NATURA &CO HOLDING-ADRads	$0	–	0	–	0.00%	–
	New	CALL- SPY 100 @ 410 EXP 07/15/2022call	$0	–	0	–	0.00%	–
EBR	New	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$0	–	0	–	0.00%	–
	New	CALL- ASHR 100 @ 34 EXP 08/19/2022call	$0	–	0	–	0.00%	–
	New	CALL- ASHR 100 @ 37 EXP 08/19/2022call	$0	–	0	–	0.00%	–
EMB	New	ISHARES JPMORGAN USD EMERGING MARKET BONjpmorgan usd emg	$0	–	0	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
BSBR	Exit	BANCO SANTANDERads rep 1 unit	$0	–	-225	–	0.00%	–
	Exit	CALL- SPY 100 @ 450 EXP 10/01/2021call	$0	–	-12,582	–	-0.00%	–
UGP	Exit	ULTRAPAR PARTICIPACOES	$0	–	-8,520	–	-0.00%	–
VSTA	Exit	VASTA PLATFORM LTDcl a	$0	–	-19,615	–	-0.02%	–
CSAN	Exit	COSAN SA -ADR -W/Iads	$0	–	-13,289	–	-0.04%	–
ZNTEW	Exit	ZANITE ACQ CL A -CW25*w exp 10/08/202	$0	–	-406,346	–	-0.06%	–
	Exit	CALL- XLE 100 @ 50 EXP 11/19/2021call	$0	–	-4,000	–	-0.29%	–
	Exit	CALL- SPY 100 @ 440 EXP 10/08/2021call	$0	–	-20,000	–	-0.35%	–
	Exit	CALL- XLE 100 @ 51 EXP 11/19/2021call	$0	–	-6,000	–	-0.36%	–
PBR	Exit	PETROLEO BRASILEIRO ADR	$0	–	-206,218	–	-0.40%	–
	Exit	PUT - TLT 100 @ 145 EXP 12/17/2021put	$0	–	-4,900	–	-0.44%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-93,300	–	-0.75%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-77,900	–	-0.76%	–
ZNTE	Exit	ZANITE ACQUISITION CORP-CL A	$0	–	-493,345	–	-0.94%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-543,816	–	-1.03%	–
TIMB	Exit	TIM SA-ADRsponsored adr	$0	–	-630,653	–	-1.28%	–
RDSB	Exit	ROYAL DUTCH SHELL B ADRspon adr b	$0	–	-157,000	–	-1.31%	–
AA	Exit	ALCOA CORP	$0	–	-151,334	–	-1.40%	–
ABEV	Exit	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$0	–	-2,988,647	–	-1.56%	–
IWD	Exit	ISHARES RUSSELL 1000 VALUE ETFrus 1000 val etf	$0	–	-63,100	–	-1.86%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD-CL A	$0	–	-202,578	–	-1.98%	–
FISV	Exit	FISERV INC	$0	–	-102,000	–	-2.09%	–
WALDU	Exit	WALDENCAST ACQUISITION CORPunit 03/11/2026	$0	–	-1,122,706	–	-2.14%	–
VALE	Exit	VALE SA SP ADRsponsored ads	$0	–	-860,589	–	-2.26%	–
NTCO	Exit	NATURA &CO HOLDING-ADRads	$0	–	-809,990	–	-2.54%	–
BBD	Exit	BANCO BRADESCOsp adr pfd new	$0	–	-4,254,822	–	-3.07%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-3,381,300	–	-3.14%	–
SONY	Exit	SONY GROUP CORPsponsored adr	$0	–	-152,573	–	-3.18%	–
	Exit	PUT - QQQ 100 @ 360 EXP 10/22/2021put	$0	–	-20,000	–	-3.42%	–
ASAI	Exit	SENDAS DISTRIBUIDORA SA-W/Ispon ads	$0	–	-1,108,304	–	-3.64%	–
ITQRU	Exit	ITIQUIRA ACQUISITION CORPunit 02/03/2026	$0	–	-2,000,000	–	-3.75%	–
ICLN	Exit	ISHARES GLOBAL CLEAN ENERGY ETFgl clean ene etf	$0	–	-1,085,000	–	-4.43%	–
ITUB	Exit	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$0	–	-5,781,272	–	-5.74%	–
XLF	Exit	FINANCIAL SPDRfinancial	$0	–	-1,033,000	–	-7.31%	–
XLE	Exit	ENERGY SPDRenergy	$0	–	-763,565	–	-7.50%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFmsci brazil etf	$0	–	-1,439,788	–	-8.72%	–
EMB	Exit	ISHARES JPMORGAN USD EMERGING MARKET BONjpmorgan usd emg	$0	–	-530,000	–	-11.00%	–
ERJ	Exit	EMBRAER SAsponsored ads	$0	–	-3,498,511	–	-11.22%	–

Q3 2021

			Value		Shares		↓ Weighting
ERJ	Buy	EMBRAER SAsponsored ads	$59,474,687,000	+37.5%	3,498,511	+22.4%	11.22%	+108.6%
EMB	New	ISHARES JPMORGAN USD EMERGING MARKET BONjpmorgan usd emg	$58,331,800,000	–	530,000	–	11.00%	–
EWZ	Buy	ISHARES MSCI BRAZIL ETFmsci brazil etf	$46,260,388,000	+8.2%	1,439,788	+36.6%	8.72%	+64.2%
XLE	Buy	ENERGY SPDRenergy	$39,774,101,000	+241.8%	763,565	+253.5%	7.50%	+418.7%
XLF	Sell	FINANCIAL SPDRfinancial	$38,768,490,000	-70.8%	1,033,000	-71.4%	7.31%	-55.7%
ITUB	Buy	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$30,467,303,000	+4610.2%	5,781,272	+5271.6%	5.74%	+7081.2%
ICLN	New	ISHARES GLOBAL CLEAN ENERGY ETFgl clean ene etf	$23,490,250,000	–	1,085,000	–	4.43%	–
ASAI	Sell	SENDAS DISTRIBUIDORA SA-W/Ispon ads	$19,317,739,000	-20.9%	1,108,304	-22.4%	3.64%	+20.0%
	New	PUT - QQQ 100 @ 360 EXP 10/22/2021put	$18,162,600,000	–	20,000	–	3.42%	–
SONY	Sell	SONY GROUP CORPsponsored adr	$16,871,522,000	-11.2%	152,573	-21.9%	3.18%	+34.8%
GGB	Buy	GERDAU SAspon adr rep pfd	$16,635,996,000	+354.9%	3,381,300	+445.5%	3.14%	+589.5%
BBD	Buy	BANCO BRADESCOsp adr pfd new	$16,295,968,000	-17.1%	4,254,822	+11.1%	3.07%	+25.8%
NTCO	Buy	NATURA &CO HOLDING-ADRads	$13,486,334,000	-26.2%	809,990	+0.5%	2.54%	+11.9%
VALE	Sell	VALE SA SP ADRsponsored ads	$12,005,217,000	-54.7%	860,589	-25.9%	2.26%	-31.2%
WALDU	Sell	WALDENCAST ACQUISITION CORPunit 03/11/2026	$11,373,012,000	-38.0%	1,122,706	-37.2%	2.14%	-6.0%
FISV	New	FISERV INC	$11,067,000,000	–	102,000	–	2.09%	–
PAGS	Sell	PAGSEGURO DIGITAL LTD-CL A	$10,477,334,000	-59.0%	202,578	-55.7%	1.98%	-37.9%
IWD	Buy	ISHARES RUSSELL 1000 VALUE ETFrus 1000 val etf	$9,875,781,000	+147.1%	63,100	+150.4%	1.86%	+274.6%
ABEV	Buy	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$8,248,666,000	+2317.0%	2,988,647	+2912.5%	1.56%	+3604.8%
AA	New	ALCOA CORP	$7,406,286,000	–	151,334	–	1.40%	–
RDSB	Sell	ROYAL DUTCH SHELL B ADRspon adr b	$6,950,390,000	-60.1%	157,000	-65.0%	1.31%	-39.5%
TIMB	Buy	TIM SA-ADRsponsored adr	$6,773,213,000	-3.0%	630,653	+4.0%	1.28%	+47.1%
PBRA	Buy	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$5,438,160,000	+830.8%	543,816	+999.2%	1.03%	+1305.5%
ZNTE	New	ZANITE ACQUISITION CORP-CL A	$4,987,718,000	–	493,345	–	0.94%	–
LUV	New	SOUTHWEST AIRLINES	$4,006,397,000	–	77,900	–	0.76%	–
DAL	New	DELTA AIRLINES INC	$3,975,513,000	–	93,300	–	0.75%	–
	New	PUT - TLT 100 @ 145 EXP 12/17/2021put	$2,305,058,000	–	4,900	–	0.44%	–
PBR	Buy	PETROLEO BRASILEIRO ADR	$2,132,294,000	+2978.2%	206,218	+3540.9%	0.40%	+4366.7%
	New	CALL- XLE 100 @ 51 EXP 11/19/2021call	$1,937,520,000	–	6,000	–	0.36%	–
	New	CALL- SPY 100 @ 440 EXP 10/08/2021call	$1,850,000,000	–	20,000	–	0.35%	–
	New	CALL- XLE 100 @ 50 EXP 11/19/2021call	$1,546,000,000	–	4,000	–	0.29%	–
ZNTEW	New	ZANITE ACQ CL A -CW25*w exp 10/08/202	$341,331,000	–	406,346	–	0.06%	–
CSAN	Buy	COSAN SA -ADR -W/Iads	$222,591,000	+17.0%	13,289	+32.9%	0.04%	+75.0%
VSTA	Sell	VASTA PLATFORM LTDcl a	$89,444,000	-96.4%	19,615	-93.6%	0.02%	-94.5%
UGP	New	ULTRAPAR PARTICIPACOES	$23,004,000	–	8,520	–	0.00%	–
	New	CALL- SPY 100 @ 450 EXP 10/01/2021call	$13,840,000	–	12,582	–	0.00%	–
	Exit	PUT - TLT 100 @ 141 EXP 07/02/2021put	$0	–	-20	–	0.00%	–
BSBR	Sell	BANCO SANTANDERads rep 1 unit	$1,472,000	-96.8%	225	-96.0%	0.00%	-100.0%
	Exit	PUT - TLT 100@141 1/2 EXP 07/02/2021put	$0	–	-1,783	–	-0.00%	–
BBDO	Exit	BANCO BRADESCOsponsored adr	$0	–	-6,361	–	-0.00%	–
	Exit	PUT - SPY 100 @ 427 EXP 07/02/2021put	$0	–	-1,500	–	-0.01%	–
	Exit	CALL- FXI 100 @ 47 EXP 07/16/2021call	$0	–	-5,000	–	-0.03%	–
EBR	Exit	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$0	–	-38,590	–	-0.04%	–
	Exit	CALL- XLE 100 @ 57 EXP 07/16/2021call	$0	–	-20,000	–	-0.07%	–
BRFS	Exit	BRF - BRASIL FOODS SAsponsored adr	$0	–	-132,226	–	-0.09%	–
	Exit	CALL- SPY 100 @ 435 EXP 07/16/2021call	$0	–	-15,000	–	-0.14%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-7,904	–	-0.20%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTtr unit	$0	–	-5,160	–	-0.28%	–
BP	Exit	BP PLCsponsored adr	$0	–	-228,000	–	-0.75%	–
XP	Exit	XP INC - CLASS Acl a	$0	–	-270,478	–	-1.46%	–
XOP	Exit	STREETTRACKS SPDR OIL & GAS EXPLORATIONs&p oilgas exp	$0	–	-123,500	–	-1.48%	–
LPLA	Exit	LPL FINANCIAL HOLDINGS INC	$0	–	-100,350	–	-1.68%	–
IYR	Exit	ISHR DJ REAL ESTu.s. real es etf	$0	–	-332,000	–	-4.21%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETS ETFmsci emg mkt etf	$0	–	-617,000	–	-4.23%	–
EWW	Exit	ISHARES MSCI MEXICO ETFmsci mexico etf	$0	–	-1,587,166	–	-9.47%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-54,753	–	-10.60%	–
XLU	Exit	UTILITIES SPDRsbi int-utils	$0	–	-1,367,403	–	-10.75%	–

Q2 2021

			Value		Shares		↓ Weighting
XLF	New	FINANCIAL SPDRfinancial	$132,722,920,000	–	3,617,414	–	16.50%	–
XLU	New	UTILITIES SPDRsbi int-utils	$86,460,892,000	–	1,367,403	–	10.75%	–
MELI	New	MERCADOLIBRE INC	$85,293,676,000	–	54,753	–	10.60%	–
EWW	New	ISHARES MSCI MEXICO ETFmsci mexico etf	$76,168,096,000	–	1,587,166	–	9.47%	–
ERJ	New	EMBRAER SAsponsored ads	$43,263,322,000	–	2,857,551	–	5.38%	–
EWZ	New	ISHARES MSCI BRAZIL ETFmsci brazil etf	$42,738,200,000	–	1,054,223	–	5.31%	–
EEM	New	ISHARES MSCI EMERGING MARKETS ETFmsci emg mkt etf	$34,027,550,000	–	617,000	–	4.23%	–
IYR	New	ISHR DJ REAL ESTu.s. real es etf	$33,844,080,000	–	332,000	–	4.21%	–
VALE	New	VALE SA SP ADRsponsored ads	$26,497,191,000	–	1,161,648	–	3.29%	–
PAGS	New	PAGSEGURO DIGITAL LTD-CL A	$25,584,854,000	–	457,526	–	3.18%	–
ASAI	New	SENDAS DISTRIBUIDORA SA-W/Ispon ads	$24,417,996,000	–	1,427,953	–	3.04%	–
ITQRU	New	ITIQUIRA ACQUISITION CORPunit 02/03/2026	$20,020,000,000	–	2,000,000	–	2.49%	–
BBD	New	BANCO BRADESCOsp adr pfd new	$19,651,070,000	–	3,830,618	–	2.44%	–
SONY	New	SONY GROUP CORPsponsored adr	$18,996,788,000	–	195,400	–	2.36%	–
WALDU	New	WALDENCAST ACQUISITION CORPunit 03/11/2026	$18,358,291,000	–	1,786,695	–	2.28%	–
NTCO	New	NATURA &CO HOLDING-ADRads	$18,285,508,000	–	805,884	–	2.27%	–
RDSB	New	ROYAL DUTCH SHELL B ADRspon adr b	$17,434,670,000	–	449,000	–	2.17%	–
LPLA	New	LPL FINANCIAL HOLDINGS INC	$13,545,243,000	–	100,350	–	1.68%	–
XOP	New	STREETTRACKS SPDR OIL & GAS EXPLORATIONs&p oilgas exp	$11,941,215,000	–	123,500	–	1.48%	–
XP	New	XP INC - CLASS Acl a	$11,779,317,000	–	270,478	–	1.46%	–
XLE	New	ENERGY SPDRenergy	$11,635,920,000	–	216,000	–	1.45%	–
TIMB	New	TIM SA-ADRsponsored adr	$6,984,449,000	–	606,289	–	0.87%	–
BP	New	BP PLCsponsored adr	$6,023,760,000	–	228,000	–	0.75%	–
IWD	New	ISHARES RUSSELL 1000 VALUE ETFrus 1000 val etf	$3,997,224,000	–	25,200	–	0.50%	–
GGB	New	GERDAU SAspon adr rep pfd	$3,657,410,000	–	619,900	–	0.46%	–
VSTA	New	VASTA PLATFORM LTDcl a	$2,500,952,000	–	307,999	–	0.31%	–
SPY	New	SPDR S&P 500 ETF TRUSTtr unit	$2,208,790,000	–	5,160	–	0.28%	–
BIDU	New	BAIDU INCspon adr rep a	$1,611,626,000	–	7,904	–	0.20%	–
	New	CALL- SPY 100 @ 435 EXP 07/16/2021call	$1,132,500,000	–	15,000	–	0.14%	–
BRFS	New	BRF - BRASIL FOODS SAsponsored adr	$723,276,000	–	132,226	–	0.09%	–
ITUB	New	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$646,832,000	–	107,626	–	0.08%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$584,264,000	–	49,472	–	0.07%	–
	New	CALL- XLE 100 @ 57 EXP 07/16/2021call	$533,600,000	–	20,000	–	0.07%	–
ABEV	New	COMPHANIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$341,279,000	–	99,209	–	0.04%	–
EBR	New	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$333,804,000	–	38,590	–	0.04%	–
	New	CALL- FXI 100 @ 47 EXP 07/16/2021call	$210,000,000	–	5,000	–	0.03%	–
CSAN	New	COSAN SA -ADR -W/Iads	$190,238,000	–	10,002	–	0.02%	–
	New	PUT - SPY 100 @ 427 EXP 07/02/2021put	$101,250,000	–	1,500	–	0.01%	–
PBR	New	PETROLEO BRASILEIRO ADR	$69,271,000	–	5,664	–	0.01%	–
BSBR	New	BANCO SANTANDERads rep 1 unit	$46,043,000	–	5,615	–	0.01%	–
BBDO	New	BANCO BRADESCOsponsored adr	$27,734,000	–	6,361	–	0.00%	–
	New	PUT - TLT 100@141 1/2 EXP 07/02/2021put	$18,722,000	–	1,783	–	0.00%	–
	New	PUT - TLT 100 @ 141 EXP 07/02/2021put	$130,000	–	20	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
	Exit	PUT - OLLI 100 @ 70 EXP 10/16/2020put	$0	–	-300	–	0.00%	–
	Exit	PUT - XRT 100 @ 30 EXP 10/16/2020put	$0	–	-6,000	–	0.00%	–
SID	Exit	COMPANHIA SIDERURGICA NACIONALsponsored ads	$0	–	0	–	0.00%	–
LINX	Exit	LINX SA - ADRsponsored adr	$0	–	-17	–	0.00%	–
CIG	Exit	COMPNHIA ENRGsp adr n-v pfd	$0	–	0	–	0.00%	–
CIGC	Exit	COMPNHIA ENRG Csponsored adr	$0	–	-1,125	–	0.00%	–
	Exit	PUT - SPY 100 @ 334 EXP 09/30/2020put	$0	–	0	–	0.00%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD-CL A	$0	–	0	–	0.00%	–
SUZ	Exit	SUZANO SAspon ads	$0	–	-800	–	-0.00%	–
	Exit	PUT - IWM 100 @ 137 EXP 10/02/2020put	$0	–	-7,000	–	-0.00%	–
	Exit	CALL- EEM 100 @ 48 EXP 10/16/2020call	$0	–	-21,000	–	-0.01%	–
EBRB	Exit	CENTRAIS ELEC BRAS-ADR PREFsponsored adr	$0	–	-8,687	–	-0.01%	–
	Exit	CALL- IWM 100 @ 155 EXP 10/02/2020call	$0	–	-6,500	–	-0.01%	–
	Exit	PUT - XRT 100 @ 30 EXP 11/20/2020put	$0	–	-4,000	–	-0.01%	–
VIV	Exit	TELEFONICA BRASIL SA SAO PAUL ADRsponsored adr	$0	–	-22,214	–	-0.02%	–
	Exit	CALL- XLY 100 @ 152 EXP 10/16/2020call	$0	–	-2,750	–	-0.02%	–
	Exit	PUT - IWM 100 @ 143 EXP 10/02/2020put	$0	–	-7,000	–	-0.02%	–
	Exit	PUT - IWM 100 @ 120 EXP 11/20/2020put	$0	–	-3,000	–	-0.03%	–
	Exit	PUT - ROKU 100 @ 110EXP 01/15/2021put	$0	–	-1,200	–	-0.03%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES NV-CL A	$0	–	-4,500	–	-0.04%	–
	Exit	CALL- TMUS 100 @ 115EXP 10/16/2020call	$0	–	-1,500	–	-0.04%	–
	Exit	CALL- SERV 100 @ 40 EXP 11/20/2020call	$0	–	-1,500	–	-0.04%	–
	Exit	PUT - XRT 100 @ 50 EXP 10/16/2020put	$0	–	-3,000	–	-0.05%	–
	Exit	PUT - XRT 100 @ 49 EXP 11/20/2020put	$0	–	-2,000	–	-0.05%	–
ENIC	Exit	ENEL CHILE S.A.sponsored adr	$0	–	-140,449	–	-0.05%	–
	Exit	CALL- ATUS 100 @ 27 EXP 11/20/2020call	$0	–	-5,000	–	-0.06%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-82,644	–	-0.06%	–
PBR	Exit	PETROLEO BRASILEIRO ADR	$0	–	-86,806	–	-0.07%	–
	Exit	PUT - T 100 @ 31 EXP 12/18/2020put	$0	–	-2,000	–	-0.07%	–
	Exit	PUT - WORK 100 @ 24 EXP 03/19/2021put	$0	–	-3,000	–	-0.09%	–
DIS	Exit	WALT DISNEY CO	$0	–	-7,291	–	-0.10%	–
EBR	Exit	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$0	–	-168,307	–	-0.10%	–
	Exit	CALL- TMUS 100 @ 115EXP 11/20/2020call	$0	–	-2,000	–	-0.12%	–
	Exit	CALL- EBAY 100 @ 55 EXP 02/19/2021call	$0	–	-3,000	–	-0.13%	–
	Exit	CALL- CCI 100 @ 165 EXP 01/15/2021call	$0	–	-1,000	–	-0.13%	–
	Exit	CALL- Z 100 @ 110 EXP 02/19/2021call	$0	–	-1,000	–	-0.13%	–
	Exit	PUT - IWM 100 @ 140 EXP 11/20/2020put	$0	–	-3,000	–	-0.14%	–
	Exit	CALL- XHB 100 @ 53 EXP 10/16/2020call	$0	–	-8,000	–	-0.14%	–
	Exit	CALL- CCI 100 @ 150 EXP 10/16/2020call	$0	–	-800	–	-0.15%	–
	Exit	CALL- Z 100 @ 105 EXP 02/19/2021call	$0	–	-1,000	–	-0.15%	–
	Exit	PUT - ROKU 100 @ 150EXP 04/16/2021put	$0	–	-900	–	-0.16%	–
AEP	Exit	AMERICAN ELECTRIC POWER COMPANY	$0	–	-19,000	–	-0.17%	–
ANTM	Exit	ANTHEM INC	$0	–	-5,892	–	-0.17%	–
HUM	Exit	HUMANA INC.	$0	–	-3,867	–	-0.18%	–
CNC	Exit	CENTENE CORP	$0	–	-27,550	–	-0.18%	–
NTCO	Exit	NATURA &CO HOLDING-ADRads	$0	–	-92,243	–	-0.18%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-28,500	–	-0.19%	–
	Exit	PUT - IWM 100 @ 145 EXP 11/20/2020put	$0	–	-3,000	–	-0.19%	–
	Exit	CALL- ETSY 100 @ 120EXP 03/19/2021call	$0	–	-1,000	–	-0.23%	–
BLMN	Exit	BLOOMIN' BRANDS INC	$0	–	-152,400	–	-0.26%	–
SHAK	Exit	SHAKE SHACK IN-Acl a	$0	–	-37,000	–	-0.26%	–
BHP	Exit	BHP BILLITON LTD -SPON ADRsponsored ads	$0	–	-46,133	–	-0.26%	–
CZZ	Exit	COSAN LTD -CL A	$0	–	-186,943	–	-0.30%	–
	Exit	CALL- BABA 100 @ 285EXP 10/16/2020call	$0	–	-2,000	–	-0.32%	–
	Exit	PUT - ETSY 100 @ 130EXP 12/18/2020put	$0	–	-1,500	–	-0.32%	–
LIVKU	Exit	LIV CAPITAL ACQUISITION CORPsponsored adr	$0	–	-300,000	–	-0.33%	–
	Exit	PUT - SPY 100 @ 330 EXP 10/16/2020put	$0	–	-6,000	–	-0.33%	–
	Exit	CALL- GDX 100 @ 40 EXP 12/18/2020call	$0	–	-12,500	–	-0.37%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-7,481	–	-0.39%	–
	Exit	PUT - ROKU 100 @ 145EXP 01/15/2021put	$0	–	-4,300	–	-0.40%	–
SERV	Exit	SERMASTER GLB HL	$0	–	-91,894	–	-0.40%	–
ITUB	Exit	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$0	–	-939,691	–	-0.41%	–
	Exit	PUT - SPY 100 @ 330 EXP 11/06/2020put	$0	–	-3,880	–	-0.41%	–
SBS	Exit	SABESPsponsored adr	$0	–	-468,622	–	-0.43%	–
UGP	Exit	ULTRAPAR PARTICIPACOES	$0	–	-1,246,395	–	-0.47%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-49,583	–	-0.47%	–
BBD	Exit	BANCO BRADESCOsp adr pfd new	$0	–	-1,256,856	–	-0.47%	–
SYY	Exit	SYSCO CORP	$0	–	-69,327	–	-0.47%	–
	Exit	PUT - SPY 100 @ 330 EXP 11/20/2020put	$0	–	-3,880	–	-0.50%	–
EXC	Exit	EXELON CORP	$0	–	-128,700	–	-0.50%	–
DHI	Exit	D.R. HORTON INC	$0	–	-60,899	–	-0.50%	–
	Exit	PUT - IWM 100 @ 150 EXP 11/20/2020put	$0	–	-6,000	–	-0.52%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-82,907	–	-0.55%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-26,272	–	-0.58%	–
	Exit	CALL- Z 100 @ 80 EXP 01/15/2021call	$0	–	-2,000	–	-0.58%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-4,955	–	-0.59%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-16,437	–	-0.61%	–
TJX	Exit	TJX CO INC	$0	–	-103,975	–	-0.63%	–
EVRG	Exit	EVERGY INC	$0	–	-117,000	–	-0.65%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFmsci brazil etf	$0	–	-227,705	–	-0.69%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-207,091	–	-0.73%	–
MCD	Exit	MCDONALDS CORP	$0	–	-30,788	–	-0.74%	–
TTE	Exit	TOTAL SEsponsored ads	$0	–	-206,090	–	-0.77%	–
	Exit	PUT - IWM 100 @ 140 EXP 12/18/2020put	$0	–	-12,000	–	-0.78%	–
TSU	Exit	TIM PARTICIPACOES SA	$0	–	-640,837	–	-0.81%	–
ROST	Exit	ROSS STORES	$0	–	-79,878	–	-0.82%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-579,935	–	-0.89%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$0	–	-759,400	–	-1.03%	–
BLL	Exit	BALL CORP	$0	–	-114,857	–	-1.05%	–
LVS	Exit	LAS VEGAS SANDS	$0	–	-209,966	–	-1.07%	–
EQIX	Exit	EQUINIX INC	$0	–	-13,617	–	-1.13%	–
USFD	Exit	US FOODS HLDNG	$0	–	-480,000	–	-1.17%	–
RDSB	Exit	ROYAL DUTCH SHELL B ADRspon adr b	$0	–	-475,825	–	-1.26%	–
DRI	Exit	DARDEN REST	$0	–	-119,333	–	-1.32%	–
AON	Exit	AON PLC	$0	–	-59,600	–	-1.35%	–
	Exit	CALL- Z 100 @ 60 EXP 11/20/2020call	$0	–	-3,000	–	-1.39%	–
BP	Exit	BP PLCsponsored adr	$0	–	-736,151	–	-1.41%	–
Z	Exit	ZILLOW GROUP INC - Ccl c cap stk	$0	–	-127,670	–	-1.42%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-7,856	–	-1.47%	–
XHB	Exit	SPDR S&P HOMEBUILDERSs&p homebuild	$0	–	-255,601	–	-1.51%	–
LPLA	Exit	LPL FINANCIAL HOLDINGS INC	$0	–	-180,129	–	-1.51%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-301,466	–	-1.55%	–
MS	Exit	MORGAN STANLEY	$0	–	-301,000	–	-1.59%	–
SRCL	Exit	STERICYCLE INC	$0	–	-245,856	–	-1.70%	–
IFF	Exit	INTL FLAV & FRAG	$0	–	-146,860	–	-1.97%	–
EBAY	Exit	EBAY INC	$0	–	-358,197	–	-2.04%	–
XP	Exit	XP INC - CLASS Acl a	$0	–	-466,465	–	-2.13%	–
HPXU	Exit	HPX CORPunit 99/99/9999	$0	–	-2,000,000	–	-2.24%	–
LOW	Exit	LOWES COMPANIES	$0	–	-129,200	–	-2.35%	–
	Exit	CALL- QQQ 100 @ 280 EXP 01/15/2021call	$0	–	-12,000	–	-2.35%	–
CMCSA	Exit	COMCAST CORP CLASS Acl a	$0	–	-493,115	–	-2.50%	–
ETSY	Exit	ETSY INC	$0	–	-199,248	–	-2.66%	–
GDX	Exit	VANECK VECTORS GOLD MINERS ETFgold miners etf	$0	–	-626,000	–	-2.68%	–
GOOGL	Exit	ALPHABET INC CLASS A COMMON STOCKcap stk cl c	$0	–	-16,878	–	-2.71%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-96,500	–	-2.77%	–
BBY	Exit	BEST BUY CO INC	$0	–	-239,062	–	-2.91%	–
KO	Exit	COCA COLA CO	$0	–	-549,219	–	-2.97%	–
CCI	Exit	CROWN CASTLE INTERNATIONAL CORP	$0	–	-186,742	–	-3.41%	–
ATUS	Exit	ALTICE USA INC. - A	$0	–	-1,243,054	–	-3.54%	–
SONY	Exit	SONY CORPsponsored adr	$0	–	-501,754	–	-4.22%	–
XLY	Exit	CONSUMER DISCRET SPDRsbi cons discr	$0	–	-305,479	–	-4.92%	–
TMUS	Exit	T-MOBILE US INC COM STK	$0	–	-435,705	–	-5.46%	–

Q3 2020

			Value		Shares		↓ Weighting
TMUS	Buy	T-MOBILE US INC COM STK	$49,827,224,000	+140802.1%	435,705	+28.3%	5.46%	-9.1%
XLY	New	CONSUMER DISCRET SPDRsbi cons discr	$44,899,303,000	–	305,479	–	4.92%	–
SONY	Sell	SONY CORPsponsored adr	$38,509,620,000	+106666.5%	501,754	-3.8%	4.22%	-31.1%
ATUS	Buy	ALTICE USA INC. - A	$32,319,404,000	+115864.9%	1,243,054	+0.5%	3.54%	-25.2%
CCI	Sell	CROWN CASTLE INTERNATIONAL CORP	$31,092,543,000	+82771.5%	186,742	-16.7%	3.41%	-46.5%
KO	New	COCA COLA CO	$27,114,942,000	–	549,219	–	2.97%	–
BBY	Buy	BEST BUY CO INC	$26,605,210,000	+149342.3%	239,062	+17.2%	2.91%	-3.6%
FB	New	FACEBOOK INCcl a	$25,273,350,000	–	96,500	–	2.77%	–
GOOGL	Buy	ALPHABET INC CLASS A COMMON STOCKcap stk cl c	$24,736,397,000	+205130.2%	16,878	+98.6%	2.71%	+32.5%
GDX	New	VANECK VECTORS GOLD MINERS ETFgold miners etf	$24,514,160,000	–	626,000	–	2.68%	–
ETSY	Sell	ETSY INC	$24,234,534,000	+82767.3%	199,248	-27.6%	2.66%	-46.5%
CMCSA	Buy	COMCAST CORP CLASS Acl a	$22,811,500,000	+585110.4%	493,115	+393.1%	2.50%	+277.5%
	New	CALL- QQQ 100 @ 280 EXP 01/15/2021call	$21,438,000,000	–	12,000	–	2.35%	–
LOW	Sell	LOWES COMPANIES	$21,429,112,000	+103422.3%	129,200	-15.7%	2.35%	-33.2%
HPXU	New	HPX CORPunit 99/99/9999	$20,400,000,000	–	2,000,000	–	2.24%	–
XP	New	XP INC - CLASS Acl a	$19,446,926,000	–	466,465	–	2.13%	–
EBAY	New	EBAY INC	$18,662,064,000	–	358,197	–	2.04%	–
IFF	Buy	INTL FLAV & FRAG	$17,983,007,000	+194858.9%	146,860	+95.0%	1.97%	+25.8%
SRCL	Buy	STERICYCLE INC	$15,503,679,000	+156613.6%	245,856	+39.1%	1.70%	+1.1%
MS	Buy	MORGAN STANLEY	$14,553,350,000	+836780.4%	301,000	+736.1%	1.59%	+440.3%
MU	New	MICRON TECHNOLOGY INC	$14,156,843,000	–	301,466	–	1.55%	–
LPLA	Buy	LPL FINANCIAL HOLDINGS INC	$13,810,490,000	+129819.9%	180,129	+32.9%	1.51%	-16.2%
XHB	New	SPDR S&P HOMEBUILDERSs&p homebuild	$13,771,782,000	–	255,601	–	1.51%	–
BKNG	New	BOOKING HOLDINGS INC	$13,439,102,000	–	7,856	–	1.47%	–
Z	New	ZILLOW GROUP INC - Ccl c cap stk	$12,969,995,000	–	127,670	–	1.42%	–
BP	Sell	BP PLCsponsored adr	$12,853,196,000	+65124.8%	736,151	-12.9%	1.41%	-57.9%
	New	CALL- Z 100 @ 60 EXP 11/20/2020call	$12,660,600,000	–	3,000	–	1.39%	–
AON	New	AON PLC	$12,295,480,000	–	59,600	–	1.35%	–
DRI	New	DARDEN REST	$12,021,606,000	–	119,333	–	1.32%	–
RDSB	Buy	ROYAL DUTCH SHELL B ADRspon adr b	$11,524,482,000	+81466.2%	475,825	+2.5%	1.26%	-47.4%
USFD	New	US FOODS HLDNG	$10,665,600,000	–	480,000	–	1.17%	–
EQIX	Sell	EQUINIX INC	$10,350,690,000	+31606.8%	13,617	-70.7%	1.13%	-79.5%
LVS	Buy	LAS VEGAS SANDS	$9,797,014,000	+107464.9%	209,966	+5.0%	1.07%	-30.6%
BLL	New	BALL CORP	$9,546,914,000	–	114,857	–	1.05%	–
CBD	Buy	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$9,370,996,000	+276493.7%	759,400	+193.0%	1.03%	+78.6%
EQNR	New	EQUINOR ASAsponsored adr	$8,153,886,000	–	579,935	–	0.89%	–
ROST	New	ROSS STORES	$7,454,215,000	–	79,878	–	0.82%	–
TSU	Sell	TIM PARTICIPACOES SA	$7,388,851,000	+65028.7%	640,837	-26.9%	0.81%	-58.0%
	New	PUT - IWM 100 @ 140 EXP 12/18/2020put	$7,122,840,000	–	12,000	–	0.78%	–
TTE	Buy	TOTAL SEsponsored ads	$7,068,887,000	+121212.6%	206,090	+36.0%	0.77%	-21.7%
MCD	New	MCDONALDS CORP	$6,757,658,000	–	30,788	–	0.74%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$6,660,047,000	–	207,091	–	0.73%	–
EWZ	New	ISHARES MSCI BRAZIL ETFmsci brazil etf	$6,298,320,000	–	227,705	–	0.69%	–
EVRG	New	EVERGY INC	$5,945,940,000	–	117,000	–	0.65%	–
TJX	New	TJX CO INC	$5,786,209,000	–	103,975	–	0.63%	–
MA	New	MASTERCARD INCORPORATEDcl a	$5,558,500,000	–	16,437	–	0.61%	–
MELI	New	MERCADOLIBRE INC	$5,363,688,000	–	4,955	–	0.59%	–
	New	CALL- Z 100 @ 80 EXP 01/15/2021call	$5,288,580,000	–	2,000	–	0.58%	–
V	New	VISA INC-CLASS A SHARES	$5,253,612,000	–	26,272	–	0.58%	–
RIO	New	RIO TINTO PLCsponsored adr	$5,006,754,000	–	82,907	–	0.55%	–
	New	PUT - IWM 100 @ 150 EXP 11/20/2020put	$4,756,500,000	–	6,000	–	0.52%	–
DHI	Sell	D.R. HORTON INC	$4,605,791,000	+93342.7%	60,899	-31.5%	0.50%	-39.7%
EXC	New	EXELON CORP	$4,602,312,000	–	128,700	–	0.50%	–
	New	PUT - SPY 100 @ 330 EXP 11/20/2020put	$4,555,120,000	–	3,880	–	0.50%	–
SYY	New	SYSCO CORP	$4,313,526,000	–	69,327	–	0.47%	–
BBD	New	BANCO BRADESCOsp adr pfd new	$4,311,016,000	–	1,256,856	–	0.47%	–
SBUX	New	STARBUCKS CORP	$4,260,171,000	–	49,583	–	0.47%	–
UGP	Sell	ULTRAPAR PARTICIPACOES	$4,262,671,000	+74435.3%	1,246,395	-26.1%	0.47%	-51.9%
SBS	New	SABESPsponsored adr	$3,889,563,000	–	468,622	–	0.43%	–
	New	PUT - SPY 100 @ 330 EXP 11/06/2020put	$3,755,840,000	–	3,880	–	0.41%	–
ITUB	Sell	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$3,739,970,000	+54810.7%	939,691	-35.3%	0.41%	-64.5%
SERV	New	SERMASTER GLB HL	$3,664,733,000	–	91,894	–	0.40%	–
	New	PUT - ROKU 100 @ 145EXP 01/15/2021put	$3,644,250,000	–	4,300	–	0.40%	–
TDG	New	TRANSDIGM GROUP INC	$3,554,373,000	–	7,481	–	0.39%	–
	New	CALL- GDX 100 @ 40 EXP 12/18/2020call	$3,393,750,000	–	12,500	–	0.37%	–
	New	PUT - SPY 100 @ 330 EXP 10/16/2020put	$3,051,000,000	–	6,000	–	0.33%	–
	New	PUT - ETSY 100 @ 130EXP 12/18/2020put	$2,953,650,000	–	1,500	–	0.32%	–
	New	CALL- BABA 100 @ 285EXP 10/16/2020call	$2,875,700,000	–	2,000	–	0.32%	–
CZZ	New	COSAN LTD -CL A	$2,776,104,000	–	186,943	–	0.30%	–
BHP	New	BHP BILLITON LTD -SPON ADRsponsored ads	$2,385,537,000	–	46,133	–	0.26%	–
SHAK	New	SHAKE SHACK IN-Acl a	$2,385,760,000	–	37,000	–	0.26%	–
BLMN	New	BLOOMIN' BRANDS INC	$2,327,148,000	–	152,400	–	0.26%	–
	New	CALL- ETSY 100 @ 120EXP 03/19/2021call	$2,118,990,000	–	1,000	–	0.23%	–
	New	PUT - IWM 100 @ 145 EXP 11/20/2020put	$1,762,020,000	–	3,000	–	0.19%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$1,718,265,000	–	28,500	–	0.19%	–
NTCO	Sell	NATURA &CO HOLDING-ADRads	$1,679,745,000	+20691.5%	92,243	-83.4%	0.18%	-86.6%
CNC	New	CENTENE CORP	$1,606,992,000	–	27,550	–	0.18%	–
HUM	New	HUMANA INC.	$1,600,513,000	–	3,867	–	0.18%	–
ANTM	New	ANTHEM INC	$1,582,532,000	–	5,892	–	0.17%	–
AEP	New	AMERICAN ELECTRIC POWER COMPANY	$1,552,870,000	–	19,000	–	0.17%	–
	New	PUT - ROKU 100 @ 150EXP 04/16/2021put	$1,509,246,000	–	900	–	0.16%	–
	New	CALL- Z 100 @ 105 EXP 02/19/2021call	$1,406,360,000	–	1,000	–	0.15%	–
	New	CALL- CCI 100 @ 150 EXP 10/16/2020call	$1,371,376,000	–	800	–	0.15%	–
	New	CALL- XHB 100 @ 53 EXP 10/16/2020call	$1,310,320,000	–	8,000	–	0.14%	–
	New	PUT - IWM 100 @ 140 EXP 11/20/2020put	$1,272,420,000	–	3,000	–	0.14%	–
	New	CALL- Z 100 @ 110 EXP 02/19/2021call	$1,196,200,000	–	1,000	–	0.13%	–
	New	CALL- CCI 100 @ 165 EXP 01/15/2021call	$1,171,860,000	–	1,000	–	0.13%	–
	New	CALL- EBAY 100 @ 55 EXP 02/19/2021call	$1,155,000,000	–	3,000	–	0.13%	–
	New	CALL- TMUS 100 @ 115EXP 11/20/2020call	$1,134,400,000	–	2,000	–	0.12%	–
EBR	New	CENTRAIS ELETRICAS BR-SP ADRsponsored adr	$929,055,000	–	168,307	–	0.10%	–
DIS	New	WALT DISNEY CO	$904,667,000	–	7,291	–	0.10%	–
	New	PUT - WORK 100 @ 24 EXP 03/19/2021put	$809,400,000	–	3,000	–	0.09%	–
	New	PUT - T 100 @ 31 EXP 12/18/2020put	$661,500,000	–	2,000	–	0.07%	–
PBR	New	PETROLEO BRASILEIRO ADR	$618,059,000	–	86,806	–	0.07%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$581,814,000	–	82,644	–	0.06%	–
	New	CALL- ATUS 100 @ 27 EXP 11/20/2020call	$550,000,000	–	5,000	–	0.06%	–
ENIC	New	ENEL CHILE S.A.sponsored adr	$483,145,000	–	140,449	–	0.05%	–
	New	PUT - XRT 100 @ 49 EXP 11/20/2020put	$478,000,000	–	2,000	–	0.05%	–
	New	PUT - XRT 100 @ 50 EXP 10/16/2020put	$466,890,000	–	3,000	–	0.05%	–
	New	CALL- SERV 100 @ 40 EXP 11/20/2020call	$401,235,000	–	1,500	–	0.04%	–
	New	CALL- TMUS 100 @ 115EXP 10/16/2020call	$365,370,000	–	1,500	–	0.04%	–
LYB	New	LYONDELLBASELL INDUSTRIES NV-CL A	$317,205,000	–	4,500	–	0.04%	–
	New	PUT - ROKU 100 @ 110EXP 01/15/2021put	$265,200,000	–	1,200	–	0.03%	–
	New	PUT - IWM 100 @ 120 EXP 11/20/2020put	$256,500,000	–	3,000	–	0.03%	–
	New	PUT - IWM 100 @ 143 EXP 10/02/2020put	$213,500,000	–	7,000	–	0.02%	–
	New	CALL- XLY 100 @ 152 EXP 10/16/2020call	$187,137,000	–	2,750	–	0.02%	–
VIV	New	TELEFONICA BRASIL SA SAO PAUL ADRsponsored adr	$170,381,000	–	22,214	–	0.02%	–
	New	PUT - XRT 100 @ 30 EXP 11/20/2020put	$91,000,000	–	4,000	–	0.01%	–
	New	CALL- IWM 100 @ 155 EXP 10/02/2020call	$55,250,000	–	6,500	–	0.01%	–
	New	CALL- EEM 100 @ 48 EXP 10/16/2020call	$45,570,000	–	21,000	–	0.01%	–
EBRB	New	CENTRAIS ELEC BRAS-ADR PREFsponsored adr	$47,518,000	–	8,687	–	0.01%	–
	New	PUT - IWM 100 @ 137 EXP 10/02/2020put	$38,500,000	–	7,000	–	0.00%	–
SUZ	New	SUZANO SAspon ads	$6,536,000	–	800	–	0.00%	–
	New	PUT - XRT 100 @ 30 EXP 10/16/2020put	$60,000	–	6,000	–	0.00%	–
CIG	New	COMPNHIA ENRGsp adr n-v pfd	$0	–	0	–	0.00%	–
CIGC	New	COMPNHIA ENRG Csponsored adr	$2,171,000	–	1,125	–	0.00%	–
	New	PUT - SPY 100 @ 334 EXP 09/30/2020put	$0	–	0	–	0.00%	–
	New	PUT - OLLI 100 @ 70 EXP 10/16/2020put	$4,212,000	–	300	–	0.00%	–
PAGS	New	PAGSEGURO DIGITAL LTD-CL A	$0	–	0	–	0.00%	–
LINX	New	LINX SA - ADRsponsored adr	$105,000	–	17	–	0.00%	–
SID	New	COMPANHIA SIDERURGICA NACIONALsponsored ads	$0	–	0	–	0.00%	–
	Exit	PUT XRT 100 @ 38 EXP 09182020	$0	–	-7,506	–	-0.18%	–
	Exit	PUT DIS 100 @ 120 EXP 09182020	$0	–	-1,000	–	-0.21%	–
	Exit	PUT ROKU 100 @ 110EXP 08212020	$0	–	-1,500	–	-0.25%	–
	Exit	CALL CCI 100 @ 150 EXP 10162020	$0	–	-800	–	-0.31%	–
	Exit	CALL IFF 100 @ 100 EXP 08212020	$0	–	-800	–	-0.33%	–
	Exit	PUT IWM 100 @ 140 EXP 08212020	$0	–	-4,000	–	-0.44%	–
	Exit	PUT SPY 100 @ 310 EXP 07172020	$0	–	-4,770	–	-0.59%	–
RSX	Exit	VANECK RUSSIA ETFrussia etf	$0	–	-241,086	–	-0.85%	–
	Exit	CALL TSCO 100 @ 100EXP 07172020	$0	–	-1,600	–	-0.88%	–
	Exit	CALL ETSY 100 @ 85 EXP 09182020	$0	–	-2,000	–	-0.89%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETS ETFmsci emg mkt etf	$0	–	-155,000	–	-1.05%	–
VALE	Exit	VALE SA SP ADRadr	$0	–	-741,533	–	-1.30%	–
PEP	Exit	PEPSICO INC	$0	–	-59,175	–	-1.33%	–
WMT	Exit	WALMART INC	$0	–	-80,200	–	-1.63%	–
XLRE	Exit	REAL ESTATE SELECT SECTOR SPDR FUNDrl est sel sec	$0	–	-500,000	–	-2.96%	–
XLK	Exit	TECHNOLOGY SELECT SECT SPDRtechnology	$0	–	-208,500	–	-3.70%	–
TSCO	Exit	TRACTOR SUPPLY	$0	–	-184,722	–	-4.13%	–
BBDO	Exit	BANCO BRADESCOsponsored adr	$0	–	-7,381,517	–	-4.77%	–
MCHI	Exit	ISHARES MSCI CHNmsci china etf	$0	–	-458,000	–	-5.09%	–
CHTR	Exit	CHARTER COMMUNICATIONS INCcl a	$0	–	-59,472	–	-5.15%	–

Q2 2020

			Value		Shares		↓ Weighting
CCI	New	CROWN CASTLE INTERNATIONAL CORP	$37,519,000	–	224,196	–	6.37%	–
SONY	New	SONY CORPsponsored adr	$36,069,000	–	521,760	–	6.12%	–
TMUS	New	TMOBILE US INC COM STK	$35,363,000	–	339,543	–	6.00%	–
EQIX	New	EQUINIX INC	$32,645,000	–	46,483	–	5.54%	–
CHTR	New	CHARTER COMMUNICATIONS INCcl a	$30,333,000	–	59,472	–	5.15%	–
MCHI	New	ISHARES MSCI CHNmsci china etf	$29,976,000	–	458,000	–	5.09%	–
ETSY	New	ETSY INC	$29,245,000	–	275,298	–	4.96%	–
BBDO	New	BANCO BRADESCOsponsored adr	$28,124,000	–	7,381,517	–	4.77%	–
ATUS	New	ALTICE USA INC A	$27,870,000	–	1,236,488	–	4.73%	–
TSCO	New	TRACTOR SUPPLY	$24,345,000	–	184,722	–	4.13%	–
XLK	New	TECHNOLOGY SELECT SECT SPDRtechnology	$21,786,000	–	208,500	–	3.70%	–
LOW	New	LOWES COMPANIES	$20,700,000	–	153,200	–	3.51%	–
BP	New	BP PLCsponsored adr	$19,706,000	–	845,036	–	3.34%	–
BBY	New	BEST BUY CO INC	$17,803,000	–	204,000	–	3.02%	–
XLRE	New	REAL ESTATE SELECT SECTOR SPDR FUNDrl est sel sec	$17,405,000	–	500,000	–	2.96%	–
RDSB	New	ROYAL DUTCH SHELL B ADRspon adr b	$14,129,000	–	464,000	–	2.40%	–
GOOGL	New	ALPHABET INC CLASS A COMMON STOCKcap stk cl c	$12,053,000	–	8,500	–	2.05%	–
TSU	New	TIM PARTICIPACOES SA	$11,345,000	–	876,768	–	1.93%	–
LPLA	New	LPL FINANCIAL HOLDINGS INC	$10,630,000	–	135,582	–	1.80%	–
SRCL	New	STERICYCLE INC	$9,893,000	–	176,732	–	1.68%	–
WMT	New	WALMART INC	$9,606,000	–	80,200	–	1.63%	–
IFF	New	INTL FLAV FRAG	$9,224,000	–	75,320	–	1.57%	–
LVS	New	LAS VEGAS SANDS	$9,108,000	–	200,000	–	1.55%	–
NTCO	New	NATURA CO HOLDINGADRads	$8,079,000	–	556,768	–	1.37%	–
PEP	New	PEPSICO INC	$7,826,000	–	59,175	–	1.33%	–
VALE	New	VALE SA SP ADRadr	$7,645,000	–	741,533	–	1.30%	–
ITUB	New	ITAU UNIBANCO HOLDING SAspon adr rep pfd	$6,811,000	–	1,452,273	–	1.16%	–
EEM	New	ISHARES MSCI EMERGING MARKETS ETFmsci emg mkt etf	$6,198,000	–	155,000	–	1.05%	–
TTE	New	TOTAL SEsponsored ads	$5,827,000	–	151,515	–	0.99%	–
UGP	New	ULTRAPAR PARTICIPACOES	$5,719,000	–	1,686,985	–	0.97%	–
	New	CALL ETSY 100 @ 85 EXP 09182020	$5,236,000	–	2,000	–	0.89%	–
	New	CALL TSCO 100 @ 100EXP 07172020	$5,171,000	–	1,600	–	0.88%	–
RSX	New	VANECK RUSSIA ETFrussia etf	$5,003,000	–	241,086	–	0.85%	–
DHI	New	DR HORTON INC	$4,929,000	–	88,899	–	0.84%	–
CMCSA	New	COMCAST CORP CLASS Acl a	$3,898,000	–	100,000	–	0.66%	–
	New	PUT SPY 100 @ 310 EXP 07172020	$3,455,000	–	4,770	–	0.59%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTRIBUIACAO SAsponsored adr	$3,388,000	–	259,188	–	0.58%	–
LIVKU	New	LIV CAPITAL ACQUISITION CORPsponsored adr	$3,075,000	–	300,000	–	0.52%	–
	New	PUT IWM 100 @ 140 EXP 08212020	$2,582,000	–	4,000	–	0.44%	–
	New	CALL IFF 100 @ 100 EXP 08212020	$1,953,000	–	800	–	0.33%	–
	New	CALL CCI 100 @ 150 EXP 10162020	$1,839,000	–	800	–	0.31%	–
MS	New	MORGAN STANLEY	$1,739,000	–	36,000	–	0.30%	–
	New	PUT ROKU 100 @ 110EXP 08212020	$1,496,000	–	1,500	–	0.25%	–
	New	PUT DIS 100 @ 120 EXP 09182020	$1,263,000	–	1,000	–	0.21%	–
	New	PUT XRT 100 @ 38 EXP 09182020	$1,057,000	–	7,506	–	0.18%	–

Q4 2019

			Value		Shares		↓ Weighting
CBD	Exit	COMPANHIA BRASILEIRA DE DISTRIBUIACAOadr	$0	–	-78,039	–	-0.26%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREST ADRadr	$0	–	-10,000	–	-0.26%	–
TX	Exit	TERNIUM SA ADRadr	$0	–	-80,000	–	-0.26%	–
KOF	Exit	COCA COLA FEMSA SAB DE CV ADRadr	$0	–	-27,890	–	-0.29%	–
TS	Exit	TENARIS S A ADRsponsored ads	$0	–	-120,000	–	-0.43%	–
	Exit	PUT S 100 @ 7 EXP 01172020	$0	–	-25,700	–	-0.49%	–
CPA	Exit	COPA HOLDINGS SA COM STKcl a	$0	–	-30,000	–	-0.50%	–
DDMXU	Exit	DD3 ACQUISITION CORPunit 10/12/2023	$0	–	-299,097	–	-0.52%	–
ENIC	Exit	ENEL CHILE SAsponsored ads	$0	–	-890,000	–	-0.64%	–
TSN	Exit	TYSON FOODS INC CL A COM STKcl a	$0	–	-58,000	–	-0.85%	–
RIO	Exit	RIO TINTO PLC ADRsponsored adr	$0	–	-106,457	–	-0.94%	–
SAN	Exit	BANCO SANTANDER CEN SPON ADRadr	$0	–	-1,469,163	–	-1.00%	–
IP	Exit	INTERNATIONAL PAPER CO COM STK	$0	–	-162,255	–	-1.15%	–
CIG	Exit	CIA ENERGETICA DE MINAS GERAIS ADRadr	$0	–	-2,910,984	–	-1.68%	–
TV	Exit	GRUPO TELEVISA SA ADRadr	$0	–	-1,010,000	–	-1.68%	–
CCK	Exit	CROWN HOLDINGS INC COM STK	$0	–	-152,736	–	-1.72%	–
BSMX	Exit	BANCO SANTANDER MEXICO ADRadr	$0	–	-1,620,000	–	-1.74%	–
CCU	Exit	CIA CERVECERIAS UNIDAS SA CERV ADRsponsored adr	$0	–	-485,865	–	-1.83%	–
PAGS	Exit	PAGSEGURO DIGITAL LTDCL A	$0	–	-287,901	–	-2.27%	–
EWY	Exit	ISHARES MSCI SOUTH KOREA ETFetf	$0	–	-316,730	–	-3.03%	–
TSU	Exit	ADR TIM PARTICIPACOES SA COM STKsponsored adr	$0	–	-1,311,816	–	-3.20%	–
BBD	Exit	BANCO BRADESCO SA BRAD ADRadr	$0	–	-2,870,825	–	-3.97%	–
RSX	Exit	VANECK VECTORS RUSSIA ETFrussia etf	$0	–	-1,030,000	–	-3.99%	–
LOW	Exit	LOWES COS INC COM STK	$0	–	-221,200	–	-4.13%	–
S	Exit	SPRINT CORP	$0	–	-3,986,931	–	-4.18%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROBR ADRadr	$0	–	-2,128,798	–	-4.75%	–
INDA	Exit	ISHARES MSCI INDIA INDEX FUNDmsci india etf	$0	–	-869,600	–	-4.96%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-73,270	–	-6.86%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFetf	$0	–	-1,104,522	–	-7.91%	–
TMUS	Exit	TMOBILE US INC COM STK	$0	–	-611,534	–	-8.19%	–
ARMK	Exit	ARAMARK COM STK	$0	–	-1,231,654	–	-9.12%	–
VALE	Exit	VALE SA ADRadr	$0	–	-8,792,105	–	-17.18%	–

Q3 2019

			Value		Shares		↓ Weighting
VALE	Sell	VALE SA ADRadr	$101,109,000	-26.7%	8,792,105	-14.3%	17.18%	-18.2%
ARMK	Sell	ARAMARK COM STK	$53,675,000	+8.4%	1,231,654	-10.3%	9.12%	+21.0%
TMUS	Buy	TMOBILE US INC COM STK	$48,171,000	+55.4%	611,534	+46.3%	8.19%	+73.5%
EWZ	Buy	ISHARES MSCI BRAZIL ETFetf	$46,534,000	+920.3%	1,104,522	+958.9%	7.91%	+1038.0%
MELI	New	MERCADOLIBRE INC	$40,389,000	–	73,270	–	6.86%	–
INDA	New	ISHARES MSCI INDIA INDEX FUNDmsci india etf	$29,192,000	–	869,600	–	4.96%	–
PBRA	Sell	PETROLEO BRASILEIRO SA PETROBR ADRadr	$27,972,000	-22.2%	2,128,798	-15.9%	4.75%	-13.2%
S	New	SPRINT CORP	$24,599,000	–	3,986,931	–	4.18%	–
LOW	New	LOWES COS INC COM STK	$24,323,000	–	221,200	–	4.13%	–
RSX	New	VANECK VECTORS RUSSIA ETFrussia etf	$23,494,000	–	1,030,000	–	3.99%	–
BBD	Sell	BANCO BRADESCO SA BRAD ADRadr	$23,369,000	-21.2%	2,870,825	-5.0%	3.97%	-12.1%
TSU	Buy	ADR TIM PARTICIPACOES SA COM STKsponsored adr	$18,838,000	+344.6%	1,311,816	+363.5%	3.20%	+396.4%
EWY	Sell	ISHARES MSCI SOUTH KOREA ETFetf	$17,845,000	-69.0%	316,730	-67.0%	3.03%	-65.3%
PAGS	New	PAGSEGURO DIGITAL LTDCL A	$13,333,000	–	287,901	–	2.27%	–
CCU	New	CIA CERVECERIAS UNIDAS SA CERV ADRsponsored adr	$10,781,000	–	485,865	–	1.83%	–
BSMX	Sell	BANCO SANTANDER MEXICO ADRadr	$10,206,000	-39.2%	1,620,000	-26.1%	1.74%	-32.1%
CCK	Sell	CROWN HOLDINGS INC COM STK	$10,090,000	-12.1%	152,736	-18.7%	1.72%	-1.9%
TV	Sell	GRUPO TELEVISA SA ADRadr	$9,878,000	+5.5%	1,010,000	-9.0%	1.68%	+17.7%
CIG	Sell	CIA ENERGETICA DE MINAS GERAIS ADRadr	$9,868,000	-23.4%	2,910,984	-13.9%	1.68%	-14.5%
IP	New	INTERNATIONAL PAPER CO COM STK	$6,786,000	–	162,255	–	1.15%	–
SAN	New	BANCO SANTANDER CEN SPON ADRadr	$5,906,000	–	1,469,163	–	1.00%	–
RIO	New	RIO TINTO PLC ADRsponsored adr	$5,545,000	–	106,457	–	0.94%	–
TSN	New	TYSON FOODS INC CL A COM STKcl a	$4,996,000	–	58,000	–	0.85%	–
ENIC	Buy	ENEL CHILE SAsponsored ads	$3,747,000	+47.9%	890,000	+67.9%	0.64%	+65.0%
DDMXU	Sell	DD3 ACQUISITION CORPunit 10/12/2023	$3,075,000	+0.1%	299,097	-0.3%	0.52%	+11.8%
CPA	New	COPA HOLDINGS SA COM STKcl a	$2,962,000	–	30,000	–	0.50%	–
	New	PUT S 100 @ 7 EXP 01172020	$2,872,000	–	25,700	–	0.49%	–
TS	New	TENARIS S A ADRsponsored ads	$2,542,000	–	120,000	–	0.43%	–
TX	Sell	TERNIUM SA ADRadr	$1,535,000	-47.8%	80,000	-39.0%	0.26%	-41.7%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTRIBUIACAOadr	$1,501,000	-21.2%	78,039	+0.3%	0.26%	-12.1%
IRCP	Exit	IRSA PROPIEDADES COMERCIADRadr	$0	–	-73,068	–	-0.23%	–
CEPU	Exit	CENTRAL PUERTOsponsored ads	$0	–	-200,000	–	-0.28%	–
DESP	Exit	DESPEGARCOM CORP COM STK	$0	–	-134,800	–	-0.28%	–
MPC	Exit	MARATHON PETROLEUM CORP COM STK	$0	–	-40,000	–	-0.34%	–
SID	Exit	COMPANHIA SIDERURGICA NACIONAL ADRsponsored adr	$0	–	-546,223	–	-0.36%	–
MT	Exit	ARCELORMITTAL ADRadr	$0	–	-137,548	–	-0.38%	–
ALB	Exit	ALBEMARLE CORP COM STK	$0	–	-40,000	–	-0.43%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC COM STK	$0	–	-533,641	–	-0.59%	–
GGB	Exit	GERDAU SA COSG ADRadr	$0	–	-1,003,920	–	-0.60%	–
CZZ	Exit	COSAN LTD COM STK	$0	–	-323,177	–	-0.66%	–
BA	Exit	BOEING USD5 COM	$0	–	-17,500	–	-0.97%	–
BBAR	Exit	BBVA BANCO FRANCES SA ADRadr	$0	–	-731,545	–	-1.26%	–
AVP	Exit	AVON PRODS INC COM STK	$0	–	-2,149,417	–	-1.27%	–
AZUL	Exit	AZUL SAadr	$0	–	-466,062	–	-2.37%	–
PBR	Exit	PETROLEO BRASILadr	$0	–	-1,088,648	–	-2.58%	–
EBAY	Exit	EBAY INC COM STK	$0	–	-519,675	–	-3.13%	–
FXI	Exit	ISHARE CHINA LARGE CAP ETFetf	$0	–	-800,000	–	-5.21%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETS ETFetf	$0	–	-2,437,100	–	-15.92%	–

Q2 2019

			Value		Shares		↓ Weighting
VALE	New	VALE SA ADRadr	$137,901,000	–	10,260,458	–	21.00%	–
EEM	New	ISHARES MSCI EMERGING MARKETS ETFetf	$104,576,000	–	2,437,100	–	15.92%	–
EWY	New	ISHARES MSCI SOUTH KOREA ETFetf	$57,475,000	–	960,000	–	8.75%	–
ARMK	New	ARAMARK COM STK	$49,526,000	–	1,373,422	–	7.54%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROBR ADRadr	$35,963,000	–	2,532,603	–	5.48%	–
FXI	New	ISHARE CHINA LARGE CAP ETFetf	$34,216,000	–	800,000	–	5.21%	–
TMUS	New	TMOBILE US INC COM STK	$30,997,000	–	418,086	–	4.72%	–
BBD	New	BANCO BRADESCO SA BRAD ADRadr	$29,663,000	–	3,020,689	–	4.52%	–
EBAY	New	EBAY INC COM STK	$20,527,000	–	519,675	–	3.13%	–
PBR	New	PETROLEO BRASILadr	$16,950,000	–	1,088,648	–	2.58%	–
BSMX	New	BANCO SANTANDER MEXICO ADRadr	$16,775,000	–	2,192,774	–	2.55%	–
AZUL	New	AZUL SAadr	$15,585,000	–	466,062	–	2.37%	–
CIG	New	CIA ENERGETICA DE MINAS GERAIS ADRadr	$12,882,000	–	3,381,094	–	1.96%	–
CCK	New	CROWN HOLDINGS INC COM STK	$11,484,000	–	187,949	–	1.75%	–
TV	New	GRUPO TELEVISA SA ADRadr	$9,364,000	–	1,109,500	–	1.43%	–
AVP	New	AVON PRODS INC COM STK	$8,340,000	–	2,149,417	–	1.27%	–
BBAR	New	BBVA BANCO FRANCES SA ADRadr	$8,281,000	–	731,545	–	1.26%	–
BA	New	BOEING USD5 COM	$6,370,000	–	17,500	–	0.97%	–
EWZ	New	ISHARES MSCI BRAZIL ETFetf	$4,561,000	–	104,313	–	0.70%	–
CZZ	New	COSAN LTD COM STK	$4,318,000	–	323,177	–	0.66%	–
TSU	New	ADR TIM PARTICIPACOES SA COM STKsponsored adr	$4,237,000	–	283,020	–	0.64%	–
GGB	New	GERDAU SA COSG ADRadr	$3,905,000	–	1,003,920	–	0.60%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC COM STK	$3,885,000	–	533,641	–	0.59%	–
DDMXU	New	DD3 ACQUISITION CORPunit 10/12/2023	$3,072,000	–	300,000	–	0.47%	–
TX	New	TERNIUM SA ADRadr	$2,940,000	–	131,094	–	0.45%	–
ALB	New	ALBEMARLE CORP COM STK	$2,816,000	–	40,000	–	0.43%	–
ENIC	New	ENEL CHILE SAsponsored ads	$2,533,000	–	530,000	–	0.39%	–
MT	New	ARCELORMITTAL ADRadr	$2,480,000	–	137,548	–	0.38%	–
SID	New	COMPANHIA SIDERURGICA NACIONAL ADRsponsored adr	$2,354,000	–	546,223	–	0.36%	–
MPC	New	MARATHON PETROLEUM CORP COM STK	$2,235,000	–	40,000	–	0.34%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTRIBUIACAOadr	$1,904,000	–	77,788	–	0.29%	–
DESP	New	DESPEGARCOM CORP COM STK	$1,872,000	–	134,800	–	0.28%	–
CEPU	New	CENTRAL PUERTOsponsored ads	$1,854,000	–	200,000	–	0.28%	–
KOF	New	COCA COLA FEMSA SAB DE CV ADRadr	$1,733,000	–	27,890	–	0.26%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREST ADRadr	$1,621,000	–	10,000	–	0.25%	–
IRCP	New	IRSA PROPIEDADES COMERCIADRadr	$1,493,000	–	73,068	–	0.23%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	PUT ERJ 100 @ 20 EXP 10192018	$0	–	-3	–	0.00%	–
TEO	Exit	TELECOM ARGENTINA SA ADRadr	$0	–	-62,702	–	0.00%	–
BMA	Exit	BANCO MACRO BANSUD S A SPON ADR Badr	$0	–	-80,479	–	0.00%	–
	Exit	CALL PBR 100 @ 15 EXP 12212018	$0	–	-2	–	0.00%	–
AZUL	Exit	AZUL SAadr	$0	–	-79,811	–	0.00%	–
BRFS	Exit	BRF BRASIL FOODS SA ADRadr	$0	–	-390,789	–	0.00%	–
CIGC	Exit	COMPNHIA ENRG Csponsored adr	$0	–	-600	–	0.00%	–
	Exit	PUT ERJ 100@22 12EXP 01182019	$0	–	-35	–	-0.00%	–
	Exit	PUT ERJ 100 @ 20 EXP 01182019	$0	–	-120	–	-0.01%	–
	Exit	PUT ERJ 100@22 12EXP 10192018	$0	–	-90	–	-0.01%	–
	Exit	PUT ERJ 100 @ 25 EXP 01182019	$0	–	-169	–	-0.04%	–
PAM	Exit	PAMPA ENERGIA SA GDR REG Sspons adr lvl i	$0	–	-4,000	–	-0.05%	–
UGP	Exit	ULTRAPAR PARTICIPACOES SA ADRadr	$0	–	-16,861	–	-0.06%	–
	Exit	PUT ERJ 100 @ 25 EXP 10192018	$0	–	-1,419	–	-0.30%	–
ITUB	Exit	ITAU UNIBANCO HLDNG SAadr	$0	–	-78,352	–	-0.33%	–
ENIC	Exit	ENEL CHILE SAsponsored adr	$0	–	-177,595	–	-0.34%	–
SBS	Exit	CIA SANEAMENTO BASICO DO ESTAD ADRadr	$0	–	-626,679	–	-0.36%	–
CX	Exit	CEMEX SAB DE CV ADRadr	$0	–	-320,000	–	-0.44%	–
	Exit	CALL PBR 100 @ 13 EXP 12212018	$0	–	-21,300	–	-0.44%	–
CPA	Exit	COPA HOLDINGS SA COM STK	$0	–	-30,000	–	-0.46%	–
BHP	Exit	BHP BILLITON LTD ADRadr	$0	–	-56,466	–	-0.54%	–
TV	Exit	GRUPO TELEVISA SA ADRadr	$0	–	-296,000	–	-0.78%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER MEX ADRadr	$0	–	-600,000	–	-0.90%	–
CEPU	Exit	CENTRAL PUERTOsponsored adr	$0	–	-690,000	–	-0.92%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTRIBUIACAOadr	$0	–	-220,548	–	-0.92%	–
VALE	Exit	VALE SA ADRadr	$0	–	-2,241,263	–	-0.92%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALES S ADRadr	$0	–	-343,497	–	-1.06%	–
MT	Exit	ARCELORMITTAL ADRadr	$0	–	-187,500	–	-1.12%	–
DB	Exit	DEUTSCHE BANK AG COM	$0	–	-556,130	–	-1.22%	–
ERJ	Exit	EMBRAER S A ADRadr	$0	–	-338,358	–	-1.28%	–
LOMA	Exit	LOMA NGR ARG SCDsponsored ads	$0	–	-1,250,000	–	-1.37%	–
TX	Exit	TERNIUM SA ADRadr	$0	–	-269,436	–	-1.58%	–
BAC	Exit	BANK OF AMERICA CORP COM STK	$0	–	-1,487,246	–	-1.87%	–
C	Exit	CITIGROUP INC COM STK	$0	–	-143,598	–	-1.99%	–
GGB	Exit	GERDAU SA COSG ADRadr	$0	–	-3,047,292	–	-2.11%	–
KEY	Exit	KEYCORP NY COM STK	$0	–	-700,000	–	-2.69%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFetf	$0	–	-427,724	–	-2.79%	–
RIO	Exit	RIO TINTO PLC ADRadr	$0	–	-305,434	–	-3.01%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC ADRadr	$0	–	-331,769	–	-3.09%	–
CCK	Exit	CROWN HOLDINGS INC COM STK	$0	–	-369,534	–	-3.43%	–
ARMK	Exit	ARAMARK COM STK	$0	–	-481,400	–	-4.00%	–
MUSA	Exit	MURPHY USA INC	$0	–	-246,712	–	-4.08%	–
FBR	Exit	FIBRIA CELULOSE SASPON ADRsponsored adr	$0	–	-1,778,869	–	-4.29%	–
BBD	Exit	BANCO BRADESCO SA BRAD ADRadr	$0	–	-5,090,090	–	-5.30%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROBR ADRadr	$0	–	-2,890,411	–	-5.54%	–
CFG	Exit	CITIZENS FINANCIAL GROUP INC COM STK	$0	–	-745,342	–	-5.56%	–
GPS	Exit	GAP INC	$0	–	-1,400,772	–	-7.81%	–
PBR	Exit	PETROLEO BRASILadr	$0	–	-4,695,456	–	-10.96%	–
EBAY	Exit	EBAY INC COM STK	$0	–	-3,332,797	–	-16.04%	–

Q3 2018

			Value		Shares		↓ Weighting
EBAY	Buy	EBAY INC COM STK	$41,479,762,208,000	+39.4%	3,332,797	+103.1%	16.04%	-20.9%
PBR	New	PETROLEO BRASILadr	$28,337,105,297,000	–	4,695,456	–	10.96%	–
GPS	New	GAP INC	$20,206,156,306,000	–	1,400,772	–	7.81%	–
CFG	New	CITIZENS FINANCIAL GROUP INC COM STK	$14,373,934,844,000	–	745,342	–	5.56%	–
PBRA	Buy	PETROLEO BRASILEIRO SA PETROBR ADRadr	$14,336,836,835,000	+987.4%	2,890,411	+869.0%	5.54%	+516.6%
BBD	Buy	BANCO BRADESCO SA BRAD ADRadr	$13,696,190,033,000	+63.5%	5,090,090	+108.4%	5.30%	-7.3%
FBR	Buy	FIBRIA CELULOSE SASPON ADRsponsored adr	$11,095,804,432,000	+2.7%	1,778,869	+53.0%	4.29%	-41.8%
MUSA	New	MURPHY USA INC	$10,542,014,302,000	–	246,712	–	4.08%	–
ARMK	New	ARAMARK COM STK	$10,354,924,355,000	–	481,400	–	4.00%	–
CCK	New	CROWN HOLDINGS INC COM STK	$8,868,824,869,000	–	369,534	–	3.43%	–
RDSA	Buy	ROYAL DUTCH SHELL PLC ADRadr	$7,999,514,432,000	+19.2%	331,769	+71.1%	3.09%	-32.4%
RIO	New	RIO TINTO PLC ADRadr	$7,791,629,132,000	–	305,434	–	3.01%	–
EWZ	New	ISHARES MSCI BRAZIL ETFetf	$7,213,572,474,000	–	427,724	–	2.79%	–
KEY	New	KEYCORP NY COM STK	$6,961,506,962,000	–	700,000	–	2.69%	–
GGB	Buy	GERDAU SA COSG ADRadr	$5,467,306,720,000	+243.2%	3,047,292	+238.6%	2.11%	+94.7%
C	New	CITIGROUP INC COM STK	$5,150,865,411,000	–	143,598	–	1.99%	–
BAC	Sell	BANK OF AMERICA CORP COM STK	$4,838,871,964,000	-85.2%	1,487,246	-35.8%	1.87%	-91.6%
TX	Buy	TERNIUM SA ADRadr	$4,080,612,301,000	+58495.8%	269,436	+134618.0%	1.58%	+31460.0%
LOMA	Buy	LOMA NGR ARG SCDsponsored ads	$3,536,008,153,000	-23.4%	1,250,000	+38.9%	1.37%	-56.6%
ERJ	New	EMBRAER S A ADRadr	$3,314,219,924,000	–	338,358	–	1.28%	–
DB	New	DEUTSCHE BANK AG COM	$3,158,821,559,000	–	556,130	–	1.22%	–
MT	New	ARCELORMITTAL ADRadr	$2,893,127,893,000	–	187,500	–	1.12%	–
IRCP	Buy	IRSA PROPIEDADES COMERCIALES S ADRadr	$2,729,730,539,000	-23.3%	343,497	+49.6%	1.06%	-56.5%
VALE	Sell	VALE SA ADRadr	$2,381,668,920,000	-90.3%	2,241,263	-41.6%	0.92%	-94.5%
CBD	New	COMPANHIA BRASILEIRA DE DISTRIBUIACAOadr	$2,368,687,889,000	–	220,548	–	0.92%	–
CEPU	Buy	CENTRAL PUERTOsponsored adr	$2,369,004,646,000	+4.0%	690,000	+50.0%	0.92%	-41.0%
BSMX	Buy	GRUPO FINANCIERO SANTANDER MEX ADRadr	$2,328,002,328,000	+248.0%	600,000	+500.0%	0.90%	+97.4%
TV	Buy	GRUPO TELEVISA SA ADRadr	$2,004,623,331,000	+51.1%	296,000	+111.4%	0.78%	-14.4%
BHP	New	BHP BILLITON LTD ADRadr	$1,407,134,127,000	–	56,466	–	0.54%	–
CPA	Buy	COPA HOLDINGS SA COM STK	$1,197,601,198,000	+42.2%	30,000	+237.1%	0.46%	-19.3%
	New	CALL PBR 100 @ 13 EXP 12212018	$1,145,621,446,000	–	21,300	–	0.44%	–
CX	Buy	CEMEX SAB DE CV ADRadr	$1,126,401,126,000	+14.5%	320,000	+113.3%	0.44%	-35.0%
SBS	Sell	CIA SANEAMENTO BASICO DO ESTAD ADRadr	$924,408,925,000	-67.3%	626,679	-33.3%	0.36%	-81.5%
ITUB	New	ITAU UNIBANCO HLDNG SAadr	$860,304,960,000	–	78,352	–	0.33%	–
UGP	New	ULTRAPAR PARTICIPACOES SA ADRadr	$156,132,860,000	–	16,861	–	0.06%	–
PAM	New	PAMPA ENERGIA SA GDR REG Sspons adr lvl i	$124,200,000,000	–	4,000	–	0.05%	–
	Sell	PUT ERJ 100@22 12EXP 10192018	$26,190,000,000	-9.2%	90	-51.1%	0.01%	-50.0%
	Sell	PUT ERJ 100@22 12EXP 01182019	$11,550,000,000	-84.8%	35	-91.0%	0.00%	-92.3%
	Exit	CALL TEO 100@22 12EXP 07202018	$0	–	-21	–	0.00%	–
TEO	Sell	TELECOM ARGENTINA SA ADRadr	$1,112,000	-100.0%	62,702	-50.0%	0.00%	-100.0%
BRFS	Sell	BRF BRASIL FOODS SA ADRadr	$1,829,000	-100.0%	390,789	-50.0%	0.00%	-100.0%
BMA	Sell	BANCO MACRO BANSUD S A SPON ADR Badr	$4,731,000	-100.0%	80,479	-50.0%	0.00%	-100.0%
	New	CALL PBR 100 @ 15 EXP 12212018	$103,100,000	–	2	–	0.00%	–
AZUL	Sell	AZUL SAadr	$1,306,000	-100.0%	79,811	-50.0%	0.00%	-100.0%
	Exit	PUT ERJ 100@22 12EXP 07202018	$0	–	-11	–	0.00%	–
	Exit	CALL GGAL 100 @ 55 EXP 07202018	$0	–	-280	–	0.00%	–
	Exit	CALL YPF 100 @ 16 EXP 07202018	$0	–	-98	–	0.00%	–
	Exit	CALL YPF 100@16 12EXP 07202018	$0	–	-11	–	0.00%	–
	Exit	CALL GGAL 100 @ 50 EXP 07202018	$0	–	-114	–	0.00%	–
	Exit	CALL TEO 100@22 12EXP 08172018	$0	–	-125	–	-0.00%	–
	Exit	CALL TEO 100 @ 20 EXP 07202018	$0	–	-380	–	-0.01%	–
	Exit	PUT BAP 100 @ 220 EXP 07202018	$0	–	-41	–	-0.01%	–
BAK	Exit	BRASKEM SA ADRadr	$0	–	-5,397	–	-0.10%	–
	Exit	PUT TEO 100 @ 20 EXP 07202018	$0	–	-625	–	-0.12%	–
	Exit	PUT GGAL 100 @ 50 EXP 07202018	$0	–	-152	–	-0.18%	–
	Exit	PUT AAPL 100 @ 180EXP 07062018	$0	–	-6,000	–	-0.18%	–
ABEV	Exit	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$0	–	-88,925	–	-0.28%	–
YPF	Exit	YPF ADR CL Dadr	$0	–	-40,000	–	-0.37%	–
CIG	Exit	CIA ENERGETICA DE MINAS GERAIS ADRadr	$0	–	-400,000	–	-0.50%	–
CCU	Exit	CIA CERVECERIAS UNIDAS SA CERV ADRadr	$0	–	-30,000	–	-0.51%	–

Q2 2018

			Value		Shares		↓ Weighting
BAC	New	BANK OF AMERICA CORP COM STK	$32,665,026,025,000	–	2,317,488	–	22.28%	–
EBAY	New	EBAY INC COM STK	$29,747,697,488,000	–	1,640,798	–	20.29%	–
VALE	New	VALE SA ADRadr	$24,618,103,958,000	–	3,840,574	–	16.79%	–
FBR	New	FIBRIA CELULOSE SASPON ADRsponsored adr	$10,805,764,336,000	–	1,162,534	–	7.37%	–
BBD	New	BANCO BRADESCO SA BRAD ADRadr	$8,376,864,137,000	–	2,442,232	–	5.71%	–
RDSA	New	ROYAL DUTCH SHELL PLC ADRadr	$6,713,447,503,000	–	193,946	–	4.58%	–
BMA	New	BANCO MACRO BANSUD S A SPON ADR Badr	$4,731,365,141,000	–	160,958	–	3.23%	–
LOMA	New	LOMA NGR ARG SCDsponsored ads	$4,617,004,617,000	–	900,000	–	3.15%	–
IRCP	New	IRSA PROPIEDADES COMERCIALES S ADRadr	$3,558,554,269,000	–	229,658	–	2.43%	–
SBS	New	CIA SANEAMENTO BASICO DO ESTAD ADRadr	$2,824,702,825,000	–	940,000	–	1.93%	–
CEPU	New	CENTRAL PUERTOsponsored adr	$2,277,002,277,000	–	460,000	–	1.55%	–
BRFS	New	BRF BRASIL FOODS SA ADRadr	$1,828,894,349,000	–	781,578	–	1.25%	–
GGB	New	GERDAU SA COSG ADRadr	$1,593,001,593,000	–	900,000	–	1.09%	–
TV	New	GRUPO TELEVISA SA ADRadr	$1,326,501,326,000	–	140,000	–	0.90%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROBR ADRadr	$1,318,443,118,000	–	298,290	–	0.90%	–
AZUL	New	AZUL SAadr	$1,305,709,266,000	–	159,622	–	0.89%	–
TEO	New	TELECOM ARGENTINA SA ADRadr	$1,112,334,592,000	–	125,404	–	0.76%	–
CX	New	CEMEX SAB DE CV ADRadr	$984,000,000,000	–	150,000	–	0.67%	–
ENIC	New	ENEL CHILE SAsponsored adr	$866,663,600,000	–	177,595	–	0.59%	–
CPA	New	COPA HOLDINGS SA COM STK	$842,118,000,000	–	8,900	–	0.57%	–
CCU	New	CIA CERVECERIAS UNIDAS SA CERV ADRadr	$748,200,000,000	–	30,000	–	0.51%	–
CIG	New	CIA ENERGETICA DE MINAS GERAIS ADRadr	$736,000,000,000	–	400,000	–	0.50%	–
BSMX	New	GRUPO FINANCIERO SANTANDER MEX ADRadr	$669,000,000,000	–	100,000	–	0.46%	–
YPF	New	YPF ADR CL Dadr	$543,200,000,000	–	40,000	–	0.37%	–
ABEV	New	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$411,722,750,000	–	88,925	–	0.28%	–
	New	PUT ERJ 100 @ 25 EXP 10192018	$380,093,300,000	–	1,419	–	0.26%	–
	New	PUT AAPL 100 @ 180EXP 07062018	$266,039,900,000	–	6,000	–	0.18%	–
	New	PUT GGAL 100 @ 50 EXP 07202018	$258,704,000,000	–	152	–	0.18%	–
	New	PUT TEO 100 @ 20 EXP 07202018	$177,387,400,000	–	625	–	0.12%	–
BAK	New	BRASKEM SA ADRadr	$140,322,000,000	–	5,397	–	0.10%	–
	New	PUT ERJ 100@22 12EXP 01182019	$76,108,100,000	–	391	–	0.05%	–
	New	PUT ERJ 100 @ 25 EXP 01182019	$50,211,300,000	–	169	–	0.03%	–
	New	PUT ERJ 100@22 12EXP 10192018	$28,829,100,000	–	184	–	0.02%	–
	New	PUT ERJ 100 @ 20 EXP 01182019	$12,485,900,000	–	120	–	0.01%	–
	New	PUT BAP 100 @ 220 EXP 07202018	$9,076,800,000	–	41	–	0.01%	–
TX	New	TERNIUM SA ADRadr	$6,964,000,000	–	200	–	0.01%	–
	New	CALL TEO 100 @ 20 EXP 07202018	$7,603,600,000	–	380	–	0.01%	–
	New	CALL TEO 100@22 12EXP 08172018	$2,532,500,000	–	125	–	0.00%	–
CIGC	New	COMPNHIA ENRG Csponsored adr	$1,032,000,000	–	600	–	0.00%	–
	New	PUT ERJ 100 @ 20 EXP 10192018	$338,300,000	–	3	–	0.00%	–
	New	CALL GGAL 100 @ 50 EXP 07202018	$228,000,000	–	114	–	0.00%	–
	New	CALL YPF 100 @ 16 EXP 07202018	$379,100,000	–	98	–	0.00%	–
	New	CALL YPF 100@16 12EXP 07202018	$20,900,000	–	11	–	0.00%	–
	New	CALL GGAL 100 @ 55 EXP 07202018	$97,900,000	–	280	–	0.00%	–
	New	PUT ERJ 100@22 12EXP 07202018	$550,000,000	–	11	–	0.00%	–
	New	CALL TEO 100@22 12EXP 07202018	$326,700,000	–	21	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
PBR	Exit	PETROLEO BRASILsponsored adr	$0	–	-103,212	–	-0.26%	–
	Exit	PUT EWJ 100 @ 52 EXP 12152017	$0	–	-50,000	–	-0.27%	–
BRFS	Exit	BRF BRASIL FOODS SA ADRadr	$0	–	-75,122	–	-0.28%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFetf	$0	–	-27,152	–	-0.29%	–
CZZ	Exit	COSAN LIMITED CMN CLASS A	$0	–	-139,989	–	-0.29%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-90,400	–	-0.41%	–
GGB	Exit	GERDAU SA COSG ADRadr	$0	–	-573,901	–	-0.50%	–
HUM	Exit	HUMANA INC COM STK	$0	–	-8,600	–	-0.53%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROBR ADRadr	$0	–	-379,597	–	-0.94%	–
ANTM	Exit	ANTHEM INC COM STK	$0	–	-23,777	–	-1.15%	–
C	Exit	CITIGROUP INC COM STK	$0	–	-109,557	–	-2.03%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-182,275	–	-2.24%	–
LUV	Exit	SOUTHWEST AIRLINES CO COM STK	$0	–	-207,221	–	-2.96%	–
ITUB	Exit	ITAU UNIBANCO HLDNG SAspon adr rep pfd	$0	–	-908,868	–	-3.18%	–
ABEV	Exit	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$0	–	-2,254,003	–	-3.79%	–
AZUL	Exit	AZUL SAsponsr adr pfd	$0	–	-554,440	–	-3.88%	–
XLE	Exit	ENERGY SELECT SECTOR SPDRetf	$0	–	-355,195	–	-6.20%	–
BAC	Exit	BANK OF AMERICA CORP COM STK	$0	–	-1,282,172	–	-8.29%	–
JPM	Exit	JPMORGAN CHASE CO	$0	–	-393,586	–	-9.59%	–
TGS	Exit	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$0	–	-1,879,633	–	-9.74%	–
VALE	Exit	VALE SA ADRadr	$0	–	-5,959,224	–	-15.31%	–
SPY	Exit	SPDR SP 500 ETF TRUSTetf	$0	–	-434,954	–	-27.87%	–

Q3 2017

			Value		Shares		↓ Weighting
SPY	Sell	SPDR SP 500 ETF TRUSTetf	$109,273,000	-18.5%	434,954	-21.5%	27.87%	-51.4%
VALE	Buy	VALE SA ADRadr	$60,009,000	+1079.0%	5,959,224	+924.4%	15.31%	+603.1%
TGS	Sell	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$38,175,000	-18.9%	1,879,633	-33.7%	9.74%	-51.6%
JPM	New	JPMORGAN CHASE CO	$37,591,000	–	393,586	–	9.59%	–
BAC	New	BANK OF AMERICA CORP COM STK	$32,490,000	–	1,282,172	–	8.29%	–
XLE	New	ENERGY SELECT SECTOR SPDRetf	$24,324,000	–	355,195	–	6.20%	–
AZUL	New	AZUL SAsponsr adr pfd	$15,219,000	–	554,440	–	3.88%	–
ABEV	Buy	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEVsponsored adr	$14,854,000	+163.6%	2,254,003	+119.6%	3.79%	+57.2%
ITUB	Buy	ITAU UNIBANCO HLDNG SAspon adr rep pfd	$12,451,000	+1026.8%	908,868	+808.9%	3.18%	+571.5%
LUV	New	SOUTHWEST AIRLINES CO COM STK	$11,600,000	–	207,221	–	2.96%	–
DAL	New	DELTA AIRLINES INC	$8,789,000	–	182,275	–	2.24%	–
C	New	CITIGROUP INC COM STK	$7,969,000	–	109,557	–	2.03%	–
ANTM	Sell	ANTHEM INC COM STK	$4,515,000	-20.0%	23,777	-20.7%	1.15%	-52.3%
PBRA	Sell	PETROLEO BRASILEIRO SA PETROBR ADRadr	$3,667,000	-70.0%	379,597	-76.8%	0.94%	-82.1%
HUM	New	HUMANA INC COM STK	$2,095,000	–	8,600	–	0.53%	–
GGB	New	GERDAU SA COSG ADRadr	$1,968,000	–	573,901	–	0.50%	–
AMX	New	AMERICA MOVIL SAB DE CV	$1,605,000	–	90,400	–	0.41%	–
CZZ	Sell	COSAN LIMITED CMN CLASS A	$1,138,000	-86.4%	139,989	-89.3%	0.29%	-91.9%
EWZ	New	ISHARES MSCI BRAZIL ETFetf	$1,132,000	–	27,152	–	0.29%	–
BRFS	New	BRF BRASIL FOODS SA ADRadr	$1,083,000	–	75,122	–	0.28%	–
	New	PUT EWJ 100 @ 52 EXP 12152017	$1,075,000	–	50,000	–	0.27%	–
PBR	New	PETROLEO BRASILsponsored adr	$1,036,000	–	103,212	–	0.26%	–
	Exit	PUT EEM 100 @ 41 EXP 09292017	$0	–	-14,300	–	-0.69%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALES S ADRadr	$0	–	-32,013	–	-0.78%	–
	Exit	PUT EWZ 100 @ 33 EXP 09152017	$0	–	-15,000	–	-0.84%	–
BMA	Exit	BANCO MACRO BANSUD S A SPON ADR Bspon adr b	$0	–	-22,810	–	-0.90%	–
OMAB	Exit	GRUPO AEROPORTUARIOspon adr	$0	–	-65,385	–	-1.35%	–
	Exit	PUT SPY 100 @ 243 EXP 07212017	$0	–	-20,600	–	-1.71%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR SP 500 ETF TRUSTetf	$134,009,000	–	554,214	–	57.32%	–
TGS	New	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$47,072,000	–	2,833,919	–	20.13%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROBR ADRadr	$12,218,000	–	1,637,854	–	5.23%	–
CZZ	New	COSAN LIMITED CMN CLASS A	$8,384,000	–	1,307,990	–	3.59%	–
ANTM	New	ANTHEM INC COM STK	$5,644,000	–	30,000	–	2.41%	–
ABEV	New	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEVadr	$5,635,000	–	1,026,486	–	2.41%	–
VALE	New	VALE SA ADRadr	$5,090,000	–	581,717	–	2.18%	–
	New	PUT SPY 100 @ 243 EXP 07212017	$3,996,000	–	20,600	–	1.71%	–
OMAB	New	GRUPO AEROPORTUARIOspon adr	$3,150,000	–	65,385	–	1.35%	–
BMA	New	BANCO MACRO BANSUD S A SPON ADR Bspon adr b	$2,103,000	–	22,810	–	0.90%	–
	New	PUT EWZ 100 @ 33 EXP 09152017	$1,958,000	–	15,000	–	0.84%	–
IRCP	New	IRSA PROPIEDADES COMERCIALES S ADRadr	$1,825,000	–	32,013	–	0.78%	–
	New	PUT EEM 100 @ 41 EXP 09292017	$1,609,000	–	14,300	–	0.69%	–
ITUB	New	ITAU UNIBANCO HLDNG SAadr	$1,105,000	–	100,000	–	0.47%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	PUT EEM 100 @ 35 EXP 01202017	$0	–	-10,000	–	-0.55%	–
	Exit	PUT FXI 100 @ 36 EXP 11182016	$0	–	-21,089	–	-0.60%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALES S ADRadr	$0	–	-27,836	–	-0.66%	–
	Exit	PUT SPY 100 @ 210 EXP 12162016	$0	–	-4,000	–	-0.80%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETS ETFetf	$0	–	-41,700	–	-0.84%	–
	Exit	CALL FXI 100 @ 36 EXP 11182016	$0	–	-6,550	–	-0.90%	–
EWW	Exit	ISHARES MSCI MEXICO ETFetf	$0	–	-40,680	–	-1.06%	–
	Exit	PUT SPY 100 @ 205 EXP 11182016	$0	–	-13,475	–	-1.09%	–
KOF	Exit	COCA COLA FEMSA SAB DE CV ADRadr	$0	–	-33,793	–	-1.36%	–
VALE	Exit	VALE SA ADRadr	$0	–	-499,762	–	-1.48%	–
TEO	Exit	TELECOM ARGENTINA SA ADRadr	$0	–	-160,000	–	-1.57%	–
PAM	Exit	PAMPA ENERGIA SA GDR REG Sspons adr lvl i	$0	–	-93,450	–	-1.62%	–
	Exit	CALL EWZ 100 @ 30 EXP 12162016	$0	–	-10,050	–	-2.44%	–
ERJ	Exit	EMBRAER S A ADRadr	$0	–	-276,577	–	-2.56%	–
XLE	Exit	ENERGY SELECT SECTOR SPDRetf	$0	–	-100,000	–	-3.79%	–
EDN	Exit	EMPRESA DISTRIBUIDORA Y COMERCIAL NORTEspon adr	$0	–	-374,112	–	-3.98%	–
QUAL	Exit	ISH MSCI USA QTYetf	$0	–	-114,900	–	-4.16%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-1,098,910	–	-6.75%	–
ITCB	Exit	CORPBANCA SPONSORED ADR CMN	$0	–	-1,165,767	–	-8.33%	–
CZZ	Exit	COSAN LIMITED CMN CLASS A	$0	–	-3,454,360	–	-13.26%	–
TGS	Exit	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$0	–	-5,230,952	–	-19.18%	–
PZE	Exit	PETROBRAS ENERGIA SA SPONSORED ADR CMN	$0	–	-6,522,586	–	-23.04%	–

Q3 2016

			Value		Shares		↓ Weighting
PZE	Buy	PETROBRAS ENERGIA SA SPONSORED ADR CMN	$42,919,000	+30.2%	6,522,586	+24.3%	23.04%	+35.2%
TGS	Buy	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$35,727,000	+39.0%	5,230,952	+37.3%	19.18%	+44.3%
CZZ	Buy	COSAN LIMITED CMN CLASS A	$24,698,000	+222.3%	3,454,360	+193.5%	13.26%	+234.7%
ITCB	Buy	CORPBANCA SPONSORED ADR CMN	$15,528,000	+23.5%	1,165,767	+18.4%	8.33%	+28.2%
AMX	New	AMERICA MOVIL SAB DE CV	$12,572,000	–	1,098,910	–	6.75%	–
QUAL	New	ISH MSCI USA QTYetf	$7,755,000	–	114,900	–	4.16%	–
EDN	Buy	EMPRESA DISTRIBUIDORA Y COMERCIAL NORTEspon adr	$7,407,000	+91.3%	374,112	+69.2%	3.98%	+98.7%
XLE	New	ENERGY SELECT SECTOR SPDRetf	$7,061,000	–	100,000	–	3.79%	–
ERJ	New	EMBRAER S A ADRadr	$4,774,000	–	276,577	–	2.56%	–
PAM	Sell	PAMPA ENERGIA SA GDR REG Sspons adr lvl i	$3,028,000	-79.9%	93,450	-83.0%	1.62%	-79.1%
TEO	New	TELECOM ARGENTINA SA ADRadr	$2,928,000	–	160,000	–	1.57%	–
VALE	New	VALE SA ADRadr	$2,749,000	–	499,762	–	1.48%	–
KOF	New	COCA COLA FEMSA SAB DE CV ADRadr	$2,534,000	–	33,793	–	1.36%	–
	New	PUT SPY 100 @ 205 EXP 11182016	$2,035,000	–	13,475	–	1.09%	–
EWW	New	ISHARES MSCI MEXICO ETFetf	$1,972,000	–	40,680	–	1.06%	–
	New	CALL FXI 100 @ 36 EXP 11182016	$1,670,000	–	6,550	–	0.90%	–
EEM	Sell	ISHARES MSCI EMERGING MARKETS ETFetf	$1,562,000	-76.1%	41,700	-78.1%	0.84%	-75.2%
	Buy	PUT SPY 100 @ 210 EXP 12162016	$1,496,000	-24.9%	4,000	+100.0%	0.80%	-22.0%
IRCP	New	IRSA PROPIEDADES COMERCIALES S ADRadr	$1,220,000	–	27,836	–	0.66%	–
	New	PUT FXI 100 @ 36 EXP 11182016	$1,118,000	–	21,089	–	0.60%	–
	New	PUT EEM 100 @ 35 EXP 01202017	$1,020,000	–	10,000	–	0.55%	–
EWZ	Exit	ISHARES MSCI BRAZIL ETFetf	$0	–	-47,568	–	-0.74%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROBR ADRadr	$0	–	-250,000	–	-0.75%	–
PRU	Exit	PRUDENTIAL FINL INC INTERNOTES COM STK	$0	–	-24,190	–	-0.89%	–
AGRO	Exit	ADECOAGRO SA	$0	–	-196,169	–	-1.11%	–
PBR	Exit	PETROLEO BRASILsp adr non vtg	$0	–	-316,775	–	-1.17%	–
GGB	Exit	GERDAU SA COSG ADRadr	$0	–	-2,450,000	–	-2.30%	–
BG	Exit	BUNGE LTD COM STK	$0	–	-79,011	–	-2.42%	–
EFA	Exit	ISH MSI EAFE ETFetf	$0	–	-98,200	–	-2.83%	–
XOP	Exit	SPDR SP OIL GAS EXPLRTN PR ETF ETFetf	$0	–	-172,302	–	-3.10%	–
TV	Exit	GRUPO TELEVISA SA ADRadr	$0	–	-280,000	–	-3.77%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO SAB DE CV NEW SPONS ADR REPSTG UNIT 1 SER B SH FOMENTO ECONOMICO MEXICANO	$0	–	-155,810	–	-7.45%	–
YPF	Exit	YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D	$0	–	-1,704,774	–	-16.92%	–

Q2 2016

			Value		Shares		↓ Weighting
PZE	New	PETROBRAS ENERGIA SA SPONSORED ADR CMN	$32,958,000	–	5,248,030	–	17.04%	–
YPF	New	YPF SOCIEDAD ANONIMA SPONSORED ADR REPSTG CL D	$32,732,000	–	1,704,774	–	16.92%	–
TGS	New	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$25,709,000	–	3,808,651	–	13.29%	–
PAM	New	PAMPA ENERGIA SA GDR REG Sspons adr lvl i	$15,063,000	–	550,947	–	7.79%	–
FMX	New	FOMENTO ECONOMICO MEXICANO SAB DE CV NEW SPONS ADR REPSTG UNIT 1 SER B SH FOMENTO ECONOMICO MEXICANO	$14,411,000	–	155,810	–	7.45%	–
ITCB	New	CORPBANCA SPONSORED ADR CMN	$12,573,000	–	984,533	–	6.50%	–
CZZ	New	COSAN LIMITED CMN CLASS A	$7,662,000	–	1,176,983	–	3.96%	–
TV	New	GRUPO TELEVISA SA ADRadr	$7,291,000	–	280,000	–	3.77%	–
EEM	New	ISHARES MSCI EMERGING MARKETS ETFetf	$6,528,000	–	190,000	–	3.37%	–
XOP	New	SPDR SP OIL GAS EXPLRTN PR ETF ETFetf	$5,998,000	–	172,302	–	3.10%	–
EFA	New	ISH MSI EAFE ETFetf	$5,482,000	–	98,200	–	2.83%	–
BG	New	BUNGE LTD COM STK	$4,674,000	–	79,011	–	2.42%	–
GGB	New	GERDAU SA COSG ADRadr	$4,459,000	–	2,450,000	–	2.30%	–
EDN	New	EMPRESA DISTRIBUIDORA Y COMERCIAL NORTEspon adr	$3,872,000	–	221,140	–	2.00%	–
	New	CALL EWZ 100 @ 30 EXP 12162016	$3,025,000	–	10,050	–	1.56%	–
PBR	New	PETROLEO BRASILsp adr non vtg	$2,268,000	–	316,775	–	1.17%	–
AGRO	New	ADECOAGRO SA	$2,152,000	–	196,169	–	1.11%	–
	New	PUT SPY 100 @ 210 EXP 12162016	$1,991,000	–	2,000	–	1.03%	–
PRU	New	PRUDENTIAL FINL INC INTERNOTES COM STK	$1,726,000	–	24,190	–	0.89%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROBR ADRadr	$1,452,000	–	250,000	–	0.75%	–
EWZ	New	ISHARES MSCI BRAZIL ETFetf	$1,435,000	–	47,568	–	0.74%	–

Q4 2015

			Value		Shares		↓ Weighting
KND	Exit	KINDRED HEALTHCARE INC CMN	$0	–	-110,197	–	-2.08%	–
WFC	Exit	WELLS FARGO CO (NEW) CMN	$0	–	-45,000	–	-2.77%	–
SBS	Exit	CIA SANEAMENTO BASICO DO ESTAD ADRadr	$0	–	-598,183	–	-2.78%	–
KEY	Exit	KEYCORP CMN	$0	–	-196,300	–	-3.06%	–
MGA	Exit	MAGNA INTL INC	$0	–	-55,100	–	-3.17%	–
BAP	Exit	CREDICORP LTD COM	$0	–	-40,000	–	-5.10%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CLASS B COM	$0	–	-35,500	–	-5.54%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-32,500	–	-5.60%	–
DFS	Exit	DISCOVER FINANCIAL SERVICES	$0	–	-106,000	–	-6.60%	–
PRU	Exit	PRUDENTIAL FINANCIAL INC CMN	$0	–	-78,210	–	-7.14%	–
BCA	Exit	CORPBANCA ADRadr	$0	–	-448,318	–	-7.16%	–
VIV	Exit	TELEFONICA BRASIL SA SAO PAUL ADRadr	$0	–	-668,004	–	-7.31%	–
IRS	Exit	IRSA INVERSIONES Y REPRESENTAC ADRadr	$0	–	-433,413	–	-7.55%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUR SPONSORED ADR CMN SERIES B	$0	–	-43,741	–	-7.98%	–
IP	Exit	INTERNATIONAL PAPER CO COM STK	$0	–	-180,000	–	-8.15%	–
PAM	Exit	PAMPA ENERGIA SA SPONSORED ADR CMN	$0	–	-463,398	–	-8.48%	–
TGS	Exit	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$0	–	-2,022,606	–	-9.54%	–

Q3 2015

			Value		Shares		↓ Weighting
TGS	Buy	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$7,969,000	+4.2%	2,022,606	+19.6%	9.54%	+325.0%
PAM	Sell	PAMPA ENERGIA SA SPONSORED ADR CMN	$7,076,000	-28.1%	463,398	-34.9%	8.48%	+193.4%
IP	New	INTERNATIONAL PAPER CO COM STK	$6,802,000	–	180,000	–	8.15%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUR SPONSORED ADR CMN SERIES B	$6,660,000	–	43,741	–	7.98%	–
IRS	New	IRSA INVERSIONES Y REPRESENTAC ADRadr	$6,302,000	–	433,413	–	7.55%	–
VIV	New	TELEFONICA BRASIL SA SAO PAUL ADRadr	$6,099,000	–	668,004	–	7.31%	–
BCA	Buy	CORPBANCA ADRadr	$5,976,000	+126.6%	448,318	+180.7%	7.16%	+823.6%
PRU	New	PRUDENTIAL FINANCIAL INC CMN	$5,961,000	–	78,210	–	7.14%	–
DFS	Buy	DISCOVER FINANCIAL SERVICES	$5,511,000	+22.6%	106,000	+35.9%	6.60%	+400.1%
FDX	New	FEDEX CORPORATION	$4,679,000	–	32,500	–	5.60%	–
BRKB	New	BERKSHIRE HATHAWAY INC CLASS B COM	$4,629,000	–	35,500	–	5.54%	–
BAP	New	CREDICORP LTD COM	$4,254,000	–	40,000	–	5.10%	–
MGA	Sell	MAGNA INTL INC	$2,645,000	-57.9%	55,100	-50.8%	3.17%	+71.7%
KEY	Buy	KEYCORP CMN	$2,554,000	-6.3%	196,300	+8.2%	3.06%	+281.9%
SBS	New	CIA SANEAMENTO BASICO DO ESTAD ADRadr	$2,321,000	–	598,183	–	2.78%	–
KND	Buy	KINDRED HEALTHCARE INC CMN	$1,736,000	+71.2%	110,197	+120.5%	2.08%	+597.7%
CZZ	Exit	COSAN LIMITED CMN CLASS A	$0	–	-257,084	–	-0.46%	–
STT	Exit	STATE STREET CORPORATION (NEW) CMN	$0	–	-25,000	–	-0.56%	–
BCH	Exit	BANCO DE CHILE SPONSORED ADR CMN	$0	–	-29,832	–	-0.57%	–
VALE	Exit	VALE SA ADR	$0	–	-435,800	–	-0.75%	–
BUD	Exit	ANHEUSERBUSCH INBEV SA SPONSORED ADR CMN	$0	–	-22,100	–	-0.78%	–
	Exit	PUT EEM 100 @ 41 EXP 07022015	$0	–	-19,736	–	-0.82%	–
	Exit	CALL YPF 100 @ 35 EXP 01152016	$0	–	-30,040	–	-0.84%	–
	Exit	PUT VALE 100 @ 6 EXP 09182015	$0	–	-50,000	–	-0.90%	–
COF	Exit	CAPITAL ONE FINANCIAL CORP CMN	$0	–	-35,000	–	-0.90%	–
ASHR	Exit	DEUTSCHE XTRACKERS HARVEST CSI 300 CHINA ASHARES ETFetf	$0	–	-72,000	–	-0.97%	–
USB	Exit	US BANCORP CMN	$0	–	-80,000	–	-1.02%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC COM STK	$0	–	-827,289	–	-1.28%	–
JPM	Exit	JPMORGAN CHASE CO CMN	$0	–	-85,000	–	-1.69%	–
BSAC	Exit	BANCO SANTANDERCHILE ADR CMN	$0	–	-294,052	–	-1.75%	–
MELI	Exit	MERCADOLIBRE INC CMN	$0	–	-52,834	–	-2.20%	–
C	Exit	CITIGROUP INC CMN	$0	–	-143,539	–	-2.33%	–
CIB	Exit	BANCOLOMBIA SA BANCOLOMBIA CO ADRadr	$0	–	-198,456	–	-2.51%	–
FXI	Exit	iShares China LargeCap ETFetf	$0	–	-227,747	–	-3.08%	–
BAC	Exit	BANK OF AMERICA CORP CMN	$0	–	-630,000	–	-3.15%	–
BABA	Exit	ALIBABA GROUP HOLDING LIMITED SPONSORED ADR CMN	$0	–	-214,025	–	-5.17%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO SAB DE CV NEW SPONS ADR REPSTG UNIT 1 SER B SH FOMENTO ECONOMICO MEXICANO	$0	–	-211,365	–	-5.53%	–
XLY	Exit	AMEX CONSUMER DISCRETIONARY SELECT SECTOR 'SPDR' FUNDetf	$0	–	-332,000	–	-7.46%	–
KO	Exit	COCACOLA COMPANY (THE) CMN	$0	–	-931,500	–	-10.73%	–
EEM	Exit	ISHARES MSCI EMERGING MKTS ETFetf	$0	–	-1,205,201	–	-14.03%	–
EWY	Exit	ISHARES MSCI SOUTH KOREA CAPPED ETFetf	$0	–	-1,209,500	–	-19.58%	–

Q2 2015

			Value		Shares		↓ Weighting
EWY	New	ISHARES MSCI SOUTH KOREA CAPPED ETFetf	$66,656,000	–	1,209,500	–	19.58%	–
EEM	New	ISHARES MSCI EMERGING MKTS ETFetf	$47,750,000	–	1,205,201	–	14.03%	–
KO	New	COCACOLA COMPANY (THE) CMN	$36,542,000	–	931,500	–	10.73%	–
XLY	New	AMEX CONSUMER DISCRETIONARY SELECT SECTOR 'SPDR' FUNDetf	$25,391,000	–	332,000	–	7.46%	–
FMX	New	FOMENTO ECONOMICO MEXICANO SAB DE CV NEW SPONS ADR REPSTG UNIT 1 SER B SH FOMENTO ECONOMICO MEXICANO	$18,831,000	–	211,365	–	5.53%	–
BABA	New	ALIBABA GROUP HOLDING LIMITED SPONSORED ADR CMN	$17,607,000	–	214,025	–	5.17%	–
BAC	New	BANK OF AMERICA CORP CMN	$10,723,000	–	630,000	–	3.15%	–
FXI	New	iShares China LargeCap ETFetf	$10,499,000	–	227,747	–	3.08%	–
PAM	New	PAMPA ENERGIA SA SPONSORED ADR CMN	$9,835,000	–	712,215	–	2.89%	–
CIB	New	BANCOLOMBIA SA BANCOLOMBIA CO ADRadr	$8,534,000	–	198,456	–	2.51%	–
C	New	CITIGROUP INC CMN	$7,929,000	–	143,539	–	2.33%	–
TGS	New	TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B	$7,647,000	–	1,691,676	–	2.25%	–
MELI	New	MERCADOLIBRE INC CMN	$7,487,000	–	52,834	–	2.20%	–
MGA	New	MAGNA INTERNATIONAL INC CMN	$6,282,000	–	112,000	–	1.84%	–
BSAC	New	BANCO SANTANDERCHILE ADR CMN	$5,954,000	–	294,052	–	1.75%	–
JPM	New	JPMORGAN CHASE CO CMN	$5,760,000	–	85,000	–	1.69%	–
DFS	New	DISCOVER FINANCIAL SERVICES CMN	$4,494,000	–	78,000	–	1.32%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC COM STK	$4,352,000	–	827,289	–	1.28%	–
USB	New	US BANCORP CMN	$3,472,000	–	80,000	–	1.02%	–
ASHR	New	DEUTSCHE XTRACKERS HARVEST CSI 300 CHINA ASHARES ETFetf	$3,313,000	–	72,000	–	0.97%	–
COF	New	CAPITAL ONE FINANCIAL CORP CMN	$3,079,000	–	35,000	–	0.90%	–
	New	PUT VALE 100 @ 6 EXP 09182015	$3,075,000	–	50,000	–	0.90%	–
	New	CALL YPF 100 @ 35 EXP 01152016	$2,854,000	–	30,040	–	0.84%	–
	New	PUT EEM 100 @ 41 EXP 07022015	$2,783,000	–	19,736	–	0.82%	–
KEY	New	KEYCORP CMN	$2,726,000	–	181,500	–	0.80%	–
BUD	New	ANHEUSERBUSCH INBEV SA SPONSORED ADR CMN	$2,667,000	–	22,100	–	0.78%	–
BCA	New	CORPBANCA ADRadr	$2,637,000	–	159,725	–	0.78%	–
VALE	New	VALE SA ADR	$2,567,000	–	435,800	–	0.75%	–
WFC	New	WELLS FARGO CO (NEW) CMN	$2,531,000	–	45,000	–	0.74%	–
BCH	New	BANCO DE CHILE SPONSORED ADR CMN	$1,951,000	–	29,832	–	0.57%	–
STT	New	STATE STREET CORPORATION (NEW) CMN	$1,925,000	–	25,000	–	0.56%	–
CZZ	New	COSAN LIMITED CMN CLASS A	$1,584,000	–	257,084	–	0.46%	–
KND	New	KINDRED HEALTHCARE INC CMN	$1,014,000	–	49,970	–	0.30%	–

Q4 2014

			Value		Shares		↓ Weighting
9207PS	Exit	ROCKTENN CO CL A CMN CLASS A	$0	–	-22,443	–	-0.59%	–
BAK	Exit	BRASKEM SA ADR CMN	$0	–	-86,420	–	-0.63%	–
KO	Exit	CALLKO @ 45 EXP 01172015	$0	–	-25,389	–	-0.69%	–
EWZ	Exit	PUTEWZ @ 39 EXP 11222014	$0	–	-12,500	–	-0.69%	–
UFS	Exit	DOMTAR CORPORATION CMN CLASS	$0	–	-39,594	–	-0.77%	–
AAXJ	Exit	ISHARES MSCI ALLCOUNTRY ASIA EXJAPAN ETFetf	$0	–	-25,000	–	-0.85%	–
ERJ	Exit	EMBRAER S A ADRadr	$0	–	-50,000	–	-1.09%	–
BAC	Exit	BANK OF AMERICA CORP CMN	$0	–	-123,500	–	-1.17%	–
GE	Exit	GENERAL ELECTRIC CO CMN	$0	–	-84,916	–	-1.21%	–
XES	Exit	SPDR SP OIL GAS EQPT SVCS ETF ETFetf	$0	–	-59,913	–	-1.34%	–
PZE	Exit	PETROBRAS ENERGIA SA SPONSORED ADR CMN	$0	–	-474,932	–	-1.72%	–
VALEP	Exit	VALE SA ADR SERIES A	$0	–	-359,674	–	-1.94%	–
JPM	Exit	JPMORGAN CHASE CO CMN	$0	–	-60,300	–	-2.01%	–
DFS	Exit	DISCOVER FINANCIAL SERVICES CMN	$0	–	-58,000	–	-2.07%	–
COF	Exit	CAPITAL ONE FINANCIAL CORP CMN	$0	–	-50,000	–	-2.26%	–
ABEV	Exit	AMBEV S A SPONSORED ADR CMN	$0	–	-727,016	–	-2.64%	–
BBVA	Exit	BANCO BILBAO VIZCAYA S A ADR SPONSORED ADR CMN USD03296	$0	–	-475,885	–	-3.17%	–
VALE	Exit	VALE SA ADR	$0	–	-525,134	–	-3.21%	–
XLI	Exit	INDUSTRIAL SELECT SECTOR SPDR 'SPDR'etf	$0	–	-114,000	–	-3.36%	–
BRFS	Exit	BRF SA SPONSORED ADR CMN	$0	–	-259,592	–	-3.42%	–
TV	Exit	GRUPO TELEVISA, SA GDS REP 5 CPO'S REP 1 L SHARE, 1 A SHARE AND 1 D SHARE	$0	–	-238,644	–	-4.48%	–
IP	Exit	INTERNATIONAL PAPER CO CMN	$0	–	-178,584	–	-4.73%	–
C	Exit	CITIGROUP INC CMN	$0	–	-172,791	–	-4.96%	–
PRU	Exit	PRUDENTIAL FINANCIAL INC CMN	$0	–	-110,000	–	-5.36%	–
OIBRC	Exit	OI SA SPONSORED ADR CMN	$0	–	-13,122,255	–	-5.38%	–
BBD	Exit	BANCO BRADESCO SA ADR CMN	$0	–	-756,490	–	-5.98%	–
PBRA	Exit	PETROLEO BRASILEIRO SA SPON ADR	$0	–	-1,100,700	–	-9.09%	–
CX	Exit	CEMEX, SAB DE CV SPONSORED ADR CMN	$0	–	-1,510,623	–	-10.92%	–
CZZ	Exit	COSAN LIMITED CMN CLASS A	$0	–	-2,391,493	–	-14.27%	–

Q3 2014

			Value		Shares		↓ Weighting
CZZ	Sell	COSAN LIMITED CMN CLASS A	$25,733,000	-52.2%	2,391,493	-39.8%	14.27%	-21.9%
CX	Buy	CEMEX, SAB DE CV SPONSORED ADR CMN	$19,698,000	+83.6%	1,510,623	+86.3%	10.92%	+200.1%
PBRA	New	PETROLEO BRASILEIRO SA SPON ADR	$16,389,000	–	1,100,700	–	9.09%	–
BBD	Buy	BANCO BRADESCO SA ADR CMN	$10,780,000	+527.1%	756,490	+335.0%	5.98%	+925.2%
OIBRC	Buy	OI SA SPONSORED ADR CMN	$9,711,000	+88.7%	13,122,255	+146.6%	5.38%	+208.4%
PRU	New	PRUDENTIAL FINANCIAL INC CMN	$9,673,000	–	110,000	–	5.36%	–
C	Buy	CITIGROUP INC CMN	$8,954,000	+11.4%	172,791	+1.2%	4.96%	+82.1%
IP	Sell	INTERNATIONAL PAPER CO CMN	$8,526,000	-18.4%	178,584	-13.7%	4.73%	+33.4%
TV	New	GRUPO TELEVISA, SA GDS REP 5 CPO'S REP 1 L SHARE, 1 A SHARE AND 1 D SHARE	$8,085,000	–	238,644	–	4.48%	–
BRFS	Sell	BRF SA SPONSORED ADR CMN	$6,176,000	-16.3%	259,592	-14.5%	3.42%	+36.7%
XLI	Sell	INDUSTRIAL SELECT SECTOR SPDR 'SPDR'etf	$6,059,000	-89.8%	114,000	-89.6%	3.36%	-83.4%
VALE	New	VALE SA ADR	$5,782,000	–	525,134	–	3.21%	–
BBVA	Buy	BANCO BILBAO VIZCAYA S A ADR SPONSORED ADR CMN USD03296	$5,711,000	+90.3%	475,885	+102.5%	3.17%	+211.1%
ABEV	Buy	AMBEV S A SPONSORED ADR CMN	$4,762,000	+35.1%	727,016	+45.2%	2.64%	+120.7%
COF	Sell	CAPITAL ONE FINANCIAL CORP CMN	$4,081,000	-37.8%	50,000	-37.0%	2.26%	+1.7%
DFS	Buy	DISCOVER FINANCIAL SERVICES CMN	$3,735,000	+28.5%	58,000	+23.7%	2.07%	+110.0%
JPM	Sell	JPMORGAN CHASE CO CMN	$3,632,000	-46.4%	60,300	-48.8%	2.01%	-12.5%
VALEP	New	VALE SA ADR SERIES A	$3,492,000	–	359,674	–	1.94%	–
PZE	New	PETROBRAS ENERGIA SA SPONSORED ADR CMN	$3,106,000	–	474,932	–	1.72%	–
GE	Sell	GENERAL ELECTRIC CO CMN	$2,176,000	-73.9%	84,916	-73.2%	1.21%	-57.3%
BAC	Sell	BANK OF AMERICA CORP CMN	$2,106,000	-61.3%	123,500	-65.1%	1.17%	-36.7%
AAXJ	Sell	ISHARES MSCI ALLCOUNTRY ASIA EXJAPAN ETFetf	$1,533,000	-38.9%	25,000	-37.5%	0.85%	-0.1%
UFS	Sell	DOMTAR CORPORATION CMN CLASS	$1,391,000	-35.2%	39,594	-21.0%	0.77%	+5.9%
KO	New	CALLKO @ 45 EXP 01172015	$1,244,000	–	25,389	–	0.69%	–
EWZ	Sell	PUTEWZ @ 39 EXP 11222014	$1,244,000	-36.9%	12,500	-69.7%	0.69%	+3.3%
BAK	New	BRASKEM SA ADR CMN	$1,138,000	–	86,420	–	0.63%	–
9207PS	New	ROCKTENN CO CL A CMN CLASS A	$1,068,000	–	22,443	–	0.59%	–
GOLD	Exit	BARRICK GOLD CORPORATION CMN	$0	–	-58,000	–	-0.36%	–
NEM	Exit	NEWMONT MINING CORPORATION CMN	$0	–	-43,000	–	-0.37%	–
GNCIQ	Exit	GNC HOLDINGS INC CMN CLASS A	$0	–	-44,400	–	-0.51%	–
BMA	Exit	BANCO MACRO SA SPONSORED ADR CMN	$0	–	-50,429	–	-0.62%	–
XHB	Exit	SPDR SP HOMEBUILDERS ETF ETFetf	$0	–	-80,000	–	-0.89%	–
SODA	Exit	SODASTREAM INTERNATIONAL LTD	$0	–	-89,500	–	-1.02%	–
GGB	Exit	GERDAU SA COSG ADRadr	$0	–	-767,168	–	-1.53%	–
BSBR	Exit	BANCO SANTANDER (BRASIL) SA ADR CMN	$0	–	-654,444	–	-1.54%	–
PFF	Exit	iShares US Preferred STOCK ETFetf	$0	–	-126,081	–	-1.71%	–
MS	Exit	MORGAN STANLEY CMN	$0	–	-175,290	–	-1.92%	–
XLB	Exit	AMEX MATERIALS SELECT 'SPDR' FUNDetf	$0	–	-120,000	–	-2.02%	–
GS	Exit	GOLDMAN SACHS GROUP, INC(THE) CMN	$0	–	-35,596	–	-2.02%	–
ITUB	Exit	ITAU UNIBANCO BANCO HLDNG SA SPONSORED ADR CMN	$0	–	-1,064,543	–	-5.19%	–
EEM	Exit	ISHARES MSCI EMERGING MKTS ETFetf	$0	–	-738,728	–	-10.83%	–

Q2 2014

			Value		Shares		↓ Weighting
XLI	New	INDUSTRIAL SELECT SECTOR SPDR 'SPDR'etf	$59,490,000	–	1,100,440	–	20.18%	–
CZZ	New	COSAN LIMITED CMN CLASS A	$53,840,000	–	3,970,520	–	18.27%	–
EEM	New	ISHARES MSCI EMERGING MKTS ETFetf	$31,935,000	–	738,728	–	10.83%	–
ITUB	New	ITAU UNIBANCO BANCO HLDNG SA SPONSORED ADR CMN	$15,309,000	–	1,064,543	–	5.19%	–
CX	New	CEMEX, SAB DE CV SPONSORED ADR CMN	$10,729,000	–	810,922	–	3.64%	–
IP	New	INTERNATIONAL PAPER CO CMN	$10,447,000	–	207,000	–	3.54%	–
GE	New	GENERAL ELECTRIC CO CMN	$8,328,000	–	316,895	–	2.82%	–
C	New	CITIGROUP INC CMN	$8,039,000	–	170,670	–	2.73%	–
BRFS	New	BRF SA SPONSORED ADR CMN	$7,383,000	–	303,692	–	2.50%	–
JPM	New	JPMORGAN CHASE CO CMN	$6,782,000	–	117,710	–	2.30%	–
COF	New	CAPITAL ONE FINANCIAL CORP CMN	$6,558,000	–	79,400	–	2.22%	–
GS	New	GOLDMAN SACHS GROUP, INC(THE) CMN	$5,960,000	–	35,596	–	2.02%	–
XLB	New	AMEX MATERIALS SELECT 'SPDR' FUNDetf	$5,957,000	–	120,000	–	2.02%	–
MS	New	MORGAN STANLEY CMN	$5,667,000	–	175,290	–	1.92%	–
BAC	New	BANK OF AMERICA CORP CMN	$5,441,000	–	354,000	–	1.85%	–
OIBRC	New	OI SA SPONSORED ADR CMN	$5,146,000	–	5,321,600	–	1.75%	–
PFF	New	iShares US Preferred STOCK ETFetf	$5,032,000	–	126,081	–	1.71%	–
BSBR	New	BANCO SANTANDER (BRASIL) SA ADR CMN	$4,529,000	–	654,444	–	1.54%	–
GGB	New	GERDAU SA COSG ADRadr	$4,519,000	–	767,168	–	1.53%	–
ABEV	New	AMBEV S A SPONSORED ADR CMN	$3,526,000	–	500,828	–	1.20%	–
SODA	New	SODASTREAM INTERNATIONAL LTD	$3,007,000	–	89,500	–	1.02%	–
BBVA	New	BANCO BILBAO VIZCAYA S A ADR SPONSORED ADR CMN USD03296	$3,001,000	–	235,000	–	1.02%	–
XES	New	SPDR SP OIL GAS EQPT SVCS ETF ETFetf	$2,953,000	–	59,913	–	1.00%	–
DFS	New	DISCOVER FINANCIAL SERVICES CMN	$2,907,000	–	46,900	–	0.99%	–
XHB	New	SPDR SP HOMEBUILDERS ETF ETFetf	$2,620,000	–	80,000	–	0.89%	–
AAXJ	New	ISHARES MSCI ALLCOUNTRY ASIA EXJAPAN ETFetf	$2,508,000	–	40,000	–	0.85%	–
UFS	New	DOMTAR CORPORATION CMN CLASS	$2,147,000	–	50,094	–	0.73%	–
EWZ	New	ISHARES MSCI BRAZIL CAPPED ETFetf	$1,970,000	–	41,232	–	0.67%	–
ERJ	New	EMBRAER S A ADRadr	$1,822,000	–	50,000	–	0.62%	–
BMA	New	BANCO MACRO SA SPONSORED ADR CMN	$1,817,000	–	50,429	–	0.62%	–
BBD	New	BANCO BRADESCO SA ADR CMN	$1,719,000	–	173,920	–	0.58%	–
GNCIQ	New	GNC HOLDINGS INC CMN CLASS A	$1,514,000	–	44,400	–	0.51%	–
NEM	New	NEWMONT MINING CORPORATION CMN	$1,094,000	–	43,000	–	0.37%	–
GOLD	New	BARRICK GOLD CORPORATION CMN	$1,061,000	–	58,000	–	0.36%	–

Q4 2013

			Value		Shares		↓ Weighting
EWZ	Exit	PUTEWZ @ 48 EXP 10192013	$0	–	-10,000	–	-0.38%	–
SIEGY	Exit	SIEMENS AKTIENGESELLSCHAFT SPONSORED ADR CMN	$0	–	-10,600	–	-0.40%	–
WAG	Exit	WALGREEN CO CMN	$0	–	-24,400	–	-0.41%	–
CVX	Exit	CHEVRON CORPORATION CMN	$0	–	-11,800	–	-0.45%	–
MTW	Exit	MANITOWOC CO INC CMN	$0	–	-80,800	–	-0.50%	–
DE	Exit	DEERE COMPANY CMN	$0	–	-21,300	–	-0.54%	–
PH	Exit	PARKERHANNIFIN CORP CMN	$0	–	-18,200	–	-0.62%	–
WCC	Exit	WESCO INTERNATIONAL INC CMN	$0	–	-26,300	–	-0.63%	–
FE	Exit	FIRSTENERGY CORP CMN	$0	–	-56,606	–	-0.65%	–
SPXC	Exit	SPX CORPORATION CMN	$0	–	-24,700	–	-0.66%	–
SOXX	Exit	ISHARES TRUST ISHARES PHLX SEMICONDUCTOR ETFetf	$0	–	-32,208	–	-0.67%	–
ROK	Exit	ROCKWELL AUTOMATION INC CMN	$0	–	-20,300	–	-0.68%	–
URI	Exit	UNITED RENTALS, INC CMN	$0	–	-37,460	–	-0.68%	–
XLP	Exit	AMEX CONSUMER STAPLES SELECT FUND 'SPDR'etf	$0	–	-55,706	–	-0.69%	–
FLS	Exit	FLOWSERVE CORPORATION CMN	$0	–	-35,900	–	-0.70%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR CMN	$0	–	-144,688	–	-0.70%	–
MRO	Exit	MARATHON OIL CORPORATION CMN	$0	–	-64,687	–	-0.71%	–
EMR	Exit	EMERSON ELECTRIC CO CMN	$0	–	-35,100	–	-0.71%	–
EXPD	Exit	EXPEDITORS INTL WASH INC CMN	$0	–	-52,000	–	-0.72%	–
LH	Exit	LABORATORY CORPORATION OF AMERICA HOLDINGS CMN	$0	–	-23,402	–	-0.73%	–
NAV	Exit	NAVISTAR INTL CORP (NEW) CMN	$0	–	-63,700	–	-0.73%	–
APA	Exit	APACHE CORP CMN	$0	–	-27,403	–	-0.73%	–
CAT	Exit	CATERPILLAR INC (DELAWARE) CMN	$0	–	-28,700	–	-0.75%	–
COP	Exit	CONOCOPHILLIPS CMN	$0	–	-35,000	–	-0.76%	–
XLV	Exit	AMEX HEALTH CARE SELECT SECTOR 'SPDR' FUNDetf	$0	–	-48,305	–	-0.76%	–
HD	Exit	HOME DEPOT INC COM STK	$0	–	-32,850	–	-0.78%	–
FCX	Exit	FREEPORTMCMORAN COPPER GOLD CMN	$0	–	-76,207	–	-0.79%	–
GT	Exit	THE GOODYEAR TIRE RUBBER CO CMN	$0	–	-114,419	–	-0.80%	–
OSK	Exit	OSHKOSH CORPORATION CMN	$0	–	-53,800	–	-0.82%	–
CBS	Exit	CBS CORPORATION CMN CLASS B	$0	–	-47,955	–	-0.83%	–
CMI	Exit	CUMMINS INC COMMON STOCK	$0	–	-20,200	–	-0.84%	–
MOS	Exit	THE MOSAIC COMPANY CMN	$0	–	-62,700	–	-0.84%	–
SID	Exit	COMPANHIA SIDERURGICA NACIONAL ADRadr	$0	–	-634,867	–	-0.85%	–
SDRL	Exit	SEADRILL LTD CMN	$0	–	-61,400	–	-0.87%	–
TEX	Exit	TEREX CORP NEW COM STK	$0	–	-85,100	–	-0.90%	–
CHRW	Exit	CH ROBINSON WORLDWIDE INC CMN	$0	–	-50,504	–	-0.94%	–
COF	Exit	CAPITAL ONE FINANCIAL CORP CMN	$0	–	-44,100	–	-0.95%	–
FDX	Exit	FEDEX CORP CMN	$0	–	-26,700	–	-0.95%	–
BHP	Exit	BHP BILLITON LIMITED SPONSORED ADR CMN	$0	–	-45,795	–	-0.95%	–
TKR	Exit	TIMKEN CO CMN	$0	–	-51,400	–	-0.97%	–
CVS	Exit	CVS CAREMARK CORPORATION CMN	$0	–	-56,504	–	-1.00%	–
LUV	Exit	SOUTHWEST AIRLINES CO CMN	$0	–	-232,921	–	-1.06%	–
ABB	Exit	ABB LTD SPONSORED ADR CMN	$0	–	-144,200	–	-1.06%	–
AAPL	Exit	APPLE, INC CMN	$0	–	-7,500	–	-1.12%	–
BAC	Exit	BANK OF AMERICA CORP CMN	$0	–	-272,500	–	-1.18%	–
DFS	Exit	DISCOVER FINANCIAL SERVICES CMN	$0	–	-74,506	–	-1.18%	–
GS	Exit	GOLDMAN SACHS GROUP, INC(THE) CMN	$0	–	-25,000	–	-1.24%	–
EMC	Exit	EMC CORPORATION MASS CMN	$0	–	-157,000	–	-1.26%	–
LO	Exit	LORILLARD INC	$0	–	-90,600	–	-1.27%	–
IYJ	Exit	ISHARES US INDUSTRIALS ETFetf	$0	–	-47,077	–	-1.33%	–
JBLU	Exit	JETBLUE AIRWAYS CORPORATION CMN	$0	–	-714,000	–	-1.49%	–
C	Exit	CITIGROUP INC CMN	$0	–	-106,700	–	-1.62%	–
MS	Exit	MORGAN STANLEY CMN	$0	–	-206,000	–	-1.74%	–
BUD	Exit	ANHEUSERBUSCH INBEV SA SPONSORED ADR CMN	$0	–	-62,900	–	-1.95%	–
JPM	Exit	JPMORGAN CHASE CO CMN	$0	–	-214,300	–	-3.47%	–
EFA	Exit	ISH MSI EAFE ETFetf	$0	–	-385,000	–	-7.69%	–
XLF	Exit	THE FINANCIAL SELECT SECTOR SPDR FUNDetf	$0	–	-1,924,728	–	-12.00%	–
XLI	Exit	INDUSTRIAL SELECT SECT SPDRetf	$0	–	-867,270	–	-12.60%	–
CZZ	Exit	COSAN LIMITED CMN CLASS A	$0	–	-3,464,074	–	-16.67%	–

Q3 2013

			Value		Shares		↓ Weighting
CZZ	Buy	COSAN LIMITED CMN CLASS A	$53,243,000	+0.2%	3,464,074	+5.4%	16.67%	-31.4%
XLI	New	INDUSTRIAL SELECT SECT SPDRetf	$40,245,000	–	867,270	–	12.60%	–
XLF	Buy	THE FINANCIAL SELECT SECTOR SPDR FUNDetf	$38,312,000	+22.6%	1,924,728	+19.8%	12.00%	-16.1%
EFA	New	ISH MSI EAFE ETFetf	$24,563,000	–	385,000	–	7.69%	–
JPM	Buy	JPMORGAN CHASE CO CMN	$11,077,000	+135.0%	214,300	+140.0%	3.47%	+60.9%
BUD	New	ANHEUSERBUSCH INBEV SA SPONSORED ADR CMN	$6,240,000	–	62,900	–	1.95%	–
MS	Buy	MORGAN STANLEY CMN	$5,552,000	+24.9%	206,000	+13.2%	1.74%	-14.5%
C	Buy	CITIGROUP INC CMN	$5,176,000	+52.4%	106,700	+50.7%	1.62%	+4.4%
JBLU	New	JETBLUE AIRWAYS CORPORATION CMN	$4,759,000	–	714,000	–	1.49%	–
IYJ	New	ISHARES US INDUSTRIALS ETFetf	$4,261,000	–	47,077	–	1.33%	–
LO	New	LORILLARD INC	$4,057,000	–	90,600	–	1.27%	–
EMC	Sell	EMC CORPORATION MASS CMN	$4,013,000	-4.0%	157,000	-11.3%	1.26%	-34.3%
GS	Buy	GOLDMAN SACHS GROUP, INC(THE) CMN	$3,955,000	+32.1%	25,000	+26.3%	1.24%	-9.6%
DFS	Sell	DISCOVER FINANCIAL SERVICES CMN	$3,766,000	-4.2%	74,506	-9.7%	1.18%	-34.4%
BAC	Buy	BANK OF AMERICA CORP CMN	$3,761,000	+28.5%	272,500	+19.8%	1.18%	-12.0%
AAPL	Sell	APPLE, INC CMN	$3,576,000	-32.7%	7,500	-44.0%	1.12%	-53.9%
ABB	Buy	ABB LTD SPONSORED ADR CMN	$3,402,000	+41.6%	144,200	+30.0%	1.06%	-3.1%
LUV	Buy	SOUTHWEST AIRLINES CO CMN	$3,391,000	+24.7%	232,921	+10.4%	1.06%	-14.6%
CVS	Buy	CVS CAREMARK CORPORATION CMN	$3,207,000	+36.8%	56,504	+37.8%	1.00%	-6.4%
TKR	Buy	TIMKEN CO CMN	$3,105,000	+104.3%	51,400	+90.4%	0.97%	+39.9%
FDX	Sell	FEDEX CORP CMN	$3,047,000	-59.3%	26,700	-64.8%	0.95%	-72.1%
BHP	New	BHP BILLITON LIMITED SPONSORED ADR CMN	$3,045,000	–	45,795	–	0.95%	–
COF	Sell	CAPITAL ONE FINANCIAL CORP CMN	$3,031,000	-17.8%	44,100	-24.9%	0.95%	-43.7%
TEX	Buy	TEREX CORP NEW COM STK	$2,859,000	+95.8%	85,100	+53.3%	0.90%	+34.0%
SDRL	Sell	SEADRILL LTD CMN	$2,768,000	-50.2%	61,400	-55.0%	0.87%	-65.9%
SID	New	COMPANHIA SIDERURGICA NACIONAL ADRadr	$2,714,000	–	634,867	–	0.85%	–
MOS	Sell	THE MOSAIC COMPANY CMN	$2,697,000	-32.0%	62,700	-14.9%	0.84%	-53.4%
CMI	Buy	CUMMINS INC COMMON STOCK	$2,684,000	+36.0%	20,200	+11.0%	0.84%	-7.0%
OSK	Buy	OSHKOSH CORPORATION CMN	$2,635,000	+75.2%	53,800	+35.9%	0.82%	+19.9%
GT	Sell	THE GOODYEAR TIRE RUBBER CO CMN	$2,569,000	-7.7%	114,419	-37.1%	0.80%	-36.8%
HD	New	HOME DEPOT INC COM STK	$2,492,000	–	32,850	–	0.78%	–
CAT	New	CATERPILLAR INC (DELAWARE) CMN	$2,394,000	–	28,700	–	0.75%	–
APA	Sell	APACHE CORP CMN	$2,333,000	-25.6%	27,403	-26.7%	0.73%	-49.0%
NAV	Buy	NAVISTAR INTL CORP (NEW) CMN	$2,324,000	+56.2%	63,700	+18.8%	0.73%	+6.9%
EXPD	Buy	EXPEDITORS INTL WASH INC CMN	$2,291,000	+43.4%	52,000	+23.8%	0.72%	-1.9%
EMR	Buy	EMERSON ELECTRIC CO CMN	$2,271,000	+64.6%	35,100	+38.7%	0.71%	+12.7%
PBR	New	PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR CMN	$2,241,000	–	144,688	–	0.70%	–
FLS	Buy	FLOWSERVE CORPORATION CMN	$2,240,000	+49.7%	35,900	+29.6%	0.70%	+2.5%
URI	Buy	UNITED RENTALS, INC CMN	$2,184,000	+37.6%	37,460	+17.8%	0.68%	-5.8%
ROK	Sell	ROCKWELL AUTOMATION INC CMN	$2,171,000	-34.1%	20,300	-48.7%	0.68%	-54.8%
SOXX	Buy	ISHARES TRUST ISHARES PHLX SEMICONDUCTOR ETFetf	$2,147,000	+108.4%	32,208	+98.7%	0.67%	+42.7%
SPXC	New	SPX CORPORATION CMN	$2,091,000	–	24,700	–	0.66%	–
WCC	Buy	WESCO INTERNATIONAL INC CMN	$2,013,000	+16.6%	26,300	+3.5%	0.63%	-20.3%
PH	Sell	PARKERHANNIFIN CORP CMN	$1,979,000	+2.7%	18,200	-9.9%	0.62%	-29.6%
DE	Sell	DEERE COMPANY CMN	$1,734,000	-10.0%	21,300	-10.1%	0.54%	-38.4%
MTW	New	MANITOWOC CO INC CMN	$1,581,000	–	80,800	–	0.50%	–
WAG	New	WALGREEN CO CMN	$1,313,000	–	24,400	–	0.41%	–
SIEGY	New	SIEMENS AKTIENGESELLSCHAFT SPONSORED ADR CMN	$1,277,000	–	10,600	–	0.40%	–
EWZ	New	PUTEWZ @ 48 EXP 10192013	$1,210,000	–	10,000	–	0.38%	–
ABV	Exit	COMPANHIA DE BEBIDAS DAS AMERICASAMBEV SPONSORED ADR PFD USD06223	$0	–	-40,568	–	-0.69%	–
NXPI	Exit	NXP SEMICONDUCTORS NV CMN	$0	–	-50,000	–	-0.71%	–
GLNG	Exit	GOLAR LNG LTD CMN	$0	–	-58,400	–	-0.85%	–
XLB	Exit	AMEX MATERIALS SELECT 'SPDR' FUNDetf	$0	–	-49,994	–	-0.88%	–
A309PS	Exit	DIRECTV CMN	$0	–	-31,300	–	-0.88%	–
COTY	Exit	COTY, INC CMN CLASS A	$0	–	-160,000	–	-1.26%	–
DD	Exit	EI DU PONT DE NEMOURS AND CO CMN	$0	–	-54,400	–	-1.31%	–
VALEP	Exit	VALE SA ADR SERIES A	$0	–	-327,800	–	-1.82%	–
VOD	Exit	VODAFONE GROUP PLC SPONSORED ADR CMN	$0	–	-138,700	–	-1.82%	–

Q2 2013

			Value		Shares		↓ Weighting
CZZ	New	COSAN LIMITED CMN CLASS A	$53,114,000	–	3,286,784	–	24.30%	–
XLF	New	THE FINANCIAL SELECT SECTOR SPDR FUNDetf	$31,243,000	–	1,606,728	–	14.29%	–
FDX	New	FEDEX CORP CMN	$7,482,000	–	75,900	–	3.42%	–
SDRL	New	SEADRILL LTD CMN	$5,557,000	–	136,400	–	2.54%	–
AAPL	New	APPLE, INC CMN	$5,314,000	–	13,402	–	2.43%	–
JPM	New	JPMORGAN CHASE CO CMN	$4,714,000	–	89,300	–	2.16%	–
MS	New	MORGAN STANLEY CMN	$4,446,000	–	182,000	–	2.03%	–
EMC	New	EMC CORPORATION MASS CMN	$4,181,000	–	177,000	–	1.91%	–
VOD	New	VODAFONE GROUP PLC SPONSORED ADR CMN	$3,987,000	–	138,700	–	1.82%	–
VALEP	New	VALE SA ADR SERIES A	$3,986,000	–	327,800	–	1.82%	–
MOS	New	THE MOSAIC COMPANY CMN	$3,966,000	–	73,700	–	1.81%	–
DFS	New	DISCOVER FINANCIAL SERVICES CMN	$3,931,000	–	82,506	–	1.80%	–
COF	New	CAPITAL ONE FINANCIAL CORP CMN	$3,687,000	–	58,700	–	1.69%	–
C	New	CITIGROUP INC CMN	$3,396,000	–	70,800	–	1.55%	–
ROK	New	ROCKWELL AUTOMATION INC CMN	$3,292,000	–	39,600	–	1.51%	–
APA	New	APACHE CORP CMN	$3,135,000	–	37,403	–	1.43%	–
GS	New	GOLDMAN SACHS GROUP, INC(THE) CMN	$2,995,000	–	19,800	–	1.37%	–
BAC	New	BANK OF AMERICA CORP CMN	$2,926,000	–	227,500	–	1.34%	–
DD	New	EI DU PONT DE NEMOURS AND CO CMN	$2,856,000	–	54,400	–	1.31%	–
CHRW	New	CH ROBINSON WORLDWIDE INC CMN	$2,844,000	–	50,504	–	1.30%	–
GT	New	THE GOODYEAR TIRE RUBBER CO CMN	$2,782,000	–	181,819	–	1.27%	–
COTY	New	COTY, INC CMN CLASS A	$2,749,000	–	160,000	–	1.26%	–
LUV	New	SOUTHWEST AIRLINES CO CMN	$2,719,000	–	210,921	–	1.24%	–
ABB	New	ABB LTD SPONSORED ADR CMN	$2,402,000	–	110,900	–	1.10%	–
CVS	New	CVS CAREMARK CORPORATION CMN	$2,345,000	–	41,004	–	1.07%	–
LH	New	LABORATORY CORPORATION OF AMERICA HOLDINGS CMN	$2,343,000	–	23,402	–	1.07%	–
CBS	New	CBS CORPORATION CMN CLASS B	$2,344,000	–	47,955	–	1.07%	–
XLV	New	AMEX HEALTH CARE SELECT SECTOR 'SPDR' FUNDetf	$2,300,000	–	48,305	–	1.05%	–
MRO	New	MARATHON OIL CORPORATION CMN	$2,237,000	–	64,687	–	1.02%	–
XLP	New	AMEX CONSUMER STAPLES SELECT FUND 'SPDR'etf	$2,210,000	–	55,706	–	1.01%	–
COP	New	CONOCOPHILLIPS CMN	$2,118,000	–	35,000	–	0.97%	–
FE	New	FIRSTENERGY CORP CMN	$2,114,000	–	56,606	–	0.97%	–
FCX	New	FREEPORTMCMORAN COPPER GOLD CMN	$2,104,000	–	76,207	–	0.96%	–
CMI	New	CUMMINS INC COMMON STOCK	$1,974,000	–	18,200	–	0.90%	–
A309PS	New	DIRECTV CMN	$1,929,000	–	31,300	–	0.88%	–
PH	New	PARKERHANNIFIN CORP CMN	$1,927,000	–	20,200	–	0.88%	–
DE	New	DEERE COMPANY CMN	$1,926,000	–	23,700	–	0.88%	–
XLB	New	AMEX MATERIALS SELECT 'SPDR' FUNDetf	$1,917,000	–	49,994	–	0.88%	–
GLNG	New	GOLAR LNG LTD CMN	$1,862,000	–	58,400	–	0.85%	–
WCC	New	WESCO INTERNATIONAL INC CMN	$1,726,000	–	25,400	–	0.79%	–
EXPD	New	EXPEDITORS INTL WASH INC CMN	$1,598,000	–	42,000	–	0.73%	–
URI	New	UNITED RENTALS, INC CMN	$1,587,000	–	31,800	–	0.73%	–
NXPI	New	NXP SEMICONDUCTORS NV CMN	$1,551,000	–	50,000	–	0.71%	–
TKR	New	TIMKEN CO CMN	$1,520,000	–	27,000	–	0.70%	–
ABV	New	COMPANHIA DE BEBIDAS DAS AMERICASAMBEV SPONSORED ADR PFD USD06223	$1,515,000	–	40,568	–	0.69%	–
OSK	New	OSHKOSH CORPORATION CMN	$1,504,000	–	39,600	–	0.69%	–
FLS	New	FLOWSERVE CORPORATION CMN	$1,496,000	–	27,700	–	0.68%	–
NAV	New	NAVISTAR INTL CORP (NEW) CMN	$1,488,000	–	53,600	–	0.68%	–
TEX	New	TEREX CORP (NEW) CMN	$1,460,000	–	55,500	–	0.67%	–
CVX	New	CHEVRON CORPORATION CMN	$1,396,000	–	11,800	–	0.64%	–
EMR	New	EMERSON ELECTRIC CO CMN	$1,380,000	–	25,300	–	0.63%	–
SOXX	New	ISHARES TRUST ISHARES GS SEMICONDUCTOR IDX FD ETFetf	$1,030,000	–	16,208	–	0.47%	–

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