# EDGAR Filing Document

**Accession Number:** 0001536080
**File Stem:** 0001536080-26-000001
**Filing Date:** 2026-2
**Character Count:** 21696
**Document Hash:** 9b3d9010a81f7eaa0554f56b7386949a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001536080-26-000001.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001536080-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banco BTG Pactual S.A.
- **CENTRAL INDEX KEY:** 0001536080

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17443
- **FILM NUMBER:** 26622969

**BUSINESS ADDRESS:**
- **STREET 1:** PRAIA DE BOTAFOGO,501, 5TH FLOOR
- **STREET 2:** TORRE CORCOVADO, BOTAFOGO
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 24210-400
- **BUSINESS PHONE:** 00 55 21 3262 9984

**MAIL ADDRESS:**
- **STREET 1:** PRAIA DE BOTAFOGO,501, 5TH FLOOR
- **STREET 2:** TORRE CORCOVADO, BOTAFOGO
- **CITY:** RIO DE JANEIRO
- **STATE:** D5
- **ZIP:** 24210-400

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Banco BTG Pactual S.A.<br>**Address:** PRAIA DE BOTAFOGO501 5TH FLOOR<br>TORRE CORCOVADO BOTAFOGO<br>RIO DE JANEIRO, D5 24210-400

**Form 13F File Number:** 028-17443

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Vitor Fortunato<br>**Title:** Compliance Officer<br>**Phone:** 00551133833311

**Signature, Place, and Date of Signing:**

/s/  Vitor Fortunato  Sao Paulo, D5  02-11-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 163

**Form 13F Information Table Value Total:** $585097170

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABIVAX SA | SPONSORED ADS | 00370M103 | BBG01JLQNZV9 | 302480 | 2243 | SH |  | SOLE |  | 2243 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 1985420 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 6999800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AFYA LTD | CL A COM | G01125106 | BBG00PK9C4D6 | 461545 | 29951 | SH |  | SOLE |  | 29951 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 14659906 | 100013 | SH |  | SOLE |  | 100013 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 13809560 | 44120 | SH |  | SOLE |  | 44120 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 17762649 | 56605 | SH |  | SOLE |  | 56605 | 0 | 0 |
| ALUMIS INC | COM | 022307102 | BBG01J7X4PP0 | 139588 | 14302 | SH |  | SOLE |  | 14302 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 33238080 | 144000 | SH |  | SOLE |  | 144000 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 | BBG005KLVT74 | 50388 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG001S5NFD2 | 221741 | 1923 | SH |  | SOLE |  | 1923 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX86 | 252009 | 374 | SH |  | SOLE |  | 374 | 0 | 0 |
| ARKO CORP | COM | 041242108 | BBG00YD8K420 | 57109 | 12579 | SH |  | SOLE |  | 12579 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 | BBG001SB80N8 | 239753 | 2608 | SH |  | SOLE |  | 2608 | 0 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 | BBG001S5ZWZ8 | 337881 | 6702 | SH |  | SOLE |  | 6702 | 0 | 0 |
| BANCO BBVA ARGENTINA S A | SPONSORED ADS | 058934100 | BBG001S62B15 | 266063 | 14724 | SH |  | SOLE |  | 14724 | 0 | 0 |
| BANCO MACRO SA | SPON ADR B | 05961W105 | BBG001SQK8Y2 | 4280526 | 47477 | SH |  | SOLE |  | 47477 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 | BBG001S5VVS2 | 808860 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 634810 | 11542 | SH |  | SOLE |  | 11542 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 | BBG001S7WDP0 | 1186365 | 170700 | SH |  | SOLE |  | 170700 | 0 | 0 |
| BBB FOODS INC | CL A COM | G0896C103 | BBG01L3GNG39 | 333900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 5275814 | 10496 | SH |  | SOLE |  | 10496 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 | BBG001S66C28 | 386676 | 6575 | SH |  | SOLE |  | 6575 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 1252298 | 1170 | SH |  | SOLE |  | 1170 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 649840 | 2993 | SH |  | SOLE |  | 2993 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 13672157 | 2553 | SH |  | SOLE |  | 2553 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG001S63L94 | 1458855 | 15300 | SH |  | SOLE |  | 15300 | 0 | 0 |
| BRASILAGRO COMPANHIA BRASILE | SPONSORED ADR | 10554B104 | BBG001TCJXR7 | 265174 | 74071 | SH |  | SOLE |  | 74071 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 12352655 | 35691 | SH |  | SOLE |  | 35691 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 1670947 | 36412 | SH |  | SOLE |  | 36412 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG001S65PV8 | 253024 | 1044 | SH |  | SOLE |  | 1044 | 0 | 0 |
| CARVANA CO | CL A | 146869102 | BBG00GCTWF71 | 274735 | 651 | SH |  | SOLE |  | 651 | 0 | 0 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 | BBG001SD8F15 | 755111 | 65719 | SH |  | SOLE |  | 65719 | 0 | 0 |
| CENTRAL PUERTO S A | SPONSORED ADR | 155038201 | BBG00JNMX9L5 | 475615 | 27178 | SH |  | SOLE |  | 27178 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 | BBG001SQV7W4 | 250776 | 1216 | SH |  | SOLE |  | 1216 | 0 | 0 |
| CI INC | COM CL A | G21307106 | BBG00PVKYX69 | 190114 | 46711 | SH |  | SOLE |  | 46711 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 | BBG006R5MFV3 | 250931 | 1136 | SH |  | SOLE |  | 1136 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 3672468 | 31472 | SH |  | SOLE |  | 31472 | 0 | 0 |
| COCA-COLA FEMSA SAB DE CV | SPONS ADS REP | 191241108 | BBG001S6R487 | 2015334 | 21279 | SH |  | SOLE |  | 21279 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 | BBG001S8LLN4 | 5058180 | 212083 | SH |  | SOLE |  | 212083 | 0 | 0 |
| COMPANHIA PARANAENSE DE ENER | SPONSORED ADS | 20441B704 | BBG01KK170B9 | 588032 | 61833 | SH |  | SOLE |  | 61833 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 | BBG001S8LTR3 | 999097 | 35900 | SH |  | SOLE |  | 35900 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG001SKXLQ1 | 1216955 | 10090 | SH |  | SOLE |  | 10090 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 | BBG00XMJRPR7 | 263099 | 11153 | SH |  | SOLE |  | 11153 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 | BBG001S8L8P1 | 918400 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| CRH PLC | ORD | G25508105 | BBG001S61NK9 | 251472 | 2015 | SH |  | SOLE |  | 2015 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKRZ7 | 238599 | 509 | SH |  | SOLE |  | 509 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 | BBG006Q52QW1 | 248901 | 558 | SH |  | SOLE |  | 558 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 | BBG005HJL932 | 11497500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG001SPT759 | 256502 | 3696 | SH |  | SOLE |  | 3696 | 0 | 0 |
| DEXCOM INC | COM | 252131107 | BBG001SKZG99 | 1350298 | 20345 | SH |  | SOLE |  | 20345 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 | BBG0134WCMB3 | 2412200 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 | BBG001T048Z5 | 268163 | 2467 | SH |  | SOLE |  | 2467 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 6706003 | 6240 | SH |  | SOLE |  | 6240 | 0 | 0 |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 | BBG00CMP50J7 | 2773868 | 690017 | SH |  | SOLE |  | 690017 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 | BBG001SDHNW4 | 560660 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| EQT CORP | COM | 26884L109 | BBG001S5QXJ4 | 248758 | 4641 | SH |  | SOLE |  | 4641 | 0 | 0 |
| ETF SER SOLUTIONS | DEFIANCE QUANTUM | 26922A420 | BBG00LWJ3BF2 | 318014 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 | BBG00XZQN3Y2 | 1382535 | 346500 | SH |  | SOLE |  | 346500 | 0 | 0 |
| FEMASYS INC | COM | 31447E105 | BBG004M23R72 | 87672 | 152155 | SH |  | SOLE |  | 152155 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 | BBG001S991Z7 | 257050 | 984 | SH |  | SOLE |  | 984 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 | BBG001S87K70 | 10752000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 4574990 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| GEOPARK LTD | USD SHS | G38327105 | BBG001SLK3B9 | 1377400 | 185884 | SH |  | SOLE |  | 185884 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 725516 | 5911 | SH |  | SOLE |  | 5911 | 0 | 0 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 | BBG00KX8KH01 | 8789523 | 172818 | SH |  | SOLE |  | 172818 | 0 | 0 |
| GLOBAL X FDS | GB MSCI AR ETF | 37950E259 | BBG001V0LJT6 | 411345 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 | BBG001T8JBX7 | 344592 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 | BBG001TF8NP6 | 6155940 | 144066 | SH |  | SOLE |  | 144066 | 0 | 0 |
| GLOBANT S A | COM | L44385109 | BBG00564Y4W2 | 6791943 | 103900 | SH |  | SOLE |  | 103900 | 0 | 0 |
| GRID DYNAMICS HLDGS INC | CL A | 39813G109 | BBG00MDLZP15 | 2573550 | 285000 | SH |  | SOLE |  | 285000 | 0 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 | BBG001SKXC54 | 4006933 | 74285 | SH |  | SOLE |  | 74285 | 0 | 0 |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 | BBG00BTHJ014 | 210762 | 17831 | SH |  | SOLE |  | 17831 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH49 | 746850 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJH69 | 1456872 | 7106 | SH |  | SOLE |  | 7106 | 0 | 0 |
| HUT 8 CORP | COM | 44812J104 | BBG00390LJJ8 | 3904900 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 | BBG001S9SKW7 | 215810 | 1240 | SH |  | SOLE |  | 1240 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 1746551 | 47332 | SH |  | SOLE |  | 47332 | 0 | 0 |
| INTERCORP FINL SVCS INC | SHS | P5626F128 | BBG00PNFV2G9 | 3189708 | 75300 | SH |  | SOLE |  | 75300 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | INVESCO PHLX SM | 46138G615 | BBG011B9WCN7 | 3030821 | 54345 | SH |  | SOLE |  | 54345 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 | BBG0027F1V40 | 5478850 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 5964498 | 83513 | SH |  | SOLE |  | 83513 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 958900 | 900 | SH | Put | SOLE |  | 900 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 | BBG00333FZ54 | 225410 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 1504544 | 30303 | SH |  | SOLE |  | 30303 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 5089840 | 160209 | SH |  | SOLE |  | 160209 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 8846441 | 41000 | SH | Call | SOLE |  | 41000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 228000 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 894301 | 23356 | SH |  | SOLE |  | 23356 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 | BBG00FFPFTS4 | 1944338 | 13051 | SH |  | SOLE |  | 13051 | 0 | 0 |
| ISHARES TR | MSCI PERU AND GL | 464289842 | BBG001T4R2P6 | 723500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 597569 | 1850 | SH |  | SOLE |  | 1850 | 0 | 0 |
| JABIL INC | COM | 466313103 | BBG001S7RB70 | 397895 | 1745 | SH |  | SOLE |  | 1745 | 0 | 0 |
| JELD-WEN HLDG INC | COM | 47580P103 | BBG001TG2G57 | 37638 | 15300 | SH |  | SOLE |  | 15300 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 3330466 | 10336 | SH |  | SOLE |  | 10336 | 0 | 0 |
| KRISPY KREME INC | COM | 50101L106 | BBG0118Y87P2 | 97815 | 24332 | SH |  | SOLE |  | 24332 | 0 | 0 |
| LARGO INC | COM | 517097101 | BBG001S6KXR9 | 13543 | 14450 | SH |  | SOLE |  | 14450 | 0 | 0 |
| LATAM AIRLINES GROUP SA | SPONSORED ADR | 51817R205 | BBG01PDH59W1 | 8382352 | 155200 | SH |  | SOLE |  | 155200 | 0 | 0 |
| LAUREATE EDUCATION INC | COMMON STOCK | 518613203 | BBG00B4Z2YY9 | 808080 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| LISTED FDS TR | ROUNDHILL BALL | 53656F417 | BBG011J1MP12 | 823503 | 43850 | SH |  | SOLE |  | 43850 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG001T5GK39 | 2678775 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 6077018 | 10645 | SH |  | SOLE |  | 10645 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 213275 | 260 | SH |  | SOLE |  | 260 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 4995365 | 2480 | SH |  | SOLE |  | 2480 | 0 | 0 |
| MERCER INTL INC | COM | 588056101 | BBG001S6TK43 | 48708 | 24600 | SH |  | SOLE |  | 24600 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 44661689 | 67660 | SH |  | SOLE |  | 67660 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 862509 | 3022 | SH |  | SOLE |  | 3022 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 37726229 | 78008 | SH |  | SOLE |  | 78008 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 | BBG00TJGL0T5 | 454680 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| NASDAQ INC | COM | 631103108 | BBG001SKTBJ6 | 262251 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| NATERA INC | COM | 632307104 | BBG001V0FSF8 | 256352 | 1119 | SH |  | SOLE |  | 1119 | 0 | 0 |
| NEOS ETF TRUST | ETHEREUM HIGH IN | 78433H535 | BBG01Y396157 | 714394 | 14535 | SH |  | SOLE |  | 14535 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 6319395 | 99190 | SH |  | SOLE |  | 99190 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 | BBG001S5TQJ6 | 245123 | 849 | SH |  | SOLE |  | 849 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 16256482 | 971116 | SH |  | SOLE |  | 971116 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 52527912 | 281651 | SH |  | SOLE |  | 281651 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 | BBG001T5K0S1 | 7808087 | 88217 | SH |  | SOLE |  | 88217 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 7820168 | 68967 | SH |  | SOLE |  | 68967 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 | BBG001SFJFD5 | 302600 | 26850 | SH |  | SOLE |  | 26850 | 0 | 0 |
| PG CORP | COM | 69331C108 | BBG001S5V206 | 247108 | 15377 | SH |  | SOLE |  | 15377 | 0 | 0 |
| PULMONX CORP | COM | 745848101 | BBG001T4HJ52 | 102358 | 46316 | SH |  | SOLE |  | 46316 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 | BBG001SCBW07 | 771600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 | BBG001S5VRS1 | 203918 | 1132 | SH |  | SOLE |  | 1132 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG001S5T5M8 | 956862 | 1831 | SH |  | SOLE |  | 1831 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 | BBG01R388JK6 | 286043 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 | BBG001S6RD41 | 340074 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 | BBG00HTBWMH4 | 312291 | 2448 | SH |  | SOLE |  | 2448 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y407 | BBG001S7T1Q9 | 4262101 | 35693 | SH |  | SOLE |  | 35693 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 4244616 | 27420 | SH |  | SOLE |  | 27420 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG001S7TD56 | 1695476 | 39716 | SH |  | SOLE |  | 39716 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 | BBG001S7G2C6 | 979987 | 14244 | SH |  | SOLE |  | 14244 | 0 | 0 |
| SOMNIGROUP INTERNATIONAL INC | COM | 88023U101 | BBG001SH81D4 | 248823 | 2787 | SH |  | SOLE |  | 2787 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 | BBG001S8LH99 | 563709 | 1173 | SH |  | SOLE |  | 1173 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 8568700 | 1600 | SH | Call | SOLE |  | 1600 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 302772 | 444 | SH |  | SOLE |  | 444 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A409 | BBG001SD7RB9 | 1033923 | 9690 | SH |  | SOLE |  | 9690 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | BBG003T4VFD1 | 256674 | 442 | SH |  | SOLE |  | 442 | 0 | 0 |
| SPROTT FDS TR | JUNIOR URANIUM | 85208P808 | BBG01DJ76BT2 | 3926160 | 155800 | SH |  | SOLE |  | 155800 | 0 | 0 |
| STONECO LTD | COM CL A | G85158106 | BBG00M4ZQF98 | 2810100 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| SUZANO S A | SPON ADS | 86959K105 | BBG001SKWHM5 | 141884 | 15191 | SH |  | SOLE |  | 15191 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 33457073 | 110096 | SH |  | SOLE |  | 110096 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 | BBG01GWQVW78 | 263513 | 703 | SH |  | SOLE |  | 703 | 0 | 0 |
| TELECOM ARGENTINA SA | SPON ADR REP B | 879273209 | BBG001S8DVV2 | 3802287 | 327501 | SH |  | SOLE |  | 327501 | 0 | 0 |
| TELEFONICA BRASIL SA | SPONSORED ADS | 87936R205 | BBG00Y6FQJF9 | 706856 | 59600 | SH |  | SOLE |  | 59600 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 | BBG001S62NT9 | 260416 | 8344 | SH |  | SOLE |  | 8344 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 498327 | 860 | SH |  | SOLE |  | 860 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 | BBG001SPV1C1 | 261980 | 197 | SH |  | SOLE |  | 197 | 0 | 0 |
| TRANSPORTADORA DE GAS SUR | SPONSORED ADS B | 893870204 | BBG001S80GV9 | 3297405 | 106060 | SH |  | SOLE |  | 106060 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 6037552 | 73890 | SH |  | SOLE |  | 73890 | 0 | 0 |
| ULTRAPAR PARTICIPACOES SA | SP ADR REP COM | 90400P101 | BBG001S8C8S8 | 2631083 | 697900 | SH |  | SOLE |  | 697900 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 244505 | 1057 | SH |  | SOLE |  | 1057 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 531147 | 1609 | SH |  | SOLE |  | 1609 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 216655 | 2526 | SH |  | SOLE |  | 2526 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 | BBG002D68GN8 | 2000000 | 1000 | SH | Put | SOLE |  | 1000 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8LM7 | 270557 | 1670 | SH |  | SOLE |  | 1670 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 10546551 | 30072 | SH |  | SOLE |  | 30072 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 734858 | 4555 | SH |  | SOLE |  | 4555 | 0 | 0 |
| VTEX | SHS CL A | G9470A102 | BBG011M1L6B0 | 2271416 | 604100 | SH |  | SOLE |  | 604100 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 4173943 | 144828 | SH |  | SOLE |  | 144828 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 | BBG001S5XD28 | 256338 | 1488 | SH |  | SOLE |  | 1488 | 0 | 0 |
| WOODWARD INC | COM | 980745103 | BBG001S6YZC5 | 302320 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 | BBG001S5RRD2 | 1048403 | 1039 | SH |  | SOLE |  | 1039 | 0 | 0 |
| XP INC | CL A | G98239109 | BBG00QVJYHP4 | 391390 | 23909 | SH |  | SOLE |  | 23909 | 0 | 0 |

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