# EDGAR Filing Document

**Accession Number:** 0001569579
**File Stem:** 0001569579-26-000001
**Filing Date:** 2026-2
**Character Count:** 30725
**Document Hash:** 97e33fc6146526c9a22853867b34458d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569579-26-000001.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001569579-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BTG Pactual Asset Management US LLC
- **CENTRAL INDEX KEY:** 0001569579

**ORGANIZATION NAME:**
- **EIN:** 800260014
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15216
- **FILM NUMBER:** 26639232

**BUSINESS ADDRESS:**
- **STREET 1:** 601 LEXINGTON AVENUE
- **STREET 2:** 57TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2122934658

**MAIL ADDRESS:**
- **STREET 1:** 601 LEXINGTON AVENUE
- **STREET 2:** 57TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### 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:** BTG Pactual Asset Management US LLC<br>**Address:** 601 LEXINGTON AVENUE<br>57TH FLOOR<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-15216

**CRD Number (if applicable):** 000152538

**SEC File Number (if applicable):** 801-71004

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:** Dagmara Frankowska<br>**Title:** Chief Compliance Officer<br>**Phone:** 212-293-4600

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

/s/Dagmara Frankowska  New York, NY  02-17-2026<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:** 2

**Form 13F Information Table Entry Total:** 243

**Form 13F Information Table Value Total:** $1027046458

      (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.]

| No.   | Name                                   | Form 13F File Number   |
|:---|:---|:---|
|  | BTG PACTUAL (UK) Ltd                   | 028-15217              |
|  | BTG Pactual Asset Management S.A. DTVM | 028-15342              |

### 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 |
| ABBOTT LABS | COM | 002824100 | BBG001S5N9M6 | 416840 | 3327 | SH |  | SOLE |  | 3327 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 5227394 | 22878 | SH |  | SOLE |  | 22878 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 | BBG001TCSLH4 | 61124 | 10360 | SH |  | SOLE |  | 10360 | 0 | 0 |
| ADT INC DEL | COM | 00090Q103 | BBG001S6VGG6 | 255012 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 517411 | 2416 | SH |  | SOLE |  | 2416 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 | BBG001SNX4Y4 | 261499 | 1819 | SH |  | SOLE |  | 1819 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 646564 | 4411 | SH |  | SOLE |  | 4411 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 | BBG00H00J2Q8 | 117441 | 60226 | SH |  | SOLE |  | 60226 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 2453920 | 7840 | SH |  | SOLE |  | 7840 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 24883399 | 79297 | SH |  | SOLE |  | 79297 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 | BBG001TBMNT5 | 3281340 | 67158 | SH |  | SOLE |  | 67158 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 23050839 | 99865 | SH |  | SOLE |  | 99865 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 | BBG005KLVT74 | 201684 | 80352 | SH |  | SOLE |  | 80352 | 0 | 0 |
| AMEREN CORP | COM | 023608102 | BBG001S5NF24 | 6006579 | 60150 | SH |  | SOLE |  | 60150 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG001S5NFD2 | 9016781 | 78196 | SH |  | SOLE |  | 78196 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | BBG001S5NJG1 | 267429 | 3126 | SH |  | SOLE |  | 3126 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 85755 | 262 | SH |  | SOLE |  | 262 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 98193 | 300 | SH | Call | SOLE |  | 300 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 98193 | 300 | SH | Put | SOLE |  | 300 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 | BBG00GBNZ4N9 | 3764862 | 211628 | SH |  | SOLE |  | 211628 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 1792101 | 6592 | SH |  | SOLE |  | 6592 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX86 | 1351009 | 2005 | SH |  | SOLE |  | 2005 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX86 | 539056 | 800 | SH | Put | SOLE |  | 800 | 0 | 0 |
| ASSURED GUARANTY LTD | COM | G0585R106 | BBG001SCBBM9 | 288662 | 3212 | SH |  | SOLE |  | 3212 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 421162 | 16955 | SH |  | SOLE |  | 16955 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 | BBG001S9YRV6 | 215441 | 1815 | SH |  | SOLE |  | 1815 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 | BBG001S6Q5D9 | 257754 | 76 | SH |  | SOLE |  | 76 | 0 | 0 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 | BBG001SGW5F8 | 256266 | 2393 | SH |  | SOLE |  | 2393 | 0 | 0 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 | BBG00JDV0M33 | 152220 | 10121 | SH |  | SOLE |  | 10121 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 511170 | 9294 | SH |  | SOLE |  | 9294 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG001S5P6Q6 | 2580681 | 22230 | SH |  | SOLE |  | 22230 | 0 | 0 |
| BAYTEX ENERGY CORP | COM | 07317Q105 | BBG001S998N5 | 2050791 | 633954 | SH |  | SOLE |  | 633954 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 23526533 | 46805 | SH |  | SOLE |  | 46805 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 301590 | 600 | SH | Call | SOLE |  | 600 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 301590 | 600 | SH | Put | SOLE |  | 600 | 0 | 0 |
| BLACK HILLS CORP | COM | 092113109 | BBG001S5P6X8 | 2020261 | 29102 | SH |  | SOLE |  | 29102 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 329665 | 308 | SH |  | SOLE |  | 308 | 0 | 0 |
| BLACKROCK LTD DURATION INCOM | COM SHS | 09249W101 | BBG001SLG5M7 | 291796 | 20578 | SH |  | SOLE |  | 20578 | 0 | 0 |
| BLACKROCK MUNIHOLDINGS QUALI | COM | 09254C107 | BBG001S99K21 | 252500 | 26357 | SH |  | SOLE |  | 26357 | 0 | 0 |
| BLACKSTONE STRATEGIC CRED 20 | COM SHS BEN IN | 09257R101 | BBG002W5R801 | 245442 | 20251 | SH |  | SOLE |  | 20251 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 6144496 | 28300 | SH | Call | SOLE |  | 28300 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 6144496 | 28300 | SH | Put | SOLE |  | 28300 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 589086 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 | BBG001S7F4D2 | 238232 | 5287 | SH |  | SOLE |  | 5287 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG001S63L94 | 1909384 | 20025 | SH |  | SOLE |  | 20025 | 0 | 0 |
| BOYD GAMING CORP | COM | 103304101 | BBG001S7DMW3 | 248645 | 2917 | SH |  | SOLE |  | 2917 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 2187698 | 6321 | SH |  | SOLE |  | 6321 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 | BBG001S5YBB1 | 2396272 | 26446 | SH |  | SOLE |  | 26446 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 | BBG001S5YC56 | 2924674 | 86373 | SH |  | SOLE |  | 86373 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 | BBG00GXRNJQ3 | 195917 | 12455 | SH |  | SOLE |  | 12455 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 | BBG001S7PC34 | 227489 | 1107 | SH |  | SOLE |  | 1107 | 0 | 0 |
| CENCORA INC | COM | 03073E105 | BBG001S8X7P0 | 280333 | 830 | SH |  | SOLE |  | 830 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 | BBG001SB10S0 | 11412208 | 297658 | SH |  | SOLE |  | 297658 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 3388074 | 22230 | SH |  | SOLE |  | 22230 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 253968 | 3297 | SH |  | SOLE |  | 3297 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 586951 | 5030 | SH |  | SOLE |  | 5030 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 | BBG006Q0HZT0 | 1749847 | 29958 | SH |  | SOLE |  | 29958 | 0 | 0 |
| CNO FINL GROUP INC | COM | 12621E103 | BBG001SBR6X3 | 255075 | 6006 | SH |  | SOLE |  | 6006 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 | BBG00B6BFX96 | 335318 | 3697 | SH |  | SOLE |  | 3697 | 0 | 0 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 | BBG001S5VY42 | 244821 | 18949 | SH |  | SOLE |  | 18949 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRPJ9 | 8936671 | 25297 | SH |  | SOLE |  | 25297 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG001SKXLQ1 | 268719 | 2228 | SH |  | SOLE |  | 2228 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKRZ7 | 5370583 | 11457 | SH |  | SOLE |  | 11457 | 0 | 0 |
| CUMMINS INC | COM | 231021106 | BBG001S5Q9M3 | 229703 | 450 | SH |  | SOLE |  | 450 | 0 | 0 |
| DAVITA INC | COM | 23918K108 | BBG001SB5DZ0 | 341512 | 3006 | SH |  | SOLE |  | 3006 | 0 | 0 |
| DENTSPLY SIRONA INC | COM | 24906P109 | BBG001S5XLV8 | 148121 | 12959 | SH |  | SOLE |  | 12959 | 0 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 | BBG001SNTT01 | 2512598 | 205782 | SH |  | SOLE |  | 205782 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 | BBG001S5QCP3 | 6974554 | 119040 | SH |  | SOLE |  | 119040 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 | BBG001S5QN88 | 11911819 | 92354 | SH |  | SOLE |  | 92354 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 | BBG001S5QNR7 | 2548028 | 21739 | SH |  | SOLE |  | 21739 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 10530789 | 9799 | SH |  | SOLE |  | 9799 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 | BBG001S5Q5B3 | 239770 | 2259 | SH |  | SOLE |  | 2259 | 0 | 0 |
| EOG RES INC | COM | 26875P101 | BBG001S5ZB93 | 5296494 | 50438 | SH |  | SOLE |  | 50438 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 | BBG00J7CBWL8 | 206610 | 4336 | SH |  | SOLE |  | 4336 | 0 | 0 |
| ESSENT GROUP LTD | COM | G3198U102 | BBG0058YL868 | 264851 | 4074 | SH |  | SOLE |  | 4074 | 0 | 0 |
| ETFIS SER TR I | VIRTUS REAVES UT | 26923G806 | BBG00B2VXTZ6 | 6045136 | 75963 | SH |  | SOLE |  | 75963 | 0 | 0 |
| EVERGY INC | COM | 30034W106 | BBG00H433CS1 | 12948744 | 178628 | SH |  | SOLE |  | 178628 | 0 | 0 |
| EXELON CORP | COM | 30161N101 | BBG001SBJMT2 | 8997325 | 206408 | SH |  | SOLE |  | 206408 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 | BBG001S6TGK4 | 285864 | 5490 | SH |  | SOLE |  | 5490 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 | BBG001SCW8R8 | 204202 | 8544 | SH |  | SOLE |  | 8544 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NO AMER ENERGY | 33738D101 | BBG0034YTRP6 | 2088557 | 55680 | SH |  | SOLE |  | 55680 | 0 | 0 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 | BBG0145KL756 | 240186 | 1507 | SH |  | SOLE |  | 1507 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 | BBG001S87K70 | 1264488 | 4425 | SH |  | SOLE |  | 4425 | 0 | 0 |
| FORD MTR CO | COM | 345370860 | BBG001S5TZ33 | 230243 | 17549 | SH |  | SOLE |  | 17549 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 | BBG001S5P3W6 | 239760 | 10036 | SH |  | SOLE |  | 10036 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 | BBG001S5NKC2 | 692004 | 2674 | SH |  | SOLE |  | 2674 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 705389 | 2290 | SH |  | SOLE |  | 2290 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 8838227 | 13523 | SH |  | SOLE |  | 13523 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 4163584 | 51200 | SH | Call | SOLE |  | 51200 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 4163584 | 51200 | SH | Put | SOLE |  | 51200 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 330293 | 2691 | SH |  | SOLE |  | 2691 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 | BBG004Y67XK8 | 5630001 | 89850 | SH |  | SOLE |  | 89850 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 | BBG001S5WRX4 | 270349 | 1933 | SH |  | SOLE |  | 1933 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 255789 | 291 | SH |  | SOLE |  | 291 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 | BBG001S90195 | 208069 | 13816 | SH |  | SOLE |  | 13816 | 0 | 0 |
| GRUPO AVAL ACCIONES Y VALORE | SPONSORED ADS | 40053W101 | BBG004T0ZN64 | 98763 | 35147 | SH |  | SOLE |  | 35147 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 | BBG001S8PXF3 | 4531691 | 32886 | SH |  | SOLE |  | 32886 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG001T8NTY2 | 3466902 | 7426 | SH |  | SOLE |  | 7426 | 0 | 0 |
| HF SINCLAIR CORP | COM | 403949100 | BBG0135B2269 | 212613 | 4614 | SH |  | SOLE |  | 4614 | 0 | 0 |
| HIGHWOODS PPTYS INC | COM | 431284108 | BBG001S7X2X4 | 1968115 | 60632 | SH |  | SOLE |  | 60632 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 364058 | 1058 | SH |  | SOLE |  | 1058 | 0 | 0 |
| IHS HOLDING LIMITED | ORD SHS | G4701H109 | BBG012M7S2D5 | 4313954 | 578278 | SH |  | SOLE |  | 578278 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 546231 | 14803 | SH |  | SOLE |  | 14803 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S HDL VOL | 46138E362 | BBG003H4RBL9 | 231950 | 4877 | SH |  | SOLE |  | 4877 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 20272 | 33 | SH |  | SOLE |  | 33 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 3071550 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 6143100 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 1150016 | 19040 | SH |  | SOLE |  | 19040 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 478301 | 7670 | SH |  | SOLE |  | 7670 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 | BBG003HC3DG9 | 717178 | 11947 | SH |  | SOLE |  | 11947 | 0 | 0 |
| ISHARES INC | JP MRG EM CRP BD | 464286251 | BBG002WGKJD6 | 529043 | 11991 | SH |  | SOLE |  | 11991 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 859347 | 27049 | SH |  | SOLE |  | 27049 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 | BBG001S8SYN9 | 9070142 | 114392 | SH |  | SOLE |  | 114392 | 0 | 0 |
| ISHARES INC | MSCI PAC JP ETF | 464286665 | BBG001S89L03 | 3968558 | 80384 | SH |  | SOLE |  | 80384 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 | BBG001S8SYW9 | 996227 | 18176 | SH |  | SOLE |  | 18176 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 | BBG002D9R378 | 546393 | 3567 | SH |  | SOLE |  | 3567 | 0 | 0 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 | BBG001TG5H89 | 613681 | 5931 | SH |  | SOLE |  | 5931 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 | BBG001S80936 | 714779 | 7555 | SH |  | SOLE |  | 7555 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 | BBG00J2DS0J6 | 2235287 | 60725 | SH |  | SOLE |  | 60725 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 246626 | 6441 | SH |  | SOLE |  | 6441 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 563777 | 908 | SH |  | SOLE |  | 908 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 733652 | 9099 | SH |  | SOLE |  | 9099 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 64504000 | 800000 | SH | Put | SOLE |  | 800000 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | BBG001S60QR6 | 2202355 | 19902 | SH |  | SOLE |  | 19902 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 | BBG001SGYSW7 | 2021124 | 15976 | SH |  | SOLE |  | 15976 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 338033 | 6407 | SH |  | SOLE |  | 6407 | 0 | 0 |
| ISHARES TR | LATN AMER 40 ETF | 464287390 | BBG001SJRVW2 | 362142 | 11893 | SH |  | SOLE |  | 11893 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 75818100 | 178572 | SH |  | SOLE |  | 178572 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 246160 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 246160 | 1000 | SH | Put | SOLE |  | 1000 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 | BBG001SDJVG2 | 262831 | 1979 | SH |  | SOLE |  | 1979 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 | BBG001SD9RM5 | 1788971 | 16901 | SH |  | SOLE |  | 16901 | 0 | 0 |
| ITT INC | COM | 45073V108 | BBG00CVQZQB3 | 244649 | 1410 | SH |  | SOLE |  | 1410 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | FLEXIBLE DEBT ET | 46654Q559 | BBG01X2PHPJ4 | 309710 | 6164 | SH |  | SOLE |  | 6164 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | MUNICIPAL ETF | 46641Q647 | BBG00M8D48L9 | 2008335 | 40458 | SH |  | SOLE |  | 40458 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 | BBG001S5WZ84 | 240817 | 2011 | SH |  | SOLE |  | 2011 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 17942176 | 55683 | SH |  | SOLE |  | 55683 | 0 | 0 |
| KOSMOS ENERGY LTD | NOTE 3.125% 3/1 | 500688AH9 |  | 6733519 | 15705000 | PRN |  | SOLE |  | 15705000 | 0 | 0 |
| KROGER CO | COM | 501044101 | BBG001S5SN40 | 280910 | 4496 | SH |  | SOLE |  | 4496 | 0 | 0 |
| LEXINFINTECH HLDGS LTD | ADR | 528877103 | BBG00J7KGQP4 | 102469 | 31336 | SH |  | SOLE |  | 31336 | 0 | 0 |
| LINCOLN NATL CORP IND | COM | 534187109 | BBG001S5STV7 | 202478 | 4547 | SH |  | SOLE |  | 4547 | 0 | 0 |
| LOEWS CORP | COM | 540424108 | BBG001S6KQC0 | 340046 | 3229 | SH |  | SOLE |  | 3229 | 0 | 0 |
| LOGITECH INTL S A | SHS | H50430232 | BBG001S9T9J6 | 333628 | 3247 | SH |  | SOLE |  | 3247 | 0 | 0 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 | BBG00GNC8DM1 | 206357 | 9427 | SH |  | SOLE |  | 9427 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 970496 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 257571 | 314 | SH |  | SOLE |  | 314 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 290774 | 3027 | SH |  | SOLE |  | 3027 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 1007130 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 11612303 | 17592 | SH |  | SOLE |  | 17592 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 4422603 | 6700 | SH | Call | SOLE |  | 6700 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 4422603 | 6700 | SH | Put | SOLE |  | 6700 | 0 | 0 |
| METLIFE INC | COM | 59156R108 | BBG001S5T3R8 | 231847 | 2937 | SH |  | SOLE |  | 2937 | 0 | 0 |
| MFS INTER INCOME TR | SH BEN INT | 55273C107 | BBG001S5T6D6 | 77547 | 28615 | SH |  | SOLE |  | 28615 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 9815552 | 20296 | SH |  | SOLE |  | 20296 | 0 | 0 |
| MILLICOM INTL CELLULAR S A | COM STK | L6388F110 | BBG001S8W0H5 | 4367951 | 78787 | SH |  | SOLE |  | 78787 | 0 | 0 |
| MORGAN STANLEY ETF TRUST | EATON VANCE INCO | 61774R817 | BBG01Y675MH0 | 1763342 | 34980 | SH |  | SOLE |  | 34980 | 0 | 0 |
| NATIONAL FUEL GAS CO | COM | 636180101 | BBG001S5TLR8 | 260996 | 3260 | SH |  | SOLE |  | 3260 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 | BBG001SCVWD1 | 200512 | 1457 | SH |  | SOLE |  | 1457 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 218971 | 2193 | SH |  | SOLE |  | 2193 | 0 | 0 |
| NEXPOINT DIVERSIFIED REL ET | COM NEW | 65340G205 | BBG001SQLM25 | 277005 | 66111 | SH |  | SOLE |  | 66111 | 0 | 0 |
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 | BBG0029T14K0 | 224029 | 17908 | SH |  | SOLE |  | 17908 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 967003 | 57766 | SH |  | SOLE |  | 57766 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 19977507 | 107118 | SH |  | SOLE |  | 107118 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 | BBG001S5TZG9 | 290427 | 7005 | SH |  | SOLE |  | 7005 | 0 | 0 |
| OGE ENERGY CORP | COM | 670837103 | BBG001S5TVY8 | 14529444 | 340268 | SH |  | SOLE |  | 340268 | 0 | 0 |
| ONE GAS INC | COM | 68235P108 | BBG004WQKD16 | 6675018 | 86408 | SH |  | SOLE |  | 86408 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 | BBG00ZQRGW42 | 116563 | 16257 | SH |  | SOLE |  | 16257 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 | BBG00RP60LN7 | 275415 | 3153 | SH |  | SOLE |  | 3153 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 | BBG00JM7QCG6 | 148630 | 15418 | SH |  | SOLE |  | 15418 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 | BBG001S80PY6 | 154462 | 10472 | SH |  | SOLE |  | 10472 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 | BBG001S96493 | 214641 | 1356 | SH |  | SOLE |  | 1356 | 0 | 0 |
| PG CORP | COM | 69331C108 | BBG001S5V206 | 4068153 | 253152 | SH |  | SOLE |  | 253152 | 0 | 0 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 | BBG002N12C17 | 251559 | 2729 | SH |  | SOLE |  | 2729 | 0 | 0 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 | BBG001SF6Y39 | 2960955 | 57651 | SH |  | SOLE |  | 57651 | 0 | 0 |
| PINNACLE WEST CAP CORP | COM | 723484101 | BBG001S5VB15 | 7931022 | 89414 | SH |  | SOLE |  | 89414 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 933649 | 4473 | SH |  | SOLE |  | 4473 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 | BBG001S5PC01 | 256760 | 2062 | SH |  | SOLE |  | 2062 | 0 | 0 |
| PRINCIPAL EXCHANGE TRADED FD | SPECTRUM PFD | 74255Y888 | BBG00H3P9YB7 | 597138 | 31478 | SH |  | SOLE |  | 31478 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 | BBG001S5V509 | 665626 | 2923 | SH |  | SOLE |  | 2923 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 | BBG001S5V3C1 | 4010343 | 49942 | SH |  | SOLE |  | 49942 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 | BBG001S9TL45 | 209337 | 592 | SH |  | SOLE |  | 592 | 0 | 0 |
| RELIANCE INC | COM | 759509102 | BBG001S81M27 | 242651 | 840 | SH |  | SOLE |  | 840 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 | BBG001S6T1Z1 | 271882 | 967 | SH |  | SOLE |  | 967 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 | BBG001S9DL33 | 330823 | 1561 | SH |  | SOLE |  | 1561 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 | BBG00V1L5ZR1 | 2577056 | 66694 | SH |  | SOLE |  | 66694 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG001S7T223 | 466933 | 8462 | SH |  | SOLE |  | 8462 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 20918255 | 134367 | SH |  | SOLE |  | 134367 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 1194882 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG004DW5NC7 | 220851 | 1372 | SH |  | SOLE |  | 1372 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 14900463 | 37598 | SH |  | SOLE |  | 37598 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 2694908 | 6800 | SH | Call | SOLE |  | 6800 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 317048 | 800 | SH | Put | SOLE |  | 800 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 134963561 | 197917 | SH |  | SOLE |  | 197917 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 15820544 | 23200 | SH | Put | SOLE |  | 23200 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 | BBG001SQDKG3 | 887894 | 7282 | SH |  | SOLE |  | 7282 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | BBG003T4VFD1 | 435533 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| SS TECHNOLOGIES HLDGS INC | COM | 78467J100 | BBG001STPPK8 | 281405 | 3219 | SH |  | SOLE |  | 3219 | 0 | 0 |
| STATE STR CORP | COM | 857477103 | BBG001S5RLD5 | 241378 | 1871 | SH |  | SOLE |  | 1871 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 | BBG001S5W081 | 222391 | 1776 | SH |  | SOLE |  | 1776 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG001S8FR03 | 2904295 | 7802 | SH |  | SOLE |  | 7802 | 0 | 0 |
| SUNOCOCORP LLC | COM SHS LLC | 86765Q106 | BBG01Y78HDR3 | 3721921 | 75526 | SH |  | SOLE |  | 75526 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 15627847 | 51426 | SH |  | SOLE |  | 51426 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 | BBG001S9TN41 | 460854 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 | BBG001SFQWB2 | 204914 | 1364 | SH |  | SOLE |  | 1364 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 | BBG001S5WMH3 | 91023 | 17404 | SH |  | SOLE |  | 17404 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 572044 | 3724 | SH |  | SOLE |  | 3724 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 | BBG001SKR9Y6 | 242024 | 1192 | SH |  | SOLE |  | 1192 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 | BBG001S5WJZ0 | 2364970 | 186980 | SH |  | SOLE |  | 186980 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 | BBG001SPV1C1 | 236713 | 178 | SH |  | SOLE |  | 178 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 1039024 | 12716 | SH |  | SOLE |  | 12716 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 | BBG001SBGZ25 | 6235001 | 7704 | SH |  | SOLE |  | 7704 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 | BBG001S5X2J4 | 211730 | 2732 | SH |  | SOLE |  | 2732 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 | BBG002D68GN8 | 1800650 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 12722751 | 45466 | SH |  | SOLE |  | 45466 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 3477922 | 39303 | SH |  | SOLE |  | 39303 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 7167223 | 30244 | SH |  | SOLE |  | 30244 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 1824052 | 5399 | SH |  | SOLE |  | 5399 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG001SHVR78 | 562740 | 3184 | SH |  | SOLE |  | 3184 | 0 | 0 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 | BBG01S6YYQV7 | 219441 | 2909 | SH |  | SOLE |  | 2909 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 8840975 | 178750 | SH |  | SOLE |  | 178750 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 23501798 | 303249 | SH |  | SOLE |  | 303249 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG001T2YZG9 | 250228 | 1947 | SH |  | SOLE |  | 1947 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 | BBG009THVRX1 | 4636375 | 94562 | SH |  | SOLE |  | 94562 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG001T62M38 | 204685 | 2444 | SH |  | SOLE |  | 2444 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 1224950 | 5985 | SH |  | SOLE |  | 5985 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 368181 | 5329 | SH |  | SOLE |  | 5329 | 0 | 0 |
| VANGUARD WORLD FD | COMM SRVC ETF | 92204A884 | BBG001SHTV72 | 897223 | 5246 | SH |  | SOLE |  | 5246 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 | BBG001SHTTM0 | 6071192 | 47692 | SH |  | SOLE |  | 47692 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 | BBG001SHVR32 | 5776140 | 23259 | SH |  | SOLE |  | 23259 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 | BBG001SHTTR5 | 5735382 | 8647 | SH |  | SOLE |  | 8647 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP VAL ETF | 921910840 | BBG001T0Y6L1 | 25459885 | 194054 | SH |  | SOLE |  | 194054 | 0 | 0 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 | BBG001T0Y6W9 | 34276441 | 93608 | SH |  | SOLE |  | 93608 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 387342 | 9510 | SH |  | SOLE |  | 9510 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8LM7 | 552940 | 3413 | SH |  | SOLE |  | 3413 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 | BBG00Y52JV51 | 167625 | 16180 | SH |  | SOLE |  | 16180 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 11834008 | 33743 | SH |  | SOLE |  | 33743 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 6343980 | 39323 | SH |  | SOLE |  | 39323 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 | BBG001V0ZQH8 | 253800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 1441000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 | BBG001S5XDC7 | 11070664 | 104975 | SH |  | SOLE |  | 104975 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 549134 | 5892 | SH |  | SOLE |  | 5892 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 13973426 | 189188 | SH |  | SOLE |  | 189188 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 | BBG00NNG2ZK6 | 77878 | 32860 | SH |  | SOLE |  | 32860 | 0 | 0 |

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