# EDGAR Filing Document

**Accession Number:** 0001602237
**File Stem:** 0001602237-26-000004
**Filing Date:** 2026-5
**Character Count:** 28834
**Document Hash:** a4c4f43f4a606480cecb4424fc13e0f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001602237-26-000004.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001602237-26-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**EFFECTIVENESS DATE**: 20260512

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IPG Investment Advisors LLC
- **CENTRAL INDEX KEY:** 0001602237

**ORGANIZATION NAME:**
- **EIN:** 271712885
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16114
- **FILM NUMBER:** 26967335

**BUSINESS ADDRESS:**
- **STREET 1:** 501 W BROADWAY
- **STREET 2:** SUITE 1350
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92101
- **BUSINESS PHONE:** 16193261200

**MAIL ADDRESS:**
- **STREET 1:** 501 W BROADWAY
- **STREET 2:** SUITE 1350
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92101

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** IPG Investment Advisors LLC<br>**Address:** 501 W BROADWAY<br>SUITE 1350<br>SAN DIEGO, CA 92101

**Form 13F File Number:** 028-16114

**CRD Number (if applicable):** 000152990

**SEC File Number (if applicable):** 801-71104

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:** DARIUS LASHKARI<br>**Title:** CHIEF COMPLIANCE OFFICER<br>**Phone:** 6193261221

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

DARIUS LASHKARI  SAN DIEGO, CA  05-12-2026<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:** 244

**Form 13F Information Table Value Total:** $582268362

      (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 |
| ADVANCED ENERGY INDS | COM | 007973100 |  | 256554 | 795 | SH |  | SOLE |  | 795 | 0 | 795 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1905325 | 9366 | SH |  | SOLE |  | 9366 | 0 | 9366 |
| AES CORP | COM | 00130H105 |  | 221833 | 15744 | SH |  | SOLE |  | 15744 | 0 | 15744 |
| AGF INVTS TR | US MARKET NETRL | 00110G408 |  | 164393 | 11776 | SH |  | SOLE |  | 11776 | 0 | 11776 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 615029 | 3030 | SH |  | SOLE |  | 3030 | 0 | 3030 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1079458 | 8604 | SH |  | SOLE |  | 8604 | 0 | 8604 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 16986744 | 59072 | SH |  | SOLE |  | 59072 | 0 | 59072 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2006873 | 6996 | SH |  | SOLE |  | 6996 | 0 | 6996 |
| AMAZON COM INC | COM | 023135106 |  | 21443271 | 102959 | SH |  | SOLE |  | 102959 | 0 | 102959 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 303387 | 1003 | SH |  | SOLE |  | 1003 | 0 | 1003 |
| AMPLIFY ETF TR | AMPLIFY CYBERSEC | 032108664 |  | 278959 | 3715 | SH |  | SOLE |  | 3715 | 0 | 3715 |
| APPLE INC | COM | 037833100 |  | 18066220 | 71186 | SH |  | SOLE |  | 71186 | 0 | 71186 |
| APPLIED MATLS INC | COM | 038222105 |  | 292230 | 855 | SH |  | SOLE |  | 855 | 0 | 855 |
| APTIV PLC | COM SHS | G3265R107 |  | 1031531 | 14855 | SH |  | SOLE |  | 14855 | 0 | 14855 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 2495504 | 20325 | SH |  | SOLE |  | 20325 | 0 | 20325 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 361674 | 5351 | SH |  | SOLE |  | 5351 | 0 | 5351 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 214061 | 1415 | SH |  | SOLE |  | 1415 | 0 | 1415 |
| ASML HLDG NV | N Y REGISTRY SHS | N07059210 |  | 6114122 | 4629 | SH |  | SOLE |  | 4629 | 0 | 4629 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 619453 | 7475 | SH |  | SOLE |  | 7475 | 0 | 7475 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 51362 | 13576 | SH |  | SOLE |  | 13576 | 0 | 13576 |
| BANK AMERICA CORP | COM | 060505104 |  | 1431056 | 29355 | SH |  | SOLE |  | 29355 | 0 | 29355 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1722033 | 14516 | SH |  | SOLE |  | 14516 | 0 | 14516 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 334101 | 8200 | SH |  | SOLE |  | 8200 | 0 | 8200 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 4417266 | 9218 | SH |  | SOLE |  | 9218 | 0 | 9218 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1436280 | 2 | SH |  | SOLE |  | 2 | 0 | 2 |
| BETA TECHNOLOGIES INC | COM SHS CL A | 086921103 |  | 191835 | 13050 | SH |  | SOLE |  | 13050 | 0 | 13050 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251A104 |  | 172400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 20000 |
| BLACKROCK ETF TRUST | ISHARES A I INNO | 09290C780 |  | 400343 | 12150 | SH |  | SOLE |  | 12150 | 0 | 12150 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 286182 | 11700 | SH |  | SOLE |  | 11700 | 0 | 11700 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 230372 | 20155 | SH |  | SOLE |  | 20155 | 0 | 20155 |
| BOEING CO | COM | 097023105 |  | 201617 | 1013 | SH |  | SOLE |  | 1013 | 0 | 1013 |
| BROADCOM INC | COM | 11135F101 |  | 6545517 | 21148 | SH |  | SOLE |  | 21148 | 0 | 21148 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 4963593 | 60289 | SH |  | SOLE |  | 60289 | 0 | 60289 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 273934 | 695 | SH |  | SOLE |  | 695 | 0 | 695 |
| CATERPILLAR INC | COM | 149123101 |  | 393904 | 556 | SH |  | SOLE |  | 556 | 0 | 556 |
| CELESTICA INC | COM | 15101Q207 |  | 274193 | 975 | SH |  | SOLE |  | 975 | 0 | 975 |
| CELULARITY INC | CL A NEW | 151190204 |  | 22835 | 17169 | SH |  | SOLE |  | 17169 | 0 | 17169 |
| CEMEX SA EURO MTN BE 144A | SPON ADR NEW | 151290889 |  | 1208213 | 105613 | SH |  | SOLE |  | 105613 | 0 | 105613 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 1531662 | 35488 | SH |  | SOLE |  | 35488 | 0 | 35488 |
| CHEVRON CORPORATION | COM | 166764100 |  | 211659 | 1023 | SH |  | SOLE |  | 1023 | 0 | 1023 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 312840 | 2370 | SH |  | SOLE |  | 2370 | 0 | 2370 |
| CORNING INC | COM | 219350105 |  | 208170 | 1531 | SH |  | SOLE |  | 1531 | 0 | 1531 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 5529190 | 5549 | SH |  | SOLE |  | 5549 | 0 | 5549 |
| CYTOMX THERAPEUTICS INC. | COM | 23284F105 |  | 58750 | 12500 | SH |  | SOLE |  | 12500 | 0 | 12500 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1854669 | 11300 | SH |  | SOLE |  | 11300 | 0 | 11300 |
| DIREXION SHARES ETF TRUST | DAILY SMALL CAP | 25460E232 |  | 105300 | 15000 | SH |  | SOLE |  | 15000 | 0 | 15000 |
| DISNEY WALT CO | COM | 254687106 |  | 1464880 | 15199 | SH |  | SOLE |  | 15199 | 0 | 15199 |
| EA SERIES TRUST | ALPHA ARCH 1-3 | 02072L565 |  | 353173 | 3037 | SH |  | SOLE |  | 3037 | 0 | 3037 |
| EBAY INC. | COM | 278642103 |  | 235742 | 2590 | SH |  | SOLE |  | 2590 | 0 | 2590 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 1125331 | 3844 | SH |  | SOLE |  | 3844 | 0 | 3844 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 1100757 | 18550 | SH |  | SOLE |  | 18550 | 0 | 18550 |
| EQT CORP | COM | 26884L109 |  | 1590682 | 24995 | SH |  | SOLE |  | 24995 | 0 | 24995 |
| EXCHANGE TRADED CONCEPTS TRU | RANGE NUCLEAR RE | 301505475 |  | 284784 | 4330 | SH |  | SOLE |  | 4330 | 0 | 4330 |
| FERRARI N V | COM | N3167Y103 |  | 249718 | 750 | SH |  | SOLE |  | 750 | 0 | 750 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 2081398 | 35260 | SH |  | SOLE |  | 35260 | 0 | 35260 |
| FIRST SOLAR INC | COM | 336433107 |  | 1023385 | 5188 | SH |  | SOLE |  | 5188 | 0 | 5188 |
| FIRST TR EXCHANGE-TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 282373 | 4505 | SH |  | SOLE |  | 4505 | 0 | 4505 |
| FIRST TR EXCHANGE-TRADED FD | DJ INTERNT IDX | 33733E302 |  | 205946 | 880 | SH |  | SOLE |  | 880 | 0 | 880 |
| FMC CORP | COM NEW | 302491303 |  | 260365 | 15050 | SH |  | SOLE |  | 15050 | 0 | 15050 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 302865 | 30500 | SH |  | SOLE |  | 30500 | 0 | 30500 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 53200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 10000 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1986566 | 6989 | SH |  | SOLE |  | 6989 | 0 | 6989 |
| GE VERNOVA INC | COM | 36828A101 |  | 3733770 | 4275 | SH |  | SOLE |  | 4275 | 0 | 4275 |
| GENERAC HLDGS INC | COM | 368736104 |  | 3726506 | 19078 | SH |  | SOLE |  | 19078 | 0 | 19078 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 232748 | 1670 | SH |  | SOLE |  | 1670 | 0 | 1670 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 401824 | 8297 | SH |  | SOLE |  | 8297 | 0 | 8297 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 |  | 298688 | 6400 | SH |  | SOLE |  | 6400 | 0 | 6400 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 276940 | 6100 | SH |  | SOLE |  | 6100 | 0 | 6100 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 5057328 | 5978 | SH |  | SOLE |  | 5978 | 0 | 5978 |
| GOLDMINING INC | COM | 38149E101 |  | 30335 | 25500 | SH |  | SOLE |  | 25500 | 0 | 25500 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 5494447 | 828725 | SH |  | SOLE |  | 828725 | 0 | 828725 |
| GRANITESHARES GOLD TR | SHS BEN INT | 38748G101 |  | 512043 | 11100 | SH |  | SOLE |  | 11100 | 0 | 11100 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 301787 | 5720 | SH |  | SOLE |  | 5720 | 0 | 5720 |
| GRUPO AEROMEXICO SAB DE CV | SPONSORED ADS | 40054J109 |  | 8289115 | 591657 | SH |  | SOLE |  | 591657 | 0 | 591657 |
| HARMONY GOLD MNG LTD | SPONSORED ADR | 413216300 |  | 230550 | 15000 | SH |  | SOLE |  | 15000 | 0 | 15000 |
| HEICO CORP NEW | CL A | 422806208 |  | 7080170 | 33541 | SH |  | SOLE |  | 33541 | 0 | 33541 |
| HOME DEPOT INC | COM | 437076102 |  | 2511733 | 7637 | SH |  | SOLE |  | 7637 | 0 | 7637 |
| HONDA MOTOR CO LTD | ADR ECH CNV IN 3 | 438128308 |  | 1659522 | 68265 | SH |  | SOLE |  | 68265 | 0 | 68265 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 1731216 | 7512 | SH |  | SOLE |  | 7512 | 0 | 7512 |
| IES HOLDINGS INC | COM | 44951W106 |  | 2490985 | 5228 | SH |  | SOLE |  | 5228 | 0 | 5228 |
| INTEL CORP | COM | 458140100 |  | 250438 | 5675 | SH |  | SOLE |  | 5675 | 0 | 5675 |
| INTUITIVE MACHINES INC | CLASS A COM | 46125A100 |  | 237568 | 12800 | SH |  | SOLE |  | 12800 | 0 | 12800 |
| INVESCO DB COMMDY INDX TRCK | UNIT | 46138B103 |  | 1188253 | 41045 | SH |  | SOLE |  | 41045 | 0 | 41045 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 465973 | 1961 | SH |  | SOLE |  | 1961 | 0 | 1961 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 14046521 | 73189 | SH |  | SOLE |  | 73189 | 0 | 73189 |
| INVESCO EXCHANGE TRADED FD T | S EQL TEC | 46137V282 |  | 418655 | 9250 | SH |  | SOLE |  | 9250 | 0 | 9250 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 10909928 | 18902 | SH |  | SOLE |  | 18902 | 0 | 18902 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2864710 | 74563 | SH |  | SOLE |  | 74563 | 0 | 74563 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 528690 | 33398 | SH |  | SOLE |  | 33398 | 0 | 33398 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 1564576 | 17747 | SH |  | SOLE |  | 17747 | 0 | 17747 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 4268020 | 50545 | SH |  | SOLE |  | 50545 | 0 | 50545 |
| ISHARES INC | JP MRG EM CRP BD | 464286251 |  | 306908 | 6778 | SH |  | SOLE |  | 6778 | 0 | 6778 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 |  | 14420025 | 130628 | SH |  | SOLE |  | 130628 | 0 | 130628 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 8029240 | 92620 | SH |  | SOLE |  | 92620 | 0 | 92620 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 6434930 | 67424 | SH |  | SOLE |  | 67424 | 0 | 67424 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 1628647 | 32257 | SH |  | SOLE |  | 32257 | 0 | 32257 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 1114403 | 26339 | SH |  | SOLE |  | 26339 | 0 | 26339 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1428666 | 25157 | SH |  | SOLE |  | 25157 | 0 | 25157 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 1093054 | 15575 | SH |  | SOLE |  | 15575 | 0 | 15575 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 1396053 | 12809 | SH |  | SOLE |  | 12809 | 0 | 12809 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 415112 | 11563 | SH |  | SOLE |  | 11563 | 0 | 11563 |
| ISHARES TR | CRE U S REIT ETF | 464288521 |  | 671807 | 11350 | SH |  | SOLE |  | 11350 | 0 | 11350 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 645603 | 8065 | SH |  | SOLE |  | 8065 | 0 | 8065 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 519925 | 6535 | SH |  | SOLE |  | 6535 | 0 | 6535 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 599988 | 6044 | SH |  | SOLE |  | 6044 | 0 | 6044 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 308763 | 6027 | SH |  | SOLE |  | 6027 | 0 | 6027 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1484032 | 5984 | SH |  | SOLE |  | 5984 | 0 | 5984 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 1075598 | 5094 | SH |  | SOLE |  | 5094 | 0 | 5094 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 301265 | 3649 | SH |  | SOLE |  | 3649 | 0 | 3649 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 308372 | 3283 | SH |  | SOLE |  | 3283 | 0 | 3283 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 540712 | 2819 | SH |  | SOLE |  | 2819 | 0 | 2819 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1605299 | 2458 | SH |  | SOLE |  | 2458 | 0 | 2458 |
| ISHARES TR | U.S. FINLS ETF | 464287788 |  | 265676 | 2258 | SH |  | SOLE |  | 2258 | 0 | 2258 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 486745 | 1481 | SH |  | SOLE |  | 1481 | 0 | 1481 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 322848 | 1476 | SH |  | SOLE |  | 1476 | 0 | 1476 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 185988 | 981 | SH |  | SOLE |  | 981 | 0 | 981 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 278334 | 781 | SH |  | SOLE |  | 781 | 0 | 781 |
| J P MORGAN EXCHANGE TRADED F | INCOME ETF | 46641Q159 |  | 437665 | 9500 | SH |  | SOLE |  | 9500 | 0 | 9500 |
| JABIL INC | COM | 466313103 |  | 1632031 | 6144 | SH |  | SOLE |  | 6144 | 0 | 6144 |
| JACK IN THE BOX INC | COM | 466367109 |  | 5185982 | 536296 | SH |  | SOLE |  | 536296 | 0 | 536296 |
| JBS N.V. | CL A SHS | N4732M103 |  | 2169568 | 120800 | SH |  | SOLE |  | 120800 | 0 | 120800 |
| JOBY AVIATION INC | COMMON STOCK | G65163100 |  | 165200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 20000 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 4120887 | 14009 | SH |  | SOLE |  | 14009 | 0 | 14009 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 1529034 | 5415 | SH |  | SOLE |  | 5415 | 0 | 5415 |
| KINROSS GOLD CORP | COM | 496902404 |  | 565597 | 18532 | SH |  | SOLE |  | 18532 | 0 | 18532 |
| KRANESHARES TRUST | MOUNT LUCAS ETF | 500767652 |  | 226954 | 8048 | SH |  | SOLE |  | 8048 | 0 | 8048 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1584827 | 7404 | SH |  | SOLE |  | 7404 | 0 | 7404 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 703206 | 16640 | SH |  | SOLE |  | 16640 | 0 | 16640 |
| MAGNA INTL INC | COM | 559222401 |  | 1896424 | 33980 | SH |  | SOLE |  | 33980 | 0 | 33980 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 268921 | 2715 | SH |  | SOLE |  | 2715 | 0 | 2715 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 3480132 | 6965 | SH |  | SOLE |  | 6965 | 0 | 6965 |
| MERCADOLIBRE  INC | COM | 58733R102 |  | 499687 | 289 | SH |  | SOLE |  | 289 | 0 | 289 |
| MERCK  CO INC | COM | 58933Y105 |  | 1915531 | 15827 | SH |  | SOLE |  | 15827 | 0 | 15827 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8454937 | 14778 | SH |  | SOLE |  | 14778 | 0 | 14778 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 7053271 | 20871 | SH |  | SOLE |  | 20871 | 0 | 20871 |
| MICROSOFT CORP | COM | 594918104 |  | 13873972 | 37480 | SH |  | SOLE |  | 37480 | 0 | 37480 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 2650564 | 16106 | SH |  | SOLE |  | 16106 | 0 | 16106 |
| MURPHY USA INC | COM | 626755102 |  | 16326696 | 33052 | SH |  | SOLE |  | 33052 | 0 | 33052 |
| NAVITAS SEMICONDUCTOR CORP | COM | 63942X106 |  | 127165 | 14500 | SH |  | SOLE |  | 14500 | 0 | 14500 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 560304 | 5400 | SH |  | SOLE |  | 5400 | 0 | 5400 |
| NEOS ETF TRUST | NASDAQ 100 HIGH | 78433H675 |  | 306836 | 6175 | SH |  | SOLE |  | 6175 | 0 | 6175 |
| NEOS ETF TRUST | NEOS S 500 HI | 78433H303 |  | 266549 | 5399 | SH |  | SOLE |  | 5399 | 0 | 5399 |
| NETFLIX INC. | COM | 64110L106 |  | 2470767 | 25697 | SH |  | SOLE |  | 25697 | 0 | 25697 |
| NEWMONT CORP | COM | 651639106 |  | 1653086 | 15271 | SH |  | SOLE |  | 15271 | 0 | 15271 |
| NIO INC | SPON ADS | 62914V106 |  | 298660 | 49529 | SH |  | SOLE |  | 49529 | 0 | 49529 |
| NORWEGIAN CRUISE LINE HLDGS | SHS | G66721104 |  | 231113 | 12359 | SH |  | SOLE |  | 12359 | 0 | 12359 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 200696 | 5286 | SH |  | SOLE |  | 5286 | 0 | 5286 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 1065478 | 74146 | SH |  | SOLE |  | 74146 | 0 | 74146 |
| NVENT ELEC PLC | SHS | G6700G107 |  | 202850 | 1715 | SH |  | SOLE |  | 1715 | 0 | 1715 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 34567722 | 198198 | SH |  | SOLE |  | 198198 | 0 | 198198 |
| OCTAVE SPECIALTY GROUP INC | COM NEW | 023139884 |  | 1514114 | 325616 | SH |  | SOLE |  | 325616 | 0 | 325616 |
| O-I GLASS INC | COM | 67098H104 |  | 5500493 | 523358 | SH |  | SOLE |  | 523358 | 0 | 523358 |
| ONDAS INC | COM NEW | 68236H204 |  | 221760 | 24531 | SH |  | SOLE |  | 24531 | 0 | 24531 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 1170000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 250000 |
| OPKO HEALTH INC | COM | 68375N103 |  | 34200 | 30000 | SH |  | SOLE |  | 30000 | 0 | 30000 |
| ORACLE CORP | COM | 68389X105 |  | 1658812 | 11276 | SH |  | SOLE |  | 11276 | 0 | 11276 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 11406193 | 123564 | SH |  | SOLE |  | 123564 | 0 | 123564 |
| OUSTER INC | COM NEW | 68989M202 |  | 183700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 10000 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 1855708 | 12686 | SH |  | SOLE |  | 12686 | 0 | 12686 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3189887 | 19897 | SH |  | SOLE |  | 19897 | 0 | 19897 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 800300 | 17694 | SH |  | SOLE |  | 17694 | 0 | 17694 |
| PFIZER INC | COM | 717081103 |  | 520884 | 18550 | SH |  | SOLE |  | 18550 | 0 | 18550 |
| PIMCO ETF TR | INV GRD CRP BD | 72201R817 |  | 1331000 | 13750 | SH |  | SOLE |  | 13750 | 0 | 13750 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 262834 | 2743 | SH |  | SOLE |  | 2743 | 0 | 2743 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 1584813 | 7616 | SH |  | SOLE |  | 7616 | 0 | 7616 |
| PROGRESSIVE CORP | COM | 743315103 |  | 14278831 | 72028 | SH |  | SOLE |  | 72028 | 0 | 72028 |
| PROSHARES TR | SHRT RUSSELL2000 | 74348A210 |  | 437940 | 27000 | SH |  | SOLE |  | 27000 | 0 | 27000 |
| QUALCOMM INC | COM | 747525103 |  | 874931 | 6794 | SH |  | SOLE |  | 6794 | 0 | 6794 |
| QUANTA SVCS INC | COM | 74762E102 |  | 1499923 | 2732 | SH |  | SOLE |  | 2732 | 0 | 2732 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 1531990 | 4442 | SH |  | SOLE |  | 4442 | 0 | 4442 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 204089 | 2945 | SH |  | SOLE |  | 2945 | 0 | 2945 |
| ROCKET LAB CORP | COM | 773121108 |  | 421669 | 6566 | SH |  | SOLE |  | 6566 | 0 | 6566 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 228538 | 826 | SH |  | SOLE |  | 826 | 0 | 826 |
| RTX CORPORATION | COM | 75513E101 |  | 1532205 | 7943 | SH |  | SOLE |  | 7943 | 0 | 7943 |
| SALESFORCE INC | COM | 79466L302 |  | 2815730 | 15084 | SH |  | SOLE |  | 15084 | 0 | 15084 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 485681 | 5865 | SH |  | SOLE |  | 5865 | 0 | 5865 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 349325 | 890 | SH |  | SOLE |  | 890 | 0 | 890 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 726482 | 11859 | SH |  | SOLE |  | 11859 | 0 | 11859 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 328311 | 6650 | SH |  | SOLE |  | 6650 | 0 | 6650 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 544472 | 4097 | SH |  | SOLE |  | 4097 | 0 | 4097 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 236042 | 1610 | SH |  | SOLE |  | 1610 | 0 | 1610 |
| SLEEP NUMBER CORP | COM | 83125X103 |  | 149086 | 83056 | SH |  | SOLE |  | 83056 | 0 | 83056 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 281267 | 3475 | SH |  | SOLE |  | 3475 | 0 | 3475 |
| SOMNIGROUP INTERNATIONAL INC | COM | 88023U101 |  | 7527939 | 101839 | SH |  | SOLE |  | 101839 | 0 | 101839 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 6487052 | 15076 | SH |  | SOLE |  | 15076 | 0 | 15076 |
| SPDR INDEX SHS FDS | STATE STREET SPD | 78463X202 |  | 219515 | 3536 | SH |  | SOLE |  | 3536 | 0 | 3536 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 6886471 | 75147 | SH |  | SOLE |  | 75147 | 0 | 75147 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 390343 | 3056 | SH |  | SOLE |  | 3056 | 0 | 3056 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 3395564 | 71156 | SH |  | SOLE |  | 71156 | 0 | 71156 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 1110725 | 31341 | SH |  | SOLE |  | 31341 | 0 | 31341 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 546092 | 22390 | SH |  | SOLE |  | 22390 | 0 | 22390 |
| STATE STR SPDR DOW JONES IND | UT SER 1 | 78467X109 |  | 587633 | 1267 | SH |  | SOLE |  | 1267 | 0 | 1267 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 47297766 | 72525 | SH |  | SOLE |  | 72525 | 0 | 72525 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 256580 | 630 | SH |  | SOLE |  | 630 | 0 | 630 |
| STRATEGY INC | CL A NEW | 594972408 |  | 639475 | 5124 | SH |  | SOLE |  | 5124 | 0 | 5124 |
| SYNOPSYS INC | COM | 871607107 |  | 319959 | 807 | SH |  | SOLE |  | 807 | 0 | 807 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 2221309 | 6556 | SH |  | SOLE |  | 6556 | 0 | 6556 |
| TAL ED GROUP | SPONSORED ADS | 874080104 |  | 113700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 10000 |
| TAPESTRY INC | COM | 876030107 |  | 1539792 | 10912 | SH |  | SOLE |  | 10912 | 0 | 10912 |
| TARGA RES CORP | COM | 87612G101 |  | 1643786 | 6556 | SH |  | SOLE |  | 6556 | 0 | 6556 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 1478039 | 2443 | SH |  | SOLE |  | 2443 | 0 | 2443 |
| TERAWULF INC | COM | 88080T104 |  | 217864 | 15098 | SH |  | SOLE |  | 15098 | 0 | 15098 |
| TESLA INC | COM | 88160R101 |  | 4478101 | 12046 | SH |  | SOLE |  | 12046 | 0 | 12046 |
| TESLA INC | COM | 88160R101 |  | 1813397 | 4878 | SH |  | SOLE |  | 4878 | 0 | 4878 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 5608825 | 11819 | SH |  | SOLE |  | 11819 | 0 | 11819 |
| TIDAL TRUST I | FUNDSTRAT GRANNY | 886364231 |  | 663586 | 27800 | SH |  | SOLE |  | 27800 | 0 | 27800 |
| TJX COS INC NEW | COM | 872540109 |  | 1643632 | 10292 | SH |  | SOLE |  | 10292 | 0 | 10292 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 483281 | 2345 | SH |  | SOLE |  | 2345 | 0 | 2345 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 1471234 | 5044 | SH |  | SOLE |  | 5044 | 0 | 5044 |
| TRILOGY METALS INC NEW | COM | 89621C105 |  | 53317 | 14850 | SH |  | SOLE |  | 14850 | 0 | 14850 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 365812 | 3755 | SH |  | SOLE |  | 3755 | 0 | 3755 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3227211 | 44866 | SH |  | SOLE |  | 44866 | 0 | 44866 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 313038 | 3400 | SH |  | SOLE |  | 3400 | 0 | 3400 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 574733 | 2124 | SH |  | SOLE |  | 2124 | 0 | 2124 |
| UP FINTECH HLDG LTD | SPONSORED ADS | 91531W106 |  | 99855 | 15850 | SH |  | SOLE |  | 15850 | 0 | 15850 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 385446 | 3986 | SH |  | SOLE |  | 3986 | 0 | 3986 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 283845 | 3093 | SH |  | SOLE |  | 3093 | 0 | 3093 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 547879 | 1429 | SH |  | SOLE |  | 1429 | 0 | 1429 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 7708373 | 39288 | SH |  | SOLE |  | 39288 | 0 | 39288 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 4788766 | 8014 | SH |  | SOLE |  | 8014 | 0 | 8014 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 2616140 | 5989 | SH |  | SOLE |  | 5989 | 0 | 5989 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 480340 | 2211 | SH |  | SOLE |  | 2211 | 0 | 2211 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 573929 | 1789 | SH |  | SOLE |  | 1789 | 0 | 1789 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 1908243 | 1296 | SH |  | SOLE |  | 1296 | 0 | 1296 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 329755 | 1091 | SH |  | SOLE |  | 1091 | 0 | 1091 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 6478368 | 78592 | SH |  | SOLE |  | 78592 | 0 | 78592 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 2513747 | 33472 | SH |  | SOLE |  | 33472 | 0 | 33472 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 342299 | 6333 | SH |  | SOLE |  | 6333 | 0 | 6333 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 6042829 | 109165 | SH |  | SOLE |  | 109165 | 0 | 109165 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 1365375 | 16500 | SH |  | SOLE |  | 16500 | 0 | 16500 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 824408 | 10400 | SH |  | SOLE |  | 10400 | 0 | 10400 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 568865 | 5679 | SH |  | SOLE |  | 5679 | 0 | 5679 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 298416 | 3870 | SH |  | SOLE |  | 3870 | 0 | 3870 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 638557 | 9965 | SH |  | SOLE |  | 9965 | 0 | 9965 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 1142865 | 1638 | SH |  | SOLE |  | 1638 | 0 | 1638 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 1564230 | 3503 | SH |  | SOLE |  | 3503 | 0 | 3503 |
| VIAVI SOLUTIONS INC | COM | 925550105 |  | 209664 | 6300 | SH |  | SOLE |  | 6300 | 0 | 6300 |
| VISTRA CORP | COM | 92840M102 |  | 2161294 | 14377 | SH |  | SOLE |  | 14377 | 0 | 14377 |
| WALMART INC | COM | 931142103 |  | 6030444 | 48427 | SH |  | SOLE |  | 48427 | 0 | 48427 |
| WELLS FARGO  CO | COM | 949746101 |  | 203006 | 2550 | SH |  | SOLE |  | 2550 | 0 | 2550 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 1528809 | 5652 | SH |  | SOLE |  | 5652 | 0 | 5652 |
| WHIRLPOOL CORP | COM | 963320106 |  | 3652271 | 67735 | SH |  | SOLE |  | 67735 | 0 | 67735 |
| WISDOMTREE TR | EUROPE HEDGED EQ | 97717X701 |  | 203970 | 3900 | SH |  | SOLE |  | 3900 | 0 | 3900 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 248987 | 5387 | SH |  | SOLE |  | 5387 | 0 | 5387 |

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