# EDGAR Filing Document

**Accession Number:** 0001765876
**File Stem:** 0001765876-25-000004
**Filing Date:** 2025-8
**Character Count:** 21254
**Document Hash:** 12ff2b0aa650a58d4fad911358b5d5e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001765876-25-000004.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001765876-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MMBG INVESTMENT ADVISORS CO.
- **CENTRAL INDEX KEY:** 0001765876

**ORGANIZATION NAME:**
- **EIN:** 300953840
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21976
- **FILM NUMBER:** 251206400

**BUSINESS ADDRESS:**
- **STREET 1:** 1221 BRICKELL AVENUE, SUITE 1030
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** 305-374-0704

**MAIL ADDRESS:**
- **STREET 1:** 1221 BRICKELL AVENUE, SUITE 1030
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** MMBG INVESTMENT ADVISORS CO.<br>**Address:** 1221 BRICKELL AVENUE SUITE 1030<br>MIAMI, FL 33131

**Form 13F File Number:** 028-21976

**CRD Number (if applicable):** 000285263

**SEC File Number (if applicable):** 801-108467

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:** ANDRES AGUILAR<br>**Title:** PRINCIPAL OFFICER AND CHIEF COMPLIANCE OFFICER<br>**Phone:** 305-374-0704

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

ANDRES AGUILAR  MIAMI, FL  08-12-2025<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:** 178

**Form 13F Information Table Value Total:** $1004910142

      (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 |
| 3M CO | COM | 88579Y101 |  | 513049 | 3370 | SH |  | SOLE |  | 3370 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1681717 | 9060 | SH |  | SOLE |  | 9060 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 6096826 | 52820 | SH |  | SOLE |  | 52820 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 57459615 | 326049 | SH |  | SOLE |  | 326049 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 16804687 | 94733 | SH |  | SOLE |  | 94733 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 81832909 | 373002 | SH |  | SOLE |  | 373002 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 1703739 | 6102 | SH |  | SOLE |  | 6102 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 3438787 | 24239 | SH |  | SOLE |  | 24239 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 85897498 | 418665 | SH |  | SOLE |  | 418665 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 601043 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 969865 | 13879 | SH |  | SOLE |  | 13879 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 11221134 | 237133 | SH |  | SOLE |  | 237133 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 897560 | 43200 | SH |  | SOLE |  | 43200 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1701652 | 3503 | SH |  | SOLE |  | 3503 | 0 | 0 |
| BETTERWARE DE MXC S A B DE C | SHS NEW | P1666E105 |  | 35836846 | 4142988 | SH |  | SOLE |  | 4142988 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1221560 | 5830 | SH |  | SOLE |  | 5830 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 13902603 | 50431 | SH |  | SOLE |  | 50431 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 309024 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 908426 | 2948 | SH |  | SOLE |  | 2948 | 0 | 0 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 9989089 | 1441427 | SH |  | SOLE |  | 1441427 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 866300 | 6050 | SH |  | SOLE |  | 6050 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 351597 | 4934 | SH |  | SOLE |  | 4934 | 0 | 0 |
| CODERE ONLINE LUXEMBOURG S A | ORDINARY SHARES | L18268109 |  | 2510493 | 295700 | SH |  | SOLE |  | 295700 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 800955 | 22442 | SH |  | SOLE |  | 22442 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 5363722 | 32971 | SH |  | SOLE |  | 32971 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5250642 | 5304 | SH |  | SOLE |  | 5304 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1100110 | 2160 | SH |  | SOLE |  | 2160 | 0 | 0 |
| CULEN FROST BANKERS INC | COM | 229899109 |  | 780238 | 6070 | SH |  | SOLE |  | 6070 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 824656 | 11955 | SH |  | SOLE |  | 11955 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 4551769 | 23005 | SH |  | SOLE |  | 23005 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 2055743 | 4030 | SH |  | SOLE |  | 4030 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 540176 | 4406 | SH |  | SOLE |  | 4406 | 0 | 0 |
| DIREXION SHS ETF TR | NAS100 EQL WGT | 25459Y207 |  | 224471 | 2280 | SH |  | SOLE |  | 2280 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 12154666 | 97620 | SH |  | SOLE |  | 97620 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 6376555 | 17862 | SH |  | SOLE |  | 17862 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3772146 | 4839 | SH |  | SOLE |  | 4839 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 759738 | 41905 | SH |  | SOLE |  | 41905 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 2651100 | 11589 | SH |  | SOLE |  | 11589 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CTB ETF | 33734X846 |  | 516665 | 6836 | SH |  | SOLE |  | 6836 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | DJ INTERNT IDX | 33733E302 |  | 288183 | 1070 | SH |  | SOLE |  | 1070 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 594815 | 3450 | SH |  | SOLE |  | 3450 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 4451115 | 43223 | SH |  | SOLE |  | 43223 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 301716 | 6960 | SH |  | SOLE |  | 6960 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 460361 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 |  | 221816 | 3540 | SH |  | SOLE |  | 3540 | 0 | 0 |
| GLOBAL X FDS | RBTCS ARTFL INTE | 37954Y715 |  | 327294 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 23726611 | 33524 | SH |  | SOLE |  | 33524 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1327237 | 3620 | SH |  | SOLE |  | 3620 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 931986 | 4002 | SH |  | SOLE |  | 4002 | 0 | 0 |
| INTERNATIONAL BANCSHARES COR | COM | 459044103 |  | 377196 | 5667 | SH |  | SOLE |  | 5667 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1059362 | 1345 | SH |  | SOLE |  | 1345 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S 500 EQL ENR | 46137V357 |  | 780573 | 4295 | SH |  | SOLE |  | 4295 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 9240262 | 16732 | SH |  | SOLE |  | 16732 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 543055 | 8872 | SH |  | SOLE |  | 8872 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 255842 | 8868 | SH |  | SOLE |  | 8868 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 1538989 | 25637 | SH |  | SOLE |  | 25637 | 0 | 0 |
| ISHARES INC | MSCI EUROZONE ETF | 464286608 |  | 1463659 | 24620 | SH |  | SOLE |  | 24620 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 389252 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 1551238 | 20691 | SH |  | SOLE |  | 20691 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 207925 | 2065 | SH |  | SOLE |  | 2065 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 354381 | 3488 | SH |  | SOLE |  | 3488 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 537090 | 6086 | SH |  | SOLE |  | 6086 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 558532 | 4690 | SH |  | SOLE |  | 4690 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 541644 | 14440 | SH |  | SOLE |  | 14440 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 1429775 | 27795 | SH |  | SOLE |  | 27795 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 202779 | 1850 | SH |  | SOLE |  | 1850 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 |  | 333403 | 3551 | SH |  | SOLE |  | 3551 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 1523831 | 24570 | SH |  | SOLE |  | 24570 | 0 | 0 |
| ISHARES TR | US HLTHCARE ETF | 464287762 |  | 1644980 | 29125 | SH |  | SOLE |  | 29125 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 769618 | 17840 | SH |  | SOLE |  | 17840 | 0 | 0 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 858209 | 16964 | SH |  | SOLE |  | 16964 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 2432272 | 29354 | SH |  | SOLE |  | 29354 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 603255 | 6299 | SH |  | SOLE |  | 6299 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 5357572 | 42349 | SH |  | SOLE |  | 42349 | 0 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 370868 | 3919 | SH |  | SOLE |  | 3919 | 0 | 0 |
| ISHARES TR | U.S. FINLS ETF | 464287788 |  | 1899664 | 15701 | SH |  | SOLE |  | 15701 | 0 | 0 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 275471 | 10150 | SH |  | SOLE |  | 10150 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 486476 | 9535 | SH |  | SOLE |  | 9535 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 308486 | 3825 | SH |  | SOLE |  | 3825 | 0 | 0 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 826448 | 8923 | SH |  | SOLE |  | 8923 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 |  | 1646617 | 19930 | SH |  | SOLE |  | 19930 | 0 | 0 |
| ISHARES TR | MCSI CHINA ETF | 46429B671 |  | 294785 | 5350 | SH |  | SOLE |  | 5350 | 0 | 0 |
| ISHARES TR | MCSI EAFE ETF | 464287465 |  | 321804 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 350946 | 7275 | SH |  | SOLE |  | 7275 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 518826 | 9318 | SH |  | SOLE |  | 9318 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 1035603 | 33755 | SH |  | SOLE |  | 33755 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 835812 | 1969 | SH |  | SOLE |  | 1969 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 249161 | 1275 | SH |  | SOLE |  | 1275 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 354200 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 335751 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1815512 | 2924 | SH |  | SOLE |  | 2924 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 2142700 | 19405 | SH |  | SOLE |  | 19405 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 240900 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| ISHARES TR | US TRSPRTION | 464287192 |  | 1640848 | 23940 | SH |  | SOLE |  | 23940 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 1191426 | 22582 | SH |  | SOLE |  | 22582 | 0 | 0 |
| ISHARES TR | US INDUSTRIALS | 464287754 |  | 2220036 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 4167663 | 24053 | SH |  | SOLE |  | 24053 | 0 | 0 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 925506 | 14775 | SH |  | SOLE |  | 14775 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 486051 | 3182 | SH |  | SOLE |  | 3182 | 0 | 0 |
| JP MORGAN CHASE  CO | COM | 46625H100 |  | 41517217 | 143207 | SH |  | SOLE |  | 143207 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 720526 | 16560 | SH |  | SOLE |  | 16560 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 347355 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 556175 | 2341 | SH |  | SOLE |  | 2341 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 4278537 | 14644 | SH |  | SOLE |  | 14644 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 305822 | 3480 | SH |  | SOLE |  | 3480 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 4516353 | 1728 | SH |  | SOLE |  | 1728 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1804363 | 22563 | SH |  | SOLE |  | 22563 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 62397391 | 84539 | SH |  | SOLE |  | 84539 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 7408558 | 60110 | SH |  | SOLE |  | 60110 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 94465949 | 189916 | SH |  | SOLE |  | 189916 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 969755 | 14280 | SH |  | SOLE |  | 14280 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 1699476 | 12065 | SH |  | SOLE |  | 12065 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1551884 | 22355 | SH |  | SOLE |  | 22355 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 2702584 | 37815 | SH |  | SOLE |  | 37815 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 422567 | 3492 | SH |  | SOLE |  | 3492 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 2295743 | 33262 | SH |  | SOLE |  | 33262 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 778130 | 56715 | SH |  | SOLE |  | 56715 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 41366928 | 261816 | SH |  | SOLE |  | 261816 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 452575 | 8695 | SH |  | SOLE |  | 8695 | 0 | 0 |
| ORACLE | COM | 68389X105 |  | 1099709 | 5030 | SH |  | SOLE |  | 5030 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1669453 | 8158 | SH |  | SOLE |  | 8158 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 844721 | 11366 | SH |  | SOLE |  | 11366 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 264080 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1569184 | 64735 | SH |  | SOLE |  | 64735 | 0 | 0 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 302610 | 3010 | SH |  | SOLE |  | 3010 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 275520 | 1730 | SH |  | SOLE |  | 1730 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 4349936 | 29790 | SH |  | SOLE |  | 29790 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 2412352 | 4575 | SH |  | SOLE |  | 4575 | 0 | 0 |
| SALESFORCE COM INC | COM | 79466L302 |  | 20095686 | 73582 | SH |  | SOLE |  | 73582 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 749700 | 21995 | SH |  | SOLE |  | 21995 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 |  | 2317539 | 15710 | SH |  | SOLE |  | 15710 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 219525 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 |  | 685910 | 6320 | SH |  | SOLE |  | 6320 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 6979770 | 32116 | SH |  | SOLE |  | 32116 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 4097244 | 50602 | SH |  | SOLE |  | 50602 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 10427868 | 199119 | SH |  | SOLE |  | 199119 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 26803558 | 198854 | SH |  | SOLE |  | 198854 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 6657793 | 26291 | SH |  | SOLE |  | 26291 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 4515284 | 53240 | SH |  | SOLE |  | 53240 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1141169 | 1110 | SH |  | SOLE |  | 1110 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 10365928 | 89865 | SH |  | SOLE |  | 89865 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 622528 | 2782 | SH |  | SOLE |  | 2782 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1309245 | 4295 | SH |  | SOLE |  | 4295 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 1077350 | 18037 | SH |  | SOLE |  | 18037 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 13054400 | 21069 | SH |  | SOLE |  | 21069 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 384624 | 4193 | SH |  | SOLE |  | 4193 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 787355 | 26080 | SH |  | SOLE |  | 26080 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1830106 | 2385 | SH |  | SOLE |  | 2385 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 5774248 | 63017 | SH |  | SOLE |  | 63017 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 1204538 | 58615 | SH |  | SOLE |  | 58615 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 8364002 | 36802 | SH |  | SOLE |  | 36802 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 463162 | 4695 | SH |  | SOLE |  | 4695 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88032Q109 |  | 11342003 | 175845 | SH |  | SOLE |  | 175845 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 471725 | 1485 | SH |  | SOLE |  | 1485 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 6190228 | 15251 | SH |  | SOLE |  | 15251 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 546760 | 3005 | SH |  | SOLE |  | 3005 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 1763124 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 11939508 | 127969 | SH |  | SOLE |  | 127969 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 206803 | 3381 | SH |  | SOLE |  | 3381 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 4710123 | 15098 | SH |  | SOLE |  | 15098 | 0 | 0 |
| URBAN OUTFITTERS INC | COM | 917047102 |  | 566900 | 7815 | SH |  | SOLE |  | 7815 | 0 | 0 |
| VAGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1582289 | 19903 | SH |  | SOLE |  | 19903 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 834001 | 16020 | SH |  | SOLE |  | 16020 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 12219964 | 43818 | SH |  | SOLE |  | 43818 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 12528776 | 21989 | SH |  | SOLE |  | 21989 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX | FTSE EUROPE ETF | 922042874 |  | 3551050 | 45820 | SH |  | SOLE |  | 45820 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 685318 | 13856 | SH |  | SOLE |  | 13856 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 884769 | 14793 | SH |  | SOLE |  | 14793 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 403393 | 4625 | SH |  | SOLE |  | 4625 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 976630 | 16615 | SH |  | SOLE |  | 16615 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 301281 | 2260 | SH |  | SOLE |  | 2260 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 5893243 | 8885 | SH |  | SOLE |  | 8885 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 213134 | 738 | SH |  | SOLE |  | 738 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 15655930 | 44095 | SH |  | SOLE |  | 44095 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 15388714 | 157381 | SH |  | SOLE |  | 157381 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 974773 | 4260 | SH |  | SOLE |  | 4260 | 0 | 0 |
| WISDOMTREE TR | EUROPE HEDGED EQ | 97717X701 |  | 625079 | 12990 | SH |  | SOLE |  | 12990 | 0 | 0 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 |  | 4613880 | 40377 | SH |  | SOLE |  | 40377 | 0 | 0 |

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