# EDGAR Filing Document

**Accession Number:** 0001602237
**File Stem:** 0001602237-25-000007
**Filing Date:** 2025-8
**Character Count:** 21904
**Document Hash:** a793a3f1a688ef575841ea9ef800fda9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001602237-25-000007.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001602237-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**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:** 251217999

**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:** 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:** 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  08-14-2025<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:** $512366278

      (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 |
| ADOBE INC | COM | 00724F101 |  | 332330 | 859 | SH |  | SOLE |  | 859 | 0 | 859 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 2879435 | 20292 | SH |  | SOLE |  | 20292 | 0 | 20292 |
| AES CORP | COM | 00130H105 |  | 114605 | 10894 | SH |  | SOLE |  | 10894 | 0 | 10894 |
| AGF INVTS TR | US MARKET NETRL | 00110G408 |  | 216206 | 12215 | SH |  | SOLE |  | 12215 | 0 | 12215 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1600021 | 13862 | SH |  | SOLE |  | 13862 | 0 | 13862 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5087408 | 28868 | SH |  | SOLE |  | 28868 | 0 | 28868 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1212993 | 6838 | SH |  | SOLE |  | 6838 | 0 | 6838 |
| AMAZON COM INC | COM | 023135106 |  | 17502934 | 79780 | SH |  | SOLE |  | 79780 | 0 | 79780 |
| AMERICA MOVIL SAB DE CV | SPON ADS RP CL B | 02390A101 |  | 210185 | 11716 | SH |  | SOLE |  | 11716 | 0 | 11716 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 431580 | 1353 | SH |  | SOLE |  | 1353 | 0 | 1353 |
| AMPLIFY ETF TR | AMPLIFY CYBERSEC | 032108664 |  | 320865 | 3715 | SH |  | SOLE |  | 3715 | 0 | 3715 |
| APPLE INC | COM | 037833100 |  | 15048789 | 73348 | SH |  | SOLE |  | 73348 | 0 | 73348 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 122063 | 11250 | SH |  | SOLE |  | 11250 | 0 | 11250 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 1501604 | 14677 | SH |  | SOLE |  | 14677 | 0 | 14677 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 319890 | 4551 | SH |  | SOLE |  | 4551 | 0 | 4551 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 1048075 | 6480 | SH |  | SOLE |  | 6480 | 0 | 6480 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 4855622 | 6059 | SH |  | SOLE |  | 6059 | 0 | 6059 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1392595 | 1682 | SH |  | SOLE |  | 1682 | 0 | 1682 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 43252 | 13576 | SH |  | SOLE |  | 13576 | 0 | 13576 |
| BANK AMERICA CORP | COM | 060505104 |  | 930122 | 19656 | SH |  | SOLE |  | 19656 | 0 | 19656 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1516799 | 16648 | SH |  | SOLE |  | 16648 | 0 | 16648 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 263351 | 12650 | SH |  | SOLE |  | 12650 | 0 | 12650 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3514060 | 7234 | SH |  | SOLE |  | 7234 | 0 | 7234 |
| BLACKROCK ETF TRUST | ISHARES A I INNO | 09290C780 |  | 238013 | 8250 | SH |  | SOLE |  | 8250 | 0 | 8250 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 466132 | 14770 | SH |  | SOLE |  | 14770 | 0 | 14770 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 296480 | 20155 | SH |  | SOLE |  | 20155 | 0 | 20155 |
| BOEING CO | COM | 097023105 |  | 298371 | 1424 | SH |  | SOLE |  | 1424 | 0 | 1424 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 1487835 | 257 | SH |  | SOLE |  | 257 | 0 | 257 |
| BORGWARNER INC | COM | 099724106 |  | 6899224 | 206070 | SH |  | SOLE |  | 206070 | 0 | 206070 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1393645 | 12975 | SH |  | SOLE |  | 12975 | 0 | 12975 |
| BROADCOM INC | COM | 11135F101 |  | 6839703 | 24813 | SH |  | SOLE |  | 24813 | 0 | 24813 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 1318574 | 4279 | SH |  | SOLE |  | 4279 | 0 | 4279 |
| CAMECO CORP | COM | 13321L108 |  | 269455 | 3630 | SH |  | SOLE |  | 3630 | 0 | 3630 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 24835963 | 3583833 | SH |  | SOLE |  | 3583833 | 0 | 3583833 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 1399156 | 3992 | SH |  | SOLE |  | 3992 | 0 | 3992 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 248580 | 2770 | SH |  | SOLE |  | 2770 | 0 | 2770 |
| CONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 21240E105 |  | 65788 | 13850 | SH |  | SOLE |  | 13850 | 0 | 13850 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 3053965 | 3085 | SH |  | SOLE |  | 3085 | 0 | 3085 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 221660 | 2394 | SH |  | SOLE |  | 2394 | 0 | 2394 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 2016868 | 3960 | SH |  | SOLE |  | 3960 | 0 | 3960 |
| CVS HEALTH CORP | COM | 126650100 |  | 689800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 10000 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 28375 | 12500 | SH |  | SOLE |  | 12500 | 0 | 12500 |
| DBX ETF TR | XTRACK MSCI EAFE | 233051200 |  | 833306 | 19047 | SH |  | SOLE |  | 19047 | 0 | 19047 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1189220 | 9700 | SH |  | SOLE |  | 9700 | 0 | 9700 |
| DIREXION SHS ETF TR | DAILY SM CP BEAR | 25460E232 |  | 177900 | 15000 | SH |  | SOLE |  | 15000 | 0 | 15000 |
| DISNEY WALT CO | COM | 254687106 |  | 1317814 | 10584 | SH |  | SOLE |  | 10584 | 0 | 10584 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 344306 | 6050 | SH |  | SOLE |  | 6050 | 0 | 6050 |
| ERASCA INC | COM | 29479A108 |  | 315097 | 248108 | SH |  | SOLE |  | 248108 | 0 | 248108 |
| FIRST SOLAR INC | COM | 336433107 |  | 496620 | 3000 | SH |  | SOLE |  | 3000 | 0 | 3000 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 357267 | 4727 | SH |  | SOLE |  | 4727 | 0 | 4727 |
| FIRST TR EXCHANGE-TRADED FD | DJ INTERNT IDX | 33733E302 |  | 237010 | 880 | SH |  | SOLE |  | 880 | 0 | 880 |
| FOX CORP | CL A COM | 35137L105 |  | 1467912 | 26194 | SH |  | SOLE |  | 26194 | 0 | 26194 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 43900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 10000 |
| GE AEROSPACE | COM NEW | 369604301 |  | 2044964 | 7945 | SH |  | SOLE |  | 7945 | 0 | 7945 |
| GE VERNOVA INC | COM | 36828A101 |  | 245526 | 464 | SH |  | SOLE |  | 464 | 0 | 464 |
| GENERAC HLDGS INC | COM | 368736104 |  | 9922018 | 69283 | SH |  | SOLE |  | 69283 | 0 | 69283 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 3387999 | 4787 | SH |  | SOLE |  | 4787 | 0 | 4787 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 22767024 | 2195470 | SH |  | SOLE |  | 2195470 | 0 | 2195470 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 37050 | 15000 | SH |  | SOLE |  | 15000 | 0 | 15000 |
| HIMS  HERS HEALTH INC | COM CL A | 433000106 |  | 344713 | 6915 | SH |  | SOLE |  | 6915 | 0 | 6915 |
| HOME DEPOT INC | COM | 437076102 |  | 2396726 | 6537 | SH |  | SOLE |  | 6537 | 0 | 6537 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 1624543 | 8728 | SH |  | SOLE |  | 8728 | 0 | 8728 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1450361 | 2669 | SH |  | SOLE |  | 2669 | 0 | 2669 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 439439 | 1935 | SH |  | SOLE |  | 1935 | 0 | 1935 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 11609188 | 63878 | SH |  | SOLE |  | 63878 | 0 | 63878 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 10064976 | 18226 | SH |  | SOLE |  | 18226 | 0 | 18226 |
| IONQ INC | COM | 46222L108 |  | 506401 | 11785 | SH |  | SOLE |  | 11785 | 0 | 11785 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 4201577 | 68642 | SH |  | SOLE |  | 68642 | 0 | 68642 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 436957 | 7007 | SH |  | SOLE |  | 7007 | 0 | 7007 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 505673 | 6745 | SH |  | SOLE |  | 6745 | 0 | 6745 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 |  | 205538 | 3750 | SH |  | SOLE |  | 3750 | 0 | 3750 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 5596895 | 58441 | SH |  | SOLE |  | 58441 | 0 | 58441 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 4404787 | 40186 | SH |  | SOLE |  | 40186 | 0 | 40186 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 3481904 | 39455 | SH |  | SOLE |  | 39455 | 0 | 39455 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 1007095 | 19907 | SH |  | SOLE |  | 19907 | 0 | 19907 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 2086386 | 18895 | SH |  | SOLE |  | 18895 | 0 | 18895 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 754039 | 15631 | SH |  | SOLE |  | 15631 | 0 | 15631 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 995866 | 15575 | SH |  | SOLE |  | 15575 | 0 | 15575 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 553659 | 12834 | SH |  | SOLE |  | 12834 | 0 | 12834 |
| ISHARES TR | CRE U S REIT ETF | 464288521 |  | 666899 | 11791 | SH |  | SOLE |  | 11791 | 0 | 11791 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2277016 | 10552 | SH |  | SOLE |  | 10552 | 0 | 10552 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 686494 | 10370 | SH |  | SOLE |  | 10370 | 0 | 10370 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 327862 | 8919 | SH |  | SOLE |  | 8919 | 0 | 8919 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 316819 | 6159 | SH |  | SOLE |  | 6159 | 0 | 6159 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 430292 | 5193 | SH |  | SOLE |  | 5193 | 0 | 5193 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 342138 | 3694 | SH |  | SOLE |  | 3694 | 0 | 3694 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 721491 | 3692 | SH |  | SOLE |  | 3692 | 0 | 3692 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 482828 | 2641 | SH |  | SOLE |  | 2641 | 0 | 2641 |
| ISHARES TR | U.S. FINLS ETF | 464287788 |  | 282754 | 2337 | SH |  | SOLE |  | 2337 | 0 | 2337 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 207785 | 1101 | SH |  | SOLE |  | 1101 | 0 | 1101 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 248725 | 1042 | SH |  | SOLE |  | 1042 | 0 | 1042 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 297173 | 875 | SH |  | SOLE |  | 875 | 0 | 875 |
| ISHARES TR | CORE S ETF | 464287200 |  | 379456 | 611 | SH |  | SOLE |  | 611 | 0 | 611 |
| JACK IN THE BOX INC | COM | 466367109 |  | 13347646 | 764470 | SH |  | SOLE |  | 764470 | 0 | 764470 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 1539293 | 14523 | SH |  | SOLE |  | 14523 | 0 | 14523 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 5163877 | 17812 | SH |  | SOLE |  | 17812 | 0 | 17812 |
| KLA CORP | COM NEW | 482480100 |  | 1658910 | 1852 | SH |  | SOLE |  | 1852 | 0 | 1852 |
| KRANESHARES TRUST | MOUNT LUCAS ETF | 500767652 |  | 220381 | 8356 | SH |  | SOLE |  | 8356 | 0 | 8356 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 485363 | 4980 | SH |  | SOLE |  | 4980 | 0 | 4980 |
| MAGNA INTL INC | COM | 559222401 |  | 22753207 | 589309 | SH |  | SOLE |  | 589309 | 0 | 589309 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 4385942 | 7805 | SH |  | SOLE |  | 7805 | 0 | 7805 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 580226 | 222 | SH |  | SOLE |  | 222 | 0 | 222 |
| META PLATFORMS INC | CL A | 30303M102 |  | 10235832 | 13868 | SH |  | SOLE |  | 13868 | 0 | 13868 |
| MICROSOFT CORP | COM | 594918104 |  | 9017048 | 18128 | SH |  | SOLE |  | 18128 | 0 | 18128 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 2085010 | 14802 | SH |  | SOLE |  | 14802 | 0 | 14802 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 514569 | 9300 | SH |  | SOLE |  | 9300 | 0 | 9300 |
| NETFLIX INC | COM | 64110L106 |  | 2792086 | 2085 | SH |  | SOLE |  | 2085 | 0 | 2085 |
| NIKE INC | CL B | 654106103 |  | 294333 | 4120 | SH |  | SOLE |  | 4120 | 0 | 4120 |
| NIO INC | SPON ADS | 62914V106 |  | 73433 | 21409 | SH |  | SOLE |  | 21409 | 0 | 21409 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 345044 | 17014 | SH |  | SOLE |  | 17014 | 0 | 17014 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 507517 | 36991 | SH |  | SOLE |  | 36991 | 0 | 36991 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 28140111 | 178102 | SH |  | SOLE |  | 178102 | 0 | 178102 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 4810847 | 114405 | SH |  | SOLE |  | 114405 | 0 | 114405 |
| O-I GLASS INC | COM | 67098H104 |  | 30001103 | 2035353 | SH |  | SOLE |  | 2035353 | 0 | 2035353 |
| OPKO HEALTH INC | COM | 68375N103 |  | 39600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 30000 |
| ORACLE CORP | COM | 68389X105 |  | 272850 | 1248 | SH |  | SOLE |  | 1248 | 0 | 1248 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2095784 | 15374 | SH |  | SOLE |  | 15374 | 0 | 15374 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 4928345 | 24083 | SH |  | SOLE |  | 24083 | 0 | 24083 |
| PARAMOUNT GLOBAL | CLASS B COM | 92556H206 |  | 7228648 | 558196 | SH |  | SOLE |  | 558196 | 0 | 558196 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 217014 | 2920 | SH |  | SOLE |  | 2920 | 0 | 2920 |
| PBF ENERGY INC | CL A | 69318G106 |  | 390060 | 18000 | SH |  | SOLE |  | 18000 | 0 | 18000 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 8461102 | 661855 | SH |  | SOLE |  | 661855 | 0 | 661855 |
| PIMCO ETF TR | INV GRD CRP BD | 72201R817 |  | 1338013 | 13750 | SH |  | SOLE |  | 13750 | 0 | 13750 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 262862 | 2743 | SH |  | SOLE |  | 2743 | 0 | 2743 |
| PLUG POWER INC | COM NEW | 72919P202 |  | 37250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 25000 |
| QUALCOMM INC | COM | 747525103 |  | 9205547 | 57802 | SH |  | SOLE |  | 57802 | 0 | 57802 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 1385869 | 5036 | SH |  | SOLE |  | 5036 | 0 | 5036 |
| REDDIT INC | CL A | 75734B100 |  | 288040 | 1913 | SH |  | SOLE |  | 1913 | 0 | 1913 |
| ROCKET LAB CORP | COM | 773121108 |  | 606588 | 16958 | SH |  | SOLE |  | 16958 | 0 | 16958 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 1302598 | 2298 | SH |  | SOLE |  | 2298 | 0 | 2298 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 473974 | 1510 | SH |  | SOLE |  | 1510 | 0 | 1510 |
| RTX CORPORATION | COM | 75513E101 |  | 1519338 | 10405 | SH |  | SOLE |  | 10405 | 0 | 10405 |
| SALESFORCE INC | COM | 79466L302 |  | 3612467 | 13231 | SH |  | SOLE |  | 13231 | 0 | 13231 |
| SAP SE | SPON ADR | 803054204 |  | 266027 | 875 | SH |  | SOLE |  | 875 | 0 | 875 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 799877 | 23665 | SH |  | SOLE |  | 23665 | 0 | 23665 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1485935 | 16286 | SH |  | SOLE |  | 16286 | 0 | 16286 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 803699 | 5025 | SH |  | SOLE |  | 5025 | 0 | 5025 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 377640 | 7211 | SH |  | SOLE |  | 7211 | 0 | 7211 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 540070 | 6368 | SH |  | SOLE |  | 6368 | 0 | 6368 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 486848 | 1923 | SH |  | SOLE |  | 1923 | 0 | 1923 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 316405 | 2743 | SH |  | SOLE |  | 2743 | 0 | 2743 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 457770 | 1036 | SH |  | SOLE |  | 1036 | 0 | 1036 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3621076 | 11879 | SH |  | SOLE |  | 11879 | 0 | 11879 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 272787 | 4567 | SH |  | SOLE |  | 4567 | 0 | 4567 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 38417736 | 62003 | SH |  | SOLE |  | 62003 | 0 | 62003 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 10029942 | 109342 | SH |  | SOLE |  | 109342 | 0 | 109342 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 1142837 | 37968 | SH |  | SOLE |  | 37968 | 0 | 37968 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 1245522 | 49133 | SH |  | SOLE |  | 49133 | 0 | 49133 |
| SPROTT PHYSICAL SILVER TR | TR UNIT | 85207K107 |  | 274054 | 22390 | SH |  | SOLE |  | 22390 | 0 | 22390 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 572927 | 11690 | SH |  | SOLE |  | 11690 | 0 | 11690 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 991095 | 4362 | SH |  | SOLE |  | 4362 | 0 | 4362 |
| TARGET CORP | COM | 87612E106 |  | 597523 | 6057 | SH |  | SOLE |  | 6057 | 0 | 6057 |
| TESLA INC | COM | 88160R101 |  | 4032376 | 12694 | SH |  | SOLE |  | 12694 | 0 | 12694 |
| TESLA INC | COM | 88160R101 |  | 1545098 | 4864 | SH |  | SOLE |  | 4864 | 0 | 4864 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 723428 | 10049 | SH |  | SOLE |  | 10049 | 0 | 10049 |
| TIDAL TRUST I | FUNDSTRAT GRANNY | 886364231 |  | 381024 | 16800 | SH |  | SOLE |  | 16800 | 0 | 16800 |
| T-MOBILE US INC | COM | 872590104 |  | 1321390 | 5546 | SH |  | SOLE |  | 5546 | 0 | 5546 |
| TRILOGY METALS INC NEW | COM | 89621C105 |  | 20048 | 14850 | SH |  | SOLE |  | 14850 | 0 | 14850 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 6521483 | 69898 | SH |  | SOLE |  | 69898 | 0 | 69898 |
| UBS GROUP AG | SHS | H42097107 |  | 152596 | 4512 | SH |  | SOLE |  | 4512 | 0 | 4512 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 329904 | 6337 | SH |  | SOLE |  | 6337 | 0 | 6337 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 387822 | 4135 | SH |  | SOLE |  | 4135 | 0 | 4135 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 6571673 | 36981 | SH |  | SOLE |  | 36981 | 0 | 36981 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 2617666 | 5964 | SH |  | SOLE |  | 5964 | 0 | 5964 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1767441 | 3102 | SH |  | SOLE |  | 3102 | 0 | 3102 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 433181 | 2211 | SH |  | SOLE |  | 2211 | 0 | 2211 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 302601 | 1091 | SH |  | SOLE |  | 1091 | 0 | 1091 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 1368180 | 16500 | SH |  | SOLE |  | 16500 | 0 | 16500 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 826800 | 10400 | SH |  | SOLE |  | 10400 | 0 | 10400 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 257015 | 3720 | SH |  | SOLE |  | 3720 | 0 | 3720 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 620269 | 10880 | SH |  | SOLE |  | 10880 | 0 | 10880 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 545879 | 823 | SH |  | SOLE |  | 823 | 0 | 823 |
| VISA INC | COM CL A | 92826C839 |  | 1659149 | 4673 | SH |  | SOLE |  | 4673 | 0 | 4673 |
| VISTRA CORP | COM | 92840M102 |  | 4452203 | 22972 | SH |  | SOLE |  | 22972 | 0 | 22972 |
| WALMART INC | COM | 931142103 |  | 5186545 | 53043 | SH |  | SOLE |  | 53043 | 0 | 53043 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 204306 | 2550 | SH |  | SOLE |  | 2550 | 0 | 2550 |
| WHIRLPOOL CORP | COM | 963320106 |  | 6311367 | 62230 | SH |  | SOLE |  | 62230 | 0 | 62230 |
| WYNN RESORTS LTD | COM | 983134107 |  | 457578 | 4885 | SH |  | SOLE |  | 4885 | 0 | 4885 |

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