# EDGAR Filing Document

**Accession Number:** 0001536080
**File Stem:** 0001085146-23-000805
**Filing Date:** 2023-2
**Character Count:** 21413
**Document Hash:** 24899b801f4ed75bd02946aecd3e5cec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000805.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001085146-23-000805

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banco BTG Pactual S.A.
- **CENTRAL INDEX KEY:** 0001536080
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17443
- **FILM NUMBER:** 23599829

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

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

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

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

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

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

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

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

/s/  Vitor Fortunato  Sao Paulo, D5  02-08-2023<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:** 161

**Form 13F Information Table Value Total:** $174722531

      (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 |
| 1LIFE HEALTHCARE INC | COM | 68269G107 | BBG0026ZDDR9 | 267360 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ADVISORSHARES TR | PURE CANNABIS | 00768Y495 | BBG00NWTW2H2 | 1496880 | 415800 | SH |  | SOLE |  | 415800 | 0 | 0 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 | BBG00X28J8Y2 | 280299 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| ALCOA CORP | COM | 013872106 | BBG00B3T3HF1 | 204206 | 4491 | SH |  | SOLE |  | 4491 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 2335183 | 26467 | SH |  | SOLE |  | 26467 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 11558 | 131 | SH | Call | SOLE |  | 131 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 11029 | 125 | SH | Put | SOLE |  | 125 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 2661900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 | BBG005KLVT74 | 6512768 | 2394400 | SH |  | SOLE |  | 2394400 | 0 | 0 |
| AMYRIS INC | COM NEW | 03236M200 | BBG001T20G05 | 128414 | 83931 | SH |  | SOLE |  | 83931 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 254923 | 1962 | SH |  | SOLE |  | 1962 | 0 | 0 |
| ARCO PLATFORM LTD | COM CL A | G04553106 | BBG00LV0Z4B9 | 1894050 | 140300 | SH |  | SOLE |  | 140300 | 0 | 0 |
| BANCO SANTANDER BRASIL S A | ADS REP 1 UNIT | 05967A107 | BBG001T5JFT9 | 562085 | 104283 | SH |  | SOLE |  | 104283 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 906930 | 2936 | SH |  | SOLE |  | 2936 | 0 | 0 |
| BILL COM HLDGS INC | COM | 090043100 | BBG00QVJV7L3 | 517778 | 4752 | SH |  | SOLE |  | 4752 | 0 | 0 |
| BILL COM HLDGS INC | COM | 090043100 | BBG00QVJV7L3 | 16344 | 150 | SH | Put | SOLE |  | 150 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 | BBG001T53509 | 901776 | 47164 | SH |  | SOLE |  | 47164 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 | BBG001T53509 | 8623 | 451 | SH | Put | SOLE |  | 451 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 676547 | 1210 | SH |  | SOLE |  | 1210 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 11183 | 20 | SH | Put | SOLE |  | 20 | 0 | 0 |
| CAMPBELL SOUP CO | COM | 134429109 | BBG001S5Q2B0 | 604842 | 10658 | SH |  | SOLE |  | 10658 | 0 | 0 |
| CAMPBELL SOUP CO | COM | 134429109 | BBG001S5Q2B0 | 11350 | 200 | SH | Put | SOLE |  | 200 | 0 | 0 |
| CANAAN INC | SPONSORED ADS | 134748102 | BBG00QQ10GC2 | 784444 | 380798 | SH |  | SOLE |  | 380798 | 0 | 0 |
| CARMAX INC | COM | 143130102 | BBG001SD9561 | 229190 | 3764 | SH |  | SOLE |  | 3764 | 0 | 0 |
| CARMAX INC | COM | 143130102 | BBG001SD9561 | 13701 | 225 | SH | Put | SOLE |  | 225 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 767790 | 3205 | SH |  | SOLE |  | 3205 | 0 | 0 |
| CENTRAIS ELETRICAS BRASILEIR | SPONSORED ADR | 15234Q207 | BBG001S8FGT6 | 1586000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 | BBG001T3TDG2 | 296373 | 874 | SH |  | SOLE |  | 874 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 | BBG001T3TDG2 | 10173 | 30 | SH | Put | SOLE |  | 30 | 0 | 0 |
| CI INC | COM CL A | G21307106 | BBG00PVKYX69 | 282536 | 43467 | SH |  | SOLE |  | 43467 | 0 | 0 |
| CIA ENERGETICA DE MINAS GERA | SP ADR N-V PFD | 204409601 | BBG001S64WN3 | 517364 | 254859 | SH |  | SOLE |  | 254859 | 0 | 0 |
| CINTAS CORP | COM | 172908105 | BBG001S7CRG1 | 861239 | 1907 | SH |  | SOLE |  | 1907 | 0 | 0 |
| CLARUS CORP NEW | COM | 18270P109 | BBG001SBNNC3 | 7350118 | 937515 | SH |  | SOLE |  | 937515 | 0 | 0 |
| COMMSCOPE HLDG CO INC | COM | 20337X109 | BBG004LTL7M1 | 534286 | 72692 | SH |  | SOLE |  | 72692 | 0 | 0 |
| COMMSCOPE HLDG CO INC | COM | 20337X109 | BBG004LTL7M1 | 12671 | 1724 | SH | Put | SOLE |  | 1724 | 0 | 0 |
| COMPANHIA BRASILEIRA DE DIST | SPONSORED ADR | 20440T300 | BBG001S9YV92 | 7078673 | 2283443 | SH |  | SOLE |  | 2283443 | 0 | 0 |
| COMPANHIA PARANAENSE ENERG C | SPON ADS | 20441B605 | BBG001S69YL6 | 3244128 | 451200 | SH |  | SOLE |  | 451200 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG001SKXLQ1 | 1497060 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| CORPORACION AMER ARPTS S A | COM | L1995B107 | BBG00JFCJ8Z9 | 402104 | 46060 | SH |  | SOLE |  | 46060 | 0 | 0 |
| COSAN S A | ADS | 22113B103 | BBG00YPGPD88 | 3451275 | 264263 | SH |  | SOLE |  | 264263 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 | BBG001SB7RP8 | 244101 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| EBIX INC | COM NEW | 278715206 | BBG001S90C28 | 479040 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| ECOPETROL S A | SPONSORED ADS | 279158109 | BBG001T3G3D1 | 3141000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| ENOVIX CORPORATION | COM | 293594107 | BBG00YC538B7 | 258951 | 20816 | SH |  | SOLE |  | 20816 | 0 | 0 |
| ENOVIX CORPORATION | COM | 293594107 | BBG00YC538B7 | 14007 | 1126 | SH | Put | SOLE |  | 1126 | 0 | 0 |
| ETF MANAGERS TR | ETFMG ALTR HRVST | 26924G508 | BBG00B9M3PB6 | 127800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 | BBG001SGCLB9 | 764434 | 15440 | SH |  | SOLE |  | 15440 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 828905 | 7515 | SH |  | SOLE |  | 7515 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 | BBG001S8SWQ0 | 397126 | 5853 | SH |  | SOLE |  | 5853 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 | BBG001S8SWQ0 | 12213 | 180 | SH | Put | SOLE |  | 180 | 0 | 0 |
| FRONTLINE LTD | SHS NEW | G3682E192 | BBG001S66K75 | 468774 | 38614 | SH |  | SOLE |  | 38614 | 0 | 0 |
| FRONTLINE LTD | SHS NEW | G3682E192 | BBG001S66K75 | 10926 | 900 | SH | Put | SOLE |  | 900 | 0 | 0 |
| FUBOTV INC | COM | 35953D104 | BBG002CV4QZ3 | 517086 | 297176 | SH |  | SOLE |  | 297176 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 | BBG001T5VGH6 | 362376 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 237330 | 7055 | SH |  | SOLE |  | 7055 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 5012 | 149 | SH | Put | SOLE |  | 149 | 0 | 0 |
| GERON CORP | COM | 374163103 | BBG001S6TSX4 | 1427754 | 589981 | SH |  | SOLE |  | 589981 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 | BBG001T8JBX7 | 888230 | 25070 | SH |  | SOLE |  | 25070 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 | BBG001TF8NP6 | 8499864 | 423300 | SH |  | SOLE |  | 423300 | 0 | 0 |
| GLOBAL X FDS | LITHIUM BTRY ETF | 37954Y855 | BBG001T9BM41 | 404468 | 6901 | SH |  | SOLE |  | 6901 | 0 | 0 |
| GLOBAL X FDS | LITHIUM BTRY ETF | 37954Y855 | BBG001T9BM41 | 4865 | 83 | SH | Put | SOLE |  | 83 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 | BBG001S5RQ62 | 324800 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 | BBG001S5RQ62 | 12180 | 1200 | SH | Put | SOLE |  | 1200 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH49 | 202176 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| INTER  CO INC | CLASS A COM | G4R20B107 | BBG017Y8GKR7 | 8036732 | 3391026 | SH |  | SOLE |  | 3391026 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | INVESCO PHLX SM | 46138G615 | BBG011B9WCN7 | 874945 | 43945 | SH |  | SOLE |  | 43945 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ BIOTECH | 46138G599 | BBG011B9TZ96 | 785567 | 37266 | SH |  | SOLE |  | 37266 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 5872410 | 91900 | SH |  | SOLE |  | 91900 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 35145 | 550 | SH | Call | SOLE |  | 550 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | WATER RES ETF | 46137V142 | BBG001SPPQG9 | 355832 | 6904 | SH |  | SOLE |  | 6904 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 248972 | 935 | SH |  | SOLE |  | 935 | 0 | 0 |
| IRSA INVERSIONES Y REP S A | GLOBL DEP RCPT | 450047204 | BBG001S8CL18 | 1372319 | 287096 | SH |  | SOLE |  | 287096 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 2073612 | 74137 | SH |  | SOLE |  | 74137 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 256877 | 9184 | SH | Call | SOLE |  | 9184 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 230351 | 10461 | SH |  | SOLE |  | 10461 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 | BBG001SKXPR1 | 2075923 | 25575 | SH |  | SOLE |  | 25575 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | BBG001S8MLN3 | 2986800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | BBG001S8MLN3 | 16925 | 170 | SH | Put | SOLE |  | 170 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 1584800 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 | BBG001V0XLT8 | 919814 | 8824 | SH |  | SOLE |  | 8824 | 0 | 0 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 | BBG001S60KQ0 | 724005 | 16150 | SH |  | SOLE |  | 16150 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 275892 | 3747 | SH |  | SOLE |  | 3747 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 4933 | 67 | SH | Put | SOLE |  | 67 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | BBG001S60QR6 | 6642090 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG001SK77D5 | 526810 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 | BBG004TRTWW3 | 569800 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 278876 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 | BBG001S561Z8 | 1052775 | 12593 | SH |  | SOLE |  | 12593 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 614470 | 9110 | SH |  | SOLE |  | 9110 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 259971 | 1491 | SH |  | SOLE |  | 1491 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 | BBG001SDJVG2 | 697068 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 | BBG001SD9RM5 | 1117620 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 | BBG001SFGXJ3 | 1425337 | 16930 | SH |  | SOLE |  | 16930 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 | BBG001S65TL1 | 687377 | 145940 | SH |  | SOLE |  | 145940 | 0 | 0 |
| KRANESHARES TR | CSI CHI INTERNET | 500767306 | BBG004XB9HZ5 | 623630 | 20650 | SH |  | SOLE |  | 20650 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 | BBG003CVMLR1 | 1136838 | 12722 | SH |  | SOLE |  | 12722 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 | BBG00GVR8YR8 | 228326 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| LISTED FD TR | ROUNDHILL BALL | 53656F417 | BBG011J1MP12 | 390233 | 54350 | SH |  | SOLE |  | 54350 | 0 | 0 |
| LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 54150E104 | BBG00HMSHSQ8 | 147734 | 21567 | SH |  | SOLE |  | 21567 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 | BBG001S7S2B4 | 284608 | 1962 | SH |  | SOLE |  | 1962 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 | BBG001S7S2B4 | 6238 | 43 | SH | Put | SOLE |  | 43 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 | BBG001S69V69 | 433120 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 13184419 | 15580 | SH |  | SOLE |  | 15580 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 348986 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 12034 | 100 | SH | Call | SOLE |  | 100 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 867189 | 3616 | SH |  | SOLE |  | 3616 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 9593 | 40 | SH | Put | SOLE |  | 40 | 0 | 0 |
| MODERNA INC | COM | 60770K107 | BBG003PHHZV8 | 759074 | 4226 | SH |  | SOLE |  | 4226 | 0 | 0 |
| MODERNA INC | COM | 60770K107 | BBG003PHHZV8 | 10777 | 60 | SH | Put | SOLE |  | 60 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 | BBG001S7LJN1 | 447474 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| MURPHY OIL CORP | COM | 626717102 | BBG001S5TG80 | 576334 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| NATURA  HLDG S A | ADS | 63884N108 | BBG00R4ZKQD4 | 792052 | 182922 | SH |  | SOLE |  | 182922 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 554276 | 4737 | SH |  | SOLE |  | 4737 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 11701 | 100 | SH | Put | SOLE |  | 100 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 | BBG00JM9SM69 | 248302 | 7 | SH |  | SOLE |  | 7 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 259983 | 1779 | SH |  | SOLE |  | 1779 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 4969 | 34 | SH | Put | SOLE |  | 34 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 | BBG001S5TZG9 | 296053 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 | BBG00FJQN752 | 564250 | 12200 | SH |  | SOLE |  | 12200 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 | BBG00JM7QCG6 | 1573200 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 | BBG001T5K0S1 | 275610 | 8629 | SH |  | SOLE |  | 8629 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 562898 | 3564 | SH |  | SOLE |  | 3564 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 12635 | 80 | SH | Put | SOLE |  | 80 | 0 | 0 |
| PROSHARES TR | SHRT RUSSELL2000 | 74348A210 | BBG001S90ZR0 | 725700 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| REVANCE THERAPEUTICS INC | COM | 761330109 | BBG001V0GBC7 | 446732 | 24200 | SH |  | SOLE |  | 24200 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 1598427 | 18274 | SH |  | SOLE |  | 18274 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 353640 | 2738 | SH |  | SOLE |  | 2738 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 5037 | 39 | SH | Put | SOLE |  | 39 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 | BBG001S7TD56 | 531077 | 7533 | SH |  | SOLE |  | 7533 | 0 | 0 |
| SENDAS DISTRIBUIDORA S A | SPON ADS | 81689T104 | BBG00ZDRF822 | 2047241 | 111810 | SH |  | SOLE |  | 111810 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 | BBG0027F58B9 | 1382780 | 49000 | SH |  | SOLE |  | 49000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 6061237 | 35730 | SH |  | SOLE |  | 35730 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 313210 | 819 | SH |  | SOLE |  | 819 | 0 | 0 |
| SPDR SER TR | PRTFLO S VL | 78464A508 | BBG001SG4284 | 248624 | 6393 | SH |  | SOLE |  | 6393 | 0 | 0 |
| SPDR SER TR | S OILGAS EXP | 78468R556 | BBG001SB12P9 | 396362 | 2917 | SH |  | SOLE |  | 2917 | 0 | 0 |
| SPDR SER TR | S REGL BKG | 78464A698 | BBG001SMH2R6 | 509335 | 8671 | SH |  | SOLE |  | 8671 | 0 | 0 |
| STANLEY BLACK  DECKER INC | COM | 854502101 | BBG001S5WHT1 | 376276 | 5009 | SH |  | SOLE |  | 5009 | 0 | 0 |
| SUZANO S A | SPON ADS | 86959K105 | BBG001SKWHM5 | 5155791 | 557986 | SH |  | SOLE |  | 557986 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 | BBG00658F3Q2 | 421758 | 12835 | SH |  | SOLE |  | 12835 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 | BBG00658F3Q2 | 5783 | 176 | SH | Put | SOLE |  | 176 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 212297 | 2850 | SH |  | SOLE |  | 2850 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 | BBG001SDK336 | 359919 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| TELEFONICA BRASIL SA | NEW ADR | 87936R205 | BBG00Y6FQJF9 | 3077667 | 430443 | SH |  | SOLE |  | 430443 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 375083 | 3045 | SH |  | SOLE |  | 3045 | 0 | 0 |
| TIM S A | SPONSORED ADR | 88706T108 | BBG00XS5MBP9 | 221886 | 19046 | SH |  | SOLE |  | 19046 | 0 | 0 |
| TRANSPORTADORA DE GAS SUR | SPONSORED ADS B | 893870204 | BBG001S80GV9 | 172009 | 14577 | SH |  | SOLE |  | 14577 | 0 | 0 |
| ULTRAPAR PARTICIPACOES SA | SP ADR REP COM | 90400P101 | BBG001S8C8S8 | 334686 | 138300 | SH |  | SOLE |  | 138300 | 0 | 0 |
| UNDER ARMOUR INC | CL A | 904311107 | BBG001SJLLQ7 | 292476 | 28787 | SH |  | SOLE |  | 28787 | 0 | 0 |
| UNDER ARMOUR INC | CL A | 904311107 | BBG001SJLLQ7 | 12954 | 1275 | SH | Put | SOLE |  | 1275 | 0 | 0 |
| UNITED STATES STL CORP NEW | COM | 912909108 | BBG001S5XL75 | 208466 | 8322 | SH |  | SOLE |  | 8322 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 | BBG001SB54S8 | 1261889 | 74360 | SH |  | SOLE |  | 74360 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 866535 | 30235 | SH |  | SOLE |  | 30235 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 573040 | 24700 | SH |  | SOLE |  | 24700 | 0 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 | BBG001S5X909 | 405087 | 19466 | SH |  | SOLE |  | 19466 | 0 | 0 |
| VORNADO RLTY TR | SH BEN INT | 929042109 | BBG001S5X909 | 5660 | 272 | SH | Put | SOLE |  | 272 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG001SKJ4K1 | 596520 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| WEWORK INC | CL A | 96209A104 | BBG00W7FH7H6 | 155727 | 108900 | SH |  | SOLE |  | 108900 | 0 | 0 |
| XP INC | CL A | G98239109 | BBG00QVJYHP4 | 8626495 | 562353 | SH |  | SOLE |  | 562353 | 0 | 0 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 | BBG001S61Q40 | 112486 | 12240 | SH |  | SOLE |  | 12240 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 | BBG001S5XN80 | 211142 | 4295 | SH |  | SOLE |  | 4295 | 0 | 0 |
| ZIONS BANCORPORATION N A | COM | 989701107 | BBG001S5XN80 | 6342 | 129 | SH | Put | SOLE |  | 129 | 0 | 0 |

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