# EDGAR Filing Document

**Accession Number:** 0001536080
**File Stem:** 0001085146-25-005301
**Filing Date:** 2025-8
**Character Count:** 20899
**Document Hash:** e87282d09f4d2c547c4fd25f7fb1db84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-005301.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001085146-25-005301

**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:** Banco BTG Pactual S.A.
- **CENTRAL INDEX KEY:** 0001536080

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17443
- **FILM NUMBER:** 251220856

**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:** 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:** 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  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:** 154

**Form 13F Information Table Value Total:** $491518424

      (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 MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 2330708 | 16425 | SH |  | SOLE |  | 16425 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 9072800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 10319148 | 58555 | SH |  | SOLE |  | 58555 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 5952321 | 33555 | SH |  | SOLE |  | 33555 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 23097818 | 105282 | SH |  | SOLE |  | 105282 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 | BBG005KLVT74 | 270161 | 112100 | SH |  | SOLE |  | 112100 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADS RP CL B | 02390A101 | BBG01FRH5ND8 | 587942 | 117008 | SH |  | SOLE |  | 117008 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 309426 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 | BBG001T61KH8 | 773376 | 19200 | SH |  | SOLE |  | 19200 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 | BBG00YTS96H1 | 605070 | 33082 | SH |  | SOLE |  | 33082 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | BBG001S5ND74 | 622276 | 11790 | SH |  | SOLE |  | 11790 | 0 | 0 |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 | BBG001V0XGV6 | 628833 | 79700 | SH |  | SOLE |  | 79700 | 0 | 0 |
| BANCO BBVA ARGENTINA S A | SPONSORED ADS | 058934100 | BBG001S62B15 | 197520 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| BANCO MACRO SA | SPON ADR B | 05961W105 | BBG001SQK8Y2 | 410729 | 5850 | SH |  | SOLE |  | 5850 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 | BBG001S5VVS2 | 436306 | 17300 | SH |  | SOLE |  | 17300 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 7232862 | 152850 | SH |  | SOLE |  | 152850 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 6218342 | 12801 | SH |  | SOLE |  | 12801 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 | BBG001S7K151 | 293449 | 32751 | SH |  | SOLE |  | 32751 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 1227623 | 1170 | SH |  | SOLE |  | 1170 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 2124651 | 367 | SH |  | SOLE |  | 367 | 0 | 0 |
| BORR DRILLING LTD | SHS | G1466R173 | BBG00FJ1SZG8 | 80520 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| BRASKEM S A | SP ADR PFD A | 105532105 | BBG001S5XRM5 | 215168 | 65600 | SH |  | SOLE |  | 65600 | 0 | 0 |
| BRF SA | SPONSORED ADR | 10552T107 | BBG001S5V2P9 | 389685 | 106763 | SH |  | SOLE |  | 106763 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 2790956 | 10125 | SH |  | SOLE |  | 10125 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 1501409 | 24275 | SH |  | SOLE |  | 24275 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 | BBG001S9CFC7 | 466760 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | BBG001S7F4Z8 | 491474 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG001S65PV8 | 8059349 | 37880 | SH |  | SOLE |  | 37880 | 0 | 0 |
| CIA ENERGETICA DE MINAS GERA | SP ADR N-V PFD | 204409601 | BBG001S64WN3 | 117600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 10660940 | 125246 | SH |  | SOLE |  | 125246 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 | BBG001S8LLN4 | 23976740 | 1091340 | SH |  | SOLE |  | 1091340 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 | BBG001S8LTR3 | 646948 | 39400 | SH |  | SOLE |  | 39400 | 0 | 0 |
| CONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 21240E105 | BBG004NZ9JK5 | 1330000 | 280000 | SH |  | SOLE |  | 280000 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 | BBG001S8L8P1 | 379984 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| CSX CORP | COM | 126408103 | BBG001S5Q7Q3 | 717860 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 | BBG001S8M692 | 1422503 | 11034 | SH |  | SOLE |  | 11034 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 | BBG005HJL932 | 3304800 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 | BBG00DW3SZT0 | 968295 | 7898 | SH |  | SOLE |  | 7898 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 | BBG001SK2651 | 558022 | 2821 | SH |  | SOLE |  | 2821 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 | BBG0112Z58K1 | 736397 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00BN961H3 | 423543 | 6175 | SH |  | SOLE |  | 6175 | 0 | 0 |
| ECOPETROL S A | SPONSORED ADS | 279158109 | BBG001T3G3D1 | 236649 | 26740 | SH |  | SOLE |  | 26740 | 0 | 0 |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 | BBG00CMP50J7 | 4388670 | 1209000 | SH |  | SOLE |  | 1209000 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 | BBG001SDHNW4 | 616420 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| EQT CORP | COM | 26884L109 | BBG001S5QXJ4 | 804816 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| EVGO INC | CL A COM | 30052F100 | BBG00XP21PS8 | 40646 | 11136 | SH |  | SOLE |  | 11136 | 0 | 0 |
| EXELON CORP | COM | 30161N101 | BBG001SBJMT2 | 477142 | 10989 | SH |  | SOLE |  | 10989 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 | BBG00Z6DX607 | 736722 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| FISERV INC | COM | 337738108 | BBG001S5R6Q4 | 448266 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 | BBG001S87K70 | 428640 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| FORD MTR CO | COM | 345370860 | BBG001S5TZ33 | 2121273 | 195509 | SH |  | SOLE |  | 195509 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 | BBG00JHNJX06 | 1344960 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 3308775 | 6253 | SH |  | SOLE |  | 6253 | 0 | 0 |
| GEOPARK LTD | USD SHS | G38327105 | BBG001SLK3B9 | 529626 | 81231 | SH |  | SOLE |  | 81231 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 | BBG001SCL1T3 | 764456 | 261800 | SH |  | SOLE |  | 261800 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 | BBG001T8JBX7 | 755325 | 16785 | SH |  | SOLE |  | 16785 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 | BBG001SSPRJ8 | 869360 | 18059 | SH |  | SOLE |  | 18059 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 | BBG001TF8NP6 | 3622758 | 93346 | SH |  | SOLE |  | 93346 | 0 | 0 |
| GLOBANT S A | COM | L44385109 | BBG00564Y4W2 | 2452680 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 1289521 | 1822 | SH |  | SOLE |  | 1822 | 0 | 0 |
| GOPRO INC | CL A | 38268T103 | BBG001V0YJ76 | 26803 | 35393 | SH |  | SOLE |  | 35393 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 | BBG00MVWLMC1 | 27071 | 22009 | SH |  | SOLE |  | 22009 | 0 | 0 |
| GRUPO AVAL ACCIONES Y VALORE | SPONSORED ADS | 40053W101 | BBG004T0ZN64 | 32922 | 11716 | SH |  | SOLE |  | 11716 | 0 | 0 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 | BBG001SKXC54 | 24586087 | 487916 | SH |  | SOLE |  | 487916 | 0 | 0 |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 | BBG00BTHJ014 | 118608 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| GRUPO TELEVISA S A B | SPON ADR REP ORD | 40049J206 | BBG001S64JP0 | 207542 | 94768 | SH |  | SOLE |  | 94768 | 0 | 0 |
| HARLEY DAVIDSON INC | COM | 412822108 | BBG001S5RTY5 | 1180000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| HASBRO INC | COM | 418056107 | BBG001S5RSQ6 | 1141405 | 15462 | SH |  | SOLE |  | 15462 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH49 | 801683 | 3010 | SH |  | SOLE |  | 3010 | 0 | 0 |
| I-80 GOLD CORP | COM | 44955L106 | BBG00Z3VDWG8 | 25204 | 42119 | SH |  | SOLE |  | 42119 | 0 | 0 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 436240 | 19475 | SH |  | SOLE |  | 19475 | 0 | 0 |
| INTER  CO INC | CLASS A COM | G4R20B107 | BBG017Y8GKR7 | 7644385 | 1028854 | SH |  | SOLE |  | 1028854 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG001SQ4YC7 | 2770500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| INTERCORP FINL SVCS INC | SHS | P5626F128 | BBG00PNFV2G9 | 751161 | 19700 | SH |  | SOLE |  | 19700 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG001S6TWR2 | 307176 | 390 | SH |  | SOLE |  | 390 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | INVESCO PHLX SM | 46138G615 | BBG011B9WCN7 | 3010139 | 68945 | SH |  | SOLE |  | 68945 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 | BBG0027F1V40 | 8594400 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 13177726 | 180963 | SH |  | SOLE |  | 180963 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 20089626 | 36418 | SH |  | SOLE |  | 36418 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 743702 | 12150 | SH |  | SOLE |  | 12150 | 0 | 0 |
| ISHARES INC | MSCI CHILE ETF | 464286640 | BBG001T0LL05 | 490620 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 1866280 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 1775349 | 54110 | SH |  | SOLE |  | 54110 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 2110245 | 57406 | SH |  | SOLE |  | 57406 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 | BBG00FFPFTS4 | 1440945 | 10650 | SH |  | SOLE |  | 10650 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 4454400 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| ISHARES TR | MSCI INDIA SM CP | 46429B614 | BBG002DMN5F9 | 1582190 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 285860 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 8283888 | 28574 | SH |  | SOLE |  | 28574 | 0 | 0 |
| KE HLDGS INC | SPONSORED ADS | 482497104 | BBG00W9L9N03 | 248360 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 | BBG001S5SLZ0 | 928224 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 2692394 | 20239 | SH |  | SOLE |  | 20239 | 0 | 0 |
| KLOTHO NEUROSCIENCES INC | COM | 49876K103 | BBG015Z24BT4 | 23159 | 20495 | SH |  | SOLE |  | 20495 | 0 | 0 |
| KNOW LABS INC | COM NEW | 499238202 | BBG001SG4B84 | 23216 | 11725 | SH |  | SOLE |  | 11725 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 | BBG004XB9HZ5 | 14648611 | 426700 | SH |  | SOLE |  | 426700 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 | BBG01MMT6PQ2 | 350976 | 1337 | SH |  | SOLE |  | 1337 | 0 | 0 |
| LARGO INC | COM | 517097101 | BBG001S6KXR9 | 60630 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 | BBG001S8L5H6 | 1095971 | 13564 | SH |  | SOLE |  | 13564 | 0 | 0 |
| LISTED FDS TR | ROUNDHILL BALL | 53656F417 | BBG011J1MP12 | 746766 | 43850 | SH |  | SOLE |  | 43850 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG001T5GK39 | 6189630 | 16507 | SH |  | SOLE |  | 16507 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 | BBG00ZXBJ162 | 2786400 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 2135372 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 292170 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 7503732 | 2871 | SH |  | SOLE |  | 2871 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 34094591 | 46193 | SH |  | SOLE |  | 46193 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 | BBG001S787B5 | 316665 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 19850638 | 39908 | SH |  | SOLE |  | 39908 | 0 | 0 |
| MOODYS CORP | COM | 615369105 | BBG001S5VP87 | 401272 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| NASDAQ INC | COM | 631103108 | BBG001SKTBJ6 | 491810 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| NATERA INC | COM | 632307104 | BBG001V0FSF8 | 1131898 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 17075802 | 1244592 | SH |  | SOLE |  | 1244592 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 6580 | 14000 | SH | Call | SOLE |  | 14000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 30766183 | 194735 | SH |  | SOLE |  | 194735 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 | BBG001S5TZG9 | 957828 | 22800 | SH |  | SOLE |  | 22800 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 | BBG001SF7RS6 | 298737 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| PAGSEGURO DIGITAL LTD | COM CL A | G68707101 | BBG00JM7QCG6 | 3374000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 | BBG001T5K0S1 | 6492789 | 93583 | SH |  | SOLE |  | 93583 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 | BBG001SFJFD5 | 148866 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| PONY AI INC | SPONSORED ADS | 732908108 | BBG01QDDKKH3 | 506220 | 38350 | SH |  | SOLE |  | 38350 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 | BBG001S5WW18 | 803845 | 8330 | SH |  | SOLE |  | 8330 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 | BBG001S97MM7 | 976092 | 9085 | SH |  | SOLE |  | 9085 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG001S5T5M8 | 706569 | 1340 | SH |  | SOLE |  | 1340 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 388038 | 1423 | SH |  | SOLE |  | 1423 | 0 | 0 |
| SASOL LTD | SPONSORED ADR | 803866300 | BBG001S5VW00 | 88400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 320243 | 3776 | SH |  | SOLE |  | 3776 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG001S7T223 | 6808100 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597137 | 2264017 | 54660 | SH |  | SOLE |  | 54660 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 2178516 | 10024 | SH |  | SOLE |  | 10024 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG001S7SCQ6 | 2289678 | 16987 | SH |  | SOLE |  | 16987 | 0 | 0 |
| SHOALS TECHNOLOGIES GROUP IN | CL A | 82489W107 | BBG00YQ82328 | 97083 | 22843 | SH |  | SOLE |  | 22843 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 | BBG001S5W3H5 | 883800 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 | BBG001S8LH99 | 428752 | 973 | SH |  | SOLE |  | 973 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 274325 | 444 | SH |  | SOLE |  | 444 | 0 | 0 |
| SPDR SERIES TRUST | PRTFLO S GW | 78464A409 | BBG001SD7RB9 | 1596419 | 16748 | SH |  | SOLE |  | 16748 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | BBG003T4VFD1 | 1135663 | 1480 | SH |  | SOLE |  | 1480 | 0 | 0 |
| SUZANO S A | SPON ADS | 86959K105 | BBG001SKWHM5 | 223073 | 23706 | SH |  | SOLE |  | 23706 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 13377858 | 59066 | SH |  | SOLE |  | 59066 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 | BBG001TC94B9 | 656978 | 3774 | SH |  | SOLE |  | 3774 | 0 | 0 |
| TARGET CORP | COM | 87612E106 | BBG001SC0K41 | 986500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 | BBG001SDK336 | 768465 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 | BBG001S62NT9 | 622316 | 37131 | SH |  | SOLE |  | 37131 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG001S5WYZ7 | 508877 | 2451 | SH |  | SOLE |  | 2451 | 0 | 0 |
| TRANSPORTADORA DE GAS SUR | SPONSORED ADS B | 893870204 | BBG001S80GV9 | 2140816 | 82657 | SH |  | SOLE |  | 82657 | 0 | 0 |
| TUYA INC | SPONSERED ADS | 90114C107 | BBG00ZGWX0H9 | 277200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 5224800 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 | BBG001S5X8K9 | 1189617 | 8850 | SH |  | SOLE |  | 8850 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 2256801 | 43350 | SH |  | SOLE |  | 43350 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 | BBG001T60G06 | 1390664 | 20575 | SH |  | SOLE |  | 20575 | 0 | 0 |
| VIPSHOP HLDGS LTD | SPONSORED ADS A | 92763W103 | BBG002NLDML7 | 180600 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| VTEX | SHS CL A | G9470A102 | BBG011M1L6B0 | 9419718 | 1427230 | SH |  | SOLE |  | 1427230 | 0 | 0 |
| W  T OFFSHORE INC | COM | 92922P106 | BBG001SLLWL3 | 65695 | 39815 | SH |  | SOLE |  | 39815 | 0 | 0 |
| XP INC | CL A | G98239109 | BBG00QVJYHP4 | 6847800 | 339000 | SH |  | SOLE |  | 339000 | 0 | 0 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 | BBG001S61Q40 | 1478150 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 | BBG010FXVQB5 | 1874290 | 121000 | SH |  | SOLE |  | 121000 | 0 | 0 |

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