# EDGAR Filing Document

**Accession Number:** 0001536080
**File Stem:** 0001536080-25-000003
**Filing Date:** 2025-11
**Character Count:** 20935
**Document Hash:** a93135bf29c111cbb9f45d410de105cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001536080-25-000003.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001536080-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**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:** 251479507

**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:** 09-30-2025

**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  11-13-2025<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:** 155

**Form 13F Information Table Value Total:** $684942128

      (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 | 1067490 | 6598 | SH |  | SOLE |  | 6598 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 17069430 | 95504 | SH |  | SOLE |  | 95504 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 18372526 | 75576 | SH |  | SOLE |  | 75576 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 12959783 | 53212 | SH |  | SOLE |  | 53212 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 30458092 | 138717 | SH |  | SOLE |  | 138717 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 | BBG005KLVT74 | 234819 | 105300 | SH |  | SOLE |  | 105300 | 0 | 0 |
| AMPLIFY ETF TR | AMPLIFY JUNIOR S | 032108649 | BBG01L6XWL92 | 923600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 | BBG00YTS96H1 | 898821 | 37019 | SH |  | SOLE |  | 37019 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFL2 | 595983 | 4472 | SH |  | SOLE |  | 4472 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 | BBG006HFPX86 | 1710844 | 2381 | SH |  | SOLE |  | 2381 | 0 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 | BBG001S5ZWZ8 | 249381 | 6702 | SH |  | SOLE |  | 6702 | 0 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 | BBG001SF7657 | 55790 | 16506 | SH |  | SOLE |  | 16506 | 0 | 0 |
| BANCO MACRO SA | SPON ADR B | 05961W105 | BBG001SQK8Y2 | 1265993 | 29936 | SH |  | SOLE |  | 29936 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 676758 | 13118 | SH |  | SOLE |  | 13118 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 5027400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 1364068 | 1170 | SH |  | SOLE |  | 1170 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 455401 | 2110 | SH |  | SOLE |  | 2110 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 5464061 | 1012 | SH |  | SOLE |  | 1012 | 0 | 0 |
| BORR DRILLING LTD | SHS | G1466R173 | BBG00FJ1SZG8 | 33162 | 12328 | SH |  | SOLE |  | 12328 | 0 | 0 |
| BRASKEM S A | SP ADR PFD A | 105532105 | BBG001S5XRM5 | 88330 | 36500 | SH |  | SOLE |  | 36500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 8283380 | 25108 | SH |  | SOLE |  | 25108 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 1664780 | 24275 | SH |  | SOLE |  | 24275 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG001S65PV8 | 2838856 | 49380 | SH |  | SOLE |  | 49380 | 0 | 0 |
| CI INC | COM CL A | G21307106 | BBG00PVKYX69 | 309000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| CIA ENERGETICA DE MINAS GERA | SP ADR N-V PFD | 204409601 | BBG001S64WN3 | 104656 | 49600 | SH |  | SOLE |  | 49600 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 14159656 | 139504 | SH |  | SOLE |  | 139504 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 | BBG006Q0HZT0 | 1295934 | 24378 | SH |  | SOLE |  | 24378 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 3848682 | 58032 | SH |  | SOLE |  | 58032 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 | BBG001S8LTR3 | 496332 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 | BBG001S5TZM2 | 353767 | 3740 | SH |  | SOLE |  | 3740 | 0 | 0 |
| CONTROLADORA VUELA COMP DE A | SPON ADR RP 10 | 21240E105 | BBG004NZ9JK5 | 502600 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG001SKXLQ1 | 420623 | 3540 | SH |  | SOLE |  | 3540 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 | BBG011ZTRJ49 | 4105500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 | BBG001S8L8P1 | 579692 | 2177 | SH |  | SOLE |  | 2177 | 0 | 0 |
| CRESUD S A C I F Y A | SPONSORED ADR | 226406106 | BBG001S7XKP3 | 399786 | 43455 | SH |  | SOLE |  | 43455 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 1981777 | 26287 | SH |  | SOLE |  | 26287 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG001S5QGT0 | 225025 | 1135 | SH |  | SOLE |  | 1135 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 | BBG005HJL932 | 6596000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 | BBG002PHSZN7 | 308237 | 2154 | SH |  | SOLE |  | 2154 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 4226195 | 36910 | SH |  | SOLE |  | 36910 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 | BBG00BN961H3 | 1357252 | 17423 | SH |  | SOLE |  | 17423 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 | BBG001SDHNW4 | 583440 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| ENERGY VAULT HOLDINGS INC | COM | 29280W109 | BBG00YXTKLB4 | 43442 | 14627 | SH |  | SOLE |  | 14627 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 | BBG001SKDJH8 | 216082 | 1433 | SH |  | SOLE |  | 1433 | 0 | 0 |
| EVE HLDG INC | COM | 29970N104 | BBG00XZQN3Y2 | 2272665 | 596500 | SH |  | SOLE |  | 596500 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 | BBG001S5W9K8 | 765961 | 7766 | SH |  | SOLE |  | 7766 | 0 | 0 |
| FORTINET INC | COM | 34959E109 | BBG001S77BL6 | 437216 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BFR8YW0 | 1068823 | 14232 | SH |  | SOLE |  | 14232 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 324052 | 527 | SH |  | SOLE |  | 527 | 0 | 0 |
| GEOPARK LTD | USD SHS | G38327105 | BBG001SLK3B9 | 509600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 | BBG001SCL1T3 | 170500 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 | BBG00KX8KH01 | 6870149 | 139100 | SH |  | SOLE |  | 139100 | 0 | 0 |
| GLOBAL X FDS | GB MSCI AR ETF | 37950E259 | BBG001V0LJT6 | 355776 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 | BBG001T8JBX7 | 484461 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 | BBG001SSPRJ8 | 1432600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 | BBG001TF8NP6 | 2631193 | 55196 | SH |  | SOLE |  | 55196 | 0 | 0 |
| GLOBANT S A | COM | L44385109 | BBG00564Y4W2 | 1847636 | 32200 | SH |  | SOLE |  | 32200 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 1743210 | 2189 | SH |  | SOLE |  | 2189 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL CENT | SPON ADR | 400501102 | BBG001SQT2W8 | 717534 | 6908 | SH |  | SOLE |  | 6908 | 0 | 0 |
| GRUPO AVAL ACCIONES Y VALORE | SPONSORED ADS | 40053W101 | BBG004T0ZN64 | 51437 | 15587 | SH |  | SOLE |  | 15587 | 0 | 0 |
| HESAI GROUP | SPONSORED ADS | 428050108 | BBG01CCYDDZ3 | 562000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 | BBG0058KMH49 | 674544 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 | BBG00DYNJH69 | 1995659 | 10170 | SH |  | SOLE |  | 10170 | 0 | 0 |
| HUT 8 CORP | COM | 44812J104 | BBG00390LJJ8 | 417720 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| HYLIION HOLDINGS CORP | COMMON STOCK | 449109107 | BBG00N9MJV02 | 37290 | 18929 | SH |  | SOLE |  | 18929 | 0 | 0 |
| INTER  CO INC | CLASS A COM | G4R20B107 | BBG017Y8GKR7 | 106810 | 11572 | SH |  | SOLE |  | 11572 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG001SQ4YC7 | 894530 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| INTERCORP FINL SVCS INC | SHS | P5626F128 | BBG00PNFV2G9 | 5231049 | 129674 | SH |  | SOLE |  | 129674 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | INVESCO PHLX SM | 46138G615 | BBG011B9WCN7 | 2723771 | 54345 | SH |  | SOLE |  | 54345 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 | BBG0027F1V40 | 7038900 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 14270771 | 194213 | SH |  | SOLE |  | 194213 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 6224636 | 10368 | SH |  | SOLE |  | 10368 | 0 | 0 |
| IRSA INVERSIONES Y REP S A | SPON GDS ECH 10 | 450047303 | BBG001S8CL18 | 1301358 | 109912 | SH |  | SOLE |  | 109912 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 2452710 | 37734 | SH |  | SOLE |  | 37734 | 0 | 0 |
| ISHARES INC | CALL | 464286903 |  | 325500 | 10500 | SH | Call | SOLE |  | 10500 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG001SFN5N1 | 8897651 | 287021 | SH |  | SOLE |  | 287021 | 0 | 0 |
| ISHARES INC | MSCI CHILE ETF | 464286640 | BBG001T0LL05 | 663254 | 20123 | SH |  | SOLE |  | 20123 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 4375126 | 103260 | SH |  | SOLE |  | 103260 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | BBG001S8MLN3 | 2323620 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 | BBG001SMDNB1 | 2018164 | 49056 | SH |  | SOLE |  | 49056 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 | BBG00FFPFTS4 | 1870960 | 12850 | SH |  | SOLE |  | 12850 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG001SK77D5 | 8616090 | 161350 | SH |  | SOLE |  | 161350 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 4164800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| ISHARES TR | PUT | 464287951 |  | 287980 | 7000 | SH | Put | SOLE |  | 7000 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 592074 | 1850 | SH |  | SOLE |  | 1850 | 0 | 0 |
| JBS N.V. | CL A SHS | N4732M103 | BBG01V30BCM3 | 143174788 | 9589738 | SH |  | SOLE |  | 9589738 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 | BBG005YHY0R6 | 3498000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 7998043 | 25356 | SH |  | SOLE |  | 25356 | 0 | 0 |
| KENVUE INC | COM | 49177J102 | BBG01C79X614 | 162300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG005CPNTR1 | 1247290 | 47899 | SH |  | SOLE |  | 47899 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 | BBG004XB9HZ5 | 21454507 | 510700 | SH |  | SOLE |  | 510700 | 0 | 0 |
| LARGO INC | COM | 517097101 | BBG001S6KXR9 | 38175 | 25450 | SH |  | SOLE |  | 25450 | 0 | 0 |
| LATAM AIRLINES GROUP SA | SPONSORED ADR | 51817R205 | BBG01PDH59W1 | 1357500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| LENDINGCLUB CORP | COM NEW | 52603A208 | BBG001YKDNH2 | 323896 | 21323 | SH |  | SOLE |  | 21323 | 0 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 | BBG012J3H0X2 | 2622000 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| LISTED FDS TR | ROUNDHILL BALL | 53656F417 | BBG011J1MP12 | 903310 | 43850 | SH |  | SOLE |  | 43850 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG001T5GK39 | 6810497 | 20471 | SH |  | SOLE |  | 20471 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 4351397 | 7650 | SH |  | SOLE |  | 7650 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 285840 | 370 | SH |  | SOLE |  | 370 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 43486312 | 59215 | SH |  | SOLE |  | 59215 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 39171523 | 75628 | SH |  | SOLE |  | 75628 | 0 | 0 |
| NASDAQ INC | COM | 631103108 | BBG001SKTBJ6 | 238815 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 7955449 | 496905 | SH |  | SOLE |  | 496905 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 37378131 | 200333 | SH |  | SOLE |  | 200333 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 | BBG001S5V741 | 226429 | 1039 | SH |  | SOLE |  | 1039 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 212702 | 1166 | SH |  | SOLE |  | 1166 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 | BBG001T5K0S1 | 5103118 | 84967 | SH |  | SOLE |  | 84967 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 3876810 | 29332 | SH |  | SOLE |  | 29332 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 | BBG001SFJFD5 | 152478 | 12900 | SH |  | SOLE |  | 12900 | 0 | 0 |
| PONY AI INC | SPONSORED ADS | 732908108 | BBG01QDDKKH3 | 1124500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 | BBG001SCBW07 | 762400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| REKOR SYSTEMS INC | COM | 759419104 | BBG00GX2L937 | 102405 | 65226 | SH |  | SOLE |  | 65226 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG001S5T5M8 | 652191 | 1340 | SH |  | SOLE |  | 1340 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 1639329 | 6917 | SH |  | SOLE |  | 6917 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 | BBG001S6RD41 | 374094 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 | BBG001S5W4C8 | 540949 | 15739 | SH |  | SOLE |  | 15739 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 354858 | 3972 | SH |  | SOLE |  | 3972 | 0 | 0 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 | BBG00B597137 | 2881903 | 68405 | SH |  | SOLE |  | 68405 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 | BBG001S7T1Q9 | 3041751 | 12693 | SH |  | SOLE |  | 12693 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG001S7SCQ6 | 2937600 | 21108 | SH |  | SOLE |  | 21108 | 0 | 0 |
| SES AI CORPORATION | CL A COM | 78397Q109 | BBG00YMWPMV0 | 77889 | 46640 | SH |  | SOLE |  | 46640 | 0 | 0 |
| SMARTRENT INC | COM CL A | 83193G107 | BBG00Z0H9PZ1 | 22842 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 | BBG001S7G2C6 | 647494 | 15065 | SH |  | SOLE |  | 15065 | 0 | 0 |
| SOLIGENIX INC | COM NEW | 834223604 | BBG001SBZ0D9 | 53792 | 46372 | SH |  | SOLE |  | 46372 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 | BBG001S8LH99 | 520780 | 1123 | SH |  | SOLE |  | 1123 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 333431 | 938 | SH |  | SOLE |  | 938 | 0 | 0 |
| SPDR GOLD TR | PUT | 78463V957 |  | 213282 | 600 | SH | Put | SOLE |  | 600 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 295784 | 444 | SH |  | SOLE |  | 444 | 0 | 0 |
| SPDR SERIES TRUST | PRTFLO S GW | 78464A409 | BBG001SD7RB9 | 2260865 | 21633 | SH |  | SOLE |  | 21633 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 17743852 | 63532 | SH |  | SOLE |  | 63532 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 | BBG01GWQVW78 | 296915 | 698 | SH |  | SOLE |  | 698 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 | BBG001TC94B9 | 1062204 | 6340 | SH |  | SOLE |  | 6340 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 | BBG001S60ML1 | 1692000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| TEGNA INC | COM | 87901J105 | BBG001S5RHD4 | 336238 | 16539 | SH |  | SOLE |  | 16539 | 0 | 0 |
| TELECOM ARGENTINA SA | SPON ADR REP B | 879273209 | BBG001S8DVV2 | 2724832 | 374805 | SH |  | SOLE |  | 374805 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 | BBG00KXRCDQ9 | 904529 | 3138 | SH |  | SOLE |  | 3138 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 417117 | 860 | SH |  | SOLE |  | 860 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 509648 | 3526 | SH |  | SOLE |  | 3526 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 | BBG001S7B678 | 38214 | 12248 | SH |  | SOLE |  | 12248 | 0 | 0 |
| TRANSPORTADORA DE GAS SUR | SPONSORED ADS B | 893870204 | BBG001S80GV9 | 4227324 | 201014 | SH |  | SOLE |  | 201014 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 5330842 | 54413 | SH |  | SOLE |  | 54413 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 5858360 | 16966 | SH |  | SOLE |  | 16966 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 8404000 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 | BBG001T60G06 | 2970900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 8827063 | 25857 | SH |  | SOLE |  | 25857 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 | BBG00PMMBRR0 | 2132078 | 61979 | SH |  | SOLE |  | 61979 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 1354787 | 6915 | SH |  | SOLE |  | 6915 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 | BBG001V0ZQH8 | 1281147 | 124022 | SH |  | SOLE |  | 124022 | 0 | 0 |
| VTEX | SHS CL A | G9470A102 | BBG011M1L6B0 | 2036700 | 465000 | SH |  | SOLE |  | 465000 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 | BBG001S5XD28 | 2894046 | 24105 | SH |  | SOLE |  | 24105 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 | BBG001S5XL11 | 342102 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 | BBG001SJZ2V8 | 2847209 | 22197 | SH |  | SOLE |  | 22197 | 0 | 0 |
| XP INC | CL A | G98239109 | BBG00QVJYHP4 | 1154927 | 61465 | SH |  | SOLE |  | 61465 | 0 | 0 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 | BBG010FXVQB5 | 993500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 4071939 | 27829 | SH |  | SOLE |  | 27829 | 0 | 0 |

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