13F holdings as of 2025-03-31 · vs 2024-12-31 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | IAUISHARES GOLD TR | 520K | $30.7M | 14.9% | +$4.9M | |
| 2 | VEAVANGUARD TAX-MANAGED FDS | 526K | $26.7M | 13.0% | +$1.6M | |
| 3 | GUNRFLEXSHARES TR | 528K | $20.5M | 10.0% | +$1.3M | |
| 4 | EWCISHARES INC | 352K | $14.3M | 7.0% | +$158K | |
| 5 | EWZISHARES INC | 493K | $12.8M | 6.2% | +$1.6M | |
| 6 | VTIVANGUARD INDEX FDS | 39K | $10.7M | 5.2% | -$581K | |
| 7 | VIGVANGUARD SPECIALIZED FUNDS | 53K | $10.2M | 5.0% | -$97K | |
| 8 | ACWIISHARES TR | 83K | $9.7M | 4.7% | -$92K | |
| 9 | EMLCVANECK ETF TRUST | 316K | $7.5M | 3.7% | +$237K | |
| 10 | IEMGISHARES INC | 127K | $6.8M | 3.3% | +$222K | |
| 11 | VWOVANGUARD INTL EQUITY INDEX F | 138K | $6.2M | 3.0% | +$168K | |
| 12 | GNRSPDR INDEX SHS FDS | 78K | $4.1M | 2.0% | +$271K | |
| 13 | VNQVANGUARD INDEX FDS | 40K | $3.6M | 1.7% | +$58K | |
| 14 | AGNCAGNC INVT CORP | 350K | $3.4M | 1.6% | +$130K | |
| 15 | NU HLDGS LTD | 323K | $3.3M | 1.6% | -$39K | |
| 16 | FCXFREEPORT MCMORAN INC | 81K | $3.1M | 1.5% | -$18K | |
| 17 | MELIMERCADOLIBRE INC | 1K | $2.9M | 1.4% | +$374K | |
| 18 | VALEVALE S A | 267K | $2.7M | 1.3% | +$296K | |
| 19 | ITUBITAU UNIBANCO HLDG S A | ADD | 425K | $2.3M | 1.1% | +$421K |
| 20 | KOFCOCA-COLA FEMSA SAB DE CV | 25K | $2.3M | 1.1% | +$332K | |
| 21 | EFVISHARES TR | 36K | $2.1M | 1.0% | +$231K | |
| 22 | EWUISHARES TR | 56K | $2.1M | 1.0% | +$200K | |
| 23 | PBR/APETROLEO BRASILEIRO S A | 154K | $2.0M | 1.0% | +$185K | |
| 24 | PBRPETROLEO BRASILEIRO S A | 133K | $1.9M | 0.9% | +$197K | |
| 25 | ABEVAMBEV SA | 617K | $1.4M | 0.7% | +$296K | |
| 26 | CNQCANADIAN NAT RES LTD MED TER | ADD | 45K | $1.4M | 0.7% | +$304K |
| 27 | XLESELECT SECTOR SPDR TR | 8K | $748K | 0.4% | +$62K | |
| 28 | BSBRBANCO SANTANDER BRASIL S A | 158K | $744K | 0.4% | +$126K | |
| 29 | NLYANNALY CAPITAL MANAGEMENT IN | 35K | $711K | 0.3% | +$70K | |
| 30 | AXIACENTRAIS ELET BRAS SA | 100K | $711K | 0.3% | +$138K | |
| 31 | VDEVANGUARD WORLD FD | 5K | $687K | 0.3% | +$45K | |
| 32 | VIVTELEFONICA BRASIL SA | 72K | $631K | 0.3% | +$85K | |
| 33 | CVXCHEVRON CORPORATION | ADD | 4K | $619K | 0.3% | +$228K |
| 34 | VTVVANGUARD INDEX FDS | 3K | $579K | 0.3% | +$12K | |
| 35 | XOMEXXON MOBIL CORP | ADD | 5K | $559K | 0.3% | +$204K |
| 36 | SUZSUZANO S A | 59K | $547K | 0.3% | -$49K | |
| 37 | SBSCOMPANHIA DE SANEAMENTO BASI | 29K | $512K | 0.2% | +$101K | |
| 38 | XP INC | 37K | $510K | 0.2% | +$70K | |
| 39 | BBDBANCO BRADESCO S A | 188K | $419K | 0.2% | +$60K | |
| 40 | EMBISHARES TR | 4K | $390K | 0.2% | +$7K | |
| 41 | TIMBTIM S A | 20K | $318K | 0.2% | +$79K | |
| 42 | COPCONOCOPHILLIPS | 3K | $284K | 0.1% | +$16K | |
| 43 | SCHPSCHWAB STRATEGIC TR | 10K | $269K | 0.1% | +$11K | |
| 44 | CIGCIA ENERGETICA DE MINAS GERA | 148K | $260K | 0.1% | -$1K | |
| 45 | GGBGERDAU SA | 86K | $245K | 0.1% | -$3K | |
| 46 | STONECO LTD | 22K | $231K | 0.1% | +$55K | |
| 47 | BHPBHP BILLITON LIMITED | 4K | $194K | 0.1% | -$1K | |
| 48 | EWMISHARES INC | 8K | $173K | 0.1% | -$11K | |
| 49 | 10552T107 | 46K | $158K | 0.1% | -$29K | |
| 50 | VNQIVANGUARD INTL EQUITY INDEX F | 4K | $146K | 0.1% | +$3K | |
| 51 | UGPULTRAPAR PARTICIPACOES SA | 47K | $144K | 0.1% | +$21K | |
| 52 | RIORIO TINTO PLC | 2K | $120K | 0.1% | +$3K | |
| 53 | CSANCOSAN S A | 19K | $100K | 0.0% | -$4K | |
| 54 | SIDCOMPANHIA SIDERURGICA NACION | 56K | $93K | 0.0% | +$13K | |
| 55 | BAKBRASKEM SA | 17K | $66K | 0.0% | -$172 |
Source: SEC Form 13F. Values are as-of 2025-03-31 (quarter-end), not live. Percentages are of reported 13F value, not the fund’s full AUM (13F excludes shorts, cash, bonds, most non-US holdings).