13F holdings as of 2025-06-30 · vs 2025-03-31 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | VEAVANGUARD TAX-MANAGED FDS | 526K | $30.0M | 14.1% | +$3.2M | |
| 2 | IAUISHARES GOLD TR | TRIM | 423K | $26.4M | 12.4% | -$4.3M |
| 3 | GUNRFLEXSHARES TR | 528K | $21.2M | 9.9% | +$687K | |
| 4 | EWCISHARES INC | 352K | $16.3M | 7.6% | +$1.9M | |
| 5 | EWZISHARES INC | 493K | $14.2M | 6.7% | +$1.5M | |
| 6 | VTIVANGUARD INDEX FDS | ADD | 41K | $12.4M | 5.8% | +$1.7M |
| 7 | ACWIISHARES TR | ADD | 93K | $12.0M | 5.6% | +$2.3M |
| 8 | VIGVANGUARD SPECIALIZED FUNDS | 53K | $10.8M | 5.1% | +$562K | |
| 9 | EMLCVANECK ETF TRUST | 316K | $8.0M | 3.8% | +$471K | |
| 10 | IEMGISHARES INC | 127K | $7.6M | 3.6% | +$768K | |
| 11 | NU HLDGS LTD | 323K | $4.4M | 2.1% | +$1.1M | |
| 12 | GNRSPDR INDEX SHS FDS | 78K | $4.2M | 2.0% | +$77K | |
| 13 | MELIMERCADOLIBRE INC | 1K | $3.9M | 1.8% | +$990K | |
| 14 | FCXFREEPORT MCMORAN INC | 81K | $3.5M | 1.6% | +$445K | |
| 15 | AGNCAGNC INVT CORP | 350K | $3.2M | 1.5% | -$137K | |
| 16 | ITUBITAU UNIBANCO HLDG S A | 425K | $2.9M | 1.4% | +$549K | |
| 17 | KOFCOCA-COLA FEMSA SAB DE CV | 25K | $2.4M | 1.1% | +$135K | |
| 18 | EFVISHARES TR | 36K | $2.3M | 1.1% | +$162K | |
| 19 | EWUISHARES TR | 56K | $2.2M | 1.0% | +$126K | |
| 20 | XOMEXXON MOBIL CORP | ADD | 19K | $2.1M | 1.0% | +$1.5M |
| 21 | VWOVANGUARD INTL EQUITY INDEX F | TRIM | 38K | $1.9M | 0.9% | -$4.4M |
| 22 | PBR/APETROLEO BRASILEIRO S A | 154K | $1.8M | 0.8% | -$231K | |
| 23 | PBRPETROLEO BRASILEIRO S A | 133K | $1.7M | 0.8% | -$243K | |
| 24 | ABEVAMBEV SA | 617K | $1.5M | 0.7% | +$49K | |
| 25 | CVXCHEVRON CORPORATION | ADD | 9K | $1.2M | 0.6% | +$627K |
| 26 | VALEVALE S A | TRIM | 122K | $1.2M | 0.6% | -$1.5M |
| 27 | RIORIO TINTO PLC | ADD | 17K | $992K | 0.5% | +$871K |
| 28 | BHPBHP BILLITON LIMITED | ADD | 20K | $962K | 0.5% | +$768K |
| 29 | BSBRBANCO SANTANDER BRASIL S A | 158K | $861K | 0.4% | +$117K | |
| 30 | VIVTELEFONICA BRASIL SA | 72K | $825K | 0.4% | +$194K | |
| 31 | XP INC | 37K | $749K | 0.4% | +$239K | |
| 32 | AXIACENTRAIS ELET BRAS SA | 100K | $744K | 0.3% | +$33K | |
| 33 | XLESELECT SECTOR SPDR TR | 8K | $678K | 0.3% | -$69K | |
| 34 | NLYANNALY CAPITAL MANAGEMENT IN | 35K | $659K | 0.3% | -$52K | |
| 35 | VDEVANGUARD WORLD FD | 5K | $631K | 0.3% | -$56K | |
| 36 | SBSCOMPANHIA DE SANEAMENTO BASI | 29K | $630K | 0.3% | +$118K | |
| 37 | VTVVANGUARD INDEX FDS | 3K | $592K | 0.3% | +$13K | |
| 38 | BBDBANCO BRADESCO S A | 188K | $581K | 0.3% | +$162K | |
| 39 | SUZSUZANO S A | 59K | $554K | 0.3% | +$7K | |
| 40 | TIMBTIM S A | 20K | $409K | 0.2% | +$91K | |
| 41 | EMBISHARES TR | 4K | $398K | 0.2% | +$9K | |
| 42 | STONECO LTD | 22K | $354K | 0.2% | +$123K | |
| 43 | SHELSHELL PLC | NEW | 5K | $352K | 0.2% | new |
| 44 | CIGCIA ENERGETICA DE MINAS GERA | 148K | $289K | 0.1% | +$30K | |
| 45 | ARCCARES CAPITAL CORP | NEW | 13K | $275K | 0.1% | new |
| 46 | SCHPSCHWAB STRATEGIC TR | 10K | $267K | 0.1% | -$2K | |
| 47 | GGBGERDAU SA | 86K | $252K | 0.1% | +$7K | |
| 48 | COPCONOCOPHILLIPS | 3K | $242K | 0.1% | -$41K | |
| 49 | MAINMAIN STR CAP CORP | NEW | 4K | $239K | 0.1% | new |
| 50 | FSKFS KKR CAP CORP | NEW | 11K | $218K | 0.1% | new |
| 51 | OBDCBLUE OWL CAPITAL CORPORATION | NEW | 15K | $209K | 0.1% | new |
| 52 | 89151E109 | NEW | 3K | $184K | 0.1% | new |
| 53 | 10552T107 | 46K | $168K | 0.1% | +$10K | |
| 54 | UGPULTRAPAR PARTICIPACOES SA | 47K | $153K | 0.1% | +$9K | |
| 55 | OCSLOAKTREE SPECIALTY LENDING | NEW | 8K | $109K | 0.1% | new |
| 56 | CSANCOSAN S A | 19K | $96K | 0.0% | -$3K | |
| 57 | SIDCOMPANHIA SIDERURGICA NACION | 56K | $78K | 0.0% | -$15K | |
| 58 | BAKBRASKEM SA | 17K | $57K | 0.0% | -$10K | |
| 59 | CSWCCAPITAL SOUTHWEST CORP | NEW | 3K | $55K | 0.0% | new |
| 60 | CCAPCRESCENT CAP BDC INC | NEW | 2K | $28K | 0.0% | new |
Source: SEC Form 13F. Values are as-of 2025-06-30 (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).