13F holdings as of 2025-09-30 · vs 2025-06-30 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | VEAVANGUARD TAX-MANAGED FDS | 526K | $31.5M | 14.3% | +$1.5M | |
| 2 | IAUISHARES GOLD TR | 423K | $30.8M | 14.0% | +$4.4M | |
| 3 | GUNRFLEXSHARES TR | TRIM | 498K | $21.8M | 9.9% | +$599K |
| 4 | EWCISHARES INC | 352K | $17.8M | 8.1% | +$1.5M | |
| 5 | EWZISHARES INC | 493K | $15.3M | 7.0% | +$1.1M | |
| 6 | VTIVANGUARD INDEX FDS | 41K | $13.4M | 6.1% | +$989K | |
| 7 | VIGVANGUARD SPECIALIZED FUNDS | 53K | $11.4M | 5.2% | +$585K | |
| 8 | IEMGISHARES INC | 127K | $8.4M | 3.8% | +$747K | |
| 9 | EMLCVANECK ETF TRUST | 316K | $8.1M | 3.7% | +$51K | |
| 10 | ACWIISHARES TR | TRIM | 44K | $6.0M | 2.7% | -$6.0M |
| 11 | NU HLDGS LTD | TRIM | 308K | $4.9M | 2.2% | +$499K |
| 12 | GNRSPDR INDEX SHS FDS | 78K | $4.6M | 2.1% | +$385K | |
| 13 | MELIMERCADOLIBRE INC | ADD | 2K | $3.7M | 1.7% | -$180K |
| 14 | AGNCAGNC INVT CORP | TRIM | 343K | $3.4M | 1.5% | +$137K |
| 15 | FCXFREEPORT MCMORAN INC | 81K | $3.2M | 1.4% | -$335K | |
| 16 | ITUBITAU UNIBANCO HLDG S A | 425K | $3.1M | 1.4% | +$234K | |
| 17 | EFVISHARES TR | 36K | $2.4M | 1.1% | +$155K | |
| 18 | EWUISHARES TR | 56K | $2.3M | 1.1% | +$126K | |
| 19 | XOMEXXON MOBIL CORP | 19K | $2.2M | 1.0% | +$95K | |
| 20 | KOFCOCA-COLA FEMSA SAB DE CV | 25K | $2.1M | 0.9% | -$338K | |
| 21 | VWOVANGUARD INTL EQUITY INDEX F | 38K | $2.0M | 0.9% | +$178K | |
| 22 | PBR/APETROLEO BRASILEIRO S A | 154K | $1.8M | 0.8% | +$43K | |
| 23 | PBRPETROLEO BRASILEIRO S A | 133K | $1.7M | 0.8% | +$20K | |
| 24 | CVXCHEVRON CORPORATION | 9K | $1.4M | 0.6% | +$105K | |
| 25 | VALEVALE S A | 122K | $1.3M | 0.6% | +$140K | |
| 26 | RIORIO TINTO PLC | 17K | $1.1M | 0.5% | +$131K | |
| 27 | BHPBHP BILLITON LIMITED | 20K | $1.1M | 0.5% | +$153K | |
| 28 | AXIACENTRAIS ELET BRAS SA | 100K | $993K | 0.5% | +$249K | |
| 29 | ABEVAMBEV SA | TRIM | 388K | $865K | 0.4% | -$622K |
| 30 | XLESELECT SECTOR SPDR TR | 8K | $715K | 0.3% | +$36K | |
| 31 | SBSCOMPANHIA DE SANEAMENTO BASI | 29K | $714K | 0.3% | +$84K | |
| 32 | XP INC | 37K | $697K | 0.3% | -$52K | |
| 33 | VDEVANGUARD WORLD FD | 5K | $667K | 0.3% | +$36K | |
| 34 | JBS N.V. | NEW | 43K | $647K | 0.3% | new |
| 35 | BBDBANCO BRADESCO S A | 188K | $635K | 0.3% | +$54K | |
| 36 | VTVVANGUARD INDEX FDS | 3K | $625K | 0.3% | +$33K | |
| 37 | NLYANNALY CAPITAL MANAGEMENT IN | TRIM | 30K | $606K | 0.3% | -$52K |
| 38 | VIVTELEFONICA BRASIL SA | TRIM | 41K | $525K | 0.2% | -$300K |
| 39 | BSBRBANCO SANTANDER BRASIL S A | TRIM | 88K | $492K | 0.2% | -$369K |
| 40 | ARCCARES CAPITAL CORP | ADD | 23K | $465K | 0.2% | +$190K |
| 41 | STONECO LTD | 22K | $417K | 0.2% | +$63K | |
| 42 | EMBISHARES TR | 4K | $409K | 0.2% | +$11K | |
| 43 | OBDCBLUE OWL CAPITAL CORPORATION | ADD | 29K | $377K | 0.2% | +$167K |
| 44 | SHELSHELL PLC | 5K | $358K | 0.2% | +$6K | |
| 45 | TIMBTIM S A | TRIM | 16K | $352K | 0.2% | -$57K |
| 46 | SUZSUZANO S A | TRIM | 34K | $316K | 0.1% | -$238K |
| 47 | FSKFS KKR CAP CORP | ADD | 21K | $314K | 0.1% | +$96K |
| 48 | CIGCIA ENERGETICA DE MINAS GERA | 148K | $311K | 0.1% | +$22K | |
| 49 | SCHPSCHWAB STRATEGIC TR | 10K | $270K | 0.1% | +$3K | |
| 50 | GGBGERDAU SA | 86K | $267K | 0.1% | +$16K | |
| 51 | MAINMAIN STR CAP CORP | ADD | 4K | $262K | 0.1% | +$24K |
| 52 | COPCONOCOPHILLIPS | 3K | $255K | 0.1% | +$13K | |
| 53 | UGPULTRAPAR PARTICIPACOES SA | 47K | $191K | 0.1% | +$38K | |
| 54 | 89151E109 | 3K | $179K | 0.1% | -$5K | |
| 55 | CSWCCAPITAL SOUTHWEST CORP | ADD | 6K | $120K | 0.1% | +$65K |
| 56 | OCSLOAKTREE SPECIALTY LENDING | ADD | 8K | $108K | 0.0% | -$2K |
| 57 | SIDCOMPANHIA SIDERURGICA NACION | 56K | $84K | 0.0% | +$6K | |
| 58 | CCAPCRESCENT CAP BDC INC | ADD | 5K | $71K | 0.0% | +$43K |
| 59 | CSANCOSAN S A | TRIM | 11K | $50K | 0.0% | -$46K |
| 60 | BAKBRASKEM SA | TRIM | 10K | $23K | 0.0% | -$34K |
Source: SEC Form 13F. Values are as-of 2025-09-30 (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).