13F holdings as of 2025-12-31 · vs 2025-09-30 · long US-listed positions only
| # | Holding | Shares | Value | % of 13F | QoQ Δ | |
|---|---|---|---|---|---|---|
| 1 | VEAVANGUARD TAX-MANAGED FDS | 526K | $32.8M | 14.6% | +$1.3M | |
| 2 | IAUISHARES GOLD TR | TRIM | 395K | $32.1M | 14.3% | +$1.3M |
| 3 | GUNRFLEXSHARES TR | 498K | $22.8M | 10.2% | +$1.0M | |
| 4 | EWCISHARES INC | TRIM | 312K | $16.8M | 7.5% | -$968K |
| 5 | EWZISHARES INC | 493K | $15.7M | 7.0% | +$380K | |
| 6 | VTIVANGUARD INDEX FDS | 41K | $13.7M | 6.1% | +$290K | |
| 7 | VIGVANGUARD SPECIALIZED FUNDS | 53K | $11.6M | 5.2% | +$210K | |
| 8 | IEMGISHARES INC | 127K | $8.5M | 3.8% | +$165K | |
| 9 | EMLCVANECK ETF TRUST | 316K | $8.2M | 3.6% | +$98K | |
| 10 | ACWIISHARES TR | 44K | $6.2M | 2.8% | +$142K | |
| 11 | NU HLDGS LTD | 308K | $5.1M | 2.3% | +$225K | |
| 12 | GNRSPDR INDEX SHS FDS | 78K | $4.8M | 2.1% | +$227K | |
| 13 | FCXFREEPORT MCMORAN INC | 81K | $4.1M | 1.8% | +$937K | |
| 14 | MELIMERCADOLIBRE INC | 2K | $3.2M | 1.4% | -$514K | |
| 15 | ITUBITAU UNIBANCO HLDG S A | ADD | 438K | $3.1M | 1.4% | +$15K |
| 16 | EWUISHARES TR | ADD | 66K | $2.9M | 1.3% | +$535K |
| 17 | EFVISHARES TR | 36K | $2.5M | 1.1% | +$128K | |
| 18 | KOFCOCA-COLA FEMSA SAB DE CV | 25K | $2.3M | 1.0% | +$288K | |
| 19 | XOMEXXON MOBIL CORP | 19K | $2.3M | 1.0% | +$146K | |
| 20 | VWOVANGUARD INTL EQUITY INDEX F | 38K | $2.0M | 0.9% | -$16K | |
| 21 | PBR/APETROLEO BRASILEIRO S A | 154K | $1.7M | 0.8% | -$85K | |
| 22 | VALEVALE S A | 122K | $1.6M | 0.7% | +$265K | |
| 23 | PBRPETROLEO BRASILEIRO S A | 133K | $1.6M | 0.7% | -$108K | |
| 24 | RIORIO TINTO PLC | 17K | $1.4M | 0.6% | +$238K | |
| 25 | CVXCHEVRON CORPORATION | 9K | $1.3M | 0.6% | -$25K | |
| 26 | BHPBHP BILLITON LIMITED | 20K | $1.2M | 0.5% | +$92K | |
| 27 | ABEVAMBEV SA | 388K | $958K | 0.4% | +$93K | |
| 28 | AXIACENTRAIS ELET BRAS SA | 100K | $917K | 0.4% | -$76K | |
| 29 | ARCCARES CAPITAL CORP | ADD | 38K | $770K | 0.3% | +$305K |
| 30 | XLESELECT SECTOR SPDR TR | ADD | 16K | $715K | 0.3% | +$640 |
| 31 | SBSCOMPANHIA DE SANEAMENTO BASI | ADD | 29K | $693K | 0.3% | -$21K |
| 32 | VDEVANGUARD WORLD FD | 5K | $667K | 0.3% | +$318 | |
| 33 | AGNCAGNC INVT CORP | TRIM | 60K | $643K | 0.3% | -$2.7M |
| 34 | VTVVANGUARD INDEX FDS | 3K | $640K | 0.3% | +$15K | |
| 35 | OBDCBLUE OWL CAPITAL CORPORATION | ADD | 50K | $627K | 0.3% | +$251K |
| 36 | BBDBANCO BRADESCO S A | 188K | $626K | 0.3% | -$9K | |
| 37 | JBS N.V. | 43K | $625K | 0.3% | -$22K | |
| 38 | XP INC | 37K | $607K | 0.3% | -$90K | |
| 39 | BSBRBANCO SANTANDER BRASIL S A | 88K | $538K | 0.2% | +$46K | |
| 40 | FSKFS KKR CAP CORP | ADD | 36K | $533K | 0.2% | +$220K |
| 41 | VIVTELEFONICA BRASIL SA | 41K | $488K | 0.2% | -$37K | |
| 42 | EMBISHARES TR | 4K | $414K | 0.2% | +$5K | |
| 43 | MAINMAIN STR CAP CORP | ADD | 6K | $373K | 0.2% | +$111K |
| 44 | SHELSHELL PLC | 5K | $367K | 0.2% | +$10K | |
| 45 | STONECO LTD | 22K | $326K | 0.1% | -$91K | |
| 46 | GGBGERDAU SA | 86K | $318K | 0.1% | +$51K | |
| 47 | SUZSUZANO S A | 34K | $314K | 0.1% | -$2K | |
| 48 | TIMBTIM S A | 16K | $307K | 0.1% | -$45K | |
| 49 | CIGCIA ENERGETICA DE MINAS GERA | 148K | $295K | 0.1% | -$16K | |
| 50 | SCHPSCHWAB STRATEGIC TR | 10K | $265K | 0.1% | -$5K | |
| 51 | COPCONOCOPHILLIPS | 3K | $253K | 0.1% | -$3K | |
| 52 | AMZNAMAZON COM INC | NEW | 1K | $231K | 0.1% | new |
| 53 | AXIA/PCCENTRAIS ELET BRAS SA | NEW | 26K | $227K | 0.1% | new |
| 54 | OCSLOAKTREE SPECIALTY LENDING | ADD | 15K | $197K | 0.1% | +$90K |
| 55 | 89151E109 | 3K | $196K | 0.1% | +$17K | |
| 56 | CSWCCAPITAL SOUTHWEST CORP | ADD | 9K | $188K | 0.1% | +$68K |
| 57 | UGPULTRAPAR PARTICIPACOES SA | 47K | $176K | 0.1% | -$15K | |
| 58 | CCAPCRESCENT CAP BDC INC | ADD | 9K | $126K | 0.1% | +$55K |
| 59 | SIDCOMPANHIA SIDERURGICA NACION | 56K | $89K | 0.0% | +$6K | |
| 60 | CSANCOSAN S A | 11K | $43K | 0.0% | -$7K | |
| 61 | BAKBRASKEM SA | 10K | $28K | 0.0% | +$5K | |
| 62 | BMYBRISTOL-MYERS SQUIBB CO | NEW | 100 | $5K | 0.0% | new |
| 63 | PFEPFIZER INC | NEW | 100 | $2K | 0.0% | new |
Source: SEC Form 13F. Values are as-of 2025-12-31 (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).