Q4 2025 Holdings
Filed 2026-02-12 | 30 holdings | $438.9M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr Gold TR(GLD)Put | GOLD SHS | 78463V107 | $152.1M | 383,700 | 34.6% |
| Ishares Inc(EWZ)Put | MSCI BRAZIL ETF | 464286400 | $95.4M | 3,002,300 | 21.7% |
| United STS Oil FD LP(USO)Put | UNITS | 91232N207 | $27.3M | 395,000 | 6.2% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $20.9M | 480,000 | 4.8% |
| Petroleo Brasileiro SA Petro(PJX) | SP ADR NON VTG | 71654V101 | $20.3M | 1,800,000 | 4.6% |
| Teekay Tankers LTD(TNK) | CL A | G8726X106 | $20.0M | 373,640 | 4.5% |
| Tsakos Energy Navigation LTD(TEN) | SHS | G9108L173 | $19.3M | 861,366 | 4.4% |
| Cmb.tech NV(CMBT) | SHS | B38564108 | $13.5M | 1,397,397 | 3.1% |
| Nexa RES S A(NEXA) | COM | L67359106 | $11.7M | 1,316,533 | 2.7% |
| Aura Minerals Inc(AUGO) | SHS NEW | G06973112 | $7.9M | 155,992 | 1.8% |
| Telecom Argentina SA(TEO) | SPON ADR REP B | 879273209 | $7.6M | 657,097 | 1.7% |
| Aris MNG Corp(ARIS) | COM | 04040Y109 | $7.3M | 450,000 | 1.7% |
| Petroleo Brasileiro SA Petro(PBR) | SPONSORED ADR | 71654V408 | $7.2M | 611,224 | 1.7% |
| Copa Holdings SA(CPA) | CL A | P31076105 | $6.5M | 53,854 | 1.5% |
| Gerdau SA(GGB) | SPON ADR REP PFD | 373737105 | $5.8M | 1,567,825 | 1.3% |
| Petroleo Brasileiro SA PetroCall | SPONSORED ADR | 71654V908 | $4.1M | 350,000 | 0.9% |
| Ishares TR(LQD) | IBOXX INV CP ETF | 464287242 | $4.0M | 36,200 | 0.9% |
| Endeavour Silver Corp(EXK) | COM | 29258Y103 | $3.7M | 390,000 | 0.8% |
| Cementos Pacasmayo S A A(CPAC) | SPONSORED ADR | 15126Q208 | $2.2M | 209,734 | 0.5% |
| ZIM Integrated Shipping Serv(ZIM) | SHS | M9T951109 | $1.5M | 70,000 | 0.3% |
| Grupo Aeromexico SAB de CV(AERO) | SPONSORED ADS | 40054J109 | $783.7K | 35,689 | 0.2% |