#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NEW GOLD INC	644535106	9,184,600	$80.0M	47.20%
2	STONECO LTD-A	STNE	2,653,167	$39.2M	23.15%
3	SOLSTICE ADV MATERIALS INC	83443Q103	219,605	$10.7M	6.29%
4	RANGE RESOURCES CORP	RRC	200,000	$7.1M	4.16%
5	NU HOLDINGS LTD/CAYMAN ISL-A	NU	292,142	$4.9M	2.89%
6	XP INC - CLASS A	XP	250,064	$4.1M	2.42%
7	ISHARES MSCI BRAZIL CAPPED E	464286400	100,000	$3.2M	1.87%
8	MAGNUM ICE CREAM CO NV	MICC	199,744	$3.2M	1.87%
9	ELI LILLY & CO	LLY	1,218	$1.3M	0.77%
10	ISHARES NASDAQ BIOTECHNOLOGY	464287556	6,807	$1.1M	0.68%
11	SCHOLASTIC CORP	SCHL	35,245	$1.0M	0.62%
12	SPDR S&P METALS & MINING ETF	78464A755	9,800	$1.0M	0.60%
13	INCYTE CORP	INCY	9,090	$897,819	0.53%
14	BEIGENE LTD-ADR	BEIGF	2,559	$777,450	0.46%
15	ABBVIE INC	ABBV	3,056	$698,265	0.41%
16	INTER & CO INC - CL A	INTR	75,600	$641,088	0.38%
17	SOUTHERN COPPER CORP	SCCO	3,700	$530,839	0.31%
18	GRUPO FINANCIERO GALICIA-ADR	GGAL	9,800	$528,612	0.31%
19	TAIWAN SEMICONDUCTOR-SP ADR	874039100	1,504	$457,051	0.27%
20	NVIDIA CORP	NVDA	2,402	$447,973	0.26%