The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AT & T INC COM 00206R102 1,414,000 50,000 SH DFND 1 0 50,000 0
TALEN ENERGY CORP COM 87422Q109 19,587,627 98,100 SH DFND 1 0 98,100 0
TESLA INC COM 88160R101 6,997,320 27,000 SH DFND 1 0 27,000 0
ORACLE CORP COM 68389X105 1,398,100 10,000 SH DFND 1 0 10,000 0
TRANSDIGM GROUP INC COM 893641100 1,106,632 800 SH DFND 1 0 800 0
CORPAY INC COM SHS 219948106 1,081,032 3,100 SH DFND 1 0 3,100 0
PAGSEGURO DIGITAL LTD-CL A COM CL A G68707101 31,647,523 4,147,775 SH DFND 1 0 4,147,775 0
NAYAX LTD SHS M7S750159 88,010 2,600 SH DFND 1 0 2,600 0
RIGETTI COMPUTING INC PUT 76655K103 594,000 75,000 SH Put DFND 1 0 75,000 0
GE VERNOVA LLC COM 36828A101 3,816,000 12,500 SH DFND 1 0 12,500 0
ALIBABA GROUP HOLDING LTD SPONSORED ADS 01609W102 4,165,245 31,500 SH DFND 1 0 31,500 0
CALL- SMH 100 @ 245 EXP 04/17/2025 CALL 99DG1D913 2,759 100 SH Call DFND 1 0 100 0
EXPAND ENERGY CORP COM 165167735 1,669,800 15,000 SH DFND 1 0 15,000 0
PUT - HYG 100 @ 78 EXP 05/16/2025 PUT 99DBV3566 1,019,288 13,750 SH Put DFND 1 0 13,750 0
PETROLEO BRASILEIRO ADR SPONSORED ADR 71654V408 21,802,364 1,520,388 SH DFND 1 0 1,520,388 0
META PLATFORMS INC CL A 30303M102 6,916,320 12,000 SH DFND 1 0 12,000 0
NRG ENERGY INC COM NEW 629377508 3,818,400 40,000 SH DFND 1 0 40,000 0
PUT - HYG 100 @ 78 EXP 04/17/2025 PUT 99DBBCTX3 508,750 13,750 SH Put DFND 1 0 13,750 0
ADVANCED MICRO DEVICES COM 007903107 1,818,498 17,700 SH DFND 1 0 17,700 0
QUANTA SVCS COM 74762E102 3,812,700 15,000 SH DFND 1 0 15,000 0
PUT - QQQ 100 @ 445 EXP 04/17/2025 PUT 99DHG76Z6 174,500 500 SH Put DFND 1 0 500 0
CALL- QQQ 100 @ 500 EXP 04/17/2025 CALL 99DHG78T8 88,500 1,000 SH Call DFND 1 0 1,000 0
CLOUDFLARE INC - CLASS A CL A COM 18915M107 2,817,250 25,000 SH DFND 1 0 25,000 0
WEC ENERGY GROUP INC COM 92939U106 3,269,400 30,000 SH DFND 1 0 30,000 0
CALL- RBLX 100 @ 75 EXP 04/17/2025 CALL 99DG3BVW2 8,060 2,000 SH Call DFND 1 0 2,000 0
CALL- AMZN 100 @ 235 EXP 05/16/2025 CALL 99DGL6XG6 9,700 200 SH Call DFND 1 0 200 0
CHEVRON CORP COM 166764100 10,037,400 60,000 SH DFND 1 0 60,000 0
CALL- DELL 100 @ 115 EXP 05/16/2025 CALL 99DGQ5699 8,500 200 SH Call DFND 1 0 200 0
AMAZON.COM INC COM 023135106 10,559,430 55,500 SH DFND 1 0 55,500 0
CALL- HOOD 100 @ 55 EXP 04/17/2025 CALL 99DGVHCR0 50,700 2,600 SH Call DFND 1 0 2,600 0
CORE SCIENTIFIC INC COM 21874A106 370,688 51,200 SH DFND 1 0 51,200 0
ROBINHOOD MARKETS INC - A COM CL A 770700102 1,040,500 25,000 SH DFND 1 0 25,000 0
BLUE OWL CAPITAL INC COM CL A 09581B103 1,208,412 60,300 SH DFND 1 0 60,300 0
HDFC BK LTD SPONSORED ADS 40415F101 13,492,436 203,077 SH DFND 1 0 203,077 0
LUXEXPERIENCE BV ADS 55406W103 684,180 90,500 SH DFND 1 0 90,500 0
CALL- EWZ 100 @ 28 EXP 04/17/2025 CALL 99DH8L9N8 51,000 6,000 SH Call DFND 1 0 6,000 0
ARCHER AVIATION INC COM CL A 03945R102 639,900 90,000 SH DFND 1 0 90,000 0
OKLO INC COM CL A 02156V109 1,081,500 50,000 SH DFND 1 0 50,000 0
FLOWSERVE CORP COM 34354P105 1,221,000 25,000 SH DFND 1 0 25,000 0
SPROT PHYS SILVR TR UNIT 85207K107 2,320,000 200,000 SH DFND 1 0 200,000 0
EQT CORP COM 26884L109 4,007,250 75,000 SH DFND 1 0 75,000 0
CALL- TSM 100 @ 190 EXP 04/17/2025 CALL 99DDKT9K2 24,003 300 SH Call DFND 1 0 300 0
PAGAYA TECHNOLOGIES LTD -A CL A NEW M7S64L123 516,664 49,300 SH DFND 1 0 49,300 0
WILLIAMS COS INC COM 969457100 1,494,000 25,000 SH DFND 1 0 25,000 0
COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV SPONSORED ADR 02319V103 5,974,991 2,564,374 SH DFND 1 0 2,564,374 0
CALL- HON 100 @ 280 EXP 06/20/2025 CALL 99D9NZX35 31,550 2,500 SH DFND 1 0 2,500 0
BLOOM ENERGY CORP- A COM CL A 093712107 1,966,000 100,000 SH DFND 1 0 100,000 0
SHARKNINJA INC COM SHS G8068L108 1,309,537 15,700 SH DFND 1 0 15,700 0
COMPANHIA PARANAENSE DE ENERGI SPON ADS 20441B605 8,120,043 1,110,813 SH DFND 1 0 1,110,813 0
CONSTELLATION ENERGY CORP COM 21037T109 2,520,375 12,500 SH DFND 1 0 12,500 0
VISTRA CORP COM 92840M102 26,306,560 224,000 SH DFND 1 0 224,000 0
CALL- FXI 100 @ 37 EXP 06/20/2025 CALL 99D9K31Z3 429,990 3,000 SH Call DFND 1 0 3,000 0
SEA LTD-ADR SPONSORD ADS 81141R100 9,786,750 75,000 SH DFND 1 0 75,000 0
PUBLIC SERVICE ENTERPRISE GROUP INC COM 744573106 11,933,500 145,000 SH DFND 1 0 145,000 0
XP INC - CLASS A CL A G98239109 34,342,206 2,497,615 SH DFND 1 0 2,497,615 0
SNOWFLAKE INC-CLASS A CL A 833445109 2,192,400 15,000 SH DFND 1 0 15,000 0
VERTIV HOLDINGS LLC COM CL A 92537N108 15,162,000 210,000 SH DFND 1 0 210,000 0
XCEL ENERGY INC COM 98389B100 3,716,475 52,500 SH DFND 1 0 52,500 0
ENTERGY CORPORATION COM 29364G103 1,282,350 15,000 SH DFND 1 0 15,000 0
GRUPO FINANCIERO GALICIA SPONSORED ADR 399909100 12,076,762 221,714 SH DFND 1 0 221,714 0
VALE SA SP ADR SPONSORED ADS 91912E105 53,772,679 5,388,044 SH DFND 1 0 5,388,044 0
CANTALOUPE INC COM 138103106 543,030 69,000 SH DFND 1 0 69,000 0
FREEPORT-MCMORAN INC CL B 35671D857 4,732,500 125,000 SH DFND 1 0 125,000 0
CALL- XLU 100 @ 84 EXP 04/25/2025 CALL 99DJX62B2 53,010 1,000 SH Call DFND 1 0 1,000 0
GRINDR INC COM 39854F101 753,590 42,100 SH DFND 1 0 42,100 0
CALL- NVDA 100 @ 120 EXP 04/17/2025 CALL 99DDTD951 206,000 2,000 SH Call DFND 1 0 2,000 0
NVIDIA CORP COM 67066G104 3,793,300 35,000 SH DFND 1 0 35,000 0
MICRON TECHNOLOGY INC COM 595112103 13,352,560 153,672 SH DFND 1 0 153,672 0
UBER TECHNOLOGIES INC COM 90353T100 4,918,050 67,500 SH DFND 1 0 67,500 0
EMBRAER SA SPONSORED ADR 29082A107 6,438,617 139,364 SH DFND 1 0 139,364 0
WALDENCAST ACQ CL A -CW27 *W EXP 07/27/202 G9503X111 260 1,988 SH DFND 1 0 1,988 0
SPDR S&P 600 SMALL CAP VALUE ETF S&P 600 SMCP VAL 78464A300 16,714,096 213,190 SH DFND 1 0 213,190 0
BANCO MACRO BANSUD SA SPON ADR B 05961W105 6,182,079 81,871 SH DFND 1 0 81,871 0
CREDICORP COM G2519Y108 27,745,659 149,042 SH DFND 1 0 149,042 0
CENTRAIS ELETRICAS BR-SP ADR SPONSORED ADR 15234Q207 4,217,755 594,050 SH DFND 1 0 594,050 0
INVESCO S&P SMALLCAP QUALITY E S&P SMLCAP QTY 46138G300 14,473,844 366,241 SH DFND 1 0 366,241 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 16,138,565 1,237,620 SH DFND 1 0 1,237,620 0
OSHARES U.S. SMALL-CAP QUALI OSHARES US SMLCP 00162Q395 7,318,161 174,159 SH DFND 1 0 174,159 0
ITAU UNIBANCO HOLDING SA SPON ADR REP PFD 465562106 3,707,369 674,067 SH DFND 1 0 674,067 0
BANCO BRADESCO SP ADR PFD NEW 059460303 19,983 8,961 SH DFND 1 0 8,961 0
INTER & CO INC - CL A CLASS A COM G4R20B107 77,986 14,231 SH DFND 1 0 14,231 0
COPA HOLDINGS SA CL A P31076105 41,401,831 447,781 SH DFND 1 0 447,781 0
BRAZIL POTASH CORP COMMON SHARES 10586A108 573,322 187,360 SH DFND 1 0 187,360 0
COMPNHIA ENRG SP ADR N-V PFD 204409601 87,639 49,795 SH DFND 1 0 49,795 0
SPDR S&P MIDCAP 400 ETF UTSER1 S&PDCRP 78467Y107 46,251,649 86,698 SH DFND 1 0 86,698 0
SUZANO SA SPON ADS 86959K105 1,680,059 180,846 SH DFND 1 0 180,846 0
LATAM AIRLINES GROUP-SP ADR SPONSORED ADR 51817R205 5,887,303 188,213 SH DFND 1 0 188,213 0
VINCI PARTNERS INVESTMENTS-A COM CL A G9451V109 35,470,904 3,505,030 SH DFND 1 0 3,505,030 0
VESTA REAL ESTATE CORPORATION ADS 92540K109 5,787,490 253,726 SH DFND 1 0 253,726 0
AMBIPAR EMERGENCY RESPONS-28 *W EXP 99/99/999 G02532110 398,241 1,592,965 SH DFND 1 0 1,592,965 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 20,204,598 2,506,774 SH DFND 1 0 2,506,774 0
BASIC SANITATION COMPANY OF THE STATE OF SPONSORED ADR 20441A102 8,227,138 460,646 SH DFND 1 0 460,646 0
ISHARES CORE S&P SMALL-CAP ETF CORE S&P SCP ETF 464287804 47,565,338 454,866 SH DFND 1 0 454,866 0
CENTRAIS ELEC BRAS-ADR PREF SPON ADR PFD B 15234Q108 356,813 45,804 SH DFND 1 0 45,804 0
BP PLC SPONSORED ADR 055622104 5,553,387 164,350 SH DFND 1 0 164,350 0
SHELL PLC-ADR SPON ADS 780259305 5,613,248 76,600 SH DFND 1 0 76,600 0
INVESCO S&P 500 EQUAL WEIGHT E S&P500 EQL WGT 46137V357 12,317,866 71,107 SH DFND 1 0 71,107 0
BANCO SANTANDER CHILE SP ADR REP COM 05965X109 2,705,357 118,656 SH DFND 1 0 118,656 0
CIA PARANAENSE DE ENER-ADR SPONSORED ADS 20441B704 462,849 68,672 SH DFND 1 0 68,672 0
BHP BILLITON LTD -SPON ADR SPONSORED ADR 088606108 726,110 14,959 SH DFND 1 0 14,959 0
ISHARE CHINA LARGE CAP ETF CHINA LG-CAP ETF 464287184 909,261 25,370 SH DFND 1 0 25,370 0
SEMPRA COM 816851109 12,072,613 169,179 SH DFND 1 0 169,179 0
ADECOAGRO SA COM L00849106 13,712,393 1,227,609 SH DFND 1 0 1,227,609 0
AMBIPAR EMERGENCY RESPONSE CL A ORD SHS G02532102 44,352 8,942 SH DFND 1 0 8,942 0
RIO TINTO PLC SPONSORED ADR 767204100 5,655,691 94,136 SH DFND 1 0 94,136 0
PG&E CORP COM 69331C108 11,996,794 698,300 SH DFND 1 0 698,300 0
BANCO SANTANDER ADS REP 1 UNIT 05967A107 200,524 42,574 SH DFND 1 0 42,574 0