The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| CALL- CRWV 100 @ 150 EXP 06/18/2026 | CALL | 99DLHHN28 | 8,199 | 100 | SH | Call | DFND | 1 | 0 | 100 | 0 |
| CORE SCIENTIFIC INC | COM | 21874A106 | 3,072,036 | 205,350 | SH | DFND | 1 | 0 | 205,350 | 0 | |
| JABIL IN | COM | 466313103 | 1,062,520 | 4,000 | SH | DFND | 1 | 0 | 4,000 | 0 | |
| CALL- IGV 100 @ 90 EXP 06/18/2026 | CALL | 99DLC3QX3 | 196,989 | 1,300 | SH | Call | DFND | 1 | 0 | 1,300 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 | 2,062,949 | 1,780 | SH | DFND | 1 | 0 | 1,780 | 0 | |
| NAYAX LTD | SHS | M7S750159 | 1,149,344 | 20,524 | SH | DFND | 1 | 0 | 20,524 | 0 | |
| CORPAY INC | COM SHS | 219948106 | 8,514,367 | 29,260 | SH | DFND | 1 | 0 | 29,260 | 0 | |
| SOLSTICE ADVANCED MATERI-W/I | COM SHS | 83443Q103 | 2,254,336 | 29,600 | SH | DFND | 1 | 0 | 29,600 | 0 | |
| PUT - EWY 100 @ 100 EXP 05/15/2026 | PUT | 99DSPL5M1 | 611,618 | 2,091 | SH | Put | DFND | 1 | 0 | 2,091 | 0 |
| ISHARES MSCI BRAZIL ETF | MSCI BRAZIL ETF | 464286400 | 18,932,720 | 493,168 | SH | DFND | 1 | 0 | 493,168 | 0 | |
| CANTOR EQUITY PARTNERS-CL A | CL A ORD SHS | G1827P106 | 3,321,450 | 305,000 | SH | DFND | 1 | 0 | 305,000 | 0 | |
| SHARKNINJA INC | COM SHS | G8068L108 | 11,031,603 | 104,170 | SH | DFND | 1 | 0 | 104,170 | 0 | |
| PUT - EEM 100 @ 56 EXP 04/17/2026 | PUT | 99DQX52N2 | 2,302,140 | 17,000 | SH | Put | DFND | 1 | 0 | 17,000 | 0 |
| PUT - SMH 100 @ 375 EXP 04/10/2026 | PUT | 99DSN51Z3 | 476,000 | 700 | SH | Put | DFND | 1 | 0 | 700 | 0 |
| STONECO LTD-A | COM CL A | G85158106 | 109,119,558 | 7,728,014 | SH | DFND | 1 | 0 | 7,728,014 | 0 | |
| PUT - JETS 100 @ 22 EXP 04/17/2026 | PUT | 99DRRS1M0 | 221,700 | 6,000 | SH | Put | DFND | 1 | 0 | 6,000 | 0 |
| PETROLEO BRASILEIRO ADR | SPONSORED ADR | 71654V408 | 35,956,472 | 1,732,842 | SH | DFND | 1 | 0 | 1,732,842 | 0 | |
| MICRON TECHNOLOGY INC | COM | 595112103 | 72,636 | 215 | SH | DFND | 1 | 0 | 215 | 0 | |
| NVIDIA CORP | COM | 67066G104 | 45,902,080 | 263,200 | SH | DFND | 1 | 0 | 263,200 | 0 | |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 | 128,900,719 | 6,874,705 | SH | DFND | 1 | 0 | 6,874,705 | 0 | |
| GRINDR INC | COM | 39854F101 | 5,510,622 | 455,800 | SH | DFND | 1 | 0 | 455,800 | 0 | |
| STATE STREET CONSUMER STAPLES | STATE STREET CON | 81369Y308 | 120,191,780 | 1,466,111 | SH | DFND | 1 | 0 | 1,466,111 | 0 | |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 | 4,470,596 | 489,660 | SH | DFND | 1 | 0 | 489,660 | 0 | |
| META PLATFORMS INC | CL A | 30303M102 | 4,851,662 | 8,480 | SH | DFND | 1 | 0 | 8,480 | 0 | |
| XP INC - CLASS A | CL A | G98239109 | 22,601,870 | 1,187,073 | SH | DFND | 1 | 0 | 1,187,073 | 0 | |
| LAM RESEARCH | COM NEW | 512807306 | 0 | 0 | SH | DFND | 1 | 0 | 0 | 0 | |
| LUXEXPERIENCE BV | ADS | 55406W103 | 4,187,280 | 523,410 | SH | DFND | 1 | 0 | 523,410 | 0 | |
| TALEN ENERGY CORP | COM | 87422Q109 | 2,391,033 | 7,490 | SH | DFND | 1 | 0 | 7,490 | 0 | |
| VALE SA SP ADR | SPONSORED ADS | 91912E105 | 88,135,163 | 5,539,608 | SH | DFND | 1 | 0 | 5,539,608 | 0 | |
| CALL- IWM 100 @ 280 EXP 06/18/2026 | CALL | 99D7LNWD7 | 184,000 | 1,000 | SH | Call | DFND | 1 | 0 | 1,000 | 0 |
| CALL- IWM 100 @ 290 EXP 06/18/2026 | CALL | 99D7T9F31 | 78,500 | 1,000 | SH | Call | DFND | 1 | 0 | 1,000 | 0 |
| AMAZON.COM INC | COM | 023135106 | 13,046,033 | 62,640 | SH | DFND | 1 | 0 | 62,640 | 0 | |
| COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV | SPONSORED ADR | 02319V103 | 205,591 | 70,408 | SH | DFND | 1 | 0 | 70,408 | 0 | |
| CANTALOUPE INC | COM | 138103106 | 3,227,866 | 298,600 | SH | DFND | 1 | 0 | 298,600 | 0 | |
| PAGAYA TECHNOLOGIES LTD -A | CL A NEW | M7S64L123 | 2,098,165 | 180,100 | SH | DFND | 1 | 0 | 180,100 | 0 | |
| APPLIED OPTOELR | COM | 03823U102 | 0 | 0 | SH | DFND | 1 | 0 | 0 | 0 | |
| IREN LTD | ORDINARY SHARES | Q4982L109 | 992,406 | 28,950 | SH | DFND | 1 | 0 | 28,950 | 0 | |
| ULTRAPAR PARTICIPACOES | SP ADR REP COM | 90400P101 | 2,860,384 | 519,126 | SH | DFND | 1 | 0 | 519,126 | 0 | |
| ALIBABA GROUP HOLDING LTD | SPONSORED ADS | 01609W102 | 2,007 | 16 | SH | DFND | 1 | 0 | 16 | 0 | |
| GERDAU SA | SPON ADR REP PFD | 373737105 | 15,357,745 | 4,254,223 | SH | DFND | 1 | 0 | 4,254,223 | 0 | |
| AXIA ENERGIA SA | SPONSORED ADR | 15234Q207 | 14,495 | 1,285 | SH | DFND | 1 | 0 | 1,285 | 0 | |
| CREDICORP | COM | G2519Y108 | 22,861,750 | 67,403 | SH | DFND | 1 | 0 | 67,403 | 0 | |
| AXIA ENERGIA SA | SPON ADS PF CL C | 15236F100 | 7,305,862 | 669,035 | SH | DFND | 1 | 0 | 669,035 | 0 | |
| ISHARES MSCI CHN | MSCI CHINA ETF | 46429B671 | 54,606,960 | 972,000 | SH | DFND | 1 | 0 | 972,000 | 0 | |
| COPA HOLDINGS SA | CL A | P31076105 | 25,538,619 | 224,792 | SH | DFND | 1 | 0 | 224,792 | 0 | |
| TRANSPORT GAS SUR B ADR | SPONSORED ADS B | 893870204 | 35,479,957 | 1,025,136 | SH | DFND | 1 | 0 | 1,025,136 | 0 | |
| COMPNHIA ENRG | SP ADR N-V PFD | 204409601 | 880,053 | 368,223 | SH | DFND | 1 | 0 | 368,223 | 0 | |
| NU HOLDINGS LTD/CAYMAN ISL-A | ORD SHS CL A | G6683N103 | 36,927,379 | 2,569,755 | SH | DFND | 1 | 0 | 2,569,755 | 0 | |
| GRUPO CIBEST SA-ADR | SPON ADS | 40090E106 | 1,182,580 | 16,242 | SH | DFND | 1 | 0 | 16,242 | 0 | |
| ISHRS BRAZIL SM | BRAZIL SM-CP ETF | 464289131 | 53,568 | 3,617 | SH | DFND | 1 | 0 | 3,617 | 0 | |
| EMBRAER SA | SPONSORED ADR | 29082A107 | 20,964,169 | 353,289 | SH | DFND | 1 | 0 | 353,289 | 0 | |
| BANCO SANTANDER | ADS REP 1 UNIT | 05967A107 | 515,216 | 86,883 | SH | DFND | 1 | 0 | 86,883 | 0 | |
| SUZANO SA | SPON ADS | 86959K105 | 499,669 | 49,917 | SH | DFND | 1 | 0 | 49,917 | 0 | |
| AXIA ENERGIA SA | SPON ADS PFD B1 | 15235A102 | 380,611 | 30,376 | SH | DFND | 1 | 0 | 30,376 | 0 | |
| INTER & CO INC - CL A | CLASS A COM | G4R20B107 | 32,029,464 | 4,023,802 | SH | DFND | 1 | 0 | 4,023,802 | 0 | |
| STEEL DYNAMICS | COM | 858119100 | 75,420 | 419 | SH | DFND | 1 | 0 | 419 | 0 | |
| ARCOS DORADOS HOLDINGS INC | SHS CLASS -A - | G0457F107 | 49,081,610 | 5,949,286 | SH | DFND | 1 | 0 | 5,949,286 | 0 | |
| TELECOM ARGENTINA | SPON ADR REP B | 879273209 | 8,565,228 | 732,697 | SH | DFND | 1 | 0 | 732,697 | 0 | |
| LATAM AIRLINES GROUP-SP ADR | SPONSORED ADR | 51817R205 | 43,604,893 | 881,976 | SH | DFND | 1 | 0 | 881,976 | 0 | |
| PAMPA ENERGIA SA | SPONS ADR LVL I | 697660207 | 14,482,406 | 163,643 | SH | DFND | 1 | 0 | 163,643 | 0 | |
| INTERCORP FINANCIAL SERVICES | SHS | P5626F128 | 10,040 | 200 | SH | DFND | 1 | 0 | 200 | 0 | |
| VINCI COMPASS INVESTMENTS LTD | COM CL A | G9451V109 | 49,291,425 | 4,672,173 | SH | DFND | 1 | 0 | 4,672,173 | 0 | |
| BANCO SANTANDER CHILE | SP ADR REP COM | 05965X109 | 1,886,399 | 56,479 | SH | DFND | 1 | 0 | 56,479 | 0 | |
| CENTRAL PUERTO-SPONSORED ADR | SPONSORED ADR | 155038201 | 6,083,961 | 361,495 | SH | DFND | 1 | 0 | 361,495 | 0 | |
| ISHARE CHINA LARGE CAP ETF | CHINA LG-CAP ETF | 464287184 | 910,783 | 25,370 | SH | DFND | 1 | 0 | 25,370 | 0 | |
| ALCOA CORP | COM | 013872106 | 10,301,049 | 155,300 | SH | DFND | 1 | 0 | 155,300 | 0 | |
| BANCO BRADESCO | SP ADR PFD NEW | 059460303 | 40,339,705 | 11,051,974 | SH | DFND | 1 | 0 | 11,051,974 | 0 | |
| TAIWAN SEMI ADR | SPONSORED ADS | 874039100 | 20,030,634 | 59,271 | SH | DFND | 1 | 0 | 59,271 | 0 | |
| BANCO DE CHILE | SPONSORED ADS | 059520106 | 53,449 | 1,443 | SH | DFND | 1 | 0 | 1,443 | 0 | |
| COMPNHIA ENRG C | SPONSORED ADR | 204409882 | 0 | 0 | SH | DFND | 1 | 0 | 0 | 0 | |
| EVE HOLDING INC | COM | 29970N104 | 5,688,202 | 2,293,630 | SH | DFND | 1 | 0 | 2,293,630 | 0 | |
| BP PLC | SPONSORED ADR | 055622104 | 16,654,168 | 354,344 | SH | DFND | 1 | 0 | 354,344 | 0 | |
| ENEL CHILE S.A. | SPONSORED ADR | 29278D105 | 167,828 | 42,596 | SH | DFND | 1 | 0 | 42,596 | 0 | |
| VANECK OIL SERVICES ETF | OIL SERVICES ETF | 92189H607 | 6,669,465 | 16,500 | SH | DFND | 1 | 0 | 16,500 | 0 | |
| BASIC SANITATION COMPANY OF THE STATE OF | SPONSORED ADR | 20441A102 | 5,429,255 | 177,950 | SH | DFND | 1 | 0 | 177,950 | 0 | |
| SHELL PLC-ADR | SPON ADS | 780259305 | 4,863,900 | 52,300 | SH | DFND | 1 | 0 | 52,300 | 0 | |
| BR ADVISORY PARTNERS PARTICI | SPONSORED ADS | 05616P109 | 7,817 | 525 | SH | DFND | 1 | 0 | 525 | 0 | |
| CIA PARANAENSE DE ENER-ADR | SPONSORED ADS | 20441B704 | 10,771,181 | 902,109 | SH | DFND | 1 | 0 | 902,109 | 0 | |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | 4,538,559 | 48,650 | SH | DFND | 1 | 0 | 48,650 | 0 | |
| CALL- PBR 100 @ 29 EXP 04/17/2026 | CALL | 99DRWVJC0 | 10,896 | 3,850 | SH | Call | DFND | 1 | 0 | 3,850 | 0 |
| BHP BILLITON LTD -SPON ADR | SPONSORED ADR | 088606108 | 0 | 0 | SH | DFND | 1 | 0 | 0 | 0 | |
| SOUTHERN COPPER CORP | COM | 84265V105 | 172 | 1 | SH | DFND | 1 | 0 | 1 | 0 | |