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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CLASS A COMMON STOCK CAP STK CL A 02079K305   14,220,442 101,800 SH   DFND 1 0 101,800 0
META PLATFORMS INC CL A 30303M102   9,556,920 27,000 SH   DFND 1 0 27,000 0
ISHARES MSCI JAPAN ETF MSCI JPN ETF NEW 46434G822   105,446,160 1,644,000 SH   DFND 1 0 1,644,000 0
HDFC BK LTD SPONSORED ADS 40415F101   7,142,719 106,433 SH   DFND 1 0 106,433 0
PETROLEO BRASILEIRO ADR SPONSORED ADR 71654V408   121,686,066 7,619,666 SH   DFND 1 0 7,619,666 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   12,634,115 826,840 SH   DFND 1 0 826,840 0
ISHARES MSCI SOUTH KOREA ETF MSCI STH KOR ETF 464286772   26,166,129 399,300 SH   DFND 1 0 399,300 0
ICICI BANK LTD ADR 45104G104   9,460,546 396,835 SH   DFND 1 0 396,835 0
ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN ISHS 1-5YR INVS 464288646   253,814,839 4,950,070 SH   DFND 1 0 4,950,070 0
ISHARES IBOXX $ INVEST GRADE CORP BD IBOXX INV CP ETF 464287242   50,895,301 459,925 SH   DFND 1 0 459,925 0
EMBRAER SA SPONSORED ADS 29082A107   34,598,510 1,875,258 SH   DFND 1 0 1,875,258 0
PDD HOLDINGS INC SPONSORED ADS 722304102   9,422,364 64,400 SH   DFND 1 0 64,400 0
ITAU UNIBANCO HOLDING SA SPON ADR REP PFD 465562106   27,960,524 4,023,097 SH   DFND 1 0 4,023,097 0
VALE SA SP ADR SPONSORED ADS 91912E105   136,174,943 8,586,062 SH   DFND 1 0 8,586,062 0
PUT - SPY 100 @ 469 EXP 01/05/2024 PUT 99D7CSNT1   712,000 16,000 SH Put DFND 1 0 16,000 0
PUT - EWZ 100 @ 34.5 EXP 01/05/2024 PUT 99D7BY809   1,060,000 40,000 SH Put DFND 1 0 40,000 0
PUT - EWZ 100 @ 35 EXP 01/05/2024 PUT 99D7BY817   1,168,500 25,000 SH Put DFND 1 0 25,000 0
NVIDIA CORP COM 67066G104   10,426,857 21,055 SH   DFND 1 0 21,055 0
ALMACENES EXITO SA-ADR-W/I SPON ADS 02028M105   71,422,220 9,961,258 SH   DFND 1 0 9,961,258 0
TELEFONICA BRASIL SA-ADR NEW ADR 87936R205   786,061 71,852 SH   DFND 1 0 71,852 0
ISHARES MSCI BRAZIL ETF MSCI BRAZIL ETF 464286400   3,339,729 95,530 SH   DFND 1 0 95,530 0
BP PLC SPONSORED ADR 055622104   11,173,585 315,638 SH   DFND 1 0 315,638 0
WALDENCAST ACQ CL A -CW27 *W EXP 07/27/202 G9503X111   1,411 1,988 SH   DFND 1 0 1,988 0
SHELL PLC-ADR SPON ADS 780259305   7,009,016 106,520 SH   DFND 1 0 106,520 0
BRASKEM SA-SPON ADR SP ADR PFD A 105532105   2,112,708 239,536 SH   DFND 1 0 239,536 0
PAGSEGURO DIGITAL LTD-CL A COM CL A G68707101   46,886,028 3,759,906 SH   DFND 1 0 3,759,906 0
ALIBABA GROUP HOLDING LTD SPONSORED ADS 01609W102   10,841,556 139,873 SH   DFND 1 0 139,873 0
PAMPA ENERGIA SA SPONS ADR LVL I 697660207   43,578 880 SH   DFND 1 0 880 0
ALPHABET INC CLASS C CAP STK CL C 02079K107   15,209,166 107,920 SH   DFND 1 0 107,920 0
PATRIA INVESTMENTS LTD-A COM CL A G69451105   3,065,009 197,615 SH   DFND 1 0 197,615 0
ZANITE ACQ CL A -CW25 *W EXP 05/09/202 29970N112   1,525,605 1,556,740 SH   DFND 1 0 1,556,740 0
EVE HOLDING INC COM 29970N104   249,729 34,116 SH   DFND 1 0 34,116 0
COMPNHIA ENRG SP ADR N-V PFD 204409601   4,702,185 2,026,804 SH   DFND 1 0 2,026,804 0
COPA HOLDINGS SA CL A P31076105   29,934,026 281,573 SH   DFND 1 0 281,573 0
CIA PARANAENSE DE ENER-ADR SPONSORED ADS 20441B704   33,345 4,237 SH   DFND 1 0 4,237 0
YPF SA SPON ADR CL D 984245100   7,470,619 434,591 SH   DFND 1 0 434,591 0
BAIDU INC SPON ADR REP A 056752108   11,027,734 92,600 SH   DFND 1 0 92,600 0
VITRU LTD COM G9440D103   890,156 56,482 SH   DFND 1 0 56,482 0
VINCI PARTNERS INVESTMENTS-A COM CL A G9451V109   5,594,016 510,869 SH   DFND 1 0 510,869 0
SABESP SPONSORED ADR 20441A102   5,389,897 353,900 SH   DFND 1 0 353,900 0
VASTA PLATFORM LTD CL A G9440A109   3,349,768 751,912 SH   DFND 1 0 751,912 0
ECOPETROL S.A. SPONSORED ADS 279158109   15,651,926 1,313,081 SH   DFND 1 0 1,313,081 0
NATURA &CO HOLDING-ADR ADS 63884N108   106,232 15,531 SH   DFND 1 0 15,531 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103   2,073,302 4,362 SH   DFND 1 0 4,362 0
RIO TINTO PLC SPONSORED ADR 767204100   58,967,331 791,933 SH   DFND 1 0 791,933 0
AMBIPAR EMERGENCY RESPONS-28 *W EXP 99/99/999 G02532110   677,607 1,725,948 SH   DFND 1 0 1,725,948 0
AMBIPAR EMERGENCY RESPONSE CL A ORD SHS G02532102   878,480 112,051 SH   DFND 1 0 112,051 0
CENTRAIS ELEC BRAS-ADR PREF SPON ADR PFD B 15234Q108   39,879 4,189 SH   DFND 1 0 4,189 0
COMPANHIA PARANAENSE DE ENERGI SPON ADS 20441B605   15,309,156 1,805,325 SH   DFND 1 0 1,805,325 0
CENTRAIS ELETRICAS BR-SP ADR SPONSORED ADR 15234Q207   403,494 46,809 SH   DFND 1 0 46,809 0
BANCO SANTANDER ADS REP 1 UNIT 05967A107   4,689,282 715,921 SH   DFND 1 0 715,921 0
BANCO SANTANDER CHILE SP ADR REP COM 05965X109   584,700 30,000 SH   DFND 1 0 30,000 0
COMPHANIA DE BEBIDAS DAS AMERICAS AMBEV SPONSORED ADR 02319V103   1,351,370 482,632 SH   DFND 1 0 482,632 0
COSAN SA -ADR -W/I ADS 22113B103   75,763 4,838 SH   DFND 1 0 4,838 0
GRUPO AEROPORTUARIO DEL CENTRO NORTE SPON ADR 400501102   1,131,503 13,370 SH   DFND 1 0 13,370 0
PUT - EWT 100 @ 45.26 EXP 02/16/2024 PUT 99D7XGSG7   4,263 55 SH Put DFND 1 0 55 0
PUT - EWT 100 @ 44.07 EXP 01/19/2024 PUT 99D7XGRL7   2,079 83 SH Put DFND 1 0 83 0
LOWES COMPANIES COM 548661107   1,317,273 5,919 SH   DFND 1 0 5,919 0
ENERGY SPDR ENERGY 81369Y506   12,827,520 153,000 SH   DFND 1 0 153,000 0
GERDAU SA SPON ADR REP PFD 373737105   3,388,486 698,657 SH   DFND 1 0 698,657 0
INVESCO S&P 500 EQUAL WEIGHT E S&P500 EQL WGT 46137V357   67,407,426 427,170 SH   DFND 1 0 427,170 0
BANCO BRADESCO SPONSORED ADR 059460402   334 105 SH   DFND 1 0 105 0
HOME DEPOT COM 437076102   1,462,441 4,220 SH   DFND 1 0 4,220 0
SUZANO SA SPON ADS 86959K105   673,432 59,281 SH   DFND 1 0 59,281 0
ISHRS BRAZIL SM BRAZIL SM-CP ETF 464289131   6,024 400 SH   DFND 1 0 400 0
HESS CORPORATION COM 42809H107   8,315,149 57,680 SH   DFND 1 0 57,680 0
VESTA REAL ESTATE CORPORATION ADS 92540K109   1,149,416 29,011 SH   DFND 1 0 29,011 0
ISHARES JPMORGAN USD EMERGING MARKET BND JPMORGAN USD EMG 464288281   18,702,600 210,000 SH   DFND 1 0 210,000 0
XP INC - CLASS A CL A G98239109   137,832 5,287 SH   DFND 1 0 5,287 0
HOWARD HUGHES HOLDINGS INC COM 44267T102   70,151 820 SH   DFND 1 0 820 0
INTER & CO INC. CMN CLASS A COM G4R20B107   2,013,621 362,162 SH   DFND 1 0 362,162 0