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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ON HOLDING AG-CLASS A NAMEN AKT A H5919C104   10,556,282 340,196 SH   DFND 1 0 340,196 0
TOPGOLF CALLAWAY BRANDS CORP COM 131193104   20,919,469 967,598 SH   DFND 1 0 967,598 0
CROWN CASTLE INC COM 22822V101   15,833,272 118,300 SH   DFND 1 0 118,300 0
RITCHIE BROS AUC COM 767744105   12,552,670 223,000 SH   DFND 1 0 223,000 0
CORTEVA INC COM 22052L104   25,010,557 414,700 SH   DFND 1 0 414,700 0
ISHARES TRUST ISHARES 1-5 YEAR INVESTMEN ISHS 1-5YR INVS 464288646   256,700,544 5,079,156 SH   DFND 1 0 5,079,156 0
T-MOBILE US INC COM STK COM 872590104   21,519,893 148,577 SH   DFND 1 0 148,577 0
HYATT HOTELS CORP-CL A COM CL A 448579102   20,023,825 179,120 SH   DFND 1 0 179,120 0
WALT DISNEY CO COM 254687106   17,092,191 170,700 SH   DFND 1 0 170,700 0
XTRACKERS HARVEST CSI 300 CHIN XTRACK HRVST CSI 233051879   59,084,111 2,004,210 SH   DFND 1 0 2,004,210 0
META PLATFORMS INC CL A 30303M102   34,502,772 162,795 SH   DFND 1 0 162,795 0
WARNER MUSIC GROUP CORP-CL A COM CL A 934550203   24,823,810 743,896 SH   DFND 1 0 743,896 0
CNH INDUSTRAL NV SHS N20944109   22,386,293 1,466,031 SH   DFND 1 0 1,466,031 0
HEALTH CARE SPDR ETF SBI HEALTHCARE 81369Y209   100,762,602 778,330 SH   DFND 1 0 778,330 0
FEDEX CORP COM 31428X106   30,679,352 134,270 SH   DFND 1 0 134,270 0
FINANCIAL SELECT SECTOR SPDR FINANCIAL 81369Y605   34,131,822 1,061,643 SH   DFND 1 0 1,061,643 0
VALVOLINE INC COM 92047W101   16,255,870 465,251 SH   DFND 1 0 465,251 0
MONDELEZ INT CLA CL A 609207105   12,856,368 184,400 SH   DFND 1 0 184,400 0
SKECHERS USA CL A 830566105   17,983,469 378,440 SH   DFND 1 0 378,440 0
NETFLIX INC COM 64110L106   16,676,320 48,270 SH   DFND 1 0 48,270 0
EMBRAER SA SPONSORED ADS 29082A107   34,886,320 2,131,113 SH   DFND 1 0 2,131,113 0
SUNCOR COM 867224107   925,290 29,800 SH   DFND 1 0 29,800 0
PUT - SPY 100 @ 370 EXP 06/16/2023 PUT 99OC1V4P2   18,325,000 50,000 SH Put DFND 1 0 50,000 0
CONSUMER STAPLES SPDR SBI CONS STPLS 81369Y308   139,085,963 1,861,678 SH   DFND 1 0 1,861,678 0
SCHLUMBERGER LTD COM STK 806857108   15,670,609 319,157 SH   DFND 1 0 319,157 0
ISHARE CHINA LARGE CAP ETF CHINA LG-CAP ETF 464287184   92,487,960 3,132,000 SH   DFND 1 0 3,132,000 0
ENERGY SPDR ENERGY 81369Y506   204,421,127 2,467,960 SH   DFND 1 0 2,467,960 0
PENN ENTERTAINMENT INC COM 707569109   11,238,767 378,920 SH   DFND 1 0 378,920 0
CHENIERE ENERGY COM NEW 16411R208   1,320,215 8,377 SH   DFND 1 0 8,377 0
EMERSON ELECTRIC CO COM 291011104   25,999,962 298,370 SH   DFND 1 0 298,370 0
DUPONT DE NEMOURS INC COM 26614N102   28,593,168 398,400 SH   DFND 1 0 398,400 0
BOYD GAMING COM 103304101   13,565,355 211,562 SH   DFND 1 0 211,562 0
OUTFRONT MEDIA INC COM 69007J106   6,391,179 393,788 SH   DFND 1 0 393,788 0
ITAU UNIBANCO HOLDING SA SPON ADR REP PFD 465562106   12,658,274 2,599,235 SH   DFND 1 0 2,599,235 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101   28,677,723 292,839 SH   DFND 1 0 292,839 0
STONECO LTD-A COM CL A G85158106   41,100,543 4,308,233 SH   DFND 1 0 4,308,233 0
VANECK CHINEXT ETF CHINEXT ETF 92189F627   7,009,385 218,692 SH   DFND 1 0 218,692 0
UBS GROUP AG SHS H42097107   11,768,647 551,483 SH   DFND 1 0 551,483 0
INTER & CO INC - CL A CLASS A COM G4R20B107   56,425 33,191 SH   DFND 1 0 33,191 0
GERDAU SA SPON ADR REP PFD 373737105   1,364,772 276,830 SH   DFND 1 0 276,830 0
SPDR S&P HOMEBUILDERS S&P HOMEBUILD 78464A888   91,476 1,350 SH   DFND 1 0 1,350 0
COMPANIA SPON ADS 20441B605   4,568,384 679,819 SH   DFND 1 0 679,819 0
XP INC - CLASS A CL A G98239109   2,244,154 189,061 SH   DFND 1 0 189,061 0
TENARIS S A ADR SPONSORED ADS 88031M109   16,160,323 568,625 SH   DFND 1 0 568,625 0
GSK PLC-SPON ADR SPONSORED ADR 37733W204   6,563,478 184,471 SH   DFND 1 0 184,471 0
ISHARES MSCI EUROZONE ETF MSCI EURZONE ETF 464286608   50,760 1,126 SH   DFND 1 0 1,126 0
NATURA &CO HOLDING-ADR ADS 63884N108   8,968 1,718 SH   DFND 1 0 1,718 0
COSAN SA -ADR -W/I ADS 22113B103   418,274 35,387 SH   DFND 1 0 35,387 0
ENEL CHILE S.A. SPONSORED ADR 29278D105   1,031,767 382,136 SH   DFND 1 0 382,136 0
DESPEGAR.COM CORP ORD SHS G27358103   12,998 2,117 SH   DFND 1 0 2,117 0
COMPNHIA ENRG SP ADR N-V PFD 204409601   2,521,454 1,125,649 SH   DFND 1 0 1,125,649 0
VANECK BRAZIL SMALL-CAP ETF BRAZIL SMALL CAP 92189F825   138,625 10,349 SH   DFND 1 0 10,349 0
SUZANO SA SPON ADS 86959K105   1,570,417 191,281 SH   DFND 1 0 191,281 0
VALE SA SP ADR SPONSORED ADS 91912E105   1,585,022 100,445 SH   DFND 1 0 100,445 0
ZANITE ACQ CL A -CW25 *W EXP 05/09/202 29970N112   659,155 1,631,573 SH   DFND 1 0 1,631,573 0
ISHARES JPMORGAN USD EMERGING MARKET BND JPMORGAN USD EMG 464288281   8,455,440 98,000 SH   DFND 1 0 98,000 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   58,947 6,352 SH   DFND 1 0 6,352 0
BANCO BRADESCO SP ADR PFD NEW 059460303   391,530 149,439 SH   DFND 1 0 149,439 0