| Banco Santander Brasil S A (BSBR) | $2.7B | 16.99% | 520,218,168 | 0 | Held |
| Microsoft Corp. (MSFT) | $932.6M | 5.80% | 2,500,025 | +663,698 | Added |
| NVIDIA Corp. (NVDA) | $918.8M | 5.71% | 4,591,825 | +1,955,935 | Added |
| Ferrovial SE (FER) | $673.3M | 4.19% | 9,814,016 | +1,093,566 | Added |
| Apple Inc. (AAPL) | $669.5M | 4.16% | 2,313,583 | +911,087 | Added |
| Micron Technology Inc. (MU) | $465.7M | 2.90% | 403,459 | +200,449 | Added |
| Amazon.com Inc. (AMZN) | $453.9M | 2.82% | 1,904,441 | +501,461 | Added |
| Meta Platforms, Inc. (META) | $384.5M | 2.39% | 682,535 | +374,094 | Added |
| TotalEnergies SE (TTE) | $378.8M | 2.36% | 4,871,156 | +646,276 | Added |
| Alphabet Inc. (GOOGL) | $374.2M | 2.33% | 1,047,114 | +328,700 | Added |
| Broadcom Inc. (AVGO) | $308.4M | 1.92% | 816,346 | +336,316 | Added |
| Alphabet Inc. (GOOG) | $220.9M | 1.37% | 625,126 | +70,488 | Added |
| SPDR Gold Trust (GLD) | $219.5M | 1.36% | 595,810 | +86,294 | Added |
| JPMorgan Chase & Co. (JPM) | $215.4M | 1.34% | 658,183 | +134,548 | Added |
| Ferrari N.V. (RACE) | $171.6M | 1.07% | 461,060 | -87,769 | Trimmed |
| SPDR S&P 500 (SPY) | $157.2M | 0.98% | 210,516 | -24,980 | Trimmed |
| Eli Lilly & Co. (LLY) | $143.8M | 0.89% | 119,853 | +3,627 | Added |
| Caterpillar Inc. (CAT) | $142.4M | 0.89% | 133,742 | +12,747 | Added |
| Vanguard S&P 500 (VOO) | $139.4M | 0.87% | 202,961 | -6,672 | Trimmed |
| Deutsche Bank A G (DB) | $137.1M | 0.85% | 4,062,367 | +3,537,811 | Added |
| Invesco Exch Traded FD Trust II (QQQM) | $135.2M | 0.84% | 446,330 | +44,330 | Added |
| Applied Materials Inc. (AMAT) | $134.0M | 0.83% | 185,274 | +130,598 | Added |
| Citigroup Inc. (C) | $128.5M | 0.80% | 918,469 | +241,271 | Added |
| Marvell Technology, Inc. (MRVL) | $126.6M | 0.79% | 425,132 | +74,606 | Added |
| Advanced Micro Devices Inc. (AMD) | $118.5M | 0.74% | 203,922 | +78,437 | Added |
| Morgan Stanley (MS) | $114.4M | 0.71% | 547,394 | +129,654 | Added |
| iShares Core S&P 500 ETF (IVV) | $113.5M | 0.71% | 151,600 | +23,595 | Added |
| Oracle Corp. (ORCL) | $105.8M | 0.66% | 722,074 | +419,694 | Added |
| Tesla, Inc. (TSLA) | $105.1M | 0.65% | 249,823 | +52,694 | Added |
| iShares Inc. (URTH) | $104.7M | 0.65% | 516,523 | +76,261 | Added |
| Lam Research Corp. (LRCX) | $97.8M | 0.61% | 225,762 | -39,456 | Trimmed |
| Bank of America Corp. (BAC) | $96.7M | 0.60% | 1,697,639 | +596,164 | Added |
| Visa Inc. (V) | $91.2M | 0.57% | 265,743 | +26,864 | Added |
| Sandisk Corp. (SNDK) | $90.2M | 0.56% | 39,672 | +39,672 | New position |
| Coca-Cola Co. (KO) | $88.6M | 0.55% | 1,090,758 | +32,723 | Added |
| KLA Corp. (KLAC) | $85.7M | 0.53% | 284,007 | +271,637 | Added |
| Intel Corp. (INTC) | $83.8M | 0.52% | 600,233 | +286,977 | Added |
| Goldman Sachs Group Inc. (GS) | $78.5M | 0.49% | 77,660 | +33,101 | Added |
| Western Digital Corp. (WDC) | $73.6M | 0.46% | 115,265 | +70,637 | Added |
| Berkshire Hathaway Inc. Class B (BRKB) | $73.3M | 0.46% | 146,388 | +56,093 | Added |
| Netflix Inc. (NFLX) | $69.2M | 0.43% | 969,566 | +24,336 | Added |
| Walmart Inc. (WMT) | $64.0M | 0.40% | 564,758 | -30,805 | Trimmed |
| Bristol-Myers Squibb Co. (BMY) | $62.7M | 0.39% | 1,088,316 | +280,532 | Added |
| UnitedHealth Group Inc. (UNH) | $61.8M | 0.38% | 148,639 | +50,061 | Added |
| GE Vernova Inc. (GEV) | $60.5M | 0.38% | 51,483 | +48,888 | Added |
| Invesco QQQ Trust (QQQ) | $58.1M | 0.36% | 78,906 | +33,923 | Added |
| Vertiv Holdings Co. (VRT) | $57.3M | 0.36% | 171,114 | +168,090 | Added |
| Vertex Pharmaceuticals Inc. (VRTX) | $53.7M | 0.33% | 108,075 | +8,687 | Added |
| Mastercard Inc. (MA) | $53.3M | 0.33% | 103,682 | -12,132 | Trimmed |
| ExxonMobil Holdings Corp. (XOM) | $53.1M | 0.33% | 388,175 | -196,370 | Trimmed |
| iShares Trust (ACWI) | $52.0M | 0.32% | 331,161 | -9,892 | Trimmed |
| Procter & Gamble Co. (PG) | $50.7M | 0.32% | 345,428 | +111,593 | Added |
| Chevron Corp. (CVX) | $49.4M | 0.31% | 298,065 | +26,786 | Added |
| Intuitive Surgical Inc. (ISRG) | $48.1M | 0.30% | 120,938 | +12,545 | Added |
| AbbVie Inc. (ABBV) | $46.8M | 0.29% | 186,053 | +47,263 | Added |
| General Electric Co. (GE) | $45.7M | 0.28% | 122,345 | -4,268 | Trimmed |
| Datadog, Inc. (DDOG) | $45.5M | 0.28% | 174,695 | -4,527 | Trimmed |
| SPDR Ser Trust (SPAB) | $45.3M | 0.28% | 1,773,218 | +752,316 | Added |
| Cisco Systems, Inc. (CSCO) | $44.5M | 0.28% | 378,540 | -10,385 | Trimmed |
| Vanguard Ftse Emerging Markets (VWO) | $44.1M | 0.27% | 739,312 | -108,486 | Trimmed |
| Arista Networks, Inc. (ANET) | $42.8M | 0.27% | 251,705 | -33,965 | Trimmed |
| Iren Ltd. (IREN) | $40.6M | 0.25% | 888,246 | +287,946 | Added |
| Pfizer Inc. (PFE) | $39.9M | 0.25% | 1,655,686 | +186,421 | Added |
| Waste Management Inc. (WM) | $39.6M | 0.25% | 177,596 | +18,788 | Added |
| Westinghouse Air Brake Technologies Corp. (WAB) | $39.0M | 0.24% | 144,711 | +164 | Added |
| Welltower Inc. (WELL) | $39.0M | 0.24% | 171,801 | -1,988 | Trimmed |
| iShares (SHV) | $38.7M | 0.24% | 350,783 | +71,415 | Added |
| Analog Devices Inc. (ADI) | $38.5M | 0.24% | 97,034 | -12,626 | Trimmed |
| Charles Schwab Corp. (SCHW) | $38.5M | 0.24% | 417,055 | +174,213 | Added |
| Freeport-McMoRan Inc. (FCX) | $38.2M | 0.24% | 606,684 | +315,683 | Added |
| Qualcomm Inc. (QCOM) | $37.8M | 0.23% | 204,447 | +19,061 | Added |
| Uber Technologies, Inc. (UBER) | $36.6M | 0.23% | 507,040 | +3,140 | Added |
| Mondelez International, Inc. (MDLZ) | $35.7M | 0.22% | 616,540 | -13,798 | Trimmed |
| Technology Select Sector SPDR ETF (XLK) | $34.0M | 0.21% | 178,699 | +178,699 | New position |
| Parker-Hannifin Corp. (PH) | $33.8M | 0.21% | 34,547 | +1,464 | Added |
| Gilead Sciences, Inc. (GILD) | $33.7M | 0.21% | 266,424 | -9,611 | Trimmed |
| iShares Trust (IEI) | $32.6M | 0.20% | 277,829 | +5,260 | Added |
| Palo Alto Networks Inc. (PANW) | $32.2M | 0.20% | 94,466 | -1,604 | Trimmed |
| Regeneron Pharmaceuticals, Inc. (REGN) | $32.1M | 0.20% | 51,479 | +10,889 | Added |
| Vanguard Intl Equity Index F (VGK) | $31.8M | 0.20% | 359,137 | -1,239 | Trimmed |
| iShares Trust (IXN) | $30.4M | 0.19% | 210,421 | -86,795 | Trimmed |
| Constellation Energy Corp. (CEG) | $29.9M | 0.19% | 120,345 | +26,474 | Added |
| Synopsys Inc. (SNPS) | $29.6M | 0.18% | 66,460 | +470 | Added |
| iShares Trust (EEM) | $29.4M | 0.18% | 430,192 | -74,394 | Trimmed |
| Stellantis N.V. (STLA) | $29.0M | 0.18% | 5,053,636 | -4,669,296 | Trimmed |
| Edison International (EIX) | $29.0M | 0.18% | 388,914 | -10,282 | Trimmed |
| RTX Corp. (RTX) | $28.5M | 0.18% | 150,325 | +37,332 | Added |
| Coty Inc. (COTY) | $28.3M | 0.18% | 13,112,758 | -10,000,000 | Trimmed |
| Costco Wholesale Corp. (COST) | $28.0M | 0.17% | 29,941 | +741 | Added |
| iShares Core MSCI Emerging Mark (IEMG) | $27.9M | 0.17% | 336,746 | +272,370 | Added |
| Cheniere Energy, Inc. (LNG) | $27.1M | 0.17% | 113,308 | +52,628 | Added |
| Newmont Corp. (NEM) | $26.7M | 0.17% | 285,890 | +46,761 | Added |
| Home Depot, Inc. (HD) | $26.6M | 0.17% | 75,444 | +10,031 | Added |
| iShares Trust (TLH) | $26.4M | 0.16% | 263,210 | +263,210 | New position |
| CME Group Inc. (CME) | $26.3M | 0.16% | 119,131 | +12,190 | Added |
| Boeing Co. (BA) | $26.1M | 0.16% | 120,360 | +29,174 | Added |
| Nu Holdings Ltd. (NU) | $26.0M | 0.16% | 1,943,093 | +1,057,089 | Added |
| Select Sector SPDR Trust (XLU) | $25.9M | 0.16% | 571,978 | +155,247 | Added |
| Amphenol Corp. (APH) | $25.8M | 0.16% | 146,295 | -7,248 | Trimmed |
| Cardinal Health Inc. (CAH) | $25.0M | 0.15% | 105,152 | +5,482 | Added |