Kapitalo Investimentos Ltda 13F-HR Quarterly holdings report by institutional manager

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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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
3M CO	COM	88579Y101	60,543	469	SH		SOLE		469	0	0
ADT INC DEL	COM	00090Q103	77,979	11,285	SH		SOLE		11,285	0	0
AECOM	COM	00766T100	62,490	585	SH		SOLE		585	0	0
AFFILIATED MANAGERS GROUP IN	COM	008252108	87,837	475	SH		SOLE		475	0	0
AGREE RLTY CORP	COM	008492100	413,471	5,869	SH		SOLE		5,869	0	0
ALBERTSONS COS INC	COMMON STOCK	013091103	8,603,381	438,054	SH		SOLE		438,054	0	0
ALLETE INC	COM NEW	018522300	8,740,807	134,889	SH		SOLE		134,889	0	0
ALLSTATE CORP	COM	020002101	28,918	150	SH		SOLE		150	0	0
ALTRIA GROUP INC	COM	02209S103	839,254	16,050	SH		SOLE		16,050	0	0
AMERIPRISE FINL INC	COM	03076C106	102,759	193	SH		SOLE		193	0	0
AMPHENOL CORP NEW	CL A	032095101	15,557	224	SH		SOLE		224	0	0
ANSYS INC	COM	03662Q105	42,504	126	SH		SOLE		126	0	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	280,659	1,172	SH		SOLE		1,172	0	0
APPLOVIN CORP	COM CL A	03831W108	45,984	142	SH		SOLE		142	0	0
APTARGROUP INC	COM	038336103	423,856	2,698	SH		SOLE		2,698	0	0
ARES CAPITAL CORP	COM	04010L103	316,923	14,478	SH		SOLE		14,478	0	0
ARMSTRONG WORLD INDS INC NEW	COM	04247X102	274,604	1,943	SH		SOLE		1,943	0	0
ASSURANT INC	COM	04621X108	93,390	438	SH		SOLE		438	0	0
ATMOS ENERGY CORP	COM	049560105	408,061	2,930	SH		SOLE		2,930	0	0
AUTONATION INC	COM	05329W102	86,958	512	SH		SOLE		512	0	0
AVALONBAY CMNTYS INC	COM	053484101	153,539	698	SH		SOLE		698	0	0
AXALTA COATING SYS LTD	COM	G0750C108	283,239	8,277	SH		SOLE		8,277	0	0
AZUL S A	SPONSR ADR PFD	05501U106	899,898	538,861	SH		SOLE		538,861	0	0
BANK NEW YORK MELLON CORP	COM	064058100	124,926	1,626	SH		SOLE		1,626	0	0
BELDEN INC	COM	077454106	8,446	75	SH		SOLE		75	0	0
BILL HOLDINGS INC	COM	090043100	118,086	1,394	SH		SOLE		1,394	0	0
BIOGEN INC	COM	09062X103	225,098	1,472	SH		SOLE		1,472	0	0
BLOCK H & R INC	COM	093671105	85,284	1,614	SH		SOLE		1,614	0	0
BOOKING HOLDINGS INC	COM	09857L108	39,747	8	SH		SOLE		8	0	0
BOOZ ALLEN HAMILTON HLDG COR	CL A	099502106	243,114	1,889	SH		SOLE		1,889	0	0
BORGWARNER INC	COM	099724106	47,844	1,505	SH		SOLE		1,505	0	0
BOYD GAMING CORP	COM	103304101	208,335	2,872	SH		SOLE		2,872	0	0
BRASKEM S A	SP ADR PFD A	105532105	498	129	SH		SOLE		129	0	0
BRF SA	SPONSORED ADR	10552T107	663,467	163,014	SH		SOLE		163,014	0	0
BRINKER INTL INC	COM	109641100	104,906	793	SH		SOLE		793	0	0
BROOKFIELD ASSET MANAGMT LTD	CL A LMT VTG SHS	113004105	53,919	995	SH		SOLE		995	0	0
BROOKFIELD INFRASTRUCTURE CO	COM SB VTG SHS A	11275Q107	221,135	5,527	SH		SOLE		5,527	0	0
BROWN & BROWN INC	COM	115236101	199,245	1,953	SH		SOLE		1,953	0	0
C H ROBINSON WORLDWIDE INC	COM NEW	12541W209	204,780	1,982	SH		SOLE		1,982	0	0
CACI INTL INC	CL A	127190304	330,925	819	SH		SOLE		819	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	102,463	883	SH		SOLE		883	0	0
CARDINAL HEALTH INC	COM	14149Y108	294,965	2,494	SH		SOLE		2,494	0	0
CARLISLE COS INC	COM	142339100	174,830	474	SH		SOLE		474	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	173,104	1,020	SH		SOLE		1,020	0	0
CARVANA CO	CL A	146869102	53,687	264	SH		SOLE		264	0	0
CATERPILLAR INC	COM	149123101	114,632	316	SH		SOLE		316	0	0
CAVA GROUP INC	COM	148929102	139,195	1,234	SH		SOLE		1,234	0	0
CENCORA INC	COM	03073E105	407,345	1,813	SH		SOLE		1,813	0	0
CENTENE CORP DEL	COM	15135B101	36,045	595	SH		SOLE		595	0	0
CENTRAIS ELETRICAS BRASILEIR	SPONSORED ADR	15234Q207	84,788	14,823	SH		SOLE		14,823	0	0
CHAMPIONX CORPORATION	COM	15872M104	1,749,323	64,337	SH		SOLE		64,337	0	0
CHENIERE ENERGY INC	COM NEW	16411R208	429,740	2,000	SH		SOLE		2,000	0	0
CHEWY INC	CL A	16679L109	276,661	8,261	SH		SOLE		8,261	0	0
CHOICE HOTELS INTL INC	COM	169905106	155,184	1,093	SH		SOLE		1,093	0	0
CINCINNATI FINL CORP	COM	172062101	144	1	SH		SOLE		1	0	0
CISCO SYS INC	COM	17275R102	272,734	4,607	SH		SOLE		4,607	0	0
CLEAN HARBORS INC	COM	184496107	31,529	137	SH		SOLE		137	0	0
CLEARWATER ANALYTICS HLDGS I	CL A	185123106	121,308	4,408	SH		SOLE		4,408	0	0
CNA FINL CORP	COM	126117100	7,691	159	SH		SOLE		159	0	0
CNX RES CORP	COM	12653C108	232,158	6,331	SH		SOLE		6,331	0	0
COCA COLA CONS INC	COM	191098102	258,298	205	SH		SOLE		205	0	0
COLUMBIA BKG SYS INC	COM	197236102	41,757	1,546	SH		SOLE		1,546	0	0
COLUMBIA SPORTSWEAR CO	COM	198516106	138,904	1,655	SH		SOLE		1,655	0	0
COMMERCE BANCSHARES INC	COM	200525103	25,859	415	SH		SOLE		415	0	0
COMMERCIAL METALS CO	COM	201723103	280,736	5,660	SH		SOLE		5,660	0	0
COMMVAULT SYS INC	COM	204166102	138,837	920	SH		SOLE		920	0	0
COMPANHIA BRASILEIRA DE DIST	SPONSORED ADR	20440T300	1	4	SH		SOLE		4	0	0
COMPANHIA SIDERURGICA NACION	SPONSORED ADR	20440W105	2,294	1,593	SH		SOLE		1,593	0	0
CONOCOPHILLIPS	COM	20825C104	442,199	4,459	SH		SOLE		4,459	0	0
COTERRA ENERGY INC	COM	127097103	267,583	10,477	SH		SOLE		10,477	0	0
COUPANG INC	CL A	22266T109	258,221	11,748	SH		SOLE		11,748	0	0
CROWN CASTLE INC	COM	22822V101	97,658	1,076	SH		SOLE		1,076	0	0
CSW INDUSTRIALS INC	COM	126402106	88,553	251	SH		SOLE		251	0	0
CUBESMART	COM	229663109	180,827	4,220	SH		SOLE		4,220	0	0
D R HORTON INC	COM	23331A109	257,269	1,840	SH		SOLE		1,840	0	0
DARLING INGREDIENTS INC	COM	237266101	108,785	3,229	SH		SOLE		3,229	0	0
DAVITA INC	COM	23918K108	158,673	1,061	SH		SOLE		1,061	0	0
DELTA AIR LINES INC DEL	COM NEW	247361702	70,422	1,164	SH		SOLE		1,164	0	0
DILLARDS INC	CL A	254067101	209,826	486	SH		SOLE		486	0	0
DISNEY WALT CO	COM	254687106	14,291,438	128,347	SH		SOLE		128,347	0	0
DOLBY LABORATORIES INC	COM CL A	25659T107	70,680	905	SH		SOLE		905	0	0
DONALDSON INC	COM	257651109	245,827	3,650	SH		SOLE		3,650	0	0
DOORDASH INC	CL A	25809K105	187,712	1,119	SH		SOLE		1,119	0	0
DOXIMITY INC	CL A	26622P107	50,400	944	SH		SOLE		944	0	0
DROPBOX INC	CL A	26210C104	179,369	5,971	SH		SOLE		5,971	0	0
DT MIDSTREAM INC	COMMON STOCK	23345M107	219,541	2,208	SH		SOLE		2,208	0	0
DYNATRACE INC	COM NEW	268150109	74,296	1,367	SH		SOLE		1,367	0	0
EAST WEST BANCORP INC	COM	27579R104	100,069	1,045	SH		SOLE		1,045	0	0
EASTMAN CHEM CO	COM	277432100	231,040	2,530	SH		SOLE		2,530	0	0
EMBRAER S.A.	SPONSORED ADS	29082A107	1,465,293	39,948	SH		SOLE		39,948	0	0
EMCOR GROUP INC	COM	29084Q100	260,085	573	SH		SOLE		573	0	0
ENACT HLDGS INC	COM	29249E109	179,126	5,532	SH		SOLE		5,532	0	0
ENDEAVOR GROUP HLDGS INC	CL A COM	29260Y109	50,815	1,624	SH		SOLE		1,624	0	0
ENSIGN GROUP INC	COM	29358P101	136,713	1,029	SH		SOLE		1,029	0	0
ENTERGY CORP NEW	COM	29364G103	186,517	2,460	SH		SOLE		2,460	0	0
EOG RES INC	COM	26875P101	605,055	4,936	SH		SOLE		4,936	0	0
EQUITY LIFESTYLE PPTYS INC	COM	29472R108	341,858	5,133	SH		SOLE		5,133	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	51,093	712	SH		SOLE		712	0	0
ERO COPPER CORP	COM	296006109	7,801,779	578,767	SH		SOLE		578,767	0	0
ESAB CORPORATION	COM	29605J106	47,376	395	SH		SOLE		395	0	0
EVE HLDG INC	COM	29970N104	2,720,000	500,000	SH		SOLE		500,000	0	0
EVERCORE INC	CLASS A	29977A105	44,073	159	SH		SOLE		159	0	0
EXELIXIS INC	COM	30161Q104	464,402	13,946	SH		SOLE		13,946	0	0
EXELON CORP	COM	30161N101	290,167	7,709	SH		SOLE		7,709	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	240,366	1,290	SH		SOLE		1,290	0	0
EXXON MOBIL CORP	COM	30231G102	545,272	5,069	SH		SOLE		5,069	0	0
FACTSET RESH SYS INC	COM	303075105	20,652	43	SH		SOLE		43	0	0
FEDERAL RLTY INVT TR NEW	SH BEN INT NEW	313745101	51,049	456	SH		SOLE		456	0	0
FIDELITY NATIONAL FINANCIAL	FNF GROUP COM	31620R303	44,351	790	SH		SOLE		790	0	0
FIRSTCASH HOLDINGS INC	COM	33768G107	13,468	130	SH		SOLE		130	0	0
FLOWSERVE CORP	COM	34354P105	161,286	2,804	SH		SOLE		2,804	0	0
FMC CORP	COM NEW	302491303	120,990	2,489	SH		SOLE		2,489	0	0
FORTINET INC	COM	34959E109	93,913	994	SH		SOLE		994	0	0
FOX CORP	CL A COM	35137L105	826,977	17,023	SH		SOLE		17,023	0	0
FRANKLIN ELEC INC	COM	353514102	127,465	1,308	SH		SOLE		1,308	0	0
FTAI AVIATION LTD	SHS	G3730V105	30,104	209	SH		SOLE		209	0	0
GEN DIGITAL INC	COM	668771108	113,517	4,146	SH		SOLE		4,146	0	0
GENERAC HLDGS INC	COM	368736104	101,713	656	SH		SOLE		656	0	0
GENUINE PARTS CO	COM	372460105	22,184	190	SH		SOLE		190	0	0
GILEAD SCIENCES INC	COM	375558103	109,551	1,186	SH		SOLE		1,186	0	0
GITLAB INC	CLASS A COM	37637K108	3,156	56	SH		SOLE		56	0	0
GLOBUS MED INC	CL A	379577208	156,901	1,897	SH		SOLE		1,897	0	0
GODADDY INC	CL A	380237107	183,357	929	SH		SOLE		929	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	10,880	19	SH		SOLE		19	0	0
HAMILTON LANE INC	CL A	407497106	65,142	440	SH		SOLE		440	0	0
HCA HEALTHCARE INC	COM	40412C101	147,374	491	SH		SOLE		491	0	0
HEALTHEQUITY INC	COM	42226A107	89,521	933	SH		SOLE		933	0	0
HEALTHPEAK PROPERTIES INC	COM	42250P103	45,972	2,268	SH		SOLE		2,268	0	0
HENRY JACK & ASSOC INC	COM	426281101	10,343	59	SH		SOLE		59	0	0
HESS CORP	COM	42809H107	29,502,815	221,809	SH		SOLE		221,809	0	0
HF SINCLAIR CORP	COM	403949100	149,874	4,276	SH		SOLE		4,276	0	0
HOLOGIC INC	COM	436440101	453,302	6,288	SH		SOLE		6,288	0	0
HOULIHAN LOKEY INC	CL A	441593100	104,891	604	SH		SOLE		604	0	0
HOWMET AEROSPACE INC	COM	443201108	30,295	277	SH		SOLE		277	0	0
HP INC	COM	40434L105	32,173	986	SH		SOLE		986	0	0
ILLINOIS TOOL WKS INC	COM	452308109	4,818	19	SH		SOLE		19	0	0
INCYTE CORP	COM	45337C102	304,115	4,403	SH		SOLE		4,403	0	0
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	44,405	298	SH		SOLE		298	0	0
INTUIT	COM	461202103	67,878	108	SH		SOLE		108	0	0
INTUITIVE SURGICAL INC	COM NEW	46120E602	52,196	100	SH		SOLE		100	0	0
ITT INC	COM	45073V108	59,152	414	SH		SOLE		414	0	0
JACKSON FINANCIAL INC	COM CL A	46817M107	78,546	902	SH		SOLE		902	0	0
JOHNSON & JOHNSON	COM	478160104	351,282	2,429	SH		SOLE		2,429	0	0
JUNIPER NETWORKS INC	COM	48203R104	206,949	5,526	SH		SOLE		5,526	0	0
KIMBERLY-CLARK CORP	COM	494368103	359,050	2,740	SH		SOLE		2,740	0	0
KIMCO RLTY CORP	COM	49446R109	265,907	11,349	SH		SOLE		11,349	0	0
KINDER MORGAN INC DEL	COM	49456B101	237,421	8,665	SH		SOLE		8,665	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	225,191	8,922	SH		SOLE		8,922	0	0
KROGER CO	COM	501044101	122,912	2,010	SH		SOLE		2,010	0	0
LEIDOS HOLDINGS INC	COM	525327102	239,572	1,663	SH		SOLE		1,663	0	0
LIBERTY BROADBAND CORP	COM SER C	530307305	19,288	258	SH		SOLE		258	0	0
LIFE TIME GROUP HOLDINGS INC	COMMON STOCK	53190C102	33,202	1,501	SH		SOLE		1,501	0	0
LINCOLN NATL CORP IND	COM	534187109	31,583	996	SH		SOLE		996	0	0
LIVE NATION ENTERTAINMENT IN	COM	538034109	516,576	3,989	SH		SOLE		3,989	0	0
LOEWS CORP	COM	540424108	17,446	206	SH		SOLE		206	0	0
LOGITECH INTL S A	SHS	H50430232	54,516	662	SH		SOLE		662	0	0
LOUISIANA PAC CORP	COM	546347105	120,429	1,163	SH		SOLE		1,163	0	0
LOWES COS INC	COM	548661107	176,956	717	SH		SOLE		717	0	0
LUMEN TECHNOLOGIES INC	COM	550241103	390,115	73,468	SH		SOLE		73,468	0	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	159,309	2,145	SH		SOLE		2,145	0	0
MADISON SQUARE GRDN SPRT COR	CL A	55825T103	91,626	406	SH		SOLE		406	0	0
MAIN STR CAP CORP	COM	56035L104	45,282	773	SH		SOLE		773	0	0
MARRIOTT INTL INC NEW	CL A	571903202	33,752	121	SH		SOLE		121	0	0
MARTIN MARIETTA MATLS INC	COM	573284106	47,002	91	SH		SOLE		91	0	0
MASCO CORP	COM	574599106	216,331	2,981	SH		SOLE		2,981	0	0
MATADOR RES CO	COM	576485205	182,451	3,243	SH		SOLE		3,243	0	0
MATSON INC	COM	57686G105	235,970	1,750	SH		SOLE		1,750	0	0
MATTEL INC	COM	577081102	139,482	7,867	SH		SOLE		7,867	0	0
MERIT MED SYS INC	COM	589889104	199,340	2,061	SH		SOLE		2,061	0	0
MICROSOFT CORP	COM	594918104	11,813,380	28,027	SH		SOLE		28,027	0	0
MIDDLEBY CORP	COM	596278101	813	6	SH		SOLE		6	0	0
MOHAWK INDS INC	COM	608190104	114,365	960	SH		SOLE		960	0	0
MONSTER BEVERAGE CORP NEW	COM	61174X109	132,136	2,514	SH		SOLE		2,514	0	0
MOTOROLA SOLUTIONS INC	COM NEW	620076307	355,917	770	SH		SOLE		770	0	0
MR COOPER GROUP INC	COM	62482R107	69,703	726	SH		SOLE		726	0	0
NASDAQ INC	COM	631103108	36,954	478	SH		SOLE		478	0	0
NETFLIX INC	COM	64110L106	83,784	94	SH		SOLE		94	0	0
NEWMARKET CORP	COM	651587107	58,647	111	SH		SOLE		111	0	0
NEWS CORP NEW	CL A	65249B109	348,794	12,665	SH		SOLE		12,665	0	0
NEXSTAR MEDIA GROUP INC	COMMON STOCK	65336K103	179,454	1,136	SH		SOLE		1,136	0	0
NEXTRACKER INC	CLASS A COM	65290E101	116,531	3,190	SH		SOLE		3,190	0	0
NISOURCE INC	COM	65473P105	224,493	6,107	SH		SOLE		6,107	0	0
NORDSON CORP	COM	655663102	61,935	296	SH		SOLE		296	0	0
NRG ENERGY INC	COM NEW	629377508	97,618	1,082	SH		SOLE		1,082	0	0
NUCOR CORP	COM	670346105	166,428	1,426	SH		SOLE		1,426	0	0
NUTANIX INC	CL A	67059N108	194,369	3,177	SH		SOLE		3,177	0	0
NVIDIA CORPORATION	COM	67066G104	123,278	918	SH		SOLE		918	0	0
NVR INC	COM	62944T105	237,188	29	SH		SOLE		29	0	0
OLD REP INTL CORP	COM	680223104	96,663	2,671	SH		SOLE		2,671	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	445,457	11,769	SH		SOLE		11,769	0	0
ONEOK INC NEW	COM	682680103	82,629	823	SH		SOLE		823	0	0
OTIS WORLDWIDE CORP	COM	68902V107	39,452	426	SH		SOLE		426	0	0
OVINTIV INC	COM	69047Q102	642,776	15,871	SH		SOLE		15,871	0	0
PACCAR INC	COM	693718108	51,074	491	SH		SOLE		491	0	0
PARAMOUNT GLOBAL	CLASS B COM	92556H206	275,558	26,344	SH		SOLE		26,344	0	0
PARSONS CORP DEL	COM	70202L102	10,793	117	SH		SOLE		117	0	0
PENSKE AUTOMOTIVE GRP INC	COM	70959W103	113,263	743	SH		SOLE		743	0	0
PEPSICO INC	COM	713448108	170,763	1,123	SH		SOLE		1,123	0	0
PERFORMANCE FOOD GROUP CO	COM	71377A103	167,409	1,980	SH		SOLE		1,980	0	0
PETROLEO BRASILEIRO SA PETRO	SPONSORED ADR	71654V408	85,686	6,663	SH		SOLE		6,663	0	0
PFIZER INC	COM	717081103	88,504	3,336	SH		SOLE		3,336	0	0
PHILIP MORRIS INTL INC	COM	718172109	149,715	1,244	SH		SOLE		1,244	0	0
PHILLIPS EDISON & CO INC	COMMON STOCK	71844V201	67,503	1,802	SH		SOLE		1,802	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	77,556	678	SH		SOLE		678	0	0
PIPER SANDLER COMPANIES	COM	724078100	123,879	413	SH		SOLE		413	0	0
POST HLDGS INC	COM	737446104	42,121	368	SH		SOLE		368	0	0
PPL CORP	COM	69351T106	306,390	9,439	SH		SOLE		9,439	0	0
PRICE T ROWE GROUP INC	COM	74144T108	115,691	1,023	SH		SOLE		1,023	0	0
PRINCIPAL FINANCIAL GROUP IN	COM	74251V102	6,812	88	SH		SOLE		88	0	0
PRUDENTIAL FINL INC	COM	744320102	13,038	110	SH		SOLE		110	0	0
PTC INC	COM	69370C100	50,932	277	SH		SOLE		277	0	0
PUBLIC SVC ENTERPRISE GRP IN	COM	744573106	36,246	429	SH		SOLE		429	0	0
PVH CORPORATION	COM	693656100	47,164	446	SH		SOLE		446	0	0
RAYMOND JAMES FINL INC	COM	754730109	182,357	1,174	SH		SOLE		1,174	0	0
REGIONS FINANCIAL CORP NEW	COM	7591EP100	98,243	4,177	SH		SOLE		4,177	0	0
REINSURANCE GRP OF AMERICA I	COM NEW	759351604	208,717	977	SH		SOLE		977	0	0
REPUBLIC SVCS INC	COM	760759100	150,885	750	SH		SOLE		750	0	0
REVOLUTION MEDICINES INC	COM	76155X100	103,664	2,370	SH		SOLE		2,370	0	0
REYNOLDS CONSUMER PRODS INC	COM	76171L106	174,814	6,477	SH		SOLE		6,477	0	0
RIO TINTO PLC	SPONSORED ADR	767204100	15,172,980	258,000	SH		SOLE		258,000	0	0
RLI CORP	COM	749607107	142,908	867	SH		SOLE		867	0	0
ROYAL CARIBBEAN GROUP	COM	V7780T103	85,125	369	SH		SOLE		369	0	0
RTX CORPORATION	COM	75513E101	103,338	893	SH		SOLE		893	0	0
RYAN SPECIALTY HOLDINGS INC	CL A	78351F107	35,801	558	SH		SOLE		558	0	0
RYDER SYS INC	COM	783549108	59,450	379	SH		SOLE		379	0	0
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	256,363	2,457	SH		SOLE		2,457	0	0
S&P GLOBAL INC	COM	78409V104	46,815	94	SH		SOLE		94	0	0
SALESFORCE INC	COM	79466L302	121,027	362	SH		SOLE		362	0	0
SAMSARA INC	COM CL A	79589L106	104,375	2,389	SH		SOLE		2,389	0	0
SCIENCE APPLICATIONS INTL CO	COM	808625107	58,461	523	SH		SOLE		523	0	0
SEI INVTS CO	COM	784117103	163,558	1,983	SH		SOLE		1,983	0	0
SELECT SECTOR SPDR TR	SBI MATERIALS	81369Y100	330,250	3,925	SH		SOLE		3,925	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	256,293	1,863	SH		SOLE		1,863	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	258,027	3,409	SH		SOLE		3,409	0	0
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	250,934	6,170	SH		SOLE		6,170	0	0
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	111,155	1,414	SH		SOLE		1,414	0	0
SHAKE SHACK INC	CL A	819047101	22,845	176	SH		SOLE		176	0	0
SIMON PPTY GROUP INC NEW	COM	828806109	112,625	654	SH		SOLE		654	0	0
SNAP ON INC	COM	833034101	177,888	524	SH		SOLE		524	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	68,505	904	SH		SOLE		904	0	0
STARBUCKS CORP	COM	855244109	31,846	349	SH		SOLE		349	0	0
STERLING INFRASTRUCTURE INC	COM	859241101	131,559	781	SH		SOLE		781	0	0
SUZANO S A	SPON ADS	86959K105	3,375,364	333,534	SH		SOLE		333,534	0	0
SYSCO CORP	COM	871829107	224,639	2,938	SH		SOLE		2,938	0	0
TARGA RES CORP	COM	87612G101	235,442	1,319	SH		SOLE		1,319	0	0
TARGET CORP	COM	87612E106	130,449	965	SH		SOLE		965	0	0
TAYLOR MORRISON HOME CORP	COM	87724P106	247,839	4,049	SH		SOLE		4,049	0	0
TELEDYNE TECHNOLOGIES INC	COM	879360105	94,218	203	SH		SOLE		203	0	0
TENET HEALTHCARE CORP	COM NEW	88033G407	48,851	387	SH		SOLE		387	0	0
TEXAS ROADHOUSE INC	COM	882681109	286,884	1,590	SH		SOLE		1,590	0	0
TIM S A	SPONSORED ADR	88706T108	363,008	30,868	SH		SOLE		30,868	0	0
TOLL BROTHERS INC	COM	889478103	120,030	953	SH		SOLE		953	0	0
TRANSUNION	COM	89400J107	47,004	507	SH		SOLE		507	0	0
TRAVELERS COMPANIES INC	COM	89417E109	29,870	124	SH		SOLE		124	0	0
TYLER TECHNOLOGIES INC	COM	902252105	39,788	69	SH		SOLE		69	0	0
UFP INDUSTRIES INC	COM	90278Q108	61,169	543	SH		SOLE		543	0	0
UGI CORP NEW	COM	902681105	457,015	16,189	SH		SOLE		16,189	0	0
UNITED BANKSHARES INC WEST V	COM	909907107	3,267	87	SH		SOLE		87	0	0
UNITED RENTALS INC	COM	911363109	136,661	194	SH		SOLE		194	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	40,975	81	SH		SOLE		81	0	0
UNUM GROUP	COM	91529Y106	102,023	1,397	SH		SOLE		1,397	0	0
US FOODS HLDG CORP	COM	912008109	175,463	2,601	SH		SOLE		2,601	0	0
VALMONT INDS INC	COM	920253101	247,789	808	SH		SOLE		808	0	0
VENTAS INC	COM	92276F100	380,371	6,459	SH		SOLE		6,459	0	0
VERISK ANALYTICS INC	COM	92345Y106	9,089	33	SH		SOLE		33	0	0
VIATRIS INC	COM	92556V106	38,607	3,101	SH		SOLE		3,101	0	0
VIKING THERAPEUTICS INC	COM	92686J106	63,096	1,568	SH		SOLE		1,568	0	0
VULCAN MATLS CO	COM	929160109	35,498	138	SH		SOLE		138	0	0
WELLTOWER INC	COM	95040Q104	387,794	3,077	SH		SOLE		3,077	0	0
WESCO INTL INC	COM	95082P105	200,323	1,107	SH		SOLE		1,107	0	0
XP INC	CL A	G98239109	2,674,118	225,664	SH		SOLE		225,664	0	0
XPO INC	COM	983793100	22,033	168	SH		SOLE		168	0	0
ZEBRA TECHNOLOGIES CORPORATI	CL A	989207105	67,588	175	SH		SOLE		175	0	0
ZIMMER BIOMET HOLDINGS INC	COM	98956P102	53,449	506	SH		SOLE		506	0	0