<SEC-DOCUMENT>0001104659-19-064051.txt : 20191114
<SEC-HEADER>0001104659-19-064051.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114142335
ACCESSION NUMBER:		0001104659-19-064051
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190930
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114
EFFECTIVENESS DATE:		20191114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Itau Unibanco Holding S.A.
		CENTRAL INDEX KEY:			0001132597
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-17515
		FILM NUMBER:		191218937

	BUSINESS ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000
		BUSINESS PHONE:		55-11-5019-1723

	MAIL ADDRESS:	
		STREET 1:		PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100
		STREET 2:		TORRE AE, 3 ANDAR, CEP 04344-902
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Itau Unibanco Banco Multiplo S.A.
		DATE OF NAME CHANGE:	20090226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU HOLDING FINANCEIRA S A
		DATE OF NAME CHANGE:	20030319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCO ITAU SA
		DATE OF NAME CHANGE:	20010117
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001132597</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2019</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2019</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Itau Unibanco Holding S.A.</name>
        <address>
          <ns1:street1>Pc. Alfredo Egydio De Souza Aranha, 100</ns1:street1>
          <ns1:street2>Torre Ae, 3 Andar, Cep 04344-902</ns1:street2>
          <ns1:city>Sao Paulo</ns1:city>
          <ns1:stateOrCountry>D5</ns1:stateOrCountry>
          <ns1:zipCode>00000</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-17515</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Tatiana Grecco</name>
      <title>Executive Officer</title>
      <phone>55-11-36312510</phone>
      <signature>/s/ Tatiana Grecco</signature>
      <city>Sao Paulo</city>
      <stateOrCountry>D5</stateOrCountry>
      <signatureDate>11-14-2019</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>298</tableEntryTotal>
      <tableValueTotal>1841078</tableValueTotal>
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        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001541597</cik>
            <form13FFileNumber>028-14678</form13FFileNumber>
            <name>Itau USA Asset Management Inc.</name>
          </otherManager>
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      </otherManagers2Info>
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    <cusip>05351W103</cusip>
    <value>151</value>
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      <sshPrnamt>3003</sshPrnamt>
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      <Sole>0</Sole>
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      <None>3003</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>054303102</cusip>
    <value>3046</value>
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      <sshPrnamt>785000</sshPrnamt>
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      <Sole>0</Sole>
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      <None>785000</None>
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    <nameOfIssuer>AXA EQUITABLE HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>054561105</cusip>
    <value>59</value>
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      <sshPrnamt>2854</sshPrnamt>
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      <None>2854</None>
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    <cusip>056752108</cusip>
    <value>456</value>
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      <sshPrnamt>3899</sshPrnamt>
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      <None>3899</None>
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      <None>3939</None>
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    <value>1407</value>
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    <votingAuthority>
      <Sole>2450</Sole>
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      <None>47608</None>
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      <None>0</None>
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      <sshPrnamt>469340</sshPrnamt>
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    <votingAuthority>
      <Sole>162882</Sole>
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      <None>306458</None>
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    <votingAuthority>
      <Sole>110259</Sole>
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      <None>253306</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>1200</value>
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      <sshPrnamt>41551</sshPrnamt>
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      <Sole>0</Sole>
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      <None>41551</None>
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    <cusip>071813109</cusip>
    <value>187</value>
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      <sshPrnamt>2288</sshPrnamt>
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      <Sole>0</Sole>
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      <None>2288</None>
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    <nameOfIssuer>BIOHAVEN PHARMACTL HLDG CO L</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>15</value>
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      <sshPrnamt>336</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
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      <None>336</None>
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    <value>227</value>
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      <Sole>0</Sole>
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      <None>7505</None>
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    <nameOfIssuer>BLUEBIRD BIO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>38</value>
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      <sshPrnamt>300</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>300</None>
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    <value>579</value>
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      <sshPrnamt>1598</sshPrnamt>
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      <None>1598</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>09857L908</cusip>
    <value>915</value>
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      <sshPrnamt>466</sshPrnamt>
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    <putCall>Put</putCall>
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      <None>466</None>
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    <nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>588</value>
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      <None>23556</None>
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    <nameOfIssuer>BRF SA</nameOfIssuer>
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    <cusip>10552T107</cusip>
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      <None>800226</None>
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      <None>6323</None>
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      <None>3568</None>
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      <None>682</None>
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    <nameOfIssuer>CARPENTER TECHNOLOGY CORP</nameOfIssuer>
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      <None>431</None>
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    <nameOfIssuer>CATERPILLAR INC DEL</nameOfIssuer>
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    <cusip>149123101</cusip>
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    <nameOfIssuer>CELANESE CORP DEL</nameOfIssuer>
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      <None>1020</None>
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    <nameOfIssuer>CEMEX SAB DE CV</nameOfIssuer>
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    <value>17370</value>
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      <None>1042566</None>
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    <nameOfIssuer>CENTRAIS ELETRICAS BRASILEIR</nameOfIssuer>
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      <None>577</None>
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    <putCall>Put</putCall>
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      <None>2664</None>
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      <None>10000</None>
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      <None>17214</None>
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    <nameOfIssuer>COHERUS BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>22</value>
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      <None>989</None>
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      <None>38650</None>
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      <None>362617</None>
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      <None>323717</None>
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      <None>810</None>
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      <None>778402</None>
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      <None>149625</None>
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    <cusip>126650100</cusip>
    <value>933</value>
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      <None>14800</None>
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    <value>8</value>
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      <None>756</None>
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    <nameOfIssuer>DANAHER CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235851102</cusip>
    <value>322</value>
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      <sshPrnamt>2265</sshPrnamt>
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      <None>2265</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>244199105</cusip>
    <value>130</value>
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      <sshPrnamt>787</sshPrnamt>
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      <None>787</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>24983L104</cusip>
    <value>35</value>
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      <sshPrnamt>3631</sshPrnamt>
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      <Sole>0</Sole>
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      <None>3631</None>
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    <nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25278X109</cusip>
    <value>106</value>
    <shrsOrPrnAmt>
      <sshPrnamt>981</sshPrnamt>
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      <Shared>0</Shared>
      <None>981</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
    <titleOfClass>COM DISNEY</titleOfClass>
    <cusip>254687106</cusip>
    <value>1110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8431</sshPrnamt>
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      <Sole>0</Sole>
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      <None>8431</None>
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    <nameOfIssuer>DYCOM INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>267475101</cusip>
    <value>80</value>
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      <sshPrnamt>1366</sshPrnamt>
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      <None>1366</None>
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    <nameOfIssuer>EDISON INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>281020107</cusip>
    <value>295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4391</sshPrnamt>
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    <votingAuthority>
      <Sole>0</Sole>
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      <None>4391</None>
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    <nameOfIssuer>ELANCO ANIMAL HEALTH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28414H103</cusip>
    <value>31</value>
    <shrsOrPrnAmt>
      <sshPrnamt>911</sshPrnamt>
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      <Sole>0</Sole>
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      <None>911</None>
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    <nameOfIssuer>EMBRAER S A</nameOfIssuer>
    <titleOfClass>SP ADR REP 4 COM</titleOfClass>
    <cusip>29082A107</cusip>
    <value>5756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>333683</sshPrnamt>
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    <votingAuthority>
      <Sole>140151</Sole>
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      <None>193532</None>
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    <nameOfIssuer>ENCANA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>292505104</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16516</sshPrnamt>
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      <None>16516</None>
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    <nameOfIssuer>EQUIFAX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294429105</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>456</sshPrnamt>
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      <None>456</None>
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    <nameOfIssuer>EXELON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>247</value>
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      <sshPrnamt>5181</sshPrnamt>
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      <None>5181</None>
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    <nameOfIssuer>EXPEDIA GROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
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      <None>2855</None>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>818</value>
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      <None>10724</None>
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    <nameOfIssuer>F M C CORP</nameOfIssuer>
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    <value>149</value>
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      <sshPrnamt>1799</sshPrnamt>
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      <None>1799</None>
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    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>30303M102</cusip>
    <value>2279</value>
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      <None>12176</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>336433107</cusip>
    <value>67</value>
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      <sshPrnamt>1027</sshPrnamt>
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      <None>1027</None>
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    <nameOfIssuer>FLEETCOR TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>339041105</cusip>
    <value>268</value>
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      <None>960</None>
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    <nameOfIssuer>FOMENTO ECONOMICO MEXICANO S</nameOfIssuer>
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    <value>59598</value>
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    <votingAuthority>
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      <None>352090</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>34959J108</cusip>
    <value>138</value>
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      <sshPrnamt>1699</sshPrnamt>
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      <None>1699</None>
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    <nameOfIssuer>FORTY SEVEN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>34983P104</cusip>
    <value>14</value>
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      <None>1285</None>
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    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>13</value>
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      <sshPrnamt>1107</sshPrnamt>
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      <None>1107</None>
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    <nameOfIssuer>G1 THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>3621LQ109</cusip>
    <value>27</value>
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      <None>870</None>
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    <nameOfIssuer>GARDNER DENVER HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36555P107</cusip>
    <value>130</value>
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      <sshPrnamt>3774</sshPrnamt>
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      <Sole>0</Sole>
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      <None>3774</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>459</value>
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      <sshPrnamt>49954</sshPrnamt>
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    <votingAuthority>
      <Sole>45002</Sole>
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      <None>4952</None>
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    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
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      <sshPrnamt>21067</sshPrnamt>
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      <None>21067</None>
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    <cusip>G3922B107</cusip>
    <value>118</value>
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      <None>3114</None>
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    <nameOfIssuer>GERDAU S A</nameOfIssuer>
    <titleOfClass>SPON ADR REP PFD</titleOfClass>
    <cusip>373737105</cusip>
    <value>19575</value>
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      <sshPrnamt>6214200</sshPrnamt>
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    <nameOfIssuer>GLOBAL BLOOD THERAPEUTICS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37890U108</cusip>
    <value>2650</value>
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      <None>50373</None>
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    <nameOfIssuer>GLOBAL PMTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37940X102</cusip>
    <value>382</value>
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      <None>2398</None>
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    <nameOfIssuer>GLYCOMIMETICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38000Q102</cusip>
    <value>11</value>
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      <sshPrnamt>937</sshPrnamt>
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      <Sole>0</Sole>
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      <None>937</None>
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    <titleOfClass>CL A</titleOfClass>
    <cusip>380237107</cusip>
    <value>220</value>
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      <sshPrnamt>3147</sshPrnamt>
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      <None>3147</None>
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    <nameOfIssuer>GRANITE CONSTR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>640268108</cusip>
    <value>62</value>
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      <None>1750</None>
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    <nameOfIssuer>NEON THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64050Y900</cusip>
    <value>2</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>64110L106</cusip>
    <value>705</value>
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      <None>11927</None>
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      <None>1171</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>65339F101</cusip>
    <value>148</value>
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      <None>727</None>
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    <nameOfIssuer>NIKE INC</nameOfIssuer>
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    <cusip>654106103</cusip>
    <value>1856</value>
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      <None>20124</None>
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    <value>98</value>
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      <None>4397</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>655844108</cusip>
    <value>260</value>
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      <None>1310</None>
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    <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>629377508</cusip>
    <value>236</value>
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      <None>6757</None>
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    <nameOfIssuer>NUVASIVE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670704105</cusip>
    <value>202</value>
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      <None>3467</None>
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    <cusip>G6700G107</cusip>
    <value>63</value>
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      <None>2572</None>
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    <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67066G104</cusip>
    <value>17895</value>
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      <None>102987</None>
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    <nameOfIssuer>ODONATE THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>25</value>
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      <sshPrnamt>671</sshPrnamt>
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      <None>671</None>
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    <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>670837103</cusip>
    <value>5</value>
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      <None>100</None>
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    <nameOfIssuer>ONEMAIN HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>121</value>
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      <None>3585</None>
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      <None>472667</None>
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    <nameOfIssuer>PAMPA ENERGIA S A</nameOfIssuer>
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    <value>9115</value>
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    <nameOfIssuer>PARSONS CORPORATION</nameOfIssuer>
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    <cusip>71654V101</cusip>
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    <cusip>71654V408</cusip>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
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      <None>10264</None>
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    <cusip>717224109</cusip>
    <value>6</value>
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      <None>432</None>
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    <nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>415</value>
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      <None>5303</None>
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      <None>1869</None>
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      <None>7126</None>
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    <value>154</value>
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      <None>1938</None>
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      <None>1228</None>
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      <None>1073</None>
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      <None>612</None>
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      <None>1514</None>
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      <None>1622</None>
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    <value>20</value>
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      <None>1563</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>76169B102</cusip>
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    <titleOfClass>COM</titleOfClass>
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      <None>6261</None>
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    <titleOfClass>COM</titleOfClass>
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      <None>1786</None>
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  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>246</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6214</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6214</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCIPLAY CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>809087109</cusip>
    <value>51</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3729</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3729</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEATTLE GENETICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>812578102</cusip>
    <value>61</value>
    <shrsOrPrnAmt>
      <sshPrnamt>890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>890</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>77</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-FINL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>5081</value>
    <shrsOrPrnAmt>
      <sshPrnamt>181466</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>181466</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>660</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816851109</cusip>
    <value>470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3436</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3436</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>318</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>318</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>13177</value>
    <shrsOrPrnAmt>
      <sshPrnamt>386050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>125844</Sole>
      <Shared>0</Shared>
      <None>260206</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>3277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>23600</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>EURO STOXX 50</titleOfClass>
    <cusip>78463X202</cusip>
    <value>5788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>153370</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>153370</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>ASIA PACIF ETF</titleOfClass>
    <cusip>78463X301</cusip>
    <value>2131</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>22800</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>PORTFOLIO EMG MK</titleOfClass>
    <cusip>78463X509</cusip>
    <value>1268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>37000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>175026</value>
    <shrsOrPrnAmt>
      <sshPrnamt>589972</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>558902</Sole>
      <Shared>0</Shared>
      <None>31070</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P OILGAS EXP</titleOfClass>
    <cusip>78464A730</cusip>
    <value>3354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>150000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P REGL BKG</titleOfClass>
    <cusip>78464A698</cusip>
    <value>384</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7226</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7226</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPLUNK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>848637104</cusip>
    <value>49</value>
    <shrsOrPrnAmt>
      <sshPrnamt>388</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>388</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPOTIFY TECHNOLOGY S A</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>L8681T102</cusip>
    <value>42</value>
    <shrsOrPrnAmt>
      <sshPrnamt>290</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>290</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SS&amp;C TECHNOLOGIES HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78467J100</cusip>
    <value>446</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7775</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858119100</cusip>
    <value>21</value>
    <shrsOrPrnAmt>
      <sshPrnamt>687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>687</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONECO LTD</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>G85158106</cusip>
    <value>16326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>469405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>469405</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SVB FINL GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78486Q101</cusip>
    <value>162</value>
    <shrsOrPrnAmt>
      <sshPrnamt>724</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>724</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SVMK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78489X903</cusip>
    <value>87</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5266</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5266</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYMANTEC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871503108</cusip>
    <value>28</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNDAX PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87164F905</cusip>
    <value>13</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1423</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1423</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TC ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87807B107</cusip>
    <value>313</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6347</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6347</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TD AMERITRADE HLDG CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87236Y108</cusip>
    <value>476</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9571</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>9571</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TERADYNE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>880770102</cusip>
    <value>56</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1176</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1176</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TESLA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88160R101</cusip>
    <value>457</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2056</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2056</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEVA PHARMACEUTICAL INDS LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>881624209</cusip>
    <value>105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11405</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11405</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>882508104</cusip>
    <value>233</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2036</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2036</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THE REALREAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88339P101</cusip>
    <value>491</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21971</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21971</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>522</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1784</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1784</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TIM PARTICIPACOES S A</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>88706P205</cusip>
    <value>13622</value>
    <shrsOrPrnAmt>
      <sshPrnamt>948623</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>358058</Sole>
      <Shared>0</Shared>
      <None>590565</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872540109</cusip>
    <value>985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18003</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18003</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>891906109</cusip>
    <value>86</value>
    <shrsOrPrnAmt>
      <sshPrnamt>676</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>676</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRANSUNION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89400J107</cusip>
    <value>66</value>
    <shrsOrPrnAmt>
      <sshPrnamt>905</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>905</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRICIDA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89610F101</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>740</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>740</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRINET GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896288107</cusip>
    <value>99</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1468</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1468</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRITON INTL LTD</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>G9078F107</cusip>
    <value>52</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1595</None>
    </votingAuthority>
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