Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPOT	SPOTIFY TECHNOLOGY S A	1,598,173	$742M	7.0%	—	—	SHS	L8681T102
AAPL	APPLE INC	259,985	$75.24M	0.7%	—	—	COM	037833100
JPM	JPMORGAN CHASE & CO	181,377	$59.38M	0.6%	—	—	COM	46625H100
NEE	NEXTERA ENERGY INC	516,580	$45.34M	0.4%	—	—	COM	65339F101
HON	HONEYWELL INTL INC	156,577	$35.06M	0.3%	—	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	156,581	$34.61M	0.3%	—	—	COM	43849R105
XP	XP INC	162,616	$2.644M	0.0%	—	—	CL A	G98239109
VIST	VISTA ENERGY S.A.B. DE C.V.	34,131	$2.178M	0.0%	—	—	SPONSORED ADS	92837L109
XSW	SPDR SERIES TRUST	5,609	$1.025M	0.0%	—	—	ST STR SW SERV	78464A599
IXP	ISHARES TR	7,544	$867K	0.0%	—	—	GBL COMM SVC ETF	464287275
IYT	ISHARES TR	5,791	$492K	0.0%	—	—	US TRSPRTION	464287192
RXI	ISHARES TR	1,611	$323K	0.0%	—	—	GLB CNS DISC ETF	464288745
AMAT	APPLIED MATLS INC	432	$312K	0.0%	—	—	COM	038222105
FNCL	FIDELITY COVINGTON TRUST	3,625	$294K	0.0%	—	—	MSCI FINLS IDX	316092501
IXJ	ISHARES TR	2,150	$216K	0.0%	—	—	GLOB HLTHCRE ETF	464287325

Increased Positions (10)

CNI CANADIAN NATL RY CO 6.1%

Value $648M (+122.0%) Shares 5,390,831 (+89.7%) Est. Cost — Unrealized —

SE SEA LTD 2.9%

Value $311M (+174.4%) Shares 3,198,265 (+133.8%) Est. Cost — Unrealized —

BBVA BANCO BILBAO VIZCAYA ARGENTA 2.1%

Value $222M (+60.4%) Shares 8,391,515 (+31.2%) Est. Cost — Unrealized —

MFC MANULIFE FINL CORP 2.2%

Value $237M (+53.4%) Shares 5,575,714 (+24.5%) Est. Cost — Unrealized —

ITUB ITAU UNIBANCO HLDG S A 0.8%

Value $81.25M (+685.9%) Shares 9,944,372 (+706.1%) Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.8%

Value $84.87M (+23.5%) Shares 169,255 (+21.1%) Est. Cost — Unrealized —

JNJ JOHNSON & JOHNSON 0.9%

Value $95.92M (+11.2%) Shares 377,680 (+7.1%) Est. Cost — Unrealized —

BKNG BOOKING HOLDINGS INC 0.7%

Value $69.26M (-11.7%) Shares 388,556 (+1984.6%) Est. Cost — Unrealized —

BHP BHP BILLITON LIMITED 0.1%

Value $7.095M (+118.4%) Shares 85,095 (+90.6%) Est. Cost — Unrealized —

AZN ASTRAZENECA PLC 0.8%

Value $79.89M (-0.7%) Shares 442,676 (+7.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNI	CANADIAN NATL RY CO	5,390,831 (+89.7%)	$648M (+122.0%)	6.1%	—	—	COM	136375102
SE	SEA LTD	3,198,265 (+133.8%)	$311M (+174.4%)	2.9%	—	—	SPONSORD ADS	81141R100
BBVA	BANCO BILBAO VIZCAYA ARGENTA	8,391,515 (+31.2%)	$222M (+60.4%)	2.1%	—	—	SPONSORED ADR	05946K101
MFC	MANULIFE FINL CORP	5,575,714 (+24.5%)	$237M (+53.4%)	2.2%	—	—	COM	56501R106
ITUB	ITAU UNIBANCO HLDG S A	9,944,372 (+706.1%)	$81.25M (+685.9%)	0.8%	—	—	SPON ADR REP PFD	465562106
TMO	THERMO FISHER SCIENTIFIC INC	169,255 (+21.1%)	$84.87M (+23.5%)	0.8%	—	—	COM	883556102
JNJ	JOHNSON & JOHNSON	377,680 (+7.1%)	$95.92M (+11.2%)	0.9%	—	—	COM	478160104
BKNG	BOOKING HOLDINGS INC	388,556 (+1984.6%)	$69.26M (-11.7%)	0.7%	—	—	COM	09857L108
BHP	BHP BILLITON LIMITED	85,095 (+90.6%)	$7.095M (+118.4%)	0.1%	—	—	SPONSORED ADS	088606108
AZN	ASTRAZENECA PLC	442,676 (+7.8%)	$79.89M (-0.7%)	0.8%	—	—	ORD	G0593M107

Exited Positions (6)

CME CME GROUP INC 0.9%

Value $99.9M Shares 338,257 Est. Cost — Unrealized —

HON HONEYWELL INTL INC 0.9%

Value $92.26M Shares 408,185 Est. Cost — Unrealized —

TTD THE TRADE DESK INC 0.2%

Value $24.27M Shares 1,069,565 Est. Cost — Unrealized —

GLOB GLOBANT S A 0.0%

Value $996K Shares 21,599 Est. Cost — Unrealized —

EFA ISHARES TR 0.0%

Value $384K Shares 3,952 Est. Cost — Unrealized —

EFG ISHARES TR 0.0%

Value $360K Shares 3,236 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CME	CME GROUP INC	338,257	$99.9M	0.9%	—	—	—	12572Q105
HON	HONEYWELL INTL INC	408,185	$92.26M	0.9%	—	—	—	438516106
TTD	THE TRADE DESK INC	1,069,565	$24.27M	0.2%	—	—	—	88339J105
GLOB	GLOBANT S A	21,599	$996K	0.0%	—	—	—	L44385109
EFA	ISHARES TR	3,952	$384K	0.0%	—	—	—	464287465
EFG	ISHARES TR	3,236	$360K	0.0%	—	—	—	464288885

Decreased Positions (55)

TSM TAIWAN SEMICONDUCTOR MANUFAC 12.7%

Value $1.349B (+14.0%) Shares 2,884,195 (-17.6%) Est. Cost — Unrealized —

VRTX VERTEX PHARMACEUTICALS INC 0.0%

Value $578K (-99.6%) Shares 1,163 (-99.6%) Est. Cost — Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.1%

Value $6.059M (-94.2%) Shares 73,137 (-94.8%) Est. Cost — Unrealized —

HDB HDFC BANK LTD 2.7%

Value $287M (-22.4%) Shares 11,208,475 (-24.6%) Est. Cost — Unrealized —

NFLX NETFLIX INC. 1.0%

Value $104M (-42.1%) Shares 1,451,884 (-22.0%) Est. Cost — Unrealized —

FMX FOMENTO ECONOMICO MEXICANO S 6.5%

Value $689M (+11.5%) Shares 5,383,731 (-3.1%) Est. Cost — Unrealized —

FN FABRINET 0.0%

Value $2.868M (-96.0%) Shares 5,103 (-96.3%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 1.3%

Value $138M (-31.3%) Shares 368,533 (-31.8%) Est. Cost — Unrealized —

BAP CREDICORP LTD 4.7%

Value $500M (+11.3%) Shares 1,278,788 (-3.5%) Est. Cost — Unrealized —

TW TRADEWEB MKTS INC 0.8%

Value $84.03M (-34.2%) Shares 843,174 (-22.3%) Est. Cost — Unrealized —

ACN ACCENTURE PLC IRELAND 0.4%

Value $37.71M (-51.2%) Shares 302,900 (-22.2%) Est. Cost — Unrealized —

META META PLATFORMS INC 1.3%

Value $134M (-21.5%) Shares 237,407 (-20.3%) Est. Cost — Unrealized —

NTES NETEASE COM INC 2.7%

Value $291M (+12.0%) Shares 2,258,205 (-2.8%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 2.2%

Value $232M (-11.2%) Shares 649,331 (-28.5%) Est. Cost — Unrealized —

SHEL SHELL PLC 2.2%

Value $237M (-10.9%) Shares 2,810,624 (-1.9%) Est. Cost — Unrealized —

SLB SLB LIMITED 0.7%

Value $69.84M (-28.2%) Shares 1,502,263 (-20.6%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 2.0%

Value $207M (-11.4%) Shares 870,587 (-22.5%) Est. Cost — Unrealized —

ADBE ADOBE INC 0.5%

Value $49.91M (-34.7%) Shares 243,380 (-22.6%) Est. Cost — Unrealized —

RGA REINSURANCE GROUP AMER INC 1.1%

Value $116M (-18.2%) Shares 547,439 (-21.4%) Est. Cost — Unrealized —

RYAAY RYANAIR HOLDINGS PLC 3.6%

Value $381M (+6.6%) Shares 5,951,510 (-3.9%) Est. Cost — Unrealized —

NOC NORTHROP GRUMMAN CORP 0.3%

Value $31.57M (-42.5%) Shares 61,975 (-22.9%) Est. Cost — Unrealized —

AVGO BROADCOM INC 0.9%

Value $95.76M (-18.9%) Shares 253,500 (-33.5%) Est. Cost — Unrealized —

TLK TELEKOMUNIKASI IND 0.5%

Value $56.79M (-27.6%) Shares 4,053,444 (-3.5%) Est. Cost — Unrealized —

EFX EQUIFAX INC 0.4%

Value $40.08M (-31.5%) Shares 252,498 (-22.3%) Est. Cost — Unrealized —

SAP SAP SE 0.4%

Value $43.64M (-29.1%) Shares 281,110 (-21.7%) Est. Cost — Unrealized —

PGR PROGRESSIVE CORP 0.9%

Value $97.99M (-13.4%) Shares 448,571 (-21.4%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 0.5%

Value $51.07M (-22.1%) Shares 268,109 (-22.4%) Est. Cost — Unrealized —

APH AMPHENOL CORP 1.2%

Value $125M (+10.8%) Shares 709,282 (-20.5%) Est. Cost — Unrealized —

NVT NVENT ELEC PLC 0.8%

Value $84.26M (+14.0%) Shares 496,873 (-20.5%) Est. Cost — Unrealized —

V VISA INC 0.8%

Value $89.67M (-10.4%) Shares 261,330 (-21.0%) Est. Cost — Unrealized —

DE DEERE & CO 0.6%

Value $64.41M (-13.5%) Shares 101,541 (-23.2%) Est. Cost — Unrealized —

HLN HALEON PLC 1.4%

Value $148M (-6.0%) Shares 15,414,796 (-1.9%) Est. Cost — Unrealized —

ABBV ABBVIE INC 0.7%

Value $70.28M (-9.7%) Shares 279,294 (-21.9%) Est. Cost — Unrealized —

AME AMETEK INC 0.7%

Value $74.56M (-8.2%) Shares 308,154 (-18.6%) Est. Cost — Unrealized —

MELI MERCADOLIBRE INC 3.0%

Value $318M (-1.4%) Shares 184,269 (-1.2%) Est. Cost — Unrealized —

ASML ASML HLDG NV 2.6%

Value $282M (-1.5%) Shares 154,841 (-28.4%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.1%

Value $225M (+1.6%) Shares 1,125,966 (-11.5%) Est. Cost — Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.6%

Value $65.24M (+5.2%) Shares 168,707 (-20.4%) Est. Cost — Unrealized —

EPAM EPAM SYS INC 0.0%

Value $2.222M (-55.4%) Shares 28,004 (-23.8%) Est. Cost — Unrealized —

TS TENARIS S A 0.1%

Value $14.66M (-14.0%) Shares 264,186 (-9.8%) Est. Cost — Unrealized —

RIO RIO TINTO PLC 1.8%

Value $186M (+1.2%) Shares 1,941,326 (-1.5%) Est. Cost — Unrealized —

SONY SONY GROUP CORP 1.3%

Value $140M (+1.6%) Shares 6,468,686 (-2.5%) Est. Cost — Unrealized —

ACWI ISHARES TR 0.1%

Value $11.17M (-15.4%) Shares 71,188 (-25.5%) Est. Cost — Unrealized —

ATKR ATKORE INC 0.4%

Value $43.13M (+3.8%) Shares 567,192 (-19.5%) Est. Cost — Unrealized —

ACWX ISHARES TR 0.0%

Value $1.559M (-48.8%) Shares 20,486 (-54.0%) Est. Cost — Unrealized —

NVS NOVARTIS AG 0.9%

Value $90.47M (+1.4%) Shares 578,234 (-1.0%) Est. Cost — Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.0%

Value $468K (-71.3%) Shares 6,629 (-74.0%) Est. Cost — Unrealized —

ALC ALCON AG 0.0%

Value $913K (-46.5%) Shares 13,603 (-39.9%) Est. Cost — Unrealized —

HEI HEICO CORP NEW 0.7%

Value $79.6M (+0.9%) Shares 223,476 (-22.3%) Est. Cost — Unrealized —

LIN LINDE PLC 0.0%

Value $2.023M (-25.8%) Shares 4,069 (-26.0%) Est. Cost — Unrealized —

KSPI KASPI KZ JSC 0.1%

Value $9.498M (+7.8%) Shares 109,630 (-7.8%) Est. Cost — Unrealized —

INDA ISHARES TR 0.1%

Value $6.343M (-7.3%) Shares 128,425 (-12.1%) Est. Cost — Unrealized —

GMAB GENMAB A/S 0.8%

Value $86.9M (+0.2%) Shares 3,086,318 (-4.5%) Est. Cost — Unrealized —

VT VANGUARD INTL EQUITY INDEX F 0.0%

Value $226K (-0.7%) Shares 1,437 (-12.5%) Est. Cost — Unrealized —

CIB GRUPO CIBEST SA 0.1%

Value $9.254M (-0.0%) Shares 116,499 (-8.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	2,884,195 (-17.6%)	$1.349B (+14.0%)	12.7%	—	—	SPONSORED ADS	874039100
VRTX	VERTEX PHARMACEUTICALS INC	1,163 (-99.6%)	$578K (-99.6%)	0.0%	—	—	COM	92532F100
VEU	VANGUARD INTL EQUITY INDEX F	73,137 (-94.8%)	$6.059M (-94.2%)	0.1%	—	—	ALLWRLD EX US	922042775
HDB	HDFC BANK LTD	11,208,475 (-24.6%)	$287M (-22.4%)	2.7%	—	—	SPONSORED ADS	40415F101
NFLX	NETFLIX INC.	1,451,884 (-22.0%)	$104M (-42.1%)	1.0%	—	—	COM	64110L106
FMX	FOMENTO ECONOMICO MEXICANO S	5,383,731 (-3.1%)	$689M (+11.5%)	6.5%	—	—	SPON ADR UNITS	344419106
FN	FABRINET	5,103 (-96.3%)	$2.868M (-96.0%)	0.0%	—	—	SHS	G3323L100
MSFT	MICROSOFT CORP	368,533 (-31.8%)	$138M (-31.3%)	1.3%	—	—	COM	594918104
BAP	CREDICORP LTD	1,278,788 (-3.5%)	$500M (+11.3%)	4.7%	—	—	COM	G2519Y108
TW	TRADEWEB MKTS INC	843,174 (-22.3%)	$84.03M (-34.2%)	0.8%	—	—	CL A	892672106
ACN	ACCENTURE PLC IRELAND	302,900 (-22.2%)	$37.71M (-51.2%)	0.4%	—	—	SHS CLASS A	G1151C101
META	META PLATFORMS INC	237,407 (-20.3%)	$134M (-21.5%)	1.3%	—	—	CL A	30303M102
NTES	NETEASE COM INC	2,258,205 (-2.8%)	$291M (+12.0%)	2.7%	—	—	SPONSORED ADS	64110W102
GOOGL	ALPHABET INC	649,331 (-28.5%)	$232M (-11.2%)	2.2%	—	—	CAP STK CL A	02079K305
SHEL	SHELL PLC	2,810,624 (-1.9%)	$237M (-10.9%)	2.2%	—	—	SPON ADS	780259305
SLB	SLB LIMITED	1,502,263 (-20.6%)	$69.84M (-28.2%)	0.7%	—	—	COM STK	806857108
AMZN	AMAZON COM INC	870,587 (-22.5%)	$207M (-11.4%)	2.0%	—	—	COM	023135106
ADBE	ADOBE INC	243,380 (-22.6%)	$49.91M (-34.7%)	0.5%	—	—	COM	00724F101
RGA	REINSURANCE GROUP AMER INC	547,439 (-21.4%)	$116M (-18.2%)	1.1%	—	—	COM NEW	759351604
RYAAY	RYANAIR HOLDINGS PLC	5,951,510 (-3.9%)	$381M (+6.6%)	3.6%	—	—	SPONSORED ADR	783513203
NOC	NORTHROP GRUMMAN CORP	61,975 (-22.9%)	$31.57M (-42.5%)	0.3%	—	—	COM	666807102
AVGO	BROADCOM INC	253,500 (-33.5%)	$95.76M (-18.9%)	0.9%	—	—	COM	11135F101
TLK	TELEKOMUNIKASI IND	4,053,444 (-3.5%)	$56.79M (-27.6%)	0.5%	—	—	SPONSORED ADR	715684106
EFX	EQUIFAX INC	252,498 (-22.3%)	$40.08M (-31.5%)	0.4%	—	—	COM	294429105
SAP	SAP SE	281,110 (-21.7%)	$43.64M (-29.1%)	0.4%	—	—	SPON ADR	803054204
PGR	PROGRESSIVE CORP	448,571 (-21.4%)	$97.99M (-13.4%)	0.9%	—	—	COM	743315103
DHR	DANAHER CORP DEL	268,109 (-22.4%)	$51.07M (-22.1%)	0.5%	—	—	COM	235851102
APH	AMPHENOL CORP	709,282 (-20.5%)	$125M (+10.8%)	1.2%	—	—	CL A	032095101
NVT	NVENT ELEC PLC	496,873 (-20.5%)	$84.26M (+14.0%)	0.8%	—	—	SHS	G6700G107
V	VISA INC	261,330 (-21.0%)	$89.67M (-10.4%)	0.8%	—	—	COM CL A	92826C839
DE	DEERE & CO	101,541 (-23.2%)	$64.41M (-13.5%)	0.6%	—	—	COM	244199105
HLN	HALEON PLC	15,414,796 (-1.9%)	$148M (-6.0%)	1.4%	—	—	SPON ADS	405552100
ABBV	ABBVIE INC	279,294 (-21.9%)	$70.28M (-9.7%)	0.7%	—	—	COM	00287Y109
AME	AMETEK INC	308,154 (-18.6%)	$74.56M (-8.2%)	0.7%	—	—	COM	031100100
MELI	MERCADOLIBRE INC	184,269 (-1.2%)	$318M (-1.4%)	3.0%	—	—	COM	58733R102
ASML	ASML HLDG NV	154,841 (-28.4%)	$282M (-1.5%)	2.6%	—	—	N Y REGISTRY SHS	N07059210
NVDA	NVIDIA CORPORATION	1,125,966 (-11.5%)	$225M (+1.6%)	2.1%	—	—	COM	67066G104
ELV	ELEVANCE HEALTH INC FORMERLY	168,707 (-20.4%)	$65.24M (+5.2%)	0.6%	—	—	COM	036752103
EPAM	EPAM SYS INC	28,004 (-23.8%)	$2.222M (-55.4%)	0.0%	—	—	COM	29414B104
TS	TENARIS S A	264,186 (-9.8%)	$14.66M (-14.0%)	0.1%	—	—	SPONSORED ADS	88031M109
RIO	RIO TINTO PLC	1,941,326 (-1.5%)	$186M (+1.2%)	1.8%	—	—	SPONSORED ADR	767204100
SONY	SONY GROUP CORP	6,468,686 (-2.5%)	$140M (+1.6%)	1.3%	—	—	SPONSORED ADR	835699307
ACWI	ISHARES TR	71,188 (-25.5%)	$11.17M (-15.4%)	0.1%	—	—	MSCI ACWI ETF	464288257
ATKR	ATKORE INC	567,192 (-19.5%)	$43.13M (+3.8%)	0.4%	—	—	COM	047649108
ACWX	ISHARES TR	20,486 (-54.0%)	$1.559M (-48.8%)	0.0%	—	—	MSCI ACWI EX US	464288240
NVS	NOVARTIS AG	578,234 (-1.0%)	$90.47M (+1.4%)	0.9%	—	—	SPONSORED ADR	66987V109
VEA	VANGUARD TAX-MANAGED FDS	6,629 (-74.0%)	$468K (-71.3%)	0.0%	—	—	VAN FTSE DEV MKT	921943858
ALC	ALCON AG	13,603 (-39.9%)	$913K (-46.5%)	0.0%	—	—	ORD SHS	H01301128
HEI	HEICO CORP NEW	223,476 (-22.3%)	$79.6M (+0.9%)	0.7%	—	—	COM	422806109
LIN	LINDE PLC	4,069 (-26.0%)	$2.023M (-25.8%)	0.0%	—	—	SHS	G54950103
KSPI	KASPI KZ JSC	109,630 (-7.8%)	$9.498M (+7.8%)	0.1%	—	—	SPONSORED ADS	48581R205
INDA	ISHARES TR	128,425 (-12.1%)	$6.343M (-7.3%)	0.1%	—	—	MSCI INDIA ETF	46429B598
GMAB	GENMAB A/S	3,086,318 (-4.5%)	$86.9M (+0.2%)	0.8%	—	—	SPONSORED ADS	372303206
VT	VANGUARD INTL EQUITY INDEX F	1,437 (-12.5%)	$226K (-0.7%)	0.0%	—	—	TT WRLD ST ETF	922042742
CIB	GRUPO CIBEST SA	116,499 (-8.3%)	$9.254M (-0.0%)	0.1%	—	—	SPON ADS	40090E106

Unchanged Positions (2)

NICE NICE LTD 2.2%

Value $234M Shares 2,523,392 Est. Cost — Unrealized —

IBN ICICI BANK LIMITED 0.0%

Value $2.098M Shares 71,873 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NICE	NICE LTD	2,523,392	$234M	2.2%	—	—	SPONSORED ADR	653656108
IBN	ICICI BANK LIMITED	71,873	$2.098M	0.0%	—	—	ADR	45104G104