CAUSEWAY CAPITAL MANAGEMENT LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	7,421,749	$1,438,217	17.7%	$190.39	0.0%	SPONSORED ADR	G0593M107
DTE	DTE ENERGY CO	322,015	$47,085	0.6%	$136.80	0.0%	COM	233331107
TXN	TEXAS INSTRUMENTS INC	206,214	$40,034	0.5%	$206.27	0.0%	COM	882508104
TAL	TAL EDUCATION GROUP	3,478,417	$39,550	0.5%	$11.37	—	SPONSORED ADS	874080104
PBR/A	PETROLEO BRASILEIRO SA - PETROBRAS	1,495,664	$28,044	0.3%	$18.75	—	SP ADR NON VTG	71654V101
UNH	UNITEDHEALTH GROUP INC	71,864	$19,446	0.2%	$308.69	0.0%	COM	91324P102
VIST	VISTA ENERGY SAB DE CV	220,918	$16,673	0.2%	$75.47	—	SPONSORED ADS	92837L109
CIB	GRUPO CIBEST SA	132,364	$9,637	0.1%	$72.81	—	SPONSORED ADS	40090E106
KSA	ISHARES MSCI SAUDI ARABIA ETF	52,898	$2,103	0.0%	$39.75	—	MSCI SAUDI ARBIA	46434V423
SCZ	ISHARES MSCI EAFE SMALL-CAP ETF	7,100	$557	0.0%	$78.41	—	EAFE SML CP ETF	464288273
HAFN	HAFNIA LTD	54,367	$416	0.0%	$6.21	0.0%	SHS	Y2990R101
BWLP	BW LPG LTD	15,291	$269	0.0%	$15.39	0.0%	COM	Y10230103
ALL	ALLSTATE CORP/THE	1,005	$208	0.0%	$202.93	0.0%	COM	020002101

Increased Positions (40)

DB DEUTSCHE BANK AG 8.9%

Value ($000) $723,329 (+31.1%) Shares 24,962,034 (+75.9%) Est. Cost $30.94 Unrealized +22.9%

CCL CARNIVAL CORP 11.8%

Value ($000) $960,060 (-7.4%) Shares 37,096,593 (+9.3%) Est. Cost $24.94 Unrealized +24.4%

AU ANGLOGOLD ASHANTI PLC 1.1%

Value ($000) $86,240 (+129.6%) Shares 898,816 (+107.0%) Est. Cost $81.31 Unrealized +27.4%

JLL JONES LANG LASALLE INC 0.7%

Value ($000) $56,687 (+183.4%) Shares 186,274 (+213.3%) Est. Cost $284.52 Unrealized +18.1%

BAH BOOZ ALLEN HAMILTON HOLDING CORP 0.8%

Value ($000) $66,908 (+100.1%) Shares 857,462 (+116.3%) Est. Cost $87.70 Unrealized -0.8%

BA BOEING CO/THE 0.8%

Value ($000) $62,481 (+89.4%) Shares 313,926 (+106.6%) Est. Cost $222.63 Unrealized +7.1%

RELX RELX PLC 0.9%

Value ($000) $76,457 (+59.0%) Shares 2,306,409 (+93.9%) Est. Cost $36.00 Unrealized —

VEA VANGUARD FTSE DEVELOPED MARKETS ETF 0.6%

Value ($000) $47,204 (+79.3%) Shares 736,637 (+74.8%) Est. Cost $58.23 Unrealized —

CARR CARRIER GLOBAL CORP 1.5%

Value ($000) $118,413 (+21.2%) Shares 2,102,878 (+13.7%) Est. Cost $64.47 Unrealized -7.5%

ALK ALASKA AIR GROUP INC 1.1%

Value ($000) $92,031 (+27.5%) Shares 2,502,211 (+74.4%) Est. Cost $48.91 Unrealized +7.4%

SAP SAP SE 1.0%

Value ($000) $78,073 (+28.2%) Shares 456,005 (+81.9%) Est. Cost $195.99 Unrealized —

NWG NATWEST GROUP PLC 0.5%

Value ($000) $44,526 (+60.3%) Shares 2,988,309 (+88.3%) Est. Cost $12.95 Unrealized —

LYV LIVE NATION ENTERTAINMENT INC 1.0%

Value ($000) $80,284 (+26.0%) Shares 526,418 (+17.7%) Est. Cost $128.49 Unrealized +15.4%

BAP CREDICORP LTD 1.0%

Value ($000) $83,137 (+19.7%) Shares 245,113 (+1.3%) Est. Cost $204.52 Unrealized +64.7%

ING ING GROEP NV 0.5%

Value ($000) $40,058 (+45.7%) Shares 1,537,748 (+56.6%) Est. Cost $18.10 Unrealized —

SNN SMITH & NEPHEW PLC 0.4%

Value ($000) $30,291 (+52.9%) Shares 953,146 (+57.9%) Est. Cost $28.79 Unrealized —

META META PLATFORMS INC 1.0%

Value ($000) $82,844 (+13.7%) Shares 144,799 (+31.2%) Est. Cost $484.34 Unrealized +35.4%

WHR WHIRLPOOL CORP 0.8%

Value ($000) $64,812 (+18.0%) Shares 1,201,993 (+57.9%) Est. Cost $90.36 Unrealized -7.7%

BCS BARCLAYS PLC 1.1%

Value ($000) $86,207 (-9.7%) Shares 4,074,067 (+8.6%) Est. Cost $10.01 Unrealized —

DIS WALT DISNEY CO/THE 0.7%

Value ($000) $53,961 (-13.1%) Shares 559,882 (+2.5%) Est. Cost $108.90 Unrealized +0.5%

PHG KONINKLIJKE PHILIPS NV 0.8%

Value ($000) $67,300 (+13.0%) Shares 2,456,190 (+11.7%) Est. Cost $23.89 Unrealized —

DEO DIAGEO PLC 0.6%

Value ($000) $49,607 (+18.5%) Shares 666,314 (+37.3%) Est. Cost $117.79 Unrealized —

ZBH ZIMMER BIOMET HOLDINGS INC 0.9%

Value ($000) $73,069 (+11.5%) Shares 808,110 (+10.9%) Est. Cost $109.56 Unrealized -16.3%

NVO NOVO NORDISK A/S 0.5%

Value ($000) $43,152 (-14.7%) Shares 1,174,213 (+18.1%) Est. Cost $55.52 Unrealized —

AXS AXIS CAPITAL HOLDINGS LTD 1.0%

Value ($000) $82,730 (+7.1%) Shares 815,794 (+13.1%) Est. Cost $85.15 Unrealized +21.1%

VSS VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF 0.2%

Value ($000) $15,101 (+44.5%) Shares 103,581 (+42.0%) Est. Cost $129.85 Unrealized —

FSM FORTUNA MINING CORP 0.2%

Value ($000) $12,398 (+46.3%) Shares 1,251,045 (+44.9%) Est. Cost $9.44 Unrealized +15.9%

SMIN ISHARES MSCI INDIA SMALL-CAP ETF 0.3%

Value ($000) $28,280 (-11.9%) Shares 471,654 (+2.8%) Est. Cost $72.94 Unrealized —

CFG CITIZENS FINANCIAL GROUP INC 0.8%

Value ($000) $62,880 (+6.1%) Shares 1,048,526 (+3.4%) Est. Cost $31.77 Unrealized +98.7%

APTV APTIV PLC 0.6%

Value ($000) $47,460 (-6.7%) Shares 683,463 (+2.2%) Est. Cost $63.77 Unrealized +26.9%

IR INGERSOLL RAND INC 0.6%

Value ($000) $50,160 (+6.1%) Shares 626,062 (+4.9%) Est. Cost $80.80 Unrealized +11.9%

SMFG SUMITOMO MITSUI FINANCIAL GROUP INC 0.3%

Value ($000) $25,028 (+10.0%) Shares 1,267,248 (+7.6%) Est. Cost $17.33 Unrealized —

BTI BRITISH AMERICAN TOBACCO PLC 0.4%

Value ($000) $29,286 (+7.1%) Shares 500,864 (+3.7%) Est. Cost $41.42 Unrealized —

BXP BXP INC 0.2%

Value ($000) $19,762 (+7.6%) Shares 380,761 (+40.0%) Est. Cost $65.60 Unrealized +3.4%

EG EVEREST GROUP LTD 1.0%

Value ($000) $81,715 (+0.9%) Shares 250,008 (+4.8%) Est. Cost $335.47 Unrealized -1.3%

INDA ISHARES MSCI INDIA ETF 0.3%

Value ($000) $21,509 (+3.0%) Shares 459,200 (+18.9%) Est. Cost $51.70 Unrealized —

ACWI ISHARES MSCI ACWI ETF 0.0%

Value ($000) $2,134 (+37.9%) Shares 15,421 (+41.0%) Est. Cost $122.97 Unrealized —

RNR RENAISSANCERE HOLDINGS LTD 0.0%

Value ($000) $295 (+47.6%) Shares 994 (+39.6%) Est. Cost $269.75 Unrealized +6.2%

AVGO BROADCOM INC 0.0%

Value ($000) $261 (-8.8%) Shares 843 (+1.9%) Est. Cost $356.57 Unrealized -6.3%

AAPL APPLE INC 0.0%

Value ($000) $234 (-4.0%) Shares 923 (+2.8%) Est. Cost $223.70 Unrealized +17.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DB	DEUTSCHE BANK AG	24,962,034 (+75.9%)	$723,329 (+31.1%)	8.9%	$30.94	+22.9%	NAMEN AKT	D18190898
CCL	CARNIVAL CORP	37,096,593 (+9.3%)	$960,060 (-7.4%)	11.8%	$24.94	+24.4%	UNIT 99/99/9999	143658300
AU	ANGLOGOLD ASHANTI PLC	898,816 (+107.0%)	$86,240 (+129.6%)	1.1%	$81.31	+27.4%	COM SHS	G0378L100
JLL	JONES LANG LASALLE INC	186,274 (+213.3%)	$56,687 (+183.4%)	0.7%	$284.52	+18.1%	COM	48020Q107
BAH	BOOZ ALLEN HAMILTON HOLDING CORP	857,462 (+116.3%)	$66,908 (+100.1%)	0.8%	$87.70	-0.8%	CL A	099502106
BA	BOEING CO/THE	313,926 (+106.6%)	$62,481 (+89.4%)	0.8%	$222.63	+7.1%	COM	097023105
RELX	RELX PLC	2,306,409 (+93.9%)	$76,457 (+59.0%)	0.9%	$36.00	—	SPONSORED ADR	759530108
VEA	VANGUARD FTSE DEVELOPED MARKETS ETF	736,637 (+74.8%)	$47,204 (+79.3%)	0.6%	$58.23	—	VAN FTSE DEV MKT	921943858
CARR	CARRIER GLOBAL CORP	2,102,878 (+13.7%)	$118,413 (+21.2%)	1.5%	$64.47	-7.5%	COM	14448C104
ALK	ALASKA AIR GROUP INC	2,502,211 (+74.4%)	$92,031 (+27.5%)	1.1%	$48.91	+7.4%	COM	011659109
SAP	SAP SE	456,005 (+81.9%)	$78,073 (+28.2%)	1.0%	$195.99	—	SPON ADR	803054204
NWG	NATWEST GROUP PLC	2,988,309 (+88.3%)	$44,526 (+60.3%)	0.5%	$12.95	—	SPONS ADR	639057207
LYV	LIVE NATION ENTERTAINMENT INC	526,418 (+17.7%)	$80,284 (+26.0%)	1.0%	$128.49	+15.4%	COM	538034109
BAP	CREDICORP LTD	245,113 (+1.3%)	$83,137 (+19.7%)	1.0%	$204.52	+64.7%	COM	G2519Y108
ING	ING GROEP NV	1,537,748 (+56.6%)	$40,058 (+45.7%)	0.5%	$18.10	—	SPONSORED ADR	456837103
SNN	SMITH & NEPHEW PLC	953,146 (+57.9%)	$30,291 (+52.9%)	0.4%	$28.79	—	SPDN ADR NEW	83175M205
META	META PLATFORMS INC	144,799 (+31.2%)	$82,844 (+13.7%)	1.0%	$484.34	+35.4%	CL A	30303M102
WHR	WHIRLPOOL CORP	1,201,993 (+57.9%)	$64,812 (+18.0%)	0.8%	$90.36	-7.7%	COM	963320106
BCS	BARCLAYS PLC	4,074,067 (+8.6%)	$86,207 (-9.7%)	1.1%	$10.01	—	ADR	06738E204
DIS	WALT DISNEY CO/THE	559,882 (+2.5%)	$53,961 (-13.1%)	0.7%	$108.90	+0.5%	COM	254687106
PHG	KONINKLIJKE PHILIPS NV	2,456,190 (+11.7%)	$67,300 (+13.0%)	0.8%	$23.89	—	NY REGIS SHS NEW	500472303
DEO	DIAGEO PLC	666,314 (+37.3%)	$49,607 (+18.5%)	0.6%	$117.79	—	SPON ADR NEW	25243Q205
ZBH	ZIMMER BIOMET HOLDINGS INC	808,110 (+10.9%)	$73,069 (+11.5%)	0.9%	$109.56	-16.3%	COM	98956P102
NVO	NOVO NORDISK A/S	1,174,213 (+18.1%)	$43,152 (-14.7%)	0.5%	$55.52	—	ADR	670100205
AXS	AXIS CAPITAL HOLDINGS LTD	815,794 (+13.1%)	$82,730 (+7.1%)	1.0%	$85.15	+21.1%	SHS	G0692U109
VSS	VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF	103,581 (+42.0%)	$15,101 (+44.5%)	0.2%	$129.85	—	FTSE SMCAP ETF	922042718
FSM	FORTUNA MINING CORP	1,251,045 (+44.9%)	$12,398 (+46.3%)	0.2%	$9.44	+15.9%	COM NEW	349942102
SMIN	ISHARES MSCI INDIA SMALL-CAP ETF	471,654 (+2.8%)	$28,280 (-11.9%)	0.3%	$72.94	—	MSCI INDIA SM CP	46429B614
CFG	CITIZENS FINANCIAL GROUP INC	1,048,526 (+3.4%)	$62,880 (+6.1%)	0.8%	$31.77	+98.7%	COM	174610105
APTV	APTIV PLC	683,463 (+2.2%)	$47,460 (-6.7%)	0.6%	$63.77	+26.9%	SHS	G3265R107
IR	INGERSOLL RAND INC	626,062 (+4.9%)	$50,160 (+6.1%)	0.6%	$80.80	+11.9%	COM	45687V106
SMFG	SUMITOMO MITSUI FINANCIAL GROUP INC	1,267,248 (+7.6%)	$25,028 (+10.0%)	0.3%	$17.33	—	SPONSORED ADR	86562M209
BTI	BRITISH AMERICAN TOBACCO PLC	500,864 (+3.7%)	$29,286 (+7.1%)	0.4%	$41.42	—	SPONSORED ADR	110448107
BXP	BXP INC	380,761 (+40.0%)	$19,762 (+7.6%)	0.2%	$65.60	+3.4%	COM	101121101
EG	EVEREST GROUP LTD	250,008 (+4.8%)	$81,715 (+0.9%)	1.0%	$335.47	-1.3%	COM	G3223R108
INDA	ISHARES MSCI INDIA ETF	459,200 (+18.9%)	$21,509 (+3.0%)	0.3%	$51.70	—	MSCI INDIA ETF	46429B598
ACWI	ISHARES MSCI ACWI ETF	15,421 (+41.0%)	$2,134 (+37.9%)	0.0%	$122.97	—	MSCI ACWI ETF	464288257
RNR	RENAISSANCERE HOLDINGS LTD	994 (+39.6%)	$295 (+47.6%)	0.0%	$269.75	+6.2%	COM	G7496G103
AVGO	BROADCOM INC	843 (+1.9%)	$261 (-8.8%)	0.0%	$356.57	-6.3%	COM	11135F101
AAPL	APPLE INC	923 (+2.8%)	$234 (-4.0%)	0.0%	$223.70	+17.5%	COM	037833100

Exited Positions (14)

AZN ASTRAZENECA PLC 1.1%

Value ($000) $92,932 Shares 1,010,898 Est. Cost $67.39 Unrealized —

GPK GRAPHIC PACKAGING HOLDING CO 0.8%

Value ($000) $68,200 Shares 4,528,554 Est. Cost $19.71 Unrealized -28.5%

ALLY ALLY FINANCIAL INC 0.3%

Value ($000) $27,212 Shares 600,850 Est. Cost $35.31 Unrealized +21.0%

VIPS VIPSHOP HOLDINGS LTD 0.2%

Value ($000) $19,275 Shares 1,089,598 Est. Cost $16.11 Unrealized —

VALE VALE SA 0.1%

Value ($000) $11,779 Shares 904,000 Est. Cost $13.03 Unrealized —

EWY ISHARES MSCI SOUTH KOREA ETF 0.1%

Value ($000) $10,772 Shares 110,800 Est. Cost $80.10 Unrealized —

MOMO HELLO GROUP INC 0.1%

Value ($000) $5,826 Shares 889,397 Est. Cost $7.02 Unrealized —

URTH ISHARES MSCI WORLD ETF 0.0%

Value ($000) $1,975 Shares 10,631 Est. Cost $183.33 Unrealized —

EZA ISHARES MSCI SOUTH AFRICA ETF 0.0%

Value ($000) $1,548 Shares 22,500 Est. Cost $68.80 Unrealized —

GRTUF GRANITE REAL ESTATE INVESTMENT TRUST 0.0%

Value ($000) $1,413 Shares 23,700 Est. Cost $55.58 Unrealized —

ASHR XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 0.0%

Value ($000) $946 Shares 28,800 Est. Cost $32.85 Unrealized —

EWZ ISHARES MSCI BRAZIL ETF 0.0%

Value ($000) $438 Shares 13,800 Est. Cost $31.77 Unrealized —

KEP KOREA ELECTRIC POWER CORP 0.0%

Value ($000) $185 Shares 11,202 Est. Cost $14.09 Unrealized —

PBYI PUMA BIOTECHNOLOGY INC 0.0%

Value ($000) $79 Shares 13,310 Est. Cost $3.13 Unrealized +111.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	1,010,898	$92,932	1.1%	$67.39	—	—	046353108
GPK	GRAPHIC PACKAGING HOLDING CO	4,528,554	$68,200	0.8%	$19.71	-28.5%	—	388689101
ALLY	ALLY FINANCIAL INC	600,850	$27,212	0.3%	$35.31	+21.0%	—	02005N100
VIPS	VIPSHOP HOLDINGS LTD	1,089,598	$19,275	0.2%	$16.11	—	—	92763W103
VALE	VALE SA	904,000	$11,779	0.1%	$13.03	—	—	91912E105
EWY	ISHARES MSCI SOUTH KOREA ETF	110,800	$10,772	0.1%	$80.10	—	—	464286772
MOMO	HELLO GROUP INC	889,397	$5,826	0.1%	$7.02	—	—	423403104
URTH	ISHARES MSCI WORLD ETF	10,631	$1,975	0.0%	$183.33	—	—	464286392
EZA	ISHARES MSCI SOUTH AFRICA ETF	22,500	$1,548	0.0%	$68.80	—	—	464286780
GRTUF	GRANITE REAL ESTATE INVESTMENT TRUST	23,700	$1,413	0.0%	$55.58	—	—	387437205
ASHR	XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF	28,800	$946	0.0%	$32.85	—	—	233051879
EWZ	ISHARES MSCI BRAZIL ETF	13,800	$438	0.0%	$31.77	—	—	464286400
KEP	KOREA ELECTRIC POWER CORP	11,202	$185	0.0%	$14.09	—	—	500631106
PBYI	PUMA BIOTECHNOLOGY INC	13,310	$79	0.0%	$3.13	+111.9%	—	74587V107

Decreased Positions (43)

B BARRICK MINING CORP 0.0%

Value ($000) $316 (-99.9%) Shares 7,736 (-99.9%) Est. Cost $19.29 Unrealized +150.4%

CP CANADIAN PACIFIC KANSAS CITY LTD 8.5%

Value ($000) $689,860 (-25.7%) Shares 8,792,381 (-30.2%) Est. Cost $77.31 Unrealized -0.1%

SW SMURFIT WESTROCK PLC 7.6%

Value ($000) $620,306 (-16.2%) Shares 15,566,028 (-18.6%) Est. Cost $40.04 Unrealized +9.9%

BABA ALIBABA GROUP HOLDING LTD 1.6%

Value ($000) $134,103 (-24.0%) Shares 1,068,890 (-11.2%) Est. Cost $115.94 Unrealized —

BIIB BIOGEN INC 0.6%

Value ($000) $51,476 (-43.9%) Shares 280,783 (-46.1%) Est. Cost $152.77 Unrealized +20.0%

CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORP 1.1%

Value ($000) $92,286 (-28.4%) Shares 1,504,253 (-3.1%) Est. Cost $70.66 Unrealized +8.7%

G GENPACT LTD 0.9%

Value ($000) $72,588 (-25.6%) Shares 1,948,677 (-6.5%) Est. Cost $41.01 Unrealized +3.9%

TME TENCENT MUSIC ENTERTAINMENT GROUP 0.1%

Value ($000) $5,688 (-80.8%) Shares 612,900 (-63.7%) Est. Cost $18.77 Unrealized —

QFIN QFIN HOLDINGS INC 0.1%

Value ($000) $4,264 (-83.1%) Shares 330,288 (-74.7%) Est. Cost $21.33 Unrealized —

GOOG ALPHABET INC 1.2%

Value ($000) $96,757 (-16.7%) Shares 337,298 (-8.8%) Est. Cost $131.88 Unrealized +145.4%

INFY INFOSYS LTD 0.3%

Value ($000) $25,622 (-42.1%) Shares 1,896,488 (-23.6%) Est. Cost $17.71 Unrealized —

PDD PDD HOLDINGS INC 0.3%

Value ($000) $24,218 (-42.5%) Shares 237,010 (-36.2%) Est. Cost $129.05 Unrealized —

SHG SHINHAN FINANCIAL GROUP CO LTD 0.2%

Value ($000) $15,549 (-50.0%) Shares 253,576 (-56.3%) Est. Cost $39.44 Unrealized —

CLS CELESTICA INC 0.1%

Value ($000) $6,976 (-67.9%) Shares 24,809 (-66.2%) Est. Cost $106.09 Unrealized +183.7%

BP BP PLC 0.6%

Value ($000) $46,903 (-17.7%) Shares 997,934 (-39.2%) Est. Cost $33.76 Unrealized —

EWT ISHARES MSCI TAIWAN ETF 0.0%

Value ($000) $2,635 (-78.2%) Shares 37,151 (-80.5%) Est. Cost $63.54 Unrealized —

PUK PRUDENTIAL PLC 0.5%

Value ($000) $37,560 (-20.0%) Shares 1,321,151 (-12.4%) Est. Cost $25.38 Unrealized —

C CITIGROUP INC 0.9%

Value ($000) $72,008 (-11.5%) Shares 634,931 (-9.0%) Est. Cost $49.67 Unrealized +133.9%

NGG NATIONAL GRID PLC 0.6%

Value ($000) $45,579 (-16.9%) Shares 538,761 (-24.1%) Est. Cost $73.70 Unrealized —

JOYY JOYY INC 0.5%

Value ($000) $43,836 (-16.7%) Shares 750,751 (-7.6%) Est. Cost $50.88 Unrealized —

WB WEIBO CORP 0.3%

Value ($000) $23,329 (-23.7%) Shares 2,666,202 (-10.9%) Est. Cost $9.53 Unrealized —

MRK MERCK & CO INC 1.3%

Value ($000) $102,753 (-6.6%) Shares 854,212 (-18.2%) Est. Cost $92.38 Unrealized +23.7%

ADI ANALOG DEVICES INC 0.8%

Value ($000) $64,207 (-10.0%) Shares 201,819 (-23.3%) Est. Cost $186.60 Unrealized +69.4%

HDB HDFC BANK LTD 0.1%

Value ($000) $9,931 (-35.6%) Shares 399,171 (-5.5%) Est. Cost $47.25 Unrealized —

BUD ANHEUSER-BUSCH INBEV SA/NV 0.5%

Value ($000) $40,244 (-10.4%) Shares 580,131 (-17.3%) Est. Cost $57.96 Unrealized —

EFA ISHARES MSCI EAFE ETF 0.0%

Value ($000) $3,668 (-54.0%) Shares 37,761 (-54.5%) Est. Cost $93.36 Unrealized —

MT ARCELORMITTAL SA 0.2%

Value ($000) $13,811 (-21.2%) Shares 265,697 (-31.0%) Est. Cost $25.47 Unrealized —

TIGO MILLICOM INTERNATIONAL CELLULAR SA 0.2%

Value ($000) $15,641 (+30.6%) Shares 208,718 (-3.3%) Est. Cost $49.21 Unrealized +24.1%

MMYT MAKEMYTRIP LTD 0.0%

Value ($000) $2,407 (-57.0%) Shares 64,544 (-5.3%) Est. Cost $35.84 Unrealized +82.9%

FINV FINVOLUTION GROUP 0.1%

Value ($000) $11,501 (-20.4%) Shares 2,401,084 (-13.1%) Est. Cost $5.53 Unrealized —

VWO VANGUARD FTSE EMERGING MARKETS ETF 0.0%

Value ($000) $404 (-87.6%) Shares 7,469 (-87.7%) Est. Cost $53.76 Unrealized —

IBN ICICI BANK LTD 0.1%

Value ($000) $11,678 (-17.9%) Shares 450,887 (-5.5%) Est. Cost $13.45 Unrealized —

ZIM ZIM INTEGRATED SHIPPING SERVICES LTD 0.3%

Value ($000) $23,440 (-9.0%) Shares 889,550 (-26.7%) Est. Cost $18.73 Unrealized +25.2%

GGB GERDAU SA 0.3%

Value ($000) $24,697 (-7.8%) Shares 6,841,155 (-5.8%) Est. Cost $3.79 Unrealized —

PFE PFIZER INC 0.7%

Value ($000) $53,751 (+3.2%) Shares 1,914,219 (-8.5%) Est. Cost $24.89 Unrealized +5.2%

GSK GSK PLC 0.0%

Value ($000) $613 (-63.1%) Shares 11,110 (-67.2%) Est. Cost $38.02 Unrealized —

VEU VANGUARD FTSE ALL-WORLD EX-US ETF 0.0%

Value ($000) $465 (-56.4%) Shares 6,191 (-57.3%) Est. Cost $65.10 Unrealized —

WIT WIPRO LTD 0.0%

Value ($000) $940 (-30.1%) Shares 443,164 (-6.4%) Est. Cost $4.65 Unrealized —

MSFT MICROSOFT CORP 0.0%

Value ($000) $286 (-38.8%) Shares 772 (-20.0%) Est. Cost $401.88 Unrealized +8.1%

NVDA NVIDIA CORP 0.0%

Value ($000) $626 (-10.7%) Shares 3,589 (-4.5%) Est. Cost $107.88 Unrealized +73.0%

NVS NOVARTIS AG 0.0%

Value ($000) $227 (-14.9%) Shares 1,487 (-23.2%) Est. Cost $87.63 Unrealized —

EFXT ENERFLEX LTD 0.0%

Value ($000) $1,104 (-2.6%) Shares 52,946 (-27.9%) Est. Cost $13.30 Unrealized +31.9%

FIX COMFORT SYSTEMS USA INC 0.0%

Value ($000) $254 (+11.9%) Shares 184 (-24.3%) Est. Cost $922.99 Unrealized +29.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MINING CORP	7,736 (-99.9%)	$316 (-99.9%)	0.0%	$19.29	+150.4%	COM	06849F108
CP	CANADIAN PACIFIC KANSAS CITY LTD	8,792,381 (-30.2%)	$689,860 (-25.7%)	8.5%	$77.31	-0.1%	COM	13646K108
SW	SMURFIT WESTROCK PLC	15,566,028 (-18.6%)	$620,306 (-16.2%)	7.6%	$40.04	+9.9%	SHS	G8267P108
BABA	ALIBABA GROUP HOLDING LTD	1,068,890 (-11.2%)	$134,103 (-24.0%)	1.6%	$115.94	—	SPONSORED ADS	01609W102
BIIB	BIOGEN INC	280,783 (-46.1%)	$51,476 (-43.9%)	0.6%	$152.77	+20.0%	COM	09062X103
CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CORP	1,504,253 (-3.1%)	$92,286 (-28.4%)	1.1%	$70.66	+8.7%	CL A	192446102
G	GENPACT LTD	1,948,677 (-6.5%)	$72,588 (-25.6%)	0.9%	$41.01	+3.9%	SHS	G3922B107
TME	TENCENT MUSIC ENTERTAINMENT GROUP	612,900 (-63.7%)	$5,688 (-80.8%)	0.1%	$18.77	—	SPON ADS	88034P109
QFIN	QFIN HOLDINGS INC	330,288 (-74.7%)	$4,264 (-83.1%)	0.1%	$21.33	—	AMERICAN DEP	88557W101
GOOG	ALPHABET INC	337,298 (-8.8%)	$96,757 (-16.7%)	1.2%	$131.88	+145.4%	CAP STK CL C	02079K107
INFY	INFOSYS LTD	1,896,488 (-23.6%)	$25,622 (-42.1%)	0.3%	$17.71	—	SPONSORED ADR	456788108
PDD	PDD HOLDINGS INC	237,010 (-36.2%)	$24,218 (-42.5%)	0.3%	$129.05	—	SPONSORED ADS	722304102
SHG	SHINHAN FINANCIAL GROUP CO LTD	253,576 (-56.3%)	$15,549 (-50.0%)	0.2%	$39.44	—	SPN ADR RESTRD	824596100
CLS	CELESTICA INC	24,809 (-66.2%)	$6,976 (-67.9%)	0.1%	$106.09	+183.7%	COM	15101Q207
BP	BP PLC	997,934 (-39.2%)	$46,903 (-17.7%)	0.6%	$33.76	—	SPONSORED ADR	055622104
EWT	ISHARES MSCI TAIWAN ETF	37,151 (-80.5%)	$2,635 (-78.2%)	0.0%	$63.54	—	MSCI TAIWAN ETF	46434G772
PUK	PRUDENTIAL PLC	1,321,151 (-12.4%)	$37,560 (-20.0%)	0.5%	$25.38	—	ADR	74435K204
C	CITIGROUP INC	634,931 (-9.0%)	$72,008 (-11.5%)	0.9%	$49.67	+133.9%	COM NEW	172967424
NGG	NATIONAL GRID PLC	538,761 (-24.1%)	$45,579 (-16.9%)	0.6%	$73.70	—	SPONSORED ADR NE	636274409
JOYY	JOYY INC	750,751 (-7.6%)	$43,836 (-16.7%)	0.5%	$50.88	—	ADS REPSTG COM A	46591M109
WB	WEIBO CORP	2,666,202 (-10.9%)	$23,329 (-23.7%)	0.3%	$9.53	—	SPONSORED ADR	948596101
MRK	MERCK & CO INC	854,212 (-18.2%)	$102,753 (-6.6%)	1.3%	$92.38	+23.7%	COM	58933Y105
ADI	ANALOG DEVICES INC	201,819 (-23.3%)	$64,207 (-10.0%)	0.8%	$186.60	+69.4%	COM	032654105
HDB	HDFC BANK LTD	399,171 (-5.5%)	$9,931 (-35.6%)	0.1%	$47.25	—	SPONSORED ADS	40415F101
BUD	ANHEUSER-BUSCH INBEV SA/NV	580,131 (-17.3%)	$40,244 (-10.4%)	0.5%	$57.96	—	SPONSORED ADR	03524A108
EFA	ISHARES MSCI EAFE ETF	37,761 (-54.5%)	$3,668 (-54.0%)	0.0%	$93.36	—	ISHARES MSCI EAFE ETF	464287465
MT	ARCELORMITTAL SA	265,697 (-31.0%)	$13,811 (-21.2%)	0.2%	$25.47	—	NY REGISTRY SH	03938L203
TIGO	MILLICOM INTERNATIONAL CELLULAR SA	208,718 (-3.3%)	$15,641 (+30.6%)	0.2%	$49.21	+24.1%	COM STK	L6388F110
MMYT	MAKEMYTRIP LTD	64,544 (-5.3%)	$2,407 (-57.0%)	0.0%	$35.84	+82.9%	SHS	V5633W109
FINV	FINVOLUTION GROUP	2,401,084 (-13.1%)	$11,501 (-20.4%)	0.1%	$5.53	—	SPONSORED ADS	31810T101
VWO	VANGUARD FTSE EMERGING MARKETS ETF	7,469 (-87.7%)	$404 (-87.6%)	0.0%	$53.76	—	FTSE EMR MKT ETF	922042858
IBN	ICICI BANK LTD	450,887 (-5.5%)	$11,678 (-17.9%)	0.1%	$13.45	—	ADR	45104G104
ZIM	ZIM INTEGRATED SHIPPING SERVICES LTD	889,550 (-26.7%)	$23,440 (-9.0%)	0.3%	$18.73	+25.2%	SHS	M9T951109
GGB	GERDAU SA	6,841,155 (-5.8%)	$24,697 (-7.8%)	0.3%	$3.79	—	SPON ADR REP PFD	373737105
PFE	PFIZER INC	1,914,219 (-8.5%)	$53,751 (+3.2%)	0.7%	$24.89	+5.2%	COM	717081103
GSK	GSK PLC	11,110 (-67.2%)	$613 (-63.1%)	0.0%	$38.02	—	SPONSORED ADR	37733W204
VEU	VANGUARD FTSE ALL-WORLD EX-US ETF	6,191 (-57.3%)	$465 (-56.4%)	0.0%	$65.10	—	ALLWRLD EX US	922042775
WIT	WIPRO LTD	443,164 (-6.4%)	$940 (-30.1%)	0.0%	$4.65	—	SPON ADR 1 SH	97651M109
MSFT	MICROSOFT CORP	772 (-20.0%)	$286 (-38.8%)	0.0%	$401.88	+8.1%	COM	594918104
NVDA	NVIDIA CORP	3,589 (-4.5%)	$626 (-10.7%)	0.0%	$107.88	+73.0%	COM	67066G104
NVS	NOVARTIS AG	1,487 (-23.2%)	$227 (-14.9%)	0.0%	$87.63	—	SPONSORED ADR	66987V109
EFXT	ENERFLEX LTD	52,946 (-27.9%)	$1,104 (-2.6%)	0.0%	$13.30	+31.9%	COM	29269R105
FIX	COMFORT SYSTEMS USA INC	184 (-24.3%)	$254 (+11.9%)	0.0%	$922.99	+29.6%	COM	199908104

Unchanged Positions (11)

TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.1%

Value ($000) $171,838 Shares 508,471 Est. Cost $48.83 Unrealized —

CGAU CENTERRA GOLD INC 0.3%

Value ($000) $22,072 Shares 1,245,027 Est. Cost $8.79 Unrealized +100.3%

GFI GOLD FIELDS LTD 0.9%

Value ($000) $74,191 Shares 1,634,170 Est. Cost $26.77 Unrealized —

PAGS PAGSEGURO DIGITAL LTD 0.5%

Value ($000) $40,524 Shares 4,044,350 Est. Cost $9.03 Unrealized +18.8%

SNY SANOFI SA 0.6%

Value ($000) $51,288 Shares 1,064,516 Est. Cost $49.49 Unrealized —

ITRN ITURAN LOCATION AND CONTROL LTD 0.0%

Value ($000) $1,002 Shares 20,439 Est. Cost $37.78 Unrealized +20.7%

PDS PRECISION DRILLING CORP 0.0%

Value ($000) $323 Shares 3,291 Est. Cost $61.41 Unrealized +30.8%

JBS JBS NV 0.0%

Value ($000) $377 Shares 20,994 Est. Cost $14.07 Unrealized +9.4%

INMD INMODE LTD 0.0%

Value ($000) $983 Shares 71,829 Est. Cost $14.72 Unrealized +0.0%

INN SUMMIT HOTEL PROPERTIES INC 0.0%

Value ($000) $66 Shares 14,838 Est. Cost $5.09 Unrealized —

BTG B2GOLD CORP 0.0%

Value ($000) $428 Shares 94,491 Est. Cost $2.57 Unrealized +99.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	508,471	$171,838	2.1%	$48.83	—	SPONSORED ADS	874039100
CGAU	CENTERRA GOLD INC	1,245,027	$22,072	0.3%	$8.79	+100.3%	COM	152006102
GFI	GOLD FIELDS LTD	1,634,170	$74,191	0.9%	$26.77	—	SPONSORED ADR	38059T106
PAGS	PAGSEGURO DIGITAL LTD	4,044,350	$40,524	0.5%	$9.03	+18.8%	COM CL A	G68707101
SNY	SANOFI SA	1,064,516	$51,288	0.6%	$49.49	—	SPONSORED ADR	80105N105
ITRN	ITURAN LOCATION AND CONTROL LTD	20,439	$1,002	0.0%	$37.78	+20.7%	SHS	M6158M104
PDS	PRECISION DRILLING CORP	3,291	$323	0.0%	$61.41	+30.8%	COM NEW	74022D407
JBS	JBS NV	20,994	$377	0.0%	$14.07	+9.4%	CL A SHS	N4732M103
INMD	INMODE LTD	71,829	$983	0.0%	$14.72	+0.0%	SHS	M5425M103
INN	SUMMIT HOTEL PROPERTIES INC	14,838	$66	0.0%	$5.09	—	COM	866082100
BTG	B2GOLD CORP	94,491	$428	0.0%	$2.57	+99.1%	COM	11777Q209