Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EEM	ISHARES MSCI EMERGING MARKET	2,203,244	$147M	3.7%	$66.79	$66.14	+1.0%	ETF	464287234
GOOGL	ALPHABET INC-CL A	139,915	$48.14M	1.2%	$344.08	$347.07	-0.9%	Common Stocks	02079K305
META	META PLATFORMS INC-CLASS A	66,026	$47.88M	1.2%	$725.18	$624.16	+16.2%	Common Stocks	30303M102
ORCL	ORACLE CORP	223,610	$30.7M	0.8%	$137.30	$141.09	-2.7%	Common Stocks	68389X105
ACGL	ARCH CAPITAL GROUP LTD	288,612	$26.66M	0.7%	$92.36	$99.03	-6.7%	Common Stocks	G0450A105
CMCSA	COMCAST CORP-CLASS A	1,085,623	$23.62M	0.6%	$21.76	$24.49	-11.1%	Common Stocks	20030N101
DVN	DEVON ENERGY CORP	333,994	$15.38M	0.4%	$46.04	$45.90	+0.3%	Common Stocks	25179M103
VALE	VALE SA-SP ADR	170,343	$2.284M	0.1%	$13.41	$14.56	-7.9%	Equity Depositary Receipts	91912E105
OPCH	OPTION CARE HEALTH INC	89,979	$2.024M	0.1%	$22.49	$23.07	-2.5%	Common Stocks	68404L201
PNR	PENTAIR PLC	28,350	$1.502M	0.0%	$52.99	$63.53	-16.6%	Common Stocks	G7S00T104
CALM	CAL-MAINE FOODS INC	17,446	$1.187M	0.0%	$68.06	$80.98	-16.0%	Common Stocks	128030202
VSH	VISHAY INTERTECHNOLOGY INC	31,731	$1.033M	0.0%	$32.55	$35.01	-7.0%	Common Stocks	928298108
SARO	STANDARDAERO INC	46,860	$1M	0.0%	$21.35	$26.31	-18.8%	Common Stocks	85423L103
PATK	PATRICK INDUSTRIES INC	14,702	$997K	0.0%	$67.78	$81.38	-16.7%	Common Stocks	703343103
SKHY	SK HYNIX INC-ADR	4,323	$796K	0.0%	$184.15	$165.41	+11.3%	Equity Depositary Receipts	78392B206
KEP	KOREA ELEC POWER CORP-SP ADR	39,166	$429K	0.0%	$10.96	$11.75	-6.7%	Equity Depositary Receipts	500631106
HAYW	HAYWARD HOLDINGS INC	33,382	$409K	0.0%	$12.24	$14.46	-15.4%	Common Stocks	421298100
TTAM	TITAN AMERICA SA	20,250	$276K	0.0%	$13.63	$15.65	-12.9%	Common Stocks	B9151N105
XRAY	DENTSPLY SIRONA INC	26,445	$234K	0.0%	$8.86	$11.60	-23.6%	Common Stocks	24906P109
MSFT	MICROSOFT CORP	429	$220K	0.0%	$512.90	$462.46	+10.9%	Common Stocks	594918104

Increased Positions (25)

XP XP INC - CLASS A 14.5%

Value $570M (+42.3%) Shares 27,163,927 (+10.2%) Share Price $20.99 Est. Cost/Share $17.81 Unrealized @ Report Date +17.9%

NOK NOKIA CORP-SPON ADR 5.6%

Value $221M (+254.7%) Shares 21,815,690 (+364.5%) Share Price $10.14 Est. Cost/Share $9.64 Unrealized @ Report Date +5.2%

BBD BANCO BRADESCO-ADR 7.4%

Value $289M (+18.0%) Shares 82,243,666 (+16.3%) Share Price $3.52 Est. Cost/Share $2.53 Unrealized @ Report Date +39.4%

QCOM QUALCOMM INC 1.7%

Value $66.8M (+117.3%) Shares 362,967 (+118.2%) Share Price $184.04 Est. Cost/Share $179.42 Unrealized @ Report Date +2.6%

AU ANGLOGOLD ASHANTI PLC 2.7%

Value $107M (+47.9%) Shares 1,137,018 (+27.4%) Share Price $93.95 Est. Cost/Share $94.97 Unrealized @ Report Date -1.1%

MGA MAGNA INTERNATIONAL INC 6.5%

Value $257M (+7.5%) Shares 4,030,060 (+11.0%) Share Price $63.70 Est. Cost/Share $43.46 Unrealized @ Report Date +46.5%

SLM SLM CORP 0.5%

Value $18.24M (+393.4%) Shares 806,141 (+465.5%) Share Price $22.63 Est. Cost/Share $25.52 Unrealized @ Report Date -11.3%

LYB LYONDELLBASELL INDU-CL A 0.4%

Value $16.81M (+510.4%) Shares 292,453 (+459.2%) Share Price $57.47 Est. Cost/Share $59.58 Unrealized @ Report Date -3.5%

WFC WELLS FARGO & CO 0.4%

Value $14.95M (+861.8%) Shares 186,698 (+893.0%) Share Price $80.05 Est. Cost/Share $85.89 Unrealized @ Report Date -6.8%

ITUB ITAU UNIBANCO H-SPON PRF ADR 1.9%

Value $73.46M (+19.7%) Shares 8,612,478 (+14.7%) Share Price $8.53 Est. Cost/Share $8.26 Unrealized @ Report Date +3.3%

SLGN SILGAN HOLDINGS INC 0.4%

Value $14.84M (-19.4%) Shares 427,192 (+7.6%) Share Price $34.75 Est. Cost/Share $42.91 Unrealized @ Report Date -19.0%

WAY WAYSTAR HOLDING CORP 0.1%

Value $3.264M (+146.7%) Shares 128,827 (+99.9%) Share Price $25.34 Est. Cost/Share $22.55 Unrealized @ Report Date +12.3%

CNC CENTENE CORP 0.6%

Value $22.96M (+6.8%) Shares 369,570 (+10.4%) Share Price $62.12 Est. Cost/Share $33.50 Unrealized @ Report Date +85.5%

OLED UNIVERSAL DISPLAY CORP 0.0%

Value $1.723M (+502.0%) Shares 22,362 (+576.6%) Share Price $77.04 Est. Cost/Share $83.59 Unrealized @ Report Date -7.8%

FOUR SHIFT4 PAYMENTS INC-CLASS A 0.0%

Value $890K (+152.8%) Shares 24,604 (+239.9%) Share Price $36.17 Est. Cost/Share $45.25 Unrealized @ Report Date -20.1%

WD WALKER & DUNLOP INC 0.1%

Value $2.441M (+25.3%) Shares 69,535 (+95.2%) Share Price $35.11 Est. Cost/Share $56.65 Unrealized @ Report Date -38.0%

ACLS AXCELIS TECHNOLOGIES INC 0.1%

Value $3.294M (+16.8%) Shares 25,110 (+68.7%) Share Price $131.18 Est. Cost/Share $96.24 Unrealized @ Report Date +36.3%

CPRI CAPRI HOLDINGS LTD 0.1%

Value $3.266M (+13.8%) Shares 231,305 (+49.7%) Share Price $14.12 Est. Cost/Share $25.80 Unrealized @ Report Date -45.3%

OLN OLIN CORP 0.0%

Value $1.606M (+32.0%) Shares 103,625 (+68.8%) Share Price $15.50 Est. Cost/Share $34.68 Unrealized @ Report Date -55.3%

BRBR BELLRING BRANDS INC 0.0%

Value $561K (+194.8%) Shares 73,001 (+396.1%) Share Price $7.69 Est. Cost/Share $11.24 Unrealized @ Report Date -31.6%

CNM CORE & MAIN INC-CLASS A 0.0%

Value $1.438M (+27.0%) Shares 34,669 (+47.7%) Share Price $41.48 Est. Cost/Share $47.69 Unrealized @ Report Date -13.0%

ASO ACADEMY SPORTS & OUTDOORS IN 0.1%

Value $2.005M (+8.2%) Shares 41,698 (+6.1%) Share Price $48.09 Est. Cost/Share $50.63 Unrealized @ Report Date -5.0%

ABEV AMBEV SA-ADR 0.1%

Value $3.795M (-2.1%) Shares 1,299,756 (+5.3%) Share Price $2.92 Est. Cost/Share $2.66 Unrealized @ Report Date +9.9%

MAT MATTEL INC 0.0%

Value $866K (-6.4%) Shares 68,434 (+2.7%) Share Price $12.66 Est. Cost/Share $14.62 Unrealized @ Report Date -13.4%

SMPL SIMPLY GOOD FOODS CO/THE 0.0%

Value $261K (-13.1%) Shares 27,470 (+21.7%) Share Price $9.49 Est. Cost/Share $12.10 Unrealized @ Report Date -21.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
XP	XP INC - CLASS A	27,163,927 (+10.2%)	$570M (+42.3%)	14.5%	$20.99	$17.81	+17.9%	Common Stocks	G98239109
NOK	NOKIA CORP-SPON ADR	21,815,690 (+364.5%)	$221M (+254.7%)	5.6%	$10.14	$9.64	+5.2%	Equity Depositary Receipts	654902204
BBD	BANCO BRADESCO-ADR	82,243,666 (+16.3%)	$289M (+18.0%)	7.4%	$3.52	$2.53	+39.4%	Equity Depositary Receipts	059460303
QCOM	QUALCOMM INC	362,967 (+118.2%)	$66.8M (+117.3%)	1.7%	$184.04	$179.42	+2.6%	Common Stocks	747525103
AU	ANGLOGOLD ASHANTI PLC	1,137,018 (+27.4%)	$107M (+47.9%)	2.7%	$93.95	$94.97	-1.1%	Common Stocks	G0378L100
MGA	MAGNA INTERNATIONAL INC	4,030,060 (+11.0%)	$257M (+7.5%)	6.5%	$63.70	$43.46	+46.5%	Common Stocks	559222401
SLM	SLM CORP	806,141 (+465.5%)	$18.24M (+393.4%)	0.5%	$22.63	$25.52	-11.3%	Common Stocks	78442P106
LYB	LYONDELLBASELL INDU-CL A	292,453 (+459.2%)	$16.81M (+510.4%)	0.4%	$57.47	$59.58	-3.5%	Common Stocks	N53745100
WFC	WELLS FARGO & CO	186,698 (+893.0%)	$14.95M (+861.8%)	0.4%	$80.05	$85.89	-6.8%	Common Stocks	949746101
ITUB	ITAU UNIBANCO H-SPON PRF ADR	8,612,478 (+14.7%)	$73.46M (+19.7%)	1.9%	$8.53	$8.26	+3.3%	Equity Depositary Receipts	465562106
SLGN	SILGAN HOLDINGS INC	427,192 (+7.6%)	$14.84M (-19.4%)	0.4%	$34.75	$42.91	-19.0%	Common Stocks	827048109
WAY	WAYSTAR HOLDING CORP	128,827 (+99.9%)	$3.264M (+146.7%)	0.1%	$25.34	$22.55	+12.3%	Common Stocks	946784105
CNC	CENTENE CORP	369,570 (+10.4%)	$22.96M (+6.8%)	0.6%	$62.12	$33.50	+85.5%	Common Stocks	15135B101
OLED	UNIVERSAL DISPLAY CORP	22,362 (+576.6%)	$1.723M (+502.0%)	0.0%	$77.04	$83.59	-7.8%	Common Stocks	91347P105
FOUR	SHIFT4 PAYMENTS INC-CLASS A	24,604 (+239.9%)	$890K (+152.8%)	0.0%	$36.17	$45.25	-20.1%	Common Stocks	82452J109
WD	WALKER & DUNLOP INC	69,535 (+95.2%)	$2.441M (+25.3%)	0.1%	$35.11	$56.65	-38.0%	Common Stocks	93148P102
ACLS	AXCELIS TECHNOLOGIES INC	25,110 (+68.7%)	$3.294M (+16.8%)	0.1%	$131.18	$96.24	+36.3%	Common Stocks	054540208
CPRI	CAPRI HOLDINGS LTD	231,305 (+49.7%)	$3.266M (+13.8%)	0.1%	$14.12	$25.80	-45.3%	Common Stocks	G1890L107
OLN	OLIN CORP	103,625 (+68.8%)	$1.606M (+32.0%)	0.0%	$15.50	$34.68	-55.3%	Common Stocks	680665205
BRBR	BELLRING BRANDS INC	73,001 (+396.1%)	$561K (+194.8%)	0.0%	$7.69	$11.24	-31.6%	Common Stocks	07831C103
CNM	CORE & MAIN INC-CLASS A	34,669 (+47.7%)	$1.438M (+27.0%)	0.0%	$41.48	$47.69	-13.0%	Common Stocks	21874C102
ASO	ACADEMY SPORTS & OUTDOORS IN	41,698 (+6.1%)	$2.005M (+8.2%)	0.1%	$48.09	$50.63	-5.0%	Common Stocks	00402L107
ABEV	AMBEV SA-ADR	1,299,756 (+5.3%)	$3.795M (-2.1%)	0.1%	$2.92	$2.66	+9.9%	Equity Depositary Receipts	02319V103
MAT	MATTEL INC	68,434 (+2.7%)	$866K (-6.4%)	0.0%	$12.66	$14.62	-13.4%	Common Stocks	577081102
SMPL	SIMPLY GOOD FOODS CO/THE	27,470 (+21.7%)	$261K (-13.1%)	0.0%	$9.49	$12.10	-21.6%	Common Stocks	82900L102

Exited Positions (15)

CNI CANADIAN NATL RAILWAY CO 0.8%

Value $30.23M Shares 253,298 Share Price $119.36 Est. Cost/Share $112.17 Unrealized @ Report Date +6.0%

MRK MERCK & CO. INC. 0.7%

Value $25.67M Shares 199,748 Share Price $128.50 * Est. Cost/Share $80.51 Unrealized @ Report Date +80.5%

NTR NUTRIEN LTD 0.5%

Value $19.23M Shares 305,118 Share Price $63.01 * Est. Cost/Share $67.33 Unrealized @ Report Date +4.3%

FMC FMC CORP 0.1%

Value $5.745M Shares 499,539 Share Price $11.50 * Est. Cost/Share $15.29 Unrealized @ Report Date -41.7%

ITGR INTEGER HOLDINGS CORP 0.1%

Value $2.515M Shares 26,915 Share Price $93.45 * Est. Cost/Share $86.92 Unrealized @ Report Date +45.4%

LRN STRIDE INC 0.0%

Value $1.802M Shares 20,892 Share Price $86.24 * Est. Cost/Share $86.69 Unrealized @ Report Date -10.1%

CZR CAESARS ENTERTAINMENT INC 0.0%

Value $1.518M Shares 50,295 Share Price $30.18 Est. Cost/Share $32.92 Unrealized @ Report Date -9.9%

BBWI BATH & BODY WORKS INC 0.0%

Value $1.157M Shares 50,043 Share Price $23.13 * Est. Cost/Share $28.91 Unrealized @ Report Date -44.9%

ATKR ATKORE INC 0.0%

Value $867K Shares 11,401 Share Price $76.04 * Est. Cost/Share $63.84 Unrealized @ Report Date +48.4%

MBC MASTERBRAND INC 0.0%

Value $636K Shares 61,813 Share Price $10.29 * Est. Cost/Share $8.54 Unrealized @ Report Date -18.0%

PII POLARIS INC 0.0%

Value $550K Shares 8,043 Share Price $68.44 * Est. Cost/Share $81.67 Unrealized @ Report Date -36.1%

EPC EDGEWELL PERSONAL CARE CO 0.0%

Value $258K Shares 9,610 Share Price $26.86 Est. Cost/Share $20.13 Unrealized @ Report Date +34.0%

UNM UNUM GROUP 0.0%

Value $224K Shares 2,506 Share Price $89.40 Est. Cost/Share $82.87 Unrealized @ Report Date +5.9%

LEA LEAR CORP 0.0%

Value $218K Shares 1,623 Share Price $134.06 * Est. Cost/Share $133.92 Unrealized @ Report Date -11.9%

SW SMURFIT WESTROCK PLC 0.0%

Value $205K Shares 4,434 Share Price $46.26 * Est. Cost/Share $41.30 Unrealized @ Report Date +6.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CNI	CANADIAN NATL RAILWAY CO	253,298	$30.23M	0.8%	$119.36	$112.17	+6.0%	—	136375102
MRK	MERCK & CO. INC.	199,748	$25.67M	0.7%	$128.50 *	$80.51	+80.5%	—	58933Y105
NTR	NUTRIEN LTD	305,118	$19.23M	0.5%	$63.01 *	$67.33	+4.3%	—	67077M108
FMC	FMC CORP	499,539	$5.745M	0.1%	$11.50 *	$15.29	-41.7%	—	302491303
ITGR	INTEGER HOLDINGS CORP	26,915	$2.515M	0.1%	$93.45 *	$86.92	+45.4%	—	45826H109
LRN	STRIDE INC	20,892	$1.802M	0.0%	$86.24 *	$86.69	-10.1%	—	86333M108
CZR	CAESARS ENTERTAINMENT INC	50,295	$1.518M	0.0%	$30.18	$32.92	-9.9%	—	12769G100
BBWI	BATH & BODY WORKS INC	50,043	$1.157M	0.0%	$23.13 *	$28.91	-44.9%	—	070830104
ATKR	ATKORE INC	11,401	$867K	0.0%	$76.04 *	$63.84	+48.4%	—	047649108
MBC	MASTERBRAND INC	61,813	$636K	0.0%	$10.29 *	$8.54	-18.0%	—	57638P104
PII	POLARIS INC	8,043	$550K	0.0%	$68.44 *	$81.67	-36.1%	—	731068102
EPC	EDGEWELL PERSONAL CARE CO	9,610	$258K	0.0%	$26.86	$20.13	+34.0%	—	28035Q102
UNM	UNUM GROUP	2,506	$224K	0.0%	$89.40	$82.87	+5.9%	—	91529Y106
LEA	LEAR CORP	1,623	$218K	0.0%	$134.06 *	$133.92	-11.9%	—	521865204
SW	SMURFIT WESTROCK PLC	4,434	$205K	0.0%	$46.26 *	$41.30	+6.8%	—	G8267P108

Decreased Positions (43)

AER AERCAP HOLDINGS NV 0.1%

Value $3.218M (-99.1%) Shares 22,425 (-99.1%) Share Price $143.52 Est. Cost/Share $141.73 Unrealized @ Report Date +1.3%

TCOM TRIP.COM GROUP LTD-ADR 2.9%

Value $113M (-56.4%) Shares 2,901,925 (-55.5%) Share Price $39.10 Est. Cost/Share $46.19 Unrealized @ Report Date -15.4%

PBR PETROLEO BRASILEIRO-SPON ADR 9.1%

Value $357M (+27.6%) Shares 17,102,265 (-1.2%) Share Price $20.87 Est. Cost/Share $11.56 Unrealized @ Report Date +80.5%

CRM SALESFORCE INC 0.2%

Value $6.192M (-91.0%) Shares 26,973 (-93.8%) Share Price $229.57 Est. Cost/Share $175.84 Unrealized @ Report Date +30.6%

ELV ELEVANCE HEALTH INC 0.6%

Value $21.86M (-64.7%) Shares 56,230 (-64.8%) Share Price $388.82 Est. Cost/Share $309.41 Unrealized @ Report Date +25.7%

AEM AGNICO EAGLE MINES LTD 7.0%

Value $276M (+13.3%) Shares 1,505,201 (-4.0%) Share Price $183.24 Est. Cost/Share $185.24 Unrealized @ Report Date -1.1%

BIDU BAIDU INC - SPON ADR 2.5%

Value $97.26M (-24.8%) Shares 1,119,634 (-1.1%) Share Price $86.87 Est. Cost/Share $123.84 Unrealized @ Report Date -29.9%

LVS LAS VEGAS SANDS CORP 1.0%

Value $38.83M (-33.5%) Shares 1,026,850 (-18.8%) Share Price $37.81 Est. Cost/Share $44.33 Unrealized @ Report Date -14.7%

CI THE CIGNA GROUP 0.6%

Value $22.04M (-46.7%) Shares 81,097 (-45.9%) Share Price $271.83 Est. Cost/Share $282.51 Unrealized @ Report Date -3.8%

HUM HUMANA INC 1.2%

Value $47.69M (-27.9%) Shares 124,992 (-25.0%) Share Price $381.57 Est. Cost/Share $256.07 Unrealized @ Report Date +49.0%

TSM TAIWAN SEMICONDUCTOR-SP ADR 7.0%

Value $274M (-6.1%) Shares 600,986 (-1.7%) Share Price $456.19 Est. Cost/Share $76.56 Unrealized @ Report Date +495.8%

SWKS SKYWORKS SOLUTIONS INC 0.0%

Value $1.499M (-92.0%) Shares 17,542 (-93.7%) Share Price $85.48 Est. Cost/Share $58.23 Unrealized @ Report Date +46.8%

BRK/B BERKSHIRE HATHAWAY INC-CL B 0.4%

Value $16.54M (-50.3%) Shares 33,213 (-50.1%) Share Price $497.95 Est. Cost/Share $480.75 Unrealized @ Report Date +3.6%

PTEN PATTERSON-UTI ENERGY INC 0.0%

Value $1.498M (-91.8%) Shares 137,156 (-93.1%) Share Price $10.92 Est. Cost/Share $8.22 Unrealized @ Report Date +32.8%

BMRN BIOMARIN PHARMACEUTICAL INC 1.1%

Value $44.25M (-25.6%) Shares 737,541 (-29.0%) Share Price $60.00 Est. Cost/Share $54.78 Unrealized @ Report Date +9.5%

NXPI NXP SEMICONDUCTORS NV 0.6%

Value $22.6M (-37.5%) Shares 95,151 (-26.0%) Share Price $237.53 Est. Cost/Share $199.14 Unrealized @ Report Date +19.3%

MLCO MELCO RESORTS & ENTERT-ADR 1.4%

Value $54.24M (-17.0%) Shares 12,106,432 (-2.4%) Share Price $4.48 Est. Cost/Share $11.49 Unrealized @ Report Date -61.0%

TME TENCENT MUSIC ENTERTAINM-ADR 3.6%

Value $142M (-6.4%) Shares 17,918,781 (-1.5%) Share Price $7.93 Est. Cost/Share $9.13 Unrealized @ Report Date -13.2%

BABA ALIBABA GROUP HOLDING-SP ADR 2.4%

Value $93.5M (+10.8%) Shares 869,421 (-1.2%) Share Price $107.54 Est. Cost/Share $118.09 Unrealized @ Report Date -8.9%

AA ALCOA CORP 0.4%

Value $14.93M (-36.0%) Shares 355,523 (-20.5%) Share Price $42.00 Est. Cost/Share $35.78 Unrealized @ Report Date +17.4%

HDB HDFC BANK LTD-ADR 0.7%

Value $27.33M (-19.9%) Shares 1,223,505 (-7.4%) Share Price $22.34 Est. Cost/Share $29.48 Unrealized @ Report Date -24.2%

LCII LCI INDUSTRIES 0.4%

Value $16.19M (-29.3%) Shares 193,526 (-10.5%) Share Price $83.67 Est. Cost/Share $84.19 Unrealized @ Report Date -0.6%

CNQ CANADIAN NATURAL RESOURCES 0.1%

Value $4.769M (-56.9%) Shares 101,320 (-63.8%) Share Price $47.07 Est. Cost/Share $38.74 Unrealized @ Report Date +21.5%

TROW T ROWE PRICE GROUP INC 0.8%

Value $30.04M (-16.1%) Shares 288,749 (-8.4%) Share Price $104.05 Est. Cost/Share $91.66 Unrealized @ Report Date +13.5%

ARW ARROW ELECTRONICS INC 0.5%

Value $18.27M (-23.9%) Shares 80,504 (-28.5%) Share Price $227.00 Est. Cost/Share $113.83 Unrealized @ Report Date +99.4%

OC OWENS CORNING 0.3%

Value $12.05M (-31.6%) Shares 103,202 (-6.9%) Share Price $116.74 Est. Cost/Share $119.21 Unrealized @ Report Date -2.1%

SON SONOCO PRODUCTS CO 0.4%

Value $14.24M (-26.1%) Shares 291,641 (-14.6%) Share Price $48.82 Est. Cost/Share $50.64 Unrealized @ Report Date -3.6%

NSIT INSIGHT ENTERPRISES INC 0.0%

Value $1.025M (-59.1%) Shares 6,558 (-68.1%) Share Price $156.32 Est. Cost/Share $91.27 Unrealized @ Report Date +71.3%

UBS UBS GROUP AG-REG 0.1%

Value $2.309M (-38.1%) Shares 47,907 (-36.4%) Share Price $48.21 Est. Cost/Share $20.17 Unrealized @ Report Date +138.7%

INMD INMODE LTD 0.0%

Value $1.175M (-50.6%) Shares 82,933 (-49.0%) Share Price $14.17 Est. Cost/Share $14.55 Unrealized @ Report Date -2.6%

JBS JBS NV-A 0.3%

Value $10.39M (-7.9%) Shares 920,470 (-3.3%) Share Price $11.29 Est. Cost/Share $14.62 Unrealized @ Report Date -22.8%

AVT AVNET INC 0.1%

Value $2.588M (-21.7%) Shares 25,889 (-30.4%) Share Price $99.95 Est. Cost/Share $51.16 Unrealized @ Report Date +95.4%

BLDR BUILDERS FIRSTSOURCE INC 0.0%

Value $1.15M (-37.1%) Shares 20,164 (-1.2%) Share Price $57.01 Est. Cost/Share $79.86 Unrealized @ Report Date -28.6%

IVZ INVESCO LTD 0.0%

Value $704K (-47.2%) Shares 23,331 (-53.8%) Share Price $30.16 Est. Cost/Share $13.15 Unrealized @ Report Date +129.4%

AVTR AVANTOR INC 0.0%

Value $1.465M (-20.7%) Shares 97,329 (-47.8%) Share Price $15.05 Est. Cost/Share $8.61 Unrealized @ Report Date +74.9%

MAN MANPOWERGROUP INC 0.0%

Value $1.908M (-11.9%) Shares 34,335 (-46.5%) Share Price $55.58 Est. Cost/Share $59.80 Unrealized @ Report Date -7.1%

VET VERMILION ENERGY INC 0.0%

Value $750K (-23.9%) Shares 65,954 (-37.4%) Share Price $11.38 Est. Cost/Share $8.74 Unrealized @ Report Date +30.3%

MHK MOHAWK INDUSTRIES INC 0.8%

Value $33.12M (+0.7%) Shares 265,535 (-2.1%) Share Price $124.72 Est. Cost/Share $120.96 Unrealized @ Report Date +3.1%

BAX BAXTER INTERNATIONAL INC 0.0%

Value $1.904M (+10.3%) Shares 79,323 (-2.0%) Share Price $24.00 Est. Cost/Share $18.64 Unrealized @ Report Date +28.8%

VSCO VICTORIA'S SECRET & CO 0.0%

Value $885K (-14.1%) Shares 10,004 (-18.9%) Share Price $88.46 Est. Cost/Share $23.33 Unrealized @ Report Date —

NSP INSPERITY INC 0.0%

Value $1.89M (+7.1%) Shares 40,567 (-5.1%) Share Price $46.59 Est. Cost/Share $39.01 Unrealized @ Report Date +19.4%

TNET TRINET GROUP INC 0.0%

Value $275K (+11.6%) Shares 4,395 (-11.7%) Share Price $62.54 Est. Cost/Share $42.87 Unrealized @ Report Date +45.9%

DG DOLLAR GENERAL CORP 0.0%

Value $1.469M (+1.2%) Shares 12,283 (-2.6%) Share Price $119.58 Est. Cost/Share $113.65 Unrealized @ Report Date +5.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AER	AERCAP HOLDINGS NV	22,425 (-99.1%)	$3.218M (-99.1%)	0.1%	$143.52	$141.73	+1.3%	Common Stocks	N00985106
TCOM	TRIP.COM GROUP LTD-ADR	2,901,925 (-55.5%)	$113M (-56.4%)	2.9%	$39.10	$46.19	-15.4%	Equity Depositary Receipts	89677Q107
PBR	PETROLEO BRASILEIRO-SPON ADR	17,102,265 (-1.2%)	$357M (+27.6%)	9.1%	$20.87	$11.56	+80.5%	Equity Depositary Receipts	71654V408
CRM	SALESFORCE INC	26,973 (-93.8%)	$6.192M (-91.0%)	0.2%	$229.57	$175.84	+30.6%	Common Stocks	79466L302
ELV	ELEVANCE HEALTH INC	56,230 (-64.8%)	$21.86M (-64.7%)	0.6%	$388.82	$309.41	+25.7%	Common Stocks	036752103
AEM	AGNICO EAGLE MINES LTD	1,505,201 (-4.0%)	$276M (+13.3%)	7.0%	$183.24	$185.24	-1.1%	Common Stocks	008474108
BIDU	BAIDU INC - SPON ADR	1,119,634 (-1.1%)	$97.26M (-24.8%)	2.5%	$86.87	$123.84	-29.9%	Equity Depositary Receipts	056752108
LVS	LAS VEGAS SANDS CORP	1,026,850 (-18.8%)	$38.83M (-33.5%)	1.0%	$37.81	$44.33	-14.7%	Common Stocks	517834107
CI	THE CIGNA GROUP	81,097 (-45.9%)	$22.04M (-46.7%)	0.6%	$271.83	$282.51	-3.8%	Common Stocks	125523100
HUM	HUMANA INC	124,992 (-25.0%)	$47.69M (-27.9%)	1.2%	$381.57	$256.07	+49.0%	Common Stocks	444859102
TSM	TAIWAN SEMICONDUCTOR-SP ADR	600,986 (-1.7%)	$274M (-6.1%)	7.0%	$456.19	$76.56	+495.8%	Equity Depositary Receipts	874039100
SWKS	SKYWORKS SOLUTIONS INC	17,542 (-93.7%)	$1.499M (-92.0%)	0.0%	$85.48	$58.23	+46.8%	Common Stocks	83088M102
BRK/B	BERKSHIRE HATHAWAY INC-CL B	33,213 (-50.1%)	$16.54M (-50.3%)	0.4%	$497.95	$480.75	+3.6%	Common Stocks	084670702
PTEN	PATTERSON-UTI ENERGY INC	137,156 (-93.1%)	$1.498M (-91.8%)	0.0%	$10.92	$8.22	+32.8%	Common Stocks	703481101
BMRN	BIOMARIN PHARMACEUTICAL INC	737,541 (-29.0%)	$44.25M (-25.6%)	1.1%	$60.00	$54.78	+9.5%	Common Stocks	09061G101
NXPI	NXP SEMICONDUCTORS NV	95,151 (-26.0%)	$22.6M (-37.5%)	0.6%	$237.53	$199.14	+19.3%	Common Stocks	N6596X109
MLCO	MELCO RESORTS & ENTERT-ADR	12,106,432 (-2.4%)	$54.24M (-17.0%)	1.4%	$4.48	$11.49	-61.0%	Equity Depositary Receipts	585464100
TME	TENCENT MUSIC ENTERTAINM-ADR	17,918,781 (-1.5%)	$142M (-6.4%)	3.6%	$7.93	$9.13	-13.2%	Equity Depositary Receipts	88034P109
BABA	ALIBABA GROUP HOLDING-SP ADR	869,421 (-1.2%)	$93.5M (+10.8%)	2.4%	$107.54	$118.09	-8.9%	Equity Depositary Receipts	01609W102
AA	ALCOA CORP	355,523 (-20.5%)	$14.93M (-36.0%)	0.4%	$42.00	$35.78	+17.4%	Common Stocks	013872106
HDB	HDFC BANK LTD-ADR	1,223,505 (-7.4%)	$27.33M (-19.9%)	0.7%	$22.34	$29.48	-24.2%	Equity Depositary Receipts	40415F101
LCII	LCI INDUSTRIES	193,526 (-10.5%)	$16.19M (-29.3%)	0.4%	$83.67	$84.19	-0.6%	Common Stocks	50189K103
CNQ	CANADIAN NATURAL RESOURCES	101,320 (-63.8%)	$4.769M (-56.9%)	0.1%	$47.07	$38.74	+21.5%	Common Stocks	136385101
TROW	T ROWE PRICE GROUP INC	288,749 (-8.4%)	$30.04M (-16.1%)	0.8%	$104.05	$91.66	+13.5%	Common Stocks	74144T108
ARW	ARROW ELECTRONICS INC	80,504 (-28.5%)	$18.27M (-23.9%)	0.5%	$227.00	$113.83	+99.4%	Common Stocks	042735100
OC	OWENS CORNING	103,202 (-6.9%)	$12.05M (-31.6%)	0.3%	$116.74	$119.21	-2.1%	Common Stocks	690742101
SON	SONOCO PRODUCTS CO	291,641 (-14.6%)	$14.24M (-26.1%)	0.4%	$48.82	$50.64	-3.6%	Common Stocks	835495102
NSIT	INSIGHT ENTERPRISES INC	6,558 (-68.1%)	$1.025M (-59.1%)	0.0%	$156.32	$91.27	+71.3%	Common Stocks	45765U103
UBS	UBS GROUP AG-REG	47,907 (-36.4%)	$2.309M (-38.1%)	0.1%	$48.21	$20.17	+138.7%	Common Stocks	H42097107
INMD	INMODE LTD	82,933 (-49.0%)	$1.175M (-50.6%)	0.0%	$14.17	$14.55	-2.6%	Common Stocks	M5425M103
JBS	JBS NV-A	920,470 (-3.3%)	$10.39M (-7.9%)	0.3%	$11.29	$14.62	-22.8%	Common Stocks	N4732M103
AVT	AVNET INC	25,889 (-30.4%)	$2.588M (-21.7%)	0.1%	$99.95	$51.16	+95.4%	Common Stocks	053807103
BLDR	BUILDERS FIRSTSOURCE INC	20,164 (-1.2%)	$1.15M (-37.1%)	0.0%	$57.01	$79.86	-28.6%	Common Stocks	12008R107
IVZ	INVESCO LTD	23,331 (-53.8%)	$704K (-47.2%)	0.0%	$30.16	$13.15	+129.4%	Common Stocks	G491BT108
AVTR	AVANTOR INC	97,329 (-47.8%)	$1.465M (-20.7%)	0.0%	$15.05	$8.61	+74.9%	Common Stocks	05352A100
MAN	MANPOWERGROUP INC	34,335 (-46.5%)	$1.908M (-11.9%)	0.0%	$55.58	$59.80	-7.1%	Common Stocks	56418H100
VET	VERMILION ENERGY INC	65,954 (-37.4%)	$750K (-23.9%)	0.0%	$11.38	$8.74	+30.3%	Common Stocks	923725105
MHK	MOHAWK INDUSTRIES INC	265,535 (-2.1%)	$33.12M (+0.7%)	0.8%	$124.72	$120.96	+3.1%	Common Stocks	608190104
BAX	BAXTER INTERNATIONAL INC	79,323 (-2.0%)	$1.904M (+10.3%)	0.0%	$24.00	$18.64	+28.8%	Common Stocks	071813109
VSCO	VICTORIA'S SECRET & CO	10,004 (-18.9%)	$885K (-14.1%)	0.0%	$88.46	$23.33	—	Common Stocks	926400102
NSP	INSPERITY INC	40,567 (-5.1%)	$1.89M (+7.1%)	0.0%	$46.59	$39.01	+19.4%	Common Stocks	45778Q107
TNET	TRINET GROUP INC	4,395 (-11.7%)	$275K (+11.6%)	0.0%	$62.54	$42.87	+45.9%	Common Stocks	896288107
DG	DOLLAR GENERAL CORP	12,283 (-2.6%)	$1.469M (+1.2%)	0.0%	$119.58	$113.65	+5.2%	Common Stocks	256677105

Unchanged Positions (38)

CNMD CONMED CORP 0.1%

Value $2.651M Shares 57,334 Share Price $46.23 Est. Cost/Share $36.00 Unrealized @ Report Date +28.4%

ICHR ICHOR HOLDINGS LTD 0.0%

Value $837K Shares 13,523 Share Price $61.86 Est. Cost/Share $30.85 Unrealized @ Report Date +100.5%

ONTO ONTO INNOVATION INC 0.1%

Value $2.341M Shares 7,605 Share Price $307.82 Est. Cost/Share $106.80 Unrealized @ Report Date +188.2%

RY ROYAL BANK OF CANADA 0.2%

Value $6.26M Shares 31,826 Share Price $196.69 Est. Cost/Share $122.31 Unrealized @ Report Date +60.7%

RDY DR. REDDY'S LABORATORIES-ADR 0.1%

Value $2.062M Shares 163,426 Share Price $12.62 Est. Cost/Share $13.49 Unrealized @ Report Date -6.5%

BANC BANC OF CALIFORNIA INC 0.0%

Value $1.644M Shares 95,387 Share Price $17.23 Est. Cost/Share $15.77 Unrealized @ Report Date +9.3%

COLB COLUMBIA BANKING SYSTEM INC 0.1%

Value $2.371M Shares 82,893 Share Price $28.60 Est. Cost/Share $18.45 Unrealized @ Report Date +55.1%

WYNN WYNN RESORTS LTD 0.0%

Value $1.292M Shares 16,271 Share Price $79.43 Est. Cost/Share $81.73 Unrealized @ Report Date -2.8%

AZN ASTRAZENECA PLC 0.0%

Value $1.896M Shares 11,643 Share Price $162.82 Est. Cost/Share $191.34 Unrealized @ Report Date -16.3%

CHRD CHORD ENERGY CORP 0.0%

Value $1.595M Shares 11,900 Share Price $134.07 Est. Cost/Share $108.02 Unrealized @ Report Date +24.1%

UCTT ULTRA CLEAN HOLDINGS INC 0.0%

Value $286K Shares 3,532 Share Price $81.06 Est. Cost/Share $51.32 Unrealized @ Report Date +58.0%

FAF FIRST AMERICAN FINANCIAL 0.0%

Value $1.283M Shares 21,116 Share Price $60.74 Est. Cost/Share $57.78 Unrealized @ Report Date +5.1%

MOH MOLINA HEALTHCARE INC 0.0%

Value $770K Shares 4,070 Share Price $189.10 Est. Cost/Share $164.30 Unrealized @ Report Date +15.1%

PLOW DOUGLAS DYNAMICS INC 0.0%

Value $400K Shares 10,193 Share Price $39.25 Est. Cost/Share $25.07 Unrealized @ Report Date +56.6%

ABM ABM INDUSTRIES INC 0.0%

Value $1.847M Shares 38,396 Share Price $48.10 Est. Cost/Share $41.00 Unrealized @ Report Date +17.3%

CC CHEMOURS CO/THE 0.0%

Value $273K Shares 20,150 Share Price $13.57 Est. Cost/Share $22.32 Unrealized @ Report Date -39.2%

IBN ICICI BANK LTD-SPON ADR 0.1%

Value $2.363M Shares 85,759 Share Price $27.55 Est. Cost/Share $27.04 Unrealized @ Report Date +1.9%

JBI JANUS INTERNATIONAL GROUP IN 0.0%

Value $323K Shares 79,052 Share Price $4.09 Est. Cost/Share $5.78 Unrealized @ Report Date -29.3%

PSIX POWER SOLUTIONS INTERNATIONA 0.0%

Value $746K Shares 16,238 Share Price $45.97 Est. Cost/Share $71.35 Unrealized @ Report Date -35.6%

LZB LA-Z-BOY INC 0.0%

Value $288K Shares 9,733 Share Price $29.64 Est. Cost/Share $34.15 Unrealized @ Report Date -13.2%

NVST ENVISTA HOLDINGS CORP 0.0%

Value $795K Shares 33,860 Share Price $23.47 Est. Cost/Share $20.54 Unrealized @ Report Date +14.2%

AGO ASSURED GUARANTY LTD 0.0%

Value $538K Shares 7,938 Share Price $67.72 Est. Cost/Share $63.43 Unrealized @ Report Date +6.8%

BCC BOISE CASCADE CO 0.1%

Value $2.019M Shares 27,231 Share Price $74.15 Est. Cost/Share $82.14 Unrealized @ Report Date -9.7%

WCC WESCO INTERNATIONAL INC 0.1%

Value $2.75M Shares 7,648 Share Price $359.59 Est. Cost/Share $150.11 Unrealized @ Report Date +139.5%

ACHC ACADIA HEALTHCARE CO INC 0.0%

Value $1.096M Shares 39,844 Share Price $27.50 Est. Cost/Share $21.35 Unrealized @ Report Date +28.8%

CRC CALIFORNIA RESOURCES CORP 0.0%

Value $1.907M Shares 37,541 Share Price $50.80 Est. Cost/Share $45.83 Unrealized @ Report Date +10.8%

THO THOR INDUSTRIES INC 0.0%

Value $840K Shares 12,155 Share Price $69.10 Est. Cost/Share $104.67 Unrealized @ Report Date -34.0%

MSM MSC INDUSTRIAL DIRECT CO-A 0.0%

Value $1.645M Shares 13,297 Share Price $123.72 Est. Cost/Share $89.50 Unrealized @ Report Date +38.2%

REPX RILEY EXPLORATION PERMIAN IN 0.0%

Value $286K Shares 7,139 Share Price $40.01 Est. Cost/Share $35.65 Unrealized @ Report Date +12.2%

JAZZ JAZZ PHARMACEUTICALS PLC 0.0%

Value $1.204M Shares 5,199 Share Price $231.52 Est. Cost/Share $114.09 Unrealized @ Report Date +102.9%

FIBK FIRST INTERSTATE BANCSYS-A 0.0%

Value $554K Shares 15,510 Share Price $35.74 Est. Cost/Share $35.53 Unrealized @ Report Date +0.6%

FOXF FOX FACTORY HOLDING CORP 0.0%

Value $560K Shares 30,487 Share Price $18.37 Est. Cost/Share $17.87 Unrealized @ Report Date +2.8%

KFY KORN FERRY 0.0%

Value $519K Shares 7,251 Share Price $71.59 Est. Cost/Share $59.10 Unrealized @ Report Date +21.1%

RNR RENAISSANCERE HOLDINGS LTD 0.1%

Value $3.667M Shares 11,522 Share Price $318.23 Est. Cost/Share $293.56 Unrealized @ Report Date +8.4%

INDV INDIVIOR PHARMACEUTICALS INC 0.0%

Value $212K Shares 5,920 Share Price $35.85 Est. Cost/Share $36.28 Unrealized @ Report Date -1.2%

UGI UGI CORP 0.0%

Value $614K Shares 17,216 Share Price $35.67 Est. Cost/Share $23.95 Unrealized @ Report Date +48.9%

APAM ARTISAN PARTNERS ASSET MA -A 0.0%

Value $321K Shares 8,885 Share Price $36.12 Est. Cost/Share $23.36 Unrealized @ Report Date +54.6%

PVH PVH CORP 0.0%

Value $1.576M Shares 21,281 Share Price $74.05 Est. Cost/Share $71.61 Unrealized @ Report Date +3.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
CNMD	CONMED CORP	57,334	$2.651M	0.1%	$46.23	$36.00	+28.4%	Common Stocks	207410101
ICHR	ICHOR HOLDINGS LTD	13,523	$837K	0.0%	$61.86	$30.85	+100.5%	Common Stocks	G4740B105
ONTO	ONTO INNOVATION INC	7,605	$2.341M	0.1%	$307.82	$106.80	+188.2%	Common Stocks	683344105
RY	ROYAL BANK OF CANADA	31,826	$6.26M	0.2%	$196.69	$122.31	+60.7%	Common Stocks	780087102
RDY	DR. REDDY'S LABORATORIES-ADR	163,426	$2.062M	0.1%	$12.62	$13.49	-6.5%	Equity Depositary Receipts	256135203
BANC	BANC OF CALIFORNIA INC	95,387	$1.644M	0.0%	$17.23	$15.77	+9.3%	Common Stocks	05990K106
COLB	COLUMBIA BANKING SYSTEM INC	82,893	$2.371M	0.1%	$28.60	$18.45	+55.1%	Common Stocks	197236102
WYNN	WYNN RESORTS LTD	16,271	$1.292M	0.0%	$79.43	$81.73	-2.8%	Common Stocks	983134107
AZN	ASTRAZENECA PLC	11,643	$1.896M	0.0%	$162.82	$191.34	-16.3%	Common Stocks	G0593M107
CHRD	CHORD ENERGY CORP	11,900	$1.595M	0.0%	$134.07	$108.02	+24.1%	Common Stocks	674215207
UCTT	ULTRA CLEAN HOLDINGS INC	3,532	$286K	0.0%	$81.06	$51.32	+58.0%	Common Stocks	90385V107
FAF	FIRST AMERICAN FINANCIAL	21,116	$1.283M	0.0%	$60.74	$57.78	+5.1%	Common Stocks	31847R102
MOH	MOLINA HEALTHCARE INC	4,070	$770K	0.0%	$189.10	$164.30	+15.1%	Common Stocks	60855R100
PLOW	DOUGLAS DYNAMICS INC	10,193	$400K	0.0%	$39.25	$25.07	+56.6%	Common Stocks	25960R105
ABM	ABM INDUSTRIES INC	38,396	$1.847M	0.0%	$48.10	$41.00	+17.3%	Common Stocks	000957100
CC	CHEMOURS CO/THE	20,150	$273K	0.0%	$13.57	$22.32	-39.2%	Common Stocks	163851108
IBN	ICICI BANK LTD-SPON ADR	85,759	$2.363M	0.1%	$27.55	$27.04	+1.9%	Equity Depositary Receipts	45104G104
JBI	JANUS INTERNATIONAL GROUP IN	79,052	$323K	0.0%	$4.09	$5.78	-29.3%	Common Stocks	47103N106
PSIX	POWER SOLUTIONS INTERNATIONA	16,238	$746K	0.0%	$45.97	$71.35	-35.6%	Common Stocks	73933G202
LZB	LA-Z-BOY INC	9,733	$288K	0.0%	$29.64	$34.15	-13.2%	Common Stocks	505336107
NVST	ENVISTA HOLDINGS CORP	33,860	$795K	0.0%	$23.47	$20.54	+14.2%	Common Stocks	29415F104
AGO	ASSURED GUARANTY LTD	7,938	$538K	0.0%	$67.72	$63.43	+6.8%	Common Stocks	G0585R106
BCC	BOISE CASCADE CO	27,231	$2.019M	0.1%	$74.15	$82.14	-9.7%	Common Stocks	09739D100
WCC	WESCO INTERNATIONAL INC	7,648	$2.75M	0.1%	$359.59	$150.11	+139.5%	Common Stocks	95082P105
ACHC	ACADIA HEALTHCARE CO INC	39,844	$1.096M	0.0%	$27.50	$21.35	+28.8%	Common Stocks	00404A109
CRC	CALIFORNIA RESOURCES CORP	37,541	$1.907M	0.0%	$50.80	$45.83	+10.8%	Common Stocks	13057Q305
THO	THOR INDUSTRIES INC	12,155	$840K	0.0%	$69.10	$104.67	-34.0%	Common Stocks	885160101
MSM	MSC INDUSTRIAL DIRECT CO-A	13,297	$1.645M	0.0%	$123.72	$89.50	+38.2%	Common Stocks	553530106
REPX	RILEY EXPLORATION PERMIAN IN	7,139	$286K	0.0%	$40.01	$35.65	+12.2%	Common Stocks	76665T102
JAZZ	JAZZ PHARMACEUTICALS PLC	5,199	$1.204M	0.0%	$231.52	$114.09	+102.9%	Common Stocks	G50871105
FIBK	FIRST INTERSTATE BANCSYS-A	15,510	$554K	0.0%	$35.74	$35.53	+0.6%	Common Stocks	32055Y201
FOXF	FOX FACTORY HOLDING CORP	30,487	$560K	0.0%	$18.37	$17.87	+2.8%	Common Stocks	35138V102
KFY	KORN FERRY	7,251	$519K	0.0%	$71.59	$59.10	+21.1%	Common Stocks	500643200
RNR	RENAISSANCERE HOLDINGS LTD	11,522	$3.667M	0.1%	$318.23	$293.56	+8.4%	Common Stocks	G7496G103
INDV	INDIVIOR PHARMACEUTICALS INC	5,920	$212K	0.0%	$35.85	$36.28	-1.2%	Common Stocks	45579U109
UGI	UGI CORP	17,216	$614K	0.0%	$35.67	$23.95	+48.9%	Common Stocks	902681105
APAM	ARTISAN PARTNERS ASSET MA -A	8,885	$321K	0.0%	$36.12	$23.36	+54.6%	Common Stocks	04316A108
PVH	PVH CORP	21,281	$1.576M	0.0%	$74.05	$71.61	+3.4%	Common Stocks	693656100