Ruffer LLP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	735,190	$166,515	7.6%	$297.98	0.0%	COM CL A	19260Q107
DIS	DISNEY WALT CO	567,615	$64,678	2.9%	$109.53	0.0%	COM	254687106
FND	FLOOR & DECOR HLDGS INC	774,470	$47,231	2.2%	$64.82	0.0%	CL A	339750101
SLB	SCHLUMBERGER LTD	1,146,543	$44,073	2.0%	$36.06	0.0%	COM STK	806857108
UNP	UNION PAC CORP	133,430	$30,913	1.4%	$227.32	0.0%	COM	907818108
LAMR	LAMAR ADVERTISING CO NEW	239,820	$30,402	1.4%	$126.77	—	CL A	512816109
NOMD	NOMAD FOODS LTD	2,140,876	$26,823	1.2%	$12.21	0.0%	USD ORD SHS	G6564A105
VIST	VISTA ENERGY S.A.B. DE C.V.	394,510	$19,227	0.9%	$48.74	—	SPONSORED ADS	92837L109
SIG	SIGNET JEWELERS LIMITED	185,192	$15,372	0.7%	$94.99	0.0%	SHS	G81276100
CP	CANADIAN PACIFIC KANSAS CITY	206,459	$15,225	0.7%	$73.60	0.0%	COM	13646K108
AA	ALCOA CORP	265,910	$14,153	0.6%	$40.88	0.0%	COM	013872106
DV	DOUBLEVERIFY HLDGS INC	645,691	$7,399	0.3%	$11.03	0.0%	COM	25862V105
MMS	MAXIMUS INC	80,396	$6,951	0.3%	$85.48	0.0%	COM	577933104
CDE	COEUR MNG INC	366,238	$6,540	0.3%	$17.39	0.0%	COM NEW	192108504
SAIC	SCIENCE APPLICATIONS INTL CO	57,664	$5,813	0.3%	$95.49	0.0%	COM	808625107
MICC	MAGNUM ICE CREAM CO NV	340,183	$5,398	0.2%	$15.68	0.0%	ORD SHS	N5505D105
TFX	TELEFLEX INCORPORATED	42,166	$5,154	0.2%	$121.00	0.0%	COM	879369106
CNYA	ISHARES TR	131,000	$4,537	0.2%	$34.63	—	MSCI CHINA A	46434V514
PBI	PITNEY BOWES INC	423,474	$4,483	0.2%	$10.37	0.0%	COM	724479100
LEA	LEAR CORP	38,300	$4,396	0.2%	$106.29	0.0%	COM NEW	521865204
DHT	DHT HOLDINGS INC	358,738	$4,387	0.2%	$12.28	0.0%	SHS NEW	Y2065G121
STNG	SCORPIO TANKERS INC	85,914	$4,374	0.2%	$50.91	—	SHS	Y7542C130
TNK	TEEKAY TANKERS LTD	69,863	$3,738	0.2%	$56.15	0.0%	CL A	G8726X106
CROX	CROCS INC	42,877	$3,673	0.2%	$83.64	0.0%	COM	227046109
GM	GENERAL MTRS CO	44,694	$3,640	0.2%	$70.40	0.0%	COM	37045V100
PRKS	UNITED PARKS & RESORTS INC	97,970	$3,562	0.2%	$41.55	0.0%	COM	81282V100
RH	RH	19,219	$3,448	0.2%	$171.01	0.0%	COM	74967X103
BBT	BERKSHIRE HILLS BANCORP INC	130,048	$3,434	0.2%	$24.93	0.0%	COM	084680107
BBWI	BATH & BODY WORKS INC	170,505	$3,429	0.2%	$21.72	0.0%	COM	070830104
VAC	MARRIOTT VACATIONS WORLDWIDE	58,907	$3,404	0.2%	$59.10	0.0%	COM	57164Y107
TGT	TARGET CORP	34,456	$3,373	0.2%	$91.63	0.0%	COM	87612E106
ACI	ALBERTSONS COS INC	195,920	$3,369	0.2%	$17.64	0.0%	COMMON STOCK	013091103
ALIT	ALIGHT INC	1,710,398	$3,339	0.2%	$2.46	0.0%	ALIGHT INC	01626W101
LTH	LIFE TIME GROUP HOLDINGS INC	121,167	$3,226	0.1%	$26.03	0.0%	COMMON STOCK	53190C102
JACK	JACK IN THE BOX INC	169,792	$3,223	0.1%	$18.08	0.0%	COM	466367109
WEN	WENDYS CO	382,890	$3,194	0.1%	$8.63	0.0%	COM	95058W100
KMX	CARMAX INC	82,204	$3,181	0.1%	$39.99	0.0%	COM	143130102
VOYA	VOYA FINANCIAL INC	42,265	$3,153	0.1%	$72.55	0.0%	COM	929089100
OZK	BANK OZK LITTLE ROCK ARK	68,063	$3,137	0.1%	$46.27	0.0%	COM	06417N103
RDN	RADIAN GROUP INC	86,970	$3,135	0.1%	$34.76	0.0%	COM	750236101
ASB	ASSOCIATED BANC CORP	121,477	$3,134	0.1%	$25.57	0.0%	COM	045487105
UBSI	UNITED BANKSHARES INC WEST V	81,408	$3,131	0.1%	$37.24	0.0%	COM	909907107
PAYC	PAYCOM SOFTWARE INC	19,584	$3,126	0.1%	$176.93	0.0%	COM	70432V102
BOH	BANK HAWAII CORP	45,370	$3,107	0.1%	$65.46	0.0%	COM	062540109
SSB	SOUTHSTATE BK CORP	32,661	$3,078	0.1%	$91.84	0.0%	COM	84472E102
FULT	FULTON FINL CORP PA	158,786	$3,074	0.1%	$18.23	0.0%	COM	360271100
GO	GROCERY OUTLET HLDG CORP	302,619	$3,061	0.1%	$12.58	0.0%	COM	39874R101
UCB	UNITED CMNTY BKS BLAIRSVLE G	97,641	$3,053	0.1%	$30.87	0.0%	COM	90984P303
FHB	FIRST HAWAIIAN INC	119,509	$3,028	0.1%	$24.48	0.0%	COM	32051X108
SKYW	SKYWEST INC	30,038	$3,021	0.1%	$100.13	0.0%	COM	830879102
BNO	UNITED STS BRENT OIL FD LP	106,450	$3,019	0.1%	$28.36	—	UNIT	91167Q100
HOMB	HOME BANCSHARES INC	108,357	$3,015	0.1%	$27.73	0.0%	COM	436893200
AUB	ATLANTIC UN BANKSHARES CORP	84,181	$2,976	0.1%	$33.86	0.0%	COM	04911A107
PB	PROSPERITY BANCSHARES INC	42,828	$2,964	0.1%	$67.02	0.0%	COM	743606105
EBC	EASTERN BANKSHARES INC	160,133	$2,956	0.1%	$18.22	0.0%	COM	27627N105
APTV	APTIV PLC	38,692	$2,949	0.1%	$80.28	0.0%	COM SHS	G3265R107
CRBG	COREBRIDGE FINL INC	97,176	$2,936	0.1%	$30.55	0.0%	COM	21871X109
—	SYNOVUS FINL CORP	58,348	$2,925	0.1%	$50.13	—	COM NEW	87161C501
HASI	HA SUSTAINABLE INFRA CAP INC	91,948	$2,894	0.1%	$31.10	0.0%	COM	41068X100
ONB	OLD NATL BANCORP IND	128,478	$2,871	0.1%	$21.56	0.0%	COM	680033107
CZR	CAESARS ENTERTAINMENT INC NE	120,390	$2,820	0.1%	$22.48	0.0%	COM	12769G100
WAL	WESTERN ALLIANCE BANCORP	33,236	$2,798	0.1%	$80.63	0.0%	COM	957638109
MHO	M/I HOMES INC	21,832	$2,798	0.1%	$132.18	0.0%	COM	55305B101
ODV	OSISKO DEVELOPMENT CORP	754,799	$2,638	0.1%	$3.44	0.0%	COM NEW	68828E809
KSS	KOHLS CORP	128,343	$2,623	0.1%	$18.74	0.0%	COM	500255104
CART	MAPLEBEAR INC	56,987	$2,567	0.1%	$40.93	0.0%	COM	565394103
NBIX	NEUROCRINE BIOSCIENCES INC	17,453	$2,479	0.1%	$144.87	0.0%	COM	64125C109
JAZZ	JAZZ PHARMACEUTICALS PLC	14,242	$2,425	0.1%	$153.31	0.0%	SHS USD	G50871105
PSIX	POWER SOLUTIONS INTL INC	38,063	$2,178	0.1%	$71.37	0.0%	COM NEW	73933G202
PLAY	DAVE & BUSTERS ENTMT INC	130,065	$2,111	0.1%	$16.73	0.0%	COM	238337109
BTG	B2GOLD CORP	454,824	$2,054	0.1%	$4.66	0.0%	COM	11777Q209
RIGL	RIGEL PHARMACEUTICALS INC	37,244	$1,598	0.1%	$37.70	0.0%	COM	766559702
HRMY	HARMONY BIOSCIENCES HLDGS IN	40,993	$1,536	0.1%	$32.88	0.0%	COM	413197104
AEM	AGNICO EAGLE MINES LTD	5,791	$983	0.0%	$167.85	0.0%	COM	008474108
CENX	CENTURY ALUM CO	23,851	$936	0.0%	$31.24	0.0%	COM	156431108
CPER	UNITED STS COMMODITY INDEX F	22,400	$784	0.0%	$35.01	—	CM REP COPP FD	911718104
AGNC	AGNC INVT CORP	46,517	$499	0.0%	$10.74	—	COM	00123Q104
EPR	EPR PPTYS	7,255	$363	0.0%	$49.98	—	COM SH BEN INT	26884U109
RITM	RITHM CAPITAL CORP	10,367	$113	0.0%	$10.92	—	COM NEW	64828T201
PK	PARK HOTELS & RESORTS INC	10,603	$111	0.0%	$10.48	—	COM	700517105
DRH	DIAMONDROCK HOSPITALITY CO	11,963	$107	0.0%	$8.97	—	COM	252784301
ORC	ORCHID IS CAP INC	14,790	$107	0.0%	$7.21	—	COM NEW	68571X301
ABR	ARBOR REALTY TRUST INC	13,677	$106	0.0%	$7.77	—	COM	038923108

Increased Positions (28)

SW SMURFIT WESTROCK PLC 7.9%

Value ($000) $174,447 (+421.6%) Shares 4,504,151 (+473.3%) Est. Cost $38.83 Unrealized -1.8%

SOLV SOLVENTUM CORP 2.2%

Value ($000) $48,773 (+221.9%) Shares 614,558 (+196.1%) Est. Cost $75.48 Unrealized +1.5%

EGO ELDORADO GOLD CORP NEW 2.6%

Value ($000) $57,981 (+42.1%) Shares 1,611,656 (+14.1%) Est. Cost $18.83 Unrealized +59.0%

PM PHILIP MORRIS INTL INC 1.4%

Value ($000) $30,412 (+97.2%) Shares 189,305 (+99.1%) Est. Cost $124.26 Unrealized +23.6%

XOM EXXON MOBIL CORP 1.8%

Value ($000) $38,578 (+23.0%) Shares 320,081 (+15.0%) Est. Cost $77.97 Unrealized +48.1%

UHAL/B U HAUL HOLDING COMPANY 0.6%

Value ($000) $14,275 (+92.5%) Shares 304,952 (+109.3%) Est. Cost $50.87 Unrealized -4.3%

GE GE AEROSPACE 1.6%

Value ($000) $36,189 (+19.9%) Shares 117,301 (+16.9%) Est. Cost $112.72 Unrealized +166.9%

SU SUNCOR ENERGY INC NEW 2.0%

Value ($000) $44,471 (+13.6%) Shares 999,168 (+6.9%) Est. Cost $31.91 Unrealized +32.4%

PNC PNC FINL SVCS GROUP INC 1.4%

Value ($000) $31,379 (+18.4%) Shares 150,102 (+13.8%) Est. Cost $151.86 Unrealized +26.9%

BBY BEST BUY INC 0.2%

Value ($000) $3,862 (+322.2%) Shares 57,606 (+376.3%) Est. Cost $73.35 Unrealized +2.9%

EXR EXTRA SPACE STORAGE INC 2.3%

Value ($000) $50,283 (+5.9%) Shares 385,535 (+14.4%) Est. Cost $139.91 Unrealized -3.5%

IFF INTERNATIONAL FLAVORS&FRAGRA 0.7%

Value ($000) $16,028 (+18.3%) Shares 237,473 (+7.8%) Est. Cost $67.59 Unrealized -4.7%

JHG JANUS HENDERSON GROUP PLC 0.3%

Value ($000) $6,656 (+52.4%) Shares 139,713 (+42.3%) Est. Cost $43.50 Unrealized +1.7%

FOXA FOX CORP 0.3%

Value ($000) $7,553 (+37.4%) Shares 103,210 (+18.4%) Est. Cost $48.29 Unrealized +35.3%

TROW PRICE T ROWE GROUP INC 0.3%

Value ($000) $6,263 (+44.8%) Shares 61,083 (+44.9%) Est. Cost $102.62 Unrealized -0.4%

BABA ALIBABA GROUP HLDG LTD 3.2%

Value ($000) $70,624 (+2.7%) Shares 481,064 (+25.0%) Est. Cost $107.58 Unrealized —

FHI FEDERATED HERMES INC 0.4%

Value ($000) $7,807 (+28.7%) Shares 149,689 (+28.2%) Est. Cost $50.00 Unrealized +0.6%

CPA COPA HOLDINGS SA 0.3%

Value ($000) $5,897 (+35.1%) Shares 48,819 (+32.9%) Est. Cost $101.66 Unrealized +19.3%

VIRT VIRTU FINL INC 0.2%

Value ($000) $4,996 (+36.3%) Shares 149,707 (+45.0%) Est. Cost $38.95 Unrealized -12.2%

OSK OSHKOSH CORP 0.2%

Value ($000) $3,772 (+53.2%) Shares 29,982 (+57.9%) Est. Cost $107.70 Unrealized +18.8%

SNX TD SYNNEX CORPORATION 0.3%

Value ($000) $5,532 (+24.2%) Shares 36,770 (+35.2%) Est. Cost $128.31 Unrealized +19.1%

CALM CAL MAINE FOODS INC 0.2%

Value ($000) $4,639 (+29.4%) Shares 58,210 (+52.8%) Est. Cost $97.61 Unrealized -11.3%

DINO HF SINCLAIR CORP 0.2%

Value ($000) $4,723 (+20.5%) Shares 102,340 (+36.7%) Est. Cost $47.94 Unrealized +7.0%

HRB BLOCK H & R INC 0.2%

Value ($000) $5,152 (+10.8%) Shares 118,033 (+28.4%) Est. Cost $53.80 Unrealized -13.7%

NG NOVAGOLD RES INC 0.1%

Value ($000) $1,425 (+15.3%) Shares 152,710 (+8.7%) Est. Cost $4.19 Unrealized +121.5%

SBRA SABRA HEALTH CARE REIT INC 0.0%

Value ($000) $438 (+24.4%) Shares 23,094 (+22.3%) Est. Cost $18.70 Unrealized —

PSA PUBLIC STORAGE OPER CO 0.0%

Value ($000) $359 (+8.0%) Shares 1,380 (+20.0%) Est. Cost $280.81 Unrealized -1.3%

BN BROOKFIELD CORP 0.2%

Value ($000) $3,895 (+0.5%) Shares 84,750 (+50.0%) Est. Cost $30.10 Unrealized +51.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SW	SMURFIT WESTROCK PLC	4,504,151 (+473.3%)	$174,447 (+421.6%)	7.9%	$38.83	-1.8%	SHS	G8267P108
SOLV	SOLVENTUM CORP	614,558 (+196.1%)	$48,773 (+221.9%)	2.2%	$75.48	+1.5%	COM SHS	83444M101
EGO	ELDORADO GOLD CORP NEW	1,611,656 (+14.1%)	$57,981 (+42.1%)	2.6%	$18.83	+59.0%	COM	284902509
PM	PHILIP MORRIS INTL INC	189,305 (+99.1%)	$30,412 (+97.2%)	1.4%	$124.26	+23.6%	COM	718172109
XOM	EXXON MOBIL CORP	320,081 (+15.0%)	$38,578 (+23.0%)	1.8%	$77.97	+48.1%	COM	30231G102
UHAL/B	U HAUL HOLDING COMPANY	304,952 (+109.3%)	$14,275 (+92.5%)	0.6%	$50.87	-4.3%	COM SER N	023586506
GE	GE AEROSPACE	117,301 (+16.9%)	$36,189 (+19.9%)	1.6%	$112.72	+166.9%	COM NEW	369604301
SU	SUNCOR ENERGY INC NEW	999,168 (+6.9%)	$44,471 (+13.6%)	2.0%	$31.91	+32.4%	COM	867224107
PNC	PNC FINL SVCS GROUP INC	150,102 (+13.8%)	$31,379 (+18.4%)	1.4%	$151.86	+26.9%	COM	693475105
BBY	BEST BUY INC	57,606 (+376.3%)	$3,862 (+322.2%)	0.2%	$73.35	+2.9%	COM	086516101
EXR	EXTRA SPACE STORAGE INC	385,535 (+14.4%)	$50,283 (+5.9%)	2.3%	$139.91	-3.5%	COM	30225T102
IFF	INTERNATIONAL FLAVORS&FRAGRA	237,473 (+7.8%)	$16,028 (+18.3%)	0.7%	$67.59	-4.7%	COM	459506101
JHG	JANUS HENDERSON GROUP PLC	139,713 (+42.3%)	$6,656 (+52.4%)	0.3%	$43.50	+1.7%	ORD SHS	G4474Y214
FOXA	FOX CORP	103,210 (+18.4%)	$7,553 (+37.4%)	0.3%	$48.29	+35.3%	CL A COM	35137L105
TROW	PRICE T ROWE GROUP INC	61,083 (+44.9%)	$6,263 (+44.8%)	0.3%	$102.62	-0.4%	COM	74144T108
BABA	ALIBABA GROUP HLDG LTD	481,064 (+25.0%)	$70,624 (+2.7%)	3.2%	$107.58	—	SPONSORED ADS	01609W102
FHI	FEDERATED HERMES INC	149,689 (+28.2%)	$7,807 (+28.7%)	0.4%	$50.00	+0.6%	CL B	314211103
CPA	COPA HOLDINGS SA	48,819 (+32.9%)	$5,897 (+35.1%)	0.3%	$101.66	+19.3%	CL A	P31076105
VIRT	VIRTU FINL INC	149,707 (+45.0%)	$4,996 (+36.3%)	0.2%	$38.95	-12.2%	CL A	928254101
OSK	OSHKOSH CORP	29,982 (+57.9%)	$3,772 (+53.2%)	0.2%	$107.70	+18.8%	COM	688239201
SNX	TD SYNNEX CORPORATION	36,770 (+35.2%)	$5,532 (+24.2%)	0.3%	$128.31	+19.1%	COM	87162W100
CALM	CAL MAINE FOODS INC	58,210 (+52.8%)	$4,639 (+29.4%)	0.2%	$97.61	-11.3%	COM NEW	128030202
DINO	HF SINCLAIR CORP	102,340 (+36.7%)	$4,723 (+20.5%)	0.2%	$47.94	+7.0%	COM	403949100
HRB	BLOCK H & R INC	118,033 (+28.4%)	$5,152 (+10.8%)	0.2%	$53.80	-13.7%	COM	093671105
NG	NOVAGOLD RES INC	152,710 (+8.7%)	$1,425 (+15.3%)	0.1%	$4.19	+121.5%	COM NEW	66987E206
SBRA	SABRA HEALTH CARE REIT INC	23,094 (+22.3%)	$438 (+24.4%)	0.0%	$18.70	—	COM	78573L106
PSA	PUBLIC STORAGE OPER CO	1,380 (+20.0%)	$359 (+8.0%)	0.0%	$280.81	-1.3%	COM	74460D109
BN	BROOKFIELD CORP	84,750 (+50.0%)	$3,895 (+0.5%)	0.2%	$30.10	+51.3%	CL A LTD VT SH	11271J107

Exited Positions (30)

FSLR FIRST SOLAR INC 1.6%

Value ($000) $34,634 Shares 157,055 Est. Cost $191.94 Unrealized +31.4%

MRK MERCK & CO INC 1.4%

Value ($000) $30,957 Shares 368,848 Est. Cost $84.95 Unrealized +9.8%

UTHR UNITED THERAPEUTICS CORP DEL 0.9%

Value ($000) $20,350 Shares 48,545 Est. Cost $342.12 Unrealized +36.1%

IQV IQVIA HLDGS INC 0.9%

Value ($000) $19,558 Shares 102,970 Est. Cost $150.55 Unrealized +44.5%

UHS UNIVERSAL HLTH SVCS INC 0.8%

Value ($000) $18,130 Shares 88,680 Est. Cost $179.65 Unrealized +23.0%

RYAAY RYANAIR HOLDINGS PLC 0.7%

Value ($000) $15,638 Shares 259,683 Est. Cost $55.04 Unrealized —

CAKE CHEESECAKE FACTORY INC 0.7%

Value ($000) $14,512 Shares 265,599 Est. Cost $46.90 Unrealized +6.7%

REGN REGENERON PHARMACEUTICALS 0.6%

Value ($000) $12,111 Shares 21,540 Est. Cost $564.28 Unrealized +20.3%

AAUC ALLIED GOLD CORP 0.4%

Value ($000) $8,721 Shares 498,940 Est. Cost $12.69 Unrealized +51.8%

NE NOBLE CORP PLC 0.4%

Value ($000) $8,185 Shares 289,439 Est. Cost $23.00 Unrealized +27.1%

BMY BRISTOL-MYERS SQUIBB CO 0.3%

Value ($000) $6,844 Shares 151,760 Est. Cost $45.51 Unrealized +4.4%

MLI MUELLER INDS INC 0.2%

Value ($000) $4,852 Shares 47,988 Est. Cost $74.93 Unrealized +43.3%

ENS ENERSYS 0.2%

Value ($000) $4,691 Shares 41,526 Est. Cost $96.52 Unrealized +38.2%

ARW ARROW ELECTRS INC 0.2%

Value ($000) $4,468 Shares 36,923 Est. Cost $114.83 Unrealized -1.1%

CMCSA COMCAST CORP NEW 0.2%

Value ($000) $4,370 Shares 139,073 Est. Cost $33.57 Unrealized -15.0%

HPE HEWLETT PACKARD ENTERPRISE C 0.2%

Value ($000) $4,041 Shares 164,531 Est. Cost $20.04 Unrealized +16.9%

LKQ LKQ CORP 0.2%

Value ($000) $3,793 Shares 124,210 Est. Cost $32.36 Unrealized -7.4%

TNL TRAVEL PLUS LEISURE CO 0.2%

Value ($000) $3,783 Shares 63,583 Est. Cost $59.15 Unrealized +10.1%

TIGO MILLICOM INTL CELLULAR S A 0.2%

Value ($000) $3,461 Shares 71,312 Est. Cost $43.89 Unrealized +14.7%

OC OWENS CORNING NEW 0.2%

Value ($000) $3,449 Shares 24,382 Est. Cost $184.30 Unrealized -36.3%

TOL TOLL BROTHERS INC 0.1%

Value ($000) $3,270 Shares 23,670 Est. Cost $125.90 Unrealized +7.8%

APAM ARTISAN PARTNERS ASSET MGMT 0.1%

Value ($000) $3,041 Shares 70,061 Est. Cost $43.19 Unrealized -5.8%

FRO FRONTLINE PLC 0.1%

Value ($000) $2,845 Shares 124,843 Est. Cost $20.25 Unrealized +15.4%

ATKR ATKORE INC 0.1%

Value ($000) $2,813 Shares 44,841 Est. Cost $64.34 Unrealized +0.5%

SHLS SHOALS TECHNOLOGIES GROUP IN 0.1%

Value ($000) $2,735 Shares 369,142 Est. Cost $6.15 Unrealized +46.0%

UPWK UPWORK INC 0.1%

Value ($000) $2,716 Shares 146,239 Est. Cost $14.89 Unrealized +23.1%

MTCH MATCH GROUP INC NEW 0.1%

Value ($000) $2,705 Shares 76,595 Est. Cost $29.56 Unrealized +11.1%

TS TENARIS S A 0.1%

Value ($000) $2,123 Shares 59,349 Est. Cost $36.39 Unrealized —

KGC KINROSS GOLD CORP 0.0%

Value ($000) $1,084 Shares 43,604 Est. Cost $4.79 Unrealized +442.3%

TMHC TAYLOR MORRISON HOME CORP 0.0%

Value ($000) $222 Shares 3,363 Est. Cost $63.95 Unrealized -4.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSLR	FIRST SOLAR INC	157,055	$34,634	1.6%	$191.94	+31.4%	—	336433107
MRK	MERCK & CO INC	368,848	$30,957	1.4%	$84.95	+9.8%	—	58933Y105
UTHR	UNITED THERAPEUTICS CORP DEL	48,545	$20,350	0.9%	$342.12	+36.1%	—	91307C102
IQV	IQVIA HLDGS INC	102,970	$19,558	0.9%	$150.55	+44.5%	—	46266C105
UHS	UNIVERSAL HLTH SVCS INC	88,680	$18,130	0.8%	$179.65	+23.0%	—	913903100
RYAAY	RYANAIR HOLDINGS PLC	259,683	$15,638	0.7%	$55.04	—	—	783513203
CAKE	CHEESECAKE FACTORY INC	265,599	$14,512	0.7%	$46.90	+6.7%	—	163072101
REGN	REGENERON PHARMACEUTICALS	21,540	$12,111	0.6%	$564.28	+20.3%	—	75886F107
AAUC	ALLIED GOLD CORP	498,940	$8,721	0.4%	$12.69	+51.8%	—	01921D204
NE	NOBLE CORP PLC	289,439	$8,185	0.4%	$23.00	+27.1%	—	G65431127
BMY	BRISTOL-MYERS SQUIBB CO	151,760	$6,844	0.3%	$45.51	+4.4%	—	110122108
MLI	MUELLER INDS INC	47,988	$4,852	0.2%	$74.93	+43.3%	—	624756102
ENS	ENERSYS	41,526	$4,691	0.2%	$96.52	+38.2%	—	29275Y102
ARW	ARROW ELECTRS INC	36,923	$4,468	0.2%	$114.83	-1.1%	—	042735100
CMCSA	COMCAST CORP NEW	139,073	$4,370	0.2%	$33.57	-15.0%	—	20030N101
HPE	HEWLETT PACKARD ENTERPRISE C	164,531	$4,041	0.2%	$20.04	+16.9%	—	42824C109
LKQ	LKQ CORP	124,210	$3,793	0.2%	$32.36	-7.4%	—	501889208
TNL	TRAVEL PLUS LEISURE CO	63,583	$3,783	0.2%	$59.15	+10.1%	—	894164102
TIGO	MILLICOM INTL CELLULAR S A	71,312	$3,461	0.2%	$43.89	+14.7%	—	L6388F110
OC	OWENS CORNING NEW	24,382	$3,449	0.2%	$184.30	-36.3%	—	690742101
TOL	TOLL BROTHERS INC	23,670	$3,270	0.1%	$125.90	+7.8%	—	889478103
APAM	ARTISAN PARTNERS ASSET MGMT	70,061	$3,041	0.1%	$43.19	-5.8%	—	04316A108
FRO	FRONTLINE PLC	124,843	$2,845	0.1%	$20.25	+15.4%	—	M46528101
ATKR	ATKORE INC	44,841	$2,813	0.1%	$64.34	+0.5%	—	047649108
SHLS	SHOALS TECHNOLOGIES GROUP IN	369,142	$2,735	0.1%	$6.15	+46.0%	—	82489W107
UPWK	UPWORK INC	146,239	$2,716	0.1%	$14.89	+23.1%	—	91688F104
MTCH	MATCH GROUP INC NEW	76,595	$2,705	0.1%	$29.56	+11.1%	—	57667L107
TS	TENARIS S A	59,349	$2,123	0.1%	$36.39	—	—	88031M109
KGC	KINROSS GOLD CORP	43,604	$1,084	0.0%	$4.79	+442.3%	—	496902404
TMHC	TAYLOR MORRISON HOME CORP	3,363	$222	0.0%	$63.95	-4.4%	—	87724P106

Decreased Positions (33)

COO COOPER COS INC 1.2%

Value ($000) $25,625 (-72.3%) Shares 312,164 (-76.8%) Est. Cost $71.88 Unrealized +4.1%

NEM NEWMONT CORP 0.8%

Value ($000) $16,483 (-77.9%) Shares 164,819 (-81.4%) Est. Cost $38.86 Unrealized +132.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.4%

Value ($000) $9,489 (-83.4%) Shares 31,175 (-84.7%) Est. Cost $161.86 Unrealized —

B BARRICK MNG CORP 1.3%

Value ($000) $28,380 (-51.9%) Shares 650,660 (-63.9%) Est. Cost $25.15 Unrealized +48.8%

GILD GILEAD SCIENCES INC 0.0%

Value ($000) $850 (-95.8%) Shares 6,918 (-96.2%) Est. Cost $110.33 Unrealized +9.6%

PFE PFIZER INC 1.5%

Value ($000) $33,021 (-35.9%) Shares 1,324,096 (-34.6%) Est. Cost $27.04 Unrealized -7.4%

CGAU CENTERRA GOLD INC 2.1%

Value ($000) $46,997 (-25.7%) Shares 3,255,131 (-44.9%) Est. Cost $6.64 Unrealized +88.5%

EQX EQUINOX GOLD CORP 3.7%

Value ($000) $81,544 (-15.9%) Shares 5,791,948 (-33.1%) Est. Cost $6.62 Unrealized +90.7%

AU ANGLOGOLD ASHANTI PLC 1.2%

Value ($000) $27,417 (-34.0%) Shares 320,997 (-45.7%) Est. Cost $41.90 Unrealized +85.0%

BAC BANK AMERICA CORP 4.2%

Value ($000) $91,884 (-4.8%) Shares 1,668,030 (-10.9%) Est. Cost $33.55 Unrealized +57.0%

GOOGL ALPHABET INC 0.1%

Value ($000) $1,223 (-77.6%) Shares 3,900 (-82.6%) Est. Cost $163.29 Unrealized +74.9%

SKE SKEENA RES LTD NEW 0.9%

Value ($000) $19,391 (-17.1%) Shares 814,056 (-35.9%) Est. Cost $6.03 Unrealized +227.0%

PAAS PAN AMERN SILVER CORP 1.4%

Value ($000) $31,567 (-9.6%) Shares 608,328 (-32.5%) Est. Cost $16.13 Unrealized +159.5%

ITRG INTEGRA RES CORP 0.6%

Value ($000) $12,126 (+31.7%) Shares 3,006,453 (-4.8%) Est. Cost $0.97 Unrealized +248.8%

ARMN ARIS MNG CORP 2.0%

Value ($000) $43,055 (+6.7%) Shares 2,647,139 (-35.7%) Est. Cost $2.60 Unrealized +373.8%

PR PERMIAN RESOURCES CORP 0.0%

Value ($000) $206 (-92.1%) Shares 14,661 (-92.8%) Est. Cost $13.71 Unrealized -2.1%

RGLD ROYAL GOLD INC 0.7%

Value ($000) $14,672 (-11.8%) Shares 65,900 (-20.5%) Est. Cost $172.96 Unrealized +14.7%

MTB M & T BK CORP 0.0%

Value ($000) $807 (-63.7%) Shares 4,000 (-64.4%) Est. Cost $135.05 Unrealized +40.8%

EXEL EXELIXIS INC 0.1%

Value ($000) $2,041 (-39.5%) Shares 46,500 (-43.1%) Est. Cost $33.19 Unrealized +24.7%

BP BP PLC 3.5%

Value ($000) $77,769 (-1.7%) Shares 2,235,750 (-2.6%) Est. Cost $33.81 Unrealized —

INCY INCYTE CORP 0.1%

Value ($000) $2,507 (-33.0%) Shares 25,342 (-42.6%) Est. Cost $71.25 Unrealized +35.8%

RPRX ROYALTY PHARMA PLC 0.2%

Value ($000) $3,500 (-23.8%) Shares 90,432 (-30.5%) Est. Cost $33.13 Unrealized +15.1%

DORM DORMAN PRODS INC 0.1%

Value ($000) $2,498 (-28.4%) Shares 20,247 (-9.6%) Est. Cost $126.14 Unrealized +7.0%

SUPN SUPERNUS PHARMACEUTICALS INC 0.1%

Value ($000) $1,709 (-35.4%) Shares 34,327 (-38.0%) Est. Cost $40.27 Unrealized +20.7%

FNV FRANCO NEV CORP 0.1%

Value ($000) $1,291 (-37.8%) Shares 6,220 (-33.3%) Est. Cost $180.19 Unrealized +12.5%

TECK TECK RESOURCES LTD 1.0%

Value ($000) $21,447 (-2.8%) Shares 447,145 (-11.0%) Est. Cost $36.34 Unrealized +19.2%

C CITIGROUP INC 0.1%

Value ($000) $1,619 (-24.0%) Shares 13,850 (-34.0%) Est. Cost $49.20 Unrealized +110.6%

CPRX CATALYST PHARMACEUTICALS INC 0.1%

Value ($000) $1,655 (-22.6%) Shares 70,807 (-34.8%) Est. Cost $20.57 Unrealized +8.3%

HALO HALOZYME THERAPEUTICS INC 0.1%

Value ($000) $1,761 (-20.5%) Shares 26,121 (-13.5%) Est. Cost $58.09 Unrealized +15.8%

GTX GARRETT MOTION INC 0.1%

Value ($000) $3,251 (-11.7%) Shares 186,239 (-31.1%) Est. Cost $12.66 Unrealized +25.7%

DAVA ENDAVA PLC 0.0%

Value ($000) $203 (-65.2%) Shares 32,000 (-50.0%) Est. Cost $19.31 Unrealized —

GAU GALIANO GOLD INC 1.7%

Value ($000) $36,479 (+0.8%) Shares 14,305,507 (-13.9%) Est. Cost $1.14 Unrealized +116.2%

MU MICRON TECHNOLOGY INC 0.2%

Value ($000) $4,450 (+3.6%) Shares 15,569 (-39.3%) Est. Cost $127.82 Unrealized +79.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COO	COOPER COS INC	312,164 (-76.8%)	$25,625 (-72.3%)	1.2%	$71.88	+4.1%	COM	216648501
NEM	NEWMONT CORP	164,819 (-81.4%)	$16,483 (-77.9%)	0.8%	$38.86	+132.1%	COM	651639106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	31,175 (-84.7%)	$9,489 (-83.4%)	0.4%	$161.86	—	SPONSORED ADS	874039100
B	BARRICK MNG CORP	650,660 (-63.9%)	$28,380 (-51.9%)	1.3%	$25.15	+48.8%	COM SHS	06849F108
GILD	GILEAD SCIENCES INC	6,918 (-96.2%)	$850 (-95.8%)	0.0%	$110.33	+9.6%	COM	375558103
PFE	PFIZER INC	1,324,096 (-34.6%)	$33,021 (-35.9%)	1.5%	$27.04	-7.4%	COM	717081103
CGAU	CENTERRA GOLD INC	3,255,131 (-44.9%)	$46,997 (-25.7%)	2.1%	$6.64	+88.5%	COM	152006102
EQX	EQUINOX GOLD CORP	5,791,948 (-33.1%)	$81,544 (-15.9%)	3.7%	$6.62	+90.7%	COM	29446Y502
AU	ANGLOGOLD ASHANTI PLC	320,997 (-45.7%)	$27,417 (-34.0%)	1.2%	$41.90	+85.0%	COM SHS	G0378L100
BAC	BANK AMERICA CORP	1,668,030 (-10.9%)	$91,884 (-4.8%)	4.2%	$33.55	+57.0%	COM	060505104
GOOGL	ALPHABET INC	3,900 (-82.6%)	$1,223 (-77.6%)	0.1%	$163.29	+74.9%	CAP STK CL A	02079K305
SKE	SKEENA RES LTD NEW	814,056 (-35.9%)	$19,391 (-17.1%)	0.9%	$6.03	+227.0%	COM	83056P715
PAAS	PAN AMERN SILVER CORP	608,328 (-32.5%)	$31,567 (-9.6%)	1.4%	$16.13	+159.5%	COM	697900108
ITRG	INTEGRA RES CORP	3,006,453 (-4.8%)	$12,126 (+31.7%)	0.6%	$0.97	+248.8%	COM	45826T509
ARMN	ARIS MNG CORP	2,647,139 (-35.7%)	$43,055 (+6.7%)	2.0%	$2.60	+373.8%	COM	04040Y109
PR	PERMIAN RESOURCES CORP	14,661 (-92.8%)	$206 (-92.1%)	0.0%	$13.71	-2.1%	CLASS A COM	71424F105
RGLD	ROYAL GOLD INC	65,900 (-20.5%)	$14,672 (-11.8%)	0.7%	$172.96	+14.7%	COM	780287108
MTB	M & T BK CORP	4,000 (-64.4%)	$807 (-63.7%)	0.0%	$135.05	+40.8%	COM	55261F104
EXEL	EXELIXIS INC	46,500 (-43.1%)	$2,041 (-39.5%)	0.1%	$33.19	+24.7%	COM	30161Q104
BP	BP PLC	2,235,750 (-2.6%)	$77,769 (-1.7%)	3.5%	$33.81	—	SPONSORED ADR	055622104
INCY	INCYTE CORP	25,342 (-42.6%)	$2,507 (-33.0%)	0.1%	$71.25	+35.8%	COM	45337C102
RPRX	ROYALTY PHARMA PLC	90,432 (-30.5%)	$3,500 (-23.8%)	0.2%	$33.13	+15.1%	SHS CLASS A	G7709Q104
DORM	DORMAN PRODS INC	20,247 (-9.6%)	$2,498 (-28.4%)	0.1%	$126.14	+7.0%	COM	258278100
SUPN	SUPERNUS PHARMACEUTICALS INC	34,327 (-38.0%)	$1,709 (-35.4%)	0.1%	$40.27	+20.7%	COM	868459108
FNV	FRANCO NEV CORP	6,220 (-33.3%)	$1,291 (-37.8%)	0.1%	$180.19	+12.5%	COM	351858105
TECK	TECK RESOURCES LTD	447,145 (-11.0%)	$21,447 (-2.8%)	1.0%	$36.34	+19.2%	CL B	878742204
C	CITIGROUP INC	13,850 (-34.0%)	$1,619 (-24.0%)	0.1%	$49.20	+110.6%	COM NEW	172967424
CPRX	CATALYST PHARMACEUTICALS INC	70,807 (-34.8%)	$1,655 (-22.6%)	0.1%	$20.57	+8.3%	COM	14888U101
HALO	HALOZYME THERAPEUTICS INC	26,121 (-13.5%)	$1,761 (-20.5%)	0.1%	$58.09	+15.8%	COM	40637H109
GTX	GARRETT MOTION INC	186,239 (-31.1%)	$3,251 (-11.7%)	0.1%	$12.66	+25.7%	COM	366505105
DAVA	ENDAVA PLC	32,000 (-50.0%)	$203 (-65.2%)	0.0%	$19.31	—	ADS	29260V105
GAU	GALIANO GOLD INC	14,305,507 (-13.9%)	$36,479 (+0.8%)	1.7%	$1.14	+116.2%	COM	36352H100
MU	MICRON TECHNOLOGY INC	15,569 (-39.3%)	$4,450 (+3.6%)	0.2%	$127.82	+79.4%	COM	595112103

Unchanged Positions (10)

AMZN AMAZON COM INC 7.1%

Value ($000) $155,230 Shares 671,466 Est. Cost $157.11 Unrealized +45.6%

BUD ANHEUSER BUSCH INBEV SA/NV 0.1%

Value ($000) $2,886 Shares 45,000 Est. Cost $58.50 Unrealized —

BWA BORGWARNER INC 0.2%

Value ($000) $4,149 Shares 91,926 Est. Cost $29.99 Unrealized +45.7%

ARCO ARCOS DORADOS HOLDINGS INC 0.0%

Value ($000) $935 Shares 127,142 Est. Cost $7.38 Unrealized -3.2%

JPM JPMORGAN CHASE & CO. 0.1%

Value ($000) $2,259 Shares 7,000 Est. Cost $118.92 Unrealized +160.3%

WFC WELLS FARGO CO NEW 0.0%

Value ($000) $467 Shares 5,000 Est. Cost $33.11 Unrealized +161.6%

CVX CHEVRON CORP NEW 0.1%

Value ($000) $1,679 Shares 11,000 Est. Cost $83.32 Unrealized +81.7%

FMX FOMENTO ECONOMICO MEXICANO S 0.0%

Value ($000) $810 Shares 8,000 Est. Cost $69.46 Unrealized —

GLDG GOLDMINING INC 0.0%

Value ($000) $505 Shares 401,996 Est. Cost $2.30 Unrealized -39.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $4,531 Shares 9,000 Est. Cost $215.74 Unrealized +130.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	671,466	$155,230	7.1%	$157.11	+45.6%	COM	023135106
BUD	ANHEUSER BUSCH INBEV SA/NV	45,000	$2,886	0.1%	$58.50	—	SPONSORED ADR	03524A108
BWA	BORGWARNER INC	91,926	$4,149	0.2%	$29.99	+45.7%	COM	099724106
ARCO	ARCOS DORADOS HOLDINGS INC	127,142	$935	0.0%	$7.38	-3.2%	SHS CLASS -A -	G0457F107
JPM	JPMORGAN CHASE & CO.	7,000	$2,259	0.1%	$118.92	+160.3%	COM	46625H100
WFC	WELLS FARGO CO NEW	5,000	$467	0.0%	$33.11	+161.6%	COM	949746101
CVX	CHEVRON CORP NEW	11,000	$1,679	0.1%	$83.32	+81.7%	COM	166764100
FMX	FOMENTO ECONOMICO MEXICANO S	8,000	$810	0.0%	$69.46	—	SPON ADR UNITS	344419106
GLDG	GOLDMINING INC	401,996	$505	0.0%	$2.30	-39.4%	COM	38149E101
BRK/B	BERKSHIRE HATHAWAY INC DEL	9,000	$4,531	0.2%	$215.74	+130.6%	CL B NEW	084670702