Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	2,089,904	$364M	1.5%	—	—	COM	67066G104
RHI	ROBERT HALF INC.	7,545,564	$192M	0.8%	—	—	COM	770323103
EAT	BRINKER INTL INC	927,512	$132M	0.6%	—	—	COM	109641100
RRC	RANGE RES CORP	2,706,746	$122M	0.5%	—	—	COM	75281A109
CARG	CARGURUS INC	2,333,259	$79.45M	0.3%	—	—	COM CL A	141788109
TRU	TRANSUNION	584,722	$40.46M	0.2%	—	—	COM	89400J107
AAL	AMERICAN AIRLINES GROUP INC	2,195,566	$23.58M	0.1%	—	—	COM	02376R102
CNX	CNX RES CORP	343,305	$13.23M	0.1%	—	—	COM	12653C108
LOMA	LOMA NEGRA C I A S A MTN 14	1,051,245	$11.66M	0.0%	—	—	SPONSORED ADS	54150E104
IRS	IRSA INVERSIONES Y REP S A	500,575	$8.114M	0.0%	—	—	SPON GDS ECH 10	450047303

Increased Positions (42)

EQT EQT CORP 3.3%

Value $771M (+313.4%) Shares 12,112,733 (+248.2%) Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 3.6%

Value $863M (+209.0%) Shares 8,314,766 (+149.3%) Est. Cost — Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 3.4%

Value $797M (+115.3%) Shares 2,472,480 (+97.0%) Est. Cost — Unrealized —

MSI MOTOROLA SOLUTIONS INC 3.4%

Value $811M (+65.0%) Shares 1,869,937 (+45.7%) Est. Cost — Unrealized —

WLK WESTLAKE CORPORATION 2.6%

Value $618M (+90.7%) Shares 5,293,519 (+20.7%) Est. Cost — Unrealized —

SHEL SHELL PLC 1.6%

Value $383M (+252.7%) Shares 4,113,710 (+178.6%) Est. Cost — Unrealized —

FSV FIRSTSERVICE CORP NEW 2.3%

Value $551M (+78.6%) Shares 3,968,227 (+99.9%) Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 0.9%

Value $207M (+706.4%) Shares 4,872,046 (+554.7%) Est. Cost — Unrealized —

BKNG BOOKING HOLDINGS INC 1.3%

Value $311M (+88.6%) Shares 73,772 (+139.9%) Est. Cost — Unrealized —

DEO DIAGEO PLC 1.2%

Value $275M (+83.8%) Shares 3,700,094 (+113.0%) Est. Cost — Unrealized —

RXO RXO INC 2.2%

Value $532M (+21.4%) Shares 36,397,974 (+5.0%) Est. Cost — Unrealized —

TBBB BBB FOODS INC 0.8%

Value $200M (+81.9%) Shares 5,646,435 (+71.7%) Est. Cost — Unrealized —

KMI KINDER MORGAN INC DEL 1.6%

Value $379M (+30.7%) Shares 11,308,464 (+7.2%) Est. Cost — Unrealized —

VALE VALE S A 1.3%

Value $308M (+29.7%) Shares 19,372,500 (+6.2%) Est. Cost — Unrealized —

NTES NETEASE COM INC 1.7%

Value $401M (-14.0%) Shares 3,584,478 (+5.8%) Est. Cost — Unrealized —

CRC CALIFORNIA RES CORP 0.6%

Value $151M (+75.0%) Shares 2,177,565 (+13.0%) Est. Cost — Unrealized —

MICC MAGNUM ICE CREAM CO NV 0.3%

Value $63.61M (+796.6%) Shares 4,254,860 (+850.6%) Est. Cost — Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 0.9%

Value $205M (+36.0%) Shares 4,179,983 (+21.9%) Est. Cost — Unrealized —

CPAY CORPAY INC 6.6%

Value $1.555B (+3.6%) Shares 5,345,425 (+7.2%) Est. Cost — Unrealized —

BRKR BRUKER CORP 2.7%

Value $648M (-7.7%) Shares 17,940,076 (+20.3%) Est. Cost — Unrealized —

BUR BURFORD CAPITAL LIMITED 0.2%

Value $58.85M (-45.3%) Shares 13,020,448 (+8.0%) Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 0.8%

Value $178M (+34.5%) Shares 1,744,048 (+49.3%) Est. Cost — Unrealized —

DIS DISNEY WALT CO 1.5%

Value $360M (-11.2%) Shares 3,734,888 (+4.8%) Est. Cost — Unrealized —

DYN DYNE THERAPEUTICS INC 0.5%

Value $123M (+30.5%) Shares 6,762,231 (+40.8%) Est. Cost — Unrealized —

AM ANTERO MIDSTREAM CORP 0.2%

Value $51.58M (+105.6%) Shares 2,262,431 (+60.5%) Est. Cost — Unrealized —

ENB ENBRIDGE INC 0.4%

Value $90.51M (+31.4%) Shares 1,671,788 (+16.1%) Est. Cost — Unrealized —

CRSP CRISPR THERAPEUTICS AG 1.2%

Value $290M (-6.9%) Shares 6,106,011 (+2.6%) Est. Cost — Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 0.3%

Value $66.31M (+43.9%) Shares 1,170,951 (+39.8%) Est. Cost — Unrealized —

HDB HDFC BANK LTD 0.2%

Value $44.48M (+73.7%) Shares 1,787,896 (+155.1%) Est. Cost — Unrealized —

RNR RENAISSANCERE HLDGS LTD 0.8%

Value $193M (+8.0%) Shares 648,479 (+2.1%) Est. Cost — Unrealized —

GNRC GENERAC HLDGS INC 0.2%

Value $40.95M (+48.5%) Shares 209,631 (+3.7%) Est. Cost — Unrealized —

ON ON SEMICONDUCTOR CORP 0.2%

Value $58.91M (+28.6%) Shares 951,446 (+12.5%) Est. Cost — Unrealized —

NU NU HLDGS LTD 0.3%

Value $78.78M (+19.9%) Shares 5,482,567 (+39.7%) Est. Cost — Unrealized —

EME EMCOR GROUP INC 0.2%

Value $45.13M (+40.0%) Shares 61,127 (+16.0%) Est. Cost — Unrealized —

CX CEMEX SA EURO MTN BE 144A 1.8%

Value $425M (+2.3%) Shares 37,142,422 (+2.8%) Est. Cost — Unrealized —

NKE NIKE INC 0.2%

Value $50.07M (+16.9%) Shares 947,893 (+41.0%) Est. Cost — Unrealized —

PTLO PORTILLOS INC 0.2%

Value $37.39M (+17.7%) Shares 7,068,224 (+1.0%) Est. Cost — Unrealized —

MCS MARCUS CORP DEL 0.1%

Value $33.7M (+13.4%) Shares 1,962,585 (+2.4%) Est. Cost — Unrealized —

STE STERIS PLC 2.4%

Value $573M (+0.5%) Shares 2,592,912 (+15.3%) Est. Cost — Unrealized —

SYNA SYNAPTICS INC 0.5%

Value $116M (+2.2%) Shares 1,659,015 (+8.0%) Est. Cost — Unrealized —

SLGN SILGAN HLDGS INC 0.1%

Value $34.93M (-2.6%) Shares 900,180 (+1.3%) Est. Cost — Unrealized —

HNRG HALLADOR ENERGY COMPANY 0.1%

Value $28.65M (+1.0%) Shares 1,759,811 (+18.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EQT	EQT CORP	12,112,733 (+248.2%)	$771M (+313.4%)	3.3%	—	—	COM	26884L109
NBIS	NEBIUS GROUP N.V.	8,314,766 (+149.3%)	$863M (+209.0%)	3.6%	—	—	SHS CLASS A	N97284108
PRAX	PRAXIS PRECISION MEDICINES I	2,472,480 (+97.0%)	$797M (+115.3%)	3.4%	—	—	COM NEW	74006W207
MSI	MOTOROLA SOLUTIONS INC	1,869,937 (+45.7%)	$811M (+65.0%)	3.4%	—	—	COM NEW	620076307
WLK	WESTLAKE CORPORATION	5,293,519 (+20.7%)	$618M (+90.7%)	2.6%	—	—	COM	960413102
SHEL	SHELL PLC	4,113,710 (+178.6%)	$383M (+252.7%)	1.6%	—	—	SPON ADS	780259305
FSV	FIRSTSERVICE CORP NEW	3,968,227 (+99.9%)	$551M (+78.6%)	2.3%	—	—	COM	33767E202
AR	ANTERO RESOURCES CORP	4,872,046 (+554.7%)	$207M (+706.4%)	0.9%	—	—	COM	03674X106
BKNG	BOOKING HOLDINGS INC	73,772 (+139.9%)	$311M (+88.6%)	1.3%	—	—	COM	09857L108
DEO	DIAGEO PLC	3,700,094 (+113.0%)	$275M (+83.8%)	1.2%	—	—	SPON ADR NEW	25243Q205
RXO	RXO INC	36,397,974 (+5.0%)	$532M (+21.4%)	2.2%	—	—	COMMON STOCK	74982T103
TBBB	BBB FOODS INC	5,646,435 (+71.7%)	$200M (+81.9%)	0.8%	—	—	CL A COM	G0896C103
KMI	KINDER MORGAN INC DEL	11,308,464 (+7.2%)	$379M (+30.7%)	1.6%	—	—	COM	49456B101
VALE	VALE S A	19,372,500 (+6.2%)	$308M (+29.7%)	1.3%	—	—	SPONSORED ADS	91912E105
NTES	NETEASE COM INC	3,584,478 (+5.8%)	$401M (-14.0%)	1.7%	—	—	SPONSORED ADS	64110W102
CRC	CALIFORNIA RES CORP	2,177,565 (+13.0%)	$151M (+75.0%)	0.6%	—	—	COM STOCK	13057Q305
MICC	MAGNUM ICE CREAM CO NV	4,254,860 (+850.6%)	$63.61M (+796.6%)	0.3%	—	—	ORD SHS	N5505D105
SRRK	SCHOLAR ROCK HLDG CORP	4,179,983 (+21.9%)	$205M (+36.0%)	0.9%	—	—	COM	80706P103
CPAY	CORPAY INC	5,345,425 (+7.2%)	$1.555B (+3.6%)	6.6%	—	—	COM SHS	219948106
BRKR	BRUKER CORP	17,940,076 (+20.3%)	$648M (-7.7%)	2.7%	—	—	COM	116794108
BUR	BURFORD CAPITAL LIMITED	13,020,448 (+8.0%)	$58.85M (-45.3%)	0.2%	—	—	ORD SHS	G17977110
PDD	PDD HOLDINGS INC	1,744,048 (+49.3%)	$178M (+34.5%)	0.8%	—	—	SPONSORED ADS	722304102
DIS	DISNEY WALT CO	3,734,888 (+4.8%)	$360M (-11.2%)	1.5%	—	—	COM	254687106
DYN	DYNE THERAPEUTICS INC	6,762,231 (+40.8%)	$123M (+30.5%)	0.5%	—	—	COM	26818M108
AM	ANTERO MIDSTREAM CORP	2,262,431 (+60.5%)	$51.58M (+105.6%)	0.2%	—	—	COM	03676B102
ENB	ENBRIDGE INC	1,671,788 (+16.1%)	$90.51M (+31.4%)	0.4%	—	—	COM	29250N105
CRSP	CRISPR THERAPEUTICS AG	6,106,011 (+2.6%)	$290M (-6.9%)	1.2%	—	—	NAMEN AKT	H17182108
EDU	NEW ORIENTAL ED & TECHNOLOGY	1,170,951 (+39.8%)	$66.31M (+43.9%)	0.3%	—	—	SPON ADR	647581206
HDB	HDFC BANK LTD	1,787,896 (+155.1%)	$44.48M (+73.7%)	0.2%	—	—	SPONSORED ADS	40415F101
RNR	RENAISSANCERE HLDGS LTD	648,479 (+2.1%)	$193M (+8.0%)	0.8%	—	—	COM	G7496G103
GNRC	GENERAC HLDGS INC	209,631 (+3.7%)	$40.95M (+48.5%)	0.2%	—	—	COM	368736104
ON	ON SEMICONDUCTOR CORP	951,446 (+12.5%)	$58.91M (+28.6%)	0.2%	—	—	COM	682189105
NU	NU HLDGS LTD	5,482,567 (+39.7%)	$78.78M (+19.9%)	0.3%	—	—	ORD SHS CL A	G6683N103
EME	EMCOR GROUP INC	61,127 (+16.0%)	$45.13M (+40.0%)	0.2%	—	—	COM	29084Q100
CX	CEMEX SA EURO MTN BE 144A	37,142,422 (+2.8%)	$425M (+2.3%)	1.8%	—	—	SPON ADR NEW	151290889
NKE	NIKE INC	947,893 (+41.0%)	$50.07M (+16.9%)	0.2%	—	—	CL B	654106103
PTLO	PORTILLOS INC	7,068,224 (+1.0%)	$37.39M (+17.7%)	0.2%	—	—	COM CL A	73642K106
MCS	MARCUS CORP DEL	1,962,585 (+2.4%)	$33.7M (+13.4%)	0.1%	—	—	COM	566330106
STE	STERIS PLC	2,592,912 (+15.3%)	$573M (+0.5%)	2.4%	—	—	SHS USD	G8473T100
SYNA	SYNAPTICS INC	1,659,015 (+8.0%)	$116M (+2.2%)	0.5%	—	—	COM	87157D109
SLGN	SILGAN HLDGS INC	900,180 (+1.3%)	$34.93M (-2.6%)	0.1%	—	—	COM	827048109
HNRG	HALLADOR ENERGY COMPANY	1,759,811 (+18.1%)	$28.65M (+1.0%)	0.1%	—	—	COM	40609P105

Exited Positions (8)

UNH UNITEDHEALTH GROUP INC 3.6%

Value $852M Shares 2,581,182 Est. Cost — Unrealized —

ICLR ICON PLC 3.2%

Value $768M Shares 4,214,661 Est. Cost — Unrealized —

BTU PEABODY ENERGY CORP 0.6%

Value $131M Shares 4,397,530 Est. Cost — Unrealized —

OLN OLIN CORP 0.3%

Value $79.25M Shares 3,804,561 Est. Cost — Unrealized —

LULU LULULEMON ATHLETICA INC 0.1%

Value $19.37M Shares 93,221 Est. Cost — Unrealized —

INTC INTEL CORP 0.1%

Value $18.27M Shares 495,099 Est. Cost — Unrealized —

CLBT CELLEBRITE DI LTD 0.1%

Value $12.09M Shares 670,613 Est. Cost — Unrealized —

CMCL CALEDONIA MNG CORP PLC 0.0%

Value $5.543M Shares 211,822 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	2,581,182	$852M	3.6%	—	—	—	91324P102
ICLR	ICON PLC	4,214,661	$768M	3.2%	—	—	—	G4705A100
BTU	PEABODY ENERGY CORP	4,397,530	$131M	0.6%	—	—	—	704551100
OLN	OLIN CORP	3,804,561	$79.25M	0.3%	—	—	—	680665205
LULU	LULULEMON ATHLETICA INC	93,221	$19.37M	0.1%	—	—	—	550021109
INTC	INTEL CORP	495,099	$18.27M	0.1%	—	—	—	458140100
CLBT	CELLEBRITE DI LTD	670,613	$12.09M	0.1%	—	—	—	M2197Q107
CMCL	CALEDONIA MNG CORP PLC	211,822	$5.543M	0.0%	—	—	—	G1757E113

Decreased Positions (34)

INSM INSMED INC 1.3%

Value $306M (-57.9%) Shares 1,872,824 (-55.2%) Est. Cost — Unrealized —

IQV IQVIA HLDGS INC 0.2%

Value $37.22M (-91.3%) Shares 218,248 (-88.5%) Est. Cost — Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.2%

Value $53.63M (-87.7%) Shares 183,191 (-85.3%) Est. Cost — Unrealized —

FBIN FORTUNE BRANDS INNOVATIONS I 0.1%

Value $30.18M (-91.7%) Shares 774,529 (-89.3%) Est. Cost — Unrealized —

QXO QXO INC 6.1%

Value $1.436B (-12.9%) Shares 73,951,325 (-13.5%) Est. Cost — Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 1.9%

Value $442M (-31.4%) Shares 1,334,825 (-17.5%) Est. Cost — Unrealized —

SE SEA LTD 0.6%

Value $153M (-55.9%) Shares 1,844,162 (-32.1%) Est. Cost — Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 1.7%

Value $410M (-31.2%) Shares 6,118,045 (-34.0%) Est. Cost — Unrealized —

XPO XPO INC 2.8%

Value $663M (+33.6%) Shares 3,409,092 (-6.7%) Est. Cost — Unrealized —

AES AES CORP 0.7%

Value $173M (-43.5%) Shares 12,247,581 (-42.5%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 3.0%

Value $723M (-13.3%) Shares 2,513,283 (-5.7%) Est. Cost — Unrealized —

VIPS VIPSHOP HLDGS LTD 0.3%

Value $82.01M (-57.1%) Shares 5,217,165 (-51.8%) Est. Cost — Unrealized —

GMAB GENMAB A/S 1.5%

Value $347M (-21.9%) Shares 12,925,578 (-10.4%) Est. Cost — Unrealized —

BTI BRITISH AMERN TOB PLC 1.9%

Value $451M (-14.4%) Shares 7,705,968 (-17.1%) Est. Cost — Unrealized —

NEM NEWMONT CORP 2.4%

Value $560M (-11.3%) Shares 5,170,675 (-18.2%) Est. Cost — Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.1%

Value $22.79M (-70.4%) Shares 230,118 (-74.6%) Est. Cost — Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.3%

Value $68.49M (-43.1%) Shares 522,797 (-48.9%) Est. Cost — Unrealized —

MAR MARRIOTT INTL INC NEW 0.2%

Value $48.64M (-49.4%) Shares 148,713 (-52.0%) Est. Cost — Unrealized —

B BARRICK MNG CORP 1.0%

Value $246M (-15.6%) Shares 6,020,532 (-9.9%) Est. Cost — Unrealized —

GFI GOLD FIELDS LTD 0.3%

Value $65.56M (-39.0%) Shares 1,443,998 (-41.3%) Est. Cost — Unrealized —

R RYDER SYS INC 0.6%

Value $146M (-21.9%) Shares 711,714 (-27.0%) Est. Cost — Unrealized —

FNV FRANCO NEV CORP 1.1%

Value $267M (-8.7%) Shares 1,079,439 (-23.4%) Est. Cost — Unrealized —

MNSO MINISO GROUP HLDG LTD 0.0%

Value $9.341M (-72.2%) Shares 576,588 (-67.8%) Est. Cost — Unrealized —

BIDU BAIDU INC 0.1%

Value $21.25M (-36.2%) Shares 190,705 (-25.1%) Est. Cost — Unrealized —

SW SMURFIT WESTROCK PLC 2.3%

Value $549M (+1.7%) Shares 13,775,054 (-1.3%) Est. Cost — Unrealized —

NCMI NATIONAL CINEMEDIA INC 0.1%

Value $27.87M (-24.8%) Shares 9,138,042 (-4.1%) Est. Cost — Unrealized —

BWXT BWX TECHNOLOGIES INC 0.3%

Value $61.01M (+14.1%) Shares 298,373 (-3.6%) Est. Cost — Unrealized —

ITUB ITAU UNIBANCO HLDG S A 2.4%

Value $580M (-0.7%) Shares 69,269,672 (-15.2%) Est. Cost — Unrealized —

BAH BOOZ ALLEN HAMILTON HLDG COR 0.2%

Value $43.59M (-9.0%) Shares 558,577 (-1.6%) Est. Cost — Unrealized —

DAO YOUDAO INC 0.3%

Value $66.24M (-5.4%) Shares 6,738,724 (-3.0%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 0.9%

Value $204M (-1.8%) Shares 473,850 (-9.5%) Est. Cost — Unrealized —

KB KB FINL GROUP INC 0.2%

Value $35.96M (+10.3%) Shares 360,611 (-4.8%) Est. Cost — Unrealized —

G GENPACT LIMITED 0.0%

Value $6.466M (-31.0%) Shares 173,581 (-13.3%) Est. Cost — Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.1%

Value $35.54M (-2.6%) Shares 365,003 (-14.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	1,872,824 (-55.2%)	$306M (-57.9%)	1.3%	—	—	COM PAR $.01	457669307
IQV	IQVIA HLDGS INC	218,248 (-88.5%)	$37.22M (-91.3%)	0.2%	—	—	COM	46266C105
ELV	ELEVANCE HEALTH INC FORMERLY	183,191 (-85.3%)	$53.63M (-87.7%)	0.2%	—	—	COM	036752103
FBIN	FORTUNE BRANDS INNOVATIONS I	774,529 (-89.3%)	$30.18M (-91.7%)	0.1%	—	—	COM	34964C106
QXO	QXO INC	73,951,325 (-13.5%)	$1.436B (-12.9%)	6.1%	—	—	COM NEW	82846H405
ALNY	ALNYLAM PHARMACEUTICALS INC	1,334,825 (-17.5%)	$442M (-31.4%)	1.9%	—	—	COM	02043Q107
SE	SEA LTD	1,844,162 (-32.1%)	$153M (-55.9%)	0.6%	—	—	SPONSORD ADS	81141R100
IBKR	INTERACTIVE BROKERS GROUP IN	6,118,045 (-34.0%)	$410M (-31.2%)	1.7%	—	—	COM CL A	45841N107
XPO	XPO INC	3,409,092 (-6.7%)	$663M (+33.6%)	2.8%	—	—	COM	983793100
AES	AES CORP	12,247,581 (-42.5%)	$173M (-43.5%)	0.7%	—	—	COM	00130H105
GOOGL	ALPHABET INC	2,513,283 (-5.7%)	$723M (-13.3%)	3.0%	—	—	CAP STK CL A	02079K305
VIPS	VIPSHOP HLDGS LTD	5,217,165 (-51.8%)	$82.01M (-57.1%)	0.3%	—	—	SPONSORED ADS A	92763W103
GMAB	GENMAB A/S	12,925,578 (-10.4%)	$347M (-21.9%)	1.5%	—	—	SPONSORED ADS	372303206
BTI	BRITISH AMERN TOB PLC	7,705,968 (-17.1%)	$451M (-14.4%)	1.9%	—	—	SPONSORED ADR	110448107
NEM	NEWMONT CORP	5,170,675 (-18.2%)	$560M (-11.3%)	2.4%	—	—	COM	651639106
MRVL	MARVELL TECHNOLOGY INC	230,118 (-74.6%)	$22.79M (-70.4%)	0.1%	—	—	COM	573874104
WPM	WHEATON PRECIOUS METALS CORP	522,797 (-48.9%)	$68.49M (-43.1%)	0.3%	—	—	COM	962879102
MAR	MARRIOTT INTL INC NEW	148,713 (-52.0%)	$48.64M (-49.4%)	0.2%	—	—	CL A	571903202
B	BARRICK MNG CORP	6,020,532 (-9.9%)	$246M (-15.6%)	1.0%	—	—	COM SHS	06849F108
GFI	GOLD FIELDS LTD	1,443,998 (-41.3%)	$65.56M (-39.0%)	0.3%	—	—	SPONSORED ADR	38059T106
R	RYDER SYS INC	711,714 (-27.0%)	$146M (-21.9%)	0.6%	—	—	COM	783549108
FNV	FRANCO NEV CORP	1,079,439 (-23.4%)	$267M (-8.7%)	1.1%	—	—	COM	351858105
MNSO	MINISO GROUP HLDG LTD	576,588 (-67.8%)	$9.341M (-72.2%)	0.0%	—	—	SPONSORED ADS	66981J102
BIDU	BAIDU INC	190,705 (-25.1%)	$21.25M (-36.2%)	0.1%	—	—	SPON ADR REP A	056752108
SW	SMURFIT WESTROCK PLC	13,775,054 (-1.3%)	$549M (+1.7%)	2.3%	—	—	SHS	G8267P108
NCMI	NATIONAL CINEMEDIA INC	9,138,042 (-4.1%)	$27.87M (-24.8%)	0.1%	—	—	COM NEW	635309206
BWXT	BWX TECHNOLOGIES INC	298,373 (-3.6%)	$61.01M (+14.1%)	0.3%	—	—	COM	05605H100
ITUB	ITAU UNIBANCO HLDG S A	69,269,672 (-15.2%)	$580M (-0.7%)	2.4%	—	—	SPON ADR REP PFD	465562106
BAH	BOOZ ALLEN HAMILTON HLDG COR	558,577 (-1.6%)	$43.59M (-9.0%)	0.2%	—	—	CL A	099502106
DAO	YOUDAO INC	6,738,724 (-3.0%)	$66.24M (-5.4%)	0.3%	—	—	SPONSORED ADS	98741T104
GLD	SPDR GOLD TR	473,850 (-9.5%)	$204M (-1.8%)	0.9%	—	—	GOLD SHS	78463V107
KB	KB FINL GROUP INC	360,611 (-4.8%)	$35.96M (+10.3%)	0.2%	—	—	SPONSORED ADR	48241A105
G	GENPACT LIMITED	173,581 (-13.3%)	$6.466M (-31.0%)	0.0%	—	—	SHS	G3922B107
AU	ANGLOGOLD ASHANTI PLC	365,003 (-14.7%)	$35.54M (-2.6%)	0.1%	—	—	COM SHS	G0378L100

Unchanged Positions (5)

CNK CINEMARK HLDGS INC 1.8%

Value $429M Shares 15,057,911 Est. Cost — Unrealized —

GXO GXO LOGISTICS INCORPORATED 2.9%

Value $696M Shares 13,424,844 Est. Cost — Unrealized —

IMAX IMAX CORP 0.8%

Value $196M Shares 5,151,721 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $16.85M Shares 45,512 Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.0%

Value $1.705M Shares 5,044 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNK	CINEMARK HLDGS INC	15,057,911	$429M	1.8%	—	—	COM	17243V102
GXO	GXO LOGISTICS INCORPORATED	13,424,844	$696M	2.9%	—	—	COMMON STOCK	36262G101
IMAX	IMAX CORP	5,151,721	$196M	0.8%	—	—	COM	45245E109
MSFT	MICROSOFT CORP	45,512	$16.85M	0.1%	—	—	COM	594918104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	5,044	$1.705M	0.0%	—	—	SPONSORED ADS	874039100