Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FDXF	Fedex Freight Holding Co., Inc.	7,182,771	$1.085B	0.6%	$151.00	—	COMMON STOCK	314352105
KKR	KKR & Co., Inc.	8,060,515	$740M	0.4%	$91.78	—	COM	48251W104
SE	Sea, Ltd.	22,950	$2.199M	0.0%	$95.83	—	SPONSORD ADS	81141R100
HON	Honeywell International, Inc.	4,010	$898K	0.0%	$223.87	—	COM	438516205
HONA	Honeywell Aerospace, Inc.	4,009	$886K	0.0%	$221.08	—	COM	43849R105
DD	DuPont de Nemours, Inc.	4,705	$638K	0.0%	$135.63	—	COMMON STOCK	26614N201
FUTU	Futu Holdings, Ltd.	4,200	$394K	0.0%	$93.74	—	SPON ADS CL A	36118L106
VOO	Vanguard S&P 500 ETF	300	$206K	0.0%	$687.23	—	S&P 500 ETF SHS	922908363
AMG	Affiliated Managers Group, Inc.	600	$203K	0.0%	$338.40	—	COM	008252108

Increased Positions (60)

V Visa, Inc. 1.0%

Value $1.859B (+715793.1%) Shares 5,417,326 (+630554.9%) Est. Cost $343.06 Unrealized —

TMO Thermo Fisher Scientific, Inc. 0.8%

Value $1.532B (+12004.7%) Shares 3,054,778 (+11767.4%) Est. Cost $498.23 Unrealized —

ROP Roper Technologies, Inc. 1.3%

Value $2.389B (+101.9%) Shares 7,060,583 (+111.2%) Est. Cost $357.19 Unrealized —

CHTR Charter Communications, Inc. 1.1%

Value $2.138B (-32.3%) Shares 15,032,214 (+2.8%) Est. Cost $313.20 Unrealized —

AMZN Amazon.com, Inc. 2.1%

Value $3.982B (+26.5%) Shares 16,708,513 (+10.6%) Est. Cost $124.52 Unrealized —

META Meta Platforms, Inc. 1.9%

Value $3.655B (+27.4%) Shares 6,489,255 (+29.4%) Est. Cost $425.00 Unrealized —

TSM Taiwan Semiconductor Manufacturing Co., Ltd. 0.4%

Value $688M (+1788.7%) Shares 1,440,767 (+1236.5%) Est. Cost $451.19 Unrealized —

SUNB Sunbelt Rentals Holdings, Inc. 2.1%

Value $4.097B (+18.5%) Shares 54,761,610 (+3.1%) Est. Cost $65.38 Unrealized —

TRU TransUnion 0.9%

Value $1.746B (+55.8%) Shares 24,196,211 (+49.5%) Est. Cost $77.97 Unrealized —

AJG Arthur J Gallagher & Co. 1.1%

Value $2.15B (+34.9%) Shares 9,363,634 (+27.3%) Est. Cost $240.32 Unrealized —

CARR Carrier Global Corp. 1.1%

Value $2.015B (+34.4%) Shares 27,475,603 (+3.2%) Est. Cost $40.51 Unrealized —

RAL Ralliant Corp. 0.5%

Value $1.031B (+80.4%) Shares 14,005,203 (+1.9%) Est. Cost $49.44 Unrealized —

REGN Regeneron Pharmaceuticals, Inc. 1.6%

Value $3.037B (-11.8%) Shares 4,871,137 (+9.3%) Est. Cost $600.87 Unrealized —

CMCSA Comcast Corp. 1.5%

Value $2.845B (-12.4%) Shares 115,903,125 (+2.5%) Est. Cost $29.71 Unrealized —

MSFT Microsoft Corp. 2.5%

Value $4.788B (+8.2%) Shares 12,836,229 (+7.3%) Est. Cost $222.36 Unrealized —

BKNG Booking Holdings, Inc. 2.4%

Value $4.552B (+8.4%) Shares 25,536,950 (+2460.1%) Est. Cost $282.36 Unrealized —

TEL TE Connectivity PLC 1.8%

Value $3.421B (+11.4%) Shares 16,968,886 (+15.5%) Est. Cost $154.46 Unrealized —

CTSH Cognizant Technology Solutions Corp. 0.3%

Value $563M (-35.7%) Shares 14,542,493 (+1.9%) Est. Cost $60.87 Unrealized —

FTV Fortive Corp. 1.4%

Value $2.687B (+12.6%) Shares 43,979,772 (+1.9%) Est. Cost $54.54 Unrealized —

IFF International Flavors & Fragrances, Inc. 1.5%

Value $2.932B (+10.8%) Shares 37,007,037 (+1.5%) Est. Cost $74.82 Unrealized —

BAX Baxter International, Inc. 0.7%

Value $1.245B (+29.4%) Shares 58,386,345 (+2.0%) Est. Cost $34.20 Unrealized —

CI The Cigna Group 1.8%

Value $3.356B (+8.9%) Shares 12,173,875 (+5.3%) Est. Cost $218.53 Unrealized —

NVO Novo Nordisk A/S 0.5%

Value $978M (+37.6%) Shares 20,397,110 (+5.5%) Est. Cost $37.33 Unrealized —

TMUS T-Mobile U.S., Inc. 0.6%

Value $1.063B (-17.8%) Shares 6,335,783 (+2.9%) Est. Cost $158.55 Unrealized —

AON Aon PLC 1.5%

Value $2.85B (+8.8%) Shares 8,593,144 (+5.9%) Est. Cost $352.76 Unrealized —

COF Capital One Financial Corp. 1.0%

Value $1.829B (+14.3%) Shares 9,117,926 (+3.9%) Est. Cost $63.85 Unrealized —

NBIX Neurocrine Biosciences, Inc. 0.5%

Value $941M (+30.8%) Shares 5,584,707 (+2.3%) Est. Cost $123.75 Unrealized —

BN Brookfield Corp. 1.4%

Value $2.607B (+8.8%) Shares 61,210,651 (+3.4%) Est. Cost $45.78 Unrealized —

GEHC GE HealthCare Technologies, Inc. 1.3%

Value $2.424B (+8.7%) Shares 37,864,164 (+20.9%) Est. Cost $70.92 Unrealized —

HPQ HP, Inc. 0.5%

Value $935M (+17.1%) Shares 42,627,828 (+2.5%) Est. Cost $14.46 Unrealized —

FCNCA First Citizens BancShares, Inc. 0.4%

Value $841M (+13.5%) Shares 404,215 (+2.8%) Est. Cost $2076.29 Unrealized —

SBAC SBA Communications Corp. 1.1%

Value $2.175B (+4.6%) Shares 12,323,254 (+2.0%) Est. Cost $211.66 Unrealized —

APD Air Products & Chemicals, Inc. 1.4%

Value $2.754B (+2.7%) Shares 9,393,493 (+1.8%) Est. Cost $272.14 Unrealized —

HLN Haleon PLC 0.7%

Value $1.399B (-4.6%) Shares 149,934,507 (+2.3%) Est. Cost $7.48 Unrealized —

TAP Molson Coors Beverage Co. 0.4%

Value $743M (-6.9%) Shares 19,065,434 (+2.9%) Est. Cost $45.85 Unrealized —

SCHW The Charles Schwab Corp. 3.7%

Value $7.102B (+0.8%) Shares 76,968,323 (+2.6%) Est. Cost $33.20 Unrealized —

ZBH Zimmer Biomet Holdings, Inc. 1.1%

Value $2.077B (-2.4%) Shares 24,124,735 (+2.5%) Est. Cost $110.39 Unrealized —

FOXA Fox Corp. 0.3%

Value $585M (-8.0%) Shares 11,223,096 (+3.0%) Est. Cost $32.17 Unrealized —

MDT Medtronic PLC 0.3%

Value $616M (-7.6%) Shares 7,875,898 (+2.4%) Est. Cost $71.10 Unrealized —

ALNY Alnylam Pharmaceuticals, Inc. 0.3%

Value $589M (-7.8%) Shares 1,955,393 (+1.4%) Est. Cost $83.89 Unrealized —

DHR Danaher Corp. 0.0%

Value $48.96M (+1469.8%) Shares 257,039 (+1462.5%) Est. Cost $180.48 Unrealized —

LPLA LPL Financial Holdings, Inc. 0.7%

Value $1.29B (+3.4%) Shares 4,578,679 (+10.4%) Est. Cost $339.93 Unrealized —

FOX Fox Corp. 0.2%

Value $340M (-10.7%) Shares 7,266,093 (+1.2%) Est. Cost $30.88 Unrealized —

WTW Willis Towers Watson PLC 1.1%

Value $2.098B (-1.6%) Shares 8,025,392 (+9.5%) Est. Cost $315.97 Unrealized —

ADBE Adobe, Inc. 0.3%

Value $639M (+5.3%) Shares 3,114,932 (+24.8%) Est. Cost $315.46 Unrealized —

HDB HDFC Bank, Ltd. 0.1%

Value $173M (+21.9%) Shares 6,678,700 (+17.4%) Est. Cost $43.12 Unrealized —

BMRN BioMarin Pharmaceutical, Inc. 0.4%

Value $849M (+3.3%) Shares 14,844,930 (+1.9%) Est. Cost $82.73 Unrealized —

GLPI Gaming & Leisure Properties, Inc. 0.3%

Value $613M (+2.7%) Shares 13,773,135 (+2.3%) Est. Cost $47.37 Unrealized —

KSPI Kaspi.KZ JSC 0.0%

Value $21.9M (+40.7%) Shares 252,826 (+20.3%) Est. Cost $80.48 Unrealized —

NWSA News Corp. 0.2%

Value $311M (+1.9%) Shares 12,538,190 (+2.3%) Est. Cost $16.73 Unrealized —

KARO Karooooo, Ltd. 0.0%

Value $3.442M (+63.5%) Shares 69,733 (+65.1%) Est. Cost $47.97 Unrealized —

LBTYA Liberty Global, Ltd. 0.0%

Value $26.89M (+3.9%) Shares 2,444,614 (+14.2%) Est. Cost $8.68 Unrealized —

PAX Patria Investments, Ltd. 0.0%

Value $1.27M (+91.7%) Shares 115,700 (+120.0%) Est. Cost $12.16 Unrealized —

CPA Copa Holdings SA 0.0%

Value $1.128M (+65.5%) Shares 7,250 (+20.8%) Est. Cost $100.78 Unrealized —

ATAT Atour Lifestyle Holdings, Ltd. 0.0%

Value $1.452M (+40.1%) Shares 45,652 (+62.2%) Est. Cost $36.49 Unrealized —

ASR Grupo Aeroportuario del Sureste SAB de CV 0.0%

Value $807K (+92.0%) Shares 2,630 (+110.4%) Est. Cost $283.38 Unrealized —

LAUR Laureate Education, Inc. 0.0%

Value $988K (+30.7%) Shares 27,200 (+25.3%) Est. Cost $27.81 Unrealized —

DLO Dlocal, Ltd. 0.0%

Value $799K (+37.8%) Shares 61,500 (+37.6%) Est. Cost $12.00 Unrealized —

ZH Zhihu, Inc. 0.0%

Value $1.568M (+14.8%) Shares 501,092 (+4.2%) Est. Cost $4.12 Unrealized —

JBS JBS NV 0.0%

Value $797K (-0.8%) Shares 67,250 (+50.3%) Est. Cost $13.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	Visa, Inc.	5,417,326 (+630554.9%)	$1.859B (+715793.1%)	1.0%	$343.06	—	COM CL A	92826C839
TMO	Thermo Fisher Scientific, Inc.	3,054,778 (+11767.4%)	$1.532B (+12004.7%)	0.8%	$498.23	—	COM	883556102
ROP	Roper Technologies, Inc.	7,060,583 (+111.2%)	$2.389B (+101.9%)	1.3%	$357.19	—	COM	776696106
CHTR	Charter Communications, Inc.	15,032,214 (+2.8%)	$2.138B (-32.3%)	1.1%	$313.20	—	CL A	16119P108
AMZN	Amazon.com, Inc.	16,708,513 (+10.6%)	$3.982B (+26.5%)	2.1%	$124.52	—	COM	023135106
META	Meta Platforms, Inc.	6,489,255 (+29.4%)	$3.655B (+27.4%)	1.9%	$425.00	—	CL A	30303M102
TSM	Taiwan Semiconductor Manufacturing Co., Ltd.	1,440,767 (+1236.5%)	$688M (+1788.7%)	0.4%	$451.19	—	SPONSORED ADS	874039100
SUNB	Sunbelt Rentals Holdings, Inc.	54,761,610 (+3.1%)	$4.097B (+18.5%)	2.1%	$65.38	—	SHS	866966104
TRU	TransUnion	24,196,211 (+49.5%)	$1.746B (+55.8%)	0.9%	$77.97	—	COM	89400J107
AJG	Arthur J Gallagher & Co.	9,363,634 (+27.3%)	$2.15B (+34.9%)	1.1%	$240.32	—	COM	363576109
CARR	Carrier Global Corp.	27,475,603 (+3.2%)	$2.015B (+34.4%)	1.1%	$40.51	—	COM	14448C104
RAL	Ralliant Corp.	14,005,203 (+1.9%)	$1.031B (+80.4%)	0.5%	$49.44	—	COM	750940108
REGN	Regeneron Pharmaceuticals, Inc.	4,871,137 (+9.3%)	$3.037B (-11.8%)	1.6%	$600.87	—	COM	75886F107
CMCSA	Comcast Corp.	115,903,125 (+2.5%)	$2.845B (-12.4%)	1.5%	$29.71	—	CL A	20030N101
MSFT	Microsoft Corp.	12,836,229 (+7.3%)	$4.788B (+8.2%)	2.5%	$222.36	—	COM	594918104
BKNG	Booking Holdings, Inc.	25,536,950 (+2460.1%)	$4.552B (+8.4%)	2.4%	$282.36	—	COM	09857L108
TEL	TE Connectivity PLC	16,968,886 (+15.5%)	$3.421B (+11.4%)	1.8%	$154.46	—	ORD SHS	G87052109
CTSH	Cognizant Technology Solutions Corp.	14,542,493 (+1.9%)	$563M (-35.7%)	0.3%	$60.87	—	CL A	192446102
FTV	Fortive Corp.	43,979,772 (+1.9%)	$2.687B (+12.6%)	1.4%	$54.54	—	COM	34959J108
IFF	International Flavors & Fragrances, Inc.	37,007,037 (+1.5%)	$2.932B (+10.8%)	1.5%	$74.82	—	COM	459506101
BAX	Baxter International, Inc.	58,386,345 (+2.0%)	$1.245B (+29.4%)	0.7%	$34.20	—	COM	071813109
CI	The Cigna Group	12,173,875 (+5.3%)	$3.356B (+8.9%)	1.8%	$218.53	—	COM	125523100
NVO	Novo Nordisk A/S	20,397,110 (+5.5%)	$978M (+37.6%)	0.5%	$37.33	—	ADR	670100205
TMUS	T-Mobile U.S., Inc.	6,335,783 (+2.9%)	$1.063B (-17.8%)	0.6%	$158.55	—	COM	872590104
AON	Aon PLC	8,593,144 (+5.9%)	$2.85B (+8.8%)	1.5%	$352.76	—	SHS CL A	G0403H108
COF	Capital One Financial Corp.	9,117,926 (+3.9%)	$1.829B (+14.3%)	1.0%	$63.85	—	COM	14040H105
NBIX	Neurocrine Biosciences, Inc.	5,584,707 (+2.3%)	$941M (+30.8%)	0.5%	$123.75	—	COM	64125C109
BN	Brookfield Corp.	61,210,651 (+3.4%)	$2.607B (+8.8%)	1.4%	$45.78	—	CL A LTD VT SH	11271J107
GEHC	GE HealthCare Technologies, Inc.	37,864,164 (+20.9%)	$2.424B (+8.7%)	1.3%	$70.92	—	COMMON STOCK	36266G107
HPQ	HP, Inc.	42,627,828 (+2.5%)	$935M (+17.1%)	0.5%	$14.46	—	COM	40434L105
FCNCA	First Citizens BancShares, Inc.	404,215 (+2.8%)	$841M (+13.5%)	0.4%	$2076.29	—	CL A	31946M103
SBAC	SBA Communications Corp.	12,323,254 (+2.0%)	$2.175B (+4.6%)	1.1%	$211.66	—	CL A	78410G104
APD	Air Products & Chemicals, Inc.	9,393,493 (+1.8%)	$2.754B (+2.7%)	1.4%	$272.14	—	COM	009158106
HLN	Haleon PLC	149,934,507 (+2.3%)	$1.399B (-4.6%)	0.7%	$7.48	—	SPON ADS	405552100
TAP	Molson Coors Beverage Co.	19,065,434 (+2.9%)	$743M (-6.9%)	0.4%	$45.85	—	CL B	60871R209
SCHW	The Charles Schwab Corp.	76,968,323 (+2.6%)	$7.102B (+0.8%)	3.7%	$33.20	—	COM	808513105
ZBH	Zimmer Biomet Holdings, Inc.	24,124,735 (+2.5%)	$2.077B (-2.4%)	1.1%	$110.39	—	COM	98956P102
FOXA	Fox Corp.	11,223,096 (+3.0%)	$585M (-8.0%)	0.3%	$32.17	—	CL A COM	35137L105
MDT	Medtronic PLC	7,875,898 (+2.4%)	$616M (-7.6%)	0.3%	$71.10	—	SHS	G5960L103
ALNY	Alnylam Pharmaceuticals, Inc.	1,955,393 (+1.4%)	$589M (-7.8%)	0.3%	$83.89	—	COM	02043Q107
DHR	Danaher Corp.	257,039 (+1462.5%)	$48.96M (+1469.8%)	0.0%	$180.48	—	COM	235851102
LPLA	LPL Financial Holdings, Inc.	4,578,679 (+10.4%)	$1.29B (+3.4%)	0.7%	$339.93	—	COM	50212V100
FOX	Fox Corp.	7,266,093 (+1.2%)	$340M (-10.7%)	0.2%	$30.88	—	CL B COM	35137L204
WTW	Willis Towers Watson PLC	8,025,392 (+9.5%)	$2.098B (-1.6%)	1.1%	$315.97	—	SHS	G96629103
ADBE	Adobe, Inc.	3,114,932 (+24.8%)	$639M (+5.3%)	0.3%	$315.46	—	COM	00724F101
HDB	HDFC Bank, Ltd.	6,678,700 (+17.4%)	$173M (+21.9%)	0.1%	$43.12	—	SPONSORED ADS	40415F101
BMRN	BioMarin Pharmaceutical, Inc.	14,844,930 (+1.9%)	$849M (+3.3%)	0.4%	$82.73	—	COM	09061G101
GLPI	Gaming & Leisure Properties, Inc.	13,773,135 (+2.3%)	$613M (+2.7%)	0.3%	$47.37	—	COM	36467J108
KSPI	Kaspi.KZ JSC	252,826 (+20.3%)	$21.9M (+40.7%)	0.0%	$80.48	—	SPONSORED ADS	48581R205
NWSA	News Corp.	12,538,190 (+2.3%)	$311M (+1.9%)	0.2%	$16.73	—	CL A	65249B109
KARO	Karooooo, Ltd.	69,733 (+65.1%)	$3.442M (+63.5%)	0.0%	$47.97	—	ORD SHS	Y4600W108
LBTYA	Liberty Global, Ltd.	2,444,614 (+14.2%)	$26.89M (+3.9%)	0.0%	$8.68	—	COM CL C	G61188101
PAX	Patria Investments, Ltd.	115,700 (+120.0%)	$1.27M (+91.7%)	0.0%	$12.16	—	COM CL A	G69451105
CPA	Copa Holdings SA	7,250 (+20.8%)	$1.128M (+65.5%)	0.0%	$100.78	—	CL A	P31076105
ATAT	Atour Lifestyle Holdings, Ltd.	45,652 (+62.2%)	$1.452M (+40.1%)	0.0%	$36.49	—	SPONSORED ADS	04965M106
ASR	Grupo Aeroportuario del Sureste SAB de CV	2,630 (+110.4%)	$807K (+92.0%)	0.0%	$283.38	—	SPON ADR SER B	40051E202
LAUR	Laureate Education, Inc.	27,200 (+25.3%)	$988K (+30.7%)	0.0%	$27.81	—	COMMON STOCK	518613203
DLO	Dlocal, Ltd.	61,500 (+37.6%)	$799K (+37.8%)	0.0%	$12.00	—	CLASS A COM	G29018101
ZH	Zhihu, Inc.	501,092 (+4.2%)	$1.568M (+14.8%)	0.0%	$4.12	—	SPONSORED ADS	98955N207
JBS	JBS NV	67,250 (+50.3%)	$797K (-0.8%)	0.0%	$13.87	—	CL A SHS	N4732M103

Exited Positions (9)

LYB LyondellBasell Industries NV 0.7%

Value $1.357B Shares 16,839,152 Est. Cost $65.42 Unrealized —

LBTYK Liberty Global, Ltd. 0.0%

Value $61.65M Shares 5,255,568 Est. Cost $9.07 Unrealized —

HON Honeywell International, Inc. 0.0%

Value $1.813M Shares 8,019 Est. Cost $77.35 Unrealized —

EBAY eBay, Inc. 0.0%

Value $1.069M Shares 11,750 Est. Cost $19.92 Unrealized —

PSMT PriceSmart, Inc. 0.0%

Value $926K Shares 6,156 Est. Cost $109.77 Unrealized —

LOMA Loma Negra Cia Industrial Argentina SA 0.0%

Value $800K Shares 72,182 Est. Cost $9.00 Unrealized —

DD DuPont de Nemours, Inc. 0.0%

Value $672K Shares 14,677 Est. Cost $27.24 Unrealized —

ISRG Intuitive Surgical, Inc. 0.0%

Value $230K Shares 500 Est. Cost $398.28 Unrealized —

HAL Halliburton Co. 0.0%

Value $214K Shares 5,500 Est. Cost $33.54 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LYB	LyondellBasell Industries NV	16,839,152	$1.357B	0.7%	$65.42	—	—	N53745100
LBTYK	Liberty Global, Ltd.	5,255,568	$61.65M	0.0%	$9.07	—	—	G61188127
HON	Honeywell International, Inc.	8,019	$1.813M	0.0%	$77.35	—	—	438516106
EBAY	eBay, Inc.	11,750	$1.069M	0.0%	$19.92	—	—	278642103
PSMT	PriceSmart, Inc.	6,156	$926K	0.0%	$109.77	—	—	741511109
LOMA	Loma Negra Cia Industrial Argentina SA	72,182	$800K	0.0%	$9.00	—	—	54150E104
DD	DuPont de Nemours, Inc.	14,677	$672K	0.0%	$27.24	—	—	26614N102
ISRG	Intuitive Surgical, Inc.	500	$230K	0.0%	$398.28	—	—	46120E602
HAL	Halliburton Co.	5,500	$214K	0.0%	$33.54	—	—	406216101

Decreased Positions (74)

HUM Humana, Inc. 2.3%

Value $4.346B (+120.2%) Shares 10,940,380 (-3.9%) Est. Cost $292.80 Unrealized —

CVS CVS Health Corp. 2.7%

Value $5.174B (+39.1%) Shares 50,012,765 (-3.4%) Est. Cost $60.62 Unrealized —

FDX FedEx Corp. 1.2%

Value $2.265B (-36.3%) Shares 7,233,269 (-27.5%) Est. Cost $171.57 Unrealized —

OXY Occidental Petroleum Corp. 1.9%

Value $3.534B (-26.6%) Shares 72,764,944 (-1.8%) Est. Cost $43.84 Unrealized —

UNH UnitedHealth Group, Inc. 2.0%

Value $3.771B (+47.2%) Shares 9,072,258 (-4.2%) Est. Cost $286.39 Unrealized —

GS The Goldman Sachs Group, Inc. 0.1%

Value $136M (-88.4%) Shares 134,131 (-90.3%) Est. Cost $143.52 Unrealized —

NSC Norfolk Southern Corp. 0.4%

Value $789M (-56.1%) Shares 2,508,128 (-59.9%) Est. Cost $207.53 Unrealized —

NVS Novartis AG 0.1%

Value $119M (-88.8%) Shares 759,373 (-89.1%) Est. Cost $77.14 Unrealized —

GOOG Alphabet, Inc. 2.2%

Value $4.226B (+20.5%) Shares 11,961,097 (-2.2%) Est. Cost $106.75 Unrealized —

GSK GSK PLC 1.3%

Value $2.527B (-22.0%) Shares 48,197,514 (-17.8%) Est. Cost $31.46 Unrealized —

SUI Sun Communities, Inc. 0.6%

Value $1.139B (-36.6%) Shares 9,500,781 (-33.4%) Est. Cost $127.20 Unrealized —

JCI Johnson Controls International PLC 4.3%

Value $8.149B (+8.2%) Shares 55,776,006 (-3.0%) Est. Cost $40.54 Unrealized —

MET MetLife, Inc. 2.1%

Value $4.098B (+13.4%) Shares 48,431,150 (-5.3%) Est. Cost $32.47 Unrealized —

STT State Street Corp. 0.0%

Value $5.652M (-98.7%) Shares 33,325 (-99.0%) Est. Cost $59.02 Unrealized —

GILD Gilead Sciences, Inc. 1.6%

Value $2.991B (-11.5%) Shares 23,677,567 (-2.4%) Est. Cost $55.67 Unrealized —

SU Suncor Energy, Inc. 0.7%

Value $1.362B (-21.6%) Shares 25,366,554 (-3.4%) Est. Cost $19.97 Unrealized —

BK The Bank of New York Mellon Corp. 1.3%

Value $2.402B (-13.5%) Shares 16,608,370 (-29.0%) Est. Cost $27.39 Unrealized —

COP ConocoPhillips 0.5%

Value $963M (-24.3%) Shares 9,266,284 (-3.9%) Est. Cost $41.39 Unrealized —

BMY Bristol-Myers Squibb Co. 0.0%

Value $2.441M (-99.1%) Shares 42,361 (-99.1%) Est. Cost $40.30 Unrealized —

BKR Baker Hughes Co. 1.0%

Value $1.934B (-11.7%) Shares 34,854,482 (-2.8%) Est. Cost $24.85 Unrealized —

SNY Sanofi SA 0.6%

Value $1.198B (-15.7%) Shares 28,088,274 (-4.8%) Est. Cost $48.63 Unrealized —

TRP TC Energy Corp. 0.2%

Value $334M (-40.0%) Shares 5,034,800 (-43.4%) Est. Cost $33.49 Unrealized —

INCY Incyte Corp. 0.7%

Value $1.355B (+17.5%) Shares 11,957,326 (-2.4%) Est. Cost $77.91 Unrealized —

VFC VF Corp. 0.2%

Value $374M (-33.4%) Shares 22,406,175 (-32.2%) Est. Cost $17.83 Unrealized —

RTX RTX Corp. 3.5%

Value $6.662B (-2.6%) Shares 35,113,249 (-1.0%) Est. Cost $61.26 Unrealized —

BAP Credicorp, Ltd. 0.5%

Value $1.018B (-11.9%) Shares 2,614,315 (-23.3%) Est. Cost $117.30 Unrealized —

MCHP Microchip Technology, Inc. 0.3%

Value $505M (+27.4%) Shares 5,533,359 (-9.7%) Est. Cost $54.12 Unrealized —

COHR Coherent Corp. 0.1%

Value $215M (+61.2%) Shares 544,160 (-2.6%) Est. Cost $46.15 Unrealized —

ADM Archer-Daniels-Midland Co. 0.6%

Value $1.084B (-5.4%) Shares 14,182,325 (-10.0%) Est. Cost $54.06 Unrealized —

D Dominion Energy, Inc. 0.7%

Value $1.25B (+3.8%) Shares 18,303,470 (-6.0%) Est. Cost $47.45 Unrealized —

GEV GE Vernova, Inc. 0.1%

Value $144M (+28.0%) Shares 122,871 (-4.9%) Est. Cost $158.10 Unrealized —

CDNS Cadence Design Systems, Inc. 0.0%

Value $85.58M (+33.4%) Shares 228,012 (-1.3%) Est. Cost $14.08 Unrealized —

GE GE Aerospace 0.1%

Value $224M (+6.7%) Shares 598,052 (-19.0%) Est. Cost $49.70 Unrealized —

CAT Caterpillar, Inc. 0.0%

Value $41.96M (+48.1%) Shares 39,404 (-1.5%) Est. Cost $119.95 Unrealized —

CX Cemex SAB de CV 0.5%

Value $962M (-1.3%) Shares 80,187,637 (-5.9%) Est. Cost $6.03 Unrealized —

ITUB Itau Unibanco Holding SA 0.1%

Value $149M (-7.5%) Shares 18,185,181 (-5.1%) Est. Cost $6.48 Unrealized —

LLY Eli Lilly & Co. 0.0%

Value $49.49M (+28.1%) Shares 41,258 (-1.8%) Est. Cost $72.19 Unrealized —

BAC Bank of America Corp. 0.1%

Value $99.26M (+11.9%) Shares 1,741,970 (-4.3%) Est. Cost $20.26 Unrealized —

ACMR ACM Research, Inc. 0.0%

Value $14.77M (+213.1%) Shares 116,392 (-2.9%) Est. Cost $25.53 Unrealized —

AEG Aegon, Ltd. 0.2%

Value $377M (+2.6%) Shares 44,635,184 (-11.7%) Est. Cost $5.76 Unrealized —

CVX Chevron Corp. 0.0%

Value $33.57M (-20.9%) Shares 202,503 (-1.3%) Est. Cost $86.23 Unrealized —

ELAN Elanco Animal Health, Inc. 0.9%

Value $1.659B (+0.5%) Shares 67,397,025 (-2.2%) Est. Cost $21.47 Unrealized —

AXP American Express Co. 0.0%

Value $91.76M (+9.3%) Shares 271,279 (-2.2%) Est. Cost $63.74 Unrealized —

DELL Dell Technologies, Inc. 0.0%

Value $7.443M (+139.9%) Shares 17,250 (-8.7%) Est. Cost $25.46 Unrealized —

GLW Corning, Inc. 0.0%

Value $8.854M (+79.3%) Shares 34,665 (-4.6%) Est. Cost $11.15 Unrealized —

JPM JPMorgan Chase & Co. 0.0%

Value $38.34M (+10.0%) Shares 117,130 (-1.1%) Est. Cost $41.16 Unrealized —

TRV The Travelers Co., Inc. 0.0%

Value $29.75M (+9.9%) Shares 90,119 (-2.9%) Est. Cost $63.44 Unrealized —

CSCO Cisco Systems, Inc. 0.0%

Value $10.38M (+27.3%) Shares 88,409 (-15.9%) Est. Cost $31.45 Unrealized —

WMT Walmart, Inc. 0.0%

Value $19.53M (-9.8%) Shares 172,435 (-1.1%) Est. Cost $43.96 Unrealized —

BSX Boston Scientific Corp. 0.0%

Value $3.734M (-33.1%) Shares 87,485 (-1.6%) Est. Cost $8.48 Unrealized —

IBM International Business Machines Corp. 0.0%

Value $12.93M (+14.5%) Shares 45,995 (-1.3%) Est. Cost $158.70 Unrealized —

ADI Analog Devices, Inc. 0.0%

Value $7.63M (+19.8%) Shares 19,210 (-4.1%) Est. Cost $155.29 Unrealized —

SLB SLB, Ltd. 0.0%

Value $4.576M (-18.9%) Shares 98,424 (-10.4%) Est. Cost $41.46 Unrealized —

HPE Hewlett Packard Enterprise Co. 0.0%

Value $2.862M (+56.6%) Shares 63,450 (-17.3%) Est. Cost $7.49 Unrealized —

SHEL Shell PLC 0.0%

Value $4.208M (-17.7%) Shares 54,269 (-1.3%) Est. Cost $54.93 Unrealized —

TGT Target Corp. 0.0%

Value $12.49M (+6.6%) Shares 95,639 (-1.1%) Est. Cost $43.13 Unrealized —

AZN AstraZeneca PLC 0.0%

Value $10.61M (-6.4%) Shares 55,949 (-2.7%) Est. Cost $190.39 Unrealized —

DIS The Walt Disney Co. 0.0%

Value $25.12M (-2.3%) Shares 261,007 (-2.2%) Est. Cost $105.44 Unrealized —

MSI Motorola Solutions, Inc. 0.0%

Value $4.513M (-7.6%) Shares 10,866 (-3.5%) Est. Cost $141.82 Unrealized —

APA APA Corp. 0.0%

Value $635K (-30.4%) Shares 19,500 (-9.3%) Est. Cost $16.01 Unrealized —

Q Qnity Electronics, Inc. 0.0%

Value $1.04M (+34.0%) Shares 6,369 (-5.3%) Est. Cost $84.91 Unrealized —

JOYY JOYY, Inc. 0.0%

Value $2.706M (+10.3%) Shares 41,006 (-2.4%) Est. Cost $36.73 Unrealized —

SPGI S&P Global, Inc. 0.0%

Value $2.118M (-7.8%) Shares 5,200 (-3.7%) Est. Cost $108.55 Unrealized —

NEE NextEra Energy, Inc. 0.0%

Value $2.019M (-7.9%) Shares 23,000 (-2.5%) Est. Cost $52.32 Unrealized —

PBR Petroleo Brasileiro SA - Petrobras 0.0%

Value $485K (-25.1%) Shares 30,000 (-3.8%) Est. Cost $12.86 Unrealized —

DOW Dow, Inc. 0.0%

Value $249K (-38.4%) Shares 9,114 (-6.2%) Est. Cost $36.37 Unrealized —

WMB The Williams Co., Inc. 0.0%

Value $70.21M (-0.2%) Shares 944,450 (-2.3%) Est. Cost $15.73 Unrealized —

MMM 3M Co. 0.0%

Value $1.224M (+9.8%) Shares 7,558 (-1.5%) Est. Cost $61.26 Unrealized —

ABEV Ambev SA 0.0%

Value $793K (-11.3%) Shares 252,700 (-17.5%) Est. Cost $2.03 Unrealized —

BIDU Baidu, Inc. 0.0%

Value $2.972M (-3.0%) Shares 26,006 (-5.5%) Est. Cost $120.52 Unrealized —

OTIS Otis Worldwide Corp. 0.0%

Value $373K (-19.5%) Shares 5,210 (-13.3%) Est. Cost $47.48 Unrealized —

AMGN Amgen, Inc. 0.0%

Value $4.641M (-1.3%) Shares 12,817 (-4.1%) Est. Cost $75.58 Unrealized —

MGM MGM Resorts International 0.0%

Value $287K (+19.2%) Shares 6,000 (-7.7%) Est. Cost $37.80 Unrealized —

GPC Genuine Parts Co. 0.0%

Value $525K (+6.8%) Shares 4,450 (-4.3%) Est. Cost $54.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HUM	Humana, Inc.	10,940,380 (-3.9%)	$4.346B (+120.2%)	2.3%	$292.80	—	COM	444859102
CVS	CVS Health Corp.	50,012,765 (-3.4%)	$5.174B (+39.1%)	2.7%	$60.62	—	COM	126650100
FDX	FedEx Corp.	7,233,269 (-27.5%)	$2.265B (-36.3%)	1.2%	$171.57	—	COM	31428X106
OXY	Occidental Petroleum Corp.	72,764,944 (-1.8%)	$3.534B (-26.6%)	1.9%	$43.84	—	COM	674599105
UNH	UnitedHealth Group, Inc.	9,072,258 (-4.2%)	$3.771B (+47.2%)	2.0%	$286.39	—	COM	91324P102
GS	The Goldman Sachs Group, Inc.	134,131 (-90.3%)	$136M (-88.4%)	0.1%	$143.52	—	COM	38141G104
NSC	Norfolk Southern Corp.	2,508,128 (-59.9%)	$789M (-56.1%)	0.4%	$207.53	—	COM	655844108
NVS	Novartis AG	759,373 (-89.1%)	$119M (-88.8%)	0.1%	$77.14	—	SPONSORED ADR	66987V109
GOOG	Alphabet, Inc.	11,961,097 (-2.2%)	$4.226B (+20.5%)	2.2%	$106.75	—	CAP STK CL C	02079K107
GSK	GSK PLC	48,197,514 (-17.8%)	$2.527B (-22.0%)	1.3%	$31.46	—	SPONSORED ADR	37733W204
SUI	Sun Communities, Inc.	9,500,781 (-33.4%)	$1.139B (-36.6%)	0.6%	$127.20	—	COM	866674104
JCI	Johnson Controls International PLC	55,776,006 (-3.0%)	$8.149B (+8.2%)	4.3%	$40.54	—	SHS	G51502105
MET	MetLife, Inc.	48,431,150 (-5.3%)	$4.098B (+13.4%)	2.1%	$32.47	—	COM	59156R108
STT	State Street Corp.	33,325 (-99.0%)	$5.652M (-98.7%)	0.0%	$59.02	—	COM	857477103
GILD	Gilead Sciences, Inc.	23,677,567 (-2.4%)	$2.991B (-11.5%)	1.6%	$55.67	—	COM	375558103
SU	Suncor Energy, Inc.	25,366,554 (-3.4%)	$1.362B (-21.6%)	0.7%	$19.97	—	COM	867224107
BK	The Bank of New York Mellon Corp.	16,608,370 (-29.0%)	$2.402B (-13.5%)	1.3%	$27.39	—	COM	064058100
COP	ConocoPhillips	9,266,284 (-3.9%)	$963M (-24.3%)	0.5%	$41.39	—	COM	20825C104
BMY	Bristol-Myers Squibb Co.	42,361 (-99.1%)	$2.441M (-99.1%)	0.0%	$40.30	—	COM	110122108
BKR	Baker Hughes Co.	34,854,482 (-2.8%)	$1.934B (-11.7%)	1.0%	$24.85	—	CL A	05722G100
SNY	Sanofi SA	28,088,274 (-4.8%)	$1.198B (-15.7%)	0.6%	$48.63	—	SPONSORED ADR	80105N105
TRP	TC Energy Corp.	5,034,800 (-43.4%)	$334M (-40.0%)	0.2%	$33.49	—	COM	87807B107
INCY	Incyte Corp.	11,957,326 (-2.4%)	$1.355B (+17.5%)	0.7%	$77.91	—	COM	45337C102
VFC	VF Corp.	22,406,175 (-32.2%)	$374M (-33.4%)	0.2%	$17.83	—	COM	918204108
RTX	RTX Corp.	35,113,249 (-1.0%)	$6.662B (-2.6%)	3.5%	$61.26	—	COM	75513E101
BAP	Credicorp, Ltd.	2,614,315 (-23.3%)	$1.018B (-11.9%)	0.5%	$117.30	—	COM	G2519Y108
MCHP	Microchip Technology, Inc.	5,533,359 (-9.7%)	$505M (+27.4%)	0.3%	$54.12	—	COM	595017104
COHR	Coherent Corp.	544,160 (-2.6%)	$215M (+61.2%)	0.1%	$46.15	—	COM	19247G107
ADM	Archer-Daniels-Midland Co.	14,182,325 (-10.0%)	$1.084B (-5.4%)	0.6%	$54.06	—	COM	039483102
D	Dominion Energy, Inc.	18,303,470 (-6.0%)	$1.25B (+3.8%)	0.7%	$47.45	—	COM	25746U109
GEV	GE Vernova, Inc.	122,871 (-4.9%)	$144M (+28.0%)	0.1%	$158.10	—	COM	36828A101
CDNS	Cadence Design Systems, Inc.	228,012 (-1.3%)	$85.58M (+33.4%)	0.0%	$14.08	—	COM	127387108
GE	GE Aerospace	598,052 (-19.0%)	$224M (+6.7%)	0.1%	$49.70	—	COM NEW	369604301
CAT	Caterpillar, Inc.	39,404 (-1.5%)	$41.96M (+48.1%)	0.0%	$119.95	—	COM	149123101
CX	Cemex SAB de CV	80,187,637 (-5.9%)	$962M (-1.3%)	0.5%	$6.03	—	SPON ADR NEW	151290889
ITUB	Itau Unibanco Holding SA	18,185,181 (-5.1%)	$149M (-7.5%)	0.1%	$6.48	—	SPON ADR REP PFD	465562106
LLY	Eli Lilly & Co.	41,258 (-1.8%)	$49.49M (+28.1%)	0.0%	$72.19	—	COM	532457108
BAC	Bank of America Corp.	1,741,970 (-4.3%)	$99.26M (+11.9%)	0.1%	$20.26	—	COM	060505104
ACMR	ACM Research, Inc.	116,392 (-2.9%)	$14.77M (+213.1%)	0.0%	$25.53	—	COM CL A	00108J109
AEG	Aegon, Ltd.	44,635,184 (-11.7%)	$377M (+2.6%)	0.2%	$5.76	—	AMER REG 1 CERT	0076CA104
CVX	Chevron Corp.	202,503 (-1.3%)	$33.57M (-20.9%)	0.0%	$86.23	—	COM	166764100
ELAN	Elanco Animal Health, Inc.	67,397,025 (-2.2%)	$1.659B (+0.5%)	0.9%	$21.47	—	COM	28414H103
AXP	American Express Co.	271,279 (-2.2%)	$91.76M (+9.3%)	0.0%	$63.74	—	COM	025816109
DELL	Dell Technologies, Inc.	17,250 (-8.7%)	$7.443M (+139.9%)	0.0%	$25.46	—	CL C	24703L202
GLW	Corning, Inc.	34,665 (-4.6%)	$8.854M (+79.3%)	0.0%	$11.15	—	COM	219350105
JPM	JPMorgan Chase & Co.	117,130 (-1.1%)	$38.34M (+10.0%)	0.0%	$41.16	—	COM	46625H100
TRV	The Travelers Co., Inc.	90,119 (-2.9%)	$29.75M (+9.9%)	0.0%	$63.44	—	COM	89417E109
CSCO	Cisco Systems, Inc.	88,409 (-15.9%)	$10.38M (+27.3%)	0.0%	$31.45	—	COM	17275R102
WMT	Walmart, Inc.	172,435 (-1.1%)	$19.53M (-9.8%)	0.0%	$43.96	—	COM	931142103
BSX	Boston Scientific Corp.	87,485 (-1.6%)	$3.734M (-33.1%)	0.0%	$8.48	—	COM	101137107
IBM	International Business Machines Corp.	45,995 (-1.3%)	$12.93M (+14.5%)	0.0%	$158.70	—	COM	459200101
ADI	Analog Devices, Inc.	19,210 (-4.1%)	$7.63M (+19.8%)	0.0%	$155.29	—	COM	032654105
SLB	SLB, Ltd.	98,424 (-10.4%)	$4.576M (-18.9%)	0.0%	$41.46	—	COM STK	806857108
HPE	Hewlett Packard Enterprise Co.	63,450 (-17.3%)	$2.862M (+56.6%)	0.0%	$7.49	—	COM	42824C109
SHEL	Shell PLC	54,269 (-1.3%)	$4.208M (-17.7%)	0.0%	$54.93	—	SPON ADS	780259305
TGT	Target Corp.	95,639 (-1.1%)	$12.49M (+6.6%)	0.0%	$43.13	—	COM	87612E106
AZN	AstraZeneca PLC	55,949 (-2.7%)	$10.61M (-6.4%)	0.0%	$190.39	—	ORD	G0593M107
DIS	The Walt Disney Co.	261,007 (-2.2%)	$25.12M (-2.3%)	0.0%	$105.44	—	COM	254687106
MSI	Motorola Solutions, Inc.	10,866 (-3.5%)	$4.513M (-7.6%)	0.0%	$141.82	—	COM NEW	620076307
APA	APA Corp.	19,500 (-9.3%)	$635K (-30.4%)	0.0%	$16.01	—	COM	03743Q108
Q	Qnity Electronics, Inc.	6,369 (-5.3%)	$1.04M (+34.0%)	0.0%	$84.91	—	COMMON STOCK	74743L100
JOYY	JOYY, Inc.	41,006 (-2.4%)	$2.706M (+10.3%)	0.0%	$36.73	—	ADS REPSTG COM A	46591M109
SPGI	S&P Global, Inc.	5,200 (-3.7%)	$2.118M (-7.8%)	0.0%	$108.55	—	COM	78409V104
NEE	NextEra Energy, Inc.	23,000 (-2.5%)	$2.019M (-7.9%)	0.0%	$52.32	—	COM	65339F101
PBR	Petroleo Brasileiro SA - Petrobras	30,000 (-3.8%)	$485K (-25.1%)	0.0%	$12.86	—	SPONSORED ADR	71654V408
DOW	Dow, Inc.	9,114 (-6.2%)	$249K (-38.4%)	0.0%	$36.37	—	COM	260557103
WMB	The Williams Co., Inc.	944,450 (-2.3%)	$70.21M (-0.2%)	0.0%	$15.73	—	COM	969457100
MMM	3M Co.	7,558 (-1.5%)	$1.224M (+9.8%)	0.0%	$61.26	—	COM	88579Y101
ABEV	Ambev SA	252,700 (-17.5%)	$793K (-11.3%)	0.0%	$2.03	—	SPONSORED ADR	02319V103
BIDU	Baidu, Inc.	26,006 (-5.5%)	$2.972M (-3.0%)	0.0%	$120.52	—	SPON ADR REP A	056752108
OTIS	Otis Worldwide Corp.	5,210 (-13.3%)	$373K (-19.5%)	0.0%	$47.48	—	COM	68902V107
AMGN	Amgen, Inc.	12,817 (-4.1%)	$4.641M (-1.3%)	0.0%	$75.58	—	COM	031162100
MGM	MGM Resorts International	6,000 (-7.7%)	$287K (+19.2%)	0.0%	$37.80	—	COM	552953101
GPC	Genuine Parts Co.	4,450 (-4.3%)	$525K (+6.8%)	0.0%	$54.12	—	COM	372460105

Unchanged Positions (79)

GOOGL Alphabet, Inc. 2.0%

Value $3.809B Shares 10,658,860 Est. Cost $101.42 Unrealized —

FIS Fidelity National Information Services, Inc. 1.0%

Value $1.908B Shares 49,069,080 Est. Cost $68.33 Unrealized —

BUD Anheuser-Busch InBev SA/NV 1.3%

Value $2.429B Shares 29,477,348 Est. Cost $56.46 Unrealized —

UBS UBS Group AG 0.9%

Value $1.666B Shares 33,630,342 Est. Cost $16.27 Unrealized —

FISV Fiserv, Inc. 1.3%

Value $2.462B Shares 50,194,946 Est. Cost $109.61 Unrealized —

CE Celanese Corp. 0.4%

Value $703M Shares 15,282,234 Est. Cost $69.61 Unrealized —

BABA Alibaba Group Holding, Ltd. 0.5%

Value $956M Shares 9,957,970 Est. Cost $127.45 Unrealized —

AVTR Avantor, Inc. 0.6%

Value $1.188B Shares 120,020,974 Est. Cost $20.12 Unrealized —

TIGO Millicom International Cellular SA 0.4%

Value $746M Shares 8,218,532 Est. Cost $27.65 Unrealized —

PDD PDD Holdings, Inc. 0.2%

Value $347M Shares 4,550,000 Est. Cost $113.15 Unrealized —

WFC Wells Fargo & Co. 1.4%

Value $2.589B Shares 31,328,076 Est. Cost $28.13 Unrealized —

CPNG Coupang, Inc. 0.7%

Value $1.254B Shares 72,194,220 Est. Cost $22.15 Unrealized —

TDY Teledyne Technologies, Inc. 0.6%

Value $1.076B Shares 1,612,837 Est. Cost $489.56 Unrealized —

XP XP, Inc. 0.3%

Value $529M Shares 32,564,312 Est. Cost $23.03 Unrealized —

YUMC Yum China Holdings, Inc. 0.2%

Value $342M Shares 8,365,562 Est. Cost $40.51 Unrealized —

JD JD.com, Inc. 0.2%

Value $311M Shares 12,194,648 Est. Cost $42.51 Unrealized —

AEP American Electric Power Co., Inc. 0.6%

Value $1.187B Shares 8,674,355 Est. Cost $76.25 Unrealized —

NTES NetEase, Inc. 0.1%

Value $277M Shares 2,162,476 Est. Cost $91.83 Unrealized —

LIN Linde PLC 0.4%

Value $688M Shares 1,326,590 Est. Cost $322.30 Unrealized —

BNTX BioNTech SE 0.2%

Value $342M Shares 3,677,591 Est. Cost $100.31 Unrealized —

NESR National Energy Services Reunited Corp. 0.0%

Value $47.77M Shares 1,595,994 Est. Cost $7.13 Unrealized —

UNP Union Pacific Corp. 0.0%

Value $70.97M Shares 260,902 Est. Cost $72.99 Unrealized —

VSNT Versant Media Group, Inc. 0.1%

Value $161M Shares 4,472,367 Est. Cost $32.14 Unrealized —

XOM Exxon Mobil Corp. 0.0%

Value $10.1M Shares 73,858 Est. Cost $53.76 Unrealized —

AVGO Broadcom, Inc. 0.0%

Value $7.287M Shares 19,290 Est. Cost $152.49 Unrealized —

MRK Merck & Co., Inc. 0.0%

Value $17.44M Shares 135,750 Est. Cost $30.33 Unrealized —

AAPL Apple, Inc. 0.0%

Value $9.081M Shares 31,382 Est. Cost $119.34 Unrealized —

DE Deere & Co. 0.0%

Value $8.009M Shares 12,626 Est. Cost $89.27 Unrealized —

TBBB BBB Foods, Inc. 0.0%

Value $3.779M Shares 90,700 Est. Cost $35.61 Unrealized —

VMC Vulcan Materials Co. 0.0%

Value $7.08M Shares 24,000 Est. Cost $46.69 Unrealized —

PNC The PNC Financial Services Group, Inc. 0.0%

Value $3.437M Shares 13,960 Est. Cost $47.34 Unrealized —

HD The Home Depot, Inc. 0.0%

Value $7.894M Shares 22,382 Est. Cost $60.50 Unrealized —

TCOM Trip.com Group, Ltd. 0.0%

Value $1.962M Shares 49,250 Est. Cost $44.92 Unrealized —

VIPS Vipshop Holdings, Ltd. 0.0%

Value $2.53M Shares 190,797 Est. Cost $14.78 Unrealized —

SNPS Synopsys, Inc. 0.0%

Value $4.505M Shares 10,100 Est. Cost $62.80 Unrealized —

PFE Pfizer, Inc. 0.0%

Value $2.115M Shares 87,814 Est. Cost $16.46 Unrealized —

ABBV AbbVie, Inc. 0.0%

Value $2.615M Shares 10,393 Est. Cost $29.33 Unrealized —

NUE Nucor Corp. 0.0%

Value $1.381M Shares 6,200 Est. Cost $32.49 Unrealized —

MCD McDonald's Corp. 0.0%

Value $1.737M Shares 6,425 Est. Cost $71.80 Unrealized —

PM Philip Morris International, Inc. 0.0%

Value $2.985M Shares 16,500 Est. Cost $49.85 Unrealized —

BRK/B Berkshire Hathaway, Inc. 0.0%

Value $5.724M Shares 11,440 Est. Cost $114.08 Unrealized —

LVS Las Vegas Sands Corp. 0.0%

Value $1.302M Shares 28,186 Est. Cost $41.01 Unrealized —

PH Parker-Hannifin Corp. 0.0%

Value $2.445M Shares 2,500 Est. Cost $75.97 Unrealized —

ABT Abbott Laboratories 0.0%

Value $1.572M Shares 17,324 Est. Cost $34.09 Unrealized —

JNJ Johnson & Johnson 0.0%

Value $5.32M Shares 20,947 Est. Cost $65.21 Unrealized —

PG The Procter & Gamble Co. 0.0%

Value $13.3M Shares 90,706 Est. Cost $55.13 Unrealized —

FMS Fresenius Medical Care AG 0.0%

Value $86.53M Shares 3,826,910 Est. Cost $22.41 Unrealized —

FLUT Flutter Entertainment PLC 0.0%

Value $64.25M Shares 628,878 Est. Cost $203.33 Unrealized —

KO The Coca-Cola Co. 0.0%

Value $1.95M Shares 24,000 Est. Cost $28.59 Unrealized —

BRK/A Berkshire Hathaway, Inc. 0.0%

Value $2.995M Shares 4 Est. Cost $222884.05 Unrealized —

MO Altria Group, Inc. 0.0%

Value $1.475M Shares 20,500 Est. Cost $16.28 Unrealized —

ELV Elevance Health, Inc. 0.0%

Value $503K Shares 1,300 Est. Cost $166.87 Unrealized —

IFS Intercorp Financial Services, Inc. 0.0%

Value $991K Shares 17,391 Est. Cost $19.73 Unrealized —

CL Colgate-Palmolive Co. 0.0%

Value $1.284M Shares 14,000 Est. Cost $44.63 Unrealized —

NVDA NVIDIA Corp. 0.0%

Value $680K Shares 3,400 Est. Cost $174.29 Unrealized —

ALL The Allstate Corp. 0.0%

Value $617K Shares 2,595 Est. Cost $37.12 Unrealized —

TFC Truist Financial Corp. 0.0%

Value $954K Shares 19,151 Est. Cost $32.23 Unrealized —

LMT Lockheed Martin Corp. 0.0%

Value $395K Shares 775 Est. Cost $268.37 Unrealized —

DEO Diageo PLC 0.0%

Value $890K Shares 11,077 Est. Cost $115.85 Unrealized —

MELI MercadoLibre, Inc. 0.0%

Value $3.373M Shares 1,987 Est. Cost $2149.47 Unrealized —

PEP PepsiCo, Inc. 0.0%

Value $416K Shares 3,075 Est. Cost $82.29 Unrealized —

LYV Live Nation Entertainment, Inc. 0.0%

Value $275K Shares 1,500 Est. Cost $125.90 Unrealized —

VZ Verizon Communications, Inc. 0.0%

Value $233K Shares 5,500 Est. Cost $31.23 Unrealized —

GPRK Geopark, Ltd. 0.0%

Value $847K Shares 93,045 Est. Cost $10.43 Unrealized —

PSX Phillips 66 0.0%

Value $440K Shares 2,600 Est. Cost $48.30 Unrealized —

PPG PPG Industries, Inc. 0.0%

Value $267K Shares 2,200 Est. Cost $86.36 Unrealized —

GIS General Mills, Inc. 0.0%

Value $390K Shares 11,200 Est. Cost $32.37 Unrealized —

AMP Ameriprise Financial, Inc. 0.0%

Value $688K Shares 1,500 Est. Cost $59.93 Unrealized —

ARCO Arcos Dorados Holdings, Inc. 0.0%

Value $911K Shares 112,966 Est. Cost $8.18 Unrealized —

MCO Moody's Corp. 0.0%

Value $549K Shares 1,213 Est. Cost $65.04 Unrealized —

UL Unilever PLC 0.0%

Value $315K Shares 5,243 Est. Cost $65.40 Unrealized —

CB Chubb, Ltd. 0.0%

Value $246K Shares 722 Est. Cost $276.25 Unrealized —

CTVA Corteva, Inc. 0.0%

Value $1.711M Shares 20,203 Est. Cost $25.02 Unrealized —

RIO Rio Tinto PLC 0.0%

Value $285K Shares 3,000 Est. Cost $80.03 Unrealized —

CIG Cia Energetica de Minas Gerais 0.0%

Value $31,500 Shares 15,000 Est. Cost $1.77 Unrealized —

MDLZ Mondelez International, Inc. 0.0%

Value $685K Shares 11,840 Est. Cost $30.15 Unrealized —

CTAS Cintas Corp. 0.0%

Value $306K Shares 1,800 Est. Cost $169.46 Unrealized —

AFYA Afya, Ltd. 0.0%

Value $761K Shares 51,287 Est. Cost $14.19 Unrealized —

BLK Blackrock, Inc. 0.0%

Value $684K Shares 711 Est. Cost $998.80 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet, Inc.	10,658,860	$3.809B	2.0%	$101.42	—	CAP STK CL A	02079K305
FIS	Fidelity National Information Services, Inc.	49,069,080	$1.908B	1.0%	$68.33	—	COM	31620M106
BUD	Anheuser-Busch InBev SA/NV	29,477,348	$2.429B	1.3%	$56.46	—	SPONSORED ADR	03524A108
UBS	UBS Group AG	33,630,342	$1.666B	0.9%	$16.27	—	SHS	H42097107
FISV	Fiserv, Inc.	50,194,946	$2.462B	1.3%	$109.61	—	COM	337738108
CE	Celanese Corp.	15,282,234	$703M	0.4%	$69.61	—	COM	150870103
BABA	Alibaba Group Holding, Ltd.	9,957,970	$956M	0.5%	$127.45	—	SPONSORED ADS	01609W102
AVTR	Avantor, Inc.	120,020,974	$1.188B	0.6%	$20.12	—	COM	05352A100
TIGO	Millicom International Cellular SA	8,218,532	$746M	0.4%	$27.65	—	COM STK	L6388F110
PDD	PDD Holdings, Inc.	4,550,000	$347M	0.2%	$113.15	—	SPONSORED ADS	722304102
WFC	Wells Fargo & Co.	31,328,076	$2.589B	1.4%	$28.13	—	COM	949746101
CPNG	Coupang, Inc.	72,194,220	$1.254B	0.7%	$22.15	—	CL A	22266T109
TDY	Teledyne Technologies, Inc.	1,612,837	$1.076B	0.6%	$489.56	—	COM	879360105
XP	XP, Inc.	32,564,312	$529M	0.3%	$23.03	—	CL A	G98239109
YUMC	Yum China Holdings, Inc.	8,365,562	$342M	0.2%	$40.51	—	COM	98850P109
JD	JD.com, Inc.	12,194,648	$311M	0.2%	$42.51	—	SPON ADS CL A	47215P106
AEP	American Electric Power Co., Inc.	8,674,355	$1.187B	0.6%	$76.25	—	COM	025537101
NTES	NetEase, Inc.	2,162,476	$277M	0.1%	$91.83	—	SPONSORED ADS	64110W102
LIN	Linde PLC	1,326,590	$688M	0.4%	$322.30	—	SHS	G54950103
BNTX	BioNTech SE	3,677,591	$342M	0.2%	$100.31	—	SPONSORED ADS	09075V102
NESR	National Energy Services Reunited Corp.	1,595,994	$47.77M	0.0%	$7.13	—	SHS	G6375R107
UNP	Union Pacific Corp.	260,902	$70.97M	0.0%	$72.99	—	COM	907818108
VSNT	Versant Media Group, Inc.	4,472,367	$161M	0.1%	$32.14	—	COM CL A	925283103
XOM	Exxon Mobil Corp.	73,858	$10.1M	0.0%	$53.76	—	COM	30231G102
AVGO	Broadcom, Inc.	19,290	$7.287M	0.0%	$152.49	—	COM	11135F101
MRK	Merck & Co., Inc.	135,750	$17.44M	0.0%	$30.33	—	COM	58933Y105
AAPL	Apple, Inc.	31,382	$9.081M	0.0%	$119.34	—	COM	037833100
DE	Deere & Co.	12,626	$8.009M	0.0%	$89.27	—	COM	244199105
TBBB	BBB Foods, Inc.	90,700	$3.779M	0.0%	$35.61	—	CL A COM	G0896C103
VMC	Vulcan Materials Co.	24,000	$7.08M	0.0%	$46.69	—	COM	929160109
PNC	The PNC Financial Services Group, Inc.	13,960	$3.437M	0.0%	$47.34	—	COM	693475105
HD	The Home Depot, Inc.	22,382	$7.894M	0.0%	$60.50	—	COM	437076102
TCOM	Trip.com Group, Ltd.	49,250	$1.962M	0.0%	$44.92	—	ADS	89677Q107
VIPS	Vipshop Holdings, Ltd.	190,797	$2.53M	0.0%	$14.78	—	SPONSORED ADS A	92763W103
SNPS	Synopsys, Inc.	10,100	$4.505M	0.0%	$62.80	—	COM	871607107
PFE	Pfizer, Inc.	87,814	$2.115M	0.0%	$16.46	—	COM	717081103
ABBV	AbbVie, Inc.	10,393	$2.615M	0.0%	$29.33	—	COM	00287Y109
NUE	Nucor Corp.	6,200	$1.381M	0.0%	$32.49	—	COM	670346105
MCD	McDonald's Corp.	6,425	$1.737M	0.0%	$71.80	—	COM	580135101
PM	Philip Morris International, Inc.	16,500	$2.985M	0.0%	$49.85	—	COM	718172109
BRK/B	Berkshire Hathaway, Inc.	11,440	$5.724M	0.0%	$114.08	—	CL B NEW	084670702
LVS	Las Vegas Sands Corp.	28,186	$1.302M	0.0%	$41.01	—	COM	517834107
PH	Parker-Hannifin Corp.	2,500	$2.445M	0.0%	$75.97	—	COM	701094104
ABT	Abbott Laboratories	17,324	$1.572M	0.0%	$34.09	—	COM	002824100
JNJ	Johnson & Johnson	20,947	$5.32M	0.0%	$65.21	—	COM	478160104
PG	The Procter & Gamble Co.	90,706	$13.3M	0.0%	$55.13	—	COM	742718109
FMS	Fresenius Medical Care AG	3,826,910	$86.53M	0.0%	$22.41	—	SPONSORED ADR	358029106
FLUT	Flutter Entertainment PLC	628,878	$64.25M	0.0%	$203.33	—	SHS	G3643J108
KO	The Coca-Cola Co.	24,000	$1.95M	0.0%	$28.59	—	COM	191216100
BRK/A	Berkshire Hathaway, Inc.	4	$2.995M	0.0%	$222884.05	—	CL A	084670108
MO	Altria Group, Inc.	20,500	$1.475M	0.0%	$16.28	—	COM	02209S103
ELV	Elevance Health, Inc.	1,300	$503K	0.0%	$166.87	—	COM	036752103
IFS	Intercorp Financial Services, Inc.	17,391	$991K	0.0%	$19.73	—	SHS	P5626F128
CL	Colgate-Palmolive Co.	14,000	$1.284M	0.0%	$44.63	—	COM	194162103
NVDA	NVIDIA Corp.	3,400	$680K	0.0%	$174.29	—	COM	67066G104
ALL	The Allstate Corp.	2,595	$617K	0.0%	$37.12	—	COM	020002101
TFC	Truist Financial Corp.	19,151	$954K	0.0%	$32.23	—	COM	89832Q109
LMT	Lockheed Martin Corp.	775	$395K	0.0%	$268.37	—	COM	539830109
DEO	Diageo PLC	11,077	$890K	0.0%	$115.85	—	SPON ADR NEW	25243Q205
MELI	MercadoLibre, Inc.	1,987	$3.373M	0.0%	$2149.47	—	COM	58733R102
PEP	PepsiCo, Inc.	3,075	$416K	0.0%	$82.29	—	COM	713448108
LYV	Live Nation Entertainment, Inc.	1,500	$275K	0.0%	$125.90	—	COM	538034109
VZ	Verizon Communications, Inc.	5,500	$233K	0.0%	$31.23	—	COM	92343V104
GPRK	Geopark, Ltd.	93,045	$847K	0.0%	$10.43	—	USD SHS	G38327105
PSX	Phillips 66	2,600	$440K	0.0%	$48.30	—	COM	718546104
PPG	PPG Industries, Inc.	2,200	$267K	0.0%	$86.36	—	COM	693506107
GIS	General Mills, Inc.	11,200	$390K	0.0%	$32.37	—	COM	370334104
AMP	Ameriprise Financial, Inc.	1,500	$688K	0.0%	$59.93	—	COM	03076C106
ARCO	Arcos Dorados Holdings, Inc.	112,966	$911K	0.0%	$8.18	—	SHS CLASS -A -	G0457F107
MCO	Moody's Corp.	1,213	$549K	0.0%	$65.04	—	COM	615369105
UL	Unilever PLC	5,243	$315K	0.0%	$65.40	—	SPON ADR NEW	904767803
CB	Chubb, Ltd.	722	$246K	0.0%	$276.25	—	COM	H1467J104
CTVA	Corteva, Inc.	20,203	$1.711M	0.0%	$25.02	—	COM	22052L104
RIO	Rio Tinto PLC	3,000	$285K	0.0%	$80.03	—	SPONSORED ADR	767204100
CIG	Cia Energetica de Minas Gerais	15,000	$31,500	0.0%	$1.77	—	SP ADR N-V PFD	204409601
MDLZ	Mondelez International, Inc.	11,840	$685K	0.0%	$30.15	—	CL A	609207105
CTAS	Cintas Corp.	1,800	$306K	0.0%	$169.46	—	COM	172908105
AFYA	Afya, Ltd.	51,287	$761K	0.0%	$14.19	—	CL A COM	G01125106
BLK	Blackrock, Inc.	711	$684K	0.0%	$998.80	—	COM	09290D101