CAUSEWAY CAPITAL MANAGEMENT LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALK	ALASKA AIR GROUP INC	1,434,517	$72,156	1.0%	$46.23	0.0%	COM	011659109
BAH	BOOZ ALLEN HAMILTON HOLDING CORP	396,332	$33,435	0.5%	$88.51	0.0%	CL A	099502106
BA	BOEING CO/THE	151,928	$32,987	0.5%	$205.66	0.0%	COM	097023105
VALE	VALE SA	904,000	$11,779	0.2%	$13.03	—	SPONSORED ADS	91912E105
VWO	VANGUARD FTSE EMERGING MARKETS ETF	60,561	$3,256	0.0%	$53.76	—	FTSE EMR MKT ETF	922042858
EZA	ISHARES MSCI SOUTH AFRICA ETF	22,500	$1,548	0.0%	$68.80	—	MSCI STH AFR ETF	464286780
EFXT	ENERFLEX LTD	73,432	$1,134	0.0%	$13.30	0.0%	COM	29269R105
INMD	INMODE LTD	71,829	$1,055	0.0%	$14.72	0.0%	SHS	M5425M103
ASHR	XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF	28,800	$946	0.0%	$32.85	—	XTRACK HRVST CSI	233051879
EWZ	ISHARES MSCI BRAZIL ETF	13,800	$438	0.0%	$31.77	—	MSCI BRAZIL ETF	464286400
AVGO	BROADCOM INC	827	$286	0.0%	$357.00	0.0%	COM	11135F101
PDS	PRECISION DRILLING CORP	3,291	$236	0.0%	$61.41	0.0%	COM NEW	74022D407
FIX	COMFORT SYSTEMS USA INC	243	$227	0.0%	$922.99	0.0%	COM	199908104
RNR	RENAISSANCERE HOLDINGS LTD	712	$200	0.0%	$263.15	0.0%	COM	G7496G103

Increased Positions (49)

SW SMURFIT WESTROCK PLC 10.2%

Value ($000) $739,868 (+131.0%) Shares 19,132,879 (+154.3%) Est. Cost $40.04 Unrealized -4.8%

CCL CARNIVAL CORP 14.3%

Value ($000) $1,036,674 (+12.4%) Shares 33,944,782 (+6.4%) Est. Cost $24.37 Unrealized +14.4%

INFY INFOSYS LTD 0.6%

Value ($000) $44,235 (+857.6%) Shares 2,482,318 (+774.3%) Est. Cost $17.71 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORP 1.8%

Value ($000) $128,846 (+42.3%) Shares 1,552,361 (+15.0%) Est. Cost $70.66 Unrealized +5.7%

LYV LIVE NATION ENTERTAINMENT INC 0.9%

Value ($000) $63,714 (+67.8%) Shares 447,113 (+92.4%) Est. Cost $124.98 Unrealized +15.0%

AU ANGLOGOLD ASHANTI PLC 0.5%

Value ($000) $37,559 (+169.0%) Shares 434,260 (+118.8%) Est. Cost $57.44 Unrealized +34.9%

EG EVEREST GROUP LTD 1.1%

Value ($000) $80,955 (+31.6%) Shares 238,558 (+35.8%) Est. Cost $335.68 Unrealized -1.6%

G GENPACT LTD 1.3%

Value ($000) $97,499 (+23.9%) Shares 2,084,209 (+11.0%) Est. Cost $41.01 Unrealized +5.5%

GPK GRAPHIC PACKAGING HOLDING CO 0.9%

Value ($000) $68,200 (+34.0%) Shares 4,528,554 (+74.1%) Est. Cost $19.71 Unrealized -16.6%

RELX RELX PLC 0.7%

Value ($000) $48,075 (+39.2%) Shares 1,189,379 (+64.5%) Est. Cost $38.67 Unrealized —

BAP CREDICORP LTD 1.0%

Value ($000) $69,461 (+21.0%) Shares 242,024 (+12.2%) Est. Cost $202.83 Unrealized +30.5%

QFIN QFIN HOLDINGS INC 0.3%

Value ($000) $25,179 (-32.2%) Shares 1,306,636 (+1.2%) Est. Cost $21.33 Unrealized —

NVO NOVO NORDISK A/S 0.7%

Value ($000) $50,567 (+30.9%) Shares 993,850 (+42.8%) Est. Cost $58.93 Unrealized —

EWT ISHARES MSCI TAIWAN ETF 0.2%

Value ($000) $12,092 (+1612.4%) Shares 190,341 (+1614.8%) Est. Cost $63.54 Unrealized —

ZIM ZIM INTEGRATED SHIPPING SERVICES LTD 0.4%

Value ($000) $25,752 (+75.5%) Shares 1,213,006 (+12.0%) Est. Cost $18.73 Unrealized -10.4%

CARR CARRIER GLOBAL CORP 1.3%

Value ($000) $97,692 (+11.6%) Shares 1,848,827 (+26.1%) Est. Cost $65.13 Unrealized -14.7%

TIGO MILLICOM INTERNATIONAL CELLULAR SA 0.2%

Value ($000) $11,972 (+549.1%) Shares 215,950 (+468.3%) Est. Cost $49.21 Unrealized +2.3%

SMFG SUMITOMO MITSUI FINANCIAL GROUP INC 0.3%

Value ($000) $22,757 (+69.7%) Shares 1,177,274 (+47.0%) Est. Cost $17.15 Unrealized —

SAP SAP SE 0.8%

Value ($000) $60,909 (+17.7%) Shares 250,748 (+29.4%) Est. Cost $216.28 Unrealized —

META META PLATFORMS INC 1.0%

Value ($000) $72,864 (+14.2%) Shares 110,385 (+27.0%) Est. Cost $430.96 Unrealized +54.8%

CGAU CENTERRA GOLD INC 0.2%

Value ($000) $18,016 (+94.7%) Shares 1,249,789 (+44.8%) Est. Cost $8.79 Unrealized +42.5%

BUD ANHEUSER-BUSCH INBEV SA/NV 0.6%

Value ($000) $44,914 (+23.6%) Shares 701,343 (+15.0%) Est. Cost $57.96 Unrealized —

ZBH ZIMMER BIOMET HOLDINGS INC 0.9%

Value ($000) $65,507 (+14.3%) Shares 728,498 (+25.2%) Est. Cost $111.52 Unrealized -15.2%

NWG NATWEST GROUP PLC 0.4%

Value ($000) $27,777 (+36.7%) Shares 1,587,264 (+10.5%) Est. Cost $11.23 Unrealized —

FSM FORTUNA MINING CORP 0.1%

Value ($000) $8,474 (+716.7%) Shares 863,628 (+645.4%) Est. Cost $8.77 Unrealized +2.6%

WHR WHIRLPOOL CORP 0.8%

Value ($000) $54,915 (+13.2%) Shares 761,228 (+23.4%) Est. Cost $94.40 Unrealized -21.8%

JOYY JOYY INC 0.7%

Value ($000) $52,624 (+13.6%) Shares 812,601 (+2.9%) Est. Cost $50.88 Unrealized —

PHG KONINKLIJKE PHILIPS NV 0.8%

Value ($000) $59,536 (+11.5%) Shares 2,198,531 (+12.3%) Est. Cost $23.48 Unrealized —

NGG NATIONAL GRID PLC 0.8%

Value ($000) $54,879 (+12.5%) Shares 709,485 (+5.7%) Est. Cost $73.70 Unrealized —

GFI GOLD FIELDS LTD 1.0%

Value ($000) $70,776 (+9.3%) Shares 1,621,076 (+5.1%) Est. Cost $26.77 Unrealized —

WB WEIBO CORP 0.4%

Value ($000) $30,581 (-16.5%) Shares 2,992,234 (+1.4%) Est. Cost $9.53 Unrealized —

SMIN ISHARES MSCI INDIA SMALL-CAP ETF 0.4%

Value ($000) $32,087 (+21.7%) Shares 458,977 (+24.9%) Est. Cost $73.30 Unrealized —

PUK PRUDENTIAL PLC 0.6%

Value ($000) $46,957 (+13.7%) Shares 1,508,912 (+2.3%) Est. Cost $25.38 Unrealized —

SNY SANOFI SA 0.7%

Value ($000) $51,559 (+11.5%) Shares 1,063,958 (+8.6%) Est. Cost $49.49 Unrealized —

BTI BRITISH AMERICAN TOBACCO PLC 0.4%

Value ($000) $27,355 (+12.4%) Shares 483,138 (+5.3%) Est. Cost $40.79 Unrealized —

DEO DIAGEO PLC 0.6%

Value ($000) $41,866 (-6.0%) Shares 485,288 (+3.9%) Est. Cost $133.95 Unrealized —

SHG SHINHAN FINANCIAL GROUP CO LTD 0.4%

Value ($000) $31,094 (+9.1%) Shares 579,796 (+2.4%) Est. Cost $39.44 Unrealized —

BP BP PLC 0.8%

Value ($000) $56,981 (+4.4%) Shares 1,640,680 (+3.6%) Est. Cost $33.76 Unrealized —

HDB HDFC BANK LTD 0.2%

Value ($000) $15,430 (+17.3%) Shares 422,279 (+9.6%) Est. Cost $47.25 Unrealized —

VIPS VIPSHOP HOLDINGS LTD 0.3%

Value ($000) $19,275 (-8.9%) Shares 1,089,598 (+1.2%) Est. Cost $16.11 Unrealized —

IR INGERSOLL RAND INC 0.7%

Value ($000) $47,276 (+2.9%) Shares 596,771 (+7.3%) Est. Cost $80.33 Unrealized -1.7%

PDD PDD HOLDINGS INC 0.6%

Value ($000) $42,095 (+2.9%) Shares 371,241 (+19.9%) Est. Cost $129.05 Unrealized —

SNN SMITH & NEPHEW PLC 0.3%

Value ($000) $19,811 (-4.6%) Shares 603,812 (+5.5%) Est. Cost $27.05 Unrealized —

URTH ISHARES MSCI WORLD ETF 0.0%

Value ($000) $1,975 (+76.8%) Shares 10,631 (+72.8%) Est. Cost $183.33 Unrealized —

IBN ICICI BANK LTD 0.2%

Value ($000) $14,216 (+5.8%) Shares 477,060 (+7.3%) Est. Cost $13.45 Unrealized —

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

Value ($000) $1,065 (+54.5%) Shares 14,484 (+49.9%) Est. Cost $65.10 Unrealized —

ACWI ISHARES MSCI ACWI ETF 0.0%

Value ($000) $1,547 (+18.7%) Shares 10,935 (+16.0%) Est. Cost $116.65 Unrealized —

PAGS PAGSEGURO DIGITAL LTD 0.5%

Value ($000) $38,998 (+0.2%) Shares 4,045,457 (+3.9%) Est. Cost $9.03 Unrealized +6.2%

MSFT MICROSOFT CORP 0.0%

Value ($000) $467 (-4.1%) Shares 965 (+2.7%) Est. Cost $401.88 Unrealized +24.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SW	SMURFIT WESTROCK PLC	19,132,879 (+154.3%)	$739,868 (+131.0%)	10.2%	$40.04	-4.8%	SHS	G8267P108
CCL	CARNIVAL CORP	33,944,782 (+6.4%)	$1,036,674 (+12.4%)	14.3%	$24.37	+14.4%	UNIT 99/99/9999	143658300
INFY	INFOSYS LTD	2,482,318 (+774.3%)	$44,235 (+857.6%)	0.6%	$17.71	—	SPONSORED ADR	456788108
CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CORP	1,552,361 (+15.0%)	$128,846 (+42.3%)	1.8%	$70.66	+5.7%	CL A	192446102
LYV	LIVE NATION ENTERTAINMENT INC	447,113 (+92.4%)	$63,714 (+67.8%)	0.9%	$124.98	+15.0%	COM	538034109
AU	ANGLOGOLD ASHANTI PLC	434,260 (+118.8%)	$37,559 (+169.0%)	0.5%	$57.44	+34.9%	COM SHS	G0378L100
EG	EVEREST GROUP LTD	238,558 (+35.8%)	$80,955 (+31.6%)	1.1%	$335.68	-1.6%	COM	G3223R108
G	GENPACT LTD	2,084,209 (+11.0%)	$97,499 (+23.9%)	1.3%	$41.01	+5.5%	SHS	G3922B107
GPK	GRAPHIC PACKAGING HOLDING CO	4,528,554 (+74.1%)	$68,200 (+34.0%)	0.9%	$19.71	-16.6%	COM	388689101
RELX	RELX PLC	1,189,379 (+64.5%)	$48,075 (+39.2%)	0.7%	$38.67	—	SPONSORED ADR	759530108
BAP	CREDICORP LTD	242,024 (+12.2%)	$69,461 (+21.0%)	1.0%	$202.83	+30.5%	COM	G2519Y108
QFIN	QFIN HOLDINGS INC	1,306,636 (+1.2%)	$25,179 (-32.2%)	0.3%	$21.33	—	AMERICAN DEP	88557W101
NVO	NOVO NORDISK A/S	993,850 (+42.8%)	$50,567 (+30.9%)	0.7%	$58.93	—	ADR	670100205
EWT	ISHARES MSCI TAIWAN ETF	190,341 (+1614.8%)	$12,092 (+1612.4%)	0.2%	$63.54	—	MSCI TAIWAN ETF	46434G772
ZIM	ZIM INTEGRATED SHIPPING SERVICES LTD	1,213,006 (+12.0%)	$25,752 (+75.5%)	0.4%	$18.73	-10.4%	SHS	M9T951109
CARR	CARRIER GLOBAL CORP	1,848,827 (+26.1%)	$97,692 (+11.6%)	1.3%	$65.13	-14.7%	COM	14448C104
TIGO	MILLICOM INTERNATIONAL CELLULAR SA	215,950 (+468.3%)	$11,972 (+549.1%)	0.2%	$49.21	+2.3%	COM STK	L6388F110
SMFG	SUMITOMO MITSUI FINANCIAL GROUP INC	1,177,274 (+47.0%)	$22,757 (+69.7%)	0.3%	$17.15	—	SPONSORED ADR	86562M209
SAP	SAP SE	250,748 (+29.4%)	$60,909 (+17.7%)	0.8%	$216.28	—	SPON ADR	803054204
META	META PLATFORMS INC	110,385 (+27.0%)	$72,864 (+14.2%)	1.0%	$430.96	+54.8%	CL A	30303M102
CGAU	CENTERRA GOLD INC	1,249,789 (+44.8%)	$18,016 (+94.7%)	0.2%	$8.79	+42.5%	COM	152006102
BUD	ANHEUSER-BUSCH INBEV SA/NV	701,343 (+15.0%)	$44,914 (+23.6%)	0.6%	$57.96	—	SPONSORED ADR	03524A108
ZBH	ZIMMER BIOMET HOLDINGS INC	728,498 (+25.2%)	$65,507 (+14.3%)	0.9%	$111.52	-15.2%	COM	98956P102
NWG	NATWEST GROUP PLC	1,587,264 (+10.5%)	$27,777 (+36.7%)	0.4%	$11.23	—	SPONS ADR	639057207
FSM	FORTUNA MINING CORP	863,628 (+645.4%)	$8,474 (+716.7%)	0.1%	$8.77	+2.6%	COM NEW	349942102
WHR	WHIRLPOOL CORP	761,228 (+23.4%)	$54,915 (+13.2%)	0.8%	$94.40	-21.8%	COM	963320106
JOYY	JOYY INC	812,601 (+2.9%)	$52,624 (+13.6%)	0.7%	$50.88	—	ADS REPSTG COM A	46591M109
PHG	KONINKLIJKE PHILIPS NV	2,198,531 (+12.3%)	$59,536 (+11.5%)	0.8%	$23.48	—	NY REGIS SHS NEW	500472303
NGG	NATIONAL GRID PLC	709,485 (+5.7%)	$54,879 (+12.5%)	0.8%	$73.70	—	SPONSORED ADR NE	636274409
GFI	GOLD FIELDS LTD	1,621,076 (+5.1%)	$70,776 (+9.3%)	1.0%	$26.77	—	SPONSORED ADR	38059T106
WB	WEIBO CORP	2,992,234 (+1.4%)	$30,581 (-16.5%)	0.4%	$9.53	—	SPONSORED ADR	948596101
SMIN	ISHARES MSCI INDIA SMALL-CAP ETF	458,977 (+24.9%)	$32,087 (+21.7%)	0.4%	$73.30	—	MSCI INDIA SM CP	46429B614
PUK	PRUDENTIAL PLC	1,508,912 (+2.3%)	$46,957 (+13.7%)	0.6%	$25.38	—	ADR	74435K204
SNY	SANOFI SA	1,063,958 (+8.6%)	$51,559 (+11.5%)	0.7%	$49.49	—	SPONSORED ADR	80105N105
BTI	BRITISH AMERICAN TOBACCO PLC	483,138 (+5.3%)	$27,355 (+12.4%)	0.4%	$40.79	—	SPONSORED ADR	110448107
DEO	DIAGEO PLC	485,288 (+3.9%)	$41,866 (-6.0%)	0.6%	$133.95	—	SPON ADR NEW	25243Q205
SHG	SHINHAN FINANCIAL GROUP CO LTD	579,796 (+2.4%)	$31,094 (+9.1%)	0.4%	$39.44	—	SPN ADR RESTRD	824596100
BP	BP PLC	1,640,680 (+3.6%)	$56,981 (+4.4%)	0.8%	$33.76	—	SPONSORED ADR	055622104
HDB	HDFC BANK LTD	422,279 (+9.6%)	$15,430 (+17.3%)	0.2%	$47.25	—	SPONSORED ADS	40415F101
VIPS	VIPSHOP HOLDINGS LTD	1,089,598 (+1.2%)	$19,275 (-8.9%)	0.3%	$16.11	—	SPONSORED ADS A	92763W103
IR	INGERSOLL RAND INC	596,771 (+7.3%)	$47,276 (+2.9%)	0.7%	$80.33	-1.7%	COM	45687V106
PDD	PDD HOLDINGS INC	371,241 (+19.9%)	$42,095 (+2.9%)	0.6%	$129.05	—	SPONSORED ADS	722304102
SNN	SMITH & NEPHEW PLC	603,812 (+5.5%)	$19,811 (-4.6%)	0.3%	$27.05	—	SPDN ADR NEW	83175M205
URTH	ISHARES MSCI WORLD ETF	10,631 (+72.8%)	$1,975 (+76.8%)	0.0%	$183.33	—	MSCI WORLD ETF	464286392
IBN	ICICI BANK LTD	477,060 (+7.3%)	$14,216 (+5.8%)	0.2%	$13.45	—	ADR	45104G104
VEU	VANGUARD FTSE ALL-WORLD EX-US ETF	14,484 (+49.9%)	$1,065 (+54.5%)	0.0%	$65.10	—	ALLWRLD EX US	922042775
ACWI	ISHARES MSCI ACWI ETF	10,935 (+16.0%)	$1,547 (+18.7%)	0.0%	$116.65	—	MSCI ACWI ETF	464288257
PAGS	PAGSEGURO DIGITAL LTD	4,045,457 (+3.9%)	$38,998 (+0.2%)	0.5%	$9.03	+6.2%	COM CL A	G68707101
MSFT	MICROSOFT CORP	965 (+2.7%)	$467 (-4.1%)	0.0%	$401.88	+24.6%	COM	594918104

Exited Positions (11)

NTES NETEASE INC 1.3%

Value ($000) $97,017 Shares 638,315 Est. Cost $139.95 Unrealized —

XP XP INC 0.7%

Value ($000) $47,691 Shares 2,538,130 Est. Cost $17.35 Unrealized +1.5%

ORCL ORACLE CORP 0.6%

Value ($000) $46,801 Shares 166,409 Est. Cost $133.30 Unrealized +78.6%

SE SEA LTD 0.4%

Value ($000) $27,412 Shares 153,370 Est. Cost $111.07 Unrealized —

ATAT ATOUR LIFESTYLE HOLDINGS LTD 0.3%

Value ($000) $22,989 Shares 611,570 Est. Cost $28.12 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.3%

Value ($000) $22,307 Shares 64,603 Est. Cost $298.94 Unrealized +12.8%

KSA ISHARES MSCI SAUDI ARABIA ETF 0.1%

Value ($000) $7,890 Shares 194,437 Est. Cost $38.39 Unrealized —

FXI ISHARES CHINA LARGE-CAP ETF 0.0%

Value ($000) $2,921 Shares 71,000 Est. Cost $41.14 Unrealized —

RDY DR REDDY'S LABORATORIES LTD 0.0%

Value ($000) $2,225 Shares 159,139 Est. Cost $22.58 Unrealized —

TCOM TRIP.COM GROUP LTD 0.0%

Value ($000) $207 Shares 2,748 Est. Cost $75.20 Unrealized —

ADT ADT INC 0.0%

Value ($000) $95 Shares 10,929 Est. Cost $8.48 Unrealized -2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTES	NETEASE INC	638,315	$97,017	1.3%	$139.95	—	—	64110W102
XP	XP INC	2,538,130	$47,691	0.7%	$17.35	+1.5%	—	G98239109
ORCL	ORACLE CORP	166,409	$46,801	0.6%	$133.30	+78.6%	—	68389X105
SE	SEA LTD	153,370	$27,412	0.4%	$111.07	—	—	81141R100
ATAT	ATOUR LIFESTYLE HOLDINGS LTD	611,570	$22,989	0.3%	$28.12	—	—	04965M106
UNH	UNITEDHEALTH GROUP INC	64,603	$22,307	0.3%	$298.94	+12.8%	—	91324P102
KSA	ISHARES MSCI SAUDI ARABIA ETF	194,437	$7,890	0.1%	$38.39	—	—	46434V423
FXI	ISHARES CHINA LARGE-CAP ETF	71,000	$2,921	0.0%	$41.14	—	—	464287184
RDY	DR REDDY'S LABORATORIES LTD	159,139	$2,225	0.0%	$22.58	—	—	256135203
TCOM	TRIP.COM GROUP LTD	2,748	$207	0.0%	$75.20	—	—	89677Q107
ADT	ADT INC	10,929	$95	0.0%	$8.48	-2.5%	—	00090Q103

Decreased Positions (37)

EFA ISHARES MSCI EAFE ETF 0.1%

Value ($000) $7,971 (-98.3%) Shares 83,004 (-98.3%) Est. Cost $93.36 Unrealized —

B BARRICK MINING CORP 3.6%

Value ($000) $264,487 (-48.6%) Shares 6,093,395 (-61.2%) Est. Cost $19.29 Unrealized +94.0%

CP CANADIAN PACIFIC KANSAS CITY LTD 12.8%

Value ($000) $928,557 (-7.8%) Shares 12,596,802 (-6.8%) Est. Cost $77.31 Unrealized -4.8%

DB DEUTSCHE BANK AG 7.6%

Value ($000) $551,671 (-11.0%) Shares 14,194,354 (-19.4%) Est. Cost $25.57 Unrealized +41.1%

GSK GSK PLC 0.0%

Value ($000) $1,662 (-96.7%) Shares 33,897 (-97.1%) Est. Cost $38.02 Unrealized —

BABA ALIBABA GROUP HOLDING LTD 2.4%

Value ($000) $176,343 (-19.9%) Shares 1,203,049 (-2.3%) Est. Cost $115.94 Unrealized —

GOOG ALPHABET INC 1.6%

Value ($000) $116,106 (-24.6%) Shares 370,001 (-41.5%) Est. Cost $131.88 Unrealized +117.1%

INDA ISHARES MSCI INDIA ETF 0.3%

Value ($000) $20,874 (-62.0%) Shares 386,205 (-63.4%) Est. Cost $52.62 Unrealized —

TME TENCENT MUSIC ENTERTAINMENT GROUP 0.4%

Value ($000) $29,618 (-44.5%) Shares 1,689,576 (-26.1%) Est. Cost $18.77 Unrealized —

C CITIGROUP INC 1.1%

Value ($000) $81,385 (-19.7%) Shares 697,445 (-30.1%) Est. Cost $49.67 Unrealized +108.6%

MOMO HELLO GROUP INC 0.1%

Value ($000) $5,826 (-71.9%) Shares 889,397 (-68.2%) Est. Cost $7.02 Unrealized —

MRK MERCK & CO INC 1.5%

Value ($000) $109,956 (+15.5%) Shares 1,044,617 (-7.9%) Est. Cost $92.38 Unrealized +0.9%

ING ING GROEP NV 0.4%

Value ($000) $27,496 (-34.0%) Shares 982,006 (-38.6%) Est. Cost $13.61 Unrealized —

BIIB BIOGEN INC 1.3%

Value ($000) $91,709 (+15.4%) Shares 521,101 (-8.2%) Est. Cost $152.77 Unrealized +6.9%

APTV APTIV PLC 0.7%

Value ($000) $50,875 (-18.4%) Shares 668,620 (-7.5%) Est. Cost $63.38 Unrealized +26.7%

AZN ASTRAZENECA PLC 1.3%

Value ($000) $92,932 (+13.5%) Shares 1,010,898 (-5.3%) Est. Cost $67.39 Unrealized —

JLL JONES LANG LASALLE INC 0.3%

Value ($000) $20,005 (-29.2%) Shares 59,456 (-37.2%) Est. Cost $174.67 Unrealized +79.4%

EWY ISHARES MSCI SOUTH KOREA ETF 0.1%

Value ($000) $10,772 (-39.4%) Shares 110,800 (-50.1%) Est. Cost $80.10 Unrealized —

FINV FINVOLUTION GROUP 0.2%

Value ($000) $14,445 (-30.9%) Shares 2,761,927 (-2.6%) Est. Cost $5.53 Unrealized —

DIS WALT DISNEY CO/THE 0.9%

Value ($000) $62,126 (-8.9%) Shares 546,064 (-8.4%) Est. Cost $108.89 Unrealized +0.6%

BCS BARCLAYS PLC 1.3%

Value ($000) $95,453 (+6.1%) Shares 3,750,607 (-13.8%) Est. Cost $9.05 Unrealized —

VEA VANGUARD FTSE DEVELOPED MARKETS ETF 0.4%

Value ($000) $26,324 (-13.6%) Shares 421,392 (-17.1%) Est. Cost $53.85 Unrealized —

MT ARCELORMITTAL SA 0.2%

Value ($000) $17,538 (-17.3%) Shares 384,849 (-34.4%) Est. Cost $25.47 Unrealized —

BXP BXP INC 0.3%

Value ($000) $18,358 (-15.3%) Shares 272,049 (-6.7%) Est. Cost $64.72 Unrealized +8.7%

CLS CELESTICA INC 0.3%

Value ($000) $21,712 (-12.4%) Shares 73,302 (-27.2%) Est. Cost $106.09 Unrealized +184.1%

AXS AXIS CAPITAL HOLDINGS LTD 1.1%

Value ($000) $77,236 (-3.7%) Shares 721,221 (-13.8%) Est. Cost $82.79 Unrealized +20.0%

ADI ANALOG DEVICES INC 1.0%

Value ($000) $71,334 (-4.0%) Shares 263,030 (-13.0%) Est. Cost $186.60 Unrealized +34.3%

VSS VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF 0.1%

Value ($000) $10,453 (-18.7%) Shares 72,930 (-19.2%) Est. Cost $123.15 Unrealized —

ALLY ALLY FINANCIAL INC 0.4%

Value ($000) $27,212 (+9.1%) Shares 600,850 (-5.6%) Est. Cost $35.31 Unrealized +15.6%

MMYT MAKEMYTRIP LTD 0.1%

Value ($000) $5,597 (-27.4%) Shares 68,159 (-17.2%) Est. Cost $35.84 Unrealized +128.9%

CFG CITIZENS FINANCIAL GROUP INC 0.8%

Value ($000) $59,239 (+2.2%) Shares 1,014,186 (-7.0%) Est. Cost $30.71 Unrealized +74.5%

JBS JBS NV 0.0%

Value ($000) $303 (-22.9%) Shares 20,994 (-20.2%) Est. Cost $14.07 Unrealized -2.4%

KEP KOREA ELECTRIC POWER CORP 0.0%

Value ($000) $185 (+11.1%) Shares 11,202 (-12.2%) Est. Cost $14.09 Unrealized —

NVDA NVIDIA CORP 0.0%

Value ($000) $701 (-1.3%) Shares 3,758 (-1.2%) Est. Cost $107.88 Unrealized +72.5%

AAPL APPLE INC 0.0%

Value ($000) $244 (+3.4%) Shares 898 (-3.1%) Est. Cost $222.61 Unrealized +20.5%

PBYI PUMA BIOTECHNOLOGY INC 0.0%

Value ($000) $79 (+5.8%) Shares 13,310 (-5.6%) Est. Cost $3.13 Unrealized +69.7%

NVS NOVARTIS AG 0.0%

Value ($000) $267 (+1.3%) Shares 1,935 (-5.8%) Est. Cost $87.63 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFA	ISHARES MSCI EAFE ETF	83,004 (-98.3%)	$7,971 (-98.3%)	0.1%	$93.36	—	ISHARES MSCI EAFE ETF	464287465
B	BARRICK MINING CORP	6,093,395 (-61.2%)	$264,487 (-48.6%)	3.6%	$19.29	+94.0%	COM	06849F108
CP	CANADIAN PACIFIC KANSAS CITY LTD	12,596,802 (-6.8%)	$928,557 (-7.8%)	12.8%	$77.31	-4.8%	COM	13646K108
DB	DEUTSCHE BANK AG	14,194,354 (-19.4%)	$551,671 (-11.0%)	7.6%	$25.57	+41.1%	NAMEN AKT	D18190898
GSK	GSK PLC	33,897 (-97.1%)	$1,662 (-96.7%)	0.0%	$38.02	—	SPONSORED ADR	37733W204
BABA	ALIBABA GROUP HOLDING LTD	1,203,049 (-2.3%)	$176,343 (-19.9%)	2.4%	$115.94	—	SPONSORED ADS	01609W102
GOOG	ALPHABET INC	370,001 (-41.5%)	$116,106 (-24.6%)	1.6%	$131.88	+117.1%	CAP STK CL C	02079K107
INDA	ISHARES MSCI INDIA ETF	386,205 (-63.4%)	$20,874 (-62.0%)	0.3%	$52.62	—	MSCI INDIA ETF	46429B598
TME	TENCENT MUSIC ENTERTAINMENT GROUP	1,689,576 (-26.1%)	$29,618 (-44.5%)	0.4%	$18.77	—	SPON ADS	88034P109
C	CITIGROUP INC	697,445 (-30.1%)	$81,385 (-19.7%)	1.1%	$49.67	+108.6%	COM NEW	172967424
MOMO	HELLO GROUP INC	889,397 (-68.2%)	$5,826 (-71.9%)	0.1%	$7.02	—	ADS	423403104
MRK	MERCK & CO INC	1,044,617 (-7.9%)	$109,956 (+15.5%)	1.5%	$92.38	+0.9%	COM	58933Y105
ING	ING GROEP NV	982,006 (-38.6%)	$27,496 (-34.0%)	0.4%	$13.61	—	SPONSORED ADR	456837103
BIIB	BIOGEN INC	521,101 (-8.2%)	$91,709 (+15.4%)	1.3%	$152.77	+6.9%	COM	09062X103
APTV	APTIV PLC	668,620 (-7.5%)	$50,875 (-18.4%)	0.7%	$63.38	+26.7%	SHS	G3265R107
AZN	ASTRAZENECA PLC	1,010,898 (-5.3%)	$92,932 (+13.5%)	1.3%	$67.39	—	SPONSORED ADR	046353108
JLL	JONES LANG LASALLE INC	59,456 (-37.2%)	$20,005 (-29.2%)	0.3%	$174.67	+79.4%	COM	48020Q107
EWY	ISHARES MSCI SOUTH KOREA ETF	110,800 (-50.1%)	$10,772 (-39.4%)	0.1%	$80.10	—	MSCI STH KOR ETF	464286772
FINV	FINVOLUTION GROUP	2,761,927 (-2.6%)	$14,445 (-30.9%)	0.2%	$5.53	—	SPONSORED ADS	31810T101
DIS	WALT DISNEY CO/THE	546,064 (-8.4%)	$62,126 (-8.9%)	0.9%	$108.89	+0.6%	COM	254687106
BCS	BARCLAYS PLC	3,750,607 (-13.8%)	$95,453 (+6.1%)	1.3%	$9.05	—	ADR	06738E204
VEA	VANGUARD FTSE DEVELOPED MARKETS ETF	421,392 (-17.1%)	$26,324 (-13.6%)	0.4%	$53.85	—	VAN FTSE DEV MKT	921943858
MT	ARCELORMITTAL SA	384,849 (-34.4%)	$17,538 (-17.3%)	0.2%	$25.47	—	NY REGISTRY SH	03938L203
BXP	BXP INC	272,049 (-6.7%)	$18,358 (-15.3%)	0.3%	$64.72	+8.7%	COM	101121101
CLS	CELESTICA INC	73,302 (-27.2%)	$21,712 (-12.4%)	0.3%	$106.09	+184.1%	COM	15101Q207
AXS	AXIS CAPITAL HOLDINGS LTD	721,221 (-13.8%)	$77,236 (-3.7%)	1.1%	$82.79	+20.0%	SHS	G0692U109
ADI	ANALOG DEVICES INC	263,030 (-13.0%)	$71,334 (-4.0%)	1.0%	$186.60	+34.3%	COM	032654105
VSS	VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF	72,930 (-19.2%)	$10,453 (-18.7%)	0.1%	$123.15	—	FTSE SMCAP ETF	922042718
ALLY	ALLY FINANCIAL INC	600,850 (-5.6%)	$27,212 (+9.1%)	0.4%	$35.31	+15.6%	COM	02005N100
MMYT	MAKEMYTRIP LTD	68,159 (-17.2%)	$5,597 (-27.4%)	0.1%	$35.84	+128.9%	SHS	V5633W109
CFG	CITIZENS FINANCIAL GROUP INC	1,014,186 (-7.0%)	$59,239 (+2.2%)	0.8%	$30.71	+74.5%	COM	174610105
JBS	JBS NV	20,994 (-20.2%)	$303 (-22.9%)	0.0%	$14.07	-2.4%	CL A SHS	N4732M103
KEP	KOREA ELECTRIC POWER CORP	11,202 (-12.2%)	$185 (+11.1%)	0.0%	$14.09	—	SPONSORED ADR	500631106
NVDA	NVIDIA CORP	3,758 (-1.2%)	$701 (-1.3%)	0.0%	$107.88	+72.5%	COM	67066G104
AAPL	APPLE INC	898 (-3.1%)	$244 (+3.4%)	0.0%	$222.61	+20.5%	COM	037833100
PBYI	PUMA BIOTECHNOLOGY INC	13,310 (-5.6%)	$79 (+5.8%)	0.0%	$3.13	+69.7%	COM	74587V107
NVS	NOVARTIS AG	1,935 (-5.8%)	$267 (+1.3%)	0.0%	$87.63	—	SPONSORED ADR	66987V109

Unchanged Positions (8)

TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.1%

Value ($000) $155,506 Shares 511,720 Est. Cost $48.83 Unrealized —

GGB GERDAU SA 0.4%

Value ($000) $26,787 Shares 7,259,433 Est. Cost $3.79 Unrealized —

PFE PFIZER INC 0.7%

Value ($000) $52,084 Shares 2,091,719 Est. Cost $24.89 Unrealized +0.6%

ITRN ITURAN LOCATION AND CONTROL LTD 0.0%

Value ($000) $879 Shares 20,439 Est. Cost $37.78 Unrealized +3.8%

GRTUF GRANITE REAL ESTATE INVESTMENT TRUST 0.0%

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

WIT WIPRO LTD 0.0%

Value ($000) $1,344 Shares 473,301 Est. Cost $4.65 Unrealized —

BTG B2GOLD CORP 0.0%

Value ($000) $426 Shares 94,491 Est. Cost $2.57 Unrealized +81.0%

INN SUMMIT HOTEL PROPERTIES INC 0.0%

Value ($000) $72 Shares 14,838 Est. Cost $5.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	511,720	$155,506	2.1%	$48.83	—	SPONSORED ADS	874039100
GGB	GERDAU SA	7,259,433	$26,787	0.4%	$3.79	—	SPON ADR REP PFD	373737105
PFE	PFIZER INC	2,091,719	$52,084	0.7%	$24.89	+0.6%	COM	717081103
ITRN	ITURAN LOCATION AND CONTROL LTD	20,439	$879	0.0%	$37.78	+3.8%	SHS	M6158M104
GRTUF	GRANITE REAL ESTATE INVESTMENT TRUST	23,700	$1,413	0.0%	$55.58	—	TR UNIT NEW	387437205
WIT	WIPRO LTD	473,301	$1,344	0.0%	$4.65	—	SPON ADR 1 SH	97651M109
BTG	B2GOLD CORP	94,491	$426	0.0%	$2.57	+81.0%	COM	11777Q209
INN	SUMMIT HOTEL PROPERTIES INC	14,838	$72	0.0%	$5.09	—	COM	866082100