Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CCL	CARNIVAL CORP LTD	41,190,606	$1.177B	12.7%	$28.57	—	UNIT 99/99/9999	G2004J103
NTES	NETEASE INC	572,412	$73.35M	0.8%	$128.14	—	SPONSORED ADS	64110W102
BSX	BOSTON SCIENTIFIC CORP	720,339	$30.74M	0.3%	$42.68	—	COM	101137107
JD	JD.COM INC	1,199,207	$30.56M	0.3%	$25.48	—	SPON ADS CL A	47215P106
HTHT	H WORLD GROUP LTD	570,437	$23.8M	0.3%	$41.72	—	SPONSORED ADS	44332N106
OCANF	OCEANAGOLD CORP	911,012	$22.83M	0.2%	$25.06	—	COM NEW	675222400
ARCO	ARCOS DORADOS HOLDINGS INC	1,961,513	$15.81M	0.2%	$8.06	—	SHS CLASS -A	G0457F107
TD	TORONTO-DOMINION BANK/THE	97,238	$11.82M	0.1%	$121.54	—	COM NEW	891160509
CM	CANADIAN IMPERIAL BANK OF COMMERCE	83,789	$9.645M	0.1%	$115.12	—	COM	136069101
SU	SUNCOR ENERGY INC	138,526	$7.45M	0.1%	$53.78	—	COM	867224107
EEM	ISHARES MSCI EMERGING MARKETS ETF	74,974	$5.129M	0.1%	$68.41	—	MSCI EMG MKT ETF	464287234
STN	STANTEC INC	56,200	$3.875M	0.0%	$68.95	—	COM	85472N109
GLBE	GLOBAL-E ONLINE LTD	102,195	$3.549M	0.0%	$34.73	—	SHS	M5216V106
MGA	MAGNA INTERNATIONAL INC	45,900	$3.017M	0.0%	$65.73	—	COM	559222401
IAG	IAMGOLD CORP	172,916	$2.743M	0.0%	$15.87	—	COM	450913108
OTEX	OPEN TEXT CORP	36,500	$808K	0.0%	$22.13	—	COM	683715106
CNQ	CANADIAN NATURAL RESOURCES LTD	18,400	$728K	0.0%	$39.56	—	COM	136385101
INTR	INTER & CO INC	100,618	$546K	0.0%	$5.43	—	CLASS A COM	G4R20B107
ORLA	ORLA MINING LTD	52,100	$509K	0.0%	$9.78	—	COM	68634K106
LRCX	LAM RESEARCH CORP	816	$354K	0.0%	$433.33	—	COM NEW	512807306
TRMD	TORM PLC	11,244	$290K	0.0%	$25.79	—	SHS CL A	G89479102
SLM	SLM CORP	8,774	$228K	0.0%	$25.94	—	COM	78442P106
VICI	VICI PROPERTIES INC	7,985	$212K	0.0%	$26.55	—	COM	925652109

Increased Positions (46)

AZN ASTRAZENECA PLC 19.0%

Value $1.752B (+21.8%) Shares 9,357,390 (+26.1%) Est. Cost $189.73 Unrealized —

DB DEUTSCHE BANK AG 10.8%

Value $994M (+37.4%) Shares 29,358,318 (+17.6%) Est. Cost $31.38 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.8%

Value $254M (+47.9%) Shares 532,052 (+4.6%) Est. Cost $67.83 Unrealized —

ALK ALASKA AIR GROUP INC 1.8%

Value $166M (+80.5%) Shares 3,183,163 (+27.2%) Est. Cost $49.61 Unrealized —

LYV LIVE NATION ENTERTAINMENT INC 1.4%

Value $129M (+61.1%) Shares 706,301 (+34.2%) Est. Cost $142.40 Unrealized —

CARR CARRIER GLOBAL CORP 1.7%

Value $160M (+34.9%) Shares 2,178,506 (+3.6%) Est. Cost $64.78 Unrealized —

NVO NOVO NORDISK A/S 0.9%

Value $80.42M (+86.4%) Shares 1,677,615 (+42.9%) Est. Cost $53.25 Unrealized —

IR INGERSOLL RAND INC 0.9%

Value $84.75M (+69.0%) Shares 1,033,693 (+65.1%) Est. Cost $81.27 Unrealized —

META META PLATFORMS INC 1.2%

Value $113M (+37.0%) Shares 201,459 (+39.1%) Est. Cost $506.54 Unrealized —

DEO DIAGEO PLC 0.8%

Value $72.26M (+45.7%) Shares 899,015 (+34.9%) Est. Cost $108.10 Unrealized —

JLL JONES LANG LASALLE INC 0.8%

Value $76.95M (+35.7%) Shares 248,252 (+33.3%) Est. Cost $290.87 Unrealized —

MRK MERCK & CO INC 1.3%

Value $123M (+19.4%) Shares 954,932 (+11.8%) Est. Cost $96.19 Unrealized —

SAP SAP SE 1.1%

Value $97.06M (+24.3%) Shares 629,801 (+38.1%) Est. Cost $184.43 Unrealized —

PBR/A PETROLEO BRASILEIRO SA - PETROBRAS 0.5%

Value $45.33M (+61.7%) Shares 3,096,624 (+107.0%) Est. Cost $16.63 Unrealized —

NWG NATWEST GROUP PLC 0.7%

Value $61.48M (+38.1%) Shares 3,487,290 (+16.7%) Est. Cost $13.62 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.4%

Value $36.35M (+86.9%) Shares 87,447 (+21.7%) Est. Cost $327.75 Unrealized —

GFI GOLD FIELDS LTD 0.6%

Value $57.55M (-22.4%) Shares 1,713,233 (+4.8%) Est. Cost $27.08 Unrealized —

BAP CREDICORP LTD 1.1%

Value $99.51M (+19.7%) Shares 255,436 (+4.2%) Est. Cost $212.00 Unrealized —

PHG KONINKLIJKE PHILIPS NV 0.9%

Value $83.25M (+23.7%) Shares 3,061,962 (+24.7%) Est. Cost $24.54 Unrealized —

VIST VISTA ENERGY SAB DE CV 0.3%

Value $31.98M (+91.8%) Shares 501,275 (+126.9%) Est. Cost $68.94 Unrealized —

SNN SMITH & NEPHEW PLC 0.5%

Value $45.09M (+48.9%) Shares 1,565,167 (+64.2%) Est. Cost $28.79 Unrealized —

ING ING GROEP NV 0.6%

Value $53.05M (+32.4%) Shares 1,690,687 (+9.9%) Est. Cost $19.31 Unrealized —

CFG CITIZENS FINANCIAL GROUP INC 0.8%

Value $75.47M (+20.0%) Shares 1,077,093 (+2.7%) Est. Cost $32.78 Unrealized —

SMIN ISHARES MSCI INDIA SMALL-CAP ETF 0.4%

Value $38.4M (+35.8%) Shares 542,849 (+15.1%) Est. Cost $72.65 Unrealized —

AXS AXIS CAPITAL HOLDINGS LTD 1.0%

Value $92.37M (+11.7%) Shares 859,727 (+5.4%) Est. Cost $86.29 Unrealized —

INDA ISHARES MSCI INDIA ETF 0.3%

Value $31.04M (+44.3%) Shares 628,500 (+36.9%) Est. Cost $51.08 Unrealized —

EG EVEREST GROUP LTD 1.0%

Value $90.27M (+10.5%) Shares 252,702 (+1.1%) Est. Cost $335.71 Unrealized —

SMFG SUMITOMO MITSUI FINANCIAL GROUP INC 0.4%

Value $32.84M (+31.2%) Shares 1,392,610 (+9.9%) Est. Cost $17.90 Unrealized —

PUK PRUDENTIAL PLC 0.5%

Value $45.29M (+20.6%) Shares 1,689,218 (+27.9%) Est. Cost $25.69 Unrealized —

BWLP BW LPG LTD 0.1%

Value $7.972M (+2866.4%) Shares 457,050 (+2889.0%) Est. Cost $17.37 Unrealized —

FSM FORTUNA MINING CORP 0.2%

Value $17.63M (+42.2%) Shares 2,086,645 (+66.8%) Est. Cost $9.05 Unrealized —

BTI BRITISH AMERICAN TOBACCO PLC 0.4%

Value $33.84M (+15.6%) Shares 547,925 (+9.4%) Est. Cost $43.17 Unrealized —

GGB GERDAU SA 0.3%

Value $29.21M (+18.3%) Shares 7,229,538 (+5.7%) Est. Cost $3.80 Unrealized —

KSA ISHARES MSCI SAUDI ARABIA ETF 0.1%

Value $6.607M (+214.2%) Shares 177,079 (+234.8%) Est. Cost $38.04 Unrealized —

HAFN HAFNIA LTD 0.0%

Value $4.56M (+995.5%) Shares 697,424 (+1182.8%) Est. Cost $6.51 Unrealized —

NGG NATIONAL GRID PLC 0.5%

Value $48.91M (+7.3%) Shares 590,240 (+9.6%) Est. Cost $74.50 Unrealized —

EWT ISHARES MSCI TAIWAN ETF 0.1%

Value $4.899M (+85.9%) Shares 45,108 (+21.4%) Est. Cost $71.49 Unrealized —

VWO VANGUARD FTSE EMERGING MARKETS ETF 0.0%

Value $2.122M (+425.7%) Shares 35,556 (+376.0%) Est. Cost $58.44 Unrealized —

CGAU CENTERRA GOLD INC 0.2%

Value $20.38M (-7.7%) Shares 1,285,398 (+3.2%) Est. Cost $9.01 Unrealized —

CIB GRUPO CIBEST SA 0.1%

Value $10.85M (+12.6%) Shares 136,620 (+3.2%) Est. Cost $73.02 Unrealized —

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

Value $1.289M (+177.2%) Shares 15,389 (+148.6%) Est. Cost $76.25 Unrealized —

WIT WIPRO LTD 0.0%

Value $1.01M (+7.5%) Shares 448,957 (+1.3%) Est. Cost $4.62 Unrealized —

TAL TAL EDUCATION GROUP 0.4%

Value $39.48M (-0.2%) Shares 4,125,430 (+18.6%) Est. Cost $11.09 Unrealized —

ALL ALLSTATE CORP/THE 0.0%

Value $263K (+26.4%) Shares 1,107 (+10.1%) Est. Cost $206.16 Unrealized —

INN SUMMIT HOTEL PROPERTIES INC 0.0%

Value $120K (+82.4%) Shares 17,063 (+15.0%) Est. Cost $5.34 Unrealized —

AAPL APPLE INC 0.0%

Value $274K (+17.0%) Shares 947 (+2.6%) Est. Cost $225.37 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	9,357,390 (+26.1%)	$1.752B (+21.8%)	19.0%	$189.73	—	SPONSORED ADR	G0593M107
DB	DEUTSCHE BANK AG	29,358,318 (+17.6%)	$994M (+37.4%)	10.8%	$31.38	—	NAMEN AKT	D18190898
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	532,052 (+4.6%)	$254M (+47.9%)	2.8%	$67.83	—	SPONSORED ADS	874039100
ALK	ALASKA AIR GROUP INC	3,183,163 (+27.2%)	$166M (+80.5%)	1.8%	$49.61	—	COM	011659109
LYV	LIVE NATION ENTERTAINMENT INC	706,301 (+34.2%)	$129M (+61.1%)	1.4%	$142.40	—	COM	538034109
CARR	CARRIER GLOBAL CORP	2,178,506 (+3.6%)	$160M (+34.9%)	1.7%	$64.78	—	COM	14448C104
NVO	NOVO NORDISK A/S	1,677,615 (+42.9%)	$80.42M (+86.4%)	0.9%	$53.25	—	ADR	670100205
IR	INGERSOLL RAND INC	1,033,693 (+65.1%)	$84.75M (+69.0%)	0.9%	$81.27	—	COM	45687V106
META	META PLATFORMS INC	201,459 (+39.1%)	$113M (+37.0%)	1.2%	$506.54	—	CL A	30303M102
DEO	DIAGEO PLC	899,015 (+34.9%)	$72.26M (+45.7%)	0.8%	$108.10	—	SPON ADR NEW	25243Q205
JLL	JONES LANG LASALLE INC	248,252 (+33.3%)	$76.95M (+35.7%)	0.8%	$290.87	—	COM	48020Q107
MRK	MERCK & CO INC	954,932 (+11.8%)	$123M (+19.4%)	1.3%	$96.19	—	COM	58933Y105
SAP	SAP SE	629,801 (+38.1%)	$97.06M (+24.3%)	1.1%	$184.43	—	SPON ADR	803054204
PBR/A	PETROLEO BRASILEIRO SA - PETROBRAS	3,096,624 (+107.0%)	$45.33M (+61.7%)	0.5%	$16.63	—	SP ADR NON VTG	71654V101
NWG	NATWEST GROUP PLC	3,487,290 (+16.7%)	$61.48M (+38.1%)	0.7%	$13.62	—	SPONS ADR	639057207
UNH	UNITEDHEALTH GROUP INC	87,447 (+21.7%)	$36.35M (+86.9%)	0.4%	$327.75	—	COM	91324P102
GFI	GOLD FIELDS LTD	1,713,233 (+4.8%)	$57.55M (-22.4%)	0.6%	$27.08	—	SPONSORED ADR	38059T106
BAP	CREDICORP LTD	255,436 (+4.2%)	$99.51M (+19.7%)	1.1%	$212.00	—	COM	G2519Y108
PHG	KONINKLIJKE PHILIPS NV	3,061,962 (+24.7%)	$83.25M (+23.7%)	0.9%	$24.54	—	NY REGIS SHS NEW	500472303
VIST	VISTA ENERGY SAB DE CV	501,275 (+126.9%)	$31.98M (+91.8%)	0.3%	$68.94	—	SPONSORED ADS	92837L109
SNN	SMITH & NEPHEW PLC	1,565,167 (+64.2%)	$45.09M (+48.9%)	0.5%	$28.79	—	SPDN ADR NEW	83175M205
ING	ING GROEP NV	1,690,687 (+9.9%)	$53.05M (+32.4%)	0.6%	$19.31	—	SPONSORED ADR	456837103
CFG	CITIZENS FINANCIAL GROUP INC	1,077,093 (+2.7%)	$75.47M (+20.0%)	0.8%	$32.78	—	COM	174610105
SMIN	ISHARES MSCI INDIA SMALL-CAP ETF	542,849 (+15.1%)	$38.4M (+35.8%)	0.4%	$72.65	—	MSCI INDIA SM CP	46429B614
AXS	AXIS CAPITAL HOLDINGS LTD	859,727 (+5.4%)	$92.37M (+11.7%)	1.0%	$86.29	—	SHS	G0692U109
INDA	ISHARES MSCI INDIA ETF	628,500 (+36.9%)	$31.04M (+44.3%)	0.3%	$51.08	—	MSCI INDIA ETF	46429B598
EG	EVEREST GROUP LTD	252,702 (+1.1%)	$90.27M (+10.5%)	1.0%	$335.71	—	COM	G3223R108
SMFG	SUMITOMO MITSUI FINANCIAL GROUP INC	1,392,610 (+9.9%)	$32.84M (+31.2%)	0.4%	$17.90	—	SPONSORED ADR	86562M209
PUK	PRUDENTIAL PLC	1,689,218 (+27.9%)	$45.29M (+20.6%)	0.5%	$25.69	—	ADR	74435K204
BWLP	BW LPG LTD	457,050 (+2889.0%)	$7.972M (+2866.4%)	0.1%	$17.37	—	COM	Y10230103
FSM	FORTUNA MINING CORP	2,086,645 (+66.8%)	$17.63M (+42.2%)	0.2%	$9.05	—	COM NEW	349942102
BTI	BRITISH AMERICAN TOBACCO PLC	547,925 (+9.4%)	$33.84M (+15.6%)	0.4%	$43.17	—	SPONSORED ADR	110448107
GGB	GERDAU SA	7,229,538 (+5.7%)	$29.21M (+18.3%)	0.3%	$3.80	—	SPON ADR REP PFD	373737105
KSA	ISHARES MSCI SAUDI ARABIA ETF	177,079 (+234.8%)	$6.607M (+214.2%)	0.1%	$38.04	—	MSCI SAUDI ARBIA	46434V423
HAFN	HAFNIA LTD	697,424 (+1182.8%)	$4.56M (+995.5%)	0.0%	$6.51	—	SHS	Y2990R101
NGG	NATIONAL GRID PLC	590,240 (+9.6%)	$48.91M (+7.3%)	0.5%	$74.50	—	SPONSORED ADR NE	636274409
EWT	ISHARES MSCI TAIWAN ETF	45,108 (+21.4%)	$4.899M (+85.9%)	0.1%	$71.49	—	MSCI TAIWAN ETF	46434G772
VWO	VANGUARD FTSE EMERGING MARKETS ETF	35,556 (+376.0%)	$2.122M (+425.7%)	0.0%	$58.44	—	FTSE EMR MKT ETF	922042858
CGAU	CENTERRA GOLD INC	1,285,398 (+3.2%)	$20.38M (-7.7%)	0.2%	$9.01	—	COM	152006102
CIB	GRUPO CIBEST SA	136,620 (+3.2%)	$10.85M (+12.6%)	0.1%	$73.02	—	SPONSORED ADS	40090E106
VEU	VANGUARD FTSE ALL-WORLD EX-US ETF	15,389 (+148.6%)	$1.289M (+177.2%)	0.0%	$76.25	—	ALLWRLD EX US	922042775
WIT	WIPRO LTD	448,957 (+1.3%)	$1.01M (+7.5%)	0.0%	$4.62	—	SPON ADR 1 SH	97651M109
TAL	TAL EDUCATION GROUP	4,125,430 (+18.6%)	$39.48M (-0.2%)	0.4%	$11.09	—	SPONSORED ADS	874080104
ALL	ALLSTATE CORP/THE	1,107 (+10.1%)	$263K (+26.4%)	0.0%	$206.16	—	COM	020002101
INN	SUMMIT HOTEL PROPERTIES INC	17,063 (+15.0%)	$120K (+82.4%)	0.0%	$5.34	—	COM	866082100
AAPL	APPLE INC	947 (+2.6%)	$274K (+17.0%)	0.0%	$225.37	—	COM	037833100

Exited Positions (8)

CCL CARNIVAL CORP 10.4%

Value $960M Shares 37,096,593 Est. Cost $24.94 Unrealized —

WHR WHIRLPOOL CORP 0.7%

Value $64.81M Shares 1,201,993 Est. Cost $90.36 Unrealized —

APTV APTIV PLC 0.5%

Value $47.46M Shares 683,463 Est. Cost $63.77 Unrealized —

PDD PDD HOLDINGS INC 0.3%

Value $24.22M Shares 237,010 Est. Cost $129.05 Unrealized —

TME TENCENT MUSIC ENTERTAINMENT GROUP 0.1%

Value $5.688M Shares 612,900 Est. Cost $18.77 Unrealized —

QFIN QFIN HOLDINGS INC 0.0%

Value $4.264M Shares 330,288 Est. Cost $21.33 Unrealized —

EFXT ENERFLEX LTD 0.0%

Value $1.104M Shares 52,946 Est. Cost $13.30 Unrealized —

JBS JBS NV 0.0%

Value $377K Shares 20,994 Est. Cost $14.07 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CCL	CARNIVAL CORP	37,096,593	$960M	10.4%	$24.94	—	—	143658300
WHR	WHIRLPOOL CORP	1,201,993	$64.81M	0.7%	$90.36	—	—	963320106
APTV	APTIV PLC	683,463	$47.46M	0.5%	$63.77	—	—	G3265R107
PDD	PDD HOLDINGS INC	237,010	$24.22M	0.3%	$129.05	—	—	722304102
TME	TENCENT MUSIC ENTERTAINMENT GROUP	612,900	$5.688M	0.1%	$18.77	—	—	88034P109
QFIN	QFIN HOLDINGS INC	330,288	$4.264M	0.0%	$21.33	—	—	88557W101
EFXT	ENERFLEX LTD	52,946	$1.104M	0.0%	$13.30	—	—	29269R105
JBS	JBS NV	20,994	$377K	0.0%	$14.07	—	—	N4732M103

Decreased Positions (37)

CP CANADIAN PACIFIC KANSAS CITY LTD 6.3%

Value $582M (-15.7%) Shares 6,711,483 (-23.7%) Est. Cost $77.31 Unrealized —

SW SMURFIT WESTROCK PLC 7.5%

Value $696M (+12.2%) Shares 15,039,041 (-3.4%) Est. Cost $40.04 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORP 0.2%

Value $19.17M (-79.2%) Shares 494,846 (-67.1%) Est. Cost $70.66 Unrealized —

G GENPACT LTD 0.2%

Value $19.54M (-73.1%) Shares 710,380 (-63.5%) Est. Cost $41.01 Unrealized —

BP BP PLC 0.0%

Value $1.702M (-96.4%) Shares 46,059 (-95.4%) Est. Cost $33.76 Unrealized —

BABA ALIBABA GROUP HOLDING LTD 1.0%

Value $95.5M (-28.8%) Shares 995,040 (-6.9%) Est. Cost $115.94 Unrealized —

JOYY JOYY INC 0.1%

Value $7.213M (-83.5%) Shares 109,297 (-85.4%) Est. Cost $50.88 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.6%

Value $55.74M (-35.4%) Shares 688,027 (-23.5%) Est. Cost $81.31 Unrealized —

RELX RELX PLC 0.6%

Value $55.81M (-27.0%) Shares 1,762,329 (-23.6%) Est. Cost $36.00 Unrealized —

BCS BARCLAYS PLC 1.2%

Value $107M (+23.9%) Shares 3,975,718 (-2.4%) Est. Cost $10.01 Unrealized —

INFY INFOSYS LTD 0.1%

Value $5.528M (-78.4%) Shares 526,963 (-72.2%) Est. Cost $17.71 Unrealized —

DIS WALT DISNEY CO/THE 0.4%

Value $34.71M (-35.7%) Shares 360,600 (-35.6%) Est. Cost $108.90 Unrealized —

SNY SANOFI SA 0.4%

Value $34.3M (-33.1%) Shares 804,056 (-24.5%) Est. Cost $49.49 Unrealized —

VEA VANGUARD FTSE DEVELOPED MARKETS ETF 0.3%

Value $30.45M (-35.5%) Shares 427,314 (-42.0%) Est. Cost $58.23 Unrealized —

SHG SHINHAN FINANCIAL GROUP CO LTD 0.0%

Value $417K (-97.3%) Shares 6,594 (-97.4%) Est. Cost $39.44 Unrealized —

GOOG ALPHABET INC 1.2%

Value $112M (+15.5%) Shares 316,217 (-6.2%) Est. Cost $131.88 Unrealized —

MT ARCELORMITTAL SA 0.0%

Value $1.334M (-90.3%) Shares 22,155 (-91.7%) Est. Cost $25.47 Unrealized —

PAGS PAGSEGURO DIGITAL LTD 0.3%

Value $28.33M (-30.1%) Shares 3,130,268 (-22.6%) Est. Cost $9.03 Unrealized —

BUD ANHEUSER-BUSCH INBEV SA/NV 0.3%

Value $28.65M (-28.8%) Shares 347,657 (-40.1%) Est. Cost $57.96 Unrealized —

TIGO MILLICOM INTERNATIONAL CELLULAR SA 0.1%

Value $5.984M (-61.7%) Shares 65,932 (-68.4%) Est. Cost $49.21 Unrealized —

TXN TEXAS INSTRUMENTS INC 0.5%

Value $49.63M (+24.0%) Shares 166,496 (-19.3%) Est. Cost $206.27 Unrealized —

ADI ANALOG DEVICES INC 0.6%

Value $56.42M (-12.1%) Shares 142,050 (-29.6%) Est. Cost $186.60 Unrealized —

C CITIGROUP INC 0.7%

Value $64.22M (-10.8%) Shares 458,858 (-27.7%) Est. Cost $49.67 Unrealized —

WB WEIBO CORP 0.2%

Value $16.83M (-27.9%) Shares 2,317,577 (-13.1%) Est. Cost $9.53 Unrealized —

ZIM ZIM INTEGRATED SHIPPING SERVICES LTD 0.2%

Value $18.06M (-23.0%) Shares 694,474 (-21.9%) Est. Cost $18.73 Unrealized —

ZBH ZIMMER BIOMET HOLDINGS INC 0.7%

Value $67.91M (-7.1%) Shares 788,810 (-2.4%) Est. Cost $109.56 Unrealized —

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

Value $12.48M (-17.3%) Shares 80,907 (-21.9%) Est. Cost $129.85 Unrealized —

EFA ISHARES MSCI EAFE ETF 0.0%

Value $2.157M (-41.2%) Shares 20,761 (-45.0%) Est. Cost $93.36 Unrealized —

ACWI ISHARES MSCI ACWI ETF 0.0%

Value $1.207M (-43.4%) Shares 7,691 (-50.1%) Est. Cost $122.97 Unrealized —

INMD INMODE LTD 0.0%

Value $266K (-73.0%) Shares 18,180 (-74.7%) Est. Cost $14.72 Unrealized —

FINV FINVOLUTION GROUP 0.1%

Value $10.95M (-4.8%) Shares 2,285,880 (-4.8%) Est. Cost $5.53 Unrealized —

GSK GSK PLC 0.0%

Value $375K (-38.8%) Shares 7,163 (-35.5%) Est. Cost $38.02 Unrealized —

CLS CELESTICA INC 0.1%

Value $7.145M (+2.4%) Shares 19,598 (-21.0%) Est. Cost $106.09 Unrealized —

FIX COMFORT SYSTEMS USA INC 0.0%

Value $321K (+26.5%) Shares 162 (-12.0%) Est. Cost $922.99 Unrealized —

MSFT MICROSOFT CORP 0.0%

Value $224K (-21.7%) Shares 600 (-22.3%) Est. Cost $401.88 Unrealized —

B BARRICK MINING CORP 0.0%

Value $256K (-19.0%) Shares 6,966 (-10.0%) Est. Cost $19.29 Unrealized —

AVGO BROADCOM INC 0.0%

Value $303K (+16.1%) Shares 802 (-4.9%) Est. Cost $356.57 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CP	CANADIAN PACIFIC KANSAS CITY LTD	6,711,483 (-23.7%)	$582M (-15.7%)	6.3%	$77.31	—	COM	13646K108
SW	SMURFIT WESTROCK PLC	15,039,041 (-3.4%)	$696M (+12.2%)	7.5%	$40.04	—	SHS	G8267P108
CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CORP	494,846 (-67.1%)	$19.17M (-79.2%)	0.2%	$70.66	—	CL A	192446102
G	GENPACT LTD	710,380 (-63.5%)	$19.54M (-73.1%)	0.2%	$41.01	—	SHS	G3922B107
BP	BP PLC	46,059 (-95.4%)	$1.702M (-96.4%)	0.0%	$33.76	—	SPONSORED ADR	055622104
BABA	ALIBABA GROUP HOLDING LTD	995,040 (-6.9%)	$95.5M (-28.8%)	1.0%	$115.94	—	SPONSORED ADS	01609W102
JOYY	JOYY INC	109,297 (-85.4%)	$7.213M (-83.5%)	0.1%	$50.88	—	ADS REPSTG COM A	46591M109
AU	ANGLOGOLD ASHANTI PLC	688,027 (-23.5%)	$55.74M (-35.4%)	0.6%	$81.31	—	COM SHS	G0378L100
RELX	RELX PLC	1,762,329 (-23.6%)	$55.81M (-27.0%)	0.6%	$36.00	—	SPONSORED ADR	759530108
BCS	BARCLAYS PLC	3,975,718 (-2.4%)	$107M (+23.9%)	1.2%	$10.01	—	ADR	06738E204
INFY	INFOSYS LTD	526,963 (-72.2%)	$5.528M (-78.4%)	0.1%	$17.71	—	SPONSORED ADR	456788108
DIS	WALT DISNEY CO/THE	360,600 (-35.6%)	$34.71M (-35.7%)	0.4%	$108.90	—	COM	254687106
SNY	SANOFI SA	804,056 (-24.5%)	$34.3M (-33.1%)	0.4%	$49.49	—	SPONSORED ADR	80105N105
VEA	VANGUARD FTSE DEVELOPED MARKETS ETF	427,314 (-42.0%)	$30.45M (-35.5%)	0.3%	$58.23	—	VAN FTSE DEV MKT	921943858
SHG	SHINHAN FINANCIAL GROUP CO LTD	6,594 (-97.4%)	$417K (-97.3%)	0.0%	$39.44	—	SPN ADR RESTRD	824596100
GOOG	ALPHABET INC	316,217 (-6.2%)	$112M (+15.5%)	1.2%	$131.88	—	CAP STK CL C	02079K107
MT	ARCELORMITTAL SA	22,155 (-91.7%)	$1.334M (-90.3%)	0.0%	$25.47	—	NY REGISTRY SH	03938L203
PAGS	PAGSEGURO DIGITAL LTD	3,130,268 (-22.6%)	$28.33M (-30.1%)	0.3%	$9.03	—	COM CL A	G68707101
BUD	ANHEUSER-BUSCH INBEV SA/NV	347,657 (-40.1%)	$28.65M (-28.8%)	0.3%	$57.96	—	SPONSORED ADR	03524A108
TIGO	MILLICOM INTERNATIONAL CELLULAR SA	65,932 (-68.4%)	$5.984M (-61.7%)	0.1%	$49.21	—	COM STK	L6388F110
TXN	TEXAS INSTRUMENTS INC	166,496 (-19.3%)	$49.63M (+24.0%)	0.5%	$206.27	—	COM	882508104
ADI	ANALOG DEVICES INC	142,050 (-29.6%)	$56.42M (-12.1%)	0.6%	$186.60	—	COM	032654105
C	CITIGROUP INC	458,858 (-27.7%)	$64.22M (-10.8%)	0.7%	$49.67	—	COM NEW	172967424
WB	WEIBO CORP	2,317,577 (-13.1%)	$16.83M (-27.9%)	0.2%	$9.53	—	SPONSORED ADR	948596101
ZIM	ZIM INTEGRATED SHIPPING SERVICES LTD	694,474 (-21.9%)	$18.06M (-23.0%)	0.2%	$18.73	—	SHS	M9T951109
ZBH	ZIMMER BIOMET HOLDINGS INC	788,810 (-2.4%)	$67.91M (-7.1%)	0.7%	$109.56	—	COM	98956P102
VSS	VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF	80,907 (-21.9%)	$12.48M (-17.3%)	0.1%	$129.85	—	FTSE SMCAP ETF	922042718
EFA	ISHARES MSCI EAFE ETF	20,761 (-45.0%)	$2.157M (-41.2%)	0.0%	$93.36	—	ISHARES MSCI EAFE ETF	464287465
ACWI	ISHARES MSCI ACWI ETF	7,691 (-50.1%)	$1.207M (-43.4%)	0.0%	$122.97	—	MSCI ACWI ETF	464288257
INMD	INMODE LTD	18,180 (-74.7%)	$266K (-73.0%)	0.0%	$14.72	—	SHS	M5425M103
FINV	FINVOLUTION GROUP	2,285,880 (-4.8%)	$10.95M (-4.8%)	0.1%	$5.53	—	SPONSORED ADS	31810T101
GSK	GSK PLC	7,163 (-35.5%)	$375K (-38.8%)	0.0%	$38.02	—	SPONSORED ADR	37733W204
CLS	CELESTICA INC	19,598 (-21.0%)	$7.145M (+2.4%)	0.1%	$106.09	—	COM	15101Q207
FIX	COMFORT SYSTEMS USA INC	162 (-12.0%)	$321K (+26.5%)	0.0%	$922.99	—	COM	199908104
MSFT	MICROSOFT CORP	600 (-22.3%)	$224K (-21.7%)	0.0%	$401.88	—	COM	594918104
B	BARRICK MINING CORP	6,966 (-10.0%)	$256K (-19.0%)	0.0%	$19.29	—	COM	06849F108
AVGO	BROADCOM INC	802 (-4.9%)	$303K (+16.1%)	0.0%	$356.57	—	COM	11135F101

Unchanged Positions (16)

BAH BOOZ ALLEN HAMILTON HOLDING CORP 0.6%

Value $51.57M Shares 849,966 Est. Cost $87.70 Unrealized —

BIIB BIOGEN INC 0.7%

Value $60.13M Shares 278,283 Est. Cost $152.77 Unrealized —

PFE PFIZER INC 0.5%

Value $46.16M Shares 1,916,801 Est. Cost $24.89 Unrealized —

BXP BXP INC 0.3%

Value $25.1M Shares 378,480 Est. Cost $65.60 Unrealized —

BA BOEING CO/THE 0.7%

Value $67.77M Shares 313,048 Est. Cost $222.63 Unrealized —

DTE DTE ENERGY CO 0.5%

Value $48.84M Shares 320,526 Est. Cost $136.80 Unrealized —

IBN ICICI BANK LTD 0.1%

Value $13M Shares 447,935 Est. Cost $13.45 Unrealized —

MMYT MAKEMYTRIP LTD 0.0%

Value $3.418M Shares 64,145 Est. Cost $35.84 Unrealized —

HDB HDFC BANK LTD 0.1%

Value $10.22M Shares 395,855 Est. Cost $47.25 Unrealized —

ITRN ITURAN LOCATION AND CONTROL LTD 0.0%

Value $1.247M Shares 20,439 Est. Cost $37.78 Unrealized —

NVDA NVIDIA CORP 0.0%

Value $714K Shares 3,567 Est. Cost $107.88 Unrealized —

BTG B2GOLD CORP 0.0%

Value $354K Shares 94,491 Est. Cost $2.57 Unrealized —

PDS PRECISION DRILLING CORP 0.0%

Value $253K Shares 3,291 Est. Cost $61.41 Unrealized —

SCZ ISHARES MSCI EAFE SMALL-CAP ETF 0.0%

Value $584K Shares 7,100 Est. Cost $78.41 Unrealized —

RNR RENAISSANCERE HOLDINGS LTD 0.0%

Value $315K Shares 994 Est. Cost $269.75 Unrealized —

NVS NOVARTIS AG 0.0%

Value $235K Shares 1,501 Est. Cost $87.63 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAH	BOOZ ALLEN HAMILTON HOLDING CORP	849,966	$51.57M	0.6%	$87.70	—	CL A	099502106
BIIB	BIOGEN INC	278,283	$60.13M	0.7%	$152.77	—	COM	09062X103
PFE	PFIZER INC	1,916,801	$46.16M	0.5%	$24.89	—	COM	717081103
BXP	BXP INC	378,480	$25.1M	0.3%	$65.60	—	COM	101121101
BA	BOEING CO/THE	313,048	$67.77M	0.7%	$222.63	—	COM	097023105
DTE	DTE ENERGY CO	320,526	$48.84M	0.5%	$136.80	—	COM	233331107
IBN	ICICI BANK LTD	447,935	$13M	0.1%	$13.45	—	ADR	45104G104
MMYT	MAKEMYTRIP LTD	64,145	$3.418M	0.0%	$35.84	—	SHS	V5633W109
HDB	HDFC BANK LTD	395,855	$10.22M	0.1%	$47.25	—	SPONSORED ADS	40415F101
ITRN	ITURAN LOCATION AND CONTROL LTD	20,439	$1.247M	0.0%	$37.78	—	SHS	M6158M104
NVDA	NVIDIA CORP	3,567	$714K	0.0%	$107.88	—	COM	67066G104
BTG	B2GOLD CORP	94,491	$354K	0.0%	$2.57	—	COM	11777Q209
PDS	PRECISION DRILLING CORP	3,291	$253K	0.0%	$61.41	—	COM NEW	74022D407
SCZ	ISHARES MSCI EAFE SMALL-CAP ETF	7,100	$584K	0.0%	$78.41	—	EAFE SML CP ETF	464288273
RNR	RENAISSANCERE HOLDINGS LTD	994	$315K	0.0%	$269.75	—	COM	G7496G103
NVS	NOVARTIS AG	1,501	$235K	0.0%	$87.63	—	SPONSORED ADR	66987V109