Mondrian Investment Partners LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
Q	Qnity	730,173	$59,619	1.0%	$84.91	0.0%	COM	74743L100
YMM	Full Truck Adr	5,548,648	$59,537	1.0%	$10.73	—	ADR	35969L108
FISV	Fiserv	772,664	$51,900	0.9%	$83.87	0.0%	COM	337738108
PUK	Prudential Adr	44,394	$1,382	0.0%	$31.12	—	ADR	74435K204
UL	Unilever Adr	1,796	$117	0.0%	$65.40	—	ADR	904767803
UNP	Union Pacific	343	$79	0.0%	$227.32	0.0%	COM	907818108
NI	Nisource Inc	1,614	$67	0.0%	$42.62	0.0%	COM	65473P105
EEM	Ishares Msci Emerging Mkts Etf	679	$37	0.0%	$54.73	—	COM	464287234
VINP	Vinci Compass	2,807	$37	0.0%	$11.94	0.0%	COM	G9451V109
DEM	Wisdomtree Tr Emer Mkt High Fd	17	$1	0.0%	$45.65	—	COM	97717W315

Increased Positions (38)

EFA Ishs Msci Eafe 1.3%

Value ($000) $79,858 (+139.3%) Shares 831,595 (+132.7%) Est. Cost $91.51 Unrealized —

SNY Sanofi Adr 3.6%

Value ($000) $217,845 (+26.8%) Shares 4,495,348 (+23.5%) Est. Cost $48.83 Unrealized —

BAC Bank Of America 2.0%

Value ($000) $119,647 (+43.1%) Shares 2,175,401 (+34.3%) Est. Cost $49.36 Unrealized +6.7%

YUMC Yum China Hk 3.1%

Value ($000) $187,896 (+17.9%) Shares 7,854,198 (+112.0%) Est. Cost $44.32 Unrealized +3.4%

DD Dupont 1.9%

Value ($000) $112,388 (-18.9%) Shares 2,795,723 (+57.2%) Est. Cost $29.57 Unrealized +26.4%

KVUE Kenvue 1.6%

Value ($000) $99,589 (+25.6%) Shares 5,773,258 (+18.2%) Est. Cost $18.86 Unrealized -13.8%

CRM Salesforce 2.4%

Value ($000) $147,022 (+14.0%) Shares 554,989 (+2.0%) Est. Cost $251.46 Unrealized -1.3%

HDB Hdfc Bank Adr 0.8%

Value ($000) $49,879 (+52.3%) Shares 1,365,044 (+42.3%) Est. Cost $48.59 Unrealized —

TXN Texas Instrum 2.4%

Value ($000) $145,533 (+8.9%) Shares 838,854 (+15.3%) Est. Cost $170.04 Unrealized +0.4%

PBR Petrobras Adr 2.5%

Value ($000) $149,963 (+6.8%) Shares 12,655,094 (+14.1%) Est. Cost $8.29 Unrealized —

WPP Wpp Adr 1.2%

Value ($000) $72,775 (-9.0%) Shares 3,240,219 (+1.5%) Est. Cost $47.28 Unrealized —

SYY Sysco 2.3%

Value ($000) $136,388 (-4.1%) Shares 1,850,829 (+7.1%) Est. Cost $73.82 Unrealized +2.3%

AMZN Amazon 0.4%

Value ($000) $26,190 (+25.6%) Shares 113,464 (+19.5%) Est. Cost $226.75 Unrealized +0.9%

KT Kt Corp Adr 0.9%

Value ($000) $56,001 (+8.0%) Shares 2,952,092 (+11.0%) Est. Cost $13.84 Unrealized —

KSPI Kaspi Adr 0.6%

Value ($000) $38,389 (+11.9%) Shares 491,346 (+16.9%) Est. Cost $91.59 Unrealized —

UAE Ishs Msci Uae 0.2%

Value ($000) $13,522 (+6.2%) Shares 707,227 (+4.9%) Est. Cost $18.88 Unrealized —

AMT Americantwrreit 0.0%

Value ($000) $1,525 (+49.7%) Shares 8,687 (+64.0%) Est. Cost $183.81 Unrealized -1.9%

SOLV Solventum Corp 0.0%

Value ($000) $1,051 (+44.6%) Shares 13,259 (+33.2%) Est. Cost $74.12 Unrealized +3.3%

EIX Edison Intl 0.0%

Value ($000) $1,120 (+38.3%) Shares 18,655 (+27.4%) Est. Cost $59.15 Unrealized -3.1%

EOG Eog Resources 0.0%

Value ($000) $821 (+34.6%) Shares 7,820 (+43.7%) Est. Cost $108.72 Unrealized -1.4%

WDAY Workday 0.3%

Value ($000) $19,807 (-1.0%) Shares 92,219 (+11.0%) Est. Cost $251.30 Unrealized -9.6%

EWY Ishs Msci Sk 0.0%

Value ($000) $638 (+39.4%) Shares 6,561 (+14.8%) Est. Cost $67.26 Unrealized —

ASX Ase Tech Adr 0.0%

Value ($000) $187 (+152.5%) Shares 11,645 (+73.9%) Est. Cost $11.38 Unrealized —

ASHR Xtrack Cn-A Etf 0.0%

Value ($000) $407 (+29.0%) Shares 12,383 (+29.6%) Est. Cost $29.94 Unrealized —

SHG Shinhan Adr 0.0%

Value ($000) $262 (+37.3%) Shares 4,883 (+29.0%) Est. Cost $36.66 Unrealized —

ES Eversource En 0.0%

Value ($000) $1,857 (-3.2%) Shares 27,576 (+2.2%) Est. Cost $59.37 Unrealized +17.2%

QCOM Qualcomm Inc 0.0%

Value ($000) $966 (+5.8%) Shares 5,650 (+2.9%) Est. Cost $159.56 Unrealized +7.0%

BABA Alibaba Adr 0.0%

Value ($000) $328 (-12.7%) Shares 2,238 (+6.5%) Est. Cost $118.73 Unrealized —

TLK Telkomindon Adr 0.0%

Value ($000) $141 (+44.7%) Shares 6,707 (+29.4%) Est. Cost $19.84 Unrealized —

PAC Gpo Aero Pacadr 0.0%

Value ($000) $170 (+33.7%) Shares 644 (+20.4%) Est. Cost $189.97 Unrealized —

VWO Vanguard Ftse Emerging Markets 0.0%

Value ($000) $109 (+47.1%) Shares 2,030 (+48.3%) Est. Cost $52.55 Unrealized —

FMX Femsa Adr 0.0%

Value ($000) $126 (+31.8%) Shares 1,245 (+28.6%) Est. Cost $99.17 Unrealized —

ITUB Itauunibanadr P 0.0%

Value ($000) $118 (+30.7%) Shares 16,471 (+34.0%) Est. Cost $8.32 Unrealized —

ABEV Ambev Adr 0.0%

Value ($000) $87 (+41.2%) Shares 35,386 (+27.5%) Est. Cost $2.32 Unrealized —

ATHM Autohome Adr 0.0%

Value ($000) $127 (-14.2%) Shares 5,714 (+10.1%) Est. Cost $60.22 Unrealized —

BIDU Baidu Adr 0.0%

Value ($000) $101 (+25.9%) Shares 769 (+26.9%) Est. Cost $126.15 Unrealized —

IBN Icici Bank Adr 0.0%

Value ($000) $124 (+19.5%) Shares 4,177 (+21.2%) Est. Cost $24.19 Unrealized —

NOMD Nomad Foods 0.0%

Value ($000) $48 (+10.1%) Shares 3,833 (+15.7%) Est. Cost $15.20 Unrealized -19.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFA	Ishs Msci Eafe	831,595 (+132.7%)	$79,858 (+139.3%)	1.3%	$91.51	—	COM	464287465
SNY	Sanofi Adr	4,495,348 (+23.5%)	$217,845 (+26.8%)	3.6%	$48.83	—	ADR	80105N105
BAC	Bank Of America	2,175,401 (+34.3%)	$119,647 (+43.1%)	2.0%	$49.36	+6.7%	COM	060505104
YUMC	Yum China Hk	7,854,198 (+112.0%)	$187,896 (+17.9%)	3.1%	$44.32	+3.4%	COM	98850P109
DD	Dupont	2,795,723 (+57.2%)	$112,388 (-18.9%)	1.9%	$29.57	+26.4%	COM	26614N102
KVUE	Kenvue	5,773,258 (+18.2%)	$99,589 (+25.6%)	1.6%	$18.86	-13.8%	COM	49177J102
CRM	Salesforce	554,989 (+2.0%)	$147,022 (+14.0%)	2.4%	$251.46	-1.3%	COM	79466L302
HDB	Hdfc Bank Adr	1,365,044 (+42.3%)	$49,879 (+52.3%)	0.8%	$48.59	—	ADR	40415F101
TXN	Texas Instrum	838,854 (+15.3%)	$145,533 (+8.9%)	2.4%	$170.04	+0.4%	COM	882508104
PBR	Petrobras Adr	12,655,094 (+14.1%)	$149,963 (+6.8%)	2.5%	$8.29	—	ADR	71654V408
WPP	Wpp Adr	3,240,219 (+1.5%)	$72,775 (-9.0%)	1.2%	$47.28	—	ADR	92937A102
SYY	Sysco	1,850,829 (+7.1%)	$136,388 (-4.1%)	2.3%	$73.82	+2.3%	COM	871829107
AMZN	Amazon	113,464 (+19.5%)	$26,190 (+25.6%)	0.4%	$226.75	+0.9%	COM	023135106
KT	Kt Corp Adr	2,952,092 (+11.0%)	$56,001 (+8.0%)	0.9%	$13.84	—	ADR	48268K101
KSPI	Kaspi Adr	491,346 (+16.9%)	$38,389 (+11.9%)	0.6%	$91.59	—	ADR	48581R205
UAE	Ishs Msci Uae	707,227 (+4.9%)	$13,522 (+6.2%)	0.2%	$18.88	—	COM	46434V761
AMT	Americantwrreit	8,687 (+64.0%)	$1,525 (+49.7%)	0.0%	$183.81	-1.9%	COM	03027X100
SOLV	Solventum Corp	13,259 (+33.2%)	$1,051 (+44.6%)	0.0%	$74.12	+3.3%	COM	83444M101
EIX	Edison Intl	18,655 (+27.4%)	$1,120 (+38.3%)	0.0%	$59.15	-3.1%	COM	281020107
EOG	Eog Resources	7,820 (+43.7%)	$821 (+34.6%)	0.0%	$108.72	-1.4%	COM	26875P101
WDAY	Workday	92,219 (+11.0%)	$19,807 (-1.0%)	0.3%	$251.30	-9.6%	COM	98138H101
EWY	Ishs Msci Sk	6,561 (+14.8%)	$638 (+39.4%)	0.0%	$67.26	—	COM	464286772
ASX	Ase Tech Adr	11,645 (+73.9%)	$187 (+152.5%)	0.0%	$11.38	—	ADR	00215W100
ASHR	Xtrack Cn-A Etf	12,383 (+29.6%)	$407 (+29.0%)	0.0%	$29.94	—	COM	233051879
SHG	Shinhan Adr	4,883 (+29.0%)	$262 (+37.3%)	0.0%	$36.66	—	ADR	824596100
ES	Eversource En	27,576 (+2.2%)	$1,857 (-3.2%)	0.0%	$59.37	+17.2%	COM	30040W108
QCOM	Qualcomm Inc	5,650 (+2.9%)	$966 (+5.8%)	0.0%	$159.56	+7.0%	COM	747525103
BABA	Alibaba Adr	2,238 (+6.5%)	$328 (-12.7%)	0.0%	$118.73	—	ADR	01609W102
TLK	Telkomindon Adr	6,707 (+29.4%)	$141 (+44.7%)	0.0%	$19.84	—	ADR	715684106
PAC	Gpo Aero Pacadr	644 (+20.4%)	$170 (+33.7%)	0.0%	$189.97	—	ADR	400506101
VWO	Vanguard Ftse Emerging Markets	2,030 (+48.3%)	$109 (+47.1%)	0.0%	$52.55	—	COM	922042858
FMX	Femsa Adr	1,245 (+28.6%)	$126 (+31.8%)	0.0%	$99.17	—	ADR	344419106
ITUB	Itauunibanadr P	16,471 (+34.0%)	$118 (+30.7%)	0.0%	$8.32	—	ADR	465562106
ABEV	Ambev Adr	35,386 (+27.5%)	$87 (+41.2%)	0.0%	$2.32	—	ADR	02319V103
ATHM	Autohome Adr	5,714 (+10.1%)	$127 (-14.2%)	0.0%	$60.22	—	ADR	05278C107
BIDU	Baidu Adr	769 (+26.9%)	$101 (+25.9%)	0.0%	$126.15	—	ADR	056752108
IBN	Icici Bank Adr	4,177 (+21.2%)	$124 (+19.5%)	0.0%	$24.19	—	ADR	45104G104
NOMD	Nomad Foods	3,833 (+15.7%)	$48 (+10.1%)	0.0%	$15.20	-19.7%	COM	G6564A105

Exited Positions (4)

ULTA Ulta Beauty 0.0%

Value ($000) $1,078 Shares 1,971 Est. Cost $387.42 Unrealized +41.9%

— TotalEne ADR 0.0%

Value ($000) $96 Shares 1,603 Est. Cost $64.76 Unrealized —

NSC Norfolk South 0.0%

Value ($000) $69 Shares 230 Est. Cost $221.39 Unrealized +30.4%

— Unilever ADR AM 0.0%

Value ($000) $51 Shares 859 Est. Cost $54.93 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ULTA	Ulta Beauty	1,971	$1,078	0.0%	$387.42	+41.9%	—	90384S303
—	TotalEne ADR	1,603	$96	0.0%	$64.76	—	—	89151E109
NSC	Norfolk South	230	$69	0.0%	$221.39	+30.4%	—	655844108
—	Unilever ADR AM	859	$51	0.0%	$54.93	—	—	904767704

Decreased Positions (35)

HCA Hca Healthcare 0.0%

Value ($000) $648 (-99.4%) Shares 1,389 (-99.4%) Est. Cost $189.18 Unrealized +145.1%

PEP Pepsico 0.0%

Value ($000) $0 (-100.0%) Shares 634,712 (-3.7%) Est. Cost $140.43 Unrealized +3.9%

B Barrick Mining 0.6%

Value ($000) $36,962 (-62.3%) Shares 848,733 (-71.6%) Est. Cost $25.15 Unrealized +48.8%

SONY Sony Adr 3.7%

Value ($000) $225,787 (-18.7%) Shares 8,684,097 (-9.3%) Est. Cost $36.22 Unrealized —

LH Labcorp 0.5%

Value ($000) $29,394 (-60.9%) Shares 117,165 (-55.3%) Est. Cost $199.50 Unrealized +32.9%

MRK Merck 2.8%

Value ($000) $169,493 (+22.5%) Shares 1,610,232 (-2.3%) Est. Cost $94.94 Unrealized -1.8%

DLTR Dollar Tree 2.1%

Value ($000) $129,998 (+26.8%) Shares 1,056,809 (-2.7%) Est. Cost $130.82 Unrealized -18.1%

TMO Thermo Fisher 2.8%

Value ($000) $172,521 (+16.9%) Shares 297,732 (-2.2%) Est. Cost $519.86 Unrealized +8.7%

LHX L3Harris Tech 1.0%

Value ($000) $58,916 (-28.2%) Shares 200,687 (-25.3%) Est. Cost $175.55 Unrealized +64.3%

CDW Cdw Corp 1.8%

Value ($000) $107,876 (-16.3%) Shares 792,038 (-2.1%) Est. Cost $181.13 Unrealized -18.8%

WFC Wells Fargo 2.0%

Value ($000) $119,485 (-13.7%) Shares 1,282,027 (-22.4%) Est. Cost $36.76 Unrealized +135.6%

VEA Vanguard Ftse Developed Mkts E 0.0%

Value ($000) $1,869 (-86.6%) Shares 29,918 (-87.1%) Est. Cost $51.24 Unrealized —

LYG Lloyds Bank Adr 4.9%

Value ($000) $296,728 (+4.1%) Shares 55,986,442 (-10.8%) Est. Cost $2.59 Unrealized —

PLD Prologis 2.0%

Value ($000) $122,380 (+9.1%) Shares 958,644 (-2.1%) Est. Cost $108.87 Unrealized +13.8%

BTI Bats Adr 3.5%

Value ($000) $212,047 (-4.6%) Shares 3,745,088 (-10.5%) Est. Cost $39.01 Unrealized —

NNN Nnn Reit 1.2%

Value ($000) $71,183 (-9.7%) Shares 1,796,183 (-3.0%) Est. Cost $42.74 Unrealized —

UNH Unitedhealth 1.6%

Value ($000) $99,149 (-6.4%) Shares 300,352 (-2.1%) Est. Cost $452.40 Unrealized -25.5%

BAP Credicorp Ltd 1.2%

Value ($000) $72,146 (-7.8%) Shares 251,379 (-14.4%) Est. Cost $118.33 Unrealized +123.8%

TSM Taiwansmc Adr 1.4%

Value ($000) $84,988 (+7.5%) Shares 279,667 (-1.2%) Est. Cost $92.65 Unrealized —

MU Micron Tech 0.0%

Value ($000) $2,624 (-69.4%) Shares 9,193 (-82.1%) Est. Cost $74.61 Unrealized +207.4%

SAN Bsch Adr 4.8%

Value ($000) $288,729 (+2.1%) Shares 24,614,574 (-8.8%) Est. Cost $4.34 Unrealized —

SCHW Charles Schwab 2.9%

Value ($000) $174,385 (+3.1%) Shares 1,745,422 (-1.5%) Est. Cost $65.61 Unrealized +44.4%

GOOGL Alphabet Cl A 3.3%

Value ($000) $200,359 (+2.5%) Shares 640,124 (-20.4%) Est. Cost $175.00 Unrealized +63.2%

INFY Infosys Adr 1.4%

Value ($000) $84,411 (+5.7%) Shares 4,736,853 (-3.5%) Est. Cost $16.21 Unrealized —

XOM Exxon Mobil 1.3%

Value ($000) $79,571 (+3.6%) Shares 661,215 (-2.9%) Est. Cost $46.54 Unrealized +148.1%

BK Bony 0.1%

Value ($000) $4,810 (-8.8%) Shares 41,431 (-14.4%) Est. Cost $75.78 Unrealized +45.8%

WAT Waters 0.0%

Value ($000) $1,699 (+21.6%) Shares 4,472 (-4.0%) Est. Cost $307.43 Unrealized +19.7%

EA Electronic Arts 0.0%

Value ($000) $314 (-48.8%) Shares 1,535 (-49.5%) Est. Cost $124.62 Unrealized +61.9%

VEU Vanguard Intl Equity Index Fd 0.0%

Value ($000) $273 (-46.3%) Shares 3,718 (-47.9%) Est. Cost $69.23 Unrealized —

MCD Mcdonalds 0.0%

Value ($000) $1,030 (-3.7%) Shares 3,369 (-4.3%) Est. Cost $255.04 Unrealized +19.6%

CSX Csx Corp 0.0%

Value ($000) $1,425 (-2.2%) Shares 39,324 (-4.2%) Est. Cost $33.49 Unrealized +6.6%

NVS Novartis Ag Adr 0.0%

Value ($000) $743 (+1.2%) Shares 5,390 (-5.8%) Est. Cost $93.08 Unrealized —

SWK Stanley B&D 0.0%

Value ($000) $389 (-2.0%) Shares 5,243 (-1.9%) Est. Cost $84.68 Unrealized -17.5%

TAK Takeda Pharmaceutcl Co Ltd Adr 0.0%

Value ($000) $5 (-61.2%) Shares 299 (-63.5%) Est. Cost $14.95 Unrealized —

LAUR Laureate Edu 0.0%

Value ($000) $29 (-6.2%) Shares 876 (-12.1%) Est. Cost $14.97 Unrealized +106.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCA	Hca Healthcare	1,389 (-99.4%)	$648 (-99.4%)	0.0%	$189.18	+145.1%	COM	40412C101
PEP	Pepsico	634,712 (-3.7%)	$0 (-100.0%)	0.0%	$140.43	+3.9%	COM	713448108
B	Barrick Mining	848,733 (-71.6%)	$36,962 (-62.3%)	0.6%	$25.15	+48.8%	COM	06849F108
SONY	Sony Adr	8,684,097 (-9.3%)	$225,787 (-18.7%)	3.7%	$36.22	—	ADR	835699307
LH	Labcorp	117,165 (-55.3%)	$29,394 (-60.9%)	0.5%	$199.50	+32.9%	COM	504922105
MRK	Merck	1,610,232 (-2.3%)	$169,493 (+22.5%)	2.8%	$94.94	-1.8%	COM	58933Y105
DLTR	Dollar Tree	1,056,809 (-2.7%)	$129,998 (+26.8%)	2.1%	$130.82	-18.1%	COM	256746108
TMO	Thermo Fisher	297,732 (-2.2%)	$172,521 (+16.9%)	2.8%	$519.86	+8.7%	COM	883556102
LHX	L3Harris Tech	200,687 (-25.3%)	$58,916 (-28.2%)	1.0%	$175.55	+64.3%	COM	502431109
CDW	Cdw Corp	792,038 (-2.1%)	$107,876 (-16.3%)	1.8%	$181.13	-18.8%	COM	12514G108
WFC	Wells Fargo	1,282,027 (-22.4%)	$119,485 (-13.7%)	2.0%	$36.76	+135.6%	COM	949746101
VEA	Vanguard Ftse Developed Mkts E	29,918 (-87.1%)	$1,869 (-86.6%)	0.0%	$51.24	—	COM	921943858
LYG	Lloyds Bank Adr	55,986,442 (-10.8%)	$296,728 (+4.1%)	4.9%	$2.59	—	ADR	539439109
PLD	Prologis	958,644 (-2.1%)	$122,380 (+9.1%)	2.0%	$108.87	+13.8%	COM	74340W103
BTI	Bats Adr	3,745,088 (-10.5%)	$212,047 (-4.6%)	3.5%	$39.01	—	ADR	110448107
NNN	Nnn Reit	1,796,183 (-3.0%)	$71,183 (-9.7%)	1.2%	$42.74	—	COM	637417106
UNH	Unitedhealth	300,352 (-2.1%)	$99,149 (-6.4%)	1.6%	$452.40	-25.5%	COM	91324P102
BAP	Credicorp Ltd	251,379 (-14.4%)	$72,146 (-7.8%)	1.2%	$118.33	+123.8%	COM	G2519Y108
TSM	Taiwansmc Adr	279,667 (-1.2%)	$84,988 (+7.5%)	1.4%	$92.65	—	ADR	874039100
MU	Micron Tech	9,193 (-82.1%)	$2,624 (-69.4%)	0.0%	$74.61	+207.4%	COM	595112103
SAN	Bsch Adr	24,614,574 (-8.8%)	$288,729 (+2.1%)	4.8%	$4.34	—	ADR	05964H105
SCHW	Charles Schwab	1,745,422 (-1.5%)	$174,385 (+3.1%)	2.9%	$65.61	+44.4%	COM	808513105
GOOGL	Alphabet Cl A	640,124 (-20.4%)	$200,359 (+2.5%)	3.3%	$175.00	+63.2%	COM	02079K305
INFY	Infosys Adr	4,736,853 (-3.5%)	$84,411 (+5.7%)	1.4%	$16.21	—	ADR	456788108
XOM	Exxon Mobil	661,215 (-2.9%)	$79,571 (+3.6%)	1.3%	$46.54	+148.1%	COM	30231G102
BK	Bony	41,431 (-14.4%)	$4,810 (-8.8%)	0.1%	$75.78	+45.8%	COM	064058100
WAT	Waters	4,472 (-4.0%)	$1,699 (+21.6%)	0.0%	$307.43	+19.7%	COM	941848103
EA	Electronic Arts	1,535 (-49.5%)	$314 (-48.8%)	0.0%	$124.62	+61.9%	COM	285512109
VEU	Vanguard Intl Equity Index Fd	3,718 (-47.9%)	$273 (-46.3%)	0.0%	$69.23	—	COM	922042775
MCD	Mcdonalds	3,369 (-4.3%)	$1,030 (-3.7%)	0.0%	$255.04	+19.6%	COM	580135101
CSX	Csx Corp	39,324 (-4.2%)	$1,425 (-2.2%)	0.0%	$33.49	+6.6%	COM	126408103
NVS	Novartis Ag Adr	5,390 (-5.8%)	$743 (+1.2%)	0.0%	$93.08	—	ADR	66987V109
SWK	Stanley B&D	5,243 (-1.9%)	$389 (-2.0%)	0.0%	$84.68	-17.5%	COM	854502101
TAK	Takeda Pharmaceutcl Co Ltd Adr	299 (-63.5%)	$5 (-61.2%)	0.0%	$14.95	—	ADR	874060205
LAUR	Laureate Edu	876 (-12.1%)	$29 (-6.2%)	0.0%	$14.97	+106.1%	COM	518613203

Unchanged Positions (19)

GSK Gsk Plc Adr 4.7%

Value ($000) $284,772 Shares 5,806,938 Est. Cost $36.66 Unrealized —

VALE Vale Sa Adr 2.5%

Value ($000) $148,802 Shares 11,419,957 Est. Cost $13.04 Unrealized —

META Meta Platforms 2.0%

Value ($000) $122,428 Shares 185,471 Est. Cost $224.57 Unrealized +197.2%

HMC Honda Motor Adr 2.1%

Value ($000) $127,359 Shares 4,391,701 Est. Cost $31.50 Unrealized —

MSFT Microsoft Corp 2.2%

Value ($000) $135,540 Shares 280,261 Est. Cost $131.42 Unrealized +280.9%

KSA Ishs Msci Saudi 0.5%

Value ($000) $29,843 Shares 819,639 Est. Cost $41.23 Unrealized —

SHEL Shell Adr 2.0%

Value ($000) $118,753 Shares 1,616,126 Est. Cost $66.36 Unrealized —

PHG Philips Adr 3.5%

Value ($000) $213,749 Shares 7,893,228 Est. Cost $18.85 Unrealized —

CHT Chunghwa Adr 0.2%

Value ($000) $9,433 Shares 226,153 Est. Cost $38.09 Unrealized —

DG Dollar General 0.0%

Value ($000) $544 Shares 4,095 Est. Cost $120.00 Unrealized -7.1%

BP Bp Plc Adr 2.7%

Value ($000) $161,095 Shares 4,638,498 Est. Cost $35.44 Unrealized —

ENIC Enel Chile Adr 0.0%

Value ($000) $222 Shares 55,120 Est. Cost $1.87 Unrealized —

SOBO South Bow (Ca) 0.0%

Value ($000) $136 Shares 3,597 Est. Cost $22.97 Unrealized +18.3%

BNS Bank Novascotia 0.0%

Value ($000) $48 Shares 470 Est. Cost $42.02 Unrealized +61.8%

CNI Cnr 0.0%

Value ($000) $141 Shares 1,038 Est. Cost $96.01 Unrealized +0.1%

OTEX Open Text 0.0%

Value ($000) $26 Shares 587 Est. Cost $29.21 Unrealized +21.3%

BTG B2Gold 0.0%

Value ($000) $39 Shares 6,295 Est. Cost $2.92 Unrealized +59.6%

E Eni Spa Adr 0.0%

Value ($000) $10 Shares 271 Est. Cost $34.92 Unrealized —

PAX Patria Investments Limted Cl A 0.0%

Value ($000) $0 Shares 18 Est. Cost $13.20 Unrealized +11.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GSK	Gsk Plc Adr	5,806,938	$284,772	4.7%	$36.66	—	ADR	37733W204
VALE	Vale Sa Adr	11,419,957	$148,802	2.5%	$13.04	—	ADR	91912E105
META	Meta Platforms	185,471	$122,428	2.0%	$224.57	+197.2%	COM	30303M102
HMC	Honda Motor Adr	4,391,701	$127,359	2.1%	$31.50	—	ADR	438128308
MSFT	Microsoft Corp	280,261	$135,540	2.2%	$131.42	+280.9%	COM	594918104
KSA	Ishs Msci Saudi	819,639	$29,843	0.5%	$41.23	—	COM	46434V423
SHEL	Shell Adr	1,616,126	$118,753	2.0%	$66.36	—	ADR	780259305
PHG	Philips Adr	7,893,228	$213,749	3.5%	$18.85	—	ADR	500472303
CHT	Chunghwa Adr	226,153	$9,433	0.2%	$38.09	—	ADR	17133Q502
DG	Dollar General	4,095	$544	0.0%	$120.00	-7.1%	COM	256677105
BP	Bp Plc Adr	4,638,498	$161,095	2.7%	$35.44	—	ADR	055622104
ENIC	Enel Chile Adr	55,120	$222	0.0%	$1.87	—	ADR	29278D105
SOBO	South Bow (Ca)	3,597	$136	0.0%	$22.97	+18.3%	COM	83671M105
BNS	Bank Novascotia	470	$48	0.0%	$42.02	+61.8%	COM	064149107
CNI	Cnr	1,038	$141	0.0%	$96.01	+0.1%	COM	136375102
OTEX	Open Text	587	$26	0.0%	$29.21	+21.3%	COM	683715106
BTG	B2Gold	6,295	$39	0.0%	$2.92	+59.6%	COM	11777Q209
E	Eni Spa Adr	271	$10	0.0%	$34.92	—	ADR	26874R108
PAX	Patria Investments Limted Cl A	18	$0	0.0%	$13.20	+11.6%	COM	G69451105