Ninety One UK Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABT	Abbott Laboratories	2,688,282	$336,815	0.7%	$127.30	0.0%	Common Stock	002824100
TRMB	Trimble Inc	864,598	$67,741	0.1%	$79.69	0.0%	Common Stock	896239100
VMI	Valmont Industries Inc	164,305	$66,103	0.1%	$406.96	0.0%	Common Stock	920253101
CL	Colgate-Palmolive Co	764,928	$60,445	0.1%	$78.31	0.0%	Common Stock	194162103
TTE	TotalEnergies SE	915,180	$59,750	0.1%	$63.23	0.0%	Common Stock	F92124100
GE	General Electric Co	68,982	$21,249	0.0%	$300.80	0.0%	Common Stock	369604301
CPRT	Copart Inc	500,510	$19,595	0.0%	$41.46	0.0%	Common Stock	217204106
BG	Bunge Global SA	155,024	$13,810	0.0%	$91.86	0.0%	Common Stock	H11356104
MICC	Magnum Ice Cream Co NV/The	486,802	$7,710	0.0%	$15.68	0.0%	Common Stock	N5505D105
HMY	Harmony Gold Mining Co Ltd	348,698	$6,939	0.0%	$19.90	—	ADR	413216300
SGHC	Super Group SGHC Ltd	417,325	$4,987	0.0%	$12.02	0.0%	Common Stock	G8588X103
AEP	American Electric Power Co Inc	39,893	$4,600	0.0%	$117.70	0.0%	Common Stock	025537101
RSG	Republic Services Inc	20,978	$4,446	0.0%	$214.59	0.0%	Common Stock	760759100
ED	Consolidated Edison Inc	23,935	$2,377	0.0%	$98.79	0.0%	Common Stock	209115104
RYAAY	Ryanair Holdings PLC	13,322	$962	0.0%	$72.19	—	ADR	783513203
WMT	Walmart Inc	2,107	$235	0.0%	$107.20	0.0%	Common Stock	931142103
SHOP	Shopify Inc	780	$126	0.0%	$160.56	0.0%	Common Stock	82509L107
SNOW	Snowflake Inc	479	$105	0.0%	$244.09	0.0%	Common Stock	833445109
SHEL	Shell PLC	163	$12	0.0%	$73.48	—	ADR	780259305
SCCO	Southern Copper Corp	64	$9	0.0%	$132.76	0.0%	Common Stock	84265V105
GFI	Gold Fields Ltd	162	$7	0.0%	$43.66	—	ADR	38059T106
MT	ArcelorMittal SA	92	$4	0.0%	$45.58	—	NY Reg Shrs	03938L203
ALB	Albemarle Corp	16	$2	0.0%	$113.25	0.0%	Common Stock	012653101

Increased Positions (82)

MRSH Marsh & McLennan Cos Inc 1.4%

Value ($000) $657,113 (+142.1%) Shares 3,542,004 (+163.0%) Est. Cost $185.24 Unrealized +0.6%

LLY Eli Lilly & Co 1.2%

Value ($000) $581,406 (+74.3%) Shares 541,004 (+23.8%) Est. Cost $863.14 Unrealized +10.7%

META Meta Platforms Inc 0.6%

Value ($000) $264,846 (+325.6%) Shares 401,227 (+373.5%) Est. Cost $597.96 Unrealized +11.6%

JNJ Johnson & Johnson 3.0%

Value ($000) $1,409,484 (+14.5%) Shares 6,810,748 (+2.6%) Est. Cost $124.97 Unrealized +57.6%

MSI Motorola Solutions Inc 1.1%

Value ($000) $513,108 (+46.1%) Shares 1,338,589 (+74.3%) Est. Cost $373.04 Unrealized +7.4%

NVDA NVIDIA Corp 5.0%

Value ($000) $2,334,473 (+7.0%) Shares 12,517,280 (+7.0%) Est. Cost $113.99 Unrealized +63.3%

TMO Thermo Fisher Scientific Inc 1.1%

Value ($000) $517,137 (+27.6%) Shares 892,461 (+6.8%) Est. Cost $399.24 Unrealized +41.6%

GM General Motors Co 0.9%

Value ($000) $402,024 (+35.2%) Shares 4,943,732 (+1.4%) Est. Cost $47.91 Unrealized +46.9%

AAPL Apple Inc 1.7%

Value ($000) $814,129 (+12.2%) Shares 2,994,661 (+5.1%) Est. Cost $140.29 Unrealized +91.3%

CFG Citizens Financial Group Inc 0.8%

Value ($000) $384,029 (+24.3%) Shares 6,574,714 (+13.1%) Est. Cost $49.70 Unrealized +7.8%

AER AerCap Holdings NV 0.9%

Value ($000) $403,103 (+20.2%) Shares 2,804,003 (+1.1%) Est. Cost $72.85 Unrealized +81.8%

UBS UBS Group AG 0.9%

Value ($000) $411,917 (+16.0%) Shares 8,829,586 (+1.6%) Est. Cost $38.86 Unrealized +4.0%

FCX Freeport-McMoRan Inc 0.5%

Value ($000) $235,871 (+31.7%) Shares 4,644,040 (+1.7%) Est. Cost $29.45 Unrealized +47.1%

CNC Centene Corp 0.2%

Value ($000) $70,795 (+202.8%) Shares 1,720,422 (+162.6%) Est. Cost $34.68 Unrealized +7.9%

XOM Exxon Mobil Corp 0.7%

Value ($000) $333,738 (+15.1%) Shares 2,773,290 (+7.9%) Est. Cost $90.00 Unrealized +28.3%

J Jacobs Solutions Inc 0.9%

Value ($000) $418,085 (-9.1%) Shares 3,156,313 (+2.8%) Est. Cost $117.85 Unrealized +24.2%

CRH CRH PLC 0.9%

Value ($000) $430,081 (+9.1%) Shares 3,445,819 (+4.8%) Est. Cost $88.08 Unrealized +35.3%

DASH DoorDash Inc 0.5%

Value ($000) $225,960 (-12.8%) Shares 997,706 (+4.7%) Est. Cost $250.10 Unrealized -6.2%

PAAS Pan American Silver Corp 0.2%

Value ($000) $115,290 (+38.1%) Shares 2,225,237 (+3.2%) Est. Cost $19.22 Unrealized +117.7%

IAG IAMGOLD Corp 0.2%

Value ($000) $84,835 (+56.0%) Shares 5,144,604 (+22.3%) Est. Cost $7.91 Unrealized +78.2%

HOOD Robinhood Markets Inc 0.3%

Value ($000) $122,519 (-19.8%) Shares 1,083,276 (+1.6%) Est. Cost $109.37 Unrealized +18.9%

ELV Elevance Health Inc 0.4%

Value ($000) $175,084 (+19.3%) Shares 499,455 (+10.0%) Est. Cost $369.77 Unrealized -8.9%

QCOM QUALCOMM Inc 0.1%

Value ($000) $64,502 (+73.0%) Shares 377,093 (+68.3%) Est. Cost $159.90 Unrealized +6.8%

TT Trane Technologies PLC 0.6%

Value ($000) $262,410 (+11.2%) Shares 674,230 (+20.6%) Est. Cost $187.98 Unrealized +120.0%

BROS Dutch Bros Inc 0.3%

Value ($000) $160,732 (+18.8%) Shares 2,625,483 (+1.5%) Est. Cost $63.13 Unrealized -10.0%

BAP Credicorp Ltd 0.2%

Value ($000) $114,952 (+23.6%) Shares 400,531 (+14.7%) Est. Cost $171.98 Unrealized +54.0%

VLO Valero Energy Corp 0.1%

Value ($000) $27,350 (+385.8%) Shares 168,007 (+408.1%) Est. Cost $164.69 Unrealized +2.5%

PLD Prologis Inc 0.1%

Value ($000) $33,582 (+172.1%) Shares 263,060 (+144.1%) Est. Cost $115.15 Unrealized +7.6%

ZTS Zoetis Inc 0.3%

Value ($000) $144,206 (-11.9%) Shares 1,146,126 (+2.4%) Est. Cost $170.88 Unrealized -23.8%

VIST Vista Energy SAB de CV 0.1%

Value ($000) $60,235 (+47.4%) Shares 1,237,870 (+4.2%) Est. Cost $50.97 Unrealized —

CTVA Corteva Inc 0.1%

Value ($000) $57,535 (+50.6%) Shares 858,349 (+52.0%) Est. Cost $59.08 Unrealized +9.2%

GNRC Generac Holdings Inc 0.1%

Value ($000) $65,661 (+40.0%) Shares 481,490 (+71.8%) Est. Cost $169.41 Unrealized -4.8%

VALE Vale SA 0.2%

Value ($000) $100,536 (+21.3%) Shares 7,715,768 (+1.1%) Est. Cost $12.39 Unrealized —

MA Mastercard Inc 1.5%

Value ($000) $706,024 (+2.5%) Shares 1,236,730 (+2.1%) Est. Cost $338.32 Unrealized +65.2%

NU NU Holdings Ltd/Cayman Islands 0.3%

Value ($000) $131,471 (+14.1%) Shares 7,853,707 (+9.1%) Est. Cost $13.74 Unrealized +17.0%

USHY iShares Broad USD High Yield Corporate Bond ETF 0.1%

Value ($000) $32,325 (+84.3%) Shares 864,416 (+86.2%) Est. Cost $37.43 Unrealized —

ADBE Adobe Inc 0.1%

Value ($000) $35,110 (+72.3%) Shares 100,318 (+73.7%) Est. Cost $429.41 Unrealized -20.8%

WMB Williams Cos Inc/The 0.1%

Value ($000) $46,214 (+43.2%) Shares 768,819 (+51.0%) Est. Cost $53.30 Unrealized +12.7%

TRU TransUnion 0.7%

Value ($000) $308,877 (+4.3%) Shares 3,602,070 (+1.9%) Est. Cost $81.48 Unrealized +0.8%

SNX TD SYNNEX Corp 0.7%

Value ($000) $334,876 (+3.8%) Shares 2,229,091 (+13.1%) Est. Cost $119.92 Unrealized +27.4%

HUM Humana Inc 0.1%

Value ($000) $28,815 (+54.8%) Shares 112,501 (+57.2%) Est. Cost $261.25 Unrealized +0.0%

TTWO Take-Two Interactive Software Inc 1.1%

Value ($000) $493,304 (+1.9%) Shares 1,926,744 (+2.8%) Est. Cost $170.99 Unrealized +45.8%

COP ConocoPhillips 0.0%

Value ($000) $11,442 (+272.7%) Shares 122,228 (+276.6%) Est. Cost $89.49 Unrealized +0.6%

AON Aon PLC 0.1%

Value ($000) $48,776 (+19.9%) Shares 138,223 (+21.2%) Est. Cost $338.64 Unrealized +3.1%

YUM Yum! Brands Inc 0.0%

Value ($000) $22,715 (+49.3%) Shares 150,154 (+50.0%) Est. Cost $145.34 Unrealized +1.6%

HDB HDFC Bank Ltd 0.1%

Value ($000) $54,533 (+14.1%) Shares 1,492,417 (+6.7%) Est. Cost $49.44 Unrealized —

FTI TechnipFMC PLC 0.0%

Value ($000) $19,615 (+50.8%) Shares 440,185 (+33.5%) Est. Cost $30.88 Unrealized +36.7%

DAR Darling Ingredients Inc 0.0%

Value ($000) $18,677 (+49.6%) Shares 518,796 (+28.3%) Est. Cost $33.50 Unrealized +1.0%

CVX Chevron Corp 0.1%

Value ($000) $63,653 (+10.7%) Shares 417,646 (+12.8%) Est. Cost $147.01 Unrealized +3.0%

STLD Steel Dynamics Inc 0.0%

Value ($000) $22,738 (+36.1%) Shares 134,186 (+11.9%) Est. Cost $129.74 Unrealized +22.1%

CCC CCC Intelligent Solutions Holdings Inc 0.0%

Value ($000) $22,795 (+30.0%) Shares 2,867,339 (+48.9%) Est. Cost $9.17 Unrealized -11.3%

FANG Diamondback Energy Inc 0.0%

Value ($000) $16,948 (+42.6%) Shares 112,736 (+35.7%) Est. Cost $142.48 Unrealized +3.2%

XP XP Inc 0.2%

Value ($000) $101,274 (-4.6%) Shares 6,186,576 (+9.4%) Est. Cost $16.87 Unrealized +4.4%

BSX Boston Scientific Corp 1.1%

Value ($000) $519,138 (-0.9%) Shares 5,444,549 (+1.5%) Est. Cost $61.05 Unrealized +60.6%

PAYC Paycom Software Inc 0.0%

Value ($000) $16,518 (-20.3%) Shares 103,653 (+4.1%) Est. Cost $160.12 Unrealized +10.5%

TW Tradeweb Markets Inc 0.4%

Value ($000) $174,397 (-2.1%) Shares 1,621,694 (+1.0%) Est. Cost $130.01 Unrealized -17.4%

EQT EQT Corp 0.0%

Value ($000) $12,271 (+42.4%) Shares 228,933 (+44.6%) Est. Cost $53.15 Unrealized +5.6%

BKR Baker Hughes Co 0.0%

Value ($000) $21,373 (+20.2%) Shares 469,329 (+28.6%) Est. Cost $38.16 Unrealized +24.0%

TRGP Targa Resources Corp 0.0%

Value ($000) $18,031 (+24.0%) Shares 97,731 (+12.6%) Est. Cost $150.62 Unrealized +11.6%

MCK McKesson Corp 0.1%

Value ($000) $34,652 (+10.5%) Shares 42,244 (+4.1%) Est. Cost $173.47 Unrealized +370.2%

TFPM Triple Flag Precious Metals Corp 0.1%

Value ($000) $24,423 (+14.9%) Shares 733,987 (+1.1%) Est. Cost $13.82 Unrealized +126.3%

HII Huntington Ingalls Industries Inc 0.0%

Value ($000) $15,236 (+22.9%) Shares 44,802 (+4.1%) Est. Cost $191.98 Unrealized +61.2%

SLB SLB Ltd 0.0%

Value ($000) $18,040 (+16.2%) Shares 470,037 (+4.1%) Est. Cost $38.55 Unrealized -6.5%

CSGP CoStar Group Inc 0.1%

Value ($000) $23,857 (-9.2%) Shares 354,804 (+13.9%) Est. Cost $72.70 Unrealized -2.6%

WST West Pharmaceutical Services Inc 0.1%

Value ($000) $28,033 (+9.1%) Shares 101,888 (+4.1%) Est. Cost $295.44 Unrealized -7.5%

AXP American Express Co 0.0%

Value ($000) $16,485 (+15.9%) Shares 44,559 (+4.1%) Est. Cost $107.48 Unrealized +232.1%

SABR Sabre Corp 0.0%

Value ($000) $7,122 (-22.6%) Shares 5,236,534 (+4.1%) Est. Cost $2.53 Unrealized -31.9%

MOS Mosaic Co/The 0.0%

Value ($000) $20,604 (-9.1%) Shares 855,286 (+30.8%) Est. Cost $26.65 Unrealized +0.4%

HURN Huron Consulting Group Inc 0.0%

Value ($000) $10,321 (+23.9%) Shares 59,689 (+5.2%) Est. Cost $137.72 Unrealized +18.9%

INTC Intel Corp 0.0%

Value ($000) $15,117 (+14.5%) Shares 409,673 (+4.1%) Est. Cost $32.59 Unrealized +15.9%

FTS Fortis Inc/Canada 0.0%

Value ($000) $6,654 (+38.1%) Shares 127,809 (+34.6%) Est. Cost $48.43 Unrealized +5.0%

GLPI Gaming and Leisure Properties Inc 0.2%

Value ($000) $98,686 (-1.5%) Shares 2,208,242 (+2.8%) Est. Cost $44.97 Unrealized —

ALC Alcon AG 0.0%

Value ($000) $19,421 (+7.8%) Shares 246,275 (+1.9%) Est. Cost $73.22 Unrealized +5.2%

XRAY DENTSPLY SIRONA Inc 0.0%

Value ($000) $14,017 (-6.3%) Shares 1,226,322 (+4.1%) Est. Cost $14.82 Unrealized -20.8%

ICE Intercontinental Exchange Inc 0.6%

Value ($000) $258,364 (-0.3%) Shares 1,595,231 (+3.7%) Est. Cost $111.98 Unrealized +39.5%

PG Procter & Gamble Co/The 0.1%

Value ($000) $35,968 (-1.8%) Shares 250,978 (+5.2%) Est. Cost $109.62 Unrealized +34.3%

OLPX Olaplex Holdings Inc 0.0%

Value ($000) $4,724 (+6.5%) Shares 3,525,027 (+4.1%) Est. Cost $1.86 Unrealized -36.2%

CF CF Industries Holdings Inc 0.0%

Value ($000) $8,897 (-2.8%) Shares 115,031 (+12.7%) Est. Cost $82.15 Unrealized -0.3%

IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF 0.0%

Value ($000) $506 (+46.4%) Shares 9,570 (+46.8%) Est. Cost $52.73 Unrealized —

KSPI Kaspi.KZ JSC 0.0%

Value ($000) $16,813 (-0.4%) Shares 215,198 (+4.1%) Est. Cost $119.96 Unrealized —

MMYT MakeMyTrip Ltd 0.0%

Value ($000) $7,773 (+0.7%) Shares 94,655 (+14.7%) Est. Cost $100.57 Unrealized -18.4%

VCIT Vanguard Intermediate-Term Corporate Bond ETF 0.0%

Value ($000) $260 (+18.6%) Shares 3,110 (+19.2%) Est. Cost $83.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRSH	Marsh & McLennan Cos Inc	3,542,004 (+163.0%)	$657,113 (+142.1%)	1.4%	$185.24	+0.6%	Common Stock	571748102
LLY	Eli Lilly & Co	541,004 (+23.8%)	$581,406 (+74.3%)	1.2%	$863.14	+10.7%	Common Stock	532457108
META	Meta Platforms Inc	401,227 (+373.5%)	$264,846 (+325.6%)	0.6%	$597.96	+11.6%	Common Stock	30303M102
JNJ	Johnson & Johnson	6,810,748 (+2.6%)	$1,409,484 (+14.5%)	3.0%	$124.97	+57.6%	Common Stock	478160104
MSI	Motorola Solutions Inc	1,338,589 (+74.3%)	$513,108 (+46.1%)	1.1%	$373.04	+7.4%	Common Stock	620076307
NVDA	NVIDIA Corp	12,517,280 (+7.0%)	$2,334,473 (+7.0%)	5.0%	$113.99	+63.3%	Common Stock	67066G104
TMO	Thermo Fisher Scientific Inc	892,461 (+6.8%)	$517,137 (+27.6%)	1.1%	$399.24	+41.6%	Common Stock	883556102
GM	General Motors Co	4,943,732 (+1.4%)	$402,024 (+35.2%)	0.9%	$47.91	+46.9%	Common Stock	37045V100
AAPL	Apple Inc	2,994,661 (+5.1%)	$814,129 (+12.2%)	1.7%	$140.29	+91.3%	Common Stock	037833100
CFG	Citizens Financial Group Inc	6,574,714 (+13.1%)	$384,029 (+24.3%)	0.8%	$49.70	+7.8%	Common Stock	174610105
AER	AerCap Holdings NV	2,804,003 (+1.1%)	$403,103 (+20.2%)	0.9%	$72.85	+81.8%	Common Stock	N00985106
UBS	UBS Group AG	8,829,586 (+1.6%)	$411,917 (+16.0%)	0.9%	$38.86	+4.0%	Common Stock	H42097107
FCX	Freeport-McMoRan Inc	4,644,040 (+1.7%)	$235,871 (+31.7%)	0.5%	$29.45	+47.1%	Common Stock	35671D857
CNC	Centene Corp	1,720,422 (+162.6%)	$70,795 (+202.8%)	0.2%	$34.68	+7.9%	Common Stock	15135B101
XOM	Exxon Mobil Corp	2,773,290 (+7.9%)	$333,738 (+15.1%)	0.7%	$90.00	+28.3%	Common Stock	30231G102
J	Jacobs Solutions Inc	3,156,313 (+2.8%)	$418,085 (-9.1%)	0.9%	$117.85	+24.2%	Common Stock	46982L108
CRH	CRH PLC	3,445,819 (+4.8%)	$430,081 (+9.1%)	0.9%	$88.08	+35.3%	Common Stock	G25508105
DASH	DoorDash Inc	997,706 (+4.7%)	$225,960 (-12.8%)	0.5%	$250.10	-6.2%	Common Stock	25809K105
PAAS	Pan American Silver Corp	2,225,237 (+3.2%)	$115,290 (+38.1%)	0.2%	$19.22	+117.7%	Common Stock	697900108
IAG	IAMGOLD Corp	5,144,604 (+22.3%)	$84,835 (+56.0%)	0.2%	$7.91	+78.2%	Common Stock	450913108
HOOD	Robinhood Markets Inc	1,083,276 (+1.6%)	$122,519 (-19.8%)	0.3%	$109.37	+18.9%	Common Stock	770700102
ELV	Elevance Health Inc	499,455 (+10.0%)	$175,084 (+19.3%)	0.4%	$369.77	-8.9%	Common Stock	036752103
QCOM	QUALCOMM Inc	377,093 (+68.3%)	$64,502 (+73.0%)	0.1%	$159.90	+6.8%	Common Stock	747525103
TT	Trane Technologies PLC	674,230 (+20.6%)	$262,410 (+11.2%)	0.6%	$187.98	+120.0%	Common Stock	G8994E103
BROS	Dutch Bros Inc	2,625,483 (+1.5%)	$160,732 (+18.8%)	0.3%	$63.13	-10.0%	Common Stock	26701L100
BAP	Credicorp Ltd	400,531 (+14.7%)	$114,952 (+23.6%)	0.2%	$171.98	+54.0%	Common Stock	G2519Y108
VLO	Valero Energy Corp	168,007 (+408.1%)	$27,350 (+385.8%)	0.1%	$164.69	+2.5%	Common Stock	91913Y100
PLD	Prologis Inc	263,060 (+144.1%)	$33,582 (+172.1%)	0.1%	$115.15	+7.6%	REIT	74340W103
ZTS	Zoetis Inc	1,146,126 (+2.4%)	$144,206 (-11.9%)	0.3%	$170.88	-23.8%	Common Stock	98978V103
VIST	Vista Energy SAB de CV	1,237,870 (+4.2%)	$60,235 (+47.4%)	0.1%	$50.97	—	ADR	92837L109
CTVA	Corteva Inc	858,349 (+52.0%)	$57,535 (+50.6%)	0.1%	$59.08	+9.2%	Common Stock	22052L104
GNRC	Generac Holdings Inc	481,490 (+71.8%)	$65,661 (+40.0%)	0.1%	$169.41	-4.8%	Common Stock	368736104
VALE	Vale SA	7,715,768 (+1.1%)	$100,536 (+21.3%)	0.2%	$12.39	—	ADR	91912E105
MA	Mastercard Inc	1,236,730 (+2.1%)	$706,024 (+2.5%)	1.5%	$338.32	+65.2%	Common Stock	57636Q104
NU	NU Holdings Ltd/Cayman Islands	7,853,707 (+9.1%)	$131,471 (+14.1%)	0.3%	$13.74	+17.0%	Common Stock	G6683N103
USHY	iShares Broad USD High Yield Corporate Bond ETF	864,416 (+86.2%)	$32,325 (+84.3%)	0.1%	$37.43	—	ETP	46435U853
ADBE	Adobe Inc	100,318 (+73.7%)	$35,110 (+72.3%)	0.1%	$429.41	-20.8%	Common Stock	00724F101
WMB	Williams Cos Inc/The	768,819 (+51.0%)	$46,214 (+43.2%)	0.1%	$53.30	+12.7%	Common Stock	969457100
TRU	TransUnion	3,602,070 (+1.9%)	$308,877 (+4.3%)	0.7%	$81.48	+0.8%	Common Stock	89400J107
SNX	TD SYNNEX Corp	2,229,091 (+13.1%)	$334,876 (+3.8%)	0.7%	$119.92	+27.4%	Common Stock	87162W100
HUM	Humana Inc	112,501 (+57.2%)	$28,815 (+54.8%)	0.1%	$261.25	+0.0%	Common Stock	444859102
TTWO	Take-Two Interactive Software Inc	1,926,744 (+2.8%)	$493,304 (+1.9%)	1.1%	$170.99	+45.8%	Common Stock	874054109
COP	ConocoPhillips	122,228 (+276.6%)	$11,442 (+272.7%)	0.0%	$89.49	+0.6%	Common Stock	20825C104
AON	Aon PLC	138,223 (+21.2%)	$48,776 (+19.9%)	0.1%	$338.64	+3.1%	Common Stock	G0403H108
YUM	Yum! Brands Inc	150,154 (+50.0%)	$22,715 (+49.3%)	0.0%	$145.34	+1.6%	Common Stock	988498101
HDB	HDFC Bank Ltd	1,492,417 (+6.7%)	$54,533 (+14.1%)	0.1%	$49.44	—	ADR	40415F101
FTI	TechnipFMC PLC	440,185 (+33.5%)	$19,615 (+50.8%)	0.0%	$30.88	+36.7%	Common Stock	G87110105
DAR	Darling Ingredients Inc	518,796 (+28.3%)	$18,677 (+49.6%)	0.0%	$33.50	+1.0%	Common Stock	237266101
CVX	Chevron Corp	417,646 (+12.8%)	$63,653 (+10.7%)	0.1%	$147.01	+3.0%	Common Stock	166764100
STLD	Steel Dynamics Inc	134,186 (+11.9%)	$22,738 (+36.1%)	0.0%	$129.74	+22.1%	Common Stock	858119100
CCC	CCC Intelligent Solutions Holdings Inc	2,867,339 (+48.9%)	$22,795 (+30.0%)	0.0%	$9.17	-11.3%	Common Stock	12510Q100
FANG	Diamondback Energy Inc	112,736 (+35.7%)	$16,948 (+42.6%)	0.0%	$142.48	+3.2%	Common Stock	25278X109
XP	XP Inc	6,186,576 (+9.4%)	$101,274 (-4.6%)	0.2%	$16.87	+4.4%	Common Stock	G98239109
BSX	Boston Scientific Corp	5,444,549 (+1.5%)	$519,138 (-0.9%)	1.1%	$61.05	+60.6%	Common Stock	101137107
PAYC	Paycom Software Inc	103,653 (+4.1%)	$16,518 (-20.3%)	0.0%	$160.12	+10.5%	Common Stock	70432V102
TW	Tradeweb Markets Inc	1,621,694 (+1.0%)	$174,397 (-2.1%)	0.4%	$130.01	-17.4%	Common Stock	892672106
EQT	EQT Corp	228,933 (+44.6%)	$12,271 (+42.4%)	0.0%	$53.15	+5.6%	Common Stock	26884L109
BKR	Baker Hughes Co	469,329 (+28.6%)	$21,373 (+20.2%)	0.0%	$38.16	+24.0%	Common Stock	05722G100
TRGP	Targa Resources Corp	97,731 (+12.6%)	$18,031 (+24.0%)	0.0%	$150.62	+11.6%	Common Stock	87612G101
MCK	McKesson Corp	42,244 (+4.1%)	$34,652 (+10.5%)	0.1%	$173.47	+370.2%	Common Stock	58155Q103
TFPM	Triple Flag Precious Metals Corp	733,987 (+1.1%)	$24,423 (+14.9%)	0.1%	$13.82	+126.3%	Common Stock	89679M104
HII	Huntington Ingalls Industries Inc	44,802 (+4.1%)	$15,236 (+22.9%)	0.0%	$191.98	+61.2%	Common Stock	446413106
SLB	SLB Ltd	470,037 (+4.1%)	$18,040 (+16.2%)	0.0%	$38.55	-6.5%	Common Stock	806857108
CSGP	CoStar Group Inc	354,804 (+13.9%)	$23,857 (-9.2%)	0.1%	$72.70	-2.6%	Common Stock	22160N109
WST	West Pharmaceutical Services Inc	101,888 (+4.1%)	$28,033 (+9.1%)	0.1%	$295.44	-7.5%	Common Stock	955306105
AXP	American Express Co	44,559 (+4.1%)	$16,485 (+15.9%)	0.0%	$107.48	+232.1%	Common Stock	025816109
SABR	Sabre Corp	5,236,534 (+4.1%)	$7,122 (-22.6%)	0.0%	$2.53	-31.9%	Common Stock	78573M104
MOS	Mosaic Co/The	855,286 (+30.8%)	$20,604 (-9.1%)	0.0%	$26.65	+0.4%	Common Stock	61945C103
HURN	Huron Consulting Group Inc	59,689 (+5.2%)	$10,321 (+23.9%)	0.0%	$137.72	+18.9%	Common Stock	447462102
INTC	Intel Corp	409,673 (+4.1%)	$15,117 (+14.5%)	0.0%	$32.59	+15.9%	Common Stock	458140100
FTS	Fortis Inc/Canada	127,809 (+34.6%)	$6,654 (+38.1%)	0.0%	$48.43	+5.0%	Common Stock	349553107
GLPI	Gaming and Leisure Properties Inc	2,208,242 (+2.8%)	$98,686 (-1.5%)	0.2%	$44.97	—	REIT	36467J108
ALC	Alcon AG	246,275 (+1.9%)	$19,421 (+7.8%)	0.0%	$73.22	+5.2%	Common Stock	H01301128
XRAY	DENTSPLY SIRONA Inc	1,226,322 (+4.1%)	$14,017 (-6.3%)	0.0%	$14.82	-20.8%	Common Stock	24906P109
ICE	Intercontinental Exchange Inc	1,595,231 (+3.7%)	$258,364 (-0.3%)	0.6%	$111.98	+39.5%	Common Stock	45866F104
PG	Procter & Gamble Co/The	250,978 (+5.2%)	$35,968 (-1.8%)	0.1%	$109.62	+34.3%	Common Stock	742718109
OLPX	Olaplex Holdings Inc	3,525,027 (+4.1%)	$4,724 (+6.5%)	0.0%	$1.86	-36.2%	Common Stock	679369108
CF	CF Industries Holdings Inc	115,031 (+12.7%)	$8,897 (-2.8%)	0.0%	$82.15	-0.3%	Common Stock	125269100
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	9,570 (+46.8%)	$506 (+46.4%)	0.0%	$52.73	—	ETP	464288646
KSPI	Kaspi.KZ JSC	215,198 (+4.1%)	$16,813 (-0.4%)	0.0%	$119.96	—	ADR	48581R205
MMYT	MakeMyTrip Ltd	94,655 (+14.7%)	$7,773 (+0.7%)	0.0%	$100.57	-18.4%	Common Stock	V5633W109
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	3,110 (+19.2%)	$260 (+18.6%)	0.0%	$83.75	—	ETP	92206C870

Exited Positions (8)

AZO AutoZone Inc 0.6%

Value ($000) $286,262 Shares 66,724 Est. Cost $3633.64 Unrealized +4.0%

SNPS Synopsys Inc 0.5%

Value ($000) $249,851 Shares 506,396 Est. Cost $565.30 Unrealized -21.4%

RBLX ROBLOX Corp 0.5%

Value ($000) $237,039 Shares 1,711,226 Est. Cost $62.86 Unrealized +68.9%

NTRA Natera Inc 0.1%

Value ($000) $55,402 Shares 344,173 Est. Cost $157.80 Unrealized +32.2%

QRVO Qorvo Inc 0.1%

Value ($000) $37,642 Shares 413,285 Est. Cost $98.14 Unrealized -10.1%

AMAT Applied Materials Inc 0.1%

Value ($000) $30,739 Shares 150,137 Est. Cost $157.45 Unrealized +52.1%

ABEV Ambev SA 0.0%

Value ($000) $3,162 Shares 1,417,785 Est. Cost $2.62 Unrealized —

DBRG DigitalBridge Group Inc 0.0%

Value ($000) $1,895 Shares 161,925 Est. Cost $9.51 Unrealized +26.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AutoZone Inc	66,724	$286,262	0.6%	$3633.64	+4.0%	—	053332102
SNPS	Synopsys Inc	506,396	$249,851	0.5%	$565.30	-21.4%	—	871607107
RBLX	ROBLOX Corp	1,711,226	$237,039	0.5%	$62.86	+68.9%	—	771049103
NTRA	Natera Inc	344,173	$55,402	0.1%	$157.80	+32.2%	—	632307104
QRVO	Qorvo Inc	413,285	$37,642	0.1%	$98.14	-10.1%	—	74736K101
AMAT	Applied Materials Inc	150,137	$30,739	0.1%	$157.45	+52.1%	—	038222105
ABEV	Ambev SA	1,417,785	$3,162	0.0%	$2.62	—	—	02319V103
DBRG	DigitalBridge Group Inc	161,925	$1,895	0.0%	$9.51	+26.2%	—	25401T603

Decreased Positions (78)

MSFT Microsoft Corp 6.8%

Value ($000) $3,188,455 (-17.4%) Shares 6,592,893 (-11.5%) Est. Cost $150.51 Unrealized +232.6%

SE Sea Ltd 0.0%

Value ($000) $6,436 (-97.6%) Shares 50,450 (-96.6%) Est. Cost $109.84 Unrealized —

LNG Cheniere Energy Inc 0.4%

Value ($000) $171,173 (-54.8%) Shares 880,563 (-45.4%) Est. Cost $206.51 Unrealized +1.7%

ADSK Autodesk Inc 2.9%

Value ($000) $1,373,870 (-12.6%) Shares 4,641,297 (-6.2%) Est. Cost $248.57 Unrealized +21.7%

RACE Ferrari NV 0.7%

Value ($000) $338,785 (-28.4%) Shares 905,123 (-7.5%) Est. Cost $479.13 Unrealized -16.5%

TWLO Twilio Inc 0.0%

Value ($000) $17,631 (-88.3%) Shares 123,952 (-91.8%) Est. Cost $106.33 Unrealized +16.5%

CPNG Coupang Inc 0.0%

Value ($000) $145 (-99.9%) Shares 6,167 (-99.8%) Est. Cost $24.72 Unrealized +15.1%

B Barrick Mining Corp 1.2%

Value ($000) $581,458 (+28.5%) Shares 13,351,515 (-3.3%) Est. Cost $19.29 Unrealized +94.0%

JPM JPMorgan Chase & Co 1.4%

Value ($000) $651,403 (-12.8%) Shares 2,021,611 (-14.6%) Est. Cost $219.22 Unrealized +41.2%

AMZN Amazon.com Inc 2.2%

Value ($000) $1,023,676 (-8.5%) Shares 4,434,952 (-12.9%) Est. Cost $148.71 Unrealized +53.8%

ADP Automatic Data Processing Inc 1.3%

Value ($000) $610,949 (-13.4%) Shares 2,375,108 (-1.2%) Est. Cost $191.82 Unrealized +38.1%

VRSN VeriSign Inc 1.1%

Value ($000) $503,034 (-14.7%) Shares 2,070,523 (-1.9%) Est. Cost $164.36 Unrealized +52.6%

CHKP Check Point Software Technologies Ltd 1.0%

Value ($000) $473,134 (-12.1%) Shares 2,549,763 (-2.0%) Est. Cost $118.65 Unrealized +62.9%

ALGN Align Technology Inc 0.7%

Value ($000) $347,793 (+22.5%) Shares 2,227,303 (-1.8%) Est. Cost $239.73 Unrealized -40.2%

GS Goldman Sachs Group Inc/The 0.9%

Value ($000) $428,903 (-12.5%) Shares 487,944 (-20.7%) Est. Cost $581.72 Unrealized +39.8%

INTU Intuit Inc 2.0%

Value ($000) $922,265 (-5.2%) Shares 1,392,267 (-2.3%) Est. Cost $264.02 Unrealized +150.2%

ACM AECOM 0.3%

Value ($000) $123,234 (-28.4%) Shares 1,292,712 (-2.0%) Est. Cost $91.58 Unrealized +28.0%

Z Zillow Group Inc 0.7%

Value ($000) $324,046 (-12.8%) Shares 4,750,009 (-1.6%) Est. Cost $57.07 Unrealized +26.9%

EW Edwards Lifesciences Corp 1.4%

Value ($000) $659,404 (+7.2%) Shares 7,734,946 (-2.2%) Est. Cost $73.32 Unrealized +11.9%

BKNG Booking Holdings Inc 2.4%

Value ($000) $1,116,399 (-3.6%) Shares 208,465 (-2.8%) Est. Cost $2038.82 Unrealized +152.0%

OKTA Okta Inc 0.3%

Value ($000) $150,200 (-18.3%) Shares 1,737,024 (-13.3%) Est. Cost $100.80 Unrealized -13.4%

NEE NextEra Energy Inc 0.3%

Value ($000) $152,697 (-17.4%) Shares 1,902,061 (-22.3%) Est. Cost $66.75 Unrealized +23.6%

TSM Taiwan Semiconductor Manufacturing Co Ltd 1.3%

Value ($000) $611,696 (+4.8%) Shares 2,012,887 (-3.6%) Est. Cost $63.82 Unrealized —

AU Anglogold Ashanti Plc 0.4%

Value ($000) $169,563 (+19.4%) Shares 1,988,304 (-1.5%) Est. Cost $25.62 Unrealized +202.5%

AMT American Tower Corp 0.0%

Value ($000) $5,369 (-83.4%) Shares 30,581 (-81.8%) Est. Cost $206.03 Unrealized -12.5%

NEM Newmont Corp 0.6%

Value ($000) $263,037 (-8.8%) Shares 2,634,317 (-23.0%) Est. Cost $46.90 Unrealized +92.3%

DAL Delta Air Lines Inc 0.5%

Value ($000) $243,223 (+11.0%) Shares 3,504,661 (-9.2%) Est. Cost $58.27 Unrealized +7.2%

SPGI S&P Global Inc 1.0%

Value ($000) $481,322 (+5.1%) Shares 921,032 (-2.1%) Est. Cost $239.77 Unrealized +106.1%

MCO Moody's Corp 0.9%

Value ($000) $427,000 (+5.0%) Shares 835,862 (-2.1%) Est. Cost $189.36 Unrealized +157.4%

KGC Kinross Gold Corp 0.1%

Value ($000) $28,915 (-32.7%) Shares 1,025,239 (-40.8%) Est. Cost $10.13 Unrealized +156.4%

SCHW Charles Schwab Corp/The 0.1%

Value ($000) $60,702 (-17.3%) Shares 607,564 (-21.0%) Est. Cost $50.71 Unrealized +86.8%

INDA iShares MSCI India ETF 0.0%

Value ($000) $16,743 (-42.1%) Shares 309,763 (-44.3%) Est. Cost $47.43 Unrealized —

MNST Monster Beverage Corp 1.4%

Value ($000) $658,307 (-1.8%) Shares 8,586,241 (-13.8%) Est. Cost $55.11 Unrealized +30.0%

PLNT Planet Fitness Inc 0.8%

Value ($000) $371,131 (+3.3%) Shares 3,421,505 (-1.2%) Est. Cost $97.91 Unrealized +5.1%

ORLY O'Reilly Automotive Inc 0.0%

Value ($000) $10,319 (-53.2%) Shares 113,133 (-44.6%) Est. Cost $87.48 Unrealized +11.7%

ICLR ICON PLC 1.2%

Value ($000) $536,785 (+2.0%) Shares 2,945,810 (-2.0%) Est. Cost $202.62 Unrealized -12.1%

CDNS Cadence Design Systems Inc 0.1%

Value ($000) $50,491 (-17.4%) Shares 161,531 (-7.2%) Est. Cost $183.26 Unrealized +78.1%

TEL TE Connectivity PLC 0.2%

Value ($000) $109,193 (-8.9%) Shares 479,947 (-12.1%) Est. Cost $146.90 Unrealized +57.4%

V Visa Inc 4.6%

Value ($000) $2,144,537 (+0.5%) Shares 6,114,846 (-2.2%) Est. Cost $134.95 Unrealized +152.2%

TECK Teck Resources Ltd 0.1%

Value ($000) $60,397 (-13.5%) Shares 1,260,797 (-20.7%) Est. Cost $36.51 Unrealized +18.7%

IBN ICICI Bank Ltd 0.6%

Value ($000) $278,279 (-3.2%) Shares 9,338,223 (-1.8%) Est. Cost $31.47 Unrealized —

ASML ASML Holding NV 0.1%

Value ($000) $45,925 (-15.5%) Shares 42,926 (-23.6%) Est. Cost $587.52 Unrealized —

HL Hecla Mining Co 0.2%

Value ($000) $82,729 (+9.9%) Shares 4,311,047 (-30.7%) Est. Cost $5.34 Unrealized +186.2%

EA Electronic Arts Inc 1.8%

Value ($000) $849,342 (-0.9%) Shares 4,156,717 (-2.1%) Est. Cost $122.36 Unrealized +64.8%

BA Boeing Co/The 0.4%

Value ($000) $186,030 (-3.5%) Shares 856,809 (-4.1%) Est. Cost $225.47 Unrealized -8.8%

VEEV Veeva Systems Inc 0.0%

Value ($000) $18,158 (-26.6%) Shares 81,340 (-2.0%) Est. Cost $197.16 Unrealized +34.6%

TX Ternium SA 0.2%

Value ($000) $70,452 (-8.1%) Shares 1,844,769 (-16.5%) Est. Cost $32.10 Unrealized —

BEPC Brookfield Renewable Corp 0.0%

Value ($000) $10,054 (-35.9%) Shares 262,230 (-42.4%) Est. Cost $28.39 Unrealized +40.9%

SRLN State Street Blackstone Senior Loan ETF 0.0%

Value ($000) $20,618 (-20.4%) Shares 499,591 (-19.8%) Est. Cost $41.46 Unrealized —

IDXX IDEXX Laboratories Inc 0.0%

Value ($000) $18,030 (-20.6%) Shares 26,650 (-25.1%) Est. Cost $441.92 Unrealized +54.1%

CCI Crown Castle Inc 0.1%

Value ($000) $36,428 (-10.8%) Shares 409,900 (-3.1%) Est. Cost $122.87 Unrealized -25.9%

DLB Dolby Laboratories Inc 0.1%

Value ($000) $25,618 (-13.8%) Shares 398,913 (-2.9%) Est. Cost $80.89 Unrealized -17.7%

AEM Agnico Eagle Mines Ltd 0.1%

Value ($000) $27,883 (-12.0%) Shares 164,412 (-12.6%) Est. Cost $118.43 Unrealized +41.7%

NKE NIKE Inc 0.1%

Value ($000) $27,743 (-11.5%) Shares 435,461 (-3.2%) Est. Cost $94.72 Unrealized -31.5%

AGCO AGCO Corp 0.1%

Value ($000) $66,978 (-4.3%) Shares 642,042 (-1.8%) Est. Cost $109.75 Unrealized -3.4%

AVGO Broadcom Inc 2.7%

Value ($000) $1,242,110 (+0.2%) Shares 3,588,876 (-4.5%) Est. Cost $164.36 Unrealized +117.2%

SRE Sempra 0.0%

Value ($000) $8,746 (-21.1%) Shares 99,056 (-19.6%) Est. Cost $72.59 Unrealized +24.7%

CP Canadian Pacific Kansas City Ltd 0.2%

Value ($000) $73,850 (-3.0%) Shares 1,001,782 (-2.0%) Est. Cost $76.08 Unrealized -3.3%

BIPC Brookfield Infrastructure Corp 0.0%

Value ($000) $11,751 (-15.2%) Shares 258,831 (-23.2%) Est. Cost $37.46 Unrealized +20.2%

UNH UnitedHealth Group Inc 0.1%

Value ($000) $30,720 (-6.3%) Shares 93,059 (-2.0%) Est. Cost $150.97 Unrealized +123.4%

TTEK Tetra Tech Inc 0.2%

Value ($000) $94,012 (-1.9%) Shares 2,802,991 (-2.3%) Est. Cost $41.44 Unrealized -18.4%

VLTO Veralto Corp 0.0%

Value ($000) $8,495 (-17.0%) Shares 85,140 (-11.3%) Est. Cost $90.13 Unrealized +12.1%

SYK Stryker Corp 0.0%

Value ($000) $20,251 (-7.6%) Shares 57,619 (-2.8%) Est. Cost $252.67 Unrealized +43.8%

SHYG iShares 0-5 Year High Yield Corporate Bond ETF 0.1%

Value ($000) $24,768 (-6.2%) Shares 577,751 (-5.2%) Est. Cost $42.52 Unrealized —

ACN Accenture PLC 0.1%

Value ($000) $58,873 (+2.8%) Shares 219,428 (-5.5%) Est. Cost $241.57 Unrealized +5.2%

HD Home Depot Inc/The 0.0%

Value ($000) $6,026 (-20.7%) Shares 17,511 (-6.6%) Est. Cost $311.78 Unrealized +16.9%

DHR Danaher Corp 0.0%

Value ($000) $7,575 (-15.3%) Shares 33,088 (-26.7%) Est. Cost $221.58 Unrealized -0.9%

PEP PepsiCo Inc 0.0%

Value ($000) $11,171 (-10.7%) Shares 77,837 (-12.6%) Est. Cost $120.34 Unrealized +21.2%

MRK Merck & Co Inc 0.0%

Value ($000) $12,514 (+11.6%) Shares 118,890 (-11.0%) Est. Cost $86.19 Unrealized +8.2%

IR Ingersoll Rand Inc 0.0%

Value ($000) $7,181 (-14.9%) Shares 90,648 (-11.3%) Est. Cost $79.09 Unrealized -0.2%

KLAC KLA Corp 0.0%

Value ($000) $5,972 (-14.2%) Shares 4,915 (-23.9%) Est. Cost $430.96 Unrealized +171.9%

DE Deere & Co 0.1%

Value ($000) $29,476 (-2.9%) Shares 63,312 (-4.6%) Est. Cost $484.68 Unrealized -3.5%

MELI MercadoLibre Inc 0.0%

Value ($000) $2,967 (-21.5%) Shares 1,473 (-9.0%) Est. Cost $1711.89 Unrealized +22.7%

GOOG Alphabet Inc 0.1%

Value ($000) $29,815 (+2.6%) Shares 95,012 (-20.4%) Est. Cost $164.85 Unrealized +73.7%

NOV NOV Inc 0.0%

Value ($000) $19,586 (+3.6%) Shares 1,253,097 (-12.2%) Est. Cost $13.61 Unrealized +9.0%

ASX ASE Technology Holding Co Ltd 0.0%

Value ($000) $1,604 (+19.1%) Shares 99,658 (-17.9%) Est. Cost $11.14 Unrealized —

BR Broadridge Financial Solutions Inc 0.0%

Value ($000) $475 (-25.6%) Shares 2,128 (-20.6%) Est. Cost $112.23 Unrealized +102.5%

CSCO Cisco Systems Inc 0.0%

Value ($000) $9,255 (-1.3%) Shares 120,144 (-12.3%) Est. Cost $49.34 Unrealized +49.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp	6,592,893 (-11.5%)	$3,188,455 (-17.4%)	6.8%	$150.51	+232.6%	Common Stock	594918104
SE	Sea Ltd	50,450 (-96.6%)	$6,436 (-97.6%)	0.0%	$109.84	—	ADR	81141R100
LNG	Cheniere Energy Inc	880,563 (-45.4%)	$171,173 (-54.8%)	0.4%	$206.51	+1.7%	Common Stock	16411R208
ADSK	Autodesk Inc	4,641,297 (-6.2%)	$1,373,870 (-12.6%)	2.9%	$248.57	+21.7%	Common Stock	052769106
RACE	Ferrari NV	905,123 (-7.5%)	$338,785 (-28.4%)	0.7%	$479.13	-16.5%	Common Stock	N3167Y103
TWLO	Twilio Inc	123,952 (-91.8%)	$17,631 (-88.3%)	0.0%	$106.33	+16.5%	Common Stock	90138F102
CPNG	Coupang Inc	6,167 (-99.8%)	$145 (-99.9%)	0.0%	$24.72	+15.1%	Common Stock	22266T109
B	Barrick Mining Corp	13,351,515 (-3.3%)	$581,458 (+28.5%)	1.2%	$19.29	+94.0%	Common Stock	06849F108
JPM	JPMorgan Chase & Co	2,021,611 (-14.6%)	$651,403 (-12.8%)	1.4%	$219.22	+41.2%	Common Stock	46625H100
AMZN	Amazon.com Inc	4,434,952 (-12.9%)	$1,023,676 (-8.5%)	2.2%	$148.71	+53.8%	Common Stock	023135106
ADP	Automatic Data Processing Inc	2,375,108 (-1.2%)	$610,949 (-13.4%)	1.3%	$191.82	+38.1%	Common Stock	053015103
VRSN	VeriSign Inc	2,070,523 (-1.9%)	$503,034 (-14.7%)	1.1%	$164.36	+52.6%	Common Stock	92343E102
CHKP	Check Point Software Technologies Ltd	2,549,763 (-2.0%)	$473,134 (-12.1%)	1.0%	$118.65	+62.9%	Common Stock	M22465104
ALGN	Align Technology Inc	2,227,303 (-1.8%)	$347,793 (+22.5%)	0.7%	$239.73	-40.2%	Common Stock	016255101
GS	Goldman Sachs Group Inc/The	487,944 (-20.7%)	$428,903 (-12.5%)	0.9%	$581.72	+39.8%	Common Stock	38141G104
INTU	Intuit Inc	1,392,267 (-2.3%)	$922,265 (-5.2%)	2.0%	$264.02	+150.2%	Common Stock	461202103
ACM	AECOM	1,292,712 (-2.0%)	$123,234 (-28.4%)	0.3%	$91.58	+28.0%	Common Stock	00766T100
Z	Zillow Group Inc	4,750,009 (-1.6%)	$324,046 (-12.8%)	0.7%	$57.07	+26.9%	Common Stock	98954M200
EW	Edwards Lifesciences Corp	7,734,946 (-2.2%)	$659,404 (+7.2%)	1.4%	$73.32	+11.9%	Common Stock	28176E108
BKNG	Booking Holdings Inc	208,465 (-2.8%)	$1,116,399 (-3.6%)	2.4%	$2038.82	+152.0%	Common Stock	09857L108
OKTA	Okta Inc	1,737,024 (-13.3%)	$150,200 (-18.3%)	0.3%	$100.80	-13.4%	Common Stock	679295105
NEE	NextEra Energy Inc	1,902,061 (-22.3%)	$152,697 (-17.4%)	0.3%	$66.75	+23.6%	Common Stock	65339F101
TSM	Taiwan Semiconductor Manufacturing Co Ltd	2,012,887 (-3.6%)	$611,696 (+4.8%)	1.3%	$63.82	—	ADR	874039100
AU	Anglogold Ashanti Plc	1,988,304 (-1.5%)	$169,563 (+19.4%)	0.4%	$25.62	+202.5%	Common Stock	G0378L100
AMT	American Tower Corp	30,581 (-81.8%)	$5,369 (-83.4%)	0.0%	$206.03	-12.5%	REIT	03027X100
NEM	Newmont Corp	2,634,317 (-23.0%)	$263,037 (-8.8%)	0.6%	$46.90	+92.3%	Common Stock	651639106
DAL	Delta Air Lines Inc	3,504,661 (-9.2%)	$243,223 (+11.0%)	0.5%	$58.27	+7.2%	Common Stock	247361702
SPGI	S&P Global Inc	921,032 (-2.1%)	$481,322 (+5.1%)	1.0%	$239.77	+106.1%	Common Stock	78409V104
MCO	Moody's Corp	835,862 (-2.1%)	$427,000 (+5.0%)	0.9%	$189.36	+157.4%	Common Stock	615369105
KGC	Kinross Gold Corp	1,025,239 (-40.8%)	$28,915 (-32.7%)	0.1%	$10.13	+156.4%	Common Stock	496902404
SCHW	Charles Schwab Corp/The	607,564 (-21.0%)	$60,702 (-17.3%)	0.1%	$50.71	+86.8%	Common Stock	808513105
INDA	iShares MSCI India ETF	309,763 (-44.3%)	$16,743 (-42.1%)	0.0%	$47.43	—	ETP	46429B598
MNST	Monster Beverage Corp	8,586,241 (-13.8%)	$658,307 (-1.8%)	1.4%	$55.11	+30.0%	Common Stock	61174X109
PLNT	Planet Fitness Inc	3,421,505 (-1.2%)	$371,131 (+3.3%)	0.8%	$97.91	+5.1%	Common Stock	72703H101
ORLY	O'Reilly Automotive Inc	113,133 (-44.6%)	$10,319 (-53.2%)	0.0%	$87.48	+11.7%	Common Stock	67103H107
ICLR	ICON PLC	2,945,810 (-2.0%)	$536,785 (+2.0%)	1.2%	$202.62	-12.1%	Common Stock	G4705A100
CDNS	Cadence Design Systems Inc	161,531 (-7.2%)	$50,491 (-17.4%)	0.1%	$183.26	+78.1%	Common Stock	127387108
TEL	TE Connectivity PLC	479,947 (-12.1%)	$109,193 (-8.9%)	0.2%	$146.90	+57.4%	Common Stock	G87052109
V	Visa Inc	6,114,846 (-2.2%)	$2,144,537 (+0.5%)	4.6%	$134.95	+152.2%	Common Stock	92826C839
TECK	Teck Resources Ltd	1,260,797 (-20.7%)	$60,397 (-13.5%)	0.1%	$36.51	+18.7%	Common Stock	878742204
IBN	ICICI Bank Ltd	9,338,223 (-1.8%)	$278,279 (-3.2%)	0.6%	$31.47	—	ADR	45104G104
ASML	ASML Holding NV	42,926 (-23.6%)	$45,925 (-15.5%)	0.1%	$587.52	—	NY Reg Shrs	N07059210
HL	Hecla Mining Co	4,311,047 (-30.7%)	$82,729 (+9.9%)	0.2%	$5.34	+186.2%	Common Stock	422704106
EA	Electronic Arts Inc	4,156,717 (-2.1%)	$849,342 (-0.9%)	1.8%	$122.36	+64.8%	Common Stock	285512109
BA	Boeing Co/The	856,809 (-4.1%)	$186,030 (-3.5%)	0.4%	$225.47	-8.8%	Common Stock	097023105
VEEV	Veeva Systems Inc	81,340 (-2.0%)	$18,158 (-26.6%)	0.0%	$197.16	+34.6%	Common Stock	922475108
TX	Ternium SA	1,844,769 (-16.5%)	$70,452 (-8.1%)	0.2%	$32.10	—	ADR	880890108
BEPC	Brookfield Renewable Corp	262,230 (-42.4%)	$10,054 (-35.9%)	0.0%	$28.39	+40.9%	Common Stock	11285B108
SRLN	State Street Blackstone Senior Loan ETF	499,591 (-19.8%)	$20,618 (-20.4%)	0.0%	$41.46	—	ETP	78467V608
IDXX	IDEXX Laboratories Inc	26,650 (-25.1%)	$18,030 (-20.6%)	0.0%	$441.92	+54.1%	Common Stock	45168D104
CCI	Crown Castle Inc	409,900 (-3.1%)	$36,428 (-10.8%)	0.1%	$122.87	-25.9%	REIT	22822V101
DLB	Dolby Laboratories Inc	398,913 (-2.9%)	$25,618 (-13.8%)	0.1%	$80.89	-17.7%	Common Stock	25659T107
AEM	Agnico Eagle Mines Ltd	164,412 (-12.6%)	$27,883 (-12.0%)	0.1%	$118.43	+41.7%	Common Stock	008474108
NKE	NIKE Inc	435,461 (-3.2%)	$27,743 (-11.5%)	0.1%	$94.72	-31.5%	Common Stock	654106103
AGCO	AGCO Corp	642,042 (-1.8%)	$66,978 (-4.3%)	0.1%	$109.75	-3.4%	Common Stock	001084102
AVGO	Broadcom Inc	3,588,876 (-4.5%)	$1,242,110 (+0.2%)	2.7%	$164.36	+117.2%	Common Stock	11135F101
SRE	Sempra	99,056 (-19.6%)	$8,746 (-21.1%)	0.0%	$72.59	+24.7%	Common Stock	816851109
CP	Canadian Pacific Kansas City Ltd	1,001,782 (-2.0%)	$73,850 (-3.0%)	0.2%	$76.08	-3.3%	Common Stock	13646K108
BIPC	Brookfield Infrastructure Corp	258,831 (-23.2%)	$11,751 (-15.2%)	0.0%	$37.46	+20.2%	Common Stock	11276H106
UNH	UnitedHealth Group Inc	93,059 (-2.0%)	$30,720 (-6.3%)	0.1%	$150.97	+123.4%	Common Stock	91324P102
TTEK	Tetra Tech Inc	2,802,991 (-2.3%)	$94,012 (-1.9%)	0.2%	$41.44	-18.4%	Common Stock	88162G103
VLTO	Veralto Corp	85,140 (-11.3%)	$8,495 (-17.0%)	0.0%	$90.13	+12.1%	Common Stock	92338C103
SYK	Stryker Corp	57,619 (-2.8%)	$20,251 (-7.6%)	0.0%	$252.67	+43.8%	Common Stock	863667101
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	577,751 (-5.2%)	$24,768 (-6.2%)	0.1%	$42.52	—	ETP	46434V407
ACN	Accenture PLC	219,428 (-5.5%)	$58,873 (+2.8%)	0.1%	$241.57	+5.2%	Common Stock	G1151C101
HD	Home Depot Inc/The	17,511 (-6.6%)	$6,026 (-20.7%)	0.0%	$311.78	+16.9%	Common Stock	437076102
DHR	Danaher Corp	33,088 (-26.7%)	$7,575 (-15.3%)	0.0%	$221.58	-0.9%	Common Stock	235851102
PEP	PepsiCo Inc	77,837 (-12.6%)	$11,171 (-10.7%)	0.0%	$120.34	+21.2%	Common Stock	713448108
MRK	Merck & Co Inc	118,890 (-11.0%)	$12,514 (+11.6%)	0.0%	$86.19	+8.2%	Common Stock	58933Y105
IR	Ingersoll Rand Inc	90,648 (-11.3%)	$7,181 (-14.9%)	0.0%	$79.09	-0.2%	Common Stock	45687V106
KLAC	KLA Corp	4,915 (-23.9%)	$5,972 (-14.2%)	0.0%	$430.96	+171.9%	Common Stock	482480100
DE	Deere & Co	63,312 (-4.6%)	$29,476 (-2.9%)	0.1%	$484.68	-3.5%	Common Stock	244199105
MELI	MercadoLibre Inc	1,473 (-9.0%)	$2,967 (-21.5%)	0.0%	$1711.89	+22.7%	Common Stock	58733R102
GOOG	Alphabet Inc	95,012 (-20.4%)	$29,815 (+2.6%)	0.1%	$164.85	+73.7%	Common Stock	02079K107
NOV	NOV Inc	1,253,097 (-12.2%)	$19,586 (+3.6%)	0.0%	$13.61	+9.0%	Common Stock	62955J103
ASX	ASE Technology Holding Co Ltd	99,658 (-17.9%)	$1,604 (+19.1%)	0.0%	$11.14	—	ADR	00215W100
BR	Broadridge Financial Solutions Inc	2,128 (-20.6%)	$475 (-25.6%)	0.0%	$112.23	+102.5%	Common Stock	11133T103
CSCO	Cisco Systems Inc	120,144 (-12.3%)	$9,255 (-1.3%)	0.0%	$49.34	+49.6%	Common Stock	17275R102

Unchanged Positions (42)

GOOGL Alphabet Inc 6.0%

Value ($000) $2,810,949 Shares 8,980,667 Est. Cost $123.31 Unrealized +131.6%

NTES NetEase Inc 1.9%

Value ($000) $866,392 Shares 6,295,537 Est. Cost $113.65 Unrealized —

PINS Pinterest Inc 0.4%

Value ($000) $191,876 Shares 7,411,185 Est. Cost $36.10 Unrealized -20.3%

TKO TKO Group Holdings Inc 2.2%

Value ($000) $1,046,287 Shares 5,006,158 Est. Cost $109.22 Unrealized +77.4%

PM Philip Morris International Inc 2.5%

Value ($000) $1,147,091 Shares 7,151,439 Est. Cost $65.87 Unrealized +133.1%

STNE StoneCo Ltd 0.1%

Value ($000) $62,002 Shares 4,192,190 Est. Cost $18.01 Unrealized —

AGI Alamos Gold Inc 0.2%

Value ($000) $88,109 Shares 2,278,783 Est. Cost $15.33 Unrealized +127.2%

FISV Fiserv Inc 0.0%

Value ($000) $8,047 Shares 119,796 Est. Cost $181.35 Unrealized -53.8%

TXN Texas Instruments Inc 0.2%

Value ($000) $89,829 Shares 517,775 Est. Cost $165.98 Unrealized +2.9%

SPOT Spotify Technology SA 0.0%

Value ($000) $18,134 Shares 31,227 Est. Cost $699.24 Unrealized -10.6%

BABA Alibaba Group Holding Ltd 0.0%

Value ($000) $16,139 Shares 110,102 Est. Cost $113.41 Unrealized —

ROK Rockwell Automation Inc 0.1%

Value ($000) $32,074 Shares 82,437 Est. Cost $248.04 Unrealized +51.3%

HLT Hilton Worldwide Holdings Inc 0.1%

Value ($000) $29,443 Shares 102,500 Est. Cost $237.69 Unrealized +14.5%

DLR Digital Realty Trust Inc 0.0%

Value ($000) $22,433 Shares 145,000 Est. Cost $86.04 Unrealized +89.6%

KSA iShares MSCI Saudi Arabia ETF 0.0%

Value ($000) $21,061 Shares 578,437 Est. Cost $39.59 Unrealized —

YUMC Yum China Holdings Inc 0.0%

Value ($000) $21,565 Shares 451,714 Est. Cost $44.71 Unrealized +2.5%

NWL Newell Brands Inc 0.0%

Value ($000) $4,239 Shares 1,139,601 Est. Cost $5.51 Unrealized -27.7%

VTR Ventas Inc 0.0%

Value ($000) $15,049 Shares 194,483 Est. Cost $43.44 Unrealized +72.6%

SW Smurfit WestRock PLC 0.0%

Value ($000) $14,546 Shares 376,677 Est. Cost $45.03 Unrealized -15.3%

SIRI Sirius XM Holdings Inc 0.0%

Value ($000) $6,840 Shares 342,090 Est. Cost $23.67 Unrealized -9.2%

FDS FactSet Research Systems Inc 0.7%

Value ($000) $346,770 Shares 1,194,976 Est. Cost $245.76 Unrealized +13.9%

CME CME Group Inc 0.2%

Value ($000) $94,419 Shares 345,756 Est. Cost $184.97 Unrealized +46.4%

DHI DR Horton Inc 0.0%

Value ($000) $4,019 Shares 27,904 Est. Cost $122.31 Unrealized +24.3%

LVS Las Vegas Sands Corp 0.0%

Value ($000) $3,463 Shares 53,201 Est. Cost $45.18 Unrealized +35.4%

ZG Zillow Group Inc 0.0%

Value ($000) $6,397 Shares 93,755 Est. Cost $52.05 Unrealized +35.1%

KOF Coca-Cola Femsa SAB de CV 0.0%

Value ($000) $4,128 Shares 43,585 Est. Cost $91.29 Unrealized —

FLUT Flutter Entertainment PLC 0.0%

Value ($000) $1,613 Shares 7,436 Est. Cost $292.68 Unrealized -23.2%

WM Waste Management Inc 0.2%

Value ($000) $82,562 Shares 375,775 Est. Cost $137.04 Unrealized +55.1%

TSLA Tesla Inc 0.0%

Value ($000) $21,945 Shares 48,797 Est. Cost $238.39 Unrealized +86.0%

CPB Campbell's Company/The 0.0%

Value ($000) $1,661 Shares 59,602 Est. Cost $33.79 Unrealized -11.0%

CCU Cia Cervecerias Unidas SA 0.0%

Value ($000) $3,991 Shares 312,746 Est. Cost $11.48 Unrealized —

CNMD CONMED Corp 0.0%

Value ($000) $746 Shares 18,367 Est. Cost $54.50 Unrealized -20.2%

MAR Marriott International Inc/MD 0.0%

Value ($000) $632 Shares 2,037 Est. Cost $249.21 Unrealized +14.5%

BDX Becton Dickinson & Co 0.0%

Value ($000) $1,751 Shares 9,025 Est. Cost $180.47 Unrealized +5.0%

BKLN Invesco Senior Loan ETF 0.0%

Value ($000) $17,782 Shares 846,749 Est. Cost $21.06 Unrealized —

PLG Platinum Group Metals Ltd 0.0%

Value ($000) $232 Shares 98,258 Est. Cost $1.48 Unrealized +62.8%

SAP SAP SE 0.0%

Value ($000) $26 Shares 107 Est. Cost $132.09 Unrealized —

IHG InterContinental Hotels Group PLC 0.0%

Value ($000) $16 Shares 117 Est. Cost $54.91 Unrealized —

JAAA Janus Henderson AAA CLO ETF 0.0%

Value ($000) $136 Shares 2,691 Est. Cost $50.88 Unrealized —

MO Altria Group Inc 0.0%

Value ($000) $4 Shares 62 Est. Cost $55.95 Unrealized +6.1%

NVS Novartis AG 0.0%

Value ($000) $7 Shares 52 Est. Cost $100.97 Unrealized —

BUD Anheuser-Busch InBev SA/NV 0.0%

Value ($000) $6 Shares 99 Est. Cost $67.44 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc	8,980,667	$2,810,949	6.0%	$123.31	+131.6%	Common Stock	02079K305
NTES	NetEase Inc	6,295,537	$866,392	1.9%	$113.65	—	ADR	64110W102
PINS	Pinterest Inc	7,411,185	$191,876	0.4%	$36.10	-20.3%	Common Stock	72352L106
TKO	TKO Group Holdings Inc	5,006,158	$1,046,287	2.2%	$109.22	+77.4%	Common Stock	87256C101
PM	Philip Morris International Inc	7,151,439	$1,147,091	2.5%	$65.87	+133.1%	Common Stock	718172109
STNE	StoneCo Ltd	4,192,190	$62,002	0.1%	$18.01	—	Common Stock	G85158106
AGI	Alamos Gold Inc	2,278,783	$88,109	0.2%	$15.33	+127.2%	Common Stock	011532108
FISV	Fiserv Inc	119,796	$8,047	0.0%	$181.35	-53.8%	Common Stock	337738108
TXN	Texas Instruments Inc	517,775	$89,829	0.2%	$165.98	+2.9%	Common Stock	882508104
SPOT	Spotify Technology SA	31,227	$18,134	0.0%	$699.24	-10.6%	Common Stock	L8681T102
BABA	Alibaba Group Holding Ltd	110,102	$16,139	0.0%	$113.41	—	ADR	01609W102
ROK	Rockwell Automation Inc	82,437	$32,074	0.1%	$248.04	+51.3%	Common Stock	773903109
HLT	Hilton Worldwide Holdings Inc	102,500	$29,443	0.1%	$237.69	+14.5%	Common Stock	43300A203
DLR	Digital Realty Trust Inc	145,000	$22,433	0.0%	$86.04	+89.6%	REIT	253868103
KSA	iShares MSCI Saudi Arabia ETF	578,437	$21,061	0.0%	$39.59	—	ETP	46434V423
YUMC	Yum China Holdings Inc	451,714	$21,565	0.0%	$44.71	+2.5%	Common Stock	98850P109
NWL	Newell Brands Inc	1,139,601	$4,239	0.0%	$5.51	-27.7%	Common Stock	651229106
VTR	Ventas Inc	194,483	$15,049	0.0%	$43.44	+72.6%	REIT	92276F100
SW	Smurfit WestRock PLC	376,677	$14,546	0.0%	$45.03	-15.3%	Common Stock	G8267P108
SIRI	Sirius XM Holdings Inc	342,090	$6,840	0.0%	$23.67	-9.2%	Common Stock	829933100
FDS	FactSet Research Systems Inc	1,194,976	$346,770	0.7%	$245.76	+13.9%	Common Stock	303075105
CME	CME Group Inc	345,756	$94,419	0.2%	$184.97	+46.4%	Common Stock	12572Q105
DHI	DR Horton Inc	27,904	$4,019	0.0%	$122.31	+24.3%	Common Stock	23331A109
LVS	Las Vegas Sands Corp	53,201	$3,463	0.0%	$45.18	+35.4%	Common Stock	517834107
ZG	Zillow Group Inc	93,755	$6,397	0.0%	$52.05	+35.1%	Common Stock	98954M101
KOF	Coca-Cola Femsa SAB de CV	43,585	$4,128	0.0%	$91.29	—	ADR	191241108
FLUT	Flutter Entertainment PLC	7,436	$1,613	0.0%	$292.68	-23.2%	Common Stock	G3643J108
WM	Waste Management Inc	375,775	$82,562	0.2%	$137.04	+55.1%	Common Stock	94106L109
TSLA	Tesla Inc	48,797	$21,945	0.0%	$238.39	+86.0%	Common Stock	88160R101
CPB	Campbell's Company/The	59,602	$1,661	0.0%	$33.79	-11.0%	Common Stock	134429109
CCU	Cia Cervecerias Unidas SA	312,746	$3,991	0.0%	$11.48	—	ADR	204429104
CNMD	CONMED Corp	18,367	$746	0.0%	$54.50	-20.2%	Common Stock	207410101
MAR	Marriott International Inc/MD	2,037	$632	0.0%	$249.21	+14.5%	Common Stock	571903202
BDX	Becton Dickinson & Co	9,025	$1,751	0.0%	$180.47	+5.0%	Common Stock	075887109
BKLN	Invesco Senior Loan ETF	846,749	$17,782	0.0%	$21.06	—	ETP	46138G508
PLG	Platinum Group Metals Ltd	98,258	$232	0.0%	$1.48	+62.8%	Common Stock	72765Q882
SAP	SAP SE	107	$26	0.0%	$132.09	—	ADR	803054204
IHG	InterContinental Hotels Group PLC	117	$16	0.0%	$54.91	—	ADR	45857P806
JAAA	Janus Henderson AAA CLO ETF	2,691	$136	0.0%	$50.88	—	ETP	47103U845
MO	Altria Group Inc	62	$4	0.0%	$55.95	+6.1%	Common Stock	02209S103
NVS	Novartis AG	52	$7	0.0%	$100.97	—	ADR	66987V109
BUD	Anheuser-Busch InBev SA/NV	99	$6	0.0%	$67.44	—	ADR	03524A108