Orbis Allan Gray Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	2,663,789	$833,766	3.5%	$285.60	0.0%	CAP STK CL A	02079K305
PRAX	PRAXIS PRECISION MEDICINES I	1,255,162	$369,946	1.6%	$186.22	0.0%	COM NEW	74006W207
EQT	EQT CORP	3,479,105	$186,480	0.8%	$56.13	0.0%	COM	26884L109
RNR	RENAISSANCERE HLDGS LTD	634,937	$178,519	0.7%	$263.15	0.0%	COM	G7496G103
TBBB	BBB FOODS INC	3,288,723	$109,810	0.5%	$29.90	0.0%	CL A COM	G0896C103
DYN	DYNE THERAPEUTICS INC	4,801,928	$93,926	0.4%	$18.94	0.0%	COM	26818M108
MRVL	MARVELL TECHNOLOGY INC	904,659	$76,878	0.3%	$87.46	0.0%	COM	573874104
SLGN	SILGAN HLDGS INC	888,720	$35,878	0.2%	$40.58	0.0%	COM	827048109
AR	ANTERO RESOURCES CORP	744,108	$25,642	0.1%	$33.87	0.0%	COM	03674X106
AM	ANTERO MIDSTREAM CORP	1,410,004	$25,084	0.1%	$17.75	0.0%	COM	03676B102
LULU	LULULEMON ATHLETICA INC	93,221	$19,372	0.1%	$181.15	0.0%	COM	550021109
MICC	MAGNUM ICE CREAM CO NV	447,614	$7,095	0.0%	$15.68	0.0%	ORD SHS	N5505D105

Increased Positions (40)

CPAY CORPAY INC 6.3%

Value ($000) $1,501,029 (+26.2%) Shares 4,987,968 (+20.8%) Est. Cost $290.24 Unrealized +0.0%

FBIN FORTUNE BRANDS INNOVATIONS I 1.5%

Value ($000) $363,760 (+543.4%) Shares 7,272,289 (+586.7%) Est. Cost $51.55 Unrealized -3.4%

INSM INSMED INC 3.0%

Value ($000) $727,480 (+55.4%) Shares 4,179,957 (+28.6%) Est. Cost $119.05 Unrealized +53.3%

IQV IQVIA HLDGS INC 1.8%

Value ($000) $428,525 (+133.2%) Shares 1,901,091 (+96.5%) Est. Cost $198.53 Unrealized +9.6%

BRKR BRUKER CORP 2.9%

Value ($000) $702,256 (+52.8%) Shares 14,906,730 (+5.4%) Est. Cost $36.81 Unrealized +14.7%

MSI MOTOROLA SOLUTIONS INC 2.1%

Value ($000) $491,824 (+64.0%) Shares 1,283,065 (+95.6%) Est. Cost $388.19 Unrealized +3.2%

UNH UNITEDHEALTH GROUP INC 3.6%

Value ($000) $852,074 (+24.8%) Shares 2,581,182 (+30.5%) Est. Cost $350.77 Unrealized -3.9%

NEM NEWMONT CORP 2.6%

Value ($000) $631,328 (+32.8%) Shares 6,322,769 (+12.1%) Est. Cost $50.33 Unrealized +79.2%

SRRK SCHOLAR ROCK HLDG CORP 0.6%

Value ($000) $151,044 (+1241.9%) Shares 3,428,929 (+1034.5%) Est. Cost $37.28 Unrealized +0.6%

GMAB GENMAB A/S 1.9%

Value ($000) $444,089 (+30.7%) Shares 14,418,462 (+30.2%) Est. Cost $25.43 Unrealized —

CX CEMEX SAB DE CV 1.7%

Value ($000) $415,165 (+32.3%) Shares 36,132,733 (+3.5%) Est. Cost $7.08 Unrealized —

R RYDER SYS INC 0.8%

Value ($000) $186,533 (+110.3%) Shares 974,620 (+107.3%) Est. Cost $165.20 Unrealized +8.8%

VALE VALE S A 1.0%

Value ($000) $237,696 (+61.2%) Shares 18,242,181 (+34.4%) Est. Cost $10.45 Unrealized —

XPO XPO INC 2.1%

Value ($000) $496,423 (+21.8%) Shares 3,652,589 (+15.8%) Est. Cost $41.60 Unrealized +227.5%

B BARRICK MNG CORP 1.2%

Value ($000) $291,010 (+35.4%) Shares 6,682,200 (+1.9%) Est. Cost $19.84 Unrealized +88.6%

RXO RXO INC 1.8%

Value ($000) $438,327 (-12.5%) Shares 34,677,755 (+6.5%) Est. Cost $21.35 Unrealized -30.9%

OLN OLIN CORP 0.3%

Value ($000) $79,249 (+357.5%) Shares 3,804,561 (+448.9%) Est. Cost $21.52 Unrealized -0.4%

ICLR ICON PLC 3.2%

Value ($000) $767,996 (+6.0%) Shares 4,214,661 (+1.8%) Est. Cost $165.52 Unrealized +7.6%

STE STERIS PLC 2.4%

Value ($000) $570,296 (+8.2%) Shares 2,249,511 (+5.6%) Est. Cost $223.85 Unrealized +12.2%

FSV FIRSTSERVICE CORP NEW 1.3%

Value ($000) $308,677 (+11.4%) Shares 1,984,677 (+36.5%) Est. Cost $172.05 Unrealized -5.6%

CNK CINEMARK HLDGS INC 1.5%

Value ($000) $349,946 (+8.7%) Shares 15,057,911 (+31.0%) Est. Cost $18.35 Unrealized +42.9%

BAH BOOZ ALLEN HAMILTON HLDG COR 0.2%

Value ($000) $47,878 (+136.2%) Shares 567,544 (+179.8%) Est. Cost $94.45 Unrealized -6.3%

ON ON SEMICONDUCTOR CORP 0.2%

Value ($000) $45,799 (+100.6%) Shares 845,781 (+82.6%) Est. Cost $52.03 Unrealized -1.4%

WLK WESTLAKE CORPORATION 1.4%

Value ($000) $324,348 (+7.5%) Shares 4,386,635 (+12.1%) Est. Cost $81.09 Unrealized -12.7%

NKE NIKE INC 0.2%

Value ($000) $42,832 (+81.3%) Shares 672,298 (+98.4%) Est. Cost $69.38 Unrealized -6.5%

SYNA SYNAPTICS INC 0.5%

Value ($000) $113,712 (+19.0%) Shares 1,536,228 (+9.9%) Est. Cost $88.24 Unrealized -20.4%

ENB ENBRIDGE INC 0.3%

Value ($000) $68,870 (+35.3%) Shares 1,439,899 (+42.7%) Est. Cost $42.68 Unrealized +10.4%

EDU NEW ORIENTAL ED & TECHNOLOGY 0.2%

Value ($000) $46,090 (+45.4%) Shares 837,551 (+40.2%) Est. Cost $53.63 Unrealized —

NCMI NATIONAL CINEMEDIA INC 0.2%

Value ($000) $37,048 (+54.8%) Shares 9,523,889 (+79.5%) Est. Cost $4.77 Unrealized -13.1%

PTLO PORTILLOS INC 0.1%

Value ($000) $31,757 (-28.0%) Shares 6,994,844 (+2.3%) Est. Cost $18.50 Unrealized -71.8%

CRC CALIFORNIA RES CORP 0.4%

Value ($000) $86,146 (+16.5%) Shares 1,926,769 (+38.6%) Est. Cost $41.68 Unrealized +13.2%

BKNG BOOKING HOLDINGS INC 0.7%

Value ($000) $164,666 (+8.0%) Shares 30,748 (+8.8%) Est. Cost $2993.68 Unrealized +71.6%

CRSP CRISPR THERAPEUTICS AG 1.3%

Value ($000) $312,026 (-3.4%) Shares 5,950,145 (+19.4%) Est. Cost $51.29 Unrealized +16.8%

SHEL SHELL PLC 0.5%

Value ($000) $108,483 (+6.8%) Shares 1,476,355 (+4.0%) Est. Cost $59.68 Unrealized —

VIPS VIPSHOP HLDGS LTD 0.8%

Value ($000) $191,316 (+1.6%) Shares 10,814,948 (+12.8%) Est. Cost $15.97 Unrealized —

CLBT CELLEBRITE DI LTD 0.1%

Value ($000) $12,091 (+26.3%) Shares 670,613 (+29.8%) Est. Cost $16.23 Unrealized +10.7%

BUR BURFORD CAP LTD 0.5%

Value ($000) $107,500 (-2.2%) Shares 12,051,544 (+31.1%) Est. Cost $11.12 Unrealized -12.0%

KB KB FINL GROUP INC 0.1%

Value ($000) $32,591 (+7.9%) Shares 378,785 (+4.0%) Est. Cost $38.24 Unrealized —

DEO DIAGEO PLC 0.6%

Value ($000) $149,881 (+1.6%) Shares 1,737,346 (+12.4%) Est. Cost $98.81 Unrealized —

MCS MARCUS CORP DEL 0.1%

Value ($000) $29,714 (+7.9%) Shares 1,915,765 (+7.9%) Est. Cost $15.44 Unrealized -3.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPAY	CORPAY INC	4,987,968 (+20.8%)	$1,501,029 (+26.2%)	6.3%	$290.24	+0.0%	COM SHS	219948106
FBIN	FORTUNE BRANDS INNOVATIONS I	7,272,289 (+586.7%)	$363,760 (+543.4%)	1.5%	$51.55	-3.4%	COM	34964C106
INSM	INSMED INC	4,179,957 (+28.6%)	$727,480 (+55.4%)	3.0%	$119.05	+53.3%	COM PAR $.01	457669307
IQV	IQVIA HLDGS INC	1,901,091 (+96.5%)	$428,525 (+133.2%)	1.8%	$198.53	+9.6%	COM	46266C105
BRKR	BRUKER CORP	14,906,730 (+5.4%)	$702,256 (+52.8%)	2.9%	$36.81	+14.7%	COM	116794108
MSI	MOTOROLA SOLUTIONS INC	1,283,065 (+95.6%)	$491,824 (+64.0%)	2.1%	$388.19	+3.2%	COM NEW	620076307
UNH	UNITEDHEALTH GROUP INC	2,581,182 (+30.5%)	$852,074 (+24.8%)	3.6%	$350.77	-3.9%	COM	91324P102
NEM	NEWMONT CORP	6,322,769 (+12.1%)	$631,328 (+32.8%)	2.6%	$50.33	+79.2%	COM	651639106
SRRK	SCHOLAR ROCK HLDG CORP	3,428,929 (+1034.5%)	$151,044 (+1241.9%)	0.6%	$37.28	+0.6%	COM	80706P103
GMAB	GENMAB A/S	14,418,462 (+30.2%)	$444,089 (+30.7%)	1.9%	$25.43	—	SPONSORED ADS	372303206
CX	CEMEX SAB DE CV	36,132,733 (+3.5%)	$415,165 (+32.3%)	1.7%	$7.08	—	SPON ADR NEW	151290889
R	RYDER SYS INC	974,620 (+107.3%)	$186,533 (+110.3%)	0.8%	$165.20	+8.8%	COM	783549108
VALE	VALE S A	18,242,181 (+34.4%)	$237,696 (+61.2%)	1.0%	$10.45	—	SPONSORED ADS	91912E105
XPO	XPO INC	3,652,589 (+15.8%)	$496,423 (+21.8%)	2.1%	$41.60	+227.5%	COM	983793100
B	BARRICK MNG CORP	6,682,200 (+1.9%)	$291,010 (+35.4%)	1.2%	$19.84	+88.6%	COM SHS	06849F108
RXO	RXO INC	34,677,755 (+6.5%)	$438,327 (-12.5%)	1.8%	$21.35	-30.9%	COMMON STOCK	74982T103
OLN	OLIN CORP	3,804,561 (+448.9%)	$79,249 (+357.5%)	0.3%	$21.52	-0.4%	COM PAR $1	680665205
ICLR	ICON PLC	4,214,661 (+1.8%)	$767,996 (+6.0%)	3.2%	$165.52	+7.6%	SHS	G4705A100
STE	STERIS PLC	2,249,511 (+5.6%)	$570,296 (+8.2%)	2.4%	$223.85	+12.2%	SHS USD	G8473T100
FSV	FIRSTSERVICE CORP NEW	1,984,677 (+36.5%)	$308,677 (+11.4%)	1.3%	$172.05	-5.6%	COM	33767E202
CNK	CINEMARK HLDGS INC	15,057,911 (+31.0%)	$349,946 (+8.7%)	1.5%	$18.35	+42.9%	COM	17243V102
BAH	BOOZ ALLEN HAMILTON HLDG COR	567,544 (+179.8%)	$47,878 (+136.2%)	0.2%	$94.45	-6.3%	CL A	099502106
ON	ON SEMICONDUCTOR CORP	845,781 (+82.6%)	$45,799 (+100.6%)	0.2%	$52.03	-1.4%	COM	682189105
WLK	WESTLAKE CORPORATION	4,386,635 (+12.1%)	$324,348 (+7.5%)	1.4%	$81.09	-12.7%	COM	960413102
NKE	NIKE INC	672,298 (+98.4%)	$42,832 (+81.3%)	0.2%	$69.38	-6.5%	CL B	654106103
SYNA	SYNAPTICS INC	1,536,228 (+9.9%)	$113,712 (+19.0%)	0.5%	$88.24	-20.4%	COM	87157D109
ENB	ENBRIDGE INC	1,439,899 (+42.7%)	$68,870 (+35.3%)	0.3%	$42.68	+10.4%	COM	29250N105
EDU	NEW ORIENTAL ED & TECHNOLOGY	837,551 (+40.2%)	$46,090 (+45.4%)	0.2%	$53.63	—	SPON ADR	647581206
NCMI	NATIONAL CINEMEDIA INC	9,523,889 (+79.5%)	$37,048 (+54.8%)	0.2%	$4.77	-13.1%	COM NEW	635309206
PTLO	PORTILLOS INC	6,994,844 (+2.3%)	$31,757 (-28.0%)	0.1%	$18.50	-71.8%	COM CL A	73642K106
CRC	CALIFORNIA RES CORP	1,926,769 (+38.6%)	$86,146 (+16.5%)	0.4%	$41.68	+13.2%	COM STOCK	13057Q305
BKNG	BOOKING HOLDINGS INC	30,748 (+8.8%)	$164,666 (+8.0%)	0.7%	$2993.68	+71.6%	COM	09857L108
CRSP	CRISPR THERAPEUTICS AG	5,950,145 (+19.4%)	$312,026 (-3.4%)	1.3%	$51.29	+16.8%	NAMEN AKT	H17182108
SHEL	SHELL PLC	1,476,355 (+4.0%)	$108,483 (+6.8%)	0.5%	$59.68	—	SPON ADS	780259305
VIPS	VIPSHOP HLDGS LTD	10,814,948 (+12.8%)	$191,316 (+1.6%)	0.8%	$15.97	—	SPONSORED ADS A	92763W103
CLBT	CELLEBRITE DI LTD	670,613 (+29.8%)	$12,091 (+26.3%)	0.1%	$16.23	+10.7%	ORDINARY SHARES	M2197Q107
BUR	BURFORD CAP LTD	12,051,544 (+31.1%)	$107,500 (-2.2%)	0.5%	$11.12	-12.0%	ORD SHS	G17977110
KB	KB FINL GROUP INC	378,785 (+4.0%)	$32,591 (+7.9%)	0.1%	$38.24	—	SPONSORED ADR	48241A105
DEO	DIAGEO PLC	1,737,346 (+12.4%)	$149,881 (+1.6%)	0.6%	$98.81	—	SPON ADR NEW	25243Q205
MCS	MARCUS CORP DEL	1,915,765 (+7.9%)	$29,714 (+7.9%)	0.1%	$15.44	-3.7%	COM	566330106

Exited Positions (9)

MU MICRON TECHNOLOGY INC 1.5%

Value ($000) $362,505 Shares 2,166,539 Est. Cost $72.16 Unrealized +217.8%

CE CELANESE CORP DEL 0.2%

Value ($000) $54,874 Shares 1,304,050 Est. Cost $49.73 Unrealized -18.0%

LYB LYONDELLBASELL INDUSTRIES N 0.2%

Value ($000) $52,189 Shares 1,064,208 Est. Cost $54.04 Unrealized -17.7%

MTZ MASTEC INC 0.2%

Value ($000) $48,265 Shares 226,799 Est. Cost $81.81 Unrealized +156.5%

NAVI NAVIENT CORPORATION 0.2%

Value ($000) $39,755 Shares 3,023,206 Est. Cost $15.09 Unrealized -17.5%

CARG CARGURUS INC 0.1%

Value ($000) $28,510 Shares 765,791 Est. Cost $34.17 Unrealized +5.5%

MCHP MICROCHIP TECHNOLOGY INC. 0.1%

Value ($000) $23,884 Shares 371,911 Est. Cost $54.19 Unrealized +13.2%

BCC BOISE CASCADE CO DEL 0.0%

Value ($000) $8,171 Shares 105,673 Est. Cost $85.22 Unrealized -14.6%

KBR KBR INC 0.0%

Value ($000) $7,702 Shares 162,873 Est. Cost $48.19 Unrealized -11.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	2,166,539	$362,505	1.5%	$72.16	+217.8%	—	595112103
CE	CELANESE CORP DEL	1,304,050	$54,874	0.2%	$49.73	-18.0%	—	150870103
LYB	LYONDELLBASELL INDUSTRIES N	1,064,208	$52,189	0.2%	$54.04	-17.7%	—	N53745100
MTZ	MASTEC INC	226,799	$48,265	0.2%	$81.81	+156.5%	—	576323109
NAVI	NAVIENT CORPORATION	3,023,206	$39,755	0.2%	$15.09	-17.5%	—	63938C108
CARG	CARGURUS INC	765,791	$28,510	0.1%	$34.17	+5.5%	—	141788109
MCHP	MICROCHIP TECHNOLOGY INC.	371,911	$23,884	0.1%	$54.19	+13.2%	—	595017104
BCC	BOISE CASCADE CO DEL	105,673	$8,171	0.0%	$85.22	-14.6%	—	09739D100
KBR	KBR INC	162,873	$7,702	0.0%	$48.19	-11.3%	—	48242W106

Decreased Positions (30)

NBIS NEBIUS GROUP N.V. 1.2%

Value ($000) $279,186 (-80.6%) Shares 3,335,358 (-73.9%) Est. Cost $32.73 Unrealized +216.6%

PDD PDD HOLDINGS INC 0.6%

Value ($000) $132,477 (-85.6%) Shares 1,168,327 (-83.2%) Est. Cost $114.22 Unrealized —

NU NU HLDGS LTD 0.3%

Value ($000) $65,683 (-85.0%) Shares 3,923,704 (-85.6%) Est. Cost $12.50 Unrealized +28.6%

SW SMURFIT WESTROCK PLC 2.3%

Value ($000) $539,712 (-33.1%) Shares 13,956,868 (-26.3%) Est. Cost $46.08 Unrealized -17.2%

ALNY ALNYLAM PHARMACEUTICALS INC 2.7%

Value ($000) $643,485 (-27.7%) Shares 1,618,219 (-17.1%) Est. Cost $229.27 Unrealized +93.0%

SE SEA LTD 1.5%

Value ($000) $346,462 (-37.6%) Shares 2,715,855 (-12.6%) Est. Cost $156.28 Unrealized —

NTES NETEASE INC 2.0%

Value ($000) $466,456 (-26.2%) Shares 3,389,449 (-18.5%) Est. Cost $108.46 Unrealized —

KMI KINDER MORGAN INC DEL 1.2%

Value ($000) $290,029 (-31.2%) Shares 10,550,337 (-29.1%) Est. Cost $19.28 Unrealized +39.6%

BIDU BAIDU INC 0.1%

Value ($000) $33,284 (-75.8%) Shares 254,741 (-75.6%) Est. Cost $131.77 Unrealized —

GLD SPDR GOLD TR 0.9%

Value ($000) $207,582 (-26.0%) Shares 523,786 (-33.6%) Est. Cost $142.36 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 2.5%

Value ($000) $596,394 (-9.2%) Shares 9,273,735 (-2.8%) Est. Cost $36.76 Unrealized +81.9%

AES AES CORP 1.3%

Value ($000) $305,691 (-10.4%) Shares 21,317,334 (-17.8%) Est. Cost $18.34 Unrealized -23.5%

ITUB ITAU UNIBANCO HLDG S A 2.5%

Value ($000) $584,848 (-4.4%) Shares 81,682,615 (-2.0%) Est. Cost $6.16 Unrealized —

GNRC GENERAC HLDGS INC 0.1%

Value ($000) $27,576 (-46.5%) Shares 202,218 (-34.3%) Est. Cost $123.03 Unrealized +31.2%

BTI BRITISH AMERN TOB PLC 2.2%

Value ($000) $526,617 (+4.2%) Shares 9,300,901 (-2.3%) Est. Cost $37.56 Unrealized —

IMAX IMAX CORP 0.8%

Value ($000) $190,408 (+10.9%) Shares 5,151,721 (-1.7%) Est. Cost $20.35 Unrealized +71.4%

CMCL CALEDONIA MNG CORP PLC 0.0%

Value ($000) $5,543 (-76.2%) Shares 211,822 (-67.1%) Est. Cost $10.35 Unrealized +184.1%

DIS DISNEY WALT CO 1.7%

Value ($000) $405,368 (-3.6%) Shares 3,563,050 (-3.0%) Est. Cost $92.58 Unrealized +18.3%

ELV ELEVANCE HEALTH INC FORMERLY 1.8%

Value ($000) $436,416 (+3.2%) Shares 1,244,946 (-4.8%) Est. Cost $365.95 Unrealized -8.0%

HNRG HALLADOR ENERGY COMPANY 0.1%

Value ($000) $28,372 (-24.2%) Shares 1,490,148 (-22.1%) Est. Cost $17.18 Unrealized +17.9%

BWXT BWX TECHNOLOGIES INC 0.2%

Value ($000) $53,497 (-12.7%) Shares 309,516 (-6.8%) Est. Cost $121.32 Unrealized +54.5%

EME EMCOR GROUP INC 0.1%

Value ($000) $32,231 (-16.8%) Shares 52,683 (-11.6%) Est. Cost $472.11 Unrealized +37.1%

GFI GOLD FIELDS LTD 0.5%

Value ($000) $107,464 (-4.1%) Shares 2,461,373 (-7.8%) Est. Cost $12.47 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $21,814 (-12.0%) Shares 45,105 (-5.8%) Est. Cost $350.36 Unrealized +42.9%

DAO YOUDAO INC 0.3%

Value ($000) $69,994 (-3.3%) Shares 6,943,858 (-4.6%) Est. Cost $20.62 Unrealized —

BTU PEABODY ENERGY CORP 0.5%

Value ($000) $130,607 (-0.7%) Shares 4,397,530 (-11.3%) Est. Cost $17.75 Unrealized +65.4%

QXO QXO INC 6.9%

Value ($000) $1,648,996 (+0.0%) Shares 85,484,474 (-1.2%) Est. Cost $29.17 Unrealized -34.3%

G GENPACT LIMITED 0.0%

Value ($000) $9,367 (+4.2%) Shares 200,245 (-6.7%) Est. Cost $35.76 Unrealized +20.9%

HDB HDFC BANK LTD 0.1%

Value ($000) $25,608 (-1.0%) Shares 700,833 (-7.4%) Est. Cost $49.56 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.0%

Value ($000) $1,533 (+1.4%) Shares 5,044 (-6.8%) Est. Cost $226.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NBIS	NEBIUS GROUP N.V.	3,335,358 (-73.9%)	$279,186 (-80.6%)	1.2%	$32.73	+216.6%	SHS CLASS A	N97284108
PDD	PDD HOLDINGS INC	1,168,327 (-83.2%)	$132,477 (-85.6%)	0.6%	$114.22	—	SPONSORED ADS	722304102
NU	NU HLDGS LTD	3,923,704 (-85.6%)	$65,683 (-85.0%)	0.3%	$12.50	+28.6%	ORD SHS CL A	G6683N103
SW	SMURFIT WESTROCK PLC	13,956,868 (-26.3%)	$539,712 (-33.1%)	2.3%	$46.08	-17.2%	SHS	G8267P108
ALNY	ALNYLAM PHARMACEUTICALS INC	1,618,219 (-17.1%)	$643,485 (-27.7%)	2.7%	$229.27	+93.0%	COM	02043Q107
SE	SEA LTD	2,715,855 (-12.6%)	$346,462 (-37.6%)	1.5%	$156.28	—	SPONSORD ADS	81141R100
NTES	NETEASE INC	3,389,449 (-18.5%)	$466,456 (-26.2%)	2.0%	$108.46	—	SPONSORED ADS	64110W102
KMI	KINDER MORGAN INC DEL	10,550,337 (-29.1%)	$290,029 (-31.2%)	1.2%	$19.28	+39.6%	COM	49456B101
BIDU	BAIDU INC	254,741 (-75.6%)	$33,284 (-75.8%)	0.1%	$131.77	—	SPON ADR REP A	056752108
GLD	SPDR GOLD TR	523,786 (-33.6%)	$207,582 (-26.0%)	0.9%	$142.36	—	GOLD SHS	78463V107
IBKR	INTERACTIVE BROKERS GROUP IN	9,273,735 (-2.8%)	$596,394 (-9.2%)	2.5%	$36.76	+81.9%	COM CL A	45841N107
AES	AES CORP	21,317,334 (-17.8%)	$305,691 (-10.4%)	1.3%	$18.34	-23.5%	COM	00130H105
ITUB	ITAU UNIBANCO HLDG S A	81,682,615 (-2.0%)	$584,848 (-4.4%)	2.5%	$6.16	—	SPON ADR REP PFD	465562106
GNRC	GENERAC HLDGS INC	202,218 (-34.3%)	$27,576 (-46.5%)	0.1%	$123.03	+31.2%	COM	368736104
BTI	BRITISH AMERN TOB PLC	9,300,901 (-2.3%)	$526,617 (+4.2%)	2.2%	$37.56	—	SPONSORED ADR	110448107
IMAX	IMAX CORP	5,151,721 (-1.7%)	$190,408 (+10.9%)	0.8%	$20.35	+71.4%	COM	45245E109
CMCL	CALEDONIA MNG CORP PLC	211,822 (-67.1%)	$5,543 (-76.2%)	0.0%	$10.35	+184.1%	SHS NEW	G1757E113
DIS	DISNEY WALT CO	3,563,050 (-3.0%)	$405,368 (-3.6%)	1.7%	$92.58	+18.3%	COM	254687106
ELV	ELEVANCE HEALTH INC FORMERLY	1,244,946 (-4.8%)	$436,416 (+3.2%)	1.8%	$365.95	-8.0%	COM	036752103
HNRG	HALLADOR ENERGY COMPANY	1,490,148 (-22.1%)	$28,372 (-24.2%)	0.1%	$17.18	+17.9%	COM	40609P105
BWXT	BWX TECHNOLOGIES INC	309,516 (-6.8%)	$53,497 (-12.7%)	0.2%	$121.32	+54.5%	COM	05605H100
EME	EMCOR GROUP INC	52,683 (-11.6%)	$32,231 (-16.8%)	0.1%	$472.11	+37.1%	COM	29084Q100
GFI	GOLD FIELDS LTD	2,461,373 (-7.8%)	$107,464 (-4.1%)	0.5%	$12.47	—	SPONSORED ADR	38059T106
MSFT	MICROSOFT CORP	45,105 (-5.8%)	$21,814 (-12.0%)	0.1%	$350.36	+42.9%	COM	594918104
DAO	YOUDAO INC	6,943,858 (-4.6%)	$69,994 (-3.3%)	0.3%	$20.62	—	SPONSORED ADS	98741T104
BTU	PEABODY ENERGY CORP	4,397,530 (-11.3%)	$130,607 (-0.7%)	0.5%	$17.75	+65.4%	COM	704551100
QXO	QXO INC	85,484,474 (-1.2%)	$1,648,996 (+0.0%)	6.9%	$29.17	-34.3%	COM NEW	82846H405
G	GENPACT LIMITED	200,245 (-6.7%)	$9,367 (+4.2%)	0.0%	$35.76	+20.9%	SHS	G3922B107
HDB	HDFC BANK LTD	700,833 (-7.4%)	$25,608 (-1.0%)	0.1%	$49.56	—	SPONSORED ADS	40415F101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	5,044 (-6.8%)	$1,533 (+1.4%)	0.0%	$226.49	—	SPONSORED ADS	874039100

Unchanged Positions (7)

FNV FRANCO NEV CORP 1.2%

Value ($000) $292,097 Shares 1,409,189 Est. Cost $116.41 Unrealized +74.2%

MAR MARRIOTT INTL INC NEW 0.4%

Value ($000) $96,063 Shares 309,641 Est. Cost $208.28 Unrealized +37.0%

MNSO MINISO GROUP HLDG LTD 0.1%

Value ($000) $33,616 Shares 1,792,873 Est. Cost $22.50 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.2%

Value ($000) $36,491 Shares 427,891 Est. Cost $24.87 Unrealized +211.6%

WPM WHEATON PRECIOUS METALS CORP 0.5%

Value ($000) $120,332 Shares 1,023,924 Est. Cost $40.67 Unrealized +163.3%

INTC INTEL CORP 0.1%

Value ($000) $18,269 Shares 495,099 Est. Cost $32.55 Unrealized +16.0%

GXO GXO LOGISTICS INCORPORATED 3.0%

Value ($000) $706,684 Shares 13,424,844 Est. Cost $60.88 Unrealized -13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNV	FRANCO NEV CORP	1,409,189	$292,097	1.2%	$116.41	+74.2%	COM	351858105
MAR	MARRIOTT INTL INC NEW	309,641	$96,063	0.4%	$208.28	+37.0%	CL A	571903202
MNSO	MINISO GROUP HLDG LTD	1,792,873	$33,616	0.1%	$22.50	—	SPONSORED ADS	66981J102
AU	ANGLOGOLD ASHANTI PLC	427,891	$36,491	0.2%	$24.87	+211.6%	COM SHS	G0378L100
WPM	WHEATON PRECIOUS METALS CORP	1,023,924	$120,332	0.5%	$40.67	+163.3%	COM	962879102
INTC	INTEL CORP	495,099	$18,269	0.1%	$32.55	+16.0%	COM	458140100
GXO	GXO LOGISTICS INCORPORATED	13,424,844	$706,684	3.0%	$60.88	-13.7%	COMMON STOCK	36262G101