Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAP	CREDICORP LTD	119,464	$46.54M	7.1%	$389.58	—	COM	G2519Y108
TX	TERNIUM SA	679,328	$29.01M	4.4%	$42.70	—	SPONSORED ADS	880890108
XP	XP INC	1,500,660	$24.4M	3.7%	$16.26	—	CL A	G98239109
CXT	CRANE NXT CO	342,600	$17.53M	2.7%	$51.16	—	COM	224441105
WU	WESTERN UN CO	2,120,585	$16.33M	2.5%	$7.70	—	COM	959802109
VMC	VULCAN MATLS CO	54,300	$16.02M	2.4%	$295.01	—	COM	929160109
GGAL	GRUPO FINANCIERO GALICIA S.A	319,247	$15.97M	2.4%	$50.03	—	SPONSORED ADR	399909100
STNE	STONECO LTD	1,465,500	$15.89M	2.4%	$10.84	—	COM CL A	G85158106
MLM	MARTIN MARIETTA MATLS INC	27,000	$15.57M	2.4%	$576.70	—	COM	573284106
ACN	ACCENTURE PLC IRELAND	124,700	$15.52M	2.4%	$124.44	—	SHS CLASS A	G1151C101
PAX	PATRIA INVESTMENTS LIMITED	1,373,995	$15.09M	2.3%	$10.98	—	COM CL A	G69451105
EVEX	EVE HLDG INC	3,276,673	$8.224M	1.2%	$2.51	—	COM	29970N104

Increased Positions (8)

BCO BRINKS CO 14.1%

Value $93.17M (+116.4%) Shares 986,050 (+137.4%) Est. Cost $107.86 Unrealized —

AVO MISSION PRODUCE INC 7.1%

Value $46.88M (+207.2%) Shares 3,976,272 (+258.5%) Est. Cost $12.19 Unrealized —

DLO DLOCAL LTD 7.8%

Value $51.24M (+74.3%) Shares 3,943,171 (+73.9%) Est. Cost $13.33 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 4.0%

Value $26.48M (+46.2%) Shares 415,100 (+73.0%) Est. Cost $70.55 Unrealized —

MEOH METHANEX CORP 4.2%

Value $27.5M (+42.6%) Shares 595,817 (+83.9%) Est. Cost $46.86 Unrealized —

CEPU CENTRAL PUERTO S A 3.8%

Value $25.32M (+30.8%) Shares 1,704,152 (+48.1%) Est. Cost $10.41 Unrealized —

HRL HORMEL FOODS CORP 4.2%

Value $27.93M (+21.1%) Shares 1,125,162 (+10.5%) Est. Cost $25.22 Unrealized —

SLVM SYLVAMO CORP 2.7%

Value $17.65M (-2.3%) Shares 466,904 (+9.2%) Est. Cost $47.51 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BCO	BRINKS CO	986,050 (+137.4%)	$93.17M (+116.4%)	14.1%	$107.86	—	COM	109696104
AVO	MISSION PRODUCE INC	3,976,272 (+258.5%)	$46.88M (+207.2%)	7.1%	$12.19	—	COM	60510V108
DLO	DLOCAL LTD	3,943,171 (+73.9%)	$51.24M (+74.3%)	7.8%	$13.33	—	CLASS A COM	G29018101
VIST	VISTA ENERGY S.A.B. DE C.V.	415,100 (+73.0%)	$26.48M (+46.2%)	4.0%	$70.55	—	SPONSORED ADS	92837L109
MEOH	METHANEX CORP	595,817 (+83.9%)	$27.5M (+42.6%)	4.2%	$46.86	—	COM	59151K108
CEPU	CENTRAL PUERTO S A	1,704,152 (+48.1%)	$25.32M (+30.8%)	3.8%	$10.41	—	SPONSORED ADR	155038201
HRL	HORMEL FOODS CORP	1,125,162 (+10.5%)	$27.93M (+21.1%)	4.2%	$25.22	—	COM	440452100
SLVM	SYLVAMO CORP	466,904 (+9.2%)	$17.65M (-2.3%)	2.7%	$47.51	—	COMMON STOCK	871332102

Exited Positions (11)

NATL NCR ATLEOS CORPORATION 13.4%

Value $88.41M Shares 2,028,605 Est. Cost $38.62 Unrealized —

MELI MERCADOLIBRE INC 8.6%

Value $56.95M Shares 32,940 Est. Cost $2066.46 Unrealized —

TEO TELECOM ARGENTINA SA 4.4%

Value $29.23M Shares 2,500,000 Est. Cost $10.89 Unrealized —

LILAK LIBERTY LATIN AMERICA LTD 3.7%

Value $24.31M Shares 2,755,775 Est. Cost $6.60 Unrealized —

IFS INTERCORP FINL SVCS INC 2.8%

Value $18.57M Shares 369,900 Est. Cost $47.81 Unrealized —

YPF YPF SOCIEDAD ANONIMA 2.5%

Value $16.81M Shares 363,690 Est. Cost $46.22 Unrealized —

CVGW CALAVO GROWERS INC 2.5%

Value $16.27M Shares 631,037 Est. Cost $21.98 Unrealized —

EMBJ EMBRAER S.A. 1.7%

Value $11.04M Shares 186,125 Est. Cost $59.34 Unrealized —

LILA LIBERTY LATIN AMERICA LTD 1.2%

Value $7.86M Shares 909,742 Est. Cost $6.97 Unrealized —

SXT SENSIENT TECHNOLOGIES CORP 0.6%

Value $3.732M Shares 43,172 Est. Cost $95.69 Unrealized —

GDYN GRID DYNAMICS HLDGS INC 0.5%

Value $3.479M Shares 610,322 Est. Cost $10.92 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NATL	NCR ATLEOS CORPORATION	2,028,605	$88.41M	13.4%	$38.62	—	—	63001N106
MELI	MERCADOLIBRE INC	32,940	$56.95M	8.6%	$2066.46	—	—	58733R102
TEO	TELECOM ARGENTINA SA	2,500,000	$29.23M	4.4%	$10.89	—	—	879273209
LILAK	LIBERTY LATIN AMERICA LTD	2,755,775	$24.31M	3.7%	$6.60	—	—	G9001E128
IFS	INTERCORP FINL SVCS INC	369,900	$18.57M	2.8%	$47.81	—	—	P5626F128
YPF	YPF SOCIEDAD ANONIMA	363,690	$16.81M	2.5%	$46.22	—	—	984245100
CVGW	CALAVO GROWERS INC	631,037	$16.27M	2.5%	$21.98	—	—	128246105
EMBJ	EMBRAER S.A.	186,125	$11.04M	1.7%	$59.34	—	—	29082A107
LILA	LIBERTY LATIN AMERICA LTD	909,742	$7.86M	1.2%	$6.97	—	—	G9001E102
SXT	SENSIENT TECHNOLOGIES CORP	43,172	$3.732M	0.6%	$95.69	—	—	81725T100
GDYN	GRID DYNAMICS HLDGS INC	610,322	$3.479M	0.5%	$10.92	—	—	39813G109

Decreased Positions (5)

TECK TECK RESOURCES LTD 2.0%

Value $13.35M (-48.3%) Shares 224,599 (-55.0%) Est. Cost $51.51 Unrealized —

CPA COPA HOLDINGS SA 0.6%

Value $3.809M (-75.5%) Shares 24,481 (-82.1%) Est. Cost $122.11 Unrealized —

LOMA LOMA NEGRA C I A S A MTN 14 3.3%

Value $22.02M (-19.6%) Shares 1,923,486 (-22.1%) Est. Cost $9.68 Unrealized —

SFD SMITHFIELD FOODS INC 3.9%

Value $25.9M (-17.0%) Shares 1,067,579 (-4.4%) Est. Cost $21.99 Unrealized —

GPRK GEOPARK LTD 2.7%

Value $17.53M (-17.1%) Shares 1,926,723 (-13.4%) Est. Cost $6.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TECK	TECK RESOURCES LTD	224,599 (-55.0%)	$13.35M (-48.3%)	2.0%	$51.51	—	CL B	878742204
CPA	COPA HOLDINGS SA	24,481 (-82.1%)	$3.809M (-75.5%)	0.6%	$122.11	—	CL A	P31076105
LOMA	LOMA NEGRA C I A S A MTN 14	1,923,486 (-22.1%)	$22.02M (-19.6%)	3.3%	$9.68	—	SPONSORED ADS	54150E104
SFD	SMITHFIELD FOODS INC	1,067,579 (-4.4%)	$25.9M (-17.0%)	3.9%	$21.99	—	COM	832248207
GPRK	GEOPARK LTD	1,926,723 (-13.4%)	$17.53M (-17.1%)	2.7%	$6.59	—	USD SHS	G38327105

Unchanged Positions (1)

VZLA VIZSLA SILVER CORP 3.8%

Value $25.01M Shares 7,579,112 Est. Cost $3.58 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VZLA	VIZSLA SILVER CORP	7,579,112	$25.01M	3.8%	$3.58	—	COM NEW	92859G608