Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	118,844	$22.54M	13.7%	$189.62	—	ORD	G0593M107
DB	DEUTSCHE BK AG	438,200	$14.79M	9.0%	$33.76	—	NAMEN AKT	D18190898
ALC	ALCON AG	175,700	$11.79M	7.1%	$67.10	—	ORD SHS	H01301128
ABT	ABBOTT LABORATORIES	4,352	$395K	0.2%	$90.74	—	COM	002824100
GDX	VANECK ETF TRUST	4,423	$334K	0.2%	$75.45	—	GOLD MINERS ETF	92189F106

Increased Positions (6)

SONY SONY GROUP CORP 9.0%

Value $14.85M (+76.3%) Shares 740,300 (+81.9%) Est. Cost $28.41 Unrealized —

HSBC HSBC HLDGS PLC 12.3%

Value $20.3M (+16.6%) Shares 213,514 (+1.1%) Est. Cost $74.18 Unrealized —

SAP SAP SE 4.8%

Value $7.923M (-8.9%) Shares 51,414 (+1.2%) Est. Cost $153.15 Unrealized —

EL LAUDER ESTEE COS INC 0.2%

Value $395K (+18.1%) Shares 5,000 (+7.3%) Est. Cost $88.77 Unrealized —

LH LABCORP HOLDINGS INC 0.2%

Value $364K (+6.4%) Shares 1,301 (+1.4%) Est. Cost $266.96 Unrealized —

RTO RENTOKIL INITIAL PLC 0.2%

Value $353K (+6.3%) Shares 12,343 (+17.0%) Est. Cost $31.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SONY	SONY GROUP CORP	740,300 (+81.9%)	$14.85M (+76.3%)	9.0%	$28.41	—	SPONSORED ADR	835699307
HSBC	HSBC HLDGS PLC	213,514 (+1.1%)	$20.3M (+16.6%)	12.3%	$74.18	—	SPON ADR NEW	404280406
SAP	SAP SE	51,414 (+1.2%)	$7.923M (-8.9%)	4.8%	$153.15	—	SPON ADR	803054204
EL	LAUDER ESTEE COS INC	5,000 (+7.3%)	$395K (+18.1%)	0.2%	$88.77	—	CL A	518439104
LH	LABCORP HOLDINGS INC	1,301 (+1.4%)	$364K (+6.4%)	0.2%	$266.96	—	COM SHS	504922105
RTO	RENTOKIL INITIAL PLC	12,343 (+17.0%)	$353K (+6.3%)	0.2%	$31.06	—	SPONSORED ADR	760125104

Exited Positions (2)

AZN ASTRAZENECA PLC 17.4%

Value $28.66M Shares 145,297 Est. Cost $92.86 Unrealized —

IQV IQVIA HLDGS INC 0.2%

Value $316K Shares 1,851 Est. Cost $183.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	145,297	$28.66M	17.4%	$92.86	—	—	046353108
IQV	IQVIA HLDGS INC	1,851	$316K	0.2%	$183.83	—	—	46266C105

Decreased Positions (10)

STLA STELLANTIS N.V 0.1%

Value $167K (-96.3%) Shares 29,026 (-95.4%) Est. Cost $7.09 Unrealized —

RIO RIO TINTO PLC 5.0%

Value $8.208M (-34.1%) Shares 86,466 (-35.2%) Est. Cost $65.40 Unrealized —

SDRL SEADRILL LTD 2.2%

Value $3.574M (-51.2%) Shares 94,510 (-41.3%) Est. Cost $46.31 Unrealized —

NVS NOVARTIS AG 14.6%

Value $24.09M (-8.3%) Shares 153,693 (-10.7%) Est. Cost $102.44 Unrealized —

STM STMICROELECTRONICS N V 5.0%

Value $8.292M (-19.2%) Shares 110,722 (-62.7%) Est. Cost $23.36 Unrealized —

NVO NOVO-NORDISK A S 7.1%

Value $11.76M (-10.0%) Shares 245,289 (-31.0%) Est. Cost $58.31 Unrealized —

ADI ANALOG DEVICES INC 0.3%

Value $558K (+22.7%) Shares 1,406 (-1.7%) Est. Cost $238.95 Unrealized —

LPLA LPL FINL HLDGS INC 0.2%

Value $404K (-7.8%) Shares 1,436 (-1.6%) Est. Cost $362.48 Unrealized —

BA BOEING CO 0.2%

Value $398K (+5.0%) Shares 1,838 (-3.4%) Est. Cost $225.47 Unrealized —

CASY CASEYS GEN STORES INC 0.2%

Value $411K (+3.6%) Shares 517 (-5.1%) Est. Cost $521.89 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STLA	STELLANTIS N.V	29,026 (-95.4%)	$167K (-96.3%)	0.1%	$7.09	—	SHS	N82405106
RIO	RIO TINTO PLC	86,466 (-35.2%)	$8.208M (-34.1%)	5.0%	$65.40	—	SPONSORED ADR	767204100
SDRL	SEADRILL LTD	94,510 (-41.3%)	$3.574M (-51.2%)	2.2%	$46.31	—	COM	G7997W102
NVS	NOVARTIS AG	153,693 (-10.7%)	$24.09M (-8.3%)	14.6%	$102.44	—	SPONSORED ADR	66987V109
STM	STMICROELECTRONICS N V	110,722 (-62.7%)	$8.292M (-19.2%)	5.0%	$23.36	—	NY REGISTRY	861012102
NVO	NOVO-NORDISK A S	245,289 (-31.0%)	$11.76M (-10.0%)	7.1%	$58.31	—	ADR	670100205
ADI	ANALOG DEVICES INC	1,406 (-1.7%)	$558K (+22.7%)	0.3%	$238.95	—	COM	032654105
LPLA	LPL FINL HLDGS INC	1,436 (-1.6%)	$404K (-7.8%)	0.2%	$362.48	—	COM	50212V100
BA	BOEING CO	1,838 (-3.4%)	$398K (+5.0%)	0.2%	$225.47	—	COM	097023105
CASY	CASEYS GEN STORES INC	517 (-5.1%)	$411K (+3.6%)	0.2%	$521.89	—	COM	147528103

Unchanged Positions (11)

SHEL SHELL PLC 4.5%

Value $7.503M Shares 96,767 Est. Cost $69.20 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.6%

Value $1.035M Shares 2,168 Est. Cost $337.95 Unrealized —

GOOGL ALPHABET INC 0.6%

Value $960K Shares 2,687 Est. Cost $209.20 Unrealized —

XOM EXXON MOBIL CORP 0.3%

Value $441K Shares 3,223 Est. Cost $109.70 Unrealized —

JPM JPMORGAN CHASE & CO 0.5%

Value $746K Shares 2,278 Est. Cost $295.93 Unrealized —

CNI CANADIAN NATL RY CO 0.3%

Value $492K Shares 4,125 Est. Cost $115.66 Unrealized —

V VISA INC 0.2%

Value $320K Shares 933 Est. Cost $345.14 Unrealized —

DEO DIAGEO PLC 0.3%

Value $478K Shares 5,952 Est. Cost $74.45 Unrealized —

WFC WELLS FARGO & CO 0.2%

Value $340K Shares 4,117 Est. Cost $80.47 Unrealized —

MPLX MPLX LP 0.3%

Value $477K Shares 8,464 Est. Cost $53.37 Unrealized —

UBER UBER TECHNOLOGIES INC 0.2%

Value $276K Shares 3,818 Est. Cost $93.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHEL	SHELL PLC	96,767	$7.503M	4.5%	$69.20	—	SPON ADS	780259305
TSM	TAIWAN SEMICONDUCTOR MANUFAC	2,168	$1.035M	0.6%	$337.95	—	SPONSORED ADS	874039100
GOOGL	ALPHABET INC	2,687	$960K	0.6%	$209.20	—	CAP STK CL A	02079K305
XOM	EXXON MOBIL CORP	3,223	$441K	0.3%	$109.70	—	COM	30231G102
JPM	JPMORGAN CHASE & CO	2,278	$746K	0.5%	$295.93	—	COM	46625H100
CNI	CANADIAN NATL RY CO	4,125	$492K	0.3%	$115.66	—	COM	136375102
V	VISA INC	933	$320K	0.2%	$345.14	—	COM CL A	92826C839
DEO	DIAGEO PLC	5,952	$478K	0.3%	$74.45	—	SPON ADR NEW	25243Q205
WFC	WELLS FARGO & CO	4,117	$340K	0.2%	$80.47	—	COM	949746101
MPLX	MPLX LP	8,464	$477K	0.3%	$53.37	—	COM UNIT REP LTD	55336V100
UBER	UBER TECHNOLOGIES INC	3,818	$276K	0.2%	$93.52	—	COM	90353T100