Fairtree Asset Management (Pty) Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMGN	AMGEN INC	8,763	$2,868	1.3%	$315.95	0.0%	COM	031162100
ADP	AUTOMATIC DATA PROCESSING IN	6,667	$1,715	0.8%	$264.83	0.0%	COM	053015103
WPM	WHEATON PRECIOUS METALS CORP	13,877	$1,631	0.8%	$107.08	0.0%	COM	962879102
PM	PHILIP MORRIS INTL INC	9,822	$1,575	0.7%	$153.57	0.0%	COM	718172109
PG	PROCTER AND GAMBLE CO	9,676	$1,387	0.6%	$147.17	0.0%	COM	742718109
ORLY	OREILLY AUTOMOTIVE INC	15,183	$1,385	0.6%	$97.70	0.0%	COM	67103H107
SYK	STRYKER CORPORATION	3,903	$1,372	0.6%	$363.46	0.0%	COM	863667101
DELL	DELL TECHNOLOGIES INC	9,373	$1,180	0.5%	$140.75	0.0%	CL C	24703L202
BSX	BOSTON SCIENTIFIC CORP	12,285	$1,171	0.5%	$98.04	0.0%	COM	101137107
CL	COLGATE PALMOLIVE CO	14,493	$1,145	0.5%	$78.31	0.0%	COM	194162103
AZO	AUTOZONE INC	324	$1,099	0.5%	$3777.86	0.0%	COM	053332102
ABT	ABBOTT LABS	8,451	$1,059	0.5%	$127.30	0.0%	COM	002824100
PEP	PEPSICO INC	7,214	$1,035	0.5%	$145.91	0.0%	COM	713448108
CPRT	COPART INC	25,919	$1,015	0.5%	$41.46	0.0%	COM	217204106
MDLZ	MONDELEZ INTL INC	18,520	$997	0.5%	$57.06	0.0%	CL A	609207105
STNE	STONECO LTD	37,477	$554	0.3%	$14.79	—	COM CL A	G85158106
NTES	NETEASE INC	3,937	$542	0.2%	$137.62	—	SPONSORED ADS	64110W102
SE	SEA LTD	3,907	$498	0.2%	$127.57	—	SPONSORD ADS	81141R100
EQR	EQUITY RESIDENTIAL	7,798	$492	0.2%	$60.67	0.0%	SH BEN INT	29476L107
FUTU	FUTU HLDGS LTD	2,985	$490	0.2%	$164.21	—	SPON ADS CL A	36118L106
ITUB	ITAU UNIBANCO HLDG S A	49,127	$352	0.2%	$7.16	—	SPON ADR REP PFD	465562106
SUI	SUN CMNTYS INC	1,990	$247	0.1%	$123.91	—	COM	866674104
INVH	INVITATION HOMES INC	8,558	$238	0.1%	$27.64	0.0%	COM	46187W107

Increased Positions (49)

META META PLATFORMS INC 4.4%

Value ($000) $9,576 (+162.4%) Shares 14,507 (+191.9%) Est. Cost $651.65 Unrealized +2.4%

NVDA NVIDIA CORPORATION 4.7%

Value ($000) $10,260 (+107.0%) Shares 55,012 (+107.1%) Est. Cost $160.89 Unrealized +15.7%

MSFT MICROSOFT CORP 6.2%

Value ($000) $13,564 (+60.3%) Shares 28,047 (+71.7%) Est. Cost $452.27 Unrealized +10.7%

AMZN AMAZON COM INC 4.8%

Value ($000) $10,523 (+87.3%) Shares 45,590 (+78.2%) Est. Cost $219.83 Unrealized +4.1%

GOOG ALPHABET INC 4.8%

Value ($000) $10,455 (+53.1%) Shares 33,317 (+18.8%) Est. Cost $192.67 Unrealized +48.6%

KSPI KASPI KZ JSC 5.6%

Value ($000) $12,074 (+31.3%) Shares 154,534 (+37.2%) Est. Cost $88.99 Unrealized —

CRM SALESFORCE INC 1.7%

Value ($000) $3,610 (+191.1%) Shares 13,627 (+160.5%) Est. Cost $259.43 Unrealized -4.3%

BKNG BOOKING HOLDINGS INC 2.0%

Value ($000) $4,274 (+104.0%) Shares 798 (+105.7%) Est. Cost $5142.64 Unrealized -0.1%

SPGI S&P GLOBAL INC 1.4%

Value ($000) $2,980 (+200.5%) Shares 5,703 (+179.8%) Est. Cost $499.94 Unrealized -1.1%

V VISA INC 1.8%

Value ($000) $3,950 (+75.7%) Shares 11,263 (+71.1%) Est. Cost $338.12 Unrealized +0.7%

AVGO BROADCOM INC 1.5%

Value ($000) $3,179 (+91.4%) Shares 9,185 (+82.4%) Est. Cost $269.93 Unrealized +32.3%

FTNT FORTINET INC 1.4%

Value ($000) $3,067 (+94.7%) Shares 38,622 (+106.2%) Est. Cost $86.20 Unrealized -3.8%

MELI MERCADOLIBRE INC 1.0%

Value ($000) $2,139 (+208.2%) Shares 1,062 (+257.6%) Est. Cost $2068.16 Unrealized +1.6%

ZTS ZOETIS INC 1.7%

Value ($000) $3,682 (+56.6%) Shares 29,265 (+82.1%) Est. Cost $142.46 Unrealized -8.6%

ADBE ADOBE INC 1.6%

Value ($000) $3,579 (+58.9%) Shares 10,225 (+60.2%) Est. Cost $411.14 Unrealized -17.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.0%

Value ($000) $4,388 (+43.3%) Shares 8,730 (+43.3%) Est. Cost $489.11 Unrealized +1.7%

QCOM QUALCOMM INC 1.9%

Value ($000) $4,024 (+46.7%) Shares 23,525 (+42.7%) Est. Cost $161.51 Unrealized +5.7%

DECK DECKERS OUTDOOR CORP 1.1%

Value ($000) $2,286 (+127.2%) Shares 22,046 (+122.1%) Est. Cost $101.12 Unrealized -7.3%

MSCI MSCI INC 1.4%

Value ($000) $3,083 (+68.4%) Shares 5,374 (+66.5%) Est. Cost $569.04 Unrealized -1.6%

MA MASTERCARD INCORPORATED 1.2%

Value ($000) $2,602 (+84.8%) Shares 4,558 (+84.1%) Est. Cost $549.97 Unrealized +1.6%

NU NU HLDGS LTD 1.3%

Value ($000) $2,793 (+67.8%) Shares 166,845 (+60.4%) Est. Cost $13.52 Unrealized +18.9%

AAPL APPLE INC 2.8%

Value ($000) $6,168 (+21.1%) Shares 22,687 (+13.4%) Est. Cost $230.52 Unrealized +16.4%

KO COCA COLA CO 1.5%

Value ($000) $3,264 (+40.6%) Shares 46,691 (+33.4%) Est. Cost $67.45 Unrealized +2.9%

RMD RESMED INC 0.9%

Value ($000) $2,028 (+83.8%) Shares 8,420 (+108.9%) Est. Cost $249.94 Unrealized +2.2%

UBER UBER TECHNOLOGIES INC 0.8%

Value ($000) $1,714 (+105.0%) Shares 20,978 (+145.8%) Est. Cost $91.46 Unrealized -1.5%

SNPS SYNOPSYS INC 0.8%

Value ($000) $1,726 (+74.8%) Shares 3,675 (+83.6%) Est. Cost $477.80 Unrealized -7.0%

RJF RAYMOND JAMES FINL INC 0.9%

Value ($000) $1,873 (+65.0%) Shares 11,665 (+77.3%) Est. Cost $158.06 Unrealized +1.8%

PGR PROGRESSIVE CORP 1.3%

Value ($000) $2,825 (+35.3%) Shares 12,406 (+46.7%) Est. Cost $233.40 Unrealized -9.0%

AXP AMERICAN EXPRESS CO 0.8%

Value ($000) $1,721 (+66.0%) Shares 4,653 (+49.0%) Est. Cost $320.62 Unrealized +11.3%

TCOM TRIP COM GROUP LTD 0.8%

Value ($000) $1,811 (+58.1%) Shares 25,189 (+65.3%) Est. Cost $68.07 Unrealized —

JD JD.COM INC 2.4%

Value ($000) $5,114 (-11.2%) Shares 178,173 (+8.3%) Est. Cost $34.17 Unrealized —

GFI GOLD FIELDS LTD 1.1%

Value ($000) $2,345 (+35.6%) Shares 53,704 (+30.3%) Est. Cost $28.32 Unrealized —

EME EMCOR GROUP INC 0.8%

Value ($000) $1,727 (+44.4%) Shares 2,823 (+53.3%) Est. Cost $526.08 Unrealized +23.1%

NFLX NETFLIX INC 0.6%

Value ($000) $1,265 (+63.9%) Shares 13,494 (+1995.3%) Est. Cost $108.49 Unrealized -0.6%

LOW LOWES COS INC 0.5%

Value ($000) $1,172 (+65.6%) Shares 4,858 (+72.6%) Est. Cost $228.70 Unrealized +4.9%

KLAC KLA CORP 0.5%

Value ($000) $1,169 (+65.5%) Shares 962 (+46.9%) Est. Cost $844.33 Unrealized +38.8%

JPM JPMORGAN CHASE & CO. 0.9%

Value ($000) $1,902 (+30.8%) Shares 5,903 (+28.1%) Est. Cost $273.80 Unrealized +13.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.3%

Value ($000) $711 (+139.6%) Shares 2,339 (+120.2%) Est. Cost $255.85 Unrealized —

EW EDWARDS LIFESCIENCES CORP 0.6%

Value ($000) $1,356 (+33.4%) Shares 15,911 (+21.7%) Est. Cost $74.55 Unrealized +10.1%

CROX CROCS INC 0.5%

Value ($000) $1,117 (+37.0%) Shares 13,065 (+33.8%) Est. Cost $106.92 Unrealized -21.8%

GOVT ISHARES TR 3.1%

Value ($000) $6,805 (+3.4%) Shares 295,534 (+3.8%) Est. Cost $22.98 Unrealized —

FISV FISERV INC 0.6%

Value ($000) $1,275 (-12.5%) Shares 18,988 (+68.0%) Est. Cost $128.39 Unrealized -34.7%

GPN GLOBAL PMTS INC 0.7%

Value ($000) $1,482 (+13.1%) Shares 19,153 (+21.4%) Est. Cost $90.10 Unrealized -10.9%

UTHR UNITED THERAPEUTICS CORP DEL 0.4%

Value ($000) $963 (+20.1%) Shares 1,976 (+3.3%) Est. Cost $337.81 Unrealized +37.9%

AOS SMITH A O CORP 0.6%

Value ($000) $1,344 (+13.2%) Shares 20,089 (+24.3%) Est. Cost $70.09 Unrealized -3.8%

DOC HEALTHPEAK PROPERTIES INC 0.3%

Value ($000) $648 (-15.1%) Shares 40,297 (+1.1%) Est. Cost $20.13 Unrealized -13.2%

AFYA AFYA LTD 0.2%

Value ($000) $473 (+20.8%) Shares 30,697 (+22.3%) Est. Cost $16.54 Unrealized -10.9%

PAGS PAGSEGURO DIGITAL LTD 0.2%

Value ($000) $527 (+14.4%) Shares 54,643 (+18.6%) Est. Cost $9.10 Unrealized +5.4%

XP XP INC 0.3%

Value ($000) $625 (-5.8%) Shares 38,208 (+8.1%) Est. Cost $17.70 Unrealized -0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	14,507 (+191.9%)	$9,576 (+162.4%)	4.4%	$651.65	+2.4%	CL A	30303M102
NVDA	NVIDIA CORPORATION	55,012 (+107.1%)	$10,260 (+107.0%)	4.7%	$160.89	+15.7%	COM	67066G104
MSFT	MICROSOFT CORP	28,047 (+71.7%)	$13,564 (+60.3%)	6.2%	$452.27	+10.7%	COM	594918104
AMZN	AMAZON COM INC	45,590 (+78.2%)	$10,523 (+87.3%)	4.8%	$219.83	+4.1%	COM	023135106
GOOG	ALPHABET INC	33,317 (+18.8%)	$10,455 (+53.1%)	4.8%	$192.67	+48.6%	CAP STK CL C	02079K107
KSPI	KASPI KZ JSC	154,534 (+37.2%)	$12,074 (+31.3%)	5.6%	$88.99	—	SPONSORED ADS	48581R205
CRM	SALESFORCE INC	13,627 (+160.5%)	$3,610 (+191.1%)	1.7%	$259.43	-4.3%	COM	79466L302
BKNG	BOOKING HOLDINGS INC	798 (+105.7%)	$4,274 (+104.0%)	2.0%	$5142.64	-0.1%	COM	09857L108
SPGI	S&P GLOBAL INC	5,703 (+179.8%)	$2,980 (+200.5%)	1.4%	$499.94	-1.1%	COM	78409V104
V	VISA INC	11,263 (+71.1%)	$3,950 (+75.7%)	1.8%	$338.12	+0.7%	COM CL A	92826C839
AVGO	BROADCOM INC	9,185 (+82.4%)	$3,179 (+91.4%)	1.5%	$269.93	+32.3%	COM	11135F101
FTNT	FORTINET INC	38,622 (+106.2%)	$3,067 (+94.7%)	1.4%	$86.20	-3.8%	COM	34959E109
MELI	MERCADOLIBRE INC	1,062 (+257.6%)	$2,139 (+208.2%)	1.0%	$2068.16	+1.6%	COM	58733R102
ZTS	ZOETIS INC	29,265 (+82.1%)	$3,682 (+56.6%)	1.7%	$142.46	-8.6%	CL A	98978V103
ADBE	ADOBE INC	10,225 (+60.2%)	$3,579 (+58.9%)	1.6%	$411.14	-17.3%	COM	00724F101
BRK/B	BERKSHIRE HATHAWAY INC DEL	8,730 (+43.3%)	$4,388 (+43.3%)	2.0%	$489.11	+1.7%	CL B NEW	084670702
QCOM	QUALCOMM INC	23,525 (+42.7%)	$4,024 (+46.7%)	1.9%	$161.51	+5.7%	COM	747525103
DECK	DECKERS OUTDOOR CORP	22,046 (+122.1%)	$2,286 (+127.2%)	1.1%	$101.12	-7.3%	COM	243537107
MSCI	MSCI INC	5,374 (+66.5%)	$3,083 (+68.4%)	1.4%	$569.04	-1.6%	COM	55354G100
MA	MASTERCARD INCORPORATED	4,558 (+84.1%)	$2,602 (+84.8%)	1.2%	$549.97	+1.6%	CL A	57636Q104
NU	NU HLDGS LTD	166,845 (+60.4%)	$2,793 (+67.8%)	1.3%	$13.52	+18.9%	ORD SHS CL A	G6683N103
AAPL	APPLE INC	22,687 (+13.4%)	$6,168 (+21.1%)	2.8%	$230.52	+16.4%	COM	037833100
KO	COCA COLA CO	46,691 (+33.4%)	$3,264 (+40.6%)	1.5%	$67.45	+2.9%	COM	191216100
RMD	RESMED INC	8,420 (+108.9%)	$2,028 (+83.8%)	0.9%	$249.94	+2.2%	COM	761152107
UBER	UBER TECHNOLOGIES INC	20,978 (+145.8%)	$1,714 (+105.0%)	0.8%	$91.46	-1.5%	COM	90353T100
SNPS	SYNOPSYS INC	3,675 (+83.6%)	$1,726 (+74.8%)	0.8%	$477.80	-7.0%	COM	871607107
RJF	RAYMOND JAMES FINL INC	11,665 (+77.3%)	$1,873 (+65.0%)	0.9%	$158.06	+1.8%	COM	754730109
PGR	PROGRESSIVE CORP	12,406 (+46.7%)	$2,825 (+35.3%)	1.3%	$233.40	-9.0%	COM	743315103
AXP	AMERICAN EXPRESS CO	4,653 (+49.0%)	$1,721 (+66.0%)	0.8%	$320.62	+11.3%	COM	025816109
TCOM	TRIP COM GROUP LTD	25,189 (+65.3%)	$1,811 (+58.1%)	0.8%	$68.07	—	ADS	89677Q107
JD	JD.COM INC	178,173 (+8.3%)	$5,114 (-11.2%)	2.4%	$34.17	—	SPON ADS CL A	47215P106
GFI	GOLD FIELDS LTD	53,704 (+30.3%)	$2,345 (+35.6%)	1.1%	$28.32	—	SPONSORED ADR	38059T106
EME	EMCOR GROUP INC	2,823 (+53.3%)	$1,727 (+44.4%)	0.8%	$526.08	+23.1%	COM	29084Q100
NFLX	NETFLIX INC	13,494 (+1995.3%)	$1,265 (+63.9%)	0.6%	$108.49	-0.6%	COM	64110L106
LOW	LOWES COS INC	4,858 (+72.6%)	$1,172 (+65.6%)	0.5%	$228.70	+4.9%	COM	548661107
KLAC	KLA CORP	962 (+46.9%)	$1,169 (+65.5%)	0.5%	$844.33	+38.8%	COM NEW	482480100
JPM	JPMORGAN CHASE & CO.	5,903 (+28.1%)	$1,902 (+30.8%)	0.9%	$273.80	+13.1%	COM	46625H100
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,339 (+120.2%)	$711 (+139.6%)	0.3%	$255.85	—	SPONSORED ADS	874039100
EW	EDWARDS LIFESCIENCES CORP	15,911 (+21.7%)	$1,356 (+33.4%)	0.6%	$74.55	+10.1%	COM	28176E108
CROX	CROCS INC	13,065 (+33.8%)	$1,117 (+37.0%)	0.5%	$106.92	-21.8%	COM	227046109
GOVT	ISHARES TR	295,534 (+3.8%)	$6,805 (+3.4%)	3.1%	$22.98	—	US TREAS BD ETF	46429B267
FISV	FISERV INC	18,988 (+68.0%)	$1,275 (-12.5%)	0.6%	$128.39	-34.7%	COM	337738108
GPN	GLOBAL PMTS INC	19,153 (+21.4%)	$1,482 (+13.1%)	0.7%	$90.10	-10.9%	COM	37940X102
UTHR	UNITED THERAPEUTICS CORP DEL	1,976 (+3.3%)	$963 (+20.1%)	0.4%	$337.81	+37.9%	COM	91307C102
AOS	SMITH A O CORP	20,089 (+24.3%)	$1,344 (+13.2%)	0.6%	$70.09	-3.8%	COM	831865209
DOC	HEALTHPEAK PROPERTIES INC	40,297 (+1.1%)	$648 (-15.1%)	0.3%	$20.13	-13.2%	COM	42250P103
AFYA	AFYA LTD	30,697 (+22.3%)	$473 (+20.8%)	0.2%	$16.54	-10.9%	CL A COM	G01125106
PAGS	PAGSEGURO DIGITAL LTD	54,643 (+18.6%)	$527 (+14.4%)	0.2%	$9.10	+5.4%	COM CL A	G68707101
XP	XP INC	38,208 (+8.1%)	$625 (-5.8%)	0.3%	$17.70	-0.6%	CL A	G98239109

Exited Positions (16)

AMAT APPLIED MATLS INC 1.1%

Value ($000) $2,386 Shares 11,656 Est. Cost $164.88 Unrealized +45.3%

COHR COHERENT CORP 1.0%

Value ($000) $2,192 Shares 20,349 Est. Cost $99.69 Unrealized +50.0%

ELV ELEVANCE HEALTH INC FORMERLY 0.5%

Value ($000) $1,048 Shares 3,242 Est. Cost $386.50 Unrealized -12.9%

BUD ANHEUSER BUSCH INBEV SA/NV 0.4%

Value ($000) $963 Shares 16,161 Est. Cost $59.61 Unrealized —

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $942 Shares 5,080 Est. Cost $150.23 Unrealized +31.1%

CNC CENTENE CORP DEL 0.4%

Value ($000) $940 Shares 26,340 Est. Cost $53.32 Unrealized -29.8%

TOL TOLL BROTHERS INC 0.4%

Value ($000) $938 Shares 6,787 Est. Cost $111.36 Unrealized +21.9%

ABNB AIRBNB INC 0.4%

Value ($000) $937 Shares 7,715 Est. Cost $132.84 Unrealized -6.3%

MRK MERCK & CO INC 0.4%

Value ($000) $910 Shares 10,842 Est. Cost $84.66 Unrealized +10.1%

BP BP PLC 0.4%

Value ($000) $875 Shares 25,405 Est. Cost $29.84 Unrealized —

CPT CAMDEN PPTY TR 0.4%

Value ($000) $815 Shares 7,637 Est. Cost $114.43 Unrealized -9.9%

MU MICRON TECHNOLOGY INC 0.3%

Value ($000) $663 Shares 3,962 Est. Cost $100.25 Unrealized +128.8%

ENSG ENSIGN GROUP INC 0.3%

Value ($000) $628 Shares 3,632 Est. Cost $142.46 Unrealized +26.1%

IQV IQVIA HLDGS INC 0.3%

Value ($000) $578 Shares 3,045 Est. Cost $202.28 Unrealized +7.6%

EPAM EPAM SYS INC 0.3%

Value ($000) $549 Shares 3,643 Est. Cost $200.46 Unrealized -11.1%

HDB HDFC BANK LTD 0.1%

Value ($000) $279 Shares 8,172 Est. Cost $42.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	11,656	$2,386	1.1%	$164.88	+45.3%	—	038222105
COHR	COHERENT CORP	20,349	$2,192	1.0%	$99.69	+50.0%	—	19247G107
ELV	ELEVANCE HEALTH INC FORMERLY	3,242	$1,048	0.5%	$386.50	-12.9%	—	036752103
BUD	ANHEUSER BUSCH INBEV SA/NV	16,161	$963	0.4%	$59.61	—	—	03524A108
JNJ	JOHNSON & JOHNSON	5,080	$942	0.4%	$150.23	+31.1%	—	478160104
CNC	CENTENE CORP DEL	26,340	$940	0.4%	$53.32	-29.8%	—	15135B101
TOL	TOLL BROTHERS INC	6,787	$938	0.4%	$111.36	+21.9%	—	889478103
ABNB	AIRBNB INC	7,715	$937	0.4%	$132.84	-6.3%	—	009066101
MRK	MERCK & CO INC	10,842	$910	0.4%	$84.66	+10.1%	—	58933Y105
BP	BP PLC	25,405	$875	0.4%	$29.84	—	—	055622104
CPT	CAMDEN PPTY TR	7,637	$815	0.4%	$114.43	-9.9%	—	133131102
MU	MICRON TECHNOLOGY INC	3,962	$663	0.3%	$100.25	+128.8%	—	595112103
ENSG	ENSIGN GROUP INC	3,632	$628	0.3%	$142.46	+26.1%	—	29358P101
IQV	IQVIA HLDGS INC	3,045	$578	0.3%	$202.28	+7.6%	—	46266C105
EPAM	EPAM SYS INC	3,643	$549	0.3%	$200.46	-11.1%	—	29414B104
HDB	HDFC BANK LTD	8,172	$279	0.1%	$42.86	—	—	40415F101

Decreased Positions (15)

BABA ALIBABA GROUP HLDG LTD 0.6%

Value ($000) $1,283 (-65.3%) Shares 8,751 (-57.7%) Est. Cost $87.61 Unrealized —

PDD PDD HOLDINGS INC 0.5%

Value ($000) $1,158 (-39.3%) Shares 10,209 (-29.3%) Est. Cost $96.99 Unrealized —

COR CENCORA INC 0.4%

Value ($000) $927 (-30.4%) Shares 2,746 (-35.6%) Est. Cost $274.17 Unrealized +24.2%

KWEB KRANESHARES TRUST 0.1%

Value ($000) $270 (-53.1%) Shares 7,941 (-42.1%) Est. Cost $42.01 Unrealized —

ELS EQUITY LIFESTYLE PPTYS INC 0.2%

Value ($000) $469 (-38.0%) Shares 7,741 (-38.0%) Est. Cost $61.67 Unrealized —

CNYA ISHARES TR 0.2%

Value ($000) $384 (-41.7%) Shares 11,108 (-42.1%) Est. Cost $34.34 Unrealized —

KSA ISHARES TR 0.1%

Value ($000) $204 (-48.0%) Shares 5,599 (-42.1%) Est. Cost $39.73 Unrealized —

EWT ISHARES INC 0.1%

Value ($000) $207 (-42.2%) Shares 3,260 (-42.1%) Est. Cost $54.17 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.7%

Value ($000) $3,725 (-3.3%) Shares 6,428 (-19.1%) Est. Cost $492.67 Unrealized +14.7%

FMX FOMENTO ECONOMICO MEXICANO S 0.1%

Value ($000) $323 (-25.4%) Shares 3,194 (-27.2%) Est. Cost $91.98 Unrealized —

HCA HCA HEALTHCARE INC 0.6%

Value ($000) $1,338 (+5.5%) Shares 2,866 (-3.7%) Est. Cost $346.90 Unrealized +33.7%

B BARRICK MNG CORP 0.1%

Value ($000) $132 (-28.5%) Shares 3,031 (-46.2%) Est. Cost $19.29 Unrealized +94.0%

INDA ISHARES TR 0.1%

Value ($000) $186 (-12.9%) Shares 3,433 (-16.1%) Est. Cost $52.64 Unrealized —

EWY ISHARES INC 0.0%

Value ($000) $36 (-29.7%) Shares 373 (-42.1%) Est. Cost $50.89 Unrealized —

EPU ISHARES TR 0.0%

Value ($000) $4 (-31.8%) Shares 58 (-42.0%) Est. Cost $39.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	8,751 (-57.7%)	$1,283 (-65.3%)	0.6%	$87.61	—	SPONSORED ADS	01609W102
PDD	PDD HOLDINGS INC	10,209 (-29.3%)	$1,158 (-39.3%)	0.5%	$96.99	—	SPONSORED ADS	722304102
COR	CENCORA INC	2,746 (-35.6%)	$927 (-30.4%)	0.4%	$274.17	+24.2%	COM	03073E105
KWEB	KRANESHARES TRUST	7,941 (-42.1%)	$270 (-53.1%)	0.1%	$42.01	—	CSI CHI INTERNET	500767306
ELS	EQUITY LIFESTYLE PPTYS INC	7,741 (-38.0%)	$469 (-38.0%)	0.2%	$61.67	—	COM	29472R108
CNYA	ISHARES TR	11,108 (-42.1%)	$384 (-41.7%)	0.2%	$34.34	—	MSCI CHINA A	46434V514
KSA	ISHARES TR	5,599 (-42.1%)	$204 (-48.0%)	0.1%	$39.73	—	MSCI SAUDI ARBIA	46434V423
EWT	ISHARES INC	3,260 (-42.1%)	$207 (-42.2%)	0.1%	$54.17	—	MSCI TAIWAN ETF	46434G772
TMO	THERMO FISHER SCIENTIFIC INC	6,428 (-19.1%)	$3,725 (-3.3%)	1.7%	$492.67	+14.7%	COM	883556102
FMX	FOMENTO ECONOMICO MEXICANO S	3,194 (-27.2%)	$323 (-25.4%)	0.1%	$91.98	—	SPON ADR UNITS	344419106
HCA	HCA HEALTHCARE INC	2,866 (-3.7%)	$1,338 (+5.5%)	0.6%	$346.90	+33.7%	COM	40412C101
B	BARRICK MNG CORP	3,031 (-46.2%)	$132 (-28.5%)	0.1%	$19.29	+94.0%	COM SHS	06849F108
INDA	ISHARES TR	3,433 (-16.1%)	$186 (-12.9%)	0.1%	$52.64	—	MSCI INDIA ETF	46429B598
EWY	ISHARES INC	373 (-42.1%)	$36 (-29.7%)	0.0%	$50.89	—	MSCI STH KOR ETF	464286772
EPU	ISHARES TR	58 (-42.0%)	$4 (-31.8%)	0.0%	$39.61	—	MSCI PERU AND GL	464289842

Unchanged Positions (14)

ARE ALEXANDRIA REAL ESTATE EQ IN 0.3%

Value ($000) $741 Shares 15,147 Est. Cost $70.79 Unrealized -18.0%

PLD PROLOGIS INC. 0.5%

Value ($000) $1,110 Shares 8,696 Est. Cost $110.17 Unrealized +12.4%

MCK MCKESSON CORP 0.7%

Value ($000) $1,486 Shares 1,812 Est. Cost $606.24 Unrealized +34.5%

CUBE CUBESMART 0.3%

Value ($000) $646 Shares 17,924 Est. Cost $42.85 Unrealized —

O REALTY INCOME CORP 0.5%

Value ($000) $1,048 Shares 18,595 Est. Cost $54.57 Unrealized +5.1%

DLR DIGITAL RLTY TR INC 0.2%

Value ($000) $515 Shares 3,328 Est. Cost $171.20 Unrealized -4.7%

REXR REXFORD INDL RLTY INC 0.4%

Value ($000) $877 Shares 22,659 Est. Cost $39.93 Unrealized —

KIM KIMCO RLTY CORP 0.3%

Value ($000) $688 Shares 33,937 Est. Cost $22.91 Unrealized -10.2%

INFY INFOSYS LTD 0.2%

Value ($000) $481 Shares 26,967 Est. Cost $18.69 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 0.4%

Value ($000) $929 Shares 20,788 Est. Cost $47.20 Unrealized —

WELL WELLTOWER INC 0.4%

Value ($000) $796 Shares 4,291 Est. Cost $163.41 Unrealized +14.1%

EQIX EQUINIX INC 0.4%

Value ($000) $871 Shares 1,137 Est. Cost $862.33 Unrealized -9.4%

ADC AGREE RLTY CORP 0.2%

Value ($000) $481 Shares 6,676 Est. Cost $72.81 Unrealized —

FRT FEDERAL RLTY INVT TR NEW 0.3%

Value ($000) $676 Shares 6,708 Est. Cost $91.33 Unrealized +6.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARE	ALEXANDRIA REAL ESTATE EQ IN	15,147	$741	0.3%	$70.79	-18.0%	COM	015271109
PLD	PROLOGIS INC.	8,696	$1,110	0.5%	$110.17	+12.4%	COM	74340W103
MCK	MCKESSON CORP	1,812	$1,486	0.7%	$606.24	+34.5%	COM	58155Q103
CUBE	CUBESMART	17,924	$646	0.3%	$42.85	—	COM	229663109
O	REALTY INCOME CORP	18,595	$1,048	0.5%	$54.57	+5.1%	COM	756109104
DLR	DIGITAL RLTY TR INC	3,328	$515	0.2%	$171.20	-4.7%	COM	253868103
REXR	REXFORD INDL RLTY INC	22,659	$877	0.4%	$39.93	—	COM	76169C100
KIM	KIMCO RLTY CORP	33,937	$688	0.3%	$22.91	-10.2%	COM	49446R109
INFY	INFOSYS LTD	26,967	$481	0.2%	$18.69	—	SPONSORED ADR	456788108
GLPI	GAMING & LEISURE PPTYS INC	20,788	$929	0.4%	$47.20	—	COM	36467J108
WELL	WELLTOWER INC	4,291	$796	0.4%	$163.41	+14.1%	COM	95040Q104
EQIX	EQUINIX INC	1,137	$871	0.4%	$862.33	-9.4%	COM	29444U700
ADC	AGREE RLTY CORP	6,676	$481	0.2%	$72.81	—	COM	008492100
FRT	FEDERAL RLTY INVT TR NEW	6,708	$676	0.3%	$91.33	+6.6%	SH BEN INT NEW	313745101