PaperPanda Fund Terminal
Sarah Ketterer
CAUSEWAY CAPITAL MANAGEMENT LLC · CIK: 1165797 · Report Period: 2025-12-31 · Filed: 2026-02-13
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $7,268,171,214 · 108 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 CCL
|
CARNIVAL CORP | COM | 14.3% | $1,036,673,696 | 33,944,782 | ADD | +2,032,781 |
| 2 |
 CP
|
CANADIAN PACIFIC KANSAS CITY LTD | COM | 12.8% | $928,556,747 | 12,596,802 | REDUCE | -926,071 |
| 3 |
 SW
|
SMURFIT WESTROCK PLC | COM | 10.2% | $739,868,443 | 19,132,879 | ADD | +11,609,896 |
| 4 |
 DB
|
DEUTSCHE BANK AG | COM | 7.6% | $551,670,976 | 14,194,354 | REDUCE | -3,424,411 |
| 5 |
 B
|
BARRICK MINING CORP | COM | 3.6% | $264,486,969 | 6,093,395 | REDUCE | -9,600,845 |
| 6 |
 BABA
|
ALIBABA GROUP HOLDING LTD | COM | 2.4% | $176,342,922 | 1,203,049 | REDUCE | -28,415 |
| 7 |
 TSM
|
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | COM | 2.1% | $155,506,439 | 511,720 | ADD | +3,969 |
| 8 |
 CTSH
|
COGNIZANT TECHNOLOGY SOLUTIONS CORP | COM | 1.8% | $128,845,979 | 1,552,361 | ADD | +202,183 |
| 9 |
 GOOG
|
ALPHABET INC | COM | 1.6% | $116,106,220 | 370,001 | REDUCE | -262,157 |
| 10 |
 MRK
|
MERCK & CO INC | COM | 1.5% | $109,956,449 | 1,044,617 | REDUCE | -89,440 |
| 11 |
 CARR
|
CARRIER GLOBAL CORP | COM | 1.3% | $97,692,043 | 1,848,827 | ADD | +382,346 |
| 12 |
 G
|
GENPACT LTD | COM | 1.3% | $97,499,333 | 2,084,209 | ADD | +205,777 |
| 13 |
 BCS
|
BARCLAYS PLC | COM | 1.3% | $95,452,949 | 3,750,607 | REDUCE | -602,342 |
| 14 |
 AZN
|
ASTRAZENECA PLC | COM | 1.3% | $92,931,891 | 1,010,898 | REDUCE | -56,473 |
| 15 |
 BIIB
|
BIOGEN INC | COM | 1.3% | $91,708,545 | 521,101 | REDUCE | -46,417 |
| 16 |
 C
|
CITIGROUP INC | COM | 1.1% | $81,384,872 | 697,445 | REDUCE | -300,633 |
| 17 |
 EG
|
EVEREST GROUP LTD | COM | 1.1% | $80,954,840 | 238,558 | ADD | +62,872 |
| 18 |
 AXS
|
AXIS CAPITAL HOLDINGS LTD | COM | 1.1% | $77,235,634 | 721,221 | REDUCE | -115,640 |
| 19 |
 META
|
META PLATFORMS INC | COM | 1.0% | $72,864,181 | 110,385 | ADD | +23,468 |
| 20 |
 ALK
|
ALASKA AIR GROUP INC | COM | 1.0% | $72,156,251 | 1,434,517 | NEW BUY | +1,434,517 |
| 21 |
 ADI
|
ANALOG DEVICES INC | COM | 1.0% | $71,333,835 | 263,030 | REDUCE | -39,242 |
| 22 |
 GFI
|
GOLD FIELDS LTD | COM | 1.0% | $70,776,178 | 1,621,076 | ADD | +78,061 |
| 23 |
 BAP
|
CREDICORP LTD | COM | 1.0% | $69,460,888 | 242,024 | ADD | +26,396 |
| 24 |
 GPK
|
GRAPHIC PACKAGING HOLDING CO | COM | 0.9% | $68,200,052 | 4,528,554 | ADD | +1,926,978 |
| 25 |
 ZMH
|
ZIMMER BIOMET HOLDINGS INC | COM | 0.9% | $65,506,589 | 728,498 | ADD | +146,719 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DR REDDY'S LABORATORIES LTD | SOLD | -159,139 | Exit | - | - |
| 2 | EWZ | ISHARES MSCI BRAZIL ETF | NEW BUY | +13,800 | New | 13,800 | $438,426 |
| 3 | NVDA | NVIDIA CORP | REDUCE | -47 | -1.2% | 3,758 | $700,867 |
| 4 | SNN | SMITH & NEPHEW PLC | ADD | +31,280 | +5.5% | 603,812 | $19,811,070 |
| 5 | - | TRIP.COM GROUP LTD | SOLD | -2,748 | Exit | - | - |
| 6 | META | META PLATFORMS INC | ADD | +23,468 | +27.0% | 110,385 | $72,864,181 |
| 7 | ACWI | ISHARES MSCI ACWI ETF | ADD | +1,508 | +16.0% | 10,935 | $1,547,207 |
| 8 | SHG | SHINHAN FINANCIAL GROUP CO LTD | ADD | +13,821 | +2.4% | 579,796 | $31,094,467 |
| 9 | SAP | SAP SE | ADD | +57,000 | +29.4% | 250,748 | $60,909,191 |
| 10 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | REDUCE | -598,142 | -26.1% | 1,689,576 | $29,618,267 |
| 11 | MRK | MERCK & CO INC | REDUCE | -89,440 | -7.9% | 1,044,617 | $109,956,449 |
| 12 | CGAU | CENTERRA GOLD INC | ADD | +386,412 | +44.8% | 1,249,789 | $18,016,291 |
| 13 | ASHR | XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF | NEW BUY | +28,800 | New | 28,800 | $946,080 |
| 14 | LYV | LIVE NATION ENTERTAINMENT INC | ADD | +214,709 | +92.4% | 447,113 | $63,713,601 |
| 15 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | REDUCE | -17,297 | -19.2% | 72,930 | $10,453,057 |
| 16 | ADI | ANALOG DEVICES INC | REDUCE | -39,242 | -13.0% | 263,030 | $71,333,835 |
| 17 | MOMO | HELLO GROUP INC | REDUCE | -1,904,950 | -68.2% | 889,397 | $5,825,550 |
| 18 | PUK | PRUDENTIAL PLC | ADD | +33,473 | +2.3% | 1,508,912 | $46,957,340 |
| 19 | ALK | ALASKA AIR GROUP INC | NEW BUY | +1,434,517 | New | 1,434,517 | $72,156,251 |
| 20 | JOYY | JOYY INC | ADD | +22,541 | +2.9% | 812,601 | $52,624,041 |
| 21 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | ADD | +3,969 | +0.8% | 511,720 | $155,506,439 |
| 22 | BP | BP PLC | ADD | +57,295 | +3.6% | 1,640,680 | $56,980,805 |
| 23 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | ADD | +91,457 | +24.9% | 458,977 | $32,087,082 |
| 24 | WHR | WHIRLPOOL CORP | ADD | +144,189 | +23.4% | 761,228 | $54,915,013 |
| 25 | BAP | CREDICORP LTD | ADD | +26,396 | +12.2% | 242,024 | $69,460,888 |
| 26 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | REDUCE | -87,112 | -17.1% | 421,392 | $26,324,368 |
| 27 | PAGS | PAGSEGURO DIGITAL LTD | ADD | +153,332 | +3.9% | 4,045,457 | $38,998,205 |
| 28 | VIPS | VIPSHOP HOLDINGS LTD | ADD | +12,862 | +1.2% | 1,089,598 | $19,274,989 |
| 29 | EFA | ISHARES MSCI EAFE ETF | REDUCE | -4,876,663 | -98.3% | 83,004 | $7,970,908 |
| 30 | - | ADT INC | SOLD | -10,929 | Exit | - | - |
| 31 | MSFT | MICROSOFT CORP | ADD | +25 | +2.7% | 965 | $466,693 |
| 32 | IBN | ICICI BANK LTD | ADD | +32,400 | +7.3% | 477,060 | $14,216,388 |
| 33 | - | ISHARES CHINA LARGE-CAP ETF | SOLD | -71,000 | Exit | - | - |
| 34 | AU | ANGLOGOLD ASHANTI PLC | ADD | +235,747 | +118.8% | 434,260 | $37,559,428 |
| 35 | DB | DEUTSCHE BANK AG | REDUCE | -3,424,411 | -19.4% | 14,194,354 | $551,670,976 |
| 36 | GOOG | ALPHABET INC | REDUCE | -262,157 | -41.5% | 370,001 | $116,106,220 |
| 37 | PHG | KONINKLIJKE PHILIPS NV | ADD | +240,419 | +12.3% | 2,198,531 | $59,536,221 |
| 38 | MT | ARCELORMITTAL SA | REDUCE | -201,982 | -34.4% | 384,849 | $17,537,563 |
| 39 | - | SEA LTD | SOLD | -153,370 | Exit | - | - |
| 40 | BABA | ALIBABA GROUP HOLDING LTD | REDUCE | -28,415 | -2.3% | 1,203,049 | $176,342,922 |
| 41 | ING | ING GROEP NV | REDUCE | -616,240 | -38.6% | 982,006 | $27,496,176 |
| 42 | SW | SMURFIT WESTROCK PLC | ADD | +11,609,896 | +154.3% | 19,132,879 | $739,868,443 |
| 43 | BA | BOEING CO/THE | NEW BUY | +151,928 | New | 151,928 | $32,986,712 |
| 44 | KEP | KOREA ELECTRIC POWER CORP | REDUCE | -1,550 | -12.2% | 11,202 | $184,835 |
| 45 | - | UNITEDHEALTH GROUP INC | SOLD | -64,603 | Exit | - | - |
| 46 | PBYI | PUMA BIOTECHNOLOGY INC | REDUCE | -785 | -5.6% | 13,310 | $79,195 |
| 47 | ZMH | ZIMMER BIOMET HOLDINGS INC | ADD | +146,719 | +25.2% | 728,498 | $65,506,589 |
| 48 | SNY | SANOFI SA | ADD | +84,641 | +8.6% | 1,063,958 | $51,559,385 |
| 49 | JBS | JBS NV | REDUCE | -5,303 | -20.2% | 20,994 | $302,733 |
| 50 | EG | EVEREST GROUP LTD | ADD | +62,872 | +35.8% | 238,558 | $80,954,840 |
| 51 | JLL | JONES LANG LASALLE INC | REDUCE | -35,254 | -37.2% | 59,456 | $20,005,257 |
| 52 | BXP | BXP INC | REDUCE | -19,458 | -6.7% | 272,049 | $18,357,845 |
| 53 | BIIB | BIOGEN INC | REDUCE | -46,417 | -8.2% | 521,101 | $91,708,545 |
| 54 | B | BARRICK MINING CORP | REDUCE | -9,600,845 | -61.2% | 6,093,395 | $264,486,969 |
| 55 | WIT | WIPRO LTD | REDUCE | -2,430 | -0.5% | 473,301 | $1,344,175 |
| 56 | - | NETEASE INC | SOLD | -638,315 | Exit | - | - |
| 57 | QFIN | QFIN HOLDINGS INC | ADD | +15,426 | +1.2% | 1,306,636 | $25,178,876 |
| 58 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | ADD | +202,183 | +15.0% | 1,552,361 | $128,845,979 |
| 59 | INDA | ISHARES MSCI INDIA ETF | REDUCE | -667,800 | -63.4% | 386,205 | $20,874,380 |
| 60 | CFG | CITIZENS FINANCIAL GROUP INC | REDUCE | -75,874 | -7.0% | 1,014,186 | $59,238,608 |
| 61 | EWY | ISHARES MSCI SOUTH KOREA ETF | REDUCE | -111,095 | -50.1% | 110,800 | $10,771,976 |
| 62 | BCS | BARCLAYS PLC | REDUCE | -602,342 | -13.8% | 3,750,607 | $95,452,949 |
| 63 | BTI | BRITISH AMERICAN TOBACCO PLC | ADD | +24,435 | +5.3% | 483,138 | $27,355,283 |
| 64 | AZN | ASTRAZENECA PLC | REDUCE | -56,473 | -5.3% | 1,010,898 | $92,931,891 |
| 65 | TIGO | MILLICOM INTERNATIONAL CELLULAR SA | ADD | +177,950 | +468.3% | 215,950 | $11,972,268 |
| 66 | GFI | GOLD FIELDS LTD | ADD | +78,061 | +5.1% | 1,621,076 | $70,776,178 |
| 67 | - | XP INC | SOLD | -2,538,130 | Exit | - | - |
| 68 | G | GENPACT LTD | ADD | +205,777 | +11.0% | 2,084,209 | $97,499,333 |
| 69 | CLS | CELESTICA INC | REDUCE | -27,368 | -27.2% | 73,302 | $21,711,724 |
| 70 | NGG | NATIONAL GRID PLC | ADD | +38,342 | +5.7% | 709,485 | $54,878,695 |
| 71 | FINV | FINVOLUTION GROUP | REDUCE | -72,856 | -2.6% | 2,761,927 | $14,444,878 |
| 72 | ALLY | ALLY FINANCIAL INC | REDUCE | -35,319 | -5.6% | 600,850 | $27,212,492 |
| 73 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | ADD | +376,371 | +47.0% | 1,177,274 | $22,756,711 |
| 74 | VALE | VALE SA | NEW BUY | +904,000 | New | 904,000 | $11,779,120 |
| 75 | CARR | CARRIER GLOBAL CORP | ADD | +382,346 | +26.1% | 1,848,827 | $97,692,043 |
| 76 | INMD | INMODE LTD | NEW BUY | +71,829 | New | 71,829 | $1,055,168 |
| 77 | PDD | PDD HOLDINGS INC | ADD | +61,600 | +19.9% | 371,241 | $42,095,017 |
| 78 | INFY | INFOSYS LTD | ADD | +2,198,391 | +774.3% | 2,482,318 | $44,234,907 |
| 79 | NVO | NOVO NORDISK A/S | ADD | +297,871 | +42.8% | 993,850 | $50,567,080 |
| 80 | DIS | WALT DISNEY CO/THE | REDUCE | -49,851 | -8.4% | 546,064 | $62,125,705 |
| 81 | AAPL | APPLE INC | REDUCE | -29 | -3.1% | 898 | $244,130 |
| 82 | FIX | COMFORT SYSTEMS USA INC | NEW BUY | +243 | New | 243 | $226,789 |
| 83 | ENRFF | ENERFLEX LTD | NEW BUY | +73,432 | New | 73,432 | $1,133,555 |
| 84 | - | ORACLE CORP | SOLD | -166,409 | Exit | - | - |
| 85 | URTH | ISHARES MSCI WORLD ETF | ADD | +4,480 | +72.8% | 10,631 | $1,974,921 |
| 86 | EWT | ISHARES MSCI TAIWAN ETF | ADD | +179,241 | +1614.8% | 190,341 | $12,092,364 |
| 87 | NVS | NOVARTIS AG | REDUCE | -119 | -5.8% | 1,935 | $266,788 |
| 88 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | ADD | +130,365 | +12.0% | 1,213,006 | $25,752,117 |
| 89 | APTV | APTIV PLC | REDUCE | -54,223 | -7.5% | 668,620 | $50,875,312 |
| 90 | GSK | GSK PLC | REDUCE | -1,143,104 | -97.1% | 33,897 | $1,662,321 |
| 91 | AXS | AXIS CAPITAL HOLDINGS LTD | REDUCE | -115,640 | -13.8% | 721,221 | $77,235,634 |
| 92 | CP | CANADIAN PACIFIC KANSAS CITY LTD | REDUCE | -926,071 | -6.8% | 12,596,802 | $928,556,747 |
| 93 | - | ATOUR LIFESTYLE HOLDINGS LTD | SOLD | -611,570 | Exit | - | - |
| 94 | EZA | ISHARES MSCI SOUTH AFRICA ETF | NEW BUY | +22,500 | New | 22,500 | $1,548,000 |
| 95 | RNR | RENAISSANCERE HOLDINGS LTD | NEW BUY | +712 | New | 712 | $200,186 |
| 96 | C | CITIGROUP INC | REDUCE | -300,633 | -30.1% | 697,445 | $81,384,872 |
| 97 | BAH | BOOZ ALLEN HAMILTON HOLDING CORP | NEW BUY | +396,332 | New | 396,332 | $33,434,560 |
| 98 | GPK | GRAPHIC PACKAGING HOLDING CO | ADD | +1,926,978 | +74.1% | 4,528,554 | $68,200,052 |
| 99 | AVGO | BROADCOM INC | NEW BUY | +827 | New | 827 | $286,225 |
| 100 | NWG | NATWEST GROUP PLC | ADD | +151,301 | +10.5% | 1,587,264 | $27,777,120 |
| 101 | BUD | ANHEUSER-BUSCH INBEV SA/NV | ADD | +91,657 | +15.0% | 701,343 | $44,914,007 |
| 102 | IR | INGERSOLL RAND INC | ADD | +40,542 | +7.3% | 596,771 | $47,276,237 |
| 103 | FSM | FORTUNA MINING CORP | ADD | +747,761 | +645.4% | 863,628 | $8,474,045 |
| 104 | CCL | CARNIVAL CORP | ADD | +2,032,781 | +6.4% | 33,944,782 | $1,036,673,696 |
| 105 | DEO | DIAGEO PLC | ADD | +18,422 | +3.9% | 485,288 | $41,865,780 |
| 106 | HDB | HDFC BANK LTD | ADD | +37,093 | +9.6% | 422,279 | $15,430,075 |
| 107 | - | ISHARES MSCI SAUDI ARABIA ETF | SOLD | -194,437 | Exit | - | - |
| 108 | PDS | PRECISION DRILLING CORP | NEW BUY | +3,291 | New | 3,291 | $236,462 |
| 109 | MMYT | MAKEMYTRIP LTD | REDUCE | -14,160 | -17.2% | 68,159 | $5,597,217 |
| 110 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | NEW BUY | +60,561 | New | 60,561 | $3,255,759 |
| 111 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | ADD | +4,824 | +49.9% | 14,484 | $1,065,423 |
| 112 | RUK | RELX PLC | ADD | +466,218 | +64.5% | 1,189,379 | $48,074,714 |
| 113 | PFE | PFIZER INC | ADD | +19,672 | +0.9% | 2,091,719 | $52,083,825 |
| 114 | WB | WEIBO CORP | ADD | +39,985 | +1.4% | 2,992,234 | $30,580,631 |
| 115 | GGB | GERDAU SA | ADD | +70,163 | +1.0% | 7,259,433 | $26,787,308 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORP | ADD | +174 | +4.8% | 3,805 | $709,937 |
| 2 | SNN | SMITH & NEPHEW PLC | REDUCE | -248,476 | -30.3% | 572,532 | $20,777,186 |
| 3 | - | TRIP.COM GROUP LTD | NEW BUY | +2,748 | New | 2,748 | $206,650 |
| 4 | INN | SUMMIT HOTEL PROPERTIES INC | REDUCE | -814 | -5.2% | 14,838 | $81,461 |
| 5 | META | META PLATFORMS INC | REDUCE | -8,653 | -9.1% | 86,917 | $63,830,334 |
| 6 | ACWI | ISHARES MSCI ACWI ETF | ADD | +967 | +11.4% | 9,427 | $1,303,163 |
| 7 | SHG | SHINHAN FINANCIAL GROUP CO LTD | ADD | +15,837 | +2.9% | 565,975 | $28,508,136 |
| 8 | ITRN | ITURAN LOCATION AND CONTROL LTD | NEW BUY | +20,439 | New | 20,439 | $730,081 |
| 9 | SAP | SAP SE | ADD | +78,699 | +68.4% | 193,748 | $51,771,386 |
| 10 | - | IQIYI INC | SOLD | -2,896,200 | Exit | - | - |
| 11 | - | INTERNATIONAL FLAVORS & FRAGRANCES INC | SOLD | -622,703 | Exit | - | - |
| 12 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | ADD | +383,833 | +20.2% | 2,287,718 | $53,395,338 |
| 13 | MRK | MERCK & CO INC | ADD | +151,397 | +15.4% | 1,134,057 | $95,181,306 |
| 14 | CGAU | CENTERRA GOLD INC | ADD | +227,876 | +35.9% | 863,377 | $9,251,798 |
| 15 | LYV | LIVE NATION ENTERTAINMENT INC | ADD | +12,947 | +5.9% | 232,404 | $37,974,851 |
| 16 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | ADD | +28,641 | +46.5% | 90,227 | $12,861,859 |
| 17 | ADI | ANALOG DEVICES INC | REDUCE | -53,332 | -15.0% | 302,272 | $74,268,058 |
| 18 | MOMO | HELLO GROUP INC | ADD | +448,123 | +19.1% | 2,794,347 | $20,734,055 |
| 19 | PUK | PRUDENTIAL PLC | REDUCE | -122,390 | -7.7% | 1,475,439 | $41,297,525 |
| 20 | JOYY | JOYY INC | ADD | +58,190 | +8.0% | 790,060 | $46,305,417 |
| 21 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | REDUCE | -10,064 | -1.9% | 507,751 | $141,809,777 |
| 22 | BP | BP PLC | REDUCE | -37,254 | -2.3% | 1,583,385 | $54,563,433 |
| 23 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | ADD | +230,512 | +168.2% | 367,520 | $26,358,534 |
| 24 | - | PG&E CORP | SOLD | -2,737,515 | Exit | - | - |
| 25 | WHR | WHIRLPOOL CORP | ADD | +183,496 | +42.3% | 617,039 | $48,499,258 |
| 26 | EFA | ISHARES MSCI EAFE ETF | ADD | +4,952,603 | +70110.5% | 4,959,667 | $463,084,144 |
| 27 | BAP | CREDICORP LTD | ADD | +22,870 | +11.9% | 215,628 | $57,417,424 |
| 28 | PAGS | PAGSEGURO DIGITAL LTD | ADD | +1,200,587 | +44.6% | 3,892,125 | $38,921,250 |
| 29 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | ADD | +263,362 | +107.4% | 508,504 | $30,469,580 |
| 30 | VIPS | VIPSHOP HOLDINGS LTD | ADD | +294,218 | +37.6% | 1,076,736 | $21,147,095 |
| 31 | - | ADT INC | NEW BUY | +10,929 | New | 10,929 | $95,192 |
| 32 | - | ISHARES CHINA LARGE-CAP ETF | NEW BUY | +71,000 | New | 71,000 | $2,920,940 |
| 33 | AU | ANGLOGOLD ASHANTI PLC | REDUCE | -589,638 | -74.8% | 198,513 | $13,963,280 |
| 34 | DB | DEUTSCHE BANK AG | REDUCE | -1,696,378 | -8.8% | 17,618,765 | $620,200,603 |
| 35 | GOOG | ALPHABET INC | REDUCE | -89,388 | -12.4% | 632,158 | $153,962,045 |
| 36 | PHG | KONINKLIJKE PHILIPS NV | ADD | +107,117 | +5.8% | 1,958,112 | $53,378,146 |
| 37 | MT | ARCELORMITTAL SA | REDUCE | -189,871 | -24.4% | 586,831 | $21,213,947 |
| 38 | - | SEA LTD | REDUCE | -58,961 | -27.8% | 153,370 | $27,411,820 |
| 39 | BABA | ALIBABA GROUP HOLDING LTD | REDUCE | -11,005 | -0.9% | 1,231,464 | $220,099,561 |
| 40 | ING | ING GROEP NV | ADD | +57,552 | +3.7% | 1,598,246 | $41,682,255 |
| 41 | SW | SMURFIT WESTROCK PLC | ADD | +507,289 | +7.2% | 7,522,983 | $320,253,376 |
| 42 | KEP | KOREA ELECTRIC POWER CORP | REDUCE | -1,207,568 | -99.0% | 12,752 | $166,411 |
| 43 | - | UNITEDHEALTH GROUP INC | NEW BUY | +64,603 | New | 64,603 | $22,307,357 |
| 44 | ZMH | ZIMMER BIOMET HOLDINGS INC | ADD | +3,541 | +0.6% | 581,779 | $57,305,179 |
| 45 | SNY | SANOFI SA | ADD | +139,678 | +16.6% | 979,317 | $46,223,771 |
| 46 | JBS | JBS NV | REDUCE | -8,053 | -23.4% | 26,297 | $392,614 |
| 47 | EG | EVEREST GROUP LTD | NEW BUY | +175,686 | New | 175,686 | $61,530,564 |
| 48 | JLL | JONES LANG LASALLE INC | REDUCE | -42,347 | -30.9% | 94,710 | $28,250,009 |
| 49 | BXP | BXP INC | ADD | +18,712 | +6.9% | 291,507 | $21,670,593 |
| 50 | BIIB | BIOGEN INC | ADD | +74,163 | +15.0% | 567,518 | $79,497,885 |
| 51 | B | BARRICK MINING CORP | REDUCE | -1,959,176 | -11.1% | 15,694,240 | $514,553,395 |
| 52 | - | NETEASE INC | ADD | +196,821 | +44.6% | 638,315 | $97,017,497 |
| 53 | QFIN | QFIN HOLDINGS INC | REDUCE | -22,953 | -1.7% | 1,291,210 | $37,161,024 |
| 54 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | ADD | +168,820 | +14.3% | 1,350,178 | $90,556,347 |
| 55 | INDA | ISHARES MSCI INDIA ETF | ADD | +836,765 | +385.2% | 1,054,005 | $54,871,500 |
| 56 | CFG | CITIZENS FINANCIAL GROUP INC | ADD | +57,086 | +5.5% | 1,090,060 | $57,947,524 |
| 57 | EWY | ISHARES MSCI SOUTH KOREA ETF | NEW BUY | +221,895 | New | 221,895 | $17,773,790 |
| 58 | - | BOOKING HOLDINGS INC | SOLD | -37 | Exit | - | - |
| 59 | BCS | BARCLAYS PLC | REDUCE | -311,229 | -6.7% | 4,352,949 | $89,975,464 |
| 60 | BTI | BRITISH AMERICAN TOBACCO PLC | REDUCE | -71,896 | -13.5% | 458,703 | $24,347,967 |
| 61 | GRPU | GRANITE REAL ESTATE INVESTMENT TRUST | NEW BUY | +23,700 | New | 23,700 | $1,317,178 |
| 62 | AZN | ASTRAZENECA PLC | ADD | +113,923 | +11.9% | 1,067,371 | $81,888,708 |
| 63 | TIGO | MILLICOM INTERNATIONAL CELLULAR SA | NEW BUY | +38,000 | New | 38,000 | $1,844,520 |
| 64 | GFI | GOLD FIELDS LTD | ADD | +189,362 | +14.0% | 1,543,015 | $64,744,909 |
| 65 | - | XP INC | ADD | +257,693 | +11.3% | 2,538,130 | $47,691,463 |
| 66 | G | GENPACT LTD | ADD | +447,261 | +31.3% | 1,878,432 | $78,687,453 |
| 67 | CLS | CELESTICA INC | REDUCE | -23,917 | -19.2% | 100,670 | $24,778,248 |
| 68 | NGG | NATIONAL GRID PLC | ADD | +355,149 | +112.4% | 671,143 | $48,771,987 |
| 69 | FINV | FINVOLUTION GROUP | ADD | +483,580 | +20.6% | 2,834,783 | $20,892,351 |
| 70 | ALLY | ALLY FINANCIAL INC | ADD | +33,133 | +5.5% | 636,169 | $24,937,790 |
| 71 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | ADD | +499,107 | +165.4% | 800,903 | $13,407,122 |
| 72 | - | MERCADOLIBRE INC | SOLD | -4,525 | Exit | - | - |
| 73 | CARR | CARRIER GLOBAL CORP | NEW BUY | +1,466,481 | New | 1,466,481 | $87,548,857 |
| 74 | PDD | PDD HOLDINGS INC | NEW BUY | +309,641 | New | 309,641 | $40,925,251 |
| 75 | NVO | NOVO NORDISK A/S | ADD | +342,095 | +96.7% | 695,979 | $38,619,855 |
| 76 | DIS | WALT DISNEY CO/THE | REDUCE | -27,762 | -4.5% | 595,915 | $68,232,202 |
| 77 | AAPL | APPLE INC | REDUCE | -76 | -7.6% | 927 | $236,042 |
| 78 | - | ORACLE CORP | REDUCE | -110,877 | -40.0% | 166,409 | $46,800,949 |
| 79 | URTH | ISHARES MSCI WORLD ETF | NEW BUY | +6,151 | New | 6,151 | $1,116,775 |
| 80 | EWT | ISHARES MSCI TAIWAN ETF | NEW BUY | +11,100 | New | 11,100 | $706,182 |
| 81 | NVS | NOVARTIS AG | REDUCE | -30 | -1.4% | 2,054 | $263,395 |
| 82 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | ADD | +371,277 | +52.2% | 1,082,641 | $14,669,786 |
| 83 | APTV | APTIV PLC | ADD | +4,147 | +0.6% | 722,843 | $62,323,493 |
| 84 | GSK | GSK PLC | ADD | +69,925 | +6.3% | 1,177,001 | $50,799,344 |
| 85 | AXS | AXIS CAPITAL HOLDINGS LTD | ADD | +201,880 | +31.8% | 836,861 | $80,171,205 |
| 86 | CP | CANADIAN PACIFIC KANSAS CITY LTD | REDUCE | -1,157,626 | -7.9% | 13,522,873 | $1,007,358,393 |
| 87 | - | ATOUR LIFESTYLE HOLDINGS LTD | REDUCE | -61,214 | -9.1% | 611,570 | $22,988,916 |
| 88 | - | JD.COM INC | SOLD | -1,854,381 | Exit | - | - |
| 89 | C | CITIGROUP INC | REDUCE | -261,900 | -20.8% | 998,078 | $101,304,786 |
| 90 | GPK | GRAPHIC PACKAGING HOLDING CO | ADD | +1,861,097 | +251.3% | 2,601,576 | $50,912,802 |
| 91 | NWG | NATWEST GROUP PLC | ADD | +806,493 | +128.1% | 1,435,963 | $20,318,879 |
| 92 | - | TD SYNNEX CORP | SOLD | -62,872 | Exit | - | - |
| 93 | BUD | ANHEUSER-BUSCH INBEV SA/NV | REDUCE | -37,791 | -5.8% | 609,686 | $36,343,399 |
| 94 | IR | INGERSOLL RAND INC | ADD | +293,455 | +111.7% | 556,229 | $45,955,624 |
| 95 | FSM | FORTUNA MINING CORP | NEW BUY | +115,867 | New | 115,867 | $1,037,590 |
| 96 | CCL | CARNIVAL CORP | ADD | +2,783,927 | +9.6% | 31,912,001 | $922,575,859 |
| 97 | DEO | DIAGEO PLC | ADD | +36,156 | +8.4% | 466,866 | $44,553,043 |
| 98 | HDB | HDFC BANK LTD | ADD | +197,597 | +105.3% | 385,186 | $13,157,954 |
| 99 | - | ISHARES MSCI SAUDI ARABIA ETF | REDUCE | -116,314 | -37.4% | 194,437 | $7,890,253 |
| 100 | MMYT | MAKEMYTRIP LTD | REDUCE | -1,202 | -1.4% | 82,319 | $7,705,058 |
| 101 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | SOLD | -7,149 | Exit | - | - |
| 102 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | ADD | +734 | +8.2% | 9,660 | $689,399 |
| 103 | RUK | RELX PLC | ADD | +240,316 | +49.8% | 723,161 | $34,538,156 |
| 104 | PFE | PFIZER INC | ADD | +108,735 | +5.5% | 2,072,047 | $52,795,723 |
| 105 | WB | WEIBO CORP | ADD | +308,531 | +11.7% | 2,952,249 | $36,607,888 |
| 106 | GGB | GERDAU SA | ADD | +4,519,092 | +169.2% | 7,189,270 | $22,286,737 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DR REDDY'S LABORATORIES LTD | ADD | +14,700 | +10.2% | 159,139 | $2,391,859 |
| 2 | - | VEREN INC | SOLD | -263,808 | Exit | - | - |
| 3 | NVDA | NVIDIA CORP | REDUCE | -493 | -12.0% | 3,631 | $573,662 |
| 4 | SNN | SMITH & NEPHEW PLC | ADD | +213,651 | +35.2% | 821,008 | $25,147,469 |
| 5 | INN | SUMMIT HOTEL PROPERTIES INC | NEW BUY | +15,652 | New | 15,652 | $79,669 |
| 6 | META | META PLATFORMS INC | REDUCE | -9,915 | -9.4% | 95,570 | $70,539,257 |
| 7 | ACWI | ISHARES MSCI ACWI ETF | REDUCE | -3,144 | -27.1% | 8,460 | $1,088,000 |
| 8 | SHG | SHINHAN FINANCIAL GROUP CO LTD | ADD | +40,332 | +7.9% | 550,138 | $24,855,240 |
| 9 | SAP | SAP SE | REDUCE | -40,090 | -25.8% | 115,049 | $34,986,423 |
| 10 | - | ADECOAGRO SA | SOLD | -563,076 | Exit | - | - |
| 11 | - | INTERNATIONAL FLAVORS & FRAGRANCES INC | NEW BUY | +622,703 | New | 622,703 | $45,799,756 |
| 12 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | ADD | +1,288,732 | +209.5% | 1,903,885 | $37,106,719 |
| 13 | MRK | MERCK & CO INC | ADD | +84,791 | +9.4% | 982,660 | $77,787,310 |
| 14 | CGAU | CENTERRA GOLD INC | NEW BUY | +635,501 | New | 635,501 | $4,568,901 |
| 15 | LYV | LIVE NATION ENTERTAINMENT INC | REDUCE | -75,264 | -25.5% | 219,457 | $33,199,507 |
| 16 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | REDUCE | -1,236 | -2.0% | 61,586 | $8,276,543 |
| 17 | - | JINKOSOLAR HOLDING CO LTD | SOLD | -75,084 | Exit | - | - |
| 18 | ADI | ANALOG DEVICES INC | REDUCE | -68,421 | -16.1% | 355,604 | $84,640,875 |
| 19 | MOMO | HELLO GROUP INC | ADD | +256,311 | +12.3% | 2,346,224 | $19,802,131 |
| 20 | PUK | PRUDENTIAL PLC | REDUCE | -755,841 | -32.1% | 1,597,829 | $39,977,680 |
| 21 | JOYY | JOYY INC | ADD | +644,086 | +733.7% | 731,870 | $37,259,502 |
| 22 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | REDUCE | -1,830 | -0.4% | 517,815 | $117,279,919 |
| 23 | BP | BP PLC | ADD | +24,013 | +1.5% | 1,620,639 | $48,505,730 |
| 24 | - | PG&E CORP | ADD | +170,245 | +6.6% | 2,737,515 | $38,160,944 |
| 25 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | ADD | +52,243 | +61.6% | 137,008 | $10,574,277 |
| 26 | WHR | WHIRLPOOL CORP | ADD | +69,758 | +19.2% | 433,543 | $43,969,880 |
| 27 | BAP | CREDICORP LTD | ADD | +138,231 | +253.5% | 192,758 | $43,085,268 |
| 28 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | REDUCE | -160,761 | -39.6% | 245,142 | $13,975,524 |
| 29 | PAGS | PAGSEGURO DIGITAL LTD | NEW BUY | +2,691,538 | New | 2,691,538 | $25,946,426 |
| 30 | VIPS | VIPSHOP HOLDINGS LTD | ADD | +55,900 | +7.7% | 782,518 | $11,776,896 |
| 31 | EFA | ISHARES MSCI EAFE ETF | ADD | +623 | +9.7% | 7,064 | $631,417 |
| 32 | IBN | ICICI BANK LTD | ADD | +1,721 | +0.4% | 444,660 | $14,958,362 |
| 33 | AU | ANGLOGOLD ASHANTI PLC | ADD | +404,631 | +105.5% | 788,151 | $35,519,738 |
| 34 | DB | DEUTSCHE BANK AG | ADD | +17,801,643 | +1176.2% | 19,315,143 | $570,416,881 |
| 35 | GOOG | ALPHABET INC | ADD | +24,193 | +3.5% | 721,546 | $127,994,936 |
| 36 | PHG | KONINKLIJKE PHILIPS NV | ADD | +319,183 | +20.8% | 1,850,995 | $44,386,869 |
| 37 | MT | ARCELORMITTAL SA | ADD | +72,411 | +10.3% | 776,702 | $24,528,264 |
| 38 | - | SEA LTD | ADD | +13,643 | +6.9% | 212,331 | $33,960,220 |
| 39 | BABA | ALIBABA GROUP HOLDING LTD | REDUCE | -113,541 | -8.4% | 1,242,469 | $140,908,409 |
| 40 | ING | ING GROEP NV | ADD | +80,168 | +5.5% | 1,540,694 | $33,694,972 |
| 41 | SW | SMURFIT WESTROCK PLC | ADD | +4,321,850 | +160.4% | 7,015,694 | $302,727,181 |
| 42 | - | BARRICK GOLD CORP | SOLD | -11,838,827 | Exit | - | - |
| 43 | - | BANCO BRADESCO SA | SOLD | -3,598,612 | Exit | - | - |
| 44 | KEP | KOREA ELECTRIC POWER CORP | NEW BUY | +1,220,320 | New | 1,220,320 | $17,194,490 |
| 45 | ZMH | ZIMMER BIOMET HOLDINGS INC | REDUCE | -227,271 | -28.2% | 578,238 | $52,741,023 |
| 46 | SNY | SANOFI SA | ADD | +146,378 | +21.1% | 839,639 | $40,562,944 |
| 47 | JBS | JBS NV | NEW BUY | +34,350 | New | 34,350 | $501,854 |
| 48 | JLL | JONES LANG LASALLE INC | REDUCE | -3,389 | -2.4% | 137,057 | $35,056,436 |
| 49 | BXP | BXP INC | NEW BUY | +272,795 | New | 272,795 | $18,405,497 |
| 50 | BIIB | BIOGEN INC | ADD | +59,838 | +13.8% | 493,355 | $61,960,403 |
| 51 | B | BARRICK MINING CORP | NEW BUY | +17,653,416 | New | 17,653,416 | $366,674,733 |
| 52 | WIT | WIPRO LTD | REDUCE | -13,075 | -2.7% | 475,731 | $1,436,708 |
| 53 | - | NETEASE INC | NEW BUY | +441,494 | New | 441,494 | $59,416,263 |
| 54 | QFIN | QIFU TECHNOLOGY INC | ADD | +6,890 | +0.5% | 1,314,163 | $56,982,108 |
| 55 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | ADD | +263,483 | +28.7% | 1,181,358 | $92,181,359 |
| 56 | INDA | ISHARES MSCI INDIA ETF | ADD | +74,071 | +51.7% | 217,240 | $12,095,923 |
| 57 | CFG | CITIZENS FINANCIAL GROUP INC | ADD | +28,775 | +2.9% | 1,032,974 | $46,225,565 |
| 58 | - | BOOKING HOLDINGS INC | NEW BUY | +37 | New | 37 | $214,202 |
| 59 | BCS | BARCLAYS PLC | ADD | +152,236 | +3.4% | 4,664,178 | $86,707,071 |
| 60 | BTI | BRITISH AMERICAN TOBACCO PLC | REDUCE | -78,328 | -12.9% | 530,599 | $25,113,266 |
| 61 | AZN | ASTRAZENECA PLC | ADD | +95,561 | +11.1% | 953,448 | $66,626,954 |
| 62 | - | XP INC | NEW BUY | +2,280,437 | New | 2,280,437 | $46,064,827 |
| 63 | GFI | GOLD FIELDS LTD | NEW BUY | +1,353,653 | New | 1,353,653 | $32,040,967 |
| 64 | G | GENPACT LTD | ADD | +486,511 | +51.5% | 1,431,171 | $62,985,812 |
| 65 | CLS | CELESTICA INC | REDUCE | -21,565 | -14.8% | 124,587 | $19,426,259 |
| 66 | NGG | NATIONAL GRID PLC | NEW BUY | +315,994 | New | 315,994 | $23,513,136 |
| 67 | FINV | FINVOLUTION GROUP | ADD | +66,710 | +2.9% | 2,351,203 | $22,289,404 |
| 68 | ALLY | ALLY FINANCIAL INC | REDUCE | -48,347 | -7.4% | 603,036 | $23,488,241 |
| 69 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | NEW BUY | +301,796 | New | 301,796 | $4,560,131 |
| 70 | - | MERCADOLIBRE INC | NEW BUY | +4,525 | New | 4,525 | $11,826,676 |
| 71 | PDD | PDD HOLDINGS INC | SOLD | -105,926 | Exit | - | - |
| 72 | INFY | INFOSYS LTD | REDUCE | -2,354,227 | -89.2% | 283,927 | $5,261,167 |
| 73 | NVO | NOVO NORDISK A/S | NEW BUY | +353,884 | New | 353,884 | $24,425,058 |
| 74 | DIS | WALT DISNEY CO/THE | REDUCE | -330,175 | -34.6% | 623,677 | $77,342,152 |
| 75 | AAPL | APPLE INC | REDUCE | -2 | -0.2% | 1,003 | $205,786 |
| 76 | - | SHELL PLC | SOLD | -2,944 | Exit | - | - |
| 77 | NVS | NOVARTIS AG | REDUCE | -2,152 | -50.8% | 2,084 | $252,196 |
| 78 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | ADD | +32,824 | +4.8% | 711,364 | $11,445,847 |
| 79 | - | QUEST DIAGNOSTICS INC | SOLD | -120,400 | Exit | - | - |
| 80 | APTV | APTIV PLC | REDUCE | -142,048 | -16.5% | 718,696 | $49,029,392 |
| 81 | GSK | GSK PLC | REDUCE | -847 | -0.1% | 1,107,076 | $42,511,705 |
| 82 | AXS | AXIS CAPITAL HOLDINGS LTD | REDUCE | -92,113 | -12.7% | 634,981 | $65,923,751 |
| 83 | CP | CANADIAN PACIFIC KANSAS CITY LTD | REDUCE | -2,528,289 | -14.7% | 14,680,499 | $1,163,875,816 |
| 84 | - | ATOUR LIFESTYLE HOLDINGS LTD | ADD | +30,248 | +4.7% | 672,784 | $21,872,208 |
| 85 | - | JD.COM INC | ADD | +57,147 | +3.2% | 1,854,381 | $60,526,996 |
| 86 | C | CITIGROUP INC | REDUCE | -90,929 | -6.7% | 1,259,978 | $107,249,302 |
| 87 | GPK | GRAPHIC PACKAGING HOLDING CO | NEW BUY | +740,479 | New | 740,479 | $15,601,888 |
| 88 | NWG | NATWEST GROUP PLC | REDUCE | -135,232 | -17.7% | 629,470 | $8,906,999 |
| 89 | - | TD SYNNEX CORP | REDUCE | -68,487 | -52.1% | 62,872 | $8,531,684 |
| 90 | BUD | ANHEUSER-BUSCH INBEV SA/NV | REDUCE | -44,440 | -6.4% | 647,477 | $44,494,611 |
| 91 | IR | INGERSOLL RAND INC | NEW BUY | +262,774 | New | 262,774 | $21,857,552 |
| 92 | CCL | CARNIVAL CORP | ADD | +2,563,008 | +9.6% | 29,128,074 | $819,081,404 |
| 93 | DEO | DIAGEO PLC | ADD | +124,044 | +40.4% | 430,710 | $43,432,820 |
| 94 | HDB | HDFC BANK LTD | ADD | +59,840 | +46.8% | 187,589 | $14,382,449 |
| 95 | - | ISHARES MSCI SAUDI ARABIA ETF | REDUCE | -4,675 | -1.5% | 310,751 | $11,976,344 |
| 96 | - | EMBRAER SA | SOLD | -318,335 | Exit | - | - |
| 97 | MMYT | MAKEMYTRIP LTD | ADD | +7,900 | +10.4% | 83,521 | $8,186,728 |
| 98 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | REDUCE | -23,384 | -76.6% | 7,149 | $353,590 |
| 99 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | ADD | +2,163 | +32.0% | 8,926 | $600,009 |
| 100 | RUK | RELX PLC | ADD | +28,499 | +6.3% | 482,845 | $26,237,810 |
| 101 | PFE | PFIZER INC | REDUCE | -60,943 | -3.0% | 1,963,312 | $47,590,657 |
| 102 | WB | WEIBO CORP | ADD | +387,253 | +17.2% | 2,643,718 | $25,194,633 |
| 103 | - | ORACLE CORP | REDUCE | -214,547 | -43.6% | 277,286 | $60,622,912 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DR REDDY'S LABORATORIES LTD | REDUCE | -394,866 | -73.2% | 144,439 | $1,905,150 |
| 2 | - | VEREN INC | NEW BUY | +263,808 | New | 263,808 | $1,744,973 |
| 3 | NVDA | NVIDIA CORP | ADD | +284 | +7.4% | 4,124 | $446,959 |
| 4 | SNN | SMITH & NEPHEW PLC | ADD | +126,469 | +26.3% | 607,357 | $17,230,705 |
| 5 | - | TRIP.COM GROUP LTD | SOLD | -3,148 | Exit | - | - |
| 6 | - | COLLIERS INTERNATIONAL GROUP INC | SOLD | -1,677 | Exit | - | - |
| 7 | META | META PLATFORMS INC | ADD | +5,924 | +6.0% | 105,485 | $60,797,328 |
| 8 | ACWI | ISHARES MSCI ACWI ETF | REDUCE | -11,444 | -49.7% | 11,604 | $1,350,576 |
| 9 | SHG | SHINHAN FINANCIAL GROUP CO LTD | ADD | +184,167 | +56.6% | 509,806 | $16,354,592 |
| 10 | SAP | SAP SE | REDUCE | -22,721 | -12.8% | 155,139 | $41,645,634 |
| 11 | - | IQIYI INC | ADD | +651,500 | +29.0% | 2,896,200 | $6,545,412 |
| 12 | - | ADECOAGRO SA | REDUCE | -4,298 | -0.8% | 563,076 | $6,289,559 |
| 13 | - | CELESTICA INC | SOLD | -171,423 | Exit | - | - |
| 14 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | NEW BUY | +615,153 | New | 615,153 | $8,864,355 |
| 15 | MRK | MERCK & CO INC | ADD | +313,396 | +53.6% | 897,869 | $80,592,684 |
| 16 | LYV | LIVE NATION ENTERTAINMENT INC | ADD | +59,100 | +25.1% | 294,721 | $38,484,691 |
| 17 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | REDUCE | -10,822 | -14.7% | 62,822 | $7,262,223 |
| 18 | - | JINKOSOLAR HOLDING CO LTD | NEW BUY | +75,084 | New | 75,084 | $1,399,566 |
| 19 | ADI | ANALOG DEVICES INC | ADD | +57,467 | +15.7% | 424,025 | $85,513,154 |
| 20 | MOMO | HELLO GROUP INC | ADD | +1,205,166 | +136.2% | 2,089,913 | $13,187,351 |
| 21 | PUK | PRUDENTIAL PLC | ADD | +216,828 | +10.1% | 2,353,670 | $50,603,911 |
| 22 | JOYY | JOYY INC | NEW BUY | +87,784 | New | 87,784 | $3,685,172 |
| 23 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | REDUCE | -9,419 | -1.8% | 519,645 | $86,261,070 |
| 24 | BP | BP PLC | ADD | +294,568 | +22.6% | 1,596,626 | $53,949,999 |
| 25 | - | PG&E CORP | ADD | +46,597 | +1.8% | 2,567,270 | $44,105,692 |
| 26 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | REDUCE | -36,112 | -29.9% | 84,765 | $5,771,649 |
| 27 | - | UNILEVER PLC | SOLD | -3,566 | Exit | - | - |
| 28 | WHR | WHIRLPOOL CORP | NEW BUY | +363,785 | New | 363,785 | $32,787,921 |
| 29 | - | ERO COPPER CORP | SOLD | -16,000 | Exit | - | - |
| 30 | BAP | CREDICORP LTD | REDUCE | -115,041 | -67.8% | 54,527 | $10,150,746 |
| 31 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | REDUCE | -860,458 | -67.9% | 405,903 | $20,632,055 |
| 32 | VIPS | VIPSHOP HOLDINGS LTD | ADD | +424,803 | +140.7% | 726,618 | $11,393,370 |
| 33 | EFA | ISHARES MSCI EAFE ETF | REDUCE | -46,583 | -87.9% | 6,441 | $526,391 |
| 34 | - | ICON PLC | SOLD | -1,250 | Exit | - | - |
| 35 | IBN | ICICI BANK LTD | REDUCE | -30,293 | -6.4% | 442,939 | $13,961,437 |
| 36 | AU | ANGLOGOLD ASHANTI PLC | REDUCE | -118,279 | -23.6% | 383,520 | $14,322,023 |
| 37 | DB | DEUTSCHE BANK AG | NEW BUY | +1,513,500 | New | 1,513,500 | $36,065,687 |
| 38 | GOOG | ALPHABET INC | ADD | +101,796 | +17.1% | 697,353 | $108,947,402 |
| 39 | PHG | KONINKLIJKE PHILIPS NV | REDUCE | -35,038 | -2.2% | 1,531,812 | $38,908,025 |
| 40 | MT | ARCELORMITTAL SA | REDUCE | -363,109 | -34.0% | 704,291 | $20,318,803 |
| 41 | - | SEA LTD | ADD | +13,194 | +7.1% | 198,688 | $25,926,797 |
| 42 | BABA | ALIBABA GROUP HOLDING LTD | ADD | +404,842 | +42.6% | 1,356,010 | $179,305,202 |
| 43 | ING | ING GROEP NV | REDUCE | -31,041 | -2.1% | 1,460,526 | $28,611,700 |
| 44 | - | BARRICK GOLD CORP | ADD | +726,534 | +6.5% | 11,838,827 | $229,843,231 |
| 45 | SW | SMURFIT WESTROCK PLC | ADD | +30,880 | +1.2% | 2,693,844 | $121,384,608 |
| 46 | - | BANCO BRADESCO SA | REDUCE | -32,714,894 | -90.1% | 3,598,612 | $8,024,904 |
| 47 | BA | BOEING CO/THE | SOLD | -302,750 | Exit | - | - |
| 48 | BTG | B2GOLD CORP | REDUCE | -966,813 | -91.1% | 94,491 | $268,521 |
| 49 | PBYI | PUMA BIOTECHNOLOGY INC | NEW BUY | +14,095 | New | 14,095 | $41,721 |
| 50 | ZMH | ZIMMER BIOMET HOLDINGS INC | ADD | +35,577 | +4.6% | 805,509 | $91,167,554 |
| 51 | SNY | SANOFI SA | ADD | +2,825 | +0.4% | 693,261 | $38,448,233 |
| 52 | JLL | JONES LANG LASALLE INC | ADD | +5,867 | +4.4% | 140,446 | $34,817,917 |
| 53 | BIIB | BIOGEN INC | ADD | +151,815 | +53.9% | 433,517 | $59,322,464 |
| 54 | QFIN | QIFU TECHNOLOGY INC | REDUCE | -70,202 | -5.1% | 1,307,273 | $58,709,630 |
| 55 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | ADD | +99,572 | +12.2% | 917,875 | $70,217,404 |
| 56 | - | NOBLE CORP PLC | SOLD | -8,462 | Exit | - | - |
| 57 | INDA | ISHARES MSCI INDIA ETF | REDUCE | -87,422 | -37.9% | 143,169 | $7,370,340 |
| 58 | CFG | CITIZENS FINANCIAL GROUP INC | ADD | +239,646 | +31.3% | 1,004,199 | $41,142,044 |
| 59 | BCS | BARCLAYS PLC | REDUCE | -1,418,525 | -23.9% | 4,511,942 | $69,303,430 |
| 60 | BTI | BRITISH AMERICAN TOBACCO PLC | REDUCE | -20,985 | -3.3% | 608,927 | $25,191,329 |
| 61 | AZN | ASTRAZENECA PLC | ADD | +26,017 | +3.1% | 857,887 | $63,054,666 |
| 62 | - | TECK RESOURCES LTD | SOLD | -6,480 | Exit | - | - |
| 63 | - | XP INC | SOLD | -1,728,899 | Exit | - | - |
| 64 | G | GENPACT LTD | REDUCE | -191,358 | -16.8% | 944,660 | $47,591,992 |
| 65 | CLS | CELESTICA INC | NEW BUY | +146,152 | New | 146,152 | $11,527,653 |
| 66 | FINV | FINVOLUTION GROUP | REDUCE | -518,351 | -18.5% | 2,284,493 | $21,999,668 |
| 67 | - | CONCENTRIX CORP | SOLD | -409,812 | Exit | - | - |
| 68 | - | CHECK POINT SOFTWARE TECHNOLOGIES LTD | SOLD | -1,929,604 | Exit | - | - |
| 69 | - | APTIV PLC | SOLD | -509,649 | Exit | - | - |
| 70 | - | ACCENTURE PLC | SOLD | -2,451 | Exit | - | - |
| 71 | ALLY | ALLY FINANCIAL INC | ADD | +228,019 | +53.9% | 651,383 | $23,755,948 |
| 72 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | SOLD | -13,348 | Exit | - | - |
| 73 | - | AMDOCS LTD | SOLD | -6,390 | Exit | - | - |
| 74 | - | HAFNIA LTD | SOLD | -575,856 | Exit | - | - |
| 75 | PDD | PDD HOLDINGS INC | REDUCE | -340,346 | -76.3% | 105,926 | $12,536,342 |
| 76 | - | RYANAIR HOLDINGS PLC | SOLD | -9,093 | Exit | - | - |
| 77 | INFY | INFOSYS LTD | ADD | +2,091,411 | +382.5% | 2,638,154 | $48,146,311 |
| 78 | DIS | WALT DISNEY CO/THE | ADD | +111,910 | +13.3% | 953,852 | $94,145,154 |
| 79 | AAPL | APPLE INC | ADD | +44 | +4.6% | 1,005 | $223,241 |
| 80 | - | ORACLE CORP | ADD | +201,220 | +69.2% | 491,833 | $68,763,215 |
| 81 | URTH | ISHARES MSCI WORLD ETF | SOLD | -51,466 | Exit | - | - |
| 82 | - | SHELL PLC | REDUCE | -7,188 | -70.9% | 2,944 | $215,748 |
| 83 | NVS | NOVARTIS AG | REDUCE | -1,630 | -27.8% | 4,236 | $472,236 |
| 84 | - | ARCH CAPITAL GROUP LTD | SOLD | -8,531 | Exit | - | - |
| 85 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | ADD | +91,022 | +15.5% | 678,540 | $9,899,899 |
| 86 | - | TOWER SEMICONDUCTOR LTD | SOLD | -58,944 | Exit | - | - |
| 87 | - | QUEST DIAGNOSTICS INC | REDUCE | -184,081 | -60.5% | 120,400 | $20,371,692 |
| 88 | APTV | APTIV PLC | NEW BUY | +860,744 | New | 860,744 | $51,214,268 |
| 89 | GSK | GSK PLC | ADD | +31,343 | +2.9% | 1,107,923 | $42,920,943 |
| 90 | - | WILLIS TOWERS WATSON PLC | SOLD | -1,563 | Exit | - | - |
| 91 | AXS | AXIS CAPITAL HOLDINGS LTD | REDUCE | -1,237 | -0.2% | 727,094 | $72,883,913 |
| 92 | CP | CANADIAN PACIFIC KANSAS CITY LTD | ADD | +1,778,984 | +11.5% | 17,208,788 | $1,207,605,037 |
| 93 | - | COCA-COLA FEMSA SAB DE CV | SOLD | -5,350 | Exit | - | - |
| 94 | - | ATOUR LIFESTYLE HOLDINGS LTD | ADD | +448,854 | +231.7% | 642,536 | $18,215,896 |
| 95 | - | JD.COM INC | ADD | +286,142 | +18.9% | 1,797,234 | $73,902,262 |
| 96 | - | ORASURE TECHNOLOGIES INC | SOLD | -10,092 | Exit | - | - |
| 97 | C | CITIGROUP INC | ADD | +116,032 | +9.4% | 1,350,907 | $95,900,876 |
| 98 | NWG | NATWEST GROUP PLC | REDUCE | -37,162 | -4.6% | 764,702 | $9,115,250 |
| 99 | - | ITAU UNIBANCO HOLDING SA | SOLD | -43,222 | Exit | - | - |
| 100 | - | TD SYNNEX CORP | REDUCE | -465,423 | -78.0% | 131,359 | $13,656,124 |
| 101 | BUD | ANHEUSER-BUSCH INBEV SA/NV | ADD | +117,619 | +20.5% | 691,917 | $42,594,412 |
| 102 | CCL | CARNIVAL CORP | NEW BUY | +26,565,066 | New | 26,565,066 | $518,815,747 |
| 103 | DEO | DIAGEO PLC | ADD | +11,903 | +4.0% | 306,666 | $32,135,482 |
| 104 | - | ISHARES MSCI SAUDI ARABIA ETF | ADD | +98,832 | +45.6% | 315,426 | $13,049,174 |
| 105 | - | EMBRAER SA | NEW BUY | +318,335 | New | 318,335 | $14,707,077 |
| 106 | MMYT | MAKEMYTRIP LTD | REDUCE | -9,040 | -10.7% | 75,621 | $7,410,102 |
| 107 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | ADD | +15,443 | +102.3% | 30,533 | $1,381,924 |
| 108 | - | TAKEDA PHARMACEUTICAL CO LTD | SOLD | -522,030 | Exit | - | - |
| 109 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | REDUCE | -25,778 | -79.2% | 6,763 | $410,216 |
| 110 | RUK | RELX PLC | REDUCE | -11,540 | -2.5% | 454,346 | $22,903,572 |
| 111 | PFE | PFIZER INC | ADD | +191,465 | +10.4% | 2,024,255 | $51,294,627 |
| 112 | - | CNH INDUSTRIAL NV | SOLD | -33,849 | Exit | - | - |
| 113 | WB | WEIBO CORP | REDUCE | -2,802 | -0.1% | 2,256,465 | $21,368,724 |
| 114 | - | ARCOS DORADOS HOLDINGS INC | SOLD | -34,300 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DR REDDY'S LABORATORIES LTD | ADD | +431,444 | +400.0% | 539,305 | $8,515,626 |
| 2 | NVDA | NVIDIA CORP | REDUCE | -393 | -9.3% | 3,840 | $515,674 |
| 3 | SNN | SMITH & NEPHEW PLC | NEW BUY | +480,888 | New | 480,888 | $11,820,232 |
| 4 | - | TRIP.COM GROUP LTD | REDUCE | -825 | -20.8% | 3,148 | $216,142 |
| 5 | META | META PLATFORMS INC | REDUCE | -5,375 | -5.1% | 99,561 | $58,293,826 |
| 6 | ACWI | ISHARES MSCI ACWI ETF | ADD | +5,165 | +28.9% | 23,048 | $2,708,095 |
| 7 | SHG | SHINHAN FINANCIAL GROUP CO LTD | ADD | +20,766 | +6.8% | 325,639 | $10,707,023 |
| 8 | SAP | SAP SE | REDUCE | -1,188 | -0.7% | 177,860 | $43,790,813 |
| 9 | - | IQIYI INC | REDUCE | -14,140 | -0.6% | 2,244,700 | $4,511,847 |
| 10 | - | ADECOAGRO SA | ADD | +266,816 | +88.8% | 567,374 | $5,350,337 |
| 11 | - | CELESTICA INC | REDUCE | -69,237 | -28.8% | 171,423 | $15,812,109 |
| 12 | MRK | MERCK & CO INC | NEW BUY | +584,473 | New | 584,473 | $58,143,366 |
| 13 | ASHR | XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF | SOLD | -584,659 | Exit | - | - |
| 14 | - | ISHARES MSCI EAFE VALUE ETF | SOLD | -22,400 | Exit | - | - |
| 15 | LYV | LIVE NATION ENTERTAINMENT INC | REDUCE | -233,506 | -49.8% | 235,621 | $30,512,896 |
| 16 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | ADD | +77 | +0.1% | 73,644 | $8,430,765 |
| 17 | - | JINKOSOLAR HOLDING CO LTD | SOLD | -127,600 | Exit | - | - |
| 18 | - | TORM PLC | SOLD | -11,720 | Exit | - | - |
| 19 | ADI | ANALOG DEVICES INC | ADD | +25,842 | +7.6% | 366,558 | $77,878,944 |
| 20 | MOMO | HELLO GROUP INC | REDUCE | -1,057,034 | -54.4% | 884,747 | $6,821,399 |
| 21 | PUK | PRUDENTIAL PLC | ADD | +73 | +0.0% | 2,136,842 | $34,061,262 |
| 22 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | ADD | +213 | +0.0% | 529,064 | $104,484,849 |
| 23 | BP | BP PLC | ADD | +117,605 | +9.9% | 1,302,058 | $38,488,822 |
| 24 | - | PG&E CORP | REDUCE | -1,291,773 | -33.9% | 2,520,673 | $50,867,214 |
| 25 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | REDUCE | -38,036 | -23.9% | 120,877 | $9,241,047 |
| 26 | - | UNILEVER PLC | REDUCE | -177 | -4.7% | 3,566 | $202,201 |
| 27 | - | ERO COPPER CORP | NEW BUY | +16,000 | New | 16,000 | $215,603 |
| 28 | BAP | CREDICORP LTD | ADD | +102,101 | +151.3% | 169,568 | $31,085,206 |
| 29 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | ADD | +780,830 | +160.8% | 1,266,361 | $60,557,392 |
| 30 | VIPS | VIPSHOP HOLDINGS LTD | REDUCE | -1,594,381 | -84.1% | 301,815 | $4,065,448 |
| 31 | EFA | ISHARES MSCI EAFE ETF | REDUCE | -1,246,009 | -95.9% | 53,024 | $4,009,181 |
| 32 | - | ICON PLC | NEW BUY | +1,250 | New | 1,250 | $262,138 |
| 33 | IBN | ICICI BANK LTD | ADD | +26,971 | +6.0% | 473,232 | $14,130,708 |
| 34 | AU | ANGLOGOLD ASHANTI PLC | NEW BUY | +501,799 | New | 501,799 | $11,195,410 |
| 35 | GOOG | ALPHABET INC | ADD | +34,841 | +6.2% | 595,557 | $113,417,968 |
| 36 | PHG | KONINKLIJKE PHILIPS NV | ADD | +303,428 | +24.0% | 1,566,850 | $39,672,646 |
| 37 | MT | ARCELORMITTAL SA | ADD | +121,155 | +12.8% | 1,067,400 | $24,688,955 |
| 38 | - | SEA LTD | NEW BUY | +185,494 | New | 185,494 | $19,680,913 |
| 39 | BABA | ALIBABA GROUP HOLDING LTD | ADD | +63,851 | +7.2% | 951,168 | $80,649,535 |
| 40 | ING | ING GROEP NV | ADD | +416,762 | +38.8% | 1,491,567 | $23,372,862 |
| 41 | SW | SMURFIT WESTROCK PLC | REDUCE | -1,534,615 | -36.6% | 2,662,964 | $143,427,217 |
| 42 | - | BARRICK GOLD CORP | NEW BUY | +11,112,293 | New | 11,112,293 | $172,225,146 |
| 43 | - | BANCO BRADESCO SA | REDUCE | -9,662,131 | -21.0% | 36,313,506 | $69,358,796 |
| 44 | BA | BOEING CO/THE | ADD | +265,173 | +705.7% | 302,750 | $53,586,706 |
| 45 | BTG | B2GOLD CORP | ADD | +55,900 | +5.6% | 1,061,304 | $2,597,546 |
| 46 | ZMH | ZIMMER BIOMET HOLDINGS INC | REDUCE | -24,356 | -3.1% | 769,932 | $81,327,915 |
| 47 | SNY | SANOFI SA | ADD | +192,954 | +38.8% | 690,436 | $33,299,707 |
| 48 | JLL | JONES LANG LASALLE INC | REDUCE | -50,163 | -27.2% | 134,579 | $34,067,412 |
| 49 | BIIB | BIOGEN INC | NEW BUY | +281,702 | New | 281,702 | $43,077,910 |
| 50 | WIT | WIPRO LTD | ADD | +244,403 | +100.0% | 488,806 | $1,730,373 |
| 51 | QFIN | QIFU TECHNOLOGY INC | ADD | +4,137 | +0.3% | 1,377,475 | $52,867,490 |
| 52 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | REDUCE | -155,979 | -16.0% | 818,303 | $62,927,565 |
| 53 | - | NOBLE CORP PLC | NEW BUY | +8,462 | New | 8,462 | $265,707 |
| 54 | INDA | ISHARES MSCI INDIA ETF | REDUCE | -32,066 | -12.2% | 230,591 | $12,138,310 |
| 55 | CFG | CITIZENS FINANCIAL GROUP INC | REDUCE | -122,767 | -13.8% | 764,553 | $33,456,842 |
| 56 | BCS | BARCLAYS PLC | ADD | +484,497 | +8.9% | 5,930,467 | $78,815,906 |
| 57 | BTI | BRITISH AMERICAN TOBACCO PLC | REDUCE | -124,989 | -16.6% | 629,912 | $22,878,402 |
| 58 | AZN | ASTRAZENECA PLC | ADD | +341,431 | +69.6% | 831,870 | $54,504,114 |
| 59 | - | TECK RESOURCES LTD | NEW BUY | +6,480 | New | 6,480 | $262,588 |
| 60 | - | XP INC | NEW BUY | +1,728,899 | New | 1,728,899 | $20,487,453 |
| 61 | G | GENPACT LTD | REDUCE | -617,154 | -35.2% | 1,136,018 | $48,791,994 |
| 62 | NGG | NATIONAL GRID PLC | SOLD | -74,164 | Exit | - | - |
| 63 | FINV | FINVOLUTION GROUP | REDUCE | -1,542,431 | -35.5% | 2,802,844 | $19,031,311 |
| 64 | - | BRISTOL-MYERS SQUIBB CO | SOLD | -750,455 | Exit | - | - |
| 65 | - | CONCENTRIX CORP | REDUCE | -23,442 | -5.4% | 409,812 | $17,732,578 |
| 66 | - | FISERV INC | SOLD | -292,231 | Exit | - | - |
| 67 | - | CHECK POINT SOFTWARE TECHNOLOGIES LTD | ADD | +487,823 | +33.8% | 1,929,604 | $360,257,072 |
| 68 | - | APTIV PLC | ADD | +36,760 | +7.8% | 509,649 | $30,823,586 |
| 69 | - | SEAGATE TECHNOLOGY HOLDINGS PLC | SOLD | -330,110 | Exit | - | - |
| 70 | - | ACCENTURE PLC | NEW BUY | +2,451 | New | 2,451 | $862,237 |
| 71 | ALLY | ALLY FINANCIAL INC | NEW BUY | +423,364 | New | 423,364 | $15,245,335 |
| 72 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | REDUCE | -2,771 | -17.2% | 13,348 | $193,416 |
| 73 | - | AMDOCS LTD | NEW BUY | +6,390 | New | 6,390 | $544,045 |
| 74 | - | HAFNIA LTD | ADD | +29,345 | +5.4% | 575,856 | $3,080,230 |
| 75 | PDD | PDD HOLDINGS INC | REDUCE | -322,505 | -42.0% | 446,272 | $43,283,921 |
| 76 | - | RYANAIR HOLDINGS PLC | REDUCE | -1,552 | -14.6% | 9,093 | $396,355 |
| 77 | - | OPPFI INC | SOLD | -14,180 | Exit | - | - |
| 78 | - | VISTA ENERGY SAB DE CV | SOLD | -84,269 | Exit | - | - |
| 79 | INFY | INFOSYS LTD | ADD | +8,907 | +1.7% | 546,743 | $11,984,607 |
| 80 | DIS | WALT DISNEY CO/THE | REDUCE | -265,281 | -24.0% | 841,942 | $93,750,230 |
| 81 | AAPL | APPLE INC | ADD | +22 | +2.3% | 961 | $240,654 |
| 82 | - | ORACLE CORP | REDUCE | -106,743 | -26.9% | 290,613 | $48,427,848 |
| 83 | URTH | ISHARES MSCI WORLD ETF | ADD | +36,966 | +254.9% | 51,466 | $8,002,964 |
| 84 | - | SHELL PLC | REDUCE | -325,502 | -97.0% | 10,132 | $634,791 |
| 85 | NVS | NOVARTIS AG | REDUCE | -1,516 | -20.5% | 5,866 | $570,837 |
| 86 | - | ARCH CAPITAL GROUP LTD | NEW BUY | +8,531 | New | 8,531 | $787,838 |
| 87 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | ADD | +491,093 | +509.3% | 587,518 | $12,614,011 |
| 88 | - | TOWER SEMICONDUCTOR LTD | ADD | +1,738 | +3.0% | 58,944 | $3,055,870 |
| 89 | - | QUEST DIAGNOSTICS INC | REDUCE | -37,579 | -11.0% | 304,481 | $45,934,011 |
| 90 | GSK | GSK PLC | ADD | +179,174 | +20.0% | 1,076,580 | $36,409,929 |
| 91 | - | WILLIS TOWERS WATSON PLC | NEW BUY | +1,563 | New | 1,563 | $489,594 |
| 92 | AXS | AXIS CAPITAL HOLDINGS LTD | ADD | +321,608 | +79.1% | 728,331 | $64,544,684 |
| 93 | CP | CANADIAN PACIFIC KANSAS CITY LTD | ADD | +6,687,770 | +76.5% | 15,429,804 | $1,116,631,631 |
| 94 | - | COCA-COLA FEMSA SAB DE CV | NEW BUY | +5,350 | New | 5,350 | $416,712 |
| 95 | - | TRANSALTA CORP | SOLD | -223,983 | Exit | - | - |
| 96 | - | ATOUR LIFESTYLE HOLDINGS LTD | NEW BUY | +193,682 | New | 193,682 | $5,208,109 |
| 97 | - | JD.COM INC | ADD | +40,001 | +2.7% | 1,511,092 | $52,389,560 |
| 98 | - | ORASURE TECHNOLOGIES INC | NEW BUY | +10,092 | New | 10,092 | $36,432 |
| 99 | C | CITIGROUP INC | REDUCE | -51,354 | -4.0% | 1,234,875 | $86,922,911 |
| 100 | - | PETROLEO BRASILEIRO SA | SOLD | -139,761 | Exit | - | - |
| 101 | NWG | NATWEST GROUP PLC | REDUCE | -323,200 | -28.7% | 801,864 | $8,154,951 |
| 102 | - | ITAU UNIBANCO HOLDING SA | NEW BUY | +43,222 | New | 43,222 | $214,381 |
| 103 | - | TD SYNNEX CORP | REDUCE | -36,695 | -5.8% | 596,782 | $69,990,665 |
| 104 | BUD | ANHEUSER-BUSCH INBEV SA/NV | ADD | +65,691 | +12.9% | 574,298 | $28,755,086 |
| 105 | DEO | DIAGEO PLC | REDUCE | -2,164 | -0.7% | 294,763 | $37,473,247 |
| 106 | HDB | HDFC BANK LTD | ADD | +9,526 | +8.1% | 127,749 | $8,158,051 |
| 107 | - | ISHARES MSCI SAUDI ARABIA ETF | ADD | +108,785 | +100.9% | 216,594 | $8,845,699 |
| 108 | MMYT | MAKEMYTRIP LTD | ADD | +1,348 | +1.6% | 84,661 | $9,505,737 |
| 109 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | REDUCE | -5,875 | -28.0% | 15,090 | $664,564 |
| 110 | - | TAKEDA PHARMACEUTICAL CO LTD | REDUCE | -759,162 | -59.3% | 522,030 | $6,911,684 |
| 111 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | ADD | +22,589 | +227.0% | 32,541 | $1,868,180 |
| 112 | RUK | RELX PLC | ADD | +41,476 | +9.8% | 465,886 | $21,160,547 |
| 113 | PFE | PFIZER INC | REDUCE | -378,520 | -17.1% | 1,832,790 | $48,623,947 |
| 114 | - | CNH INDUSTRIAL NV | NEW BUY | +33,849 | New | 33,849 | $383,509 |
| 115 | WB | WEIBO CORP | ADD | +292,086 | +14.8% | 2,259,267 | $21,576,000 |
| 116 | - | ARCOS DORADOS HOLDINGS INC | NEW BUY | +34,300 | New | 34,300 | $249,704 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DR REDDY'S LABORATORIES LTD | ADD | +1,687 | +1.6% | 107,861 | $8,569,556 |
| 2 | NVDA | NVIDIA CORP | ADD | +1,063 | +33.5% | 4,233 | $514,056 |
| 3 | - | TRIP.COM GROUP LTD | NEW BUY | +3,973 | New | 3,973 | $236,115 |
| 4 | - | COLLIERS INTERNATIONAL GROUP INC | NEW BUY | +1,677 | New | 1,677 | $254,787 |
| 5 | META | META PLATFORMS INC | REDUCE | -46,573 | -30.7% | 104,936 | $60,069,413 |
| 6 | ACWI | ISHARES MSCI ACWI ETF | ADD | +7,708 | +75.8% | 17,883 | $2,137,916 |
| 7 | SHG | SHINHAN FINANCIAL GROUP CO LTD | NEW BUY | +304,873 | New | 304,873 | $12,917,473 |
| 8 | SAP | SAP SE | REDUCE | -28,679 | -13.8% | 179,048 | $41,019,854 |
| 9 | - | IQIYI INC | REDUCE | -5,270,182 | -70.0% | 2,258,840 | $6,460,282 |
| 10 | - | ADECOAGRO SA | NEW BUY | +300,558 | New | 300,558 | $3,327,177 |
| 11 | - | INTERNATIONAL FLAVORS & FRAGRANCES INC | SOLD | -347,776 | Exit | - | - |
| 12 | - | CELESTICA INC | ADD | +2,500 | +1.0% | 240,660 | $12,316,690 |
| 13 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | SOLD | -3,076,879 | Exit | - | - |
| 14 | ASHR | XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF | ADD | +12,985 | +2.3% | 584,659 | $16,715,401 |
| 15 | - | ISHARES MSCI EAFE VALUE ETF | NEW BUY | +22,400 | New | 22,400 | $1,288,672 |
| 16 | LYV | LIVE NATION ENTERTAINMENT INC | NEW BUY | +469,127 | New | 469,127 | $51,364,745 |
| 17 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | REDUCE | -38,817 | -34.5% | 73,567 | $9,266,499 |
| 18 | - | JINKOSOLAR HOLDING CO LTD | REDUCE | -424,070 | -76.9% | 127,600 | $3,422,232 |
| 19 | ADI | ANALOG DEVICES INC | ADD | +30,887 | +10.0% | 340,716 | $78,422,586 |
| 20 | MOMO | HELLO GROUP INC | ADD | +57,807 | +3.1% | 1,941,781 | $14,776,953 |
| 21 | PUK | PRUDENTIAL PLC | ADD | +40,010 | +1.9% | 2,136,769 | $39,615,699 |
| 22 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | ADD | +23,079 | +4.6% | 528,851 | $91,845,553 |
| 23 | BP | BP PLC | REDUCE | -131,306 | -10.0% | 1,184,453 | $37,179,987 |
| 24 | - | PG&E CORP | REDUCE | -412,013 | -9.8% | 3,812,446 | $75,372,044 |
| 25 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | ADD | +100,518 | +172.1% | 158,913 | $13,666,518 |
| 26 | - | UNILEVER PLC | REDUCE | -1,033 | -21.6% | 3,743 | $243,129 |
| 27 | WHR | WHIRLPOOL CORP | SOLD | -94,673 | Exit | - | - |
| 28 | - | GOLDEN OCEAN GROUP LTD | SOLD | -13,809 | Exit | - | - |
| 29 | EFA | ISHARES MSCI EAFE ETF | ADD | +1,289,551 | +13600.0% | 1,299,033 | $108,638,146 |
| 30 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | REDUCE | -178,618 | -26.9% | 485,531 | $25,640,884 |
| 31 | VIPS | VIPSHOP HOLDINGS LTD | REDUCE | -1,489,334 | -44.0% | 1,896,196 | $29,827,163 |
| 32 | BAP | CREDICORP LTD | ADD | +20,674 | +44.2% | 67,467 | $12,209,503 |
| 33 | IBN | ICICI BANK LTD | ADD | +4,460 | +1.0% | 446,261 | $13,320,891 |
| 34 | GOOG | ALPHABET INC | ADD | +72,368 | +14.8% | 560,716 | $93,746,150 |
| 35 | PHG | KONINKLIJKE PHILIPS NV | REDUCE | -25,705 | -2.0% | 1,263,422 | $41,339,175 |
| 36 | MT | ARCELORMITTAL SA | ADD | +605,080 | +177.4% | 946,245 | $24,848,383 |
| 37 | BABA | ALIBABA GROUP HOLDING LTD | ADD | +240,713 | +37.2% | 887,317 | $94,162,080 |
| 38 | ING | ING GROEP NV | REDUCE | -302,200 | -21.9% | 1,074,805 | $19,518,466 |
| 39 | - | BANCO BRADESCO SA | REDUCE | -4,781,949 | -9.4% | 45,975,637 | $122,295,193 |
| 40 | SW | SMURFIT WESTROCK PLC | NEW BUY | +4,197,579 | New | 4,197,579 | $207,444,346 |
| 41 | BA | BOEING CO/THE | NEW BUY | +37,577 | New | 37,577 | $5,713,232 |
| 42 | BTG | B2GOLD CORP | REDUCE | -12,100 | -1.2% | 1,005,404 | $3,110,840 |
| 43 | ZMH | ZIMMER BIOMET HOLDINGS INC | ADD | +133,482 | +20.2% | 794,288 | $85,743,364 |
| 44 | SNY | SANOFI SA | ADD | +16,017 | +3.3% | 497,482 | $28,669,890 |
| 45 | JLL | JONES LANG LASALLE INC | REDUCE | -102,303 | -35.6% | 184,742 | $49,845,151 |
| 46 | WIT | WIPRO LTD | ADD | +3,373 | +1.4% | 244,403 | $1,583,731 |
| 47 | QFIN | QIFU TECHNOLOGY INC | ADD | +100,492 | +7.9% | 1,373,338 | $40,939,206 |
| 48 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | ADD | +80,407 | +9.0% | 974,282 | $75,195,044 |
| 49 | INDA | ISHARES MSCI INDIA ETF | ADD | +172,810 | +192.3% | 262,657 | $15,373,314 |
| 50 | CFG | CITIZENS FINANCIAL GROUP INC | REDUCE | -428,417 | -32.6% | 887,320 | $36,442,208 |
| 51 | BCS | BARCLAYS PLC | ADD | +34,092 | +0.6% | 5,445,970 | $66,168,533 |
| 52 | BTI | BRITISH AMERICAN TOBACCO PLC | ADD | +22,078 | +3.0% | 754,901 | $27,614,267 |
| 53 | AZN | ASTRAZENECA PLC | ADD | +39,851 | +8.8% | 490,439 | $38,210,109 |
| 54 | G | GENPACT LTD | REDUCE | -347,097 | -16.5% | 1,753,172 | $68,741,848 |
| 55 | NGG | NATIONAL GRID PLC | NEW BUY | +74,164 | New | 74,164 | $5,166,984 |
| 56 | - | BRISTOL-MYERS SQUIBB CO | ADD | +23,103 | +3.2% | 750,455 | $38,828,510 |
| 57 | FINV | FINVOLUTION GROUP | ADD | +356,978 | +9.0% | 4,345,275 | $26,853,799 |
| 58 | - | CONCENTRIX CORP | REDUCE | -131,478 | -23.3% | 433,254 | $22,204,281 |
| 59 | - | FISERV INC | REDUCE | -138,723 | -32.2% | 292,231 | $52,499,215 |
| 60 | - | CHECK POINT SOFTWARE TECHNOLOGIES LTD | ADD | +1,226,772 | +570.6% | 1,441,781 | $277,989,872 |
| 61 | - | APTIV PLC | ADD | +74,920 | +18.8% | 472,889 | $34,052,723 |
| 62 | - | SEAGATE TECHNOLOGY HOLDINGS PLC | REDUCE | -52,051 | -13.6% | 330,110 | $36,156,932 |
| 63 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | REDUCE | -2,467 | -13.3% | 16,119 | $203,581 |
| 64 | - | HAFNIA LTD | NEW BUY | +546,511 | New | 546,511 | $3,896,738 |
| 65 | PDD | PDD HOLDINGS INC | ADD | +24,174 | +3.2% | 768,777 | $103,638,827 |
| 66 | - | RYANAIR HOLDINGS PLC | REDUCE | -2,187,110 | -99.5% | 10,645 | $480,933 |
| 67 | - | OPPFI INC | REDUCE | -3,426 | -19.5% | 14,180 | $67,071 |
| 68 | - | VISTA ENERGY SAB DE CV | REDUCE | -156,269 | -65.0% | 84,269 | $3,723,004 |
| 69 | INFY | INFOSYS LTD | ADD | +7,123 | +1.3% | 537,836 | $11,977,608 |
| 70 | DIS | WALT DISNEY CO/THE | ADD | +120,938 | +12.3% | 1,107,223 | $106,503,718 |
| 71 | AAPL | APPLE INC | NEW BUY | +939 | New | 939 | $218,787 |
| 72 | - | ORACLE CORP | REDUCE | -100,592 | -20.2% | 397,356 | $67,709,501 |
| 73 | URTH | ISHARES MSCI WORLD ETF | NEW BUY | +14,500 | New | 14,500 | $2,275,195 |
| 74 | - | SHELL PLC | REDUCE | -368,959 | -52.4% | 335,634 | $22,135,084 |
| 75 | NVS | NOVARTIS AG | REDUCE | -194,953 | -96.4% | 7,382 | $849,075 |
| 76 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | NEW BUY | +96,425 | New | 96,425 | $2,474,266 |
| 77 | - | TOWER SEMICONDUCTOR LTD | NEW BUY | +57,206 | New | 57,206 | $2,532,954 |
| 78 | - | QUEST DIAGNOSTICS INC | REDUCE | -134,056 | -28.2% | 342,060 | $53,104,835 |
| 79 | GSK | GSK PLC | ADD | +143,871 | +19.1% | 897,406 | $36,685,942 |
| 80 | AXS | AXIS CAPITAL HOLDINGS LTD | NEW BUY | +406,723 | New | 406,723 | $32,379,247 |
| 81 | - | ZEBRA TECHNOLOGIES CORP | SOLD | -149,552 | Exit | - | - |
| 82 | CP | CANADIAN PACIFIC KANSAS CITY LTD | ADD | +723,783 | +9.0% | 8,742,034 | $748,400,095 |
| 83 | - | TRANSALTA CORP | ADD | +200,640 | +859.5% | 223,983 | $2,324,469 |
| 84 | - | BERRY GLOBAL GROUP INC | SOLD | -670,935 | Exit | - | - |
| 85 | - | JD.COM INC | ADD | +488,538 | +49.7% | 1,471,091 | $58,843,640 |
| 86 | C | CITIGROUP INC | ADD | +120,816 | +10.4% | 1,286,229 | $80,517,932 |
| 87 | - | PETROLEO BRASILEIRO SA | REDUCE | -3,751,360 | -96.4% | 139,761 | $1,843,448 |
| 88 | - | DAQO NEW ENERGY CORP | SOLD | -224,184 | Exit | - | - |
| 89 | NWG | NATWEST GROUP PLC | REDUCE | -800,000 | -41.6% | 1,125,064 | $10,530,602 |
| 90 | - | TD SYNNEX CORP | REDUCE | -4,961 | -0.8% | 633,477 | $76,067,872 |
| 91 | BUD | ANHEUSER-BUSCH INBEV SA/NV | ADD | +20,302 | +4.2% | 508,607 | $33,715,561 |
| 92 | DEO | DIAGEO PLC | ADD | +60,861 | +25.8% | 296,927 | $41,670,714 |
| 93 | HDB | HDFC BANK LTD | REDUCE | -431 | -0.4% | 118,223 | $7,396,031 |
| 94 | - | ISHARES MSCI SAUDI ARABIA ETF | REDUCE | -19,716 | -15.5% | 107,809 | $4,603,444 |
| 95 | MMYT | MAKEMYTRIP LTD | REDUCE | -78,081 | -48.4% | 83,313 | $7,743,943 |
| 96 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | ADD | +5,186 | +32.9% | 20,965 | $1,003,175 |
| 97 | - | TAKEDA PHARMACEUTICAL CO LTD | REDUCE | -72,972 | -5.4% | 1,281,192 | $18,218,553 |
| 98 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | ADD | +1,913 | +23.8% | 9,952 | $626,976 |
| 99 | RUK | RELX PLC | REDUCE | -109,923 | -20.6% | 424,410 | $20,142,508 |
| 100 | PFE | PFIZER INC | ADD | +207,651 | +10.4% | 2,211,310 | $63,995,300 |
| 101 | WB | WEIBO CORP | ADD | +66,781 | +3.5% | 1,967,181 | $19,829,184 |
| 102 | - | AUTOHOME INC | SOLD | -555,591 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | DR REDDY'S LABORATORIES LTD | REDUCE | -9,064 | -7.9% | 106,174 | $8,089,397 |
| 2 | NVDA | NVIDIA CORP | ADD | +2,836 | +849.1% | 3,170 | $391,622 |
| 3 | - | TRIMBLE INC | SOLD | -824,877 | Exit | - | - |
| 4 | META | META PLATFORMS INC | ADD | +30,811 | +25.5% | 151,509 | $76,393,903 |
| 5 | ACWI | ISHARES MSCI ACWI ETF | ADD | +2,595 | +34.2% | 10,175 | $1,143,616 |
| 6 | SAP | SAP SE | ADD | +6,170 | +3.1% | 207,727 | $41,900,593 |
| 7 | - | IQIYI INC | ADD | +1,277,957 | +20.4% | 7,529,022 | $27,631,511 |
| 8 | - | SABRE CORP | SOLD | -3,057,805 | Exit | - | - |
| 9 | - | INTERNATIONAL FLAVORS & FRAGRANCES INC | REDUCE | -422,939 | -54.9% | 347,776 | $33,111,732 |
| 10 | - | CELESTICA INC | ADD | +15,706 | +7.1% | 238,160 | $13,635,002 |
| 11 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | ADD | +1,437,217 | +87.7% | 3,076,879 | $43,230,150 |
| 12 | ASHR | XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF | ADD | +69,543 | +13.8% | 571,674 | $13,474,356 |
| 13 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | ADD | +57,024 | +103.0% | 112,384 | $13,203,996 |
| 14 | - | JINKOSOLAR HOLDING CO LTD | ADD | +25,284 | +4.8% | 551,670 | $11,430,602 |
| 15 | ADI | ANALOG DEVICES INC | REDUCE | -45,567 | -12.8% | 309,829 | $70,721,611 |
| 16 | MOMO | HELLO GROUP INC | ADD | +222,207 | +13.4% | 1,883,974 | $11,529,921 |
| 17 | - | ABBVIE INC | SOLD | -213,613 | Exit | - | - |
| 18 | PUK | PRUDENTIAL PLC | ADD | +248,157 | +13.4% | 2,096,759 | $38,412,631 |
| 19 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | ADD | +16,605 | +3.4% | 505,772 | $87,908,231 |
| 20 | BP | BP PLC | ADD | +169,062 | +14.7% | 1,315,759 | $47,498,891 |
| 21 | - | PG&E CORP | REDUCE | -65,104 | -1.5% | 4,224,459 | $73,759,024 |
| 22 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | REDUCE | -9,055 | -13.4% | 58,395 | $4,722,988 |
| 23 | - | UNILEVER PLC | REDUCE | -2,241 | -31.9% | 4,776 | $262,639 |
| 24 | WHR | WHIRLPOOL CORP | NEW BUY | +94,673 | New | 94,673 | $9,675,597 |
| 25 | BAP | CREDICORP LTD | NEW BUY | +46,793 | New | 46,793 | $7,549,115 |
| 26 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | ADD | +290,864 | +77.9% | 664,149 | $32,822,228 |
| 27 | VIPS | VIPSHOP HOLDINGS LTD | ADD | +172,876 | +5.4% | 3,385,530 | $44,079,601 |
| 28 | EFA | ISHARES MSCI EAFE ETF | ADD | +2,243 | +31.0% | 9,482 | $742,686 |
| 29 | MSFT | MICROSOFT CORP | REDUCE | -25 | -2.6% | 940 | $420,133 |
| 30 | IBN | ICICI BANK LTD | REDUCE | -3,509 | -0.8% | 441,801 | $12,728,287 |
| 31 | GOOG | ALPHABET INC | REDUCE | -288,415 | -37.1% | 488,348 | $89,572,791 |
| 32 | PHG | KONINKLIJKE PHILIPS NV | REDUCE | -379,760 | -22.8% | 1,289,127 | $32,485,999 |
| 33 | MT | ARCELORMITTAL SA | NEW BUY | +341,165 | New | 341,165 | $7,822,924 |
| 34 | BABA | ALIBABA GROUP HOLDING LTD | REDUCE | -189,920 | -22.7% | 646,604 | $46,555,488 |
| 35 | ING | ING GROEP NV | REDUCE | -521,681 | -27.5% | 1,377,005 | $23,601,863 |
| 36 | - | BANCO BRADESCO SA | ADD | +5,460,474 | +12.1% | 50,757,586 | $113,696,992 |
| 37 | - | TYSON FOODS INC | SOLD | -927,806 | Exit | - | - |
| 38 | - | KB FINANCIAL GROUP INC | SOLD | -21,119 | Exit | - | - |
| 39 | BTG | B2GOLD CORP | NEW BUY | +1,017,504 | New | 1,017,504 | $2,729,009 |
| 40 | ZMH | ZIMMER BIOMET HOLDINGS INC | ADD | +154,551 | +30.5% | 660,806 | $71,717,198 |
| 41 | SNY | SANOFI SA | ADD | +15,586 | +3.3% | 481,465 | $23,360,685 |
| 42 | JLL | JONES LANG LASALLE INC | REDUCE | -54,760 | -16.0% | 287,045 | $58,924,675 |
| 43 | WIT | WIPRO LTD | REDUCE | -2,215 | -0.9% | 241,030 | $1,470,283 |
| 44 | - | NETEASE INC | SOLD | -254,244 | Exit | - | - |
| 45 | QFIN | QIFU TECHNOLOGY INC | ADD | +64,023 | +5.3% | 1,272,846 | $25,113,252 |
| 46 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | NEW BUY | +893,875 | New | 893,875 | $60,783,494 |
| 47 | INDA | ISHARES MSCI INDIA ETF | REDUCE | -11,413 | -11.3% | 89,847 | $5,011,666 |
| 48 | CFG | CITIZENS FINANCIAL GROUP INC | ADD | +5,538 | +0.4% | 1,315,737 | $47,405,972 |
| 49 | BCS | BARCLAYS PLC | ADD | +379,258 | +7.5% | 5,411,878 | $57,961,216 |
| 50 | BTI | BRITISH AMERICAN TOBACCO PLC | ADD | +36,632 | +5.3% | 732,823 | $22,666,209 |
| 51 | AZN | ASTRAZENECA PLC | REDUCE | -45,888 | -9.2% | 450,588 | $35,141,382 |
| 52 | G | GENPACT LTD | ADD | +104,380 | +5.2% | 2,100,269 | $67,607,645 |
| 53 | - | BRISTOL-MYERS SQUIBB CO | NEW BUY | +727,352 | New | 727,352 | $30,206,934 |
| 54 | FINV | FINVOLUTION GROUP | ADD | +15,515 | +0.4% | 3,988,297 | $19,024,177 |
| 55 | - | CONCENTRIX CORP | ADD | +203,011 | +56.1% | 564,732 | $35,736,207 |
| 56 | - | FISERV INC | ADD | +6,354 | +1.5% | 430,954 | $64,229,325 |
| 57 | - | CHECK POINT SOFTWARE TECHNOLOGIES LTD | NEW BUY | +215,009 | New | 215,009 | $35,476,450 |
| 58 | - | APTIV PLC | ADD | +23,982 | +6.4% | 397,969 | $28,024,968 |
| 59 | - | SEAGATE TECHNOLOGY HOLDINGS PLC | REDUCE | -157,035 | -29.1% | 382,161 | $39,465,714 |
| 60 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | REDUCE | -1,775 | -8.7% | 18,586 | $249,242 |
| 61 | PDD | PDD HOLDINGS INC | ADD | +62,230 | +9.1% | 744,603 | $98,994,969 |
| 62 | - | RYANAIR HOLDINGS PLC | REDUCE | -536,710 | -19.6% | 2,197,755 | $255,906,643 |
| 63 | - | OPPFI INC | NEW BUY | +17,606 | New | 17,606 | $59,684 |
| 64 | - | VISTA ENERGY SAB DE CV | REDUCE | -257,620 | -51.7% | 240,538 | $10,939,668 |
| 65 | INFY | INFOSYS LTD | REDUCE | -10,713 | -2.0% | 530,713 | $9,881,876 |
| 66 | DIS | WALT DISNEY CO/THE | ADD | +163,418 | +19.9% | 986,285 | $97,928,199 |
| 67 | - | ORACLE CORP | ADD | +68,927 | +16.1% | 497,948 | $70,310,262 |
| 68 | - | SHELL PLC | ADD | +163,364 | +30.2% | 704,593 | $50,857,498 |
| 69 | NVS | NOVARTIS AG | REDUCE | -37,133 | -15.5% | 202,335 | $21,540,558 |
| 70 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | SOLD | -131,833 | Exit | - | - |
| 71 | - | QUEST DIAGNOSTICS INC | REDUCE | -25,001 | -5.0% | 476,116 | $65,170,798 |
| 72 | GSK | GSK PLC | ADD | +16,350 | +2.2% | 753,535 | $29,011,113 |
| 73 | - | UNITED MICROELECTRONICS CORP | SOLD | -58,748 | Exit | - | - |
| 74 | - | ZEBRA TECHNOLOGIES CORP | REDUCE | -101,709 | -40.5% | 149,552 | $46,201,049 |
| 75 | CP | CANADIAN PACIFIC KANSAS CITY LTD | ADD | +1,260,413 | +18.7% | 8,018,251 | $631,325,680 |
| 76 | - | TRANSALTA CORP | NEW BUY | +23,343 | New | 23,343 | $165,475 |
| 77 | - | BERRY GLOBAL GROUP INC | REDUCE | -3,004 | -0.4% | 670,935 | $39,484,531 |
| 78 | - | COCA-COLA FEMSA SAB DE CV | SOLD | -98,213 | Exit | - | - |
| 79 | - | JD.COM INC | ADD | +971,578 | +8852.6% | 982,553 | $25,389,170 |
| 80 | C | CITIGROUP INC | REDUCE | -105,420 | -8.3% | 1,165,413 | $73,957,049 |
| 81 | - | RIO TINTO PLC | SOLD | -9,525 | Exit | - | - |
| 82 | - | PETROLEO BRASILEIRO SA | REDUCE | -2,747,305 | -41.4% | 3,891,121 | $53,074,890 |
| 83 | - | DAQO NEW ENERGY CORP | REDUCE | -456,984 | -67.1% | 224,184 | $3,273,086 |
| 84 | NWG | NATWEST GROUP PLC | ADD | +78,819 | +4.3% | 1,925,064 | $15,458,263 |
| 85 | - | TD SYNNEX CORP | REDUCE | -136,469 | -17.6% | 638,438 | $73,675,687 |
| 86 | BUD | ANHEUSER-BUSCH INBEV SA/NV | ADD | +18,288 | +3.9% | 488,305 | $28,394,960 |
| 87 | DEO | DIAGEO PLC | ADD | +3,738 | +1.6% | 236,066 | $29,763,148 |
| 88 | HDB | HDFC BANK LTD | REDUCE | -942 | -0.8% | 118,654 | $7,633,012 |
| 89 | - | ISHARES MSCI SAUDI ARABIA ETF | REDUCE | -30,135 | -19.1% | 127,525 | $5,180,066 |
| 90 | MMYT | MAKEMYTRIP LTD | REDUCE | -3,399 | -2.1% | 161,394 | $13,573,235 |
| 91 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | NEW BUY | +15,779 | New | 15,779 | $690,489 |
| 92 | - | TAKEDA PHARMACEUTICAL CO LTD | REDUCE | -90,744 | -6.3% | 1,354,164 | $17,522,888 |
| 93 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | ADD | +3,814 | +90.3% | 8,039 | $471,427 |
| 94 | RUK | RELX PLC | REDUCE | -110,019 | -17.1% | 534,333 | $24,515,207 |
| 95 | PFE | PFIZER INC | NEW BUY | +2,003,659 | New | 2,003,659 | $56,062,368 |
| 96 | WB | WEIBO CORP | ADD | +92,456 | +5.1% | 1,900,400 | $14,595,072 |
| 97 | - | AUTOHOME INC | ADD | +30,237 | +5.8% | 555,591 | $15,250,973 |
| 98 | GGB | GERDAU SA | REDUCE | -1,240,630 | -31.7% | 2,670,178 | $8,811,587 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA CORP | NEW BUY | +334 | New | 334 | $301,789 |
| 2 | - | TRIMBLE INC | NEW BUY | +824,877 | New | 824,877 | $53,116,323 |
| 3 | META | META PLATFORMS INC | REDUCE | -29,707 | -19.8% | 120,698 | $58,638,310 |
| 4 | ACWI | ISHARES MSCI ACWI ETF | REDUCE | -4,767 | -38.6% | 7,580 | $834,834 |
| 5 | - | VERMILION ENERGY INC | SOLD | -187,071 | Exit | - | - |
| 6 | SAP | SAP SE | REDUCE | -18,415 | -8.4% | 201,557 | $39,309,599 |
| 7 | - | IQIYI INC | ADD | +3,497,437 | +127.0% | 6,251,065 | $26,443,311 |
| 8 | - | SABRE CORP | REDUCE | -274,868 | -8.2% | 3,057,805 | $7,403,656 |
| 9 | - | ADECOAGRO SA | SOLD | -370,517 | Exit | - | - |
| 10 | - | UBS GROUP AG | SOLD | -4,809,753 | Exit | - | - |
| 11 | - | MINISO GROUP HOLDING LTD | SOLD | -395,971 | Exit | - | - |
| 12 | - | INTERNATIONAL FLAVORS & FRAGRANCES INC | REDUCE | -193,469 | -20.1% | 770,715 | $66,307,802 |
| 13 | - | CHESAPEAKE ENERGY CORP | SOLD | -381,075 | Exit | - | - |
| 14 | - | CELESTICA INC | REDUCE | -11,418 | -4.9% | 222,454 | $10,000,037 |
| 15 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | NEW BUY | +1,639,662 | New | 1,639,662 | $18,348,704 |
| 16 | ASHR | XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF | ADD | +78,557 | +18.5% | 502,131 | $12,086,293 |
| 17 | - | JINKOSOLAR HOLDING CO LTD | REDUCE | -300,172 | -36.3% | 526,386 | $13,260,239 |
| 18 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | REDUCE | -33,808 | -37.9% | 55,360 | $6,468,262 |
| 19 | ADI | ANALOG DEVICES INC | ADD | +92,287 | +35.1% | 355,396 | $70,329,852 |
| 20 | - | ABBVIE INC | REDUCE | -189,253 | -47.0% | 213,613 | $38,918,725 |
| 21 | MOMO | HELLO GROUP INC | ADD | +625,419 | +60.3% | 1,661,767 | $10,319,970 |
| 22 | PUK | PRUDENTIAL PLC | ADD | +366,842 | +24.8% | 1,848,602 | $35,622,560 |
| 23 | JOYY | JOYY INC | SOLD | -216,129 | Exit | - | - |
| 24 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | ADD | +26,398 | +5.7% | 489,167 | $66,554,839 |
| 25 | BP | BP PLC | ADD | +75,978 | +7.1% | 1,146,697 | $43,207,544 |
| 26 | - | PG&E CORP | ADD | +1,111,858 | +35.0% | 4,289,563 | $71,929,865 |
| 27 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | REDUCE | -21,542 | -24.2% | 67,450 | $4,739,712 |
| 28 | - | UNILEVER PLC | REDUCE | -286,707 | -97.6% | 7,017 | $352,174 |
| 29 | - | GOLDEN OCEAN GROUP LTD | NEW BUY | +13,809 | New | 13,809 | $174,079 |
| 30 | EFA | ISHARES MSCI EAFE ETF | NEW BUY | +7,239 | New | 7,239 | $578,067 |
| 31 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | REDUCE | -209,395 | -35.9% | 373,285 | $18,727,706 |
| 32 | VIPS | VIPSHOP HOLDINGS LTD | ADD | +226,044 | +7.6% | 3,212,654 | $53,171,785 |
| 33 | MSFT | MICROSOFT CORP | NEW BUY | +965 | New | 965 | $405,995 |
| 34 | IBN | ICICI BANK LTD | REDUCE | -3,954 | -0.9% | 445,310 | $11,760,637 |
| 35 | - | CSX CORP | SOLD | -1,611,661 | Exit | - | - |
| 36 | GOOG | ALPHABET INC | ADD | +114,819 | +17.3% | 776,763 | $118,330,495 |
| 37 | PHG | KONINKLIJKE PHILIPS NV | ADD | +276,270 | +19.8% | 1,668,887 | $33,377,731 |
| 38 | BABA | ALIBABA GROUP HOLDING LTD | REDUCE | -99,196 | -10.6% | 836,524 | $60,533,764 |
| 39 | ING | ING GROEP NV | ADD | +253,868 | +15.4% | 1,898,686 | $31,309,337 |
| 40 | - | BANCO BRADESCO SA | REDUCE | -7,320,946 | -13.9% | 45,297,112 | $129,550,181 |
| 41 | - | TYSON FOODS INC | REDUCE | -72,762 | -7.3% | 927,806 | $54,518,003 |
| 42 | - | KB FINANCIAL GROUP INC | REDUCE | -14,903 | -41.4% | 21,119 | $1,099,666 |
| 43 | ZMH | ZIMMER BIOMET HOLDINGS INC | REDUCE | -58,414 | -10.3% | 506,255 | $66,849,961 |
| 44 | SNY | SANOFI SA | ADD | +23,610 | +5.3% | 465,879 | $22,641,717 |
| 45 | - | AVANTOR INC | SOLD | -2,559,572 | Exit | - | - |
| 46 | JLL | JONES LANG LASALLE INC | REDUCE | -25,557 | -7.0% | 341,805 | $66,717,207 |
| 47 | WIT | WIPRO LTD | NEW BUY | +243,245 | New | 243,245 | $1,398,659 |
| 48 | - | NETEASE INC | ADD | +64,271 | +33.8% | 254,244 | $26,308,328 |
| 49 | GGB | GERDAU SA | REDUCE | -3,448,163 | -46.9% | 3,910,808 | $17,286,282 |
| 50 | QFIN | QIFU TECHNOLOGY INC | ADD | +75,906 | +6.7% | 1,208,823 | $22,279,616 |
| 51 | INDA | ISHARES MSCI INDIA ETF | ADD | +16,170 | +19.0% | 101,260 | $5,224,003 |
| 52 | CFG | CITIZENS FINANCIAL GROUP INC | REDUCE | -118,382 | -8.3% | 1,310,199 | $47,572,088 |
| 53 | BCS | BARCLAYS PLC | ADD | +62,979 | +1.3% | 5,032,620 | $47,558,263 |
| 54 | BTI | BRITISH AMERICAN TOBACCO PLC | ADD | +139,892 | +25.1% | 696,191 | $21,233,823 |
| 55 | AZN | ASTRAZENECA PLC | ADD | +35,754 | +7.8% | 496,476 | $33,636,232 |
| 56 | G | GENPACT LTD | REDUCE | -386,728 | -16.2% | 1,995,889 | $65,798,259 |
| 57 | FINV | FINVOLUTION GROUP | ADD | +33,850 | +0.9% | 3,972,782 | $20,023,507 |
| 58 | - | CONCENTRIX CORP | REDUCE | -56,067 | -13.4% | 361,721 | $23,965,676 |
| 59 | - | FISERV INC | REDUCE | -115,450 | -21.4% | 424,600 | $67,894,328 |
| 60 | - | APTIV PLC | ADD | +10,684 | +2.9% | 373,987 | $29,803,338 |
| 61 | - | SEAGATE TECHNOLOGY HOLDINGS PLC | ADD | +81,126 | +17.7% | 539,196 | $50,197,911 |
| 62 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | REDUCE | -967,948 | -97.9% | 20,361 | $239,647 |
| 63 | - | CEMEX SAB DE CV | SOLD | -1,580,203 | Exit | - | - |
| 64 | PDD | PDD HOLDINGS INC | ADD | +24,856 | +3.8% | 682,373 | $79,329,492 |
| 65 | - | RYANAIR HOLDINGS PLC | REDUCE | -672,715 | -19.7% | 2,734,465 | $398,113,573 |
| 66 | - | VISTA ENERGY SAB DE CV | ADD | +38,208 | +8.3% | 498,158 | $20,614,958 |
| 67 | DIS | WALT DISNEY CO/THE | REDUCE | -279,370 | -25.3% | 822,867 | $100,737,480 |
| 68 | - | SHELL PLC | ADD | +32,662 | +6.4% | 541,229 | $36,284,002 |
| 69 | NVS | NOVARTIS AG | ADD | +30,379 | +14.5% | 239,468 | $23,163,768 |
| 70 | ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | NEW BUY | +131,833 | New | 131,833 | $1,334,150 |
| 71 | - | QUEST DIAGNOSTICS INC | ADD | +8,410 | +1.7% | 501,117 | $66,737,994 |
| 72 | GSK | GSK PLC | REDUCE | -58,256 | -7.3% | 737,185 | $31,603,132 |
| 73 | - | UNITED MICROELECTRONICS CORP | REDUCE | -162,030 | -73.4% | 58,748 | $475,271 |
| 74 | - | ZEBRA TECHNOLOGIES CORP | REDUCE | -29,513 | -10.5% | 251,261 | $75,778,818 |
| 75 | CP | CANADIAN PACIFIC KANSAS CITY LTD | ADD | +1,196,061 | +21.5% | 6,757,838 | $596,130,779 |
| 76 | - | COCA-COLA FEMSA SAB DE CV | REDUCE | -24,154 | -19.7% | 98,213 | $9,546,985 |
| 77 | - | BERRY GLOBAL GROUP INC | ADD | +17,125 | +2.6% | 673,939 | $40,780,820 |
| 78 | - | ENERPLUS CORP | SOLD | -154,569 | Exit | - | - |
| 79 | C | CITIGROUP INC | REDUCE | -259,108 | -16.9% | 1,270,833 | $80,408,566 |
| 80 | - | RIO TINTO PLC | REDUCE | -95,901 | -91.0% | 9,525 | $607,114 |
| 81 | - | PETROLEO BRASILEIRO SA | ADD | +2,579,828 | +63.6% | 6,638,426 | $98,917,421 |
| 82 | - | DAQO NEW ENERGY CORP | ADD | +213,974 | +45.8% | 681,168 | $19,175,653 |
| 83 | NWG | NATWEST GROUP PLC | ADD | +198,488 | +12.0% | 1,846,245 | $12,554,466 |
| 84 | - | TD SYNNEX CORP | REDUCE | -23,493 | -2.9% | 774,907 | $87,687,011 |
| 85 | BUD | ANHEUSER-BUSCH INBEV SA/NV | ADD | +56,372 | +13.6% | 470,017 | $28,567,639 |
| 86 | DEO | DIAGEO PLC | ADD | +32,351 | +16.2% | 232,328 | $34,556,414 |
| 87 | - | ISHARES MSCI SAUDI ARABIA ETF | REDUCE | -35,029 | -18.2% | 157,660 | $6,962,266 |
| 88 | MMYT | MAKEMYTRIP LTD | REDUCE | -27,334 | -14.2% | 164,793 | $11,708,543 |
| 89 | - | TAKEDA PHARMACEUTICAL CO LTD | ADD | +99,263 | +7.4% | 1,444,908 | $20,069,770 |
| 90 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | REDUCE | -6,736 | -61.5% | 4,225 | $247,787 |
| 91 | RUK | RELX PLC | ADD | +21,375 | +3.4% | 644,352 | $27,894,000 |
| 92 | WB | WEIBO CORP | NEW BUY | +1,807,944 | New | 1,807,944 | $16,434,932 |
| 93 | - | AUTOHOME INC | ADD | +45,866 | +9.6% | 525,354 | $13,775,513 |
| 94 | - | ORACLE CORP | NEW BUY | +429,021 | New | 429,021 | $53,917,111 |
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