| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 13,934,485 | 11,188,127 | 39,155,902.85 | 9.9832 | 4.3358 | 06/30/2025 |
| 2 | Brightlight Capital Management LP | 6,304,070 | 1,507,674 | 17,714,436.7 | 7.8739 | 1.9615 | 06/30/2025 |
| 3 | Hosking Partners LLP | 3,788,443 | -135,245 | 10,645,524.83 | 0.3281 | 1.1788 | 06/30/2025 |
| 4 | Luxor Capital Group LP | 3,598,184 | -1,059,544 | 10,110,897.04 | 0.9325 | 1.1196 | 06/30/2025 |
| 5 | Tekne Capital Management LLC | 3,089,199 | -3,110,801 | 8,680,649.19 | 2.5097 | 0.9612 | 06/30/2025 |
| 6 | BlackRock Investment Management (UK) Ltd. | 3,017,777 | 1,946,288 | 8,479,953.37 | 0.0011 | 0.939 | 06/30/2025 |
| 7 | Trigon Asset Management AS | 2,066,982 | 0 | 5,808,219.42 | 0.6775 | 0.6432 | 12/31/2024 |
| 8 | T. Rowe Price International Ltd. | 1,710,733 | -446,800 | 4,807,159.73 | 0.003 | 0.5323 | 06/30/2025 |
| 9 | BIT Capital GmbH | 1,569,011 | 69,516 | 4,408,920.91 | 0.2304 | 0.4882 | 06/30/2025 |
| 10 | BNP Paribas Financial Markets | 965,408 | 62,880 | 2,712,796.48 | 0.002 | 0.3004 | 06/30/2025 |
| 11 | East Capital Financial Services AB | 854,294 | -22,763 | 2,400,566.14 | 0.2034 | 0.2658 | 06/30/2025 |
| 12 | SSgA Funds Management, Inc. | 782,241 | 65,186 | 2,198,097.21 | 0.0001 | 0.2434 | 06/30/2025 |
| 13 | UBS Securities LLC | 773,278 | 574,639 | 2,172,911.18 | 0.0009 | 0.2406 | 06/30/2025 |
| 14 | Morgan Stanley & Co. LLC | 712,029 | -224,314 | 2,000,801.49 | 0.0007 | 0.2216 | 06/30/2025 |
| 15 | East Capital International AB (Russia) | 380,000 | 0 | 1,067,800 | 0.2353 | 0.1182 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Strategic Fds. - Emerging Markets Equity Strategies | 3,017,777 | 1,946,288 | 8,479,953.37 | 1.0549 | 0.939 | 06/30/2025 |
| 2 | T Rowe Price Emerging Europe Fund | 1,710,733 | -446,800 | 4,807,159.73 | 6.6581 | 0.5323 | 06/30/2025 |
| 3 | TRIGON - New Europe Fund | 1,033,491 | 0 | 2,904,109.71 | 0.672 | 0.3216 | 12/31/2024 |
| 4 | Trigon New Europe Fund | 1,033,491 | 0 | 2,904,109.71 | 0.672 | 0.3216 | 12/31/2024 |
| 5 | SPDR Portfolio Emerging Markets ETF | 649,330 | 78,694 | 1,824,617.3 | 0.0141 | 0.202 | 07/31/2025 |
| 6 | East Capital - Global Emerging Markets Sustainable | 380,000 | 0 | 1,067,800 | 0.2341 | 0.1182 | 06/30/2025 |
| 7 | East Capital - Balkans | 367,163 | -124,000 | 1,031,728.03 | 1.46 | 0.1142 | 06/30/2025 |
| 8 | East Capital SICAV - New Europe | 300,794 | 163,737 | 845,231.14 | 0.727 | 0.0936 | 06/30/2025 |
| 9 | Digital Leaders Fund (The) | 200,000 | 200,000 | 562,000 | 0.674 | 0.0622 | 05/30/2025 |
| 10 | East Capital - Eastern Europe | 186,337 | -62,500 | 523,606.97 | 0.94 | 0.058 | 02/28/2025 |
| 11 | Global X E-commerce ETF | 175,030 | 175,030 | 491,834.3 | 0.5731 | 0.0545 | 07/31/2025 |
| 12 | Macquarie Emerging Markets Fund | 144,600 | 0 | 406,326 | 0.0063 | 0.045 | 06/30/2025 |
| 13 | State Board of Administration of Florida Retirement System | 138,707 | 138,707 | 389,766.67 | 0.0004 | 0.0432 | 03/31/2025 |
| 14 | SPDR S&P Emerging Markets Small Cap ETF | 130,569 | -8,350 | 366,898.89 | 0.0495 | 0.0406 | 07/31/2025 |
| 15 | Amundi Funds - Emerging Europe Middle East & Africa | 127,655 | 0 | 358,710.55 | 0.3065 | 0.0397 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 13,934,485 | 11,188,127 | 39,155,902.85 | 9.9832 | 4.3358 | 06/30/2025 |
| 2 | BlackRock Investment Management (UK) Ltd. | 3,017,777 | 1,946,288 | 8,479,953.37 | 0.0011 | 0.939 | 06/30/2025 |
| 3 | Brightlight Capital Management LP | 6,304,070 | 1,507,674 | 17,714,436.7 | 7.8739 | 1.9615 | 06/30/2025 |
| 4 | UBS Securities LLC | 773,278 | 574,639 | 2,172,911.18 | 0.0009 | 0.2406 | 06/30/2025 |
| 5 | Pyfore Capital GmbH | 200,000 | 200,000 | 562,000 | 0.6973 | 0.0622 | 05/30/2025 |
| 6 | Millennium Management LLC | 197,363 | 197,363 | 554,590.03 | 0.0005 | 0.0614 | 06/30/2025 |
| 7 | Itau USA Asset Management, Inc. | 166,330 | 166,330 | 467,387.3 | 0.0103 | 0.0518 | 06/30/2025 |
| 8 | Global X Management Co. LLC | 165,421 | 165,421 | 464,833.01 | 0.0007 | 0.0515 | 06/30/2025 |
| 9 | Bosun Asset Management LLC | 114,817 | 114,817 | 322,635.77 | 0.1062 | 0.0357 | 06/30/2025 |
| 10 | Polen Capital Management LLC | 114,817 | 114,817 | 322,635.77 | 0.001 | 0.0357 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Evli Fund Management Co. Ltd. | 0 | -4,000,000 | 0 | 0 | 0 | |
| 2 | Tekne Capital Management LLC | 3,089,199 | -3,110,801 | 8,680,649.19 | 2.5097 | 0.9612 | 06/30/2025 |
| 3 | Luxor Capital Group LP | 3,598,184 | -1,059,544 | 10,110,897.04 | 0.9325 | 1.1196 | 06/30/2025 |
| 4 | T. Rowe Price International Ltd. | 1,710,733 | -446,800 | 4,807,159.73 | 0.003 | 0.5323 | 06/30/2025 |
| 5 | Renaissance Technologies LLC | 255,700 | -352,000 | 718,517 | 0.0009 | 0.0796 | 06/30/2025 |
| 6 | Arrowstreet Capital LP | 0 | -249,664 | 0 | 0 | 0 | |
| 7 | OLP Capital Management Ltd. | 0 | -231,679 | 0 | 0 | 0 | |
| 8 | Morgan Stanley & Co. LLC | 712,029 | -224,314 | 2,000,801.49 | 0.0007 | 0.2216 | 06/30/2025 |
| 9 | Marshall Wace LLP | 0 | -168,318 | 0 | 0 | 0 | |
| 10 | Hosking Partners LLP | 3,788,443 | -135,245 | 10,645,524.83 | 0.3281 | 1.1788 | 06/30/2025 |
Data provided by FactSet Research Systems Inc.