| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Aquamarine Financial (Cayman) Ltd. | 148,670,798 | 11,137,145 | 608,063,563.82 | 42.0171 | 2.8114 | 12/31/2025 |
| 2 | ARGA Investment Management LP | 112,650,293 | -1,849,254 | 460,739,698.37 | 2.3903 | 2.1302 | 12/31/2025 |
| 3 | Arrowstreet Capital LP | 82,163,260 | 16,908,425 | 336,047,733.4 | 0.177 | 1.5537 | 12/31/2025 |
| 4 | Wellington Management Co. LLP | 74,927,140 | 732,824 | 306,452,002.6 | 0.0494 | 1.4169 | 12/31/2025 |
| 5 | Massachusetts Financial Services Co. | 58,221,225 | -22,856,513 | 238,124,810.25 | 0.0758 | 1.101 | 12/31/2025 |
| 6 | Acadian Asset Management LLC | 55,551,078 | 12,691,232 | 227,203,909.02 | 0.3113 | 1.0505 | 12/31/2025 |
| 7 | Fisher Asset Management LLC | 52,926,543 | -35,478,749 | 216,469,560.87 | 0.0699 | 1.0009 | 12/31/2025 |
| 8 | Goldman Sachs Asset Management LP | 51,572,892 | 16,285,214 | 210,933,128.28 | 0.0401 | 0.9753 | 12/31/2025 |
| 9 | Templeton Asset Management Ltd. | 47,139,566 | -237,745 | 192,800,824.94 | 1.1114 | 0.8914 | 12/31/2025 |
| 10 | Itau USA Asset Management, Inc. | 46,867,695 | 10,779,363 | 191,688,872.55 | 2.792 | 0.8863 | 12/31/2025 |
| 11 | Baillie Gifford & Co. | 38,275,506 | 10,301,395 | 156,546,819.54 | 0.0952 | 0.7238 | 12/31/2025 |
| 12 | Marshall Wace LLP | 30,635,629 | -1,409,760 | 125,299,722.61 | 0.118 | 0.5793 | 12/31/2025 |
| 13 | BlackRock Fund Advisors | 24,587,920 | 2,295,493 | 100,564,592.8 | 0.0021 | 0.465 | 12/31/2025 |
| 14 | EARNEST Partners LLC | 23,433,000 | 1,897,917 | 95,840,970 | 0.3226 | 0.4431 | 12/31/2025 |
| 15 | Two Sigma Investments LP | 22,164,076 | -9,168,967 | 90,651,070.84 | 0.134 | 0.4191 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | MFS Research International Fund | 37,534,469 | -3,405,111 | 153,515,978.21 | 0.9138 | 0.7098 | 02/28/2026 |
| 2 | Hartford International Value Fund (The) | 37,319,099 | 2,206,335 | 152,635,114.91 | 1.1179 | 0.7057 | 02/28/2026 |
| 3 | iShares Tr. - Latin America 40 ETF | 34,725,589 | 15,123,481 | 142,027,659.01 | 3.1338 | 0.6567 | 03/31/2026 |
| 4 | St. James's Place Unit Trust - Emerging Markets Equity | 21,515,709 | 0 | 87,999,249.81 | 0.7183 | 0.4069 | 09/30/2025 |
| 5 | Vanguard Global Capital Cycles Fund | 17,751,996 | 926,877 | 72,605,663.64 | 1.992 | 0.3357 | 01/31/2026 |
| 6 | DWS Invest - Latin American Equities | 17,376,391 | -482,271 | 71,069,439.19 | 2.4859 | 0.3286 | 02/27/2026 |
| 7 | Baillie Gifford Emerging Markets Equities Fund | 17,218,828 | 4,582,226 | 70,425,006.52 | 0.8807 | 0.3256 | 12/31/2025 |
| 8 | Nomura Emerging Markets Fund | 16,200,000 | 0 | 66,258,000 | 0.6477 | 0.3063 | 02/27/2026 |
| 9 | Templeton Emerging Markets Investment Trust Plc | 15,755,350 | -196,004 | 64,439,381.5 | 1.7164 | 0.2979 | 02/28/2026 |
| 10 | GS Funds - Emerging Markets CORE Equity Portfolio | 12,742,100 | 6,072,900 | 52,115,189 | 1.2285 | 0.241 | 01/31/2026 |
| 11 | Vanguard International Value Fund | 11,876,091 | -5,652,348 | 48,573,212.19 | 0.428 | 0.2246 | 01/31/2026 |
| 12 | Avantis Emerging Markets Equity ETF | 10,566,100 | 3,054,267 | 43,215,349 | 0.2019 | 0.1998 | 03/31/2026 |
| 13 | MFS International New Discovery Fund | 10,124,054 | 1,052,957 | 41,407,380.86 | 0.5265 | 0.1914 | 02/28/2026 |
| 14 | Skyline Umb. Fd. ICAV - ARGA Emerging Market Equity Fund | 10,034,991 | 0 | 41,043,113.19 | 2.5311 | 0.1898 | 10/31/2025 |
| 15 | State Street SPDR Portfolio Emerging Markets ETF | 9,754,809 | 1,019,066 | 39,897,168.81 | 0.2358 | 0.1845 | 03/31/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Arrowstreet Capital LP | 82,163,260 | 16,908,425 | 336,047,733.4 | 0.177 | 1.5537 | 12/31/2025 |
| 2 | Goldman Sachs Asset Management LP | 51,572,892 | 16,285,214 | 210,933,128.28 | 0.0401 | 0.9753 | 12/31/2025 |
| 3 | Carrhae Capital LLP | 16,185,404 | 16,185,404 | 66,198,302.36 | 4.2804 | 0.3061 | 12/31/2025 |
| 4 | Acadian Asset Management LLC | 55,551,078 | 12,691,232 | 227,203,909.02 | 0.3113 | 1.0505 | 12/31/2025 |
| 5 | Aquamarine Financial (Cayman) Ltd. | 148,670,798 | 11,137,145 | 608,063,563.82 | 42.0171 | 2.8114 | 12/31/2025 |
| 6 | Itau USA Asset Management, Inc. | 46,867,695 | 10,779,363 | 191,688,872.55 | 2.792 | 0.8863 | 12/31/2025 |
| 7 | Baillie Gifford & Co. | 38,275,506 | 10,301,395 | 156,546,819.54 | 0.0952 | 0.7238 | 12/31/2025 |
| 8 | Tredje AP-fonden | 20,869,200 | 8,239,200 | 85,355,028 | 0.5711 | 0.3946 | 12/31/2025 |
| 9 | Storebrand Asset Management AS | 6,162,116 | 5,539,214 | 25,203,054.44 | 0.0396 | 0.1165 | 01/31/2026 |
| 10 | UBS Asset Management (Americas) LLC | 5,360,333 | 5,360,333 | 21,923,761.97 | 0.0137 | 0.1014 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Fisher Asset Management LLC | 52,926,543 | -35,478,749 | 216,469,560.87 | 0.0699 | 1.0009 | 12/31/2025 |
| 2 | Massachusetts Financial Services Co. | 58,221,225 | -22,856,513 | 238,124,810.25 | 0.0758 | 1.101 | 12/31/2025 |
| 3 | Two Sigma Advisers LP | 22,115,920 | -15,910,500 | 90,454,112.8 | 0.1734 | 0.4182 | 12/31/2025 |
| 4 | Two Sigma Investments LP | 22,164,076 | -9,168,967 | 90,651,070.84 | 0.134 | 0.4191 | 12/31/2025 |
| 5 | Goldman Sachs & Co. LLC (Private Banking) | 2,272,672 | -4,737,632 | 9,295,228.48 | 0.0041 | 0.043 | 12/31/2025 |
| 6 | Point72 Asset Management LP | 5,434,513 | -3,874,725 | 22,227,158.17 | 0.0329 | 0.1028 | 12/31/2025 |
| 7 | JPMorgan Securities LLC (Investment Management) | 2,303,351 | -3,833,453 | 9,420,705.59 | 0.0063 | 0.0436 | 12/31/2025 |
| 8 | DWS Investment GmbH | 1,570,438 | -2,527,938 | 6,423,091.42 | 0.0031 | 0.0297 | 12/31/2025 |
| 9 | SPX Gestao de Recursos Ltda. | 3,437,249 | -2,405,224 | 14,058,348.41 | 0.4674 | 0.065 | 12/31/2025 |
| 10 | Ohio Public Employees Retirement System | 7,866,533 | -1,904,745 | 32,174,119.97 | 0.0983 | 0.1488 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.