| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Aquamarine Financial (Cayman) Ltd. | 9,770,322 | 9,770,322 | 69,076,176.54 | 5.0043 | 0.2606 | 12/31/2025 |
| 2 | Nomura Investment Management Business Trust | 3,608,072 | 46,560 | 25,509,069.04 | 0.0246 | 0.0962 | 09/30/2025 |
| 3 | The Vanguard Group, Inc. | 3,101,965 | 0 | 21,930,892.55 | 0.0003 | 0.0827 | 12/31/2025 |
| 4 | Arrowstreet Capital LP | 2,957,288 | 430,531 | 20,908,026.16 | 0.0119 | 0.0789 | 09/30/2025 |
| 5 | Empowered Funds LLC | 1,599,377 | 1,599,377 | 11,307,595.39 | 0.0703 | 0.0427 | 12/31/2025 |
| 6 | Ayalon Mutual Funds Ltd. | 1,153,168 | 19,887 | 8,152,897.76 | 0.4208 | 0.0308 | 11/26/2025 |
| 7 | American Century Investment Management, Inc. | 845,194 | 100,564 | 5,975,521.58 | 0.0022 | 0.0225 | 09/30/2025 |
| 8 | Wellington Management Japan Pte Ltd. | 517,365 | -193,168 | 3,657,770.55 | 0.1173 | 0.0138 | 09/30/2025 |
| 9 | Third Year GmbH (Investment Mgmt) | 400,000 | 0 | 2,828,000 | 2.7734 | 0.0107 | 04/30/2025 |
| 10 | BlackRock Fund Advisors | 385,453 | -211,804 | 2,725,152.71 | 0.0001 | 0.0103 | 09/30/2025 |
| 11 | Itau USA Asset Management, Inc. | 342,322 | 342,322 | 2,420,216.54 | 0.044 | 0.0091 | 09/30/2025 |
| 12 | AllianceBernstein LP | 327,261 | 163,314 | 2,313,735.27 | 0.0007 | 0.0087 | 09/30/2025 |
| 13 | Millennium Management LLC | 326,451 | 314,670 | 2,308,008.57 | 0.0017 | 0.0087 | 09/30/2025 |
| 14 | Point72 Asset Management LP | 307,319 | 45,459 | 2,172,745.33 | 0.0038 | 0.0082 | 09/30/2025 |
| 15 | DWS International GmbH | 260,000 | 0 | 1,838,200 | 0.0065 | 0.0069 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Vanguard Emerging Markets Stock Index Fund | 3,101,965 | 0 | 21,930,892.55 | 0.0138 | 0.0827 | 12/31/2025 |
| 2 | Macquarie Emerging Markets Fund | 2,900,000 | 148,872 | 20,503,000 | 0.1967 | 0.0773 | 12/31/2025 |
| 3 | Avantis Emerging Markets Equity ETF | 896,479 | 175,805 | 6,338,106.53 | 0.033 | 0.0239 | 01/30/2026 |
| 4 | Ayalon Zvulun 4D Global Stocks | 722,269 | -27,350 | 5,106,441.83 | 8.3094 | 0.0193 | 11/26/2025 |
| 5 | ART Global Macro | 400,000 | 0 | 2,828,000 | 1.8814 | 0.0107 | 04/30/2025 |
| 6 | AYALON ZVULUN 5E Long Short Global Mutual Hedge Fund | 383,149 | 14,850 | 2,708,863.43 | 6.5826 | 0.0102 | 11/26/2025 |
| 7 | Nomura VIP Emerging Markets Series | 153,366 | 0 | 1,084,297.62 | 0.106 | 0.0041 | 12/31/2025 |
| 8 | Lumyna - MW TOPS UCITS Fund | 151,174 | 0 | 1,068,800.18 | 0.0393 | 0.004 | 03/31/2025 |
| 9 | CTBC Global High Dividend ETF Securities Investment Trust Fund | 91,238 | 8,131 | 645,052.66 | 1.7682 | 0.0024 | 01/30/2026 |
| 10 | LUX IM - Global Emerging Equities | 78,284 | 0 | 553,467.88 | 0.1602 | 0.0021 | 06/30/2025 |
| 11 | Macquarie Fd. Sol. - Emerging Markets Fund | 73,200 | 73,200 | 517,524 | 0.2134 | 0.002 | 09/30/2025 |
| 12 | Praxis International Index Fund | 65,143 | 0 | 460,561.01 | 0.0779 | 0.0017 | 12/31/2025 |
| 13 | Barclays MM Fd. Plc - GlobalAccess Emerging Markets Equity Fd. | 58,284 | 0 | 412,067.88 | 0.061 | 0.0016 | 05/31/2025 |
| 14 | Goldman Sachs ETF ICAV - Alp. En. Emg. Mkt. Eq. Act. UCITS ETF | 54,849 | 54,849 | 387,782.43 | 0.1641 | 0.0015 | 01/28/2026 |
| 15 | ActivePassive International Equity ETF | 53,749 | 53,749 | 380,005.43 | 0.0369 | 0.0014 | 01/30/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Aquamarine Financial (Cayman) Ltd. | 9,770,322 | 9,770,322 | 69,076,176.54 | 5.0043 | 0.2606 | 12/31/2025 |
| 2 | Empowered Funds LLC | 1,599,377 | 1,599,377 | 11,307,595.39 | 0.0703 | 0.0427 | 12/31/2025 |
| 3 | Arrowstreet Capital LP | 2,957,288 | 430,531 | 20,908,026.16 | 0.0119 | 0.0789 | 09/30/2025 |
| 4 | Itau USA Asset Management, Inc. | 342,322 | 342,322 | 2,420,216.54 | 0.044 | 0.0091 | 09/30/2025 |
| 5 | Millennium Management LLC | 326,451 | 314,670 | 2,308,008.57 | 0.0017 | 0.0087 | 09/30/2025 |
| 6 | Leap Investments LP | 243,400 | 201,493 | 1,720,838 | 0.031 | 0.0065 | 09/30/2025 |
| 7 | AllianceBernstein LP | 327,261 | 163,314 | 2,313,735.27 | 0.0007 | 0.0087 | 09/30/2025 |
| 8 | Connor, Clark & Lunn Investment Management Ltd. | 173,898 | 161,139 | 1,229,458.86 | 0.0028 | 0.0046 | 12/31/2025 |
| 9 | Citadel Securities LLC | 171,836 | 156,276 | 1,214,880.52 | 0.0032 | 0.0046 | 09/30/2025 |
| 10 | UBS Securities LLC | 155,570 | 133,029 | 1,099,879.9 | 0.0004 | 0.0041 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Morgan Stanley Latam LLC | 12,473 | -462,773 | 88,184.11 | 0.0323 | 0.0003 | 09/30/2025 |
| 2 | BlackRock Fund Advisors | 385,453 | -211,804 | 2,725,152.71 | 0.0001 | 0.0103 | 09/30/2025 |
| 3 | Wellington Management Japan Pte Ltd. | 517,365 | -193,168 | 3,657,770.55 | 0.1173 | 0.0138 | 09/30/2025 |
| 4 | Goldman Sachs International | 0 | -183,973 | 0 | 0 | 0 | |
| 5 | Morgan Stanley & Co. LLC | 117,759 | -127,941 | 832,556.13 | 0.0003 | 0.0031 | 09/30/2025 |
| 6 | BlackRock Financial Management, Inc. | 0 | -87,745 | 0 | 0 | 0 | |
| 7 | Verition Fund Management LLC | 0 | -71,540 | 0 | 0 | 0 | |
| 8 | VPR Management LLC | 88,050 | -69,880 | 622,513.5 | 0.2383 | 0.0023 | 09/30/2025 |
| 9 | Bank of America, NA (Private Banking) | 13,375 | -59,954 | 94,561.25 | 0 | 0.0004 | 09/30/2025 |
| 10 | BNP Paribas Financial Markets | 849 | -57,125 | 6,002.43 | 0 | 0 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.