| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Aquamarine Financial (Cayman) Ltd. | 9,770,322 | 9,770,322 | 55,104,616.08 | 4.2758 | 0.2606 | 12/31/2025 |
| 2 | Nomura Investment Management Business Trust | 3,615,377 | 53,865 | 20,390,726.28 | 0.029 | 0.0964 | 12/31/2025 |
| 3 | The Vanguard Group, Inc. | 3,101,965 | 0 | 17,495,082.6 | 0.0002 | 0.0827 | 12/31/2025 |
| 4 | Arrowstreet Capital LP | 2,693,762 | 167,005 | 15,192,817.68 | 0.0088 | 0.0718 | 12/31/2025 |
| 5 | Ayalon Mutual Funds Ltd. | 1,129,768 | -12,513 | 6,371,891.52 | 0.3556 | 0.0301 | 12/31/2025 |
| 6 | Castlefield Investment Partners LLP | 1,033,879 | 1,033,879 | 5,831,077.56 | 1.5544 | 0.0276 | 12/31/2025 |
| 7 | American Century Investment Management, Inc. | 947,875 | 203,245 | 5,346,015 | 0.0021 | 0.0253 | 12/31/2025 |
| 8 | Third Year GmbH (Investment Mgmt) | 400,000 | 0 | 2,256,000 | 1.7833 | 0.0107 | 10/31/2025 |
| 9 | Point72 Asset Management LP | 292,669 | 30,809 | 1,650,653.16 | 0.0027 | 0.0078 | 12/31/2025 |
| 10 | Wellington Management Japan Pte Ltd. | 280,509 | -430,024 | 1,582,070.76 | 0.0548 | 0.0075 | 12/31/2025 |
| 11 | Millennium Management LLC | 275,172 | 263,391 | 1,551,970.08 | 0.0012 | 0.0073 | 12/31/2025 |
| 12 | DWS International GmbH | 260,000 | 0 | 1,466,400 | 0.0057 | 0.0069 | 12/31/2025 |
| 13 | Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt) | 244,776 | 57,762 | 1,380,536.64 | 0.0005 | 0.0065 | 12/31/2025 |
| 14 | Invesco Investment Advisers LLC | 232,826 | 25,975 | 1,313,138.64 | 0.0458 | 0.0062 | 12/31/2025 |
| 15 | AllianceBernstein LP | 232,309 | 68,362 | 1,310,222.76 | 0.0004 | 0.0062 | 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 | 17,495,082.6 | 0.0117 | 0.0827 | 02/28/2026 |
| 2 | Nomura Emerging Markets Fund | 2,900,000 | 148,872 | 16,356,000 | 0.1718 | 0.0773 | 12/31/2025 |
| 3 | Avantis Emerging Markets Equity ETF | 961,442 | 217,083 | 5,422,532.88 | 0.028 | 0.0256 | 02/27/2026 |
| 4 | Ayalon Zvulun 4D Global Stocks | 698,869 | -23,400 | 3,941,621.16 | 7.2346 | 0.0186 | 12/31/2025 |
| 5 | ART Global Macro | 400,000 | 0 | 2,256,000 | 1.627 | 0.0107 | 10/31/2025 |
| 6 | AYALON ZVULUN 5E Long Short Global Mutual Hedge Fund | 383,149 | 14,850 | 2,160,960.36 | 5.7996 | 0.0102 | 12/31/2025 |
| 7 | Nomura VIP Emerging Markets Series | 153,366 | 0 | 864,984.24 | 0.0922 | 0.0041 | 12/31/2025 |
| 8 | Lumyna - MW TOPS UCITS Fund | 151,174 | 0 | 852,621.36 | 0.0335 | 0.004 | 03/31/2025 |
| 9 | CTBC Global High Dividend ETF Securities Investment Trust Fund | 91,756 | 5,502 | 517,503.84 | 1.4523 | 0.0024 | 02/26/2026 |
| 10 | LUX IM - Global Emerging Equities | 78,284 | 0 | 441,521.76 | 0.1433 | 0.0021 | 06/30/2025 |
| 11 | Goldman Sachs ETF ICAV - Alp. En. Emg. Mkt. Eq. Act. UCITS ETF | 77,587 | 77,587 | 437,590.68 | 0.1471 | 0.0021 | 02/27/2026 |
| 12 | Macquarie Fd. Sol. - Emerging Markets Fund | 73,200 | 73,200 | 412,848 | 0.1859 | 0.002 | 09/30/2025 |
| 13 | Goldman Sachs Funds SICAV - Emerg. Mrkt. ex-China Co. Eq. Port | 66,700 | -88,900 | 376,188 | 0.0548 | 0.0018 | 01/31/2026 |
| 14 | Praxis International Index Fund | 65,143 | 0 | 367,406.52 | 0.0699 | 0.0017 | 12/31/2025 |
| 15 | DWS Invest - Brazilian Equities | 61,639 | 61,639 | 347,643.96 | 0.2017 | 0.0016 | 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 | 55,104,616.08 | 4.2758 | 0.2606 | 12/31/2025 |
| 2 | Castlefield Investment Partners LLP | 1,033,879 | 1,033,879 | 5,831,077.56 | 1.5544 | 0.0276 | 12/31/2025 |
| 3 | Millennium Management LLC | 275,172 | 263,391 | 1,551,970.08 | 0.0012 | 0.0073 | 12/31/2025 |
| 4 | Marshall Wace LLP | 216,307 | 216,307 | 1,219,971.48 | 0.0013 | 0.0058 | 12/31/2025 |
| 5 | American Century Investment Management, Inc. | 947,875 | 203,245 | 5,346,015 | 0.0021 | 0.0253 | 12/31/2025 |
| 6 | Merrill Lynch International (Investment Management) | 222,825 | 191,530 | 1,256,733 | 0.0058 | 0.0059 | 12/31/2025 |
| 7 | Arrowstreet Capital LP | 2,693,762 | 167,005 | 15,192,817.68 | 0.0088 | 0.0718 | 12/31/2025 |
| 8 | Leap Investments LP | 205,000 | 163,093 | 1,156,200 | 0.0231 | 0.0055 | 12/31/2025 |
| 9 | Connor, Clark & Lunn Investment Management Ltd. | 173,898 | 161,139 | 980,784.72 | 0.0024 | 0.0046 | 12/31/2025 |
| 10 | UBS Securities LLC | 155,570 | 133,029 | 877,414.8 | 0.0004 | 0.0041 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Fund Advisors | 89 | -597,168 | 501.96 | 0 | 0 | 12/31/2025 |
| 2 | Morgan Stanley Latam LLC | 12,470 | -462,776 | 70,330.8 | 0.0153 | 0.0003 | 12/31/2025 |
| 3 | Wellington Management Japan Pte Ltd. | 280,509 | -430,024 | 1,582,070.76 | 0.0548 | 0.0075 | 12/31/2025 |
| 4 | Goldman Sachs International | 0 | -183,973 | 0 | 0 | 0 | |
| 5 | BlackRock Financial Management, Inc. | 0 | -87,745 | 0 | 0 | 0 | |
| 6 | Morgan Stanley & Co. LLC | 164,521 | -81,179 | 927,898.44 | 0.0004 | 0.0044 | 12/31/2025 |
| 7 | Aquatic Capital Management LLC | 11,656 | -72,883 | 65,739.84 | 0.002 | 0.0003 | 12/31/2025 |
| 8 | Verition Fund Management LLC | 0 | -71,540 | 0 | 0 | 0 | |
| 9 | VPR Management LLC | 88,050 | -69,880 | 496,602 | 0.2108 | 0.0023 | 12/31/2025 |
| 10 | BNP Paribas Financial Markets | 849 | -57,125 | 4,788.36 | 0 | 0 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.