| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 16,472,821 | 2,538,336 | 42,994,062.81 | 6.7476 | 5.8542 | 12/31/2025 |
| 2 | Hosking Partners LLP | 3,646,033 | -142,410 | 9,516,146.13 | 0.2682 | 1.2958 | 12/31/2025 |
| 3 | BlackRock Investment Management (UK) Ltd. | 3,017,777 | 0 | 7,876,397.97 | 0.001 | 1.0725 | 12/31/2025 |
| 4 | SSgA Funds Management, Inc. | 2,379,825 | 1,597,584 | 6,211,343.25 | 0.0002 | 0.8458 | 12/31/2025 |
| 5 | Trigon Asset Management AS | 2,066,982 | 0 | 5,394,823.02 | 0.5332 | 0.7346 | 06/30/2025 |
| 6 | State Street Global Advisors Ltd. | 1,517,400 | 1,511,400 | 3,960,414 | 0.0028 | 0.5393 | 02/28/2026 |
| 7 | BNP Paribas Financial Markets | 868,632 | -96,776 | 2,267,129.52 | 0.0015 | 0.3087 | 12/31/2025 |
| 8 | UBS Securities LLC | 755,988 | -17,290 | 1,973,128.68 | 0.0009 | 0.2687 | 12/31/2025 |
| 9 | Marex Prime Services Ltd. | 742,707 | 742,707 | 1,938,465.27 | 0.1092 | 0.2639 | 09/30/2025 |
| 10 | Morgan Stanley & Co. LLC | 684,591 | -27,438 | 1,786,782.51 | 0.0007 | 0.2433 | 12/31/2025 |
| 11 | East Capital Asia Ltd. | 660,547 | -410,627 | 1,724,027.67 | 0.1578 | 0.2348 | 01/30/2026 |
| 12 | GSA Capital Partners LLP | 308,126 | 308,126 | 804,208.86 | 0.0712 | 0.1095 | 12/31/2025 |
| 13 | GAM International Management Ltd. | 300,000 | 300,000 | 783,000 | 0.0473 | 0.1066 | 12/31/2025 |
| 14 | Rangeley Capital LLC | 200,000 | 0 | 522,000 | 0.4202 | 0.0711 | 12/31/2025 |
| 15 | OTP Fund Management Ltd. | 191,919 | 0 | 500,908.59 | 0.0484 | 0.0682 | 12/31/2024 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Strategic Fds. - Emerging Markets Equity Strategies | 3,017,777 | 0 | 7,876,397.97 | 0.5883 | 1.0725 | 01/31/2026 |
| 2 | State Street AUT Emerging Market Tilted Index Equity Fund | 1,511,400 | 1,511,400 | 3,944,754 | 0.0424 | 0.5371 | 02/28/2026 |
| 3 | TRIGON - New Europe Fund | 1,033,491 | 0 | 2,697,411.51 | 0.5196 | 0.3673 | 06/30/2025 |
| 4 | Trigon New Europe Fund | 1,033,491 | 0 | 2,697,411.51 | 0.5196 | 0.3673 | 06/30/2025 |
| 5 | State Street SPDR Portfolio Emerging Markets ETF | 765,517 | 105,387 | 1,997,999.37 | 0.0127 | 0.2721 | 02/27/2026 |
| 6 | East Capital - Balkans | 359,753 | -7,410 | 938,955.33 | 1.1156 | 0.1279 | 01/30/2026 |
| 7 | East Capital SICAV - New Europe | 300,794 | 0 | 785,072.34 | 0.5176 | 0.1069 | 01/30/2026 |
| 8 | OTP Paletta Alap | 191,919 | 0 | 500,908.59 | 0.7101 | 0.0682 | 12/31/2024 |
| 9 | Azvalor Managers, FI | 175,785 | 175,785 | 458,798.85 | 0.2463 | 0.0625 | 12/31/2025 |
| 10 | Nomura Emerging Markets Fund | 144,600 | 0 | 377,406 | 0.004 | 0.0514 | 12/31/2025 |
| 11 | Amundi Funds - Emerging Europe Middle East & Africa | 127,655 | 0 | 333,179.55 | 0.2814 | 0.0454 | 09/30/2025 |
| 12 | State Street SPDR S&P Emerging Markets Small Cap ETF | 126,915 | -60 | 331,248.15 | 0.0471 | 0.0451 | 02/27/2026 |
| 13 | BIT Global Fintech Leaders | 120,000 | 0 | 313,200 | 0.5872 | 0.0426 | 10/31/2024 |
| 14 | Amundi Eastern Europe Stock | 93,553 | 0 | 244,173.33 | 0.4521 | 0.0332 | 02/27/2026 |
| 15 | Global Online Retail | 84,988 | -15,012 | 221,818.68 | 2.3802 | 0.0302 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 16,472,821 | 2,538,336 | 42,994,062.81 | 6.7476 | 5.8542 | 12/31/2025 |
| 2 | SSgA Funds Management, Inc. | 2,379,825 | 1,597,584 | 6,211,343.25 | 0.0002 | 0.8458 | 12/31/2025 |
| 3 | State Street Global Advisors Ltd. | 1,517,400 | 1,511,400 | 3,960,414 | 0.0028 | 0.5393 | 02/28/2026 |
| 4 | Marex Prime Services Ltd. | 742,707 | 742,707 | 1,938,465.27 | 0.1092 | 0.2639 | 09/30/2025 |
| 5 | GSA Capital Partners LLP | 308,126 | 308,126 | 804,208.86 | 0.0712 | 0.1095 | 12/31/2025 |
| 6 | GAM International Management Ltd. | 300,000 | 300,000 | 783,000 | 0.0473 | 0.1066 | 12/31/2025 |
| 7 | AzValor Asset Management SGIIC SA | 175,785 | 175,785 | 458,798.85 | 0.0135 | 0.0625 | 12/31/2025 |
| 8 | GAM Investment Management (Switzerland) AG | 150,000 | 150,000 | 391,500 | 0.0111 | 0.0533 | 12/31/2025 |
| 9 | Wealth Enhancement Advisory Services LLC | 80,338 | 80,338 | 209,682.18 | 0.0003 | 0.0286 | 12/31/2025 |
| 10 | abrdn Investments Ltd. | 77,099 | 77,099 | 201,228.39 | 0.0005 | 0.0274 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Brightlight Capital Management LP | 0 | -6,304,070 | 0 | 0 | 0 | |
| 2 | Luxor Capital Group LP | 0 | -3,598,184 | 0 | 0 | 0 | |
| 3 | Tekne Capital Management LLC | 0 | -3,089,199 | 0 | 0 | 0 | |
| 4 | T. Rowe Price International Ltd. | 0 | -1,710,733 | 0 | 0 | 0 | |
| 5 | BIT Capital GmbH | 0 | -1,569,011 | 0 | 0 | 0 | |
| 6 | East Capital Asia Ltd. | 660,547 | -410,627 | 1,724,027.67 | 0.1578 | 0.2348 | 01/30/2026 |
| 7 | Renaissance Technologies LLC | 0 | -255,700 | 0 | 0 | 0 | |
| 8 | Itau USA Asset Management, Inc. | 0 | -166,330 | 0 | 0 | 0 | |
| 9 | Baader Bank AG (Investment Management) | 0 | -164,574 | 0 | 0 | 0 | |
| 10 | Hosking Partners LLP | 3,646,033 | -142,410 | 9,516,146.13 | 0.2682 | 1.2958 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.