| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 16,168,013 | 2,233,528 | 43,976,995.36 | 8.303 | 5.7459 | 12/01/2025 |
| 2 | Brightlight Capital Management LP | 6,305,000 | 930 | 17,149,600 | 8.9447 | 2.2407 | 09/30/2025 |
| 3 | Luxor Capital Group LP | 3,912,903 | 314,719 | 10,643,096.16 | 1.1415 | 1.3906 | 09/30/2025 |
| 4 | Hosking Partners LLP | 3,646,033 | -142,410 | 9,917,209.76 | 0.2563 | 1.2958 | 12/31/2025 |
| 5 | BlackRock Investment Management (UK) Ltd. | 3,017,777 | 0 | 8,208,353.44 | 0.001 | 1.0725 | 09/30/2025 |
| 6 | Trigon Asset Management AS | 2,066,982 | 0 | 5,622,191.04 | 0.504 | 0.7346 | 06/30/2025 |
| 7 | Tekne Capital Management LLC | 1,611,112 | -1,478,087 | 4,382,224.64 | 1.1364 | 0.5726 | 09/30/2025 |
| 8 | BIT Capital GmbH | 1,538,011 | -31,000 | 4,183,389.92 | 0.2064 | 0.5466 | 09/30/2025 |
| 9 | State Street Global Advisors Ltd. | 1,517,400 | 1,511,400 | 4,127,328 | 0.0027 | 0.5393 | 12/31/2025 |
| 10 | Morgan Stanley & Co. LLC | 981,036 | 269,007 | 2,668,417.92 | 0.0009 | 0.3486 | 09/30/2025 |
| 11 | BNP Paribas Financial Markets | 868,632 | -96,776 | 2,362,679.04 | 0.0014 | 0.3087 | 12/31/2025 |
| 12 | SSgA Funds Management, Inc. | 819,430 | 37,189 | 2,228,849.6 | 0.0001 | 0.2912 | 09/30/2025 |
| 13 | UBS Securities LLC | 755,988 | -17,290 | 2,056,287.36 | 0.0008 | 0.2687 | 12/31/2025 |
| 14 | Marex Prime Services Ltd. | 742,707 | 742,707 | 2,020,163.04 | 0.1041 | 0.2639 | 09/30/2025 |
| 15 | East Capital Asia Ltd. | 660,547 | -387,410 | 1,796,687.84 | 0.1564 | 0.2348 | 12/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Strategic Fds. - Emerging Markets Equity Strategies | 3,017,777 | 0 | 8,208,353.44 | 0.6397 | 1.0725 | 11/30/2025 |
| 2 | State Street AUT Emerging Market Tilted Index Equity Fund | 1,511,400 | 1,511,400 | 4,111,008 | 0.0391 | 0.5371 | 12/31/2025 |
| 3 | TRIGON - New Europe Fund | 1,033,491 | 0 | 2,811,095.52 | 0.4928 | 0.3673 | 06/30/2025 |
| 4 | Trigon New Europe Fund | 1,033,491 | 0 | 2,811,095.52 | 0.4928 | 0.3673 | 06/30/2025 |
| 5 | State Street SPDR Portfolio Emerging Markets ETF | 745,764 | 96,434 | 2,028,478.08 | 0.012 | 0.265 | 01/30/2026 |
| 6 | East Capital - Balkans | 359,753 | -7,410 | 978,528.16 | 1.0456 | 0.1279 | 12/30/2025 |
| 7 | East Capital SICAV - New Europe | 300,794 | 0 | 818,159.68 | 0.5212 | 0.1069 | 12/30/2025 |
| 8 | OTP Paletta Alap | 191,919 | 0 | 522,019.68 | 0.6889 | 0.0682 | 12/31/2024 |
| 9 | Azvalor Managers, FI | 175,785 | 175,785 | 478,135.2 | 0.2393 | 0.0625 | 12/31/2025 |
| 10 | Macquarie Emerging Markets Fund | 144,600 | 0 | 393,312 | 0.0038 | 0.0514 | 12/31/2025 |
| 11 | State Street SPDR S&P Emerging Markets Small Cap ETF | 132,965 | 2,396 | 361,664.8 | 0.0462 | 0.0473 | 01/30/2026 |
| 12 | Amundi Funds - Emerging Europe Middle East & Africa | 127,655 | 0 | 347,221.6 | 0.2528 | 0.0454 | 09/30/2025 |
| 13 | Global X E-commerce ETF | 126,119 | -48,911 | 343,043.68 | 0.7252 | 0.0448 | 01/30/2026 |
| 14 | BIT Global Fintech Leaders | 120,000 | 0 | 326,400 | 0.4911 | 0.0426 | 10/31/2024 |
| 15 | Amundi Eastern Europe Stock | 93,553 | 0 | 254,464.16 | 0.4035 | 0.0332 | 11/28/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 16,168,013 | 2,233,528 | 43,976,995.36 | 8.303 | 5.7459 | 12/01/2025 |
| 2 | State Street Global Advisors Ltd. | 1,517,400 | 1,511,400 | 4,127,328 | 0.0027 | 0.5393 | 12/31/2025 |
| 3 | Marex Prime Services Ltd. | 742,707 | 742,707 | 2,020,163.04 | 0.1041 | 0.2639 | 09/30/2025 |
| 4 | Luxor Capital Group LP | 3,912,903 | 314,719 | 10,643,096.16 | 1.1415 | 1.3906 | 09/30/2025 |
| 5 | GSA Capital Partners LLP | 308,126 | 308,126 | 838,102.72 | 0.0686 | 0.1095 | 12/31/2025 |
| 6 | Morgan Stanley & Co. LLC | 981,036 | 269,007 | 2,668,417.92 | 0.0009 | 0.3486 | 09/30/2025 |
| 7 | GAM International Management Ltd. | 200,000 | 200,000 | 544,000 | 0.0281 | 0.0711 | 09/30/2025 |
| 8 | AzValor Asset Management SGIIC SA | 175,785 | 175,785 | 478,135.2 | 0.015 | 0.0625 | 12/31/2025 |
| 9 | GAM Investment Management (Switzerland) AG | 100,000 | 100,000 | 272,000 | 0.0061 | 0.0355 | 09/30/2025 |
| 10 | Wealth Enhancement Advisory Services LLC | 80,338 | 80,338 | 218,519.36 | 0.0003 | 0.0286 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | T. Rowe Price International Ltd. | 0 | -1,710,733 | 0 | 0 | 0 | |
| 2 | Tekne Capital Management LLC | 1,611,112 | -1,478,087 | 4,382,224.64 | 1.1364 | 0.5726 | 09/30/2025 |
| 3 | East Capital Asia Ltd. | 660,547 | -387,410 | 1,796,687.84 | 0.1564 | 0.2348 | 12/30/2025 |
| 4 | Millennium Management LLC | 0 | -197,363 | 0 | 0 | 0 | |
| 5 | Itau USA Asset Management, Inc. | 0 | -166,330 | 0 | 0 | 0 | |
| 6 | Baader Bank AG (Investment Management) | 0 | -164,574 | 0 | 0 | 0 | |
| 7 | Hosking Partners LLP | 3,646,033 | -142,410 | 9,917,209.76 | 0.2563 | 1.2958 | 12/31/2025 |
| 8 | Renaissance Technologies LLC | 118,188 | -137,512 | 321,471.36 | 0.0004 | 0.042 | 09/30/2025 |
| 9 | Bosun Asset Management LLC | 0 | -114,817 | 0 | 0 | 0 | |
| 10 | Polen Capital Management LLC | 0 | -114,817 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.