| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Helikon Investments Ltd. | 4,142,489 | 1,775,308 | 66,859,772.46 | 0.991 | 4.8572 | 12/31/2025 |
| 2 | VR Advisory Services (USA) LLC | 2,670,087 | 418,476 | 43,095,204.18 | 6.5623 | 3.1308 | 12/31/2025 |
| 3 | Nomura Investment Management Business Trust | 2,170,701 | 7,597 | 35,035,114.14 | 0.0336 | 2.5452 | 12/31/2025 |
| 4 | JPMorgan Securities LLC (Investment Management) | 923,798 | 584,249 | 14,910,099.72 | 0.0099 | 1.0832 | 12/31/2025 |
| 5 | Global X Management Co. LLC | 663,302 | -192,335 | 10,705,694.28 | 0.0113 | 0.7777 | 12/31/2025 |
| 6 | BNP Paribas Financial Markets | 601,369 | 434,659 | 9,706,095.66 | 0.0059 | 0.7051 | 12/31/2025 |
| 7 | Brevan Howard Asset Management LLP | 396,077 | 396,077 | 6,392,682.78 | 0.1063 | 0.4644 | 12/31/2025 |
| 8 | Renta 4 Gestora SGIIC SA | 226,471 | 74,101 | 3,655,241.94 | 0.2581 | 0.2655 | 12/31/2025 |
| 9 | Arrowstreet Capital LP | 221,712 | 199,132 | 3,578,431.68 | 0.0019 | 0.26 | 12/31/2025 |
| 10 | RWC Asset Management LLP | 155,815 | 155,815 | 2,514,854.1 | 0.0235 | 0.1827 | 12/31/2025 |
| 11 | 683 Capital Management LLC | 155,000 | -750,000 | 2,501,700 | 0.1992 | 0.1817 | 12/31/2025 |
| 12 | Modern Capital Management Co. | 127,698 | -37,865 | 2,061,045.72 | 2.4259 | 0.1497 | 09/30/2025 |
| 13 | Systrade AG | 119,780 | 9,780 | 1,933,249.2 | 1.222 | 0.1404 | 12/31/2025 |
| 14 | Morgan Stanley & Co. International Plc | 115,193 | 104,936 | 1,859,215.02 | 0.0169 | 0.1351 | 12/31/2025 |
| 15 | Goldman Sachs & Co. LLC (Private Banking) | 108,586 | 90,007 | 1,752,578.04 | 0.0008 | 0.1273 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Macquarie Emerging Markets Fund | 1,751,834 | 33,041 | 28,274,600.76 | 0.2599 | 2.0541 | 12/31/2025 |
| 2 | Global X MSCI Argentina ETF | 717,237 | -73,742 | 11,576,205.18 | 1.3703 | 0.841 | 01/30/2026 |
| 3 | Avantage Fund, FI | 226,471 | 74,101 | 3,655,241.94 | 2.4769 | 0.2655 | 12/31/2025 |
| 4 | Nomura VIP Emerging Markets Series | 194,351 | -34,040 | 3,136,825.14 | 0.2917 | 0.2279 | 12/31/2025 |
| 5 | Modern Capital Tactical Income Fund | 127,698 | -37,865 | 2,061,045.72 | 2.4003 | 0.1497 | 09/30/2025 |
| 6 | State Board of Administration of Florida Retirement System | 91,765 | -23,122 | 1,481,087.1 | 0.0013 | 0.1076 | 09/30/2025 |
| 7 | ART Global Macro | 90,000 | 0 | 1,452,600 | 0.9717 | 0.1055 | 04/30/2025 |
| 8 | Eaton Vance Emerging & Frontier Countries Equity Fund | 60,072 | 19,845 | 969,562.08 | 0.0302 | 0.0704 | 12/31/2025 |
| 9 | Eaton Vance Global Macro Capital Opportunities Portfolio | 58,503 | 18,276 | 944,238.42 | 0.031 | 0.0686 | 10/31/2025 |
| 10 | Kopernik Global All Cap Fund | 38,774 | 38,774 | 625,812.36 | 0.0178 | 0.0455 | 12/31/2025 |
| 11 | Crocodile Capital - 1 Global Focus | 36,217 | 0 | 584,542.38 | 0.2258 | 0.0425 | 06/30/2025 |
| 12 | Avantage Pure Equity FI | 30,543 | 12,618 | 492,964.02 | 3.7999 | 0.0358 | 12/31/2025 |
| 13 | ActivePassive International Equity ETF | 28,356 | 10,795 | 457,665.84 | 0.0446 | 0.0332 | 01/30/2026 |
| 14 | Heptagon Fund ICAV - Kopernik Global All-Cap Equity Fund | 26,611 | 26,611 | 429,501.54 | 0.0162 | 0.0312 | 11/28/2025 |
| 15 | Eaton Vance Global Macro Absolute Return Advantage Portfolio | 23,400 | 23,400 | 377,676 | 0.132 | 0.0274 | 10/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Helikon Investments Ltd. | 4,142,489 | 1,775,308 | 66,859,772.46 | 0.991 | 4.8572 | 12/31/2025 |
| 2 | JPMorgan Securities LLC (Investment Management) | 923,798 | 584,249 | 14,910,099.72 | 0.0099 | 1.0832 | 12/31/2025 |
| 3 | BNP Paribas Financial Markets | 601,369 | 434,659 | 9,706,095.66 | 0.0059 | 0.7051 | 12/31/2025 |
| 4 | VR Advisory Services (USA) LLC | 2,670,087 | 418,476 | 43,095,204.18 | 6.5623 | 3.1308 | 12/31/2025 |
| 5 | Brevan Howard Asset Management LLP | 396,077 | 396,077 | 6,392,682.78 | 0.1063 | 0.4644 | 12/31/2025 |
| 6 | Arrowstreet Capital LP | 221,712 | 199,132 | 3,578,431.68 | 0.0019 | 0.26 | 12/31/2025 |
| 7 | RWC Asset Management LLP | 155,815 | 155,815 | 2,514,854.1 | 0.0235 | 0.1827 | 12/31/2025 |
| 8 | Morgan Stanley & Co. International Plc | 115,193 | 104,936 | 1,859,215.02 | 0.0169 | 0.1351 | 12/31/2025 |
| 9 | Goldman Sachs & Co. LLC (Private Banking) | 108,586 | 90,007 | 1,752,578.04 | 0.0008 | 0.1273 | 12/31/2025 |
| 10 | Kopernik Global Investors LLC | 85,366 | 85,366 | 1,377,807.24 | 0.0202 | 0.1001 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | 683 Capital Management LLC | 155,000 | -750,000 | 2,501,700 | 0.1992 | 0.1817 | 12/31/2025 |
| 2 | Fourth Sail Capital LP | 0 | -454,301 | 0 | 0 | 0 | |
| 3 | Millennium Management LLC | 18,053 | -336,207 | 291,375.42 | 0.0002 | 0.0212 | 12/31/2025 |
| 4 | Global X Management Co. LLC | 663,302 | -192,335 | 10,705,694.28 | 0.0113 | 0.7777 | 12/31/2025 |
| 5 | Bosun Asset Management LLC | 0 | -163,598 | 0 | 0 | 0 | |
| 6 | Capital Wealth Planning LLC | 0 | -111,735 | 0 | 0 | 0 | |
| 7 | UBS Securities LLC | 4,307 | -71,161 | 69,514.98 | 0 | 0.0051 | 12/31/2025 |
| 8 | Polen Capital Management LLC | 102,911 | -60,687 | 1,660,983.54 | 0.0078 | 0.1207 | 12/31/2025 |
| 9 | Modern Capital Management Co. | 127,698 | -37,865 | 2,061,045.72 | 2.4259 | 0.1497 | 09/30/2025 |
| 10 | Tidal Investments LLC | 0 | -28,743 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.