| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Fund Advisors | 17,417,574 | 17,042,677 | 302,020,733.16 | 0.0068 | 2.1392 | 12/31/2025 |
| 2 | Davis Selected Advisers LP | 11,854,741 | 11,854,741 | 205,561,208.94 | 0.8463 | 1.456 | 12/31/2025 |
| 3 | D. E. Shaw & Co. LP | 7,205,628 | 6,049,768 | 124,945,589.52 | 0.1029 | 0.885 | 12/31/2025 |
| 4 | SSgA Funds Management, Inc. | 6,138,536 | 381,610 | 106,442,214.24 | 0.0036 | 0.7539 | 12/31/2025 |
| 5 | Columbia Management Investment Advisers LLC | 4,937,992 | 4,910,553 | 85,624,781.28 | 0.0214 | 0.6065 | 12/31/2025 |
| 6 | Alberta Investment Management Corp. | 4,622,500 | 3,238,200 | 80,154,150 | 0.499 | 0.5677 | 12/31/2025 |
| 7 | Woodline Partners LP | 4,556,488 | 4,151,962 | 79,009,501.92 | 0.3243 | 0.5596 | 12/31/2025 |
| 8 | RREEF America LLC | 3,816,671 | 3,816,671 | 66,181,075.14 | 0.3139 | 0.4688 | 12/31/2025 |
| 9 | Carrhae Capital LLP | 3,649,226 | 3,649,226 | 63,277,578.84 | 4.5323 | 0.4482 | 12/31/2025 |
| 10 | Arrowstreet Capital LP | 3,540,471 | 3,164,687 | 61,391,767.14 | 0.0357 | 0.4348 | 12/31/2025 |
| 11 | BlackRock Advisors (UK) Ltd. | 3,003,344 | 2,752,969 | 52,077,984.96 | 0.0058 | 0.3689 | 12/31/2025 |
| 12 | BlackRock Asset Management Deutschland AG | 2,999,003 | 2,989,833 | 52,002,712.02 | 0.0604 | 0.3683 | 12/31/2025 |
| 13 | Raymond James & Associates, Inc. (Invt Mgmt) | 2,967,656 | 2,893,733 | 51,459,155.04 | 0.0248 | 0.3645 | 12/31/2025 |
| 14 | Discovery Capital Management LLC | 2,942,400 | 2,524,700 | 51,021,216 | 2.9731 | 0.3614 | 12/31/2025 |
| 15 | BNP Paribas Financial Markets | 2,591,133 | 2,242,212 | 44,930,246.22 | 0.0298 | 0.3182 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | iShares MSCI Brazil ETF | 7,240,479 | 1,867,061 | 125,549,905.86 | 1.3854 | 0.8893 | 02/27/2026 |
| 2 | iShares Core MSCI Emerging Markets ETF | 4,731,113 | 1,153,071 | 82,037,499.42 | 0.0625 | 0.5811 | 02/27/2026 |
| 3 | iShares MSCI Brazil UCITS ETF (DE) | 3,683,600 | 1,237,509 | 63,873,624 | 1.3678 | 0.4524 | 02/27/2026 |
| 4 | Columbia Overseas Value Fund | 3,367,164 | 36,338 | 58,386,623.76 | 0.9049 | 0.4135 | 01/31/2026 |
| 5 | Carillon Scout Mid Cap Fund | 2,685,579 | 2,685,579 | 46,567,939.86 | 1.4364 | 0.3298 | 12/31/2025 |
| 6 | DWS RREEF Real Assets Fund | 1,961,700 | 1,961,700 | 34,015,878 | 0.9016 | 0.2409 | 01/31/2026 |
| 7 | Columbia Variable Portfolio - Overseas Core Fund | 1,902,824 | 1,902,824 | 32,994,968.16 | 0.893 | 0.2337 | 12/31/2025 |
| 8 | Metropolitan Series - Van Eck Global Natural Resources Port. | 1,425,750 | -264,400 | 24,722,505 | 2.9079 | 0.1751 | 12/31/2025 |
| 9 | Selected American Shares Fund | 1,331,620 | 1,331,620 | 23,090,290.8 | 1.2115 | 0.1635 | 12/31/2025 |
| 10 | iShares plc - Core MSCI Emerging Markets IMI UCITS ETF | 1,096,373 | 153,508 | 19,011,107.82 | 0.0523 | 0.1347 | 02/27/2026 |
| 11 | Davis Series - Opportunity Fund | 1,095,410 | 1,095,410 | 18,994,409.4 | 3.2474 | 0.1345 | 12/31/2025 |
| 12 | iShares MSCI Emerging Markets ETF | 1,062,367 | 291,231 | 18,421,443.78 | 0.0694 | 0.1305 | 02/27/2026 |
| 13 | Davis Select Worldwide ETF | 1,034,510 | 1,034,510 | 17,938,403.4 | 3.6251 | 0.1271 | 02/27/2026 |
| 14 | St. James's Place International Equity Unit Trust | 1,004,350 | 1,004,350 | 17,415,429 | 0.0729 | 0.1234 | 09/30/2025 |
| 15 | FIA Investimento No Exterior PGB | 965,000 | 0 | 16,733,100 | 24.1403 | 0.1185 | 11/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Fund Advisors | 17,417,574 | 17,042,677 | 302,020,733.16 | 0.0068 | 2.1392 | 12/31/2025 |
| 2 | Davis Selected Advisers LP | 11,854,741 | 11,854,741 | 205,561,208.94 | 0.8463 | 1.456 | 12/31/2025 |
| 3 | D. E. Shaw & Co. LP | 7,205,628 | 6,049,768 | 124,945,589.52 | 0.1029 | 0.885 | 12/31/2025 |
| 4 | Columbia Management Investment Advisers LLC | 4,937,992 | 4,910,553 | 85,624,781.28 | 0.0214 | 0.6065 | 12/31/2025 |
| 5 | Woodline Partners LP | 4,556,488 | 4,151,962 | 79,009,501.92 | 0.3243 | 0.5596 | 12/31/2025 |
| 6 | RREEF America LLC | 3,816,671 | 3,816,671 | 66,181,075.14 | 0.3139 | 0.4688 | 12/31/2025 |
| 7 | Carrhae Capital LLP | 3,649,226 | 3,649,226 | 63,277,578.84 | 4.5323 | 0.4482 | 12/31/2025 |
| 8 | Alberta Investment Management Corp. | 4,622,500 | 3,238,200 | 80,154,150 | 0.499 | 0.5677 | 12/31/2025 |
| 9 | Arrowstreet Capital LP | 3,540,471 | 3,164,687 | 61,391,767.14 | 0.0357 | 0.4348 | 12/31/2025 |
| 10 | BlackRock Asset Management Deutschland AG | 2,999,003 | 2,989,833 | 52,002,712.02 | 0.0604 | 0.3683 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | JPMorgan Securities LLC (Investment Management) | 1,161,916 | -9,817,880 | 20,147,623.44 | 0.0145 | 0.1427 | 12/31/2025 |
| 2 | Morgan Stanley & Co. LLC | 2,148,376 | -4,445,665 | 37,252,839.84 | 0.0142 | 0.2639 | 12/31/2025 |
| 3 | Verition Fund Management LLC | 23,601 | -2,455,910 | 409,241.34 | 0.0024 | 0.0029 | 12/31/2025 |
| 4 | Millennium Management LLC | 2,217,350 | -2,251,165 | 38,448,849 | 0.0294 | 0.2723 | 12/31/2025 |
| 5 | Merrill Lynch International (Investment Management) | 1,562,520 | -2,052,016 | 27,094,096.8 | 0.1243 | 0.1919 | 12/31/2025 |
| 6 | Candlestick Capital Management LP | 0 | -2,029,657 | 0 | 0 | 0 | |
| 7 | Dendur Capital LP | 0 | -1,920,000 | 0 | 0 | 0 | |
| 8 | Maple Rock Capital Partners, Inc. | 985,106 | -1,228,600 | 17,081,738.04 | 0.5241 | 0.121 | 12/31/2025 |
| 9 | Hartree Partners LP (Investment Management) | 400,000 | -1,122,974 | 6,936,000 | 2.2493 | 0.0491 | 12/31/2025 |
| 10 | Van Eck Associates Corp. | 2,378,805 | -1,092,600 | 41,248,478.7 | 0.0274 | 0.2922 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.