| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GQG Partners LLC | 136,003,212 | -85,358,620 | 2,147,490,717.48 | 1.5633 | 3.6549 | 12/31/2025 |
| 2 | Capital Research & Management Co. (International Investors) | 30,637,308 | 13,018,099 | 483,763,093.32 | 0.0673 | 0.8233 | 12/31/2025 |
| 3 | Baillie Gifford & Co. | 29,523,522 | -10,873,542 | 466,176,412.38 | 0.2716 | 0.7934 | 12/31/2025 |
| 4 | Invesco Asset Management Ltd. | 27,111,565 | 16,908,461 | 428,091,611.35 | 0.4062 | 0.7286 | 12/31/2025 |
| 5 | Lazard Asset Management LLC | 23,170,764 | 4,031,012 | 365,866,363.56 | 0.3063 | 0.6227 | 12/31/2025 |
| 6 | Itau USA Asset Management, Inc. | 19,828,159 | 14,164,157 | 313,086,630.61 | 4.7425 | 0.5329 | 12/31/2025 |
| 7 | ARGA Investment Management LP | 18,975,177 | 7,939,067 | 299,618,044.83 | 1.4487 | 0.5099 | 12/31/2025 |
| 8 | Schroder Investment Management Ltd. | 15,678,969 | 15,678,969 | 247,570,920.51 | 0.094 | 0.4214 | 12/31/2025 |
| 9 | Fisher Asset Management LLC | 13,982,981 | -604,193 | 220,791,269.99 | 0.0707 | 0.3758 | 12/31/2025 |
| 10 | Mondrian Investment Partners Ltd. | 12,655,094 | 3,399,703 | 199,823,934.26 | 1.1372 | 0.3401 | 12/31/2025 |
| 11 | T. Rowe Price Hong Kong Ltd. | 9,769,594 | 4,708,584 | 154,261,889.26 | 0.5461 | 0.2625 | 12/31/2025 |
| 12 | Renaissance Technologies LLC | 9,555,200 | -447,600 | 150,876,608 | 0.2273 | 0.2568 | 12/31/2025 |
| 13 | Marshall Wace LLP | 9,412,581 | 3,537,628 | 148,624,653.99 | 0.1396 | 0.253 | 12/31/2025 |
| 14 | Massachusetts Financial Services Co. | 9,402,441 | -1,812,484 | 148,464,543.39 | 0.045 | 0.2527 | 12/31/2025 |
| 15 | BlackRock Fund Advisors | 9,401,955 | 1,645,676 | 148,456,869.45 | 0.0031 | 0.2527 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs GQG Partners International Opportunities Fund | 66,456,063 | -5,118,407 | 1,049,341,234.77 | 1.7106 | 1.7859 | 10/31/2025 |
| 2 | GQG Partners Emerging Markets Equity Fund | 54,489,152 | -6,546,845 | 860,383,710.08 | 3.3887 | 1.4643 | 09/30/2025 |
| 3 | Invesco Developing Markets Fund | 15,841,412 | 3,196,763 | 250,135,895.48 | 2.462 | 0.4257 | 12/31/2025 |
| 4 | American Funds EuroPacific Growth Fund | 11,786,946 | 4,509,749 | 186,115,877.34 | 0.1307 | 0.3168 | 12/31/2025 |
| 5 | American Funds New World Fund | 11,751,692 | 5,233,283 | 185,559,216.68 | 0.236 | 0.3158 | 12/31/2025 |
| 6 | iShares Tr. - Latin America 40 ETF | 11,444,806 | 4,684,203 | 180,713,486.74 | 4.3174 | 0.3076 | 01/30/2026 |
| 7 | MFS Emerging Markets Equity Fund | 8,728,597 | -477,157 | 137,824,546.63 | 1.293 | 0.2346 | 12/31/2025 |
| 8 | St. James's Place Unit Trust - Emerging Markets Equity | 7,384,226 | 1,262,546 | 116,596,928.54 | 0.9457 | 0.1984 | 09/30/2025 |
| 9 | Invesco Funds - Emerging Markets Equity Fund | 5,988,669 | 4,754,351 | 94,561,083.51 | 3.0866 | 0.1609 | 01/30/2026 |
| 10 | Lazard Emerging Markets Equity Portfolio | 5,504,311 | 918,892 | 86,913,070.69 | 1.0926 | 0.1479 | 01/31/2026 |
| 11 | Baillie Gifford Emerging Markets Equities Fund | 5,164,719 | -3,993,425 | 81,550,913.01 | 0.9939 | 0.1388 | 12/31/2025 |
| 12 | GQG Global UCITS ICAV - Partners Emerging Markets Equity Fund | 4,518,933 | 0 | 71,353,952.07 | 2.5402 | 0.1214 | 06/30/2025 |
| 13 | Avantis Emerging Markets Equity ETF | 3,444,784 | 884,888 | 54,393,139.36 | 0.2815 | 0.0926 | 01/30/2026 |
| 14 | T. Rowe Price Emerging Markets Discovery Stock Fund | 3,391,111 | 1,543,611 | 53,545,642.69 | 0.8767 | 0.0911 | 12/31/2025 |
| 15 | Schroder ISF - Emerging Markets | 3,348,387 | -1,248,343 | 52,871,030.73 | 0.701 | 0.09 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Invesco Asset Management Ltd. | 27,111,565 | 16,908,461 | 428,091,611.35 | 0.4062 | 0.7286 | 12/31/2025 |
| 2 | Schroder Investment Management Ltd. | 15,678,969 | 15,678,969 | 247,570,920.51 | 0.094 | 0.4214 | 12/31/2025 |
| 3 | Itau USA Asset Management, Inc. | 19,828,159 | 14,164,157 | 313,086,630.61 | 4.7425 | 0.5329 | 12/31/2025 |
| 4 | Capital Research & Management Co. (International Investors) | 30,637,308 | 13,018,099 | 483,763,093.32 | 0.0673 | 0.8233 | 12/31/2025 |
| 5 | ARGA Investment Management LP | 18,975,177 | 7,939,067 | 299,618,044.83 | 1.4487 | 0.5099 | 12/31/2025 |
| 6 | Merrill Lynch International (Investment Management) | 6,671,260 | 6,501,005 | 105,339,195.4 | 0.4516 | 0.1793 | 12/31/2025 |
| 7 | T. Rowe Price Hong Kong Ltd. | 9,769,594 | 4,708,584 | 154,261,889.26 | 0.5461 | 0.2625 | 12/31/2025 |
| 8 | JPMorgan Mansart Management Ltd. | 4,169,174 | 4,169,174 | 65,831,257.46 | 0.3685 | 0.112 | 12/31/2025 |
| 9 | Lazard Asset Management LLC | 23,170,764 | 4,031,012 | 365,866,363.56 | 0.3063 | 0.6227 | 12/31/2025 |
| 10 | Marshall Wace LLP | 9,412,581 | 3,537,628 | 148,624,653.99 | 0.1396 | 0.253 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GQG Partners LLC | 136,003,212 | -85,358,620 | 2,147,490,717.48 | 1.5633 | 3.6549 | 12/31/2025 |
| 2 | Fidelity Management & Research Co. LLC | 3,319,705 | -18,734,852 | 52,418,141.95 | 0.0028 | 0.0892 | 12/31/2025 |
| 3 | Schroder Investment Management North America, Inc. | 7,686,943 | -12,051,188 | 121,376,829.97 | 0.6913 | 0.2066 | 12/31/2025 |
| 4 | Schroder & Co. Ltd. | 0 | -11,523,112 | 0 | 0 | 0 | |
| 5 | Baillie Gifford & Co. | 29,523,522 | -10,873,542 | 466,176,412.38 | 0.2716 | 0.7934 | 12/31/2025 |
| 6 | FIAM LLC | 849,114 | -9,504,886 | 13,407,510.06 | 0.0063 | 0.0228 | 12/31/2025 |
| 7 | Thornburg Investment Management, Inc. | 344,876 | -7,368,622 | 5,445,592.04 | 0.0186 | 0.0093 | 12/31/2025 |
| 8 | UBS Asset Management (Americas) LLC | 995 | -4,985,192 | 15,711.05 | 0 | 0 | 12/31/2025 |
| 9 | RWC Asset Advisors (US) LLC | 0 | -4,743,523 | 0 | 0 | 0 | |
| 10 | Optiver US LLC | 2,223,170 | -3,591,039 | 35,103,854.3 | 0.6255 | 0.0597 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.