| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GQG Partners LLC | 136,003,212 | -85,358,620 | 2,393,656,531.2 | 1.7969 | 3.6549 | 12/31/2025 |
| 2 | Capital Research & Management Co. (International Investors) | 30,637,308 | 13,018,099 | 539,216,620.8 | 0.0778 | 0.8233 | 12/31/2025 |
| 3 | Baillie Gifford & Co. | 29,523,522 | -10,873,542 | 519,613,987.2 | 0.3118 | 0.7934 | 12/31/2025 |
| 4 | Invesco Asset Management Ltd. | 27,111,565 | 16,908,461 | 477,163,544 | 0.4768 | 0.7286 | 12/31/2025 |
| 5 | Lazard Asset Management LLC | 23,170,764 | 4,031,012 | 407,805,446.4 | 0.3513 | 0.6227 | 12/31/2025 |
| 6 | Itau USA Asset Management, Inc. | 19,828,159 | 14,164,157 | 348,975,598.4 | 5.5762 | 0.5329 | 12/31/2025 |
| 7 | ARGA Investment Management LP | 18,975,177 | 7,939,067 | 333,963,115.2 | 1.7218 | 0.5099 | 12/31/2025 |
| 8 | Schroder Investment Management Ltd. | 15,678,969 | 15,678,969 | 275,949,854.4 | 0.1093 | 0.4214 | 12/31/2025 |
| 9 | Fisher Asset Management LLC | 13,982,981 | -604,193 | 246,100,465.6 | 0.082 | 0.3758 | 12/31/2025 |
| 10 | Mondrian Investment Partners Ltd. | 12,655,094 | 3,399,703 | 222,729,654.4 | 1.3482 | 0.3401 | 12/31/2025 |
| 11 | T. Rowe Price Hong Kong Ltd. | 9,769,594 | 4,708,584 | 171,944,854.4 | 0.6384 | 0.2625 | 12/31/2025 |
| 12 | Renaissance Technologies LLC | 9,555,200 | -447,600 | 168,171,520 | 0.2588 | 0.2568 | 12/31/2025 |
| 13 | Marshall Wace LLP | 9,412,581 | 3,537,628 | 165,661,425.6 | 0.16 | 0.253 | 12/31/2025 |
| 14 | Massachusetts Financial Services Co. | 9,402,441 | -1,812,484 | 165,482,961.6 | 0.0532 | 0.2527 | 12/31/2025 |
| 15 | BlackRock Fund Advisors | 9,401,955 | 1,645,676 | 165,474,408 | 0.0035 | 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 | 1,169,626,708.8 | 1.9837 | 1.7859 | 10/31/2025 |
| 2 | GQG Partners Emerging Markets Equity Fund | 28,949,103 | -32,086,894 | 509,504,212.8 | 2.2245 | 0.778 | 12/31/2025 |
| 3 | Invesco Developing Markets Fund | 16,677,825 | 4,551,902 | 293,529,720 | 3.2414 | 0.4482 | 01/31/2026 |
| 4 | iShares Tr. - Latin America 40 ETF | 12,153,716 | 5,404,278 | 213,905,401.6 | 5.2695 | 0.3266 | 02/27/2026 |
| 5 | American Funds EuroPacific Growth Fund | 11,786,946 | 4,509,749 | 207,450,249.6 | 0.1557 | 0.3168 | 12/31/2025 |
| 6 | American Funds New World Fund | 11,751,692 | 5,233,283 | 206,829,779.2 | 0.2784 | 0.3158 | 12/31/2025 |
| 7 | MFS Emerging Markets Equity Fund | 8,680,469 | -493,815 | 152,776,254.4 | 1.5237 | 0.2333 | 01/31/2026 |
| 8 | St. James's Place Unit Trust - Emerging Markets Equity | 7,384,226 | 1,262,546 | 129,962,377.6 | 1.1008 | 0.1984 | 09/30/2025 |
| 9 | Invesco Funds - Emerging Markets Equity Fund | 5,988,669 | 4,473,761 | 105,400,574.4 | 3.5998 | 0.1609 | 01/30/2026 |
| 10 | Lazard Emerging Markets Equity Portfolio | 5,504,311 | 635,064 | 96,875,873.6 | 1.2817 | 0.1479 | 01/31/2026 |
| 11 | Baillie Gifford Emerging Markets Equities Fund | 5,164,719 | -3,993,425 | 90,899,054.4 | 1.1704 | 0.1388 | 12/31/2025 |
| 12 | GQG Global UCITS ICAV - Partners Emerging Markets Equity Fund | 4,518,933 | 0 | 79,533,220.8 | 2.9727 | 0.1214 | 06/30/2025 |
| 13 | Avantis Emerging Markets Equity ETF | 3,884,903 | 1,240,188 | 68,374,292.8 | 0.3336 | 0.1044 | 02/27/2026 |
| 14 | T. Rowe Price Emerging Markets Discovery Stock Fund | 3,391,111 | 1,543,611 | 59,683,553.6 | 1.0236 | 0.0911 | 12/31/2025 |
| 15 | Inv. Smlr. Co. and Mkts. Invt. Ser. - Glb. Em. Mkts. Fd. (UK) | 3,252,646 | 2,141,871 | 57,246,569.6 | 3.6175 | 0.0874 | 01/30/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Invesco Asset Management Ltd. | 27,111,565 | 16,908,461 | 477,163,544 | 0.4768 | 0.7286 | 12/31/2025 |
| 2 | Schroder Investment Management Ltd. | 15,678,969 | 15,678,969 | 275,949,854.4 | 0.1093 | 0.4214 | 12/31/2025 |
| 3 | Itau USA Asset Management, Inc. | 19,828,159 | 14,164,157 | 348,975,598.4 | 5.5762 | 0.5329 | 12/31/2025 |
| 4 | Capital Research & Management Co. (International Investors) | 30,637,308 | 13,018,099 | 539,216,620.8 | 0.0778 | 0.8233 | 12/31/2025 |
| 5 | ARGA Investment Management LP | 18,975,177 | 7,939,067 | 333,963,115.2 | 1.7218 | 0.5099 | 12/31/2025 |
| 6 | Merrill Lynch International (Investment Management) | 6,671,260 | 6,501,005 | 117,414,176 | 0.5234 | 0.1793 | 12/31/2025 |
| 7 | T. Rowe Price Hong Kong Ltd. | 9,769,594 | 4,708,584 | 171,944,854.4 | 0.6384 | 0.2625 | 12/31/2025 |
| 8 | JPMorgan Mansart Management Ltd. | 4,169,174 | 4,169,174 | 73,377,462.4 | 0.4229 | 0.112 | 12/31/2025 |
| 9 | Lazard Asset Management LLC | 23,170,764 | 4,031,012 | 407,805,446.4 | 0.3513 | 0.6227 | 12/31/2025 |
| 10 | Marshall Wace LLP | 9,412,581 | 3,537,628 | 165,661,425.6 | 0.16 | 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 | 2,393,656,531.2 | 1.7969 | 3.6549 | 12/31/2025 |
| 2 | Fidelity Management & Research Co. LLC | 3,319,705 | -18,734,852 | 58,426,808 | 0.0033 | 0.0892 | 12/31/2025 |
| 3 | Schroder Investment Management North America, Inc. | 7,686,943 | -12,051,188 | 135,290,196.8 | 0.8105 | 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 | 519,613,987.2 | 0.3118 | 0.7934 | 12/31/2025 |
| 6 | FIAM LLC | 849,114 | -9,504,886 | 14,944,406.4 | 0.0073 | 0.0228 | 12/31/2025 |
| 7 | Thornburg Investment Management, Inc. | 344,876 | -7,368,622 | 6,069,817.6 | 0.0206 | 0.0093 | 12/31/2025 |
| 8 | UBS Asset Management (Americas) LLC | 995 | -4,985,192 | 17,512 | 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 | 39,127,792 | 0.7204 | 0.0597 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.