| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GQG Partners LLC | 136,003,212 | -75,948,414 | 2,816,626,520.52 | 2.1478 | 3.6549 | 12/31/2025 |
| 2 | Capital Research & Management Co. (International Investors) | 30,637,308 | 10,425,563 | 634,498,648.68 | 0.0945 | 0.8233 | 12/31/2025 |
| 3 | Baillie Gifford & Co. | 29,523,522 | -2,564,171 | 611,432,140.62 | 0.3871 | 0.7934 | 12/31/2025 |
| 4 | Invesco Asset Management Ltd. | 27,111,565 | 9,808,041 | 561,480,511.15 | 0.5927 | 0.7286 | 12/31/2025 |
| 5 | Lazard Asset Management LLC | 23,170,764 | 1,600,921 | 479,866,522.44 | 0.4292 | 0.6227 | 12/31/2025 |
| 6 | Itau USA Asset Management, Inc. | 19,828,159 | 11,786,614 | 410,641,172.89 | 6.3526 | 0.5329 | 12/31/2025 |
| 7 | ARGA Investment Management LP | 18,975,177 | 166,472 | 392,975,915.67 | 2.1432 | 0.5099 | 12/31/2025 |
| 8 | Schroder Investment Management Ltd. | 15,678,969 | -2,910,590 | 324,711,447.99 | 0.1323 | 0.4214 | 12/31/2025 |
| 9 | Fisher Asset Management LLC | 13,982,981 | -312,127 | 289,587,536.51 | 0.0976 | 0.3758 | 12/31/2025 |
| 10 | Mondrian Investment Partners Ltd. | 12,655,094 | 1,562,473 | 262,086,996.74 | 1.5903 | 0.3401 | 12/31/2025 |
| 11 | T. Rowe Price Hong Kong Ltd. | 9,769,594 | 3,626,209 | 202,328,291.74 | 0.772 | 0.2625 | 12/31/2025 |
| 12 | Renaissance Technologies LLC | 9,555,200 | -992,300 | 197,888,192 | 0.3051 | 0.2568 | 12/31/2025 |
| 13 | Marshall Wace LLP | 9,412,581 | 2,066,201 | 194,934,552.51 | 0.1915 | 0.253 | 12/31/2025 |
| 14 | Massachusetts Financial Services Co. | 9,402,441 | -1,115,839 | 194,724,553.11 | 0.0643 | 0.2527 | 12/31/2025 |
| 15 | BlackRock Fund Advisors | 9,401,955 | 1,163,254 | 194,714,488.05 | 0.0042 | 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 | 55,801,405 | -15,773,065 | 1,155,647,097.55 | 2.0454 | 1.4996 | 01/31/2026 |
| 2 | GQG Partners Emerging Markets Equity Fund | 28,949,103 | -25,540,049 | 599,535,923.13 | 2.6229 | 0.778 | 12/31/2025 |
| 3 | Invesco Developing Markets Fund | 16,677,825 | 4,551,902 | 345,397,755.75 | 3.9053 | 0.4482 | 01/31/2026 |
| 4 | iShares Tr. - Latin America 40 ETF | 12,217,709 | 5,320,984 | 253,028,753.39 | 5.9609 | 0.3283 | 03/31/2026 |
| 5 | American Funds EUPAC Fund | 11,786,946 | 4,553,729 | 244,107,651.66 | 0.1892 | 0.3168 | 12/31/2025 |
| 6 | American Funds New World Fund | 11,751,692 | 3,591,759 | 243,377,541.32 | 0.3374 | 0.3158 | 12/31/2025 |
| 7 | MFS Emerging Markets Equity Fund | 8,564,865 | -417,882 | 177,378,354.15 | 1.8439 | 0.2302 | 02/28/2026 |
| 8 | St. James's Place Unit Trust - Emerging Markets Equity | 7,384,226 | 0 | 152,927,320.46 | 1.3198 | 0.1984 | 09/30/2025 |
| 9 | Invesco Funds - Emerging Markets Equity Fund | 6,455,875 | 4,427,437 | 133,701,171.25 | 4.3492 | 0.1735 | 02/27/2026 |
| 10 | Lazard Emerging Markets Equity Portfolio | 5,775,623 | 909,016 | 119,613,152.33 | 1.5252 | 0.1552 | 02/28/2026 |
| 11 | Baillie Gifford Emerging Markets Equities Fund | 5,164,719 | -436,545 | 106,961,330.49 | 1.4201 | 0.1388 | 12/31/2025 |
| 12 | GQG Global UCITS ICAV - Partners Emerging Markets Equity Fund | 4,518,933 | 0 | 93,587,102.43 | 3.5213 | 0.1214 | 06/30/2025 |
| 13 | Avantis Emerging Markets Equity ETF | 3,930,940 | 1,124,961 | 81,409,767.4 | 0.4009 | 0.1056 | 03/31/2026 |
| 14 | Xtrackers SICAV - MSCI USA Swap UCITS ETF | 3,487,376 | 3,487,376 | 72,223,556.96 | 0.9948 | 0.0937 | 03/31/2026 |
| 15 | T. Rowe Price Emerging Markets Discovery Stock Fund | 3,391,111 | 1,150,511 | 70,229,908.81 | 1.2328 | 0.0911 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Itau USA Asset Management, Inc. | 19,828,159 | 11,786,614 | 410,641,172.89 | 6.3526 | 0.5329 | 12/31/2025 |
| 2 | Capital Research & Management Co. (International Investors) | 30,637,308 | 10,425,563 | 634,498,648.68 | 0.0945 | 0.8233 | 12/31/2025 |
| 3 | Invesco Asset Management Ltd. | 27,111,565 | 9,808,041 | 561,480,511.15 | 0.5927 | 0.7286 | 12/31/2025 |
| 4 | Merrill Lynch International (Investment Management) | 6,671,260 | 4,417,726 | 138,161,794.6 | 0.6086 | 0.1793 | 12/31/2025 |
| 5 | JPMorgan Mansart Management Ltd. | 4,169,174 | 4,169,174 | 86,343,593.54 | 0.5026 | 0.112 | 12/31/2025 |
| 6 | T. Rowe Price Hong Kong Ltd. | 9,769,594 | 3,626,209 | 202,328,291.74 | 0.772 | 0.2625 | 12/31/2025 |
| 7 | Goldman Sachs & Co. LLC (Private Banking) | 7,972,149 | 3,287,320 | 165,103,205.79 | 0.0756 | 0.2142 | 12/31/2025 |
| 8 | Goldman Sachs International | 4,123,791 | 2,710,600 | 85,403,711.61 | 0.8271 | 0.1108 | 12/31/2025 |
| 9 | Marshall Wace LLP | 9,412,581 | 2,066,201 | 194,934,552.51 | 0.1915 | 0.253 | 12/31/2025 |
| 10 | DNB Asset Management AS | 1,837,813 | 1,837,813 | 38,061,107.23 | 0.0715 | 0.0494 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GQG Partners LLC | 136,003,212 | -75,948,414 | 2,816,626,520.52 | 2.1478 | 3.6549 | 12/31/2025 |
| 2 | Fidelity Management & Research Co. LLC | 3,319,705 | -16,270,023 | 68,751,090.55 | 0.0039 | 0.0892 | 12/31/2025 |
| 3 | FIAM LLC | 849,114 | -9,994,096 | 17,585,150.94 | 0.0088 | 0.0228 | 12/31/2025 |
| 4 | D. E. Shaw & Co. LP | 300,303 | -4,541,997 | 6,219,275.13 | 0.0049 | 0.0081 | 12/31/2025 |
| 5 | SPX Gestao de Recursos Ltda. | 4,887,558 | -3,029,424 | 101,221,326.18 | 3.6393 | 0.1313 | 12/31/2025 |
| 6 | Nomura Investment Management Business Trust | 1,759,423 | -2,920,508 | 36,437,650.33 | 0.05 | 0.0473 | 12/31/2025 |
| 7 | Schroder Investment Management Ltd. | 15,678,969 | -2,910,590 | 324,711,447.99 | 0.1323 | 0.4214 | 12/31/2025 |
| 8 | ICICI Prudential Asset Management Co. Ltd. (Invt Mgmt) | 0 | -2,776,000 | 0 | 0 | 0 | |
| 9 | Baillie Gifford & Co. | 29,523,522 | -2,564,171 | 611,432,140.62 | 0.3871 | 0.7934 | 12/31/2025 |
| 10 | Cubist Systematic Strategies LLC | 0 | -1,932,399 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.