| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Al Mehwar Commercial Investments LLC | 12,822,581 | 0 | 918,609,702.84 | 77.455 | 13.4697 | 12/31/2025 |
| 2 | Capital Research & Management Co. (Global Investors) | 3,335,815 | 693,566 | 238,977,786.6 | 0.0355 | 3.5042 | 12/31/2025 |
| 3 | Abu Dhabi Investment Council (Investment Management) | 2,892,409 | -9,930,172 | 207,212,180.76 | 23.8861 | 3.0384 | 02/02/2026 |
| 4 | JPMorgan Investment Management, Inc. | 2,806,043 | 434,606 | 201,024,920.52 | 0.0196 | 2.9477 | 12/31/2025 |
| 5 | Capital Research & Management Co. (World Investors) | 2,479,605 | -499,607 | 177,638,902.2 | 0.017 | 2.6047 | 12/31/2025 |
| 6 | T. Rowe Price Hong Kong Ltd. | 1,987,978 | 466,001 | 142,418,743.92 | 0.5125 | 2.0883 | 12/31/2025 |
| 7 | Ninety One UK Ltd. | 1,934,577 | 746,885 | 138,593,096.28 | 0.2217 | 2.0322 | 03/31/2026 |
| 8 | T. Rowe Price Associates, Inc. (IM) | 1,351,146 | 24,508 | 96,796,099.44 | 0.0109 | 1.4193 | 12/31/2025 |
| 9 | Route One Investment Co. LP | 1,024,200 | 1,024,200 | 73,373,688 | 2.5171 | 1.0759 | 12/31/2025 |
| 10 | TT International Asset Management Ltd. | 982,929 | 952,929 | 70,417,033.56 | 3.177 | 1.0325 | 03/31/2026 |
| 11 | Grantham, Mayo, Van Otterloo & Co. LLC | 869,908 | -113,000 | 62,320,209.12 | 0.1119 | 0.9138 | 12/31/2025 |
| 12 | Carrhae Capital LLP | 830,212 | 141,807 | 59,476,387.68 | 3.9389 | 0.8721 | 12/31/2025 |
| 13 | Global X Management Co. LLC | 793,291 | -35,181 | 56,831,367.24 | 0.0586 | 0.8333 | 12/31/2025 |
| 14 | Vontobel Asset Management AG | 791,022 | -4,865 | 56,668,816.08 | 0.1904 | 0.8309 | 12/31/2025 |
| 15 | JPMorgan Asset Management (UK) Ltd. | 790,535 | 184,416 | 56,633,927.4 | 0.0324 | 0.8304 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | American Funds New World Fund | 4,551,361 | 995,244 | 326,059,502.04 | 0.4226 | 4.781 | 03/31/2026 |
| 2 | JPMorgan Emerging Markets Equity Fund | 2,287,743 | 406,425 | 163,893,908.52 | 1.4854 | 2.4032 | 02/28/2026 |
| 3 | American Funds Small Cap World Fund | 1,924,865 | 422,993 | 137,897,328.6 | 0.1588 | 2.022 | 03/31/2026 |
| 4 | JPMorgan Funds - Emerging Markets Equity Fund | 1,076,620 | 212,922 | 77,129,056.8 | 1.53 | 1.131 | 03/31/2026 |
| 5 | Global X MSCI Argentina ETF | 927,736 | 159,282 | 66,463,007.04 | 7.5064 | 0.9746 | 04/30/2026 |
| 6 | JPMorgan Fund ICVC - Emerging Markets Fund | 843,064 | 151,931 | 60,397,104.96 | 1.5346 | 0.8856 | 03/31/2026 |
| 7 | T. Rowe Price Emerging Markets Stock Fund | 752,440 | 142,378 | 53,904,801.6 | 0.8105 | 0.7904 | 03/31/2026 |
| 8 | Vontobel Fund - mtx Emerging Markets Leaders | 680,731 | 0 | 48,767,568.84 | 1.3012 | 0.7151 | 12/31/2025 |
| 9 | Fidelity Funds SICAV - Emerging Markets Fund | 670,257 | 670,257 | 48,017,211.48 | 1.2894 | 0.7041 | 03/31/2026 |
| 10 | Lazard Emerging Markets Equity Portfolio | 640,831 | 640,831 | 45,909,132.84 | 0.5458 | 0.6732 | 03/31/2026 |
| 11 | GMO Resources Fund | 626,908 | -80,900 | 44,911,689.12 | 3.1587 | 0.6585 | 12/31/2025 |
| 12 | T. Rowe Price International Discovery Fund | 564,423 | 117,823 | 40,435,263.72 | 0.6097 | 0.5929 | 03/31/2026 |
| 13 | Redwheel Next Generation Emerging Markets Equity Fund | 563,770 | -145,832 | 40,388,482.8 | 1.6939 | 0.5922 | 03/31/2026 |
| 14 | Baron Emerging Markets Fund | 495,093 | 495,093 | 35,468,462.52 | 0.9308 | 0.5201 | 03/31/2026 |
| 15 | American Beacon GLG Natural Resources ETF | 392,290 | 392,290 | 28,103,655.6 | 3.5491 | 0.4121 | 04/30/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Route One Investment Co. LP | 1,024,200 | 1,024,200 | 73,373,688 | 2.5171 | 1.0759 | 12/31/2025 |
| 2 | TT International Asset Management Ltd. | 982,929 | 952,929 | 70,417,033.56 | 3.177 | 1.0325 | 03/31/2026 |
| 3 | Ninety One UK Ltd. | 1,934,577 | 746,885 | 138,593,096.28 | 0.2217 | 2.0322 | 03/31/2026 |
| 4 | Capital Research & Management Co. (Global Investors) | 3,335,815 | 693,566 | 238,977,786.6 | 0.0355 | 3.5042 | 12/31/2025 |
| 5 | Driehaus Capital Management LLC | 724,010 | 664,824 | 51,868,076.4 | 0.2309 | 0.7605 | 12/31/2025 |
| 6 | T. Rowe Price Hong Kong Ltd. | 1,987,978 | 466,001 | 142,418,743.92 | 0.5125 | 2.0883 | 12/31/2025 |
| 7 | JPMorgan Investment Management, Inc. | 2,806,043 | 434,606 | 201,024,920.52 | 0.0196 | 2.9477 | 12/31/2025 |
| 8 | Ruffer LLP | 394,510 | 394,510 | 28,262,696.4 | 0.3835 | 0.4144 | 12/31/2025 |
| 9 | Citadel Securities LLC | 465,992 | 304,087 | 33,383,666.88 | 0.0652 | 0.4895 | 12/31/2025 |
| 10 | Gemsstock Ltd. | 613,017 | 302,902 | 43,916,537.88 | 4.9663 | 0.644 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Abu Dhabi Investment Council (Investment Management) | 2,892,409 | -9,930,172 | 207,212,180.76 | 23.8861 | 3.0384 | 02/02/2026 |
| 2 | Discovery Capital Management LLC | 0 | -1,184,578 | 0 | 0 | 0 | |
| 3 | Oaktree Capital Management LP | 782,250 | -1,059,069 | 56,040,390 | 0.8319 | 0.8217 | 12/31/2025 |
| 4 | Capital Research & Management Co. (World Investors) | 2,479,605 | -499,607 | 177,638,902.2 | 0.017 | 2.6047 | 12/31/2025 |
| 5 | Goldman Sachs & Co. LLC (Private Banking) | 605,226 | -412,158 | 43,358,390.64 | 0.0185 | 0.6358 | 12/31/2025 |
| 6 | Fourth Sail Capital LP | 0 | -396,200 | 0 | 0 | 0 | |
| 7 | Millennium Management LLC | 0 | -385,904 | 0 | 0 | 0 | |
| 8 | Encompass Capital Advisors LLC | 594,846 | -371,013 | 42,614,767.44 | 1.4245 | 0.6249 | 12/31/2025 |
| 9 | Bank of America, NA (Private Banking) | 23,746 | -308,233 | 1,701,163.44 | 0.0005 | 0.0249 | 12/31/2025 |
| 10 | Artisan Partners LP | 544,350 | -212,771 | 38,997,234 | 0.0301 | 0.5718 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.