| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Aquamarine Financial (Cayman) Ltd. | 10,492,557 | 10,492,557 | 483,916,728.84 | 37.5487 | 2.6681 | 12/31/2025 |
| 2 | VR Advisory Services (USA) LLC | 3,231,396 | -174,137 | 149,031,983.52 | 23.3895 | 0.8217 | 12/31/2025 |
| 3 | JPMorgan Investment Management, Inc. | 2,562,426 | -62,002 | 118,179,087.12 | 0.0128 | 0.6516 | 12/31/2025 |
| 4 | Ping Capital Management, Inc. | 1,948,700 | 466,500 | 89,874,044 | 33.6791 | 0.4955 | 12/31/2025 |
| 5 | North of South Capital LLP | 1,670,378 | 120,029 | 77,037,833.36 | 1.6477 | 0.4248 | 12/31/2025 |
| 6 | Global X Management Co. LLC | 1,663,818 | -1,715,590 | 76,735,286.16 | 0.0909 | 0.4231 | 12/31/2025 |
| 7 | Grantham, Mayo, Van Otterloo & Co. LLC | 1,145,878 | -323,200 | 52,847,893.36 | 0.1063 | 0.2914 | 12/31/2025 |
| 8 | JPMorgan Asset Management (UK) Ltd. | 908,767 | -257,846 | 41,912,334.04 | 0.0265 | 0.2311 | 12/31/2025 |
| 9 | Boston Management & Research | 653,313 | 360,120 | 30,130,795.56 | 0.0545 | 0.1661 | 12/31/2025 |
| 10 | Duquesne Family Office LLC | 606,990 | -97,005 | 27,994,378.8 | 0.7096 | 0.1543 | 12/31/2025 |
| 11 | Citadel Securities LLC | 593,812 | 10,140 | 27,386,609.44 | 0.0626 | 0.151 | 12/31/2025 |
| 12 | UBS Switzerland AG (Investment Management) | 480,083 | 257,952 | 22,141,427.96 | 0.0565 | 0.1221 | 12/31/2025 |
| 13 | Russell Investment Management LLC | 453,795 | -327,845 | 20,929,025.4 | 0.0215 | 0.1154 | 12/31/2025 |
| 14 | Goldman Sachs & Co. LLC (Private Banking) | 442,640 | 406,646 | 20,414,556.8 | 0.0097 | 0.1126 | 12/31/2025 |
| 15 | Ayalon Mutual Funds Ltd. | 367,078 | 35,115 | 16,929,637.36 | 0.9448 | 0.0933 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Global X MSCI Argentina ETF | 1,780,862 | -1,330,488 | 82,133,355.44 | 10.3551 | 0.4528 | 02/27/2026 |
| 2 | JPMorgan Emerging Markets Equity Fund | 1,436,739 | -32,801 | 66,262,402.68 | 0.6915 | 0.3653 | 01/31/2026 |
| 3 | JPMorgan Funds - Emerging Markets Equity Fund | 1,110,036 | 315,352 | 51,194,860.32 | 1.1615 | 0.2823 | 02/28/2026 |
| 4 | Redwheel Emerging Markets Equity Fund Ltd. | 914,789 | 0 | 42,190,068.68 | 1.1797 | 0.2326 | 06/28/2024 |
| 5 | JPMorgan Fund ICVC - Emerging Markets Fund | 849,497 | 232,362 | 39,178,801.64 | 1.1487 | 0.216 | 02/28/2026 |
| 6 | GMO Resources Fund | 825,467 | -297,600 | 38,070,538.04 | 2.7931 | 0.2099 | 12/31/2025 |
| 7 | Pacific Capital UCITS Funds Plc - North of South EM | 652,750 | 5,818 | 30,104,830 | 0.9205 | 0.166 | 02/27/2026 |
| 8 | Eaton Vance Emerging & Frontier Countries Equity Fund | 493,413 | -202,480 | 22,756,207.56 | 0.7671 | 0.1255 | 01/31/2026 |
| 9 | Eaton Vance Global Macro Capital Opportunities Portfolio | 462,813 | 169,620 | 21,344,935.56 | 0.7854 | 0.1177 | 10/31/2025 |
| 10 | BlackRock Frontiers Investment Trust Plc | 382,256 | 382,256 | 17,629,646.72 | 4.6286 | 0.0972 | 02/27/2026 |
| 11 | VT Argonaut - Absolute Return Fund | 300,000 | 0 | 13,836,000 | 4.1747 | 0.0763 | 12/31/2024 |
| 12 | Pacific North of South Global Emerging Markets Equity | 226,931 | 41,643 | 10,466,057.72 | 1.633 | 0.0577 | 02/27/2026 |
| 13 | AYALON ZVULUN 5E Long Short Global Mutual Hedge Fund | 224,790 | 23,090 | 10,367,314.8 | 27.8241 | 0.0572 | 12/31/2025 |
| 14 | Russell Investment Co. - Tax-Managed Real Assets Fund | 219,677 | 17,985 | 10,131,503.24 | 0.7323 | 0.0559 | 02/28/2026 |
| 15 | Russell Tax Managed International Equity Fund | 163,079 | -18,617 | 7,521,203.48 | 0.1471 | 0.0415 | 02/28/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Aquamarine Financial (Cayman) Ltd. | 10,492,557 | 10,492,557 | 483,916,728.84 | 37.5487 | 2.6681 | 12/31/2025 |
| 2 | Ping Capital Management, Inc. | 1,948,700 | 466,500 | 89,874,044 | 33.6791 | 0.4955 | 12/31/2025 |
| 3 | Goldman Sachs & Co. LLC (Private Banking) | 442,640 | 406,646 | 20,414,556.8 | 0.0097 | 0.1126 | 12/31/2025 |
| 4 | Boston Management & Research | 653,313 | 360,120 | 30,130,795.56 | 0.0545 | 0.1661 | 12/31/2025 |
| 5 | UBS Switzerland AG (Investment Management) | 480,083 | 257,952 | 22,141,427.96 | 0.0565 | 0.1221 | 12/31/2025 |
| 6 | Kapitalo Investimentos Ltda. | 257,042 | 257,042 | 11,854,777.04 | 0.3493 | 0.0654 | 12/31/2025 |
| 7 | UBS Securities LLC | 229,620 | 179,843 | 10,590,074.4 | 0.0046 | 0.0584 | 12/31/2025 |
| 8 | Candriam Belgium SA | 147,000 | 147,000 | 6,779,640 | 0.0191 | 0.0374 | 12/31/2025 |
| 9 | HSBC Bank Plc (Broker) | 299,442 | 132,306 | 13,810,265.04 | 0.0317 | 0.0761 | 12/31/2025 |
| 10 | Wexford Capital LP | 128,693 | 128,693 | 5,935,321.16 | 0.7267 | 0.0327 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | NWI Management LP | 226,475 | -1,773,525 | 10,445,027 | 0.7139 | 0.0576 | 12/31/2025 |
| 2 | Global X Management Co. LLC | 1,663,818 | -1,715,590 | 76,735,286.16 | 0.0909 | 0.4231 | 12/31/2025 |
| 3 | CI Investments, Inc. | 0 | -969,596 | 0 | 0 | 0 | |
| 4 | William Blair Investment Management LLC | 0 | -907,929 | 0 | 0 | 0 | |
| 5 | Voloridge Investment Management LLC | 0 | -879,982 | 0 | 0 | 0 | |
| 6 | JPMorgan Securities LLC (Investment Management) | 9,432 | -733,050 | 435,003.84 | 0.0003 | 0.0024 | 12/31/2025 |
| 7 | BNP Paribas Financial Markets | 72,000 | -722,361 | 3,320,640 | 0.0022 | 0.0183 | 12/31/2025 |
| 8 | Squarepoint OPS LLC | 0 | -649,808 | 0 | 0 | 0 | |
| 9 | Discovery Capital Management LLC | 270,100 | -595,900 | 12,457,012 | 0.7259 | 0.0687 | 12/31/2025 |
| 10 | Russell Investment Management LLC | 453,795 | -327,845 | 20,929,025.4 | 0.0215 | 0.1154 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.