Dodge & Cox

Q2 2025 13F · by David Hoeft, CIO

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $178.0B · prev $175.5B
Positions: 219 · prev 214
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves181 since the prior filing

+4.1 pp in · −4.0 pp out

New 9 +1.53 pp
Added 60 +2.53 pp
Trimmed 108 −4.02 pp
Exited 4 0.00 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions219 in this filing · 4 exited


SCHWThe Charles Schwab Corporation	4.32%	84,357,885	$7.7B	trimmed−5%	+0.36 pp	49 q
JCIJohnson Controls International plc	3.97%	66,922,767	$7.1B	trimmed−6%	+0.74 pp	36 q
RTXRTX Corporation	3.43%	41,753,934	$6.1B	trimmed−1%	+0.23 pp	37 q
FISVFiserv, Inc.	2.88%	29,719,536	$5.1B	trimmed−3%	−0.97 pp	19 q
CVSCvs Health Corporation	2.84%	73,288,766	$5.1B	trimmed−0%	0.00 pp	28 q
CHTRCharter Comm Inc Del CL A New	2.56%	11,126,486	$4.5B	trimmed−3%	+0.14 pp	37 q
METMetLife, Inc.	2.40%	53,181,881	$4.3B	trimmed−1%	−0.07 pp	49 q
BKNGBooking Holdings Inc.	2.38%	730,473	$4.2B	trimmed−6%	+0.34 pp	30 q
MSFTMicrosoft Corp	2.28%	8,142,260	$4.1B	trimmed−8%	+0.38 pp	49 q
WFCWells Fargo & Co.	2.28%	50,745,861	$4.1B	trimmed−12%	−0.08 pp	49 q
CMCSAComcast Corp	2.23%	111,272,320	$4.0B	added+18%	+0.25 pp	49 q
AMZNAmazon.Com Inc	2.05%	16,592,150	$3.6B	added0%	+0.26 pp	44 q
SNYSanofi	1.95%	71,718,315	$3.5B	trimmed−2%	−0.36 pp	49 q
BNYBank of New York Mellon Corporation	1.93%	37,619,374	$3.4B	trimmed−10%	−0.08 pp	49 q
GILDGilead Sciences Inc	1.92%	30,818,322	$3.4B	trimmed−6%	−0.17 pp	44 q
OXYOccidental Petroleum Corporation	1.89%	80,254,372	$3.4B	trimmed−1%	−0.38 pp	49 q
FDXFedEx Corporation	1.85%	14,482,494	$3.3B	added+5%	−0.07 pp	49 q
METAMeta Platforms, Inc. Class A	1.73%	4,163,253	$3.1B	added+18%	+0.57 pp	21 q
GSKGSK plc	1.70%	78,757,869	$3.0B	added0%	−0.04 pp	12 q
CIThe Cigna Group	1.66%	8,950,610	$3.0B	added+1%	−0.01 pp	27 q
FISFidelity National Information Services, Inc.	1.61%	35,274,497	$2.9B	added+1%	+0.13 pp	13 q
TELTE Connectivity plc	1.61%	17,039,803	$2.9B	added+6%	+0.32 pp	4 q
HUMHumana Inc.	1.56%	11,352,920	$2.8B	added+6%	−0.06 pp	5 q
NSCNorfolk Southern Corp.	1.56%	10,859,121	$2.8B	added+2%	+0.12 pp	49 q
COFCapital One Financial	1.54%	12,856,456	$2.7B	trimmed−21%	−0.12 pp	49 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.53%	8,750,560	$2.7B	added×2.2	+0.33 pp	49 q
BUDAnheuser-Busch INBEV SA/NV	1.49%	38,477,542	$2.6B	trimmed−6%	+0.05 pp	15 q
IFFInternational Flavors & Fragrances Inc.	1.45%	35,047,387	$2.6B	added+4%	−0.04 pp	7 q
GOOGAlphabet Inc. Class C	1.41%	14,179,423	$2.5B	trimmed−17%	−0.11 pp	45 q
APDAir Products & Chemicals, Inc.	1.40%	8,821,400	$2.5B	added+1%	−0.07 pp	49 q
GEGE Aerospace	1.31%	9,065,811	$2.3B	trimmed−35%	−0.29 pp	16 q
GSGoldman Sachs Group Inc.	1.31%	3,306,574	$2.3B	trimmed−1%	+0.27 pp	49 q
SBACSBA Communications Corp	1.14%	8,608,494	$2.0B	added+1%	+0.08 pp	4 q
REGNRegeneron Pharmaceuticals Inc	1.13%	3,826,283	$2.0B	added+65%	+0.29 pp	15 q
ZBHZimmer Biomet Holdings, Inc.	1.13%	22,097,463	$2.0B	added+13%	−0.13 pp	14 q
GOOGLAlphabet Inc. Class A	1.12%	11,275,218	$2.0B	trimmed−3%	+0.10 pp	39 q
SUISun Communities, Inc	1.01%	14,198,760	$1.8B	added+4%	+0.01 pp	6 q
GEHCGE HealthCare Technologies Inc.	0.98%	23,567,950	$1.7B	added+42%	+0.22 pp	10 q
FTVFortive Corporation	0.97%	33,173,605	$1.7B	added+51%	+0.06 pp	3 q
BKRBaker Hughes Company	0.96%	44,582,813	$1.7B	trimmed−0%	−0.16 pp	32 q
HLNHaleon plc	0.91%	155,471,999	$1.6B	trimmed−8%	−0.08 pp	12 q
AVTRAvantor, Inc.	0.89%	117,433,484	$1.6B	added+17%	−0.04 pp	8 q
BAXBaxter International Inc.	0.89%	52,121,620	$1.6B	added+1%	−0.11 pp	8 q
UBSUBS Group AG	0.87%	45,635,942	$1.5B	trimmed−37%	−0.40 pp	28 q
CPNGCoupang, Inc.	0.78%	46,614,520	$1.4B	added+14%	+0.27 pp	5 q
DDominion Energy, Inc	0.73%	22,925,248	$1.3B	trimmed−2%	−0.01 pp	10 q
NVSNovartis AG	0.72%	10,647,629	$1.3B	trimmed−10%	−0.03 pp	49 q
CTSHCognizant Technology Solutions	0.71%	16,267,302	$1.3B	trimmed−11%	−0.09 pp	25 q
BABAAlibaba Group Holding Limited	0.70%	10,964,270	$1.2B	trimmed−3%	−0.15 pp	27 q
ELANElanco Animal Health Incorporated	0.67%	82,895,232	$1.2B	trimmed−0%	+0.17 pp	16 q
BAPCredicorp LTD	0.65%	5,147,380	$1.2B	trimmed−3%	+0.09 pp	20 q
ALNYAlnylam Pharmaceuticals, Inc.	0.59%	3,197,096	$1.0B	trimmed−5%	+0.07 pp	37 q
SUSuncor Energy, Inc.	0.58%	27,401,654	$1.0B	trimmed−3%	−0.05 pp	36 q
COPConocoPhillips	0.57%	11,235,453	$1.0B	added0%	−0.10 pp	49 q
LPLALPL Financial Holdings Inc.	0.57%	2,701,709	$1.0B	added+77%	+0.29 pp	4 q
AEPAmerican Electric Power Company, Inc.	0.56%	9,572,403	$993M	trimmed−11%	−0.11 pp	6 q
INCYIncyte Genomics Inc	0.56%	14,595,181	$994M	trimmed−2%	+0.05 pp	27 q
TMUST-Mobile US, Inc.	0.55%	4,100,279	$977M	trimmed−30%	−0.34 pp	21 q
LYBLyondellBasell Industries N.V. Class A	0.55%	16,969,997	$982M	added0%	−0.13 pp	21 q
CARRCarrier Global Corporation	0.53%	12,776,049	$935M	trimmed−11%	+0.01 pp	21 q
CECelanese Corporation	0.48%	15,324,667	$848M	trimmed−0%	−0.02 pp	49 q
HPQHP Inc.	0.48%	34,943,498	$855M	added+5%	−0.05 pp	39 q
BACBank of America Corporation	0.47%	17,860,502	$845M	trimmed−15%	−0.03 pp	49 q
BMRNBioMarin Pharmaceuticals Inc	0.47%	15,108,310	$831M	added+1%	−0.13 pp	23 q
FOXAFox Corporation Class A	0.44%	14,017,947	$786M	trimmed−29%	−0.19 pp	26 q
STTState Street Corporation	0.44%	7,412,414	$788M	added+1%	+0.07 pp	49 q
TDYTeledyne Technologies Incorporated	0.43%	1,497,740	$767M	new	+0.43 pp	new
TAPMolson Coors Beverage Company Class B	0.39%	14,396,195	$692M	added+2%	−0.10 pp	29 q
NBIXNeurocrine Biosciences Inc	0.39%	5,566,814	$700M	added+1%	+0.04 pp	8 q
XPXP Inc. Class A	0.39%	34,308,445	$693M	trimmed−19%	+0.06 pp	15 q
MDTMedtronic plc	0.38%	7,740,383	$675M	added0%	−0.01 pp	42 q
CXCemex S.A.B. de C.V.	0.37%	95,023,835	$659M	added+35%	+0.15 pp	49 q
AEGAegon Ltd.	0.36%	88,737,090	$642M	trimmed−25%	−0.08 pp	7 q
GLPIGaming and Leisure Properties, Inc.	0.36%	13,618,357	$636M	added+1%	−0.03 pp	14 q
LINLinde plc	0.35%	1,329,590	$624M	held	—	10 q
AMRZAmrize Ltd	0.35%	12,470,706	$622M	new	+0.35 pp	new
JDJD.com, Inc.	0.34%	18,705,949	$611M	added+4%	−0.08 pp	39 q
NTRNutrien Ltd.	0.33%	10,076,659	$587M	trimmed−19%	−0.02 pp	30 q
RALRalliant Corporation	0.29%	10,797,506	$524M	new	+0.29 pp	new
VFCV.F. Corporation	0.27%	40,954,100	$481M	trimmed−0%	−0.09 pp	8 q
BIDUBaidu, Inc.	0.26%	5,427,715	$465M	trimmed−0%	−0.03 pp	49 q
TRPTC Energy Corporation	0.26%	9,645,800	$471M	trimmed−8%	−0.02 pp	20 q
MCHPMicrochip Technology Inc	0.25%	6,339,800	$446M	added×10.6	+0.23 pp	28 q
BMYBristol-Myers Squibb Co.	0.22%	8,436,759	$391M	trimmed−35%	−0.23 pp	49 q
NWSANews Corporation Class A	0.22%	13,016,220	$387M	trimmed−6%	+0.01 pp	48 q
WTWWillis Towers Watson Public Limited Company	0.22%	1,278,423	$392M	new	+0.22 pp	new
ECHOEchoStar Corporation	0.21%	13,398,270	$371M	trimmed−0%	+0.01 pp	6 q
FOXFox Corporation Class B	0.21%	7,308,816	$377M	trimmed−28%	−0.09 pp	26 q
NTESNetEase, inc.	0.21%	2,745,776	$370M	trimmed−2%	+0.05 pp	17 q
YUMCYum China Holdings, Inc.	0.21%	8,516,462	$381M	added0%	−0.04 pp	17 q
ADMArcher Daniels Midland Company	0.19%	6,549,624	$346M	new	+0.19 pp	new
TECKTeck Resources Limited	0.19%	8,467,540	$342M	trimmed−0%	+0.01 pp	21 q
TIGOMillicom International Cellular S.A.	0.19%	8,836,132	$331M	added+2%	+0.04 pp	2 q
HDBHDFC Bank Limited	0.13%	2,982,400	$229M	trimmed−8%	+0.01 pp	7 q
FLUTFlutter Entertainment plc	0.10%	628,878	$180M	held	—	6 q
COHRCoherent Corp.	0.09%	1,731,595	$154M	trimmed−73%	−0.15 pp	12 q
TVGrupo Televisa S.A.	0.08%	64,208,690	$141M	trimmed−0%	+0.02 pp	49 q
GAPThe Gap, Inc.	0.07%	5,439,326	$119M	trimmed−81%	−0.27 pp	27 q
ITUBItau Unibanco Holding S.A.	0.07%	17,675,815	$120M	added+1%	+0.02 pp	36 q
SNRENSunrise Communicat-cl A	0.07%	2,289,925	$129M	held	—	3 q
AXPAmerican Express Company	0.06%	358,414	$114M	trimmed−4%	0.00 pp	49 q
FMSFresenius Medical Care AG	0.06%	3,826,910	$109M	trimmed−8%	0.00 pp	14 q
BNTXBioNTech SE	0.05%	877,437	$93M	new	+0.05 pp	new
GEVGE Vernova Inc.	0.05%	162,221	$86M	trimmed−6%	+0.02 pp	5 q
CDNSCadence Design Systems	0.04%	246,472	$76M	trimmed−0%	0.00 pp	49 q
JPMJPMorgan Chase & Co.	0.04%	267,683	$78M	trimmed−3%	0.00 pp	49 q
UNPUnion Pacific Corp.	0.04%	275,441	$63M	trimmed−0%	0.00 pp	49 q
WMBWilliams Companies Inc.	0.04%	1,134,547	$71M	trimmed−96%	−0.85 pp	21 q
LBTYKLiberty Global Ltd. Class C	0.04%	6,682,068	$69M	held	—	49 q
LBTYALiberty Global Ltd. Class A	0.03%	4,767,561	$48M	held	—	49 q
CSCOCisco Systems, Inc. (DE)	0.02%	621,455	$43M	trimmed−97%	−0.74 pp	44 q
DISThe Walt Disney Company	0.02%	292,103	$36M	trimmed−1%	0.00 pp	49 q
LLYEli Lilly & Co.	0.02%	44,957	$35M	trimmed−0%	0.00 pp	49 q
TRVThe Travelers Companies, Inc.	0.02%	103,926	$28M	trimmed−3%	0.00 pp	49 q
AZNNAstrazeneca Plc-spons ADR	0.01%	137,488	$10M	added+1%	0.00 pp	39 q
BSXBoston Scientific Corp.	0.01%	90,385	$10M	trimmed−1%	0.00 pp	49 q
CATCaterpillar Inc.	0.01%	41,921	$16M	trimmed−0%	0.00 pp	49 q
CVXChevron Corporation	0.01%	181,857	$26M	trimmed−0%	−0.01 pp	49 q
IBMInternational Business Machines Corporation	0.01%	48,071	$14M	added+42%	+0.01 pp	49 q
MRKMerck & Co., Inc.	0.01%	157,300	$12M	added0%	0.00 pp	49 q
PGProcter & Gamble Company	0.01%	94,301	$15M	trimmed−0%	0.00 pp	49 q
SLBSLB Limited	0.01%	566,284	$19M	trimmed−7%	0.00 pp	49 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	107,800	$24M	added0%	0.00 pp	7 q
TGTTarget Corporation	0.01%	109,909	$11M	trimmed−3%	0.00 pp	49 q
TMOThermo Fisher Scientific, Inc.	0.01%	25,941	$11M	trimmed−1%	0.00 pp	49 q
WMTWalmart Inc.	0.01%	179,085	$18M	trimmed−1%	0.00 pp	49 q
NESRNational Energy Services Reunited Corp.	0.01%	2,136,794	$13M	added×3.0	+0.01 pp	3 q
ACMRACM Research, Inc. Class A	0.00%	81,092	$2M	added+29%	0.00 pp	4 q
ABTAbbott Laboratories	0.00%	17,324	$2M	held	—	49 q
ABBVAbbvie Inc.	0.00%	10,473	$2M	held	—	49 q
ADBEAdobe Inc.	0.00%	19,657	$8M	trimmed−1%	0.00 pp	49 q
AMGAffiliated Managers Group	0.00%	3,000	$590,310	held	—	3 q
ALLThe Allstate Corporation	0.00%	2,595	$522,399	held	—	49 q
MOAltria Group, Inc.	0.00%	21,000	$1M	held	—	49 q
ABEVAmbev S.a.	0.00%	260,400	$627,564	held	—	3 q
AMPAmeriprise Financial, Inc.	0.00%	1,827	$975,125	held	—	49 q
AMGNAmgen Inc	0.00%	13,682	$4M	added+1%	0.00 pp	49 q
ADIAnalog Devices, Inc.	0.00%	30,805	$7M	trimmed−1%	0.00 pp	16 q
ELVElevance Health, Inc.	0.00%	1,300	$505,648	added+8%	0.00 pp	43 q
APAAPA Corporation	0.00%	41,600	$760,864	held	—	18 q
AAPLApple Inc.	0.00%	30,244	$6M	added+11%	0.00 pp	49 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	49 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	12,740	$6M	held	—	49 q
BLKBlackrock, Inc.	0.00%	655	$687,259	held	—	3 q
AVGOBroadcom Inc.	0.00%	21,180	$6M	added+2%	0.00 pp	7 q
CTASCintas Corp	0.00%	2,000	$445,740	held	—	11 q
KOCoca-Cola Company	0.00%	24,635	$2M	held	—	49 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	49 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.00%	15,000	$29,400	held	—	3 q
GLWCorning Incorporated	0.00%	39,900	$2M	trimmed−2%	0.00 pp	49 q
CTVACorteva, Inc.	0.00%	20,961	$2M	trimmed−2%	0.00 pp	25 q
DHRDanaher Corporation	0.00%	16,525	$3M	held	—	44 q
DEDeere & Company	0.00%	12,736	$6M	held	—	49 q
DELLDell Technologies Inc.	0.00%	24,630	$3M	added+1%	0.00 pp	27 q
DEODiageo plc	0.00%	11,197	$1M	trimmed−15%	0.00 pp	49 q
DOWDow Inc.	0.00%	14,210	$376,281	trimmed−9%	0.00 pp	25 q
DDDuPont de Nemours, Inc.	0.00%	15,551	$1M	trimmed−9%	0.00 pp	25 q
EBAYeBay Inc	0.00%	14,100	$1M	trimmed−4%	0.00 pp	49 q
XOMExxon Mobil Corp	0.00%	77,616	$8M	trimmed−0%	−0.01 pp	49 q
GISGeneral Mills, Inc.	0.00%	11,200	$580,272	held	—	49 q
GPCGenuine Parts Company	0.00%	4,665	$565,911	held	—	49 q
ASRGrupo Aeroportuario del Sureste, S.A. de C.V.	0.00%	1,700	$542,079	trimmed−6%	0.00 pp	3 q
CIBGrupo Cibest S.A.	0.00%	12,046	$556,405	new	0.00 pp	new
HALHalliburton Company	0.00%	51,760	$1M	trimmed−30%	0.00 pp	49 q
HESHess Corporation	0.00%	44,525	$6M	trimmed−3%	0.00 pp	25 q
HPEHewlett Packard Enterprise Company	0.00%	88,583	$2M	trimmed−28%	0.00 pp	39 q
HDHome Depot, Inc.	0.00%	23,622	$9M	added+2%	0.00 pp	49 q
HMCHonda Motor Co., Ltd.	0.00%	78,950	$2M	trimmed−100%	−0.33 pp	18 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	49 q
ISRGIntuitive Surgical Inc.	0.00%	500	$271,705	held	—	5 q
JOYYJOYY Inc.	0.00%	49,606	$3M	trimmed−5%	0.00 pp	10 q
JNJJohnson & Johnson	0.00%	20,947	$3M	trimmed−1%	0.00 pp	49 q
JNPJuniper Networks Inc	0.00%	66,959	$3M	trimmed−4%	0.00 pp	43 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.00%	7,826	$664,349	added+22%	0.00 pp	6 q
LVSLas Vegas Sands Corp.	0.00%	28,186	$1M	added+19%	0.00 pp	12 q
LAURLaureate Education, Inc.	0.00%	13,100	$306,278	new	0.00 pp	new
LYVLive Nation Entertainment Inc.	0.00%	5,400	$816,912	trimmed−7%	0.00 pp	3 q
LMTLockheed Martin Corp.	0.00%	775	$358,934	held	—	28 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	31,100	$341,167	added+1%	0.00 pp	11 q
MGMMgm Resorts International	0.00%	14,000	$481,460	trimmed−10%	0.00 pp	3 q
MCDMcDonald's Corporation	0.00%	6,573	$2M	held	—	49 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$798,490	held	—	49 q
MCOMoody's Corporation	0.00%	1,566	$785,490	held	—	49 q
MSIMotorola Solutions, Inc. New	0.00%	11,355	$5M	added+1%	0.00 pp	49 q
NEENextEra Energy, Inc.	0.00%	23,600	$2M	held	—	49 q
NUENucor Corporation	0.00%	6,200	$803,148	held	—	49 q
OTISOtis Worldwide Corporation	0.00%	19,320	$2M	trimmed−11%	0.00 pp	21 q
PNCPNC Financial Services Group	0.00%	14,080	$3M	trimmed−1%	0.00 pp	49 q
PPGPPG Industries, Inc.	0.00%	2,200	$250,250	held	—	21 q
PHParker-Hannifin Corporation	0.00%	2,500	$2M	held	—	49 q
PYPLPayPal Holdings, Inc.	0.00%	4,475	$332,582	trimmed−41%	0.00 pp	40 q
PEPPepsiCo, Inc.	0.00%	3,075	$406,023	held	—	49 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	30,400	$380,304	added+7%	0.00 pp	17 q
PFEPfizer Inc.	0.00%	107,960	$3M	trimmed−2%	0.00 pp	49 q
PMPhilip Morris International Inc.	0.00%	17,000	$3M	held	—	49 q
PSXPhillips 66	0.00%	2,600	$310,180	held	—	49 q
RIORio Tinto plc	0.00%	4,000	$233,320	held	—	49 q
SHELShell plc	0.00%	57,213	$4M	trimmed−0%	0.00 pp	14 q
SPGIS&P Global Inc.	0.00%	5,400	$3M	held	—	37 q
SNPSSynopsys Inc	0.00%	11,000	$6M	trimmed−2%	0.00 pp	49 q
MMM3M Company	0.00%	9,146	$1M	trimmed−1%	0.00 pp	49 q
TCOMTrip.com Group Limited	0.00%	19,250	$1M	added+12%	0.00 pp	11 q
TFCTruist Financial Corporation	0.00%	20,911	$898,964	trimmed−3%	0.00 pp	49 q
unresolvedUnilever Spn.Adr 1:1	0.00%	23,900	$1M	held	—	49 q
VOOVanguard S&P 500 ETF	0.00%	1,200	$681,739	trimmed−26%	0.00 pp	2 q
VZVerizon Communications	0.00%	5,500	$237,985	trimmed−3%	0.00 pp	7 q
VIPSVipshop Holdings Limited	0.00%	124,197	$2M	added+5%	0.00 pp	16 q
VVISA Inc.	0.00%	859	$304,988	trimmed−10%	0.00 pp	44 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,200	$6M	held	—	49 q
ZTSZoetis Inc.	0.00%	1,500	$233,925	trimmed−12%	0.00 pp	21 q
AFYAAfya Limited Class A	0.00%	35,262	$629,779	added+13%	0.00 pp	10 q
ARCOArcos Dorados Holdings Inc.	0.00%	109,966	$867,632	added+4%	0.00 pp	3 q
DLODLocal Limited Class A	0.00%	36,700	$416,178	trimmed−18%	0.00 pp	5 q
GPRKGeopark Limited	0.00%	84,545	$551,233	trimmed−14%	0.00 pp	12 q
PAXPatria Investments Limited Class A	0.00%	21,200	$298,072	added+7%	0.00 pp	2 q
CBChubb Limited	0.00%	722	$209,178	held	—	2 q
JBSJbs N.v.	0.00%	15,950	$233,030	new	0.00 pp	new
CPACopa Holdings, S.A.	0.00%	3,950	$434,382	trimmed−43%	0.00 pp	12 q
IFSIntercorp Financial Services Inc.	0.00%	17,391	$663,119	trimmed−31%	0.00 pp	7 q
BXKBancolombia S.a.-spons ADR	—	−20,946	—	exited	0.00 pp	—
BDXBecton, Dickinson and Co.	—	−980	—	exited	0.00 pp	—
IWDiShares Russell 1000 Value ETF	—	−17,100	—	exited	0.00 pp	—
unresolvedQurate Retail Inc	—	−22,000	—	exited	0.00 pp	—