Dodge & Cox

Q4 2025 13F · by David Hoeft, CIO

As of: Dec 31, 2025
Filed: Feb 13, 2026
US stock: $185.3B · prev $185.3B
Positions: 222 · prev 219
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%

Moves174 since the prior filing

+4.5 pp in · −4.5 pp out

New 10 +1.91 pp
Added 38 +2.54 pp
Trimmed 119 −4.13 pp
Exited 7 −0.34 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions222 in this filing · 7 exited


SCHWThe Charles Schwab Corporation	4.13%	76,513,926	$7.6B	trimmed−8%	−0.15 pp	51 q
JCIJohnson Controls International plc	3.90%	60,382,969	$7.2B	trimmed−6%	+0.09 pp	38 q
RTXRTX Corporation	3.72%	37,571,811	$6.9B	trimmed−6%	+0.10 pp	39 q
CVSCvs Health Corporation	2.68%	62,509,988	$5.0B	trimmed−15%	−0.30 pp	30 q
FDXFedEx Corporation	2.43%	15,582,168	$4.5B	trimmed−4%	+0.37 pp	51 q
METMetLife, Inc.	2.23%	52,252,050	$4.1B	trimmed−3%	−0.15 pp	51 q
GOOGAlphabet Inc. Class C	2.18%	12,875,798	$4.0B	trimmed−8%	+0.34 pp	47 q
BKNGBooking Holdings Inc.	2.12%	732,081	$3.9B	added+8%	+0.15 pp	32 q
MSFTMicrosoft Corp	1.94%	7,441,750	$3.6B	trimmed−5%	−0.26 pp	51 q
REGNRegeneron Pharmaceuticals Inc	1.92%	4,596,358	$3.5B	added+1%	+0.54 pp	17 q
AMZNAmazon.Com Inc	1.90%	15,230,394	$3.5B	trimmed−7%	−0.03 pp	46 q
GOOGLAlphabet Inc. Class A	1.83%	10,833,118	$3.4B	trimmed−4%	+0.34 pp	41 q
TELTE Connectivity plc	1.83%	14,873,850	$3.4B	trimmed−7%	−0.07 pp	6 q
CMCSAComcast Corp	1.82%	112,967,514	$3.4B	added0%	−0.09 pp	51 q
GSKGSK plc	1.81%	68,517,969	$3.4B	trimmed−13%	−0.02 pp	14 q
METAMeta Platforms, Inc. Class A	1.79%	5,019,837	$3.3B	added+27%	+0.22 pp	23 q
FISVFiserv, Inc.	1.79%	49,474,622	$3.3B	added+28%	−0.90 pp	21 q
FISFidelity National Information Services, Inc.	1.76%	49,113,297	$3.3B	added+14%	+0.23 pp	15 q
OXYOccidental Petroleum Corporation	1.76%	79,473,071	$3.3B	trimmed−1%	−0.28 pp	51 q
GILDGilead Sciences Inc	1.74%	26,283,511	$3.2B	trimmed−13%	−0.06 pp	46 q
CIThe Cigna Group	1.65%	11,138,614	$3.1B	added+20%	+0.20 pp	29 q
CHTRCharter Comm Inc Del CL A New	1.65%	14,609,220	$3.0B	added+24%	−0.10 pp	39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.63%	9,172,769	$3.0B	trimmed−4%	−0.14 pp	51 q
WFCWells Fargo & Co.	1.63%	32,311,711	$3.0B	trimmed−17%	−0.13 pp	51 q
BNYBank of New York Mellon Corporation	1.62%	25,811,239	$3.0B	trimmed−26%	−0.43 pp	51 q
HUMHumana Inc.	1.56%	11,290,435	$2.9B	trimmed−0%	−0.03 pp	7 q
NSCNorfolk Southern Corp.	1.50%	9,623,885	$2.8B	trimmed−12%	−0.26 pp	51 q
AONAon plc Class A	1.50%	7,852,456	$2.8B	added×2.3	+0.83 pp	2 q
SNYSanofi	1.48%	56,492,599	$2.7B	trimmed−18%	−0.28 pp	51 q
GEHCGE HealthCare Technologies Inc.	1.38%	31,211,229	$2.6B	added+13%	+0.26 pp	12 q
FTVFortive Corporation	1.32%	44,157,822	$2.4B	added+4%	+0.19 pp	5 q
IFFInternational Flavors & Fragrances Inc.	1.32%	36,401,042	$2.5B	trimmed−2%	+0.09 pp	9 q
SBACSBA Communications Corp	1.25%	11,996,134	$2.3B	added+24%	+0.24 pp	6 q
APDAir Products & Chemicals, Inc.	1.23%	9,236,610	$2.3B	added+3%	−0.10 pp	51 q
WTWWillis Towers Watson Public Limited Company	1.23%	6,925,525	$2.3B	added+91%	+0.55 pp	3 q
COFCapital One Financial	1.20%	9,163,067	$2.2B	trimmed−24%	−0.19 pp	51 q
BUDAnheuser-Busch INBEV SA/NV	1.14%	33,113,431	$2.1B	trimmed−9%	−0.04 pp	17 q
ZBHZimmer Biomet Holdings, Inc.	1.14%	23,506,849	$2.1B	added+1%	−0.09 pp	16 q
BNBrookfield Corporation	1.02%	41,280,320	$1.9B	new	+1.02 pp	new
BKRBaker Hughes Company	1.00%	40,759,438	$1.9B	trimmed−7%	−0.16 pp	34 q
ELANElanco Animal Health Incorporated	0.97%	79,084,305	$1.8B	trimmed−4%	+0.07 pp	18 q
SUISun Communities, Inc	0.97%	14,491,865	$1.8B	added0%	−0.04 pp	8 q
GEGE Aerospace	0.86%	5,191,577	$1.6B	trimmed−17%	−0.16 pp	18 q
UBSUBS Group AG	0.84%	33,665,342	$1.6B	trimmed−21%	−0.11 pp	30 q
HLNHaleon plc	0.83%	151,755,452	$1.5B	trimmed−2%	+0.08 pp	14 q
GSGoldman Sachs Group Inc.	0.81%	1,709,674	$1.5B	trimmed−23%	−0.14 pp	51 q
BABAAlibaba Group Holding Limited	0.79%	10,016,870	$1.5B	trimmed−9%	−0.27 pp	29 q
LPLALPL Financial Holdings Inc.	0.76%	3,948,970	$1.4B	added+19%	+0.16 pp	6 q
AVTRAvantor, Inc.	0.72%	117,065,143	$1.3B	trimmed−1%	−0.07 pp	10 q
INCYIncyte Genomics Inc	0.71%	13,261,742	$1.3B	trimmed−5%	+0.07 pp	29 q
DDominion Energy, Inc	0.70%	22,149,918	$1.3B	trimmed−3%	−0.05 pp	12 q
TMUST-Mobile US, Inc.	0.68%	6,185,972	$1.3B	added+65%	+0.20 pp	23 q
CTSHCognizant Technology Solutions	0.67%	14,983,337	$1.2B	trimmed−8%	+0.08 pp	27 q
NVSNovartis AG	0.67%	9,014,641	$1.2B	trimmed−15%	−0.06 pp	51 q
SUSuncor Energy, Inc.	0.65%	27,257,754	$1.2B	trimmed−1%	+0.03 pp	38 q
CPNGCoupang, Inc.	0.63%	49,233,320	$1.2B	added+5%	−0.19 pp	7 q
BAPCredicorp LTD	0.60%	3,870,940	$1.1B	trimmed−21%	−0.10 pp	22 q
BAXBaxter International Inc.	0.59%	56,999,970	$1.1B	trimmed−1%	−0.12 pp	10 q
AEPAmerican Electric Power Company, Inc.	0.58%	9,342,540	$1.1B	trimmed−2%	0.00 pp	8 q
ADMArcher Daniels Midland Company	0.53%	17,084,645	$982M	added+13%	+0.04 pp	3 q
CXCemex S.A.B. de C.V.	0.53%	84,794,670	$974M	trimmed−12%	+0.06 pp	51 q
COPConocoPhillips	0.52%	10,290,169	$963M	trimmed−0%	−0.01 pp	51 q
BMRNBioMarin Pharmaceuticals Inc	0.47%	14,572,384	$866M	trimmed−1%	+0.04 pp	25 q
TAPMolson Coors Beverage Company Class B	0.47%	18,610,924	$869M	trimmed−0%	+0.02 pp	31 q
FOXAFox Corporation Class A	0.46%	11,613,443	$849M	trimmed−12%	+0.01 pp	28 q
TDYTeledyne Technologies Incorporated	0.46%	1,685,340	$861M	added0%	−0.07 pp	3 q
TRUTransUnion	0.46%	9,842,006	$844M	new	+0.46 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	0.42%	1,964,415	$781M	trimmed−15%	−0.15 pp	39 q
NBIXNeurocrine Biosciences Inc	0.42%	5,508,042	$781M	trimmed−1%	0.00 pp	10 q
ADBEAdobe Inc.	0.41%	2,164,475	$758M	added+36%	+0.11 pp	51 q
HPQHP Inc.	0.41%	34,503,131	$769M	trimmed−1%	−0.10 pp	41 q
VFCV.F. Corporation	0.40%	40,679,850	$735M	trimmed−1%	+0.08 pp	10 q
MDTMedtronic plc	0.40%	7,738,043	$743M	added0%	0.00 pp	44 q
LYBLyondellBasell Industries N.V. Class A	0.39%	16,879,077	$731M	trimmed−1%	−0.06 pp	23 q
CARRCarrier Global Corporation	0.38%	13,421,292	$709M	trimmed−0%	−0.05 pp	23 q
CECelanese Corporation	0.35%	15,304,050	$647M	trimmed−0%	0.00 pp	51 q
RALRalliant Corporation	0.34%	12,214,679	$622M	added+13%	+0.09 pp	3 q
GLPIGaming and Leisure Properties, Inc.	0.33%	13,589,962	$607M	added0%	−0.01 pp	16 q
STTState Street Corporation	0.33%	4,744,154	$612M	trimmed−30%	−0.10 pp	51 q
LINLinde plc	0.31%	1,329,590	$567M	held	—	12 q
XPXP Inc. Class A	0.30%	33,960,545	$556M	trimmed−2%	−0.05 pp	17 q
AEGAegon Ltd.	0.29%	70,522,831	$544M	trimmed−18%	−0.08 pp	9 q
TRPTC Energy Corporation	0.28%	9,294,300	$511M	trimmed−4%	0.00 pp	22 q
PDDPDD Holdings Inc.	0.27%	4,439,800	$503M	new	+0.27 pp	new
FOXFox Corporation Class B	0.25%	7,257,827	$471M	trimmed−0%	+0.02 pp	28 q
TIGOMillicom International Cellular S.A.	0.24%	8,133,132	$451M	trimmed−4%	+0.02 pp	4 q
YUMCYum China Holdings, Inc.	0.22%	8,553,962	$408M	added0%	+0.02 pp	19 q
BMYBristol-Myers Squibb Co.	0.21%	7,078,250	$382M	trimmed−5%	+0.03 pp	51 q
MCHPMicrochip Technology Inc	0.21%	6,187,474	$394M	trimmed−0%	−0.01 pp	30 q
BNTXBioNTech SE	0.19%	3,614,491	$344M	trimmed−1%	0.00 pp	3 q
JDJD.com, Inc.	0.19%	12,194,648	$350M	trimmed−35%	−0.16 pp	41 q
NWSANews Corporation Class A	0.18%	12,449,295	$325M	trimmed−0%	−0.03 pp	50 q
NTESNetEase, inc.	0.16%	2,154,376	$296M	trimmed−6%	−0.03 pp	19 q
AMRZAmrize Ltd	0.16%	5,385,441	$293M	trimmed−7%	+0.01 pp	3 q
AJGArthur J. Gallagher & Co.	0.12%	880,585	$228M	new	+0.12 pp	new
IEXIDEX Corporation	0.12%	1,262,550	$225M	added×3.7	+0.09 pp	2 q
HDBHDFC Bank Limited	0.11%	5,501,800	$201M	trimmed−11%	0.00 pp	9 q
COHRCoherent Corp.	0.07%	669,855	$124M	trimmed−10%	+0.03 pp	14 q
ITUBItau Unibanco Holding S.A.	0.07%	19,120,110	$137M	trimmed−0%	0.00 pp	38 q
FLUTFlutter Entertainment plc	0.07%	628,878	$135M	held	—	8 q
AXPAmerican Express Company	0.06%	292,549	$108M	trimmed−15%	0.00 pp	51 q
BACBank of America Corporation	0.06%	2,009,022	$110M	trimmed−87%	−0.37 pp	51 q
FMSFresenius Medical Care AG	0.05%	3,826,910	$91M	held	—	16 q
GEVGE Vernova Inc.	0.05%	138,214	$90M	trimmed−10%	0.00 pp	7 q
CDNSCadence Design Systems	0.04%	237,363	$74M	trimmed−1%	−0.01 pp	51 q
FCNCAFirst Citizens BancShares Inc	0.04%	31,566	$68M	new	+0.04 pp	new
LBTYKLiberty Global Ltd. Class C	0.04%	6,682,068	$74M	held	—	51 q
UNPUnion Pacific Corp.	0.03%	263,116	$61M	trimmed−4%	0.00 pp	51 q
WMBWilliams Companies Inc.	0.03%	1,000,892	$60M	trimmed−10%	−0.01 pp	23 q
LBTYALiberty Global Ltd. Class A	0.03%	4,481,061	$50M	trimmed−6%	0.00 pp	51 q
CVXChevron Corporation	0.02%	212,714	$32M	trimmed−5%	0.00 pp	51 q
DISThe Walt Disney Company	0.02%	270,339	$31M	trimmed−6%	0.00 pp	51 q
JPMJPMorgan Chase & Co.	0.02%	124,405	$40M	trimmed−36%	−0.01 pp	51 q
LLYEli Lilly & Co.	0.02%	42,492	$46M	trimmed−2%	0.00 pp	51 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	107,800	$33M	held	—	9 q
NESRNational Energy Services Reunited Corp.	0.02%	1,929,094	$30M	trimmed−14%	+0.01 pp	5 q
AZNNAstrazeneca Plc-spons ADR	0.01%	121,043	$11M	trimmed−12%	0.00 pp	41 q
CATCaterpillar Inc.	0.01%	40,724	$23M	trimmed−0%	0.00 pp	51 q
CSCOCisco Systems, Inc. (DE)	0.01%	163,114	$13M	trimmed−25%	0.00 pp	46 q
IBMInternational Business Machines Corporation	0.01%	46,702	$14M	trimmed−1%	0.00 pp	51 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	183,726	$14M	added×10.3	+0.01 pp	8 q
MRKMerck & Co., Inc.	0.01%	138,205	$15M	trimmed−10%	0.00 pp	51 q
PGProcter & Gamble Company	0.01%	90,831	$13M	added0%	0.00 pp	51 q
TGTTarget Corporation	0.01%	98,129	$10M	trimmed−7%	0.00 pp	51 q
TMOThermo Fisher Scientific, Inc.	0.01%	25,741	$15M	held	—	51 q
TRVThe Travelers Companies, Inc.	0.01%	94,782	$27M	trimmed−6%	−0.01 pp	51 q
WMTWalmart Inc.	0.01%	179,535	$20M	trimmed−1%	0.00 pp	51 q
ACMRACM Research, Inc. Class A	0.00%	112,392	$4M	trimmed−9%	0.00 pp	6 q
ABTAbbott Laboratories	0.00%	17,324	$2M	held	—	51 q
ABBVAbbvie Inc.	0.00%	10,393	$2M	trimmed−1%	0.00 pp	51 q
ALLThe Allstate Corporation	0.00%	2,595	$540,149	held	—	51 q
MOAltria Group, Inc.	0.00%	21,000	$1M	held	—	51 q
ABEVAmbev S.a.	0.00%	296,300	$731,861	added+7%	0.00 pp	5 q
AMPAmeriprise Financial, Inc.	0.00%	1,500	$735,510	held	—	51 q
AMGNAmgen Inc	0.00%	13,367	$4M	held	—	51 q
ADIAnalog Devices, Inc.	0.00%	20,775	$6M	trimmed−33%	0.00 pp	18 q
ELVElevance Health, Inc.	0.00%	1,300	$455,715	held	—	45 q
APAAPA Corporation	0.00%	22,500	$550,350	trimmed−36%	0.00 pp	20 q
AAPLApple Inc.	0.00%	31,807	$9M	added+2%	0.00 pp	51 q
ATATAtour Lifestyle Holdings Limited	0.00%	28,152	$1M	new	0.00 pp	new
BIDUBaidu, Inc.	0.00%	16,530	$2M	trimmed−100%	−0.31 pp	51 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	51 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	11,440	$6M	held	—	51 q
BLKBlackrock, Inc.	0.00%	711	$761,012	added+9%	0.00 pp	5 q
BSXBoston Scientific Corp.	0.00%	88,885	$8M	held	—	51 q
AVGOBroadcom Inc.	0.00%	20,580	$7M	trimmed−2%	0.00 pp	9 q
CTASCintas Corp	0.00%	1,800	$338,526	held	—	13 q
KOCoca-Cola Company	0.00%	24,000	$2M	held	—	51 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	51 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.00%	15,000	$30,000	held	—	5 q
GLWCorning Incorporated	0.00%	36,850	$3M	trimmed−8%	0.00 pp	51 q
CTVACorteva, Inc.	0.00%	20,527	$1M	trimmed−0%	0.00 pp	27 q
DHRDanaher Corporation	0.00%	16,450	$4M	held	—	46 q
DEDeere & Company	0.00%	12,626	$6M	held	—	51 q
DELLDell Technologies Inc.	0.00%	19,180	$2M	trimmed−19%	0.00 pp	29 q
DEODiageo plc	0.00%	11,077	$955,613	held	—	51 q
DOWDow Inc.	0.00%	9,713	$227,090	trimmed−17%	0.00 pp	27 q
DDDuPont de Nemours, Inc.	0.00%	14,843	$596,689	trimmed−2%	0.00 pp	27 q
EBAYeBay Inc	0.00%	12,750	$1M	trimmed−9%	0.00 pp	51 q
ECHOEchoStar Corporation	0.00%	32,443	$4M	trimmed−100%	−0.49 pp	8 q
XOMExxon Mobil Corp	0.00%	74,493	$9M	trimmed−2%	0.00 pp	51 q
GISGeneral Mills, Inc.	0.00%	11,200	$520,800	held	—	51 q
GPCGenuine Parts Company	0.00%	4,650	$571,764	trimmed−0%	0.00 pp	51 q
ASRGrupo Aeroportuario del Sureste, S.A. de C.V.	0.00%	1,700	$549,780	held	—	5 q
CIBGrupo Cibest S.A.	0.00%	12,046	$766,246	held	—	3 q
HPEHewlett Packard Enterprise Company	0.00%	86,454	$2M	trimmed−1%	0.00 pp	41 q
HDHome Depot, Inc.	0.00%	23,247	$8M	trimmed−0%	−0.01 pp	51 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	51 q
ISRGIntuitive Surgical Inc.	0.00%	500	$283,180	held	—	7 q
JOYYJOYY Inc.	0.00%	49,606	$3M	held	—	12 q
JNJJohnson & Johnson	0.00%	20,947	$4M	held	—	51 q
LVSLas Vegas Sands Corp.	0.00%	28,186	$2M	held	—	14 q
LAURLaureate Education, Inc.	0.00%	15,700	$528,619	held	—	3 q
LYVLive Nation Entertainment Inc.	0.00%	3,500	$498,750	trimmed−22%	0.00 pp	5 q
LMTLockheed Martin Corp.	0.00%	775	$374,844	held	—	30 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	43,482	$563,092	added+19%	0.00 pp	13 q
MGMMgm Resorts International	0.00%	7,500	$273,675	trimmed−29%	0.00 pp	5 q
MCDMcDonald's Corporation	0.00%	6,475	$2M	held	—	51 q
MELIMercado Libre, Inc	0.00%	1,392	$3M	added×3.6	0.00 pp	2 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$637,347	held	—	51 q
MCOMoody's Corporation	0.00%	1,213	$619,661	trimmed−23%	0.00 pp	51 q
MSIMotorola Solutions, Inc. New	0.00%	11,255	$4M	trimmed−1%	0.00 pp	51 q
NEENextEra Energy, Inc.	0.00%	23,600	$2M	held	—	51 q
NUENucor Corporation	0.00%	6,200	$1M	held	—	51 q
NVDANvidia Corp	0.00%	3,400	$634,100	held	—	2 q
OTISOtis Worldwide Corporation	0.00%	16,010	$1M	trimmed−4%	0.00 pp	23 q
PNCPNC Financial Services Group	0.00%	14,000	$3M	trimmed−0%	0.00 pp	51 q
PPGPPG Industries, Inc.	0.00%	2,200	$225,412	held	—	23 q
PHParker-Hannifin Corporation	0.00%	2,500	$2M	held	—	51 q
PYPLPayPal Holdings, Inc.	0.00%	4,475	$261,251	held	—	42 q
PEPPepsiCo, Inc.	0.00%	3,075	$441,324	held	—	51 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	31,200	$369,720	trimmed−5%	0.00 pp	19 q
PFEPfizer Inc.	0.00%	90,364	$2M	trimmed−3%	0.00 pp	51 q
PMPhilip Morris International Inc.	0.00%	17,000	$3M	held	—	51 q
PSXPhillips 66	0.00%	2,600	$335,504	held	—	51 q
PSMTPricesmart Inc	0.00%	6,156	$755,157	held	—	2 q
QQnity Electronics, Inc.	0.00%	7,503	$612,579	new	0.00 pp	new
RIORio Tinto plc	0.00%	3,000	$240,090	new	0.00 pp	new
SHELShell plc	0.00%	55,194	$4M	trimmed−1%	0.00 pp	16 q
SPGIS&P Global Inc.	0.00%	5,400	$3M	held	—	39 q
SLBSLB Limited	0.00%	176,849	$7M	trimmed−63%	−0.01 pp	51 q
SNPSSynopsys Inc	0.00%	10,200	$5M	trimmed−6%	0.00 pp	51 q
MMM3M Company	0.00%	7,676	$1M	trimmed−0%	0.00 pp	51 q
TCOMTrip.com Group Limited	0.00%	19,250	$1M	held	—	13 q
TFCTruist Financial Corporation	0.00%	19,151	$942,421	trimmed−8%	0.00 pp	51 q
ULUnilever plc	0.00%	5,244	$342,965	new	0.00 pp	new
VOOVanguard S&P 500 ETF	0.00%	600	$376,392	trimmed−8%	0.00 pp	4 q
VZVerizon Communications	0.00%	5,500	$224,015	held	—	9 q
VIPSVipshop Holdings Limited	0.00%	124,197	$2M	held	—	18 q
VVISA Inc.	0.00%	859	$301,260	held	—	46 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,000	$7M	trimmed−0%	0.00 pp	51 q
ZHZhihu Inc.	0.00%	319,164	$1M	added+15%	0.00 pp	2 q
AFYAAfya Limited Class A	0.00%	35,387	$545,314	added0%	0.00 pp	12 q
ARCOArcos Dorados Holdings Inc.	0.00%	112,966	$829,170	added+3%	0.00 pp	5 q
DLODLocal Limited Class A	0.00%	36,700	$518,938	held	—	7 q
GPRKGeopark Limited	0.00%	93,045	$689,463	held	—	14 q
PAXPatria Investments Limited Class A	0.00%	21,200	$336,868	held	—	4 q
CBChubb Limited	0.00%	722	$225,351	held	—	4 q
JBSJbs N.v.	0.00%	16,950	$244,419	added+6%	0.00 pp	3 q
CPACopa Holdings, S.A.	0.00%	3,950	$476,410	held	—	14 q
IFSIntercorp Financial Services Inc.	0.00%	17,391	$736,683	held	—	9 q
KAROKarooooo Ltd.	0.00%	24,423	$1M	new	0.00 pp	new
TECKTeck Resources Limited	—	−7,871,440	—	exited	−0.19 pp	—
TVGrupo Televisa S.A.	—	−64,208,690	—	exited	−0.09 pp	—
GAPThe Gap, Inc.	—	−5,429,526	—	exited	−0.06 pp	—
AMGAffiliated Managers Group	—	−2,400	—	exited	0.00 pp	—
HALHalliburton Company	—	−14,700	—	exited	0.00 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−23,900	—	exited	0.00 pp	—
ZTSZoetis Inc.	—	−1,500	—	exited	0.00 pp	—