Dodge & Cox

Q1 2026 13F · by David Hoeft, CIO

As of: Mar 31, 2026
Filed: May 14, 2026
US stock: $182.0B · prev $185.3B
Positions: 222 · prev 222
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%

Moves173 since the prior filing

+4.6 pp in · −4.6 pp out

New 7 +3.04 pp
Added 50 +1.57 pp
Trimmed 109 −4.30 pp
Exited 7 −0.29 pp

The book

Diversified · behaves like 62 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions222 in this filing · 7 exited


JCIJohnson Controls International plc	4.14%	57,506,214	$7.5B	trimmed−5%	+0.24 pp	39 q
SCHWThe Charles Schwab Corporation	3.87%	75,002,881	$7.0B	trimmed−2%	−0.26 pp	52 q
RTXRTX Corporation	3.76%	35,473,379	$6.8B	trimmed−6%	+0.04 pp	40 q
OXYOccidental Petroleum Corporation	2.65%	74,085,572	$4.8B	trimmed−7%	+0.89 pp	52 q
MSFTMicrosoft Corp	2.43%	11,959,935	$4.4B	added+61%	+0.49 pp	52 q
BKNGBooking Holdings Inc.	2.31%	997,498	$4.2B	added+36%	+0.19 pp	33 q
CVSCvs Health Corporation	2.04%	51,780,116	$3.7B	trimmed−17%	−0.64 pp	31 q
METMetLife, Inc.	1.99%	51,114,776	$3.6B	trimmed−2%	−0.24 pp	52 q
FDXFedEx Corporation	1.95%	9,983,449	$3.6B	trimmed−36%	−0.48 pp	52 q
GOOGAlphabet Inc. Class C	1.93%	12,228,518	$3.5B	trimmed−5%	−0.25 pp	48 q
SUNBSunbelt Rentals Holdings, Inc.	1.90%	53,101,847	$3.5B	new	+1.90 pp	new
REGNRegeneron Pharmaceuticals Inc	1.89%	4,458,238	$3.4B	trimmed−3%	−0.03 pp	18 q
GILDGilead Sciences Inc	1.86%	24,250,826	$3.4B	trimmed−8%	+0.12 pp	47 q
CMCSAComcast Corp	1.78%	113,108,244	$3.2B	added0%	−0.04 pp	52 q
GSKGSK plc	1.78%	58,662,974	$3.2B	trimmed−14%	−0.03 pp	15 q
CHTRCharter Comm Inc Del CL A New	1.74%	14,627,209	$3.2B	added0%	+0.09 pp	40 q
AMZNAmazon.Com Inc	1.73%	15,109,899	$3.1B	trimmed−1%	−0.17 pp	47 q
CIThe Cigna Group	1.69%	11,555,787	$3.1B	added+4%	+0.04 pp	30 q
TELTE Connectivity plc	1.69%	14,688,950	$3.1B	trimmed−1%	−0.14 pp	7 q
GOOGLAlphabet Inc. Class A	1.68%	10,624,415	$3.1B	trimmed−2%	−0.15 pp	42 q
METAMeta Platforms, Inc. Class A	1.58%	5,014,319	$2.9B	trimmed−0%	−0.21 pp	24 q
FISVFiserv, Inc.	1.54%	50,260,950	$2.8B	added+2%	−0.25 pp	22 q
BNYBank of New York Mellon Corporation	1.53%	23,401,794	$2.8B	trimmed−9%	−0.09 pp	52 q
APDAir Products & Chemicals, Inc.	1.47%	9,231,575	$2.7B	trimmed−0%	+0.24 pp	52 q
IFFInternational Flavors & Fragrances Inc.	1.45%	36,472,942	$2.6B	added0%	+0.13 pp	10 q
AONAon plc Class A	1.44%	8,116,095	$2.6B	added+3%	−0.06 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.41%	9,466,756	$2.6B	added+3%	−0.22 pp	52 q
WFCWells Fargo & Co.	1.36%	31,168,331	$2.5B	trimmed−4%	−0.27 pp	52 q
BNBrookfield Corporation	1.32%	59,186,855	$2.4B	added+43%	+0.30 pp	2 q
FTVFortive Corporation	1.31%	43,156,197	$2.4B	trimmed−2%	−0.01 pp	6 q
FISFidelity National Information Services, Inc.	1.27%	49,073,157	$2.3B	trimmed−0%	−0.49 pp	16 q
GEHCGE HealthCare Technologies Inc.	1.22%	31,312,064	$2.2B	added0%	−0.16 pp	13 q
BKRBaker Hughes Company	1.20%	35,871,558	$2.2B	trimmed−12%	+0.20 pp	35 q
ZBHZimmer Biomet Holdings, Inc.	1.17%	23,542,700	$2.1B	added0%	+0.03 pp	17 q
WTWWillis Towers Watson Public Limited Company	1.17%	7,332,414	$2.1B	added+6%	−0.06 pp	4 q
SBACSBA Communications Corp	1.14%	12,080,284	$2.1B	added+1%	−0.11 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	1.13%	29,683,736	$2.1B	trimmed−10%	−0.01 pp	18 q
HUMHumana Inc.	1.08%	11,380,673	$2.0B	added+1%	−0.48 pp	8 q
NSCNorfolk Southern Corp.	0.99%	6,257,750	$1.8B	trimmed−35%	−0.51 pp	52 q
SUISun Communities, Inc	0.99%	14,266,030	$1.8B	trimmed−2%	+0.02 pp	9 q
SUSuncor Energy, Inc.	0.95%	26,262,454	$1.7B	trimmed−4%	+0.30 pp	39 q
ELANElanco Animal Health Incorporated	0.91%	68,944,100	$1.6B	trimmed−13%	−0.06 pp	19 q
COFCapital One Financial	0.88%	8,774,932	$1.6B	trimmed−4%	−0.32 pp	52 q
AJGArthur J. Gallagher & Co.	0.88%	7,354,915	$1.6B	added×8.4	+0.76 pp	2 q
CARRCarrier Global Corporation	0.82%	26,622,273	$1.5B	added+98%	+0.44 pp	24 q
HLNHaleon plc	0.81%	146,539,663	$1.5B	trimmed−3%	−0.02 pp	15 q
SNYSanofi	0.78%	29,504,632	$1.4B	trimmed−48%	−0.70 pp	52 q
CPNGCoupang, Inc.	0.75%	72,008,120	$1.4B	added+46%	+0.12 pp	8 q
LYBLyondellBasell Industries N.V. Class A	0.75%	16,839,152	$1.4B	trimmed−0%	+0.36 pp	24 q
UBSUBS Group AG	0.72%	33,644,642	$1.3B	trimmed−0%	−0.12 pp	31 q
TMUST-Mobile US, Inc.	0.71%	6,157,799	$1.3B	trimmed−0%	+0.03 pp	24 q
COPConocoPhillips	0.70%	9,645,858	$1.3B	trimmed−6%	+0.18 pp	52 q
LPLALPL Financial Holdings Inc.	0.69%	4,146,547	$1.2B	added+5%	−0.07 pp	7 q
BABAAlibaba Group Holding Limited	0.68%	9,917,770	$1.2B	trimmed−1%	−0.11 pp	30 q
DDominion Energy, Inc	0.66%	19,477,520	$1.2B	trimmed−12%	−0.04 pp	13 q
ROPRoper Technologies, Inc.	0.65%	3,343,694	$1.2B	new	+0.65 pp	new
GSGoldman Sachs Group Inc.	0.64%	1,380,455	$1.2B	trimmed−19%	−0.17 pp	52 q
BAPCredicorp LTD	0.64%	3,410,175	$1.2B	trimmed−12%	+0.04 pp	23 q
AEPAmerican Electric Power Company, Inc.	0.63%	8,739,835	$1.1B	trimmed−6%	+0.05 pp	9 q
ADMArcher Daniels Midland Company	0.63%	15,757,140	$1.1B	trimmed−8%	+0.10 pp	4 q
INCYIncyte Genomics Inc	0.63%	12,252,356	$1.2B	trimmed−8%	−0.08 pp	30 q
TRUTransUnion	0.62%	16,189,511	$1.1B	added+64%	+0.16 pp	2 q
NVSNovartis AG	0.58%	6,967,383	$1.1B	trimmed−23%	−0.09 pp	52 q
CECelanese Corporation	0.55%	15,345,910	$1.0B	added0%	+0.20 pp	52 q
CXCemex S.A.B. de C.V.	0.54%	85,236,570	$975M	added+1%	+0.01 pp	52 q
BAXBaxter International Inc.	0.53%	57,254,570	$962M	added0%	−0.06 pp	11 q
TDYTeledyne Technologies Incorporated	0.53%	1,604,265	$971M	trimmed−5%	+0.07 pp	4 q
AVTRAvantor, Inc.	0.52%	119,648,329	$938M	added+2%	−0.20 pp	11 q
CTSHCognizant Technology Solutions	0.48%	14,272,907	$876M	trimmed−5%	−0.19 pp	28 q
BMRNBioMarin Pharmaceuticals Inc	0.45%	14,561,759	$823M	trimmed−0%	−0.02 pp	26 q
HPQHP Inc.	0.44%	41,592,541	$799M	added+21%	+0.03 pp	42 q
TAPMolson Coors Beverage Company Class B	0.44%	18,523,049	$798M	trimmed−0%	−0.03 pp	32 q
FCNCAFirst Citizens BancShares Inc	0.41%	393,087	$741M	added×12.5	+0.37 pp	2 q
NBIXNeurocrine Biosciences Inc	0.40%	5,461,037	$719M	trimmed−1%	−0.02 pp	11 q
NVONovo-Nordisk A/S	0.39%	19,333,750	$711M	new	+0.39 pp	new
MDTMedtronic plc	0.37%	7,694,608	$667M	trimmed−1%	−0.03 pp	45 q
LINLinde plc	0.36%	1,326,590	$658M	trimmed−0%	+0.05 pp	13 q
ALNYAlnylam Pharmaceuticals, Inc.	0.35%	1,929,253	$638M	trimmed−2%	−0.07 pp	40 q
FOXAFox Corporation Class A	0.35%	10,896,842	$636M	trimmed−6%	−0.11 pp	29 q
XPXP Inc. Class A	0.34%	32,726,688	$623M	trimmed−4%	+0.04 pp	18 q
TIGOMillicom International Cellular S.A.	0.34%	8,162,432	$612M	added0%	+0.10 pp	5 q
ADBEAdobe Inc.	0.33%	2,495,595	$607M	added+15%	−0.08 pp	52 q
GLPIGaming and Leisure Properties, Inc.	0.33%	13,458,157	$597M	trimmed−1%	0.00 pp	17 q
RALRalliant Corporation	0.31%	13,747,551	$572M	added+13%	−0.03 pp	4 q
TRPTC Energy Corporation	0.31%	8,892,400	$557M	trimmed−4%	+0.03 pp	23 q
VFCV.F. Corporation	0.31%	33,024,625	$561M	trimmed−19%	−0.09 pp	11 q
PDDPDD Holdings Inc.	0.25%	4,537,600	$464M	added+2%	−0.02 pp	2 q
STTState Street Corporation	0.24%	3,499,879	$443M	trimmed−26%	−0.09 pp	52 q
MCHPMicrochip Technology Inc	0.22%	6,129,716	$396M	trimmed−1%	+0.01 pp	31 q
YUMCYum China Holdings, Inc.	0.22%	8,351,762	$407M	trimmed−2%	0.00 pp	20 q
FOXFox Corporation Class B	0.21%	7,178,894	$381M	trimmed−1%	−0.04 pp	29 q
AEGAegon Ltd.	0.20%	50,556,509	$367M	trimmed−28%	−0.09 pp	10 q
JDJD.com, Inc.	0.20%	12,194,648	$361M	held	—	42 q
BNTXBioNTech SE	0.18%	3,676,791	$327M	added+2%	−0.01 pp	4 q
NWSANews Corporation Class A	0.17%	12,256,246	$306M	trimmed−2%	−0.01 pp	51 q
BMYBristol-Myers Squibb Co.	0.15%	4,622,820	$280M	trimmed−35%	−0.06 pp	52 q
NTESNetEase, inc.	0.13%	2,156,976	$241M	added0%	−0.03 pp	20 q
GEGE Aerospace	0.12%	737,999	$209M	trimmed−86%	−0.74 pp	19 q
ITUBItau Unibanco Holding S.A.	0.09%	19,169,381	$161M	added0%	+0.02 pp	39 q
VSNTVersant Media Group, Inc. Class A	0.09%	4,510,956	$167M	new	+0.09 pp	new
HDBHDFC Bank Limited	0.08%	5,688,300	$142M	added+3%	−0.03 pp	10 q
COHRCoherent Corp.	0.07%	558,920	$133M	trimmed−17%	0.00 pp	15 q
GEVGE Vernova Inc.	0.06%	129,182	$113M	trimmed−7%	+0.01 pp	8 q
AXPAmerican Express Company	0.05%	277,490	$84M	trimmed−5%	−0.01 pp	52 q
BACBank of America Corporation	0.05%	1,819,565	$89M	trimmed−9%	−0.01 pp	52 q
FMSFresenius Medical Care AG	0.05%	3,826,910	$86M	held	—	17 q
CDNSCadence Design Systems	0.04%	230,899	$64M	trimmed−3%	0.00 pp	52 q
WMBWilliams Companies Inc.	0.04%	966,347	$70M	trimmed−3%	+0.01 pp	24 q
FLUTFlutter Entertainment plc	0.04%	628,878	$64M	held	—	9 q
UNPUnion Pacific Corp.	0.03%	260,952	$63M	trimmed−1%	0.00 pp	52 q
LBTYKLiberty Global Ltd. Class C	0.03%	5,255,568	$62M	trimmed−21%	−0.01 pp	52 q
CATCaterpillar Inc.	0.02%	39,994	$28M	trimmed−2%	+0.01 pp	52 q
CVXChevron Corporation	0.02%	205,109	$42M	trimmed−4%	0.00 pp	52 q
JPMJPMorgan Chase & Co.	0.02%	118,455	$35M	trimmed−5%	0.00 pp	52 q
LLYEli Lilly & Co.	0.02%	42,012	$39M	trimmed−1%	0.00 pp	52 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	107,800	$36M	held	—	10 q
NESRNational Energy Services Reunited Corp.	0.02%	1,599,994	$34M	trimmed−17%	0.00 pp	6 q
DISThe Walt Disney Company	0.01%	266,866	$26M	trimmed−1%	−0.01 pp	52 q
XOMExxon Mobil Corp	0.01%	73,858	$13M	trimmed−1%	+0.01 pp	52 q
IBMInternational Business Machines Corporation	0.01%	46,587	$11M	trimmed−0%	0.00 pp	52 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	210,226	$16M	added+14%	0.00 pp	9 q
MRKMerck & Co., Inc.	0.01%	136,050	$16M	trimmed−2%	0.00 pp	52 q
PGProcter & Gamble Company	0.01%	90,756	$13M	trimmed−0%	0.00 pp	52 q
TGTTarget Corporation	0.01%	96,664	$12M	trimmed−1%	0.00 pp	52 q
TMOThermo Fisher Scientific, Inc.	0.01%	25,741	$13M	held	—	52 q
TRVThe Travelers Companies, Inc.	0.01%	92,776	$27M	trimmed−2%	0.00 pp	52 q
WMTWalmart Inc.	0.01%	174,310	$22M	trimmed−3%	0.00 pp	52 q
AZNAstraZeneca PLC	0.01%	57,474	$11M	new	+0.01 pp	new
LBTYALiberty Global Ltd. Class A	0.01%	2,139,861	$26M	trimmed−52%	−0.02 pp	52 q
ACMRACM Research, Inc. Class A	0.00%	119,892	$5M	added+7%	0.00 pp	7 q
ABTAbbott Laboratories	0.00%	17,324	$2M	held	—	52 q
ABBVAbbvie Inc.	0.00%	10,393	$2M	held	—	52 q
ALLThe Allstate Corporation	0.00%	2,595	$538,047	held	—	52 q
MOAltria Group, Inc.	0.00%	20,500	$1M	trimmed−2%	0.00 pp	52 q
ABEVAmbev S.a.	0.00%	306,300	$894,396	added+3%	0.00 pp	6 q
AMPAmeriprise Financial, Inc.	0.00%	1,500	$666,600	held	—	52 q
AMGNAmgen Inc	0.00%	13,367	$5M	held	—	52 q
ADIAnalog Devices, Inc.	0.00%	20,021	$6M	trimmed−4%	0.00 pp	19 q
ELVElevance Health, Inc.	0.00%	1,300	$380,575	held	—	46 q
APAAPA Corporation	0.00%	21,500	$912,460	trimmed−4%	0.00 pp	21 q
AAPLApple Inc.	0.00%	31,607	$8M	trimmed−1%	0.00 pp	52 q
ATATAtour Lifestyle Holdings Limited	0.00%	28,152	$1M	held	—	2 q
BIDUBaidu, Inc.	0.00%	27,506	$3M	added+66%	0.00 pp	52 q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	52 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	11,440	$5M	held	—	52 q
BLKBlackrock, Inc.	0.00%	711	$683,776	held	—	6 q
BSXBoston Scientific Corp.	0.00%	88,885	$6M	held	—	52 q
AVGOBroadcom Inc.	0.00%	19,290	$6M	trimmed−6%	0.00 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.00%	105,119	$8M	trimmed−36%	−0.01 pp	47 q
CTASCintas Corp	0.00%	1,800	$304,452	held	—	14 q
KOCoca-Cola Company	0.00%	24,000	$2M	held	—	52 q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	52 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.00%	15,000	$35,850	held	—	6 q
GLWCorning Incorporated	0.00%	36,325	$5M	trimmed−1%	0.00 pp	52 q
CTVACorteva, Inc.	0.00%	20,336	$2M	trimmed−1%	0.00 pp	28 q
DHRDanaher Corporation	0.00%	16,450	$3M	held	—	47 q
DEDeere & Company	0.00%	12,626	$7M	held	—	52 q
DELLDell Technologies Inc.	0.00%	18,900	$3M	trimmed−1%	0.00 pp	30 q
DEODiageo plc	0.00%	11,077	$824,683	held	—	52 q
DOWDow Inc.	0.00%	9,713	$404,546	held	—	28 q
DDDuPont de Nemours, Inc.	0.00%	14,677	$672,207	trimmed−1%	0.00 pp	28 q
EBAYeBay Inc	0.00%	11,750	$1M	trimmed−8%	0.00 pp	52 q
GISGeneral Mills, Inc.	0.00%	11,200	$416,864	held	—	52 q
GPCGenuine Parts Company	0.00%	4,650	$491,738	held	—	52 q
ASRGrupo Aeroportuario del Sureste, S.A. de C.V.	0.00%	1,250	$420,163	trimmed−26%	0.00 pp	6 q
HALHalliburton Company	0.00%	5,500	$214,445	new	0.00 pp	new
HPEHewlett Packard Enterprise Company	0.00%	76,754	$2M	trimmed−11%	0.00 pp	42 q
HDHome Depot, Inc.	0.00%	22,447	$7M	trimmed−3%	0.00 pp	52 q
HONHoneywell International, Inc.	0.00%	8,019	$2M	held	—	52 q
ISRGIntuitive Surgical Inc.	0.00%	500	$230,495	held	—	8 q
JOYYJOYY Inc.	0.00%	42,006	$2M	trimmed−15%	0.00 pp	13 q
JNJJohnson & Johnson	0.00%	20,947	$5M	held	—	52 q
LVSLas Vegas Sands Corp.	0.00%	28,186	$2M	held	—	15 q
LAURLaureate Education, Inc.	0.00%	21,700	$756,028	added+38%	0.00 pp	4 q
LYVLive Nation Entertainment Inc.	0.00%	1,500	$228,765	trimmed−57%	0.00 pp	6 q
LMTLockheed Martin Corp.	0.00%	775	$468,402	held	—	31 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.00%	72,182	$800,498	added+66%	0.00 pp	14 q
MGMMgm Resorts International	0.00%	6,500	$240,565	trimmed−13%	0.00 pp	6 q
MCDMcDonald's Corporation	0.00%	6,425	$2M	trimmed−1%	0.00 pp	52 q
MELIMercado Libre, Inc	0.00%	1,987	$3M	added+43%	0.00 pp	3 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$682,458	held	—	52 q
MCOMoody's Corporation	0.00%	1,213	$529,171	held	—	52 q
MSIMotorola Solutions, Inc. New	0.00%	11,255	$5M	held	—	52 q
NEENextEra Energy, Inc.	0.00%	23,600	$2M	held	—	52 q
NUENucor Corporation	0.00%	6,200	$1M	held	—	52 q
NVDANvidia Corp	0.00%	3,400	$592,960	held	—	3 q
OTISOtis Worldwide Corporation	0.00%	6,010	$463,251	trimmed−62%	0.00 pp	24 q
PNCPNC Financial Services Group	0.00%	14,000	$3M	held	—	52 q
PPGPPG Industries, Inc.	0.00%	2,200	$235,136	held	—	24 q
PHParker-Hannifin Corporation	0.00%	2,500	$2M	held	—	52 q
PEPPepsiCo, Inc.	0.00%	3,075	$477,517	held	—	52 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	31,200	$647,400	held	—	20 q
PFEPfizer Inc.	0.00%	88,564	$2M	trimmed−2%	0.00 pp	52 q
PMPhilip Morris International Inc.	0.00%	16,500	$3M	trimmed−3%	0.00 pp	52 q
PSXPhillips 66	0.00%	2,600	$473,668	held	—	52 q
PSMTPricesmart Inc	0.00%	6,156	$926,478	held	—	3 q
QQnity Electronics, Inc.	0.00%	6,727	$776,161	trimmed−10%	0.00 pp	2 q
RIORio Tinto plc	0.00%	3,000	$279,870	held	—	2 q
SHELShell plc	0.00%	54,994	$5M	trimmed−0%	0.00 pp	17 q
SPGIS&P Global Inc.	0.00%	5,400	$2M	held	—	40 q
SLBSLB Limited	0.00%	109,824	$6M	trimmed−38%	0.00 pp	52 q
SNPSSynopsys Inc	0.00%	10,200	$4M	held	—	52 q
MMM3M Company	0.00%	7,676	$1M	held	—	52 q
TCOMTrip.com Group Limited	0.00%	49,250	$2M	added×2.6	0.00 pp	14 q
TFCTruist Financial Corporation	0.00%	19,151	$880,371	held	—	52 q
ULUnilever plc	0.00%	5,243	$298,694	trimmed−0%	0.00 pp	2 q
VZVerizon Communications	0.00%	5,500	$276,100	held	—	10 q
VIPSVipshop Holdings Limited	0.00%	190,797	$3M	added+54%	0.00 pp	19 q
VVISA Inc.	0.00%	859	$259,624	held	—	47 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,000	$7M	held	—	52 q
ZHZhihu Inc.	0.00%	481,092	$1M	added+51%	0.00 pp	3 q
AFYAAfya Limited Class A	0.00%	51,287	$762,638	added+45%	0.00 pp	13 q
ARCOArcos Dorados Holdings Inc.	0.00%	112,966	$931,970	held	—	6 q
TBBBBBB Foods Inc.	0.00%	90,700	$3M	new	0.00 pp	new
DLODLocal Limited Class A	0.00%	44,700	$579,759	added+22%	0.00 pp	8 q
GPRKGeopark Limited	0.00%	93,045	$883,928	held	—	15 q
PAXPatria Investments Limited Class A	0.00%	52,600	$662,760	added×2.5	0.00 pp	5 q
CBChubb Limited	0.00%	722	$235,321	held	—	5 q
JBSJbs N.v.	0.00%	44,750	$803,710	added×2.6	0.00 pp	4 q
CPACopa Holdings, S.A.	0.00%	6,000	$681,660	added+52%	0.00 pp	15 q
IFSIntercorp Financial Services Inc.	0.00%	17,391	$873,028	held	—	10 q
KAROKarooooo Ltd.	0.00%	42,233	$2M	added+73%	0.00 pp	2 q
AMRZAmrize Ltd	—	−5,385,441	—	exited	−0.16 pp	—
IEXIDEX Corporation	—	−1,262,550	—	exited	−0.12 pp	—
AZNNAstrazeneca Plc-spons ADR	—	−121,043	—	exited	−0.01 pp	—
ECHOEchoStar Corporation	—	−32,443	—	exited	0.00 pp	—
CIBGrupo Cibest S.A.	—	−12,046	—	exited	0.00 pp	—
PYPLPayPal Holdings, Inc.	—	−4,475	—	exited	0.00 pp	—
VOOVanguard S&P 500 ETF	—	−600	—	exited	0.00 pp	—