Dodge & Cox

Q2 2026 13F · by David Hoeft, CIO

As of: Jun 30, 2026
Filed: Aug 13, 2026
US stock: $191.0B · prev $182.0B
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%

Moves179 since the prior filing

+4.7 pp in · −4.6 pp out

New 7 +0.96 pp
Added 71 +3.72 pp
Trimmed 94 −3.85 pp
Exited 7 −0.78 pp

The book

Diversified · behaves like 61 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions222 in this filing · 7 exited


JCIJohnson Controls International plc	4.27%	55,776,006	$8.1B	trimmed−3%	+0.13 pp	40 q
SCHWThe Charles Schwab Corporation	3.72%	76,968,323	$7.1B	added+3%	−0.15 pp	53+ q
RTXRTX Corporation	3.49%	35,113,249	$6.7B	trimmed−1%	−0.27 pp	41 q
CVSCvs Health Corporation	2.71%	50,012,765	$5.2B	trimmed−3%	+0.67 pp	32 q
MSFTMicrosoft Corp	2.51%	12,836,229	$4.8B	added+7%	+0.08 pp	53+ q
BKNGBooking Holdings Inc.	2.38%	25,536,950	$4.6B	added+2%	+0.07 pp	34 q
HUMHumana Inc.	2.28%	10,940,380	$4.3B	trimmed−4%	+1.20 pp	9 q
GOOGAlphabet Inc. Class C	2.21%	11,961,097	$4.2B	trimmed−2%	+0.28 pp	49 q
METMetLife, Inc.	2.15%	48,431,150	$4.1B	trimmed−5%	+0.16 pp	53+ q
SUNBSunbelt Rentals Holdings, Inc.	2.14%	54,761,610	$4.1B	added+3%	+0.24 pp	2 q
AMZNAmazon.Com Inc	2.08%	16,708,513	$4.0B	added+11%	+0.35 pp	48 q
GOOGLAlphabet Inc. Class A	1.99%	10,658,860	$3.8B	added0%	+0.31 pp	43 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.97%	9,072,258	$3.8B	trimmed−4%	+0.56 pp	53+ q
METAMeta Platforms, Inc. Class A	1.91%	6,489,255	$3.7B	added+29%	+0.33 pp	25 q
OXYOccidental Petroleum Corporation	1.85%	72,764,944	$3.5B	trimmed−2%	−0.80 pp	53+ q
TELTE Connectivity plc	1.79%	16,968,886	$3.4B	added+16%	+0.10 pp	8 q
CIThe Cigna Group	1.76%	12,173,875	$3.4B	added+5%	+0.07 pp	31 q
REGNRegeneron Pharmaceuticals Inc	1.59%	4,871,137	$3.0B	added+9%	−0.30 pp	19 q
GILDGilead Sciences Inc	1.57%	23,677,567	$3.0B	trimmed−2%	−0.29 pp	48 q
IFFInternational Flavors & Fragrances Inc.	1.53%	37,007,037	$2.9B	added+1%	+0.08 pp	11 q
CMCSAComcast Corp	1.49%	115,903,125	$2.8B	added+2%	−0.29 pp	53+ q
AONAon plc Class A	1.49%	8,593,144	$2.9B	added+6%	+0.05 pp	4 q
APDAir Products & Chemicals, Inc.	1.44%	9,393,493	$2.8B	added+2%	−0.03 pp	53+ q
FTVFortive Corporation	1.41%	43,979,772	$2.7B	added+2%	+0.10 pp	7 q
BNBrookfield Corporation	1.36%	61,210,651	$2.6B	added+3%	+0.04 pp	3 q
WFCWells Fargo & Co.	1.36%	31,328,076	$2.6B	added+1%	0.00 pp	53+ q
GSKGSK plc	1.32%	48,197,514	$2.5B	trimmed−18%	−0.46 pp	16 q
FISVFiserv, Inc.	1.29%	50,194,946	$2.5B	trimmed−0%	−0.25 pp	23 q
BUDAnheuser-Busch INBEV SA/NV	1.27%	29,477,348	$2.4B	trimmed−1%	+0.14 pp	19 q
GEHCGE HealthCare Technologies Inc.	1.27%	37,864,164	$2.4B	added+21%	+0.05 pp	14 q
BNYBank of New York Mellon Corporation	1.26%	16,608,370	$2.4B	trimmed−29%	−0.27 pp	53+ q
ROPRoper Technologies, Inc.	1.25%	7,060,583	$2.4B	added×2.1	+0.60 pp	2 q
FDXFedEx Corporation	1.19%	7,233,269	$2.3B	trimmed−28%	−0.76 pp	53+ q
SBACSBA Communications Corp	1.14%	12,323,254	$2.2B	added+2%	0.00 pp	8 q
AJGArthur J. Gallagher & Co.	1.13%	9,363,634	$2.1B	added+27%	+0.25 pp	3 q
CHTRCharter Comm Inc Del CL A New	1.12%	15,032,214	$2.1B	added+3%	−0.62 pp	41 q
WTWWillis Towers Watson Public Limited Company	1.10%	8,025,392	$2.1B	added+9%	−0.07 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	1.09%	24,124,735	$2.1B	added+2%	−0.08 pp	18 q
CARRCarrier Global Corporation	1.06%	27,475,603	$2.0B	added+3%	+0.24 pp	25 q
BKRBaker Hughes Company	1.01%	34,854,482	$1.9B	trimmed−3%	−0.19 pp	36 q
FISFidelity National Information Services, Inc.	1.00%	49,069,080	$1.9B	trimmed−0%	−0.27 pp	17 q
VVISA Inc.	0.97%	5,417,326	$1.9B	added×6306.5	+0.97 pp	48 q
COFCapital One Financial	0.96%	9,117,926	$1.8B	added+4%	+0.08 pp	53+ q
TRUTransUnion	0.91%	24,196,211	$1.7B	added+49%	+0.29 pp	3 q
ELANElanco Animal Health Incorporated	0.87%	67,397,025	$1.7B	trimmed−2%	−0.04 pp	20 q
UBSUBS Group AG	0.87%	33,630,342	$1.7B	trimmed−0%	+0.15 pp	32 q
TMOThermo Fisher Scientific, Inc.	0.80%	3,054,778	$1.5B	added×118.7	+0.79 pp	53+ q
HLNHaleon plc	0.73%	149,934,507	$1.4B	added+2%	−0.08 pp	16 q
INCYIncyte Genomics Inc	0.71%	11,957,326	$1.4B	trimmed−2%	+0.08 pp	31 q
SUSuncor Energy, Inc.	0.71%	25,366,554	$1.4B	trimmed−3%	−0.24 pp	40 q
LPLALPL Financial Holdings Inc.	0.68%	4,578,679	$1.3B	added+10%	−0.01 pp	8 q
CPNGCoupang, Inc.	0.66%	72,194,220	$1.3B	added0%	−0.09 pp	9 q
BAXBaxter International Inc.	0.65%	58,386,345	$1.2B	added+2%	+0.12 pp	12 q
DDominion Energy, Inc	0.65%	18,303,470	$1.2B	trimmed−6%	−0.01 pp	14 q
SNYSanofi	0.63%	28,088,274	$1.2B	trimmed−5%	−0.15 pp	53+ q
AEPAmerican Electric Power Company, Inc.	0.62%	8,674,355	$1.2B	trimmed−1%	−0.01 pp	10 q
AVTRAvantor, Inc.	0.62%	120,020,974	$1.2B	added0%	+0.10 pp	12 q
SUISun Communities, Inc	0.60%	9,500,781	$1.1B	trimmed−33%	−0.39 pp	10 q
ADMArcher Daniels Midland Company	0.57%	14,182,325	$1.1B	trimmed−10%	−0.06 pp	5 q
FDXFFedEx Freight Holding Company, Inc.	0.57%	7,182,771	$1.1B	new	+0.57 pp	new
TMUST-Mobile US, Inc.	0.56%	6,335,783	$1.1B	added+3%	−0.15 pp	25 q
TDYTeledyne Technologies Incorporated	0.56%	1,612,837	$1.1B	added+1%	+0.03 pp	5 q
RALRalliant Corporation	0.54%	14,005,203	$1.0B	added+2%	+0.23 pp	5 q
BAPCredicorp LTD	0.53%	2,614,315	$1.0B	trimmed−23%	−0.11 pp	24 q
NVONovo-Nordisk A/S	0.51%	20,397,110	$978M	added+6%	+0.12 pp	2 q
BABAAlibaba Group Holding Limited	0.50%	9,957,970	$956M	added0%	−0.18 pp	31 q
CXCemex S.A.B. de C.V.	0.50%	80,187,637	$962M	trimmed−6%	−0.04 pp	53+ q
COPConocoPhillips	0.50%	9,266,284	$963M	trimmed−4%	−0.20 pp	53+ q
HPQHP Inc.	0.49%	42,627,828	$935M	added+2%	+0.05 pp	43 q
NBIXNeurocrine Biosciences Inc	0.49%	5,584,707	$941M	added+2%	+0.09 pp	12 q
BMRNBioMarin Pharmaceuticals Inc	0.44%	14,844,930	$849M	added+2%	−0.01 pp	27 q
FCNCAFirst Citizens BancShares Inc	0.44%	404,215	$841M	added+3%	+0.03 pp	3 q
NSCNorfolk Southern Corp.	0.41%	2,508,128	$789M	trimmed−60%	−0.58 pp	53+ q
KKRKKR & Co. Inc.	0.39%	8,060,515	$740M	new	+0.39 pp	new
TAPMolson Coors Beverage Company Class B	0.39%	19,065,434	$743M	added+3%	−0.05 pp	33 q
TIGOMillicom International Cellular S.A.	0.39%	8,218,532	$746M	added+1%	+0.05 pp	6 q
CECelanese Corporation	0.37%	15,282,234	$703M	trimmed−0%	−0.18 pp	53+ q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.36%	1,440,767	$688M	added×13.4	+0.34 pp	11 q
LINLinde plc	0.36%	1,326,590	$688M	held	—	14 q
ADBEAdobe Inc.	0.33%	3,114,932	$639M	added+25%	0.00 pp	53+ q
GLPIGaming and Leisure Properties, Inc.	0.32%	13,773,135	$613M	added+2%	−0.01 pp	18 q
MDTMedtronic plc	0.32%	7,875,898	$616M	added+2%	−0.05 pp	46 q
ALNYAlnylam Pharmaceuticals, Inc.	0.31%	1,955,393	$589M	added+1%	−0.04 pp	41 q
FOXAFox Corporation Class A	0.31%	11,223,096	$585M	added+3%	−0.04 pp	30 q
CTSHCognizant Technology Solutions	0.29%	14,542,493	$563M	added+2%	−0.19 pp	29 q
XPXP Inc. Class A	0.28%	32,564,312	$529M	trimmed−1%	−0.06 pp	19 q
MCHPMicrochip Technology Inc	0.26%	5,533,359	$505M	trimmed−10%	+0.04 pp	32 q
AEGAegon Ltd.	0.20%	44,635,184	$377M	trimmed−12%	0.00 pp	11 q
VFCV.F. Corporation	0.20%	22,406,175	$374M	trimmed−32%	−0.11 pp	12 q
BNTXBioNTech SE	0.18%	3,677,591	$342M	added0%	0.00 pp	5 q
FOXFox Corporation Class B	0.18%	7,266,093	$340M	added+1%	−0.03 pp	30 q
PDDPDD Holdings Inc.	0.18%	4,550,000	$347M	added0%	−0.07 pp	3 q
YUMCYum China Holdings, Inc.	0.18%	8,365,562	$342M	added0%	−0.04 pp	21 q
TRPTC Energy Corporation	0.17%	5,034,800	$334M	trimmed−43%	−0.14 pp	24 q
JDJD.com, Inc.	0.16%	12,194,648	$311M	held	—	43 q
NWSANews Corporation Class A	0.16%	12,538,190	$311M	added+2%	−0.01 pp	52 q
NTESNetEase, inc.	0.15%	2,162,476	$277M	added0%	+0.02 pp	21 q
GEGE Aerospace	0.12%	598,052	$224M	trimmed−19%	0.00 pp	20 q
COHRCoherent Corp.	0.11%	544,160	$215M	trimmed−3%	+0.04 pp	16 q
HDBHDFC Bank Limited	0.09%	6,678,700	$173M	added+17%	+0.01 pp	11 q
GEVGE Vernova Inc.	0.08%	122,871	$144M	trimmed−5%	+0.02 pp	9 q
ITUBItau Unibanco Holding S.A.	0.08%	18,185,181	$149M	trimmed−5%	−0.01 pp	40 q
VSNTVersant Media Group, Inc. Class A	0.08%	4,472,367	$161M	trimmed−1%	−0.01 pp	2 q
GSGoldman Sachs Group Inc.	0.07%	134,131	$136M	trimmed−90%	−0.57 pp	53+ q
NVSNovartis AG	0.06%	759,373	$119M	trimmed−89%	−0.52 pp	53+ q
AXPAmerican Express Company	0.05%	271,279	$92M	trimmed−2%	0.00 pp	53+ q
BACBank of America Corporation	0.05%	1,741,970	$99M	trimmed−4%	0.00 pp	53+ q
FMSFresenius Medical Care AG	0.05%	3,826,910	$87M	held	—	18 q
CDNSCadence Design Systems	0.04%	228,012	$86M	trimmed−1%	0.00 pp	53+ q
UNPUnion Pacific Corp.	0.04%	260,902	$71M	trimmed−0%	+0.01 pp	53+ q
WMBWilliams Companies Inc.	0.04%	944,450	$70M	trimmed−2%	0.00 pp	25 q
DHRDanaher Corporation	0.03%	257,039	$49M	added×15.6	+0.03 pp	48 q
LLYEli Lilly & Co.	0.03%	41,258	$49M	trimmed−2%	+0.01 pp	53+ q
FLUTFlutter Entertainment plc	0.03%	628,878	$64M	held	—	10 q
NESRNational Energy Services Reunited Corp.	0.03%	1,595,994	$48M	trimmed−0%	+0.01 pp	7 q
CATCaterpillar Inc.	0.02%	39,404	$42M	trimmed−1%	0.00 pp	53+ q
CVXChevron Corporation	0.02%	202,503	$34M	trimmed−1%	0.00 pp	53+ q
JPMJPMorgan Chase & Co.	0.02%	117,130	$38M	trimmed−1%	0.00 pp	53+ q
TRVThe Travelers Companies, Inc.	0.02%	90,119	$30M	trimmed−3%	+0.01 pp	53+ q
ACMRACM Research, Inc. Class A	0.01%	116,392	$15M	trimmed−3%	+0.01 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.01%	88,409	$10M	trimmed−16%	+0.01 pp	48 q
DISThe Walt Disney Company	0.01%	261,007	$25M	trimmed−2%	0.00 pp	53+ q
XOMExxon Mobil Corp	0.01%	73,858	$10M	held	—	53+ q
IBMInternational Business Machines Corporation	0.01%	45,995	$13M	trimmed−1%	0.00 pp	53+ q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.01%	252,826	$22M	added+20%	0.00 pp	10 q
MRKMerck & Co., Inc.	0.01%	135,750	$17M	trimmed−0%	0.00 pp	53+ q
PGProcter & Gamble Company	0.01%	90,706	$13M	trimmed−0%	0.00 pp	53+ q
TGTTarget Corporation	0.01%	95,639	$12M	trimmed−1%	0.00 pp	53+ q
WMTWalmart Inc.	0.01%	172,435	$20M	trimmed−1%	0.00 pp	53+ q
AZNAstraZeneca PLC	0.01%	55,949	$11M	trimmed−3%	0.00 pp	2 q
LBTYALiberty Global Ltd. Class A	0.01%	2,444,614	$27M	added+14%	0.00 pp	53+ q
ABTAbbott Laboratories	0.00%	17,324	$2M	held	—	53+ q
ABBVAbbvie Inc.	0.00%	10,393	$3M	held	—	53+ q
AMGAffiliated Managers Group	0.00%	600	$203,040	new	0.00 pp	new
ALLThe Allstate Corporation	0.00%	2,595	$617,454	held	—	53+ q
MOAltria Group, Inc.	0.00%	20,500	$1M	held	—	53+ q
ABEVAmbev S.a.	0.00%	252,700	$793,478	trimmed−18%	0.00 pp	7 q
AMPAmeriprise Financial, Inc.	0.00%	1,500	$688,140	held	—	53+ q
AMGNAmgen Inc	0.00%	12,817	$5M	trimmed−4%	0.00 pp	53+ q
ADIAnalog Devices, Inc.	0.00%	19,210	$8M	trimmed−4%	0.00 pp	20 q
ELVElevance Health, Inc.	0.00%	1,300	$502,749	held	—	47 q
APAAPA Corporation	0.00%	19,500	$635,115	trimmed−9%	0.00 pp	22 q
AAPLApple Inc.	0.00%	31,382	$9M	trimmed−1%	0.00 pp	53+ q
ATATAtour Lifestyle Holdings Limited	0.00%	45,652	$1M	added+62%	0.00 pp	3 q
BIDUBaidu, Inc.	0.00%	26,006	$3M	trimmed−5%	0.00 pp	53+ q
BRK.ABerkshire Hathaway Inc.	0.00%	4	$3M	held	—	53+ q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	11,440	$6M	held	—	53+ q
BLKBlackrock, Inc.	0.00%	711	$683,669	held	—	7 q
BSXBoston Scientific Corp.	0.00%	87,485	$4M	trimmed−2%	0.00 pp	53+ q
BMYBristol-Myers Squibb Co.	0.00%	42,361	$2M	trimmed−99%	−0.15 pp	53+ q
AVGOBroadcom Inc.	0.00%	19,290	$7M	held	—	11 q
CTASCintas Corp	0.00%	1,800	$306,144	held	—	15 q
KOCoca-Cola Company	0.00%	24,000	$2M	held	—	53+ q
CLColgate-Palmolive Company	0.00%	14,000	$1M	held	—	53+ q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.00%	15,000	$31,500	held	—	7 q
GLWCorning Incorporated	0.00%	34,665	$9M	trimmed−5%	0.00 pp	53+ q
CTVACorteva, Inc.	0.00%	20,203	$2M	trimmed−1%	0.00 pp	29 q
DEDeere & Company	0.00%	12,626	$8M	held	—	53+ q
DELLDell Technologies Inc.	0.00%	17,250	$7M	trimmed−9%	0.00 pp	31 q
DEODiageo plc	0.00%	11,077	$890,369	held	—	53+ q
DOWDow Inc.	0.00%	9,114	$249,359	trimmed−6%	0.00 pp	29 q
DDDuPont de Nemours, Inc.	0.00%	4,705	$638,141	trimmed−4%	0.00 pp	29 q
FUTUFutu Holdings Limited	0.00%	4,200	$393,708	new	0.00 pp	new
GISGeneral Mills, Inc.	0.00%	11,200	$389,760	held	—	53+ q
GPCGenuine Parts Company	0.00%	4,450	$525,011	trimmed−4%	0.00 pp	53+ q
ASRGrupo Aeroportuario del Sureste, S.A. de C.V.	0.00%	2,630	$806,621	added×2.1	0.00 pp	7 q
HPEHewlett Packard Enterprise Company	0.00%	63,450	$3M	trimmed−17%	0.00 pp	43 q
HDHome Depot, Inc.	0.00%	22,382	$8M	trimmed−0%	0.00 pp	53+ q
HONAHoneywell Aerospace Inc.	0.00%	4,009	$886,310	new	0.00 pp	new
HONHoneywell International, Inc.	0.00%	4,010	$897,727	trimmed−50%	0.00 pp	53+ q
JOYYJOYY Inc.	0.00%	41,006	$3M	trimmed−2%	0.00 pp	14 q
JNJJohnson & Johnson	0.00%	20,947	$5M	held	—	53+ q
LVSLas Vegas Sands Corp.	0.00%	28,186	$1M	held	—	16 q
LAURLaureate Education, Inc.	0.00%	27,200	$987,904	added+25%	0.00 pp	5 q
LYVLive Nation Entertainment Inc.	0.00%	1,500	$274,665	held	—	7 q
LMTLockheed Martin Corp.	0.00%	775	$394,832	held	—	32 q
MGMMgm Resorts International	0.00%	6,000	$286,860	trimmed−8%	0.00 pp	7 q
MCDMcDonald's Corporation	0.00%	6,425	$2M	held	—	53+ q
MELIMercado Libre, Inc	0.00%	1,987	$3M	held	—	4 q
MDLZMondelez International, Inc. Class A	0.00%	11,840	$684,826	held	—	53+ q
MCOMoody's Corporation	0.00%	1,213	$549,392	held	—	53+ q
MSIMotorola Solutions, Inc. New	0.00%	10,866	$5M	trimmed−3%	0.00 pp	53+ q
NEENextEra Energy, Inc.	0.00%	23,000	$2M	trimmed−3%	0.00 pp	53+ q
NUENucor Corporation	0.00%	6,200	$1M	held	—	53+ q
NVDANvidia Corp	0.00%	3,400	$680,306	held	—	4 q
OTISOtis Worldwide Corporation	0.00%	5,210	$373,036	trimmed−13%	0.00 pp	25 q
PNCPNC Financial Services Group	0.00%	13,960	$3M	trimmed−0%	0.00 pp	53+ q
PPGPPG Industries, Inc.	0.00%	2,200	$266,838	held	—	25 q
PHParker-Hannifin Corporation	0.00%	2,500	$2M	held	—	53+ q
PEPPepsiCo, Inc.	0.00%	3,075	$416,355	held	—	53+ q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	30,000	$484,800	trimmed−4%	0.00 pp	21 q
PFEPfizer Inc.	0.00%	87,814	$2M	trimmed−1%	0.00 pp	53+ q
PMPhilip Morris International Inc.	0.00%	16,500	$3M	held	—	53+ q
PSXPhillips 66	0.00%	2,600	$439,530	held	—	53+ q
QQnity Electronics, Inc.	0.00%	6,369	$1M	trimmed−5%	0.00 pp	3 q
RIORio Tinto plc	0.00%	3,000	$284,790	held	—	3 q
SHELShell plc	0.00%	54,269	$4M	trimmed−1%	0.00 pp	18 q
SPGIS&P Global Inc.	0.00%	5,200	$2M	trimmed−4%	0.00 pp	41 q
SLBSLB Limited	0.00%	98,424	$5M	trimmed−10%	0.00 pp	53+ q
SESea Limited	0.00%	22,950	$2M	new	0.00 pp	new
STTState Street Corporation	0.00%	33,325	$6M	trimmed−99%	−0.24 pp	53+ q
SNPSSynopsys Inc	0.00%	10,100	$5M	trimmed−1%	0.00 pp	53+ q
MMM3M Company	0.00%	7,558	$1M	trimmed−2%	0.00 pp	53+ q
TCOMTrip.com Group Limited	0.00%	49,250	$2M	held	—	15 q
TFCTruist Financial Corporation	0.00%	19,151	$954,103	held	—	53+ q
ULUnilever plc	0.00%	5,243	$315,209	held	—	3 q
VOOVanguard S&P 500 ETF	0.00%	300	$206,168	new	0.00 pp	new
VZVerizon Communications	0.00%	5,500	$232,870	held	—	11 q
VIPSVipshop Holdings Limited	0.00%	190,797	$3M	held	—	20 q
VMCVulcan Materials Company(Holding Company)	0.00%	24,000	$7M	held	—	53+ q
ZHZhihu Inc.	0.00%	501,092	$2M	added+4%	0.00 pp	4 q
AFYAAfya Limited Class A	0.00%	51,287	$761,099	held	—	14 q
ARCOArcos Dorados Holdings Inc.	0.00%	112,966	$910,506	held	—	7 q
TBBBBBB Foods Inc.	0.00%	90,700	$4M	held	—	2 q
DLODLocal Limited Class A	0.00%	61,500	$799,193	added+38%	0.00 pp	9 q
GPRKGeopark Limited	0.00%	93,045	$846,710	held	—	16 q
PAXPatria Investments Limited Class A	0.00%	115,700	$1M	added×2.2	0.00 pp	6 q
CBChubb Limited	0.00%	722	$246,014	held	—	6 q
JBSJbs N.v.	0.00%	67,250	$796,913	added+50%	0.00 pp	5 q
CPACopa Holdings, S.A.	0.00%	7,250	$1M	added+21%	0.00 pp	16 q
IFSIntercorp Financial Services Inc.	0.00%	17,391	$990,591	held	—	11 q
KAROKarooooo Ltd.	0.00%	69,733	$3M	added+65%	0.00 pp	3 q
LYBLyondellBasell Industries N.V. Class A	—	−16,839,152	—	exited	−0.75 pp	—
LBTYKLiberty Global Ltd. Class C	—	−5,255,568	—	exited	−0.03 pp	—
EBAYeBay Inc	—	−11,750	—	exited	0.00 pp	—
HALHalliburton Company	—	−5,500	—	exited	0.00 pp	—
ISRGIntuitive Surgical Inc.	—	−500	—	exited	0.00 pp	—
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	—	−72,182	—	exited	0.00 pp	—
PSMTPricesmart Inc	—	−6,156	—	exited	0.00 pp	—