Sarah Ketterer

Causeway Capital Management

2026Q1 · filed May 14, 2026107 positions · $8.15Btop-5 54%

2026Q1 brief

Sarah Ketterer's Causeway made the boldest single-quarter move in the cohort: AstraZeneca was initiated as an ADR position at a massive 17.66% of the $8.15B portfolio (while the prior AZN ADR holding at 1.28% was simultaneously exited — a share-class consolidation), instantly becoming the largest position by a wide margin. Paired with a near-doubling of Deutsche Bank (+76% to 8.88%), Causeway is making concentrated macro calls on European large-caps at a time when many U.S.-based super-investors are underweight the region. Canadian Pacific (CP) was trimmed 30% to 8.47%, reducing North American rail exposure. The addition of AngloGold Ashanti (+107% to 1.06%) and new TAL Education (0.49%) signals opportunistic emerging-market positioning. Exits of ALLY and VALE suggest a continued cleanup of commodity and domestic-finance names. With over 54% of the portfolio in just five names, concentration risk is elevated relative to Causeway's historical style. Watch whether Deutsche Bank continues to grow — a further add would confirm a high-conviction European bank thesis heading into ECB policy normalization.

AI-generated. Not investment advice.

Holdings (107) · click any column to sort

#↑	Ticker	Issuer	% Port.	This Q	History	Value
1	AZN	Astrazeneca Plc	17.7%	New	— 1q held	$1.44B
2	CCL	Carnival Corp	11.8%		9q held	$960M
3	DB	Deutsche Bank AG	8.9%	+76%	5q held	$723M
4	CP	Canadian Pacific Kansas City	8.5%	-30%	11q held	$690M
5	SW	Smurfit Westrock Plc	7.6%		7q held	$620M
6	TSM	Taiwan Semiconductor-sp Adr	2.1%		40q held	$172M
7	BABA	Alibaba Group Holding-sp Adr	1.6%		40q held	$134M
8	CARR	Carrier Global Corp	1.5%		14q held	$118M
9	MRK	Merck & Co. Inc.	1.3%		12q held	$103M
10	GOOG	Alphabet Inc-cl C	1.2%		23q held	$97M
11	CTSH	Cognizant Tech Solutions-a	1.1%		8q held	$92M
12	ALK	Alaska Air Group Inc	1.1%	+74%	9q held	$92M
13	AU	Anglogold Ashanti Plc	1.1%	+107%	6q held	$86M
14	BCS	Barclays Plc-spons Adr	1.1%		40q held	$86M
15	G2519Y108	Credicorp Ltd	1.0%		23q held	$83M
16	META	Meta Platforms Inc-class A	1.0%	+31%	20q held	$83M
17	G0692U109	Axis Capital Holdings Ltd	1.0%		7q held	$83M
18	EG	Everest Group Ltd	1.0%		3q held	$82M
19	LYV	Live Nation Entertainment IN	1.0%		7q held	$80M
20	SAP	Sap Se-sponsored Adr	1.0%	+82%	39q held	$78M
21	RELX	Relx Plc - Spon Adr	0.9%	+94%	28q held	$76M
22	GFI	Gold Fields Ltd-spons Adr	0.9%		5q held	$74M
23	ZBH	Zimmer Biomet Holdings Inc	0.9%		24q held	$73M
24	G3922B107	Genpact Ltd	0.9%		24q held	$73M
25	C	Citigroup Inc	0.9%		40q held	$72M
26	PHG	Koninklijke Philips Nvr- NY	0.8%		17q held	$67M
27	BAH	Booz Allen Hamilton Holdings	0.8%	+116%	2q held	$67M
28	WHR	Whirlpool Corp	0.8%	+58%	6q held	$65M
29	ADI	Analog Devices Inc	0.8%	-23%	10q held	$64M
30	CFG	Citizens Financial Group	0.8%		12q held	$63M
31	BA	Boeing Co/the	0.8%	+107%	4q held	$62M
32	JLL	Jones Lang Lasalle Inc	0.7%	+213%	20q held	$57M
33	DIS	Walt Disney Co/the	0.7%		25q held	$54M
34	PFE	Pfizer Inc	0.7%		8q held	$54M
35	BIIB	Biogen Inc	0.6%	-46%	8q held	$51M
36	SNY	Sanofi-adr	0.6%		31q held	$51M
37	IR	Ingersoll-rand Inc	0.6%		4q held	$50M
38	DEO	Diageo Plc-sponsored Adr	0.6%	+37%	26q held	$50M
39	APTV	Aptiv Plc	0.6%		5q held	$47M
40	VEA	Vanguard Ftse Developed Etf	0.6%	+75%	16q held	$47M
41	DTE	Dte Energy Company	0.6%	New	— 1q held	$47M
42	BP	BP Plc-spons Adr	0.6%	-39%	36q held	$47M
43	NGG	National Grid Plc-sp Adr	0.6%	-24%	5q held	$46M
44	NWG	Natwest Group Plc -spon Adr	0.5%	+88%	11q held	$45M
45	JOYY	Joyy Inc-adr	0.5%		12q held	$44M
46	NVO	Novo-nordisk A/s-spons Adr	0.5%		4q held	$43M
47	G68707101	Pagseguro Digital Ltd	0.5%		4q held	$41M
48	BUD	Anheuser-busch Inbev-spn Adr	0.5%		15q held	$40M
49	ING	Ing Groep N.v.-sponsored Adr	0.5%	+57%	40q held	$40M
50	TXN	Texas Instruments Inc	0.5%	New	— 1q held	$40M
51	TAL	Tal Education Group- Adr	0.5%	New	10q held	$40M
52	PUK	Prudential Plc-adr	0.5%		40q held	$38M
53	SNN	Smith & Nephew Plc -spon Adr	0.4%	+58%	6q held	$30M
54	BTI	British American Tob-sp Adr	0.4%		40q held	$29M
55	SMIN	Ishares Msci India Small-cap	0.3%		20q held	$28M
56	PBR/A	Petroleo Brasil-sp Pref Adr	0.3%	New	31q held	$28M
57	INFY	Infosys Ltd-sp Adr	0.3%	-24%	40q held	$26M
58	SMFG	Sumitomo Mitsui-spons Adr	0.3%		39q held	$25M
59	GGB	Gerdau SA -spon Adr	0.3%		17q held	$25M
60	PDD	Pdd Holdings Inc	0.3%	-36%	18q held	$24M
61	M9T951109	Zim Integrated Shipping Services Ltd	0.3%	-27%	11q held	$23M
62	WB	Weibo Corp-spon Adr	0.3%		9q held	$23M
63	CGAU	Centerra Gold Inc	0.3%		6q held	$22M
64	INDA	Ishares Msci India Etf	0.3%		38q held	$22M
65	BXP	Bxp Inc	0.2%	+40%	5q held	$20M
66	UNH	Unitedhealth Group Inc	0.2%	New	11q held	$19M
67	VIST	Vista Energy Sab DE CV	0.2%	New	7q held	$17M
68	L6388F110	Millicom International Cellular SA	0.2%		3q held	$16M
69	SHG	Shinhan Financial Group-adr	0.2%	-56%	8q held	$16M
70	VSS	Vanguard Ftse All WO X-us SC	0.2%	+42%	25q held	$15M
71	MT	Arcelormittal-ny Registered	0.2%	-31%	18q held	$14M
72	FSM	Fortuna Mining Corp	0.2%	+45%	3q held	$12M
73	IBN	Icici Bank Ltd-spon Adr	0.1%		40q held	$12M
74	FINV	Finvolution Group-adr	0.1%		19q held	$12M
75	HDB	Hdfc Bank Ltd-adr	0.1%		40q held	$10M
76	CIB	Grupo Cibest Sa-adr	0.1%	New	— 1q held	$10M
77	CLS	Celestica Inc	0.1%	-66%	5q held	$7M
78	TME	Tencent Music Entertainm-adr	0.1%	-64%	11q held	$6M
79	QFIN	Qfin Holdings Inc-adr	0.1%	-75%	23q held	$4M
80	EFA	Ishares Msci Eafe Etf	<0.1%	-55%	14q held	$4M
81	EWT	Ishares Msci Taiwan Etf	<0.1%	-80%	18q held	$3M
82	V5633W109	Makemytrip Ltd	<0.1%		14q held	$2M
83	ACWI	Ishares Msci Acwi Etf	<0.1%	+41%	14q held	$2M
84	KSA	Ishrs Msci Saudi Arabia Etf	<0.1%	New	27q held	$2M
85	EFXT	Enerflex Ltd	<0.1%	-28%	2q held	$1M
86	ITRN	Ituran Location And Control Ltd	<0.1%		3q held	$1M
87	M5425M103	Inmode Ltd	<0.1%		6q held	$983K
88	WIT	Wipro Ltd-adr	<0.1%		38q held	$940K
89	NVDA	Nvidia Corp	<0.1%		9q held	$626K
90	GSK	Gsk Plc-spon Adr	<0.1%	-67%	16q held	$613K
91	SCZ	Ishares Msci Eafe Small-cap	<0.1%	New	2q held	$557K
92	VEU	Vanguard Ftse All-world Ex-u	<0.1%	-57%	11q held	$465K
93	BTG	B2gold Corp	<0.1%		11q held	$428K
94	Y2990R101	Hafnia Ltd	<0.1%	New	— 1q held	$416K
95	VWO	Vanguard Ftse Emerging Marke	<0.1%	-88%	18q held	$404K
96	N4732M103	Jbs NV	<0.1%		4q held	$377K
97	PDS	Precision Drilling Corp	<0.1%		2q held	$323K
98	B	Barrick Mining Corp	<0.1%	-100%	4q held	$316K
99	G7496G103	Renaissancere Holdings Ltd	<0.1%	+40%	2q held	$295K
100	MSFT	Microsoft Corp	<0.1%	-20%	28q held	$286K
101	Y10230103	BW Lpg Ltd	<0.1%	New	— 1q held	$269K
102	AVGO	Broadcom Inc	<0.1%		14q held	$261K
103	FIX	Comfort Systems Usa Inc	<0.1%	-24%	2q held	$254K
104	AAPL	Apple Inc	<0.1%		7q held	$234K
105	NVS	Novartis Ag-sponsored Adr	<0.1%	-23%	40q held	$227K
106	ALL	Allstate Corp	<0.1%	New	5q held	$208K
107	INN	Summit Hotel Properties Inc	<0.1%		4q held	$66K

Sort↑

1AZN
17.7%
$1.44B
Astrazeneca Plc
this Q New·—1q
2CCL
11.8%
$960M
Carnival Corp
this Q hold·9q
3DB
8.9%
$723M
Deutsche Bank AG
this Q +76%·5q
4CP
8.5%
$690M
Canadian Pacific Kansas City
this Q -30%·11q
5SW
7.6%
$620M
Smurfit Westrock Plc
this Q hold·7q
6TSM
2.1%
$172M
Taiwan Semiconductor-sp Adr
this Q hold·40q
7BABA
1.6%
$134M
Alibaba Group Holding-sp Adr
this Q hold·40q
8CARR
1.5%
$118M
Carrier Global Corp
this Q hold·14q
9MRK
1.3%
$103M
Merck & Co. Inc.
this Q hold·12q
10GOOG
1.2%
$97M
Alphabet Inc-cl C
this Q hold·23q
11CTSH
1.1%
$92M
Cognizant Tech Solutions-a
this Q hold·8q
12ALK
1.1%
$92M
Alaska Air Group Inc
this Q +74%·9q
13AU
1.1%
$86M
Anglogold Ashanti Plc
this Q +107%·6q
14BCS
1.1%
$86M
Barclays Plc-spons Adr
this Q hold·40q
15G2519Y108
1.0%
$83M
Credicorp Ltd
this Q hold·23q
16META
1.0%
$83M
Meta Platforms Inc-class A
this Q +31%·20q
17G0692U109
1.0%
$83M
Axis Capital Holdings Ltd
this Q hold·7q
18EG
1.0%
$82M
Everest Group Ltd
this Q hold·3q
19LYV
1.0%
$80M
Live Nation Entertainment IN
this Q hold·7q
20SAP
1.0%
$78M
Sap Se-sponsored Adr
this Q +82%·39q
21RELX
0.9%
$76M
Relx Plc - Spon Adr
this Q +94%·28q
22GFI
0.9%
$74M
Gold Fields Ltd-spons Adr
this Q hold·5q
23ZBH
0.9%
$73M
Zimmer Biomet Holdings Inc
this Q hold·24q
24G3922B107
0.9%
$73M
Genpact Ltd
this Q hold·24q
25C
0.9%
$72M
Citigroup Inc
this Q hold·40q
26PHG
0.8%
$67M
Koninklijke Philips Nvr- NY
this Q hold·17q
27BAH
0.8%
$67M
Booz Allen Hamilton Holdings
this Q +116%·2q
28WHR
0.8%
$65M
Whirlpool Corp
this Q +58%·6q
29ADI
0.8%
$64M
Analog Devices Inc
this Q -23%·10q
30CFG
0.8%
$63M
Citizens Financial Group
this Q hold·12q
31BA
0.8%
$62M
Boeing Co/the
this Q +107%·4q
32JLL
0.7%
$57M
Jones Lang Lasalle Inc
this Q +213%·20q
33DIS
0.7%
$54M
Walt Disney Co/the
this Q hold·25q
34PFE
0.7%
$54M
Pfizer Inc
this Q hold·8q
35BIIB
0.6%
$51M
Biogen Inc
this Q -46%·8q
36SNY
0.6%
$51M
Sanofi-adr
this Q hold·31q
37IR
0.6%
$50M
Ingersoll-rand Inc
this Q hold·4q
38DEO
0.6%
$50M
Diageo Plc-sponsored Adr
this Q +37%·26q
39APTV
0.6%
$47M
Aptiv Plc
this Q hold·5q
40VEA
0.6%
$47M
Vanguard Ftse Developed Etf
this Q +75%·16q
41DTE
0.6%
$47M
Dte Energy Company
this Q New·—1q
42BP
0.6%
$47M
BP Plc-spons Adr
this Q -39%·36q
43NGG
0.6%
$46M
National Grid Plc-sp Adr
this Q -24%·5q
44NWG
0.5%
$45M
Natwest Group Plc -spon Adr
this Q +88%·11q
45JOYY
0.5%
$44M
Joyy Inc-adr
this Q hold·12q
46NVO
0.5%
$43M
Novo-nordisk A/s-spons Adr
this Q hold·4q
47G68707101
0.5%
$41M
Pagseguro Digital Ltd
this Q hold·4q
48BUD
0.5%
$40M
Anheuser-busch Inbev-spn Adr
this Q hold·15q
49ING
0.5%
$40M
Ing Groep N.v.-sponsored Adr
this Q +57%·40q
50TXN
0.5%
$40M
Texas Instruments Inc
this Q New·—1q
51TAL
0.5%
$40M
Tal Education Group- Adr
this Q New·10q
52PUK
0.5%
$38M
Prudential Plc-adr
this Q hold·40q
53SNN
0.4%
$30M
Smith & Nephew Plc -spon Adr
this Q +58%·6q
54BTI
0.4%
$29M
British American Tob-sp Adr
this Q hold·40q
55SMIN
0.3%
$28M
Ishares Msci India Small-cap
this Q hold·20q
56PBR/A
0.3%
$28M
Petroleo Brasil-sp Pref Adr
this Q New·31q
57INFY
0.3%
$26M
Infosys Ltd-sp Adr
this Q -24%·40q
58SMFG
0.3%
$25M
Sumitomo Mitsui-spons Adr
this Q hold·39q
59GGB
0.3%
$25M
Gerdau SA -spon Adr
this Q hold·17q
60PDD
0.3%
$24M
Pdd Holdings Inc
this Q -36%·18q
61M9T951109
0.3%
$23M
Zim Integrated Shipping Services Ltd
this Q -27%·11q
62WB
0.3%
$23M
Weibo Corp-spon Adr
this Q hold·9q
63CGAU
0.3%
$22M
Centerra Gold Inc
this Q hold·6q
64INDA
0.3%
$22M
Ishares Msci India Etf
this Q hold·38q
65BXP
0.2%
$20M
Bxp Inc
this Q +40%·5q
66UNH
0.2%
$19M
Unitedhealth Group Inc
this Q New·11q
67VIST
0.2%
$17M
Vista Energy Sab DE CV
this Q New·7q
68L6388F110
0.2%
$16M
Millicom International Cellular SA
this Q hold·3q
69SHG
0.2%
$16M
Shinhan Financial Group-adr
this Q -56%·8q
70VSS
0.2%
$15M
Vanguard Ftse All WO X-us SC
this Q +42%·25q
71MT
0.2%
$14M
Arcelormittal-ny Registered
this Q -31%·18q
72FSM
0.2%
$12M
Fortuna Mining Corp
this Q +45%·3q
73IBN
0.1%
$12M
Icici Bank Ltd-spon Adr
this Q hold·40q
74FINV
0.1%
$12M
Finvolution Group-adr
this Q hold·19q
75HDB
0.1%
$10M
Hdfc Bank Ltd-adr
this Q hold·40q
76CIB
0.1%
$10M
Grupo Cibest Sa-adr
this Q New·—1q
77CLS
0.1%
$7M
Celestica Inc
this Q -66%·5q
78TME
0.1%
$6M
Tencent Music Entertainm-adr
this Q -64%·11q
79QFIN
0.1%
$4M
Qfin Holdings Inc-adr
this Q -75%·23q
80EFA
<0.1%
$4M
Ishares Msci Eafe Etf
this Q -55%·14q
81EWT
<0.1%
$3M
Ishares Msci Taiwan Etf
this Q -80%·18q
82V5633W109
<0.1%
$2M
Makemytrip Ltd
this Q hold·14q
83ACWI
<0.1%
$2M
Ishares Msci Acwi Etf
this Q +41%·14q
84KSA
<0.1%
$2M
Ishrs Msci Saudi Arabia Etf
this Q New·27q
85EFXT
<0.1%
$1M
Enerflex Ltd
this Q -28%·2q
86ITRN
<0.1%
$1M
Ituran Location And Control Ltd
this Q hold·3q
87M5425M103
<0.1%
$983K
Inmode Ltd
this Q hold·6q
88WIT
<0.1%
$940K
Wipro Ltd-adr
this Q hold·38q
89NVDA
<0.1%
$626K
Nvidia Corp
this Q hold·9q
90GSK
<0.1%
$613K
Gsk Plc-spon Adr
this Q -67%·16q
91SCZ
<0.1%
$557K
Ishares Msci Eafe Small-cap
this Q New·2q
92VEU
<0.1%
$465K
Vanguard Ftse All-world Ex-u
this Q -57%·11q
93BTG
<0.1%
$428K
B2gold Corp
this Q hold·11q
94Y2990R101
<0.1%
$416K
Hafnia Ltd
this Q New·—1q
95VWO
<0.1%
$404K
Vanguard Ftse Emerging Marke
this Q -88%·18q
96N4732M103
<0.1%
$377K
Jbs NV
this Q hold·4q
97PDS
<0.1%
$323K
Precision Drilling Corp
this Q hold·2q
98B
<0.1%
$316K
Barrick Mining Corp
this Q -100%·4q
99G7496G103
<0.1%
$295K
Renaissancere Holdings Ltd
this Q +40%·2q
100MSFT
<0.1%
$286K
Microsoft Corp
this Q -20%·28q
101Y10230103
<0.1%
$269K
BW Lpg Ltd
this Q New·—1q
102AVGO
<0.1%
$261K
Broadcom Inc
this Q hold·14q
103FIX
<0.1%
$254K
Comfort Systems Usa Inc
this Q -24%·2q
104AAPL
<0.1%
$234K
Apple Inc
this Q hold·7q
105NVS
<0.1%
$227K
Novartis Ag-sponsored Adr
this Q -23%·40q
106ALL
<0.1%
$208K
Allstate Corp
this Q New·5q
107INN
<0.1%
$66K
Summit Hotel Properties Inc
this Q hold·4q

All activity (2026Q1)

Ticker	Issuer	Move	% Port.	Δ Shares	Value
AZN	Astrazeneca Plc	NEW	17.7%	+100%	$1.44B
CP	Canadian Pacific Kansas City	TRIM	8.5%	-30%	$690M
DB	Deutsche Bank AG	ADD	8.9%	+76%	$723M
B	Barrick Mining Corp	TRIM	<0.1%	-100%	$316K
AZN	Astrazeneca Plc-spons Adr	EXIT	1.3%	-100%	$0
BIIB	Biogen Inc	TRIM	0.6%	-46%	$51M
ALK	Alaska Air Group Inc	ADD	1.1%	+74%	$92M
AU	Anglogold Ashanti Plc	ADD	1.1%	+107%	$86M
META	Meta Platforms Inc-class A	ADD	1.0%	+31%	$83M
ADI	Analog Devices Inc	TRIM	0.8%	-23%	$64M
SAP	Sap Se-sponsored Adr	ADD	1.0%	+82%	$78M
RELX	Relx Plc - Spon Adr	ADD	0.9%	+94%	$76M
GPK	Graphic Packaging Holding CO	EXIT	0.9%	-100%	$0
BAH	Booz Allen Hamilton Holdings	ADD	0.8%	+116%	$67M
WHR	Whirlpool Corp	ADD	0.8%	+58%	$65M
BP	BP Plc-spons Adr	TRIM	0.6%	-39%	$47M
BA	Boeing Co/the	ADD	0.8%	+107%	$62M
NGG	National Grid Plc-sp Adr	TRIM	0.6%	-24%	$46M
JLL	Jones Lang Lasalle Inc	ADD	0.7%	+213%	$57M
DEO	Diageo Plc-sponsored Adr	ADD	0.6%	+37%	$50M
INFY	Infosys Ltd-sp Adr	TRIM	0.3%	-24%	$26M
VEA	Vanguard Ftse Developed Etf	ADD	0.6%	+75%	$47M
PDD	Pdd Holdings Inc	TRIM	0.3%	-36%	$24M
DTE	Dte Energy Company	NEW	0.6%	+100%	$47M
NWG	Natwest Group Plc -spon Adr	ADD	0.5%	+88%	$45M
ING	Ing Groep N.v.-sponsored Adr	ADD	0.5%	+57%	$40M
TXN	Texas Instruments Inc	NEW	0.5%	+100%	$40M
TAL	Tal Education Group- Adr	NEW	0.5%	+100%	$40M
SHG	Shinhan Financial Group-adr	TRIM	0.2%	-56%	$16M
TME	Tencent Music Entertainm-adr	TRIM	0.1%	-64%	$6M
ALLY	Ally Financial Inc	EXIT	0.4%	-100%	$0
SNN	Smith & Nephew Plc -spon Adr	ADD	0.4%	+58%	$30M
M9T951109	Zim Integrated Shipping Services Ltd	TRIM	0.3%	-27%	$23M
QFIN	Qfin Holdings Inc-adr	TRIM	0.1%	-75%	$4M
PBR/A	Petroleo Brasil-sp Pref Adr	NEW	0.3%	+100%	$28M
CLS	Celestica Inc	TRIM	0.1%	-66%	$7M
VIPS	Vipshop Holdings Ltd - Adr	EXIT	0.3%	-100%	$0
BXP	Bxp Inc	ADD	0.2%	+40%	$20M
MT	Arcelormittal-ny Registered	TRIM	0.2%	-31%	$14M
UNH	Unitedhealth Group Inc	NEW	0.2%	+100%	$19M
VIST	Vista Energy Sab DE CV	NEW	0.2%	+100%	$17M
VSS	Vanguard Ftse All WO X-us SC	ADD	0.2%	+42%	$15M
EWT	Ishares Msci Taiwan Etf	TRIM	<0.1%	-80%	$3M
VALE	Vale Sa-sp Adr	EXIT	0.2%	-100%	$0
FSM	Fortuna Mining Corp	ADD	0.2%	+45%	$12M
EWY	Ishares Msci South Korea Etf	EXIT	0.1%	-100%	$0
CIB	Grupo Cibest Sa-adr	NEW	0.1%	+100%	$10M
EFA	Ishares Msci Eafe Etf	TRIM	<0.1%	-55%	$4M
MOMO	Hello Group Inc -spn Adr	EXIT	0.1%	-100%	$0
VWO	Vanguard Ftse Emerging Marke	TRIM	<0.1%	-88%	$404K
URTH	Ishares Msci World Etf	EXIT	<0.1%	-100%	$0
KSA	Ishrs Msci Saudi Arabia Etf	NEW	<0.1%	+100%	$2M
ACWI	Ishares Msci Acwi Etf	ADD	<0.1%	+41%	$2M
GSK	Gsk Plc-spon Adr	TRIM	<0.1%	-67%	$613K
EZA	Ishares Msci South Africa ET	EXIT	<0.1%	-100%	$0
GRTUF	Granite Real Estate Investme	EXIT	<0.1%	-100%	$0
EFXT	Enerflex Ltd	TRIM	<0.1%	-28%	$1M
VEU	Vanguard Ftse All-world Ex-u	TRIM	<0.1%	-57%	$465K
ASHR	Xtrackers Harvest Csi 300 CH	EXIT	<0.1%	-100%	$0
SCZ	Ishares Msci Eafe Small-cap	NEW	<0.1%	+100%	$557K
MSFT	Microsoft Corp	TRIM	<0.1%	-20%	$286K
EWZ	Ishares Msci Brazil Etf	EXIT	<0.1%	-100%	$0
Y2990R101	Hafnia Ltd	NEW	<0.1%	+100%	$416K
G7496G103	Renaissancere Holdings Ltd	ADD	<0.1%	+40%	$295K
NVS	Novartis Ag-sponsored Adr	TRIM	<0.1%	-23%	$227K
Y10230103	BW Lpg Ltd	NEW	<0.1%	+100%	$269K
ALL	Allstate Corp	NEW	<0.1%	+100%	$208K
FIX	Comfort Systems Usa Inc	TRIM	<0.1%	-24%	$254K
KEP	Korea Elec Power Corp-sp Adr	EXIT	<0.1%	-100%	$0
PBYI	Puma Biotechnology Inc	EXIT	<0.1%	-100%	$0

NEWAZN
17.7%
Astrazeneca Plc
Δ +100%·$1.44B
TRIMCP
8.5%
Canadian Pacific Kansas City
Δ -30%·$690M
ADDDB
8.9%
Deutsche Bank AG
Δ +76%·$723M
TRIMB
<0.1%
Barrick Mining Corp
Δ -100%·$316K
EXITAZN
1.3%
Astrazeneca Plc-spons Adr
Δ -100%·$0
TRIMBIIB
0.6%
Biogen Inc
Δ -46%·$51M
ADDALK
1.1%
Alaska Air Group Inc
Δ +74%·$92M
ADDAU
1.1%
Anglogold Ashanti Plc
Δ +107%·$86M
ADDMETA
1.0%
Meta Platforms Inc-class A
Δ +31%·$83M
TRIMADI
0.8%
Analog Devices Inc
Δ -23%·$64M
ADDSAP
1.0%
Sap Se-sponsored Adr
Δ +82%·$78M
ADDRELX
0.9%
Relx Plc - Spon Adr
Δ +94%·$76M
EXITGPK
0.9%
Graphic Packaging Holding CO
Δ -100%·$0
ADDBAH
0.8%
Booz Allen Hamilton Holdings
Δ +116%·$67M
ADDWHR
0.8%
Whirlpool Corp
Δ +58%·$65M
TRIMBP
0.6%
BP Plc-spons Adr
Δ -39%·$47M
ADDBA
0.8%
Boeing Co/the
Δ +107%·$62M
TRIMNGG
0.6%
National Grid Plc-sp Adr
Δ -24%·$46M
ADDJLL
0.7%
Jones Lang Lasalle Inc
Δ +213%·$57M
ADDDEO
0.6%
Diageo Plc-sponsored Adr
Δ +37%·$50M
TRIMINFY
0.3%
Infosys Ltd-sp Adr
Δ -24%·$26M
ADDVEA
0.6%
Vanguard Ftse Developed Etf
Δ +75%·$47M
TRIMPDD
0.3%
Pdd Holdings Inc
Δ -36%·$24M
NEWDTE
0.6%
Dte Energy Company
Δ +100%·$47M
ADDNWG
0.5%
Natwest Group Plc -spon Adr
Δ +88%·$45M
ADDING
0.5%
Ing Groep N.v.-sponsored Adr
Δ +57%·$40M
NEWTXN
0.5%
Texas Instruments Inc
Δ +100%·$40M
NEWTAL
0.5%
Tal Education Group- Adr
Δ +100%·$40M
TRIMSHG
0.2%
Shinhan Financial Group-adr
Δ -56%·$16M
TRIMTME
0.1%
Tencent Music Entertainm-adr
Δ -64%·$6M
EXITALLY
0.4%
Ally Financial Inc
Δ -100%·$0
ADDSNN
0.4%
Smith & Nephew Plc -spon Adr
Δ +58%·$30M
TRIMM9T951109
0.3%
Zim Integrated Shipping Services Ltd
Δ -27%·$23M
TRIMQFIN
0.1%
Qfin Holdings Inc-adr
Δ -75%·$4M
NEWPBR/A
0.3%
Petroleo Brasil-sp Pref Adr
Δ +100%·$28M
TRIMCLS
0.1%
Celestica Inc
Δ -66%·$7M
EXITVIPS
0.3%
Vipshop Holdings Ltd - Adr
Δ -100%·$0
ADDBXP
0.2%
Bxp Inc
Δ +40%·$20M
TRIMMT
0.2%
Arcelormittal-ny Registered
Δ -31%·$14M
NEWUNH
0.2%
Unitedhealth Group Inc
Δ +100%·$19M
NEWVIST
0.2%
Vista Energy Sab DE CV
Δ +100%·$17M
ADDVSS
0.2%
Vanguard Ftse All WO X-us SC
Δ +42%·$15M
TRIMEWT
<0.1%
Ishares Msci Taiwan Etf
Δ -80%·$3M
EXITVALE
0.2%
Vale Sa-sp Adr
Δ -100%·$0
ADDFSM
0.2%
Fortuna Mining Corp
Δ +45%·$12M
EXITEWY
0.1%
Ishares Msci South Korea Etf
Δ -100%·$0
NEWCIB
0.1%
Grupo Cibest Sa-adr
Δ +100%·$10M
TRIMEFA
<0.1%
Ishares Msci Eafe Etf
Δ -55%·$4M
EXITMOMO
0.1%
Hello Group Inc -spn Adr
Δ -100%·$0
TRIMVWO
<0.1%
Vanguard Ftse Emerging Marke
Δ -88%·$404K
EXITURTH
<0.1%
Ishares Msci World Etf
Δ -100%·$0
NEWKSA
<0.1%
Ishrs Msci Saudi Arabia Etf
Δ +100%·$2M
ADDACWI
<0.1%
Ishares Msci Acwi Etf
Δ +41%·$2M
TRIMGSK
<0.1%
Gsk Plc-spon Adr
Δ -67%·$613K
EXITEZA
<0.1%
Ishares Msci South Africa ET
Δ -100%·$0
EXITGRTUF
<0.1%
Granite Real Estate Investme
Δ -100%·$0
TRIMEFXT
<0.1%
Enerflex Ltd
Δ -28%·$1M
TRIMVEU
<0.1%
Vanguard Ftse All-world Ex-u
Δ -57%·$465K
EXITASHR
<0.1%
Xtrackers Harvest Csi 300 CH
Δ -100%·$0
NEWSCZ
<0.1%
Ishares Msci Eafe Small-cap
Δ +100%·$557K
TRIMMSFT
<0.1%
Microsoft Corp
Δ -20%·$286K
EXITEWZ
<0.1%
Ishares Msci Brazil Etf
Δ -100%·$0
NEWY2990R101
<0.1%
Hafnia Ltd
Δ +100%·$416K
ADDG7496G103
<0.1%
Renaissancere Holdings Ltd
Δ +40%·$295K
TRIMNVS
<0.1%
Novartis Ag-sponsored Adr
Δ -23%·$227K
NEWY10230103
<0.1%
BW Lpg Ltd
Δ +100%·$269K
NEWALL
<0.1%
Allstate Corp
Δ +100%·$208K
TRIMFIX
<0.1%
Comfort Systems Usa Inc
Δ -24%·$254K
EXITKEP
<0.1%
Korea Elec Power Corp-sp Adr
Δ -100%·$0
EXITPBYI
<0.1%
Puma Biotechnology Inc
Δ -100%·$0

Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001165797). Not investment advice.