| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 12,413,583 | 9,667,225 | 31,282,229.16 | 8.023 | 4.4116 | 03/31/2025 |
| 2 | Brightlight Capital Management LP | 6,022,840 | 1,226,444 | 15,177,556.8 | 7.1603 | 2.1404 | 03/31/2025 |
| 3 | Tekne Capital Management LLC | 5,855,103 | -344,897 | 14,754,859.56 | 4.2037 | 2.0808 | 03/31/2025 |
| 4 | Hosking Partners LLP | 3,880,285 | -43,403 | 9,778,318.2 | 0.3004 | 1.379 | 03/31/2025 |
| 5 | Luxor Capital Group LP | 3,603,784 | -1,053,944 | 9,081,535.68 | 0.7224 | 1.2807 | 03/31/2025 |
| 6 | Trigon Asset Management AS | 2,066,982 | 0 | 5,208,794.64 | 0.611 | 0.7346 | 12/31/2024 |
| 7 | BlackRock Investment Management (UK) Ltd. | 1,887,357 | 815,868 | 4,756,139.64 | 0.0006 | 0.6707 | 03/31/2025 |
| 8 | T. Rowe Price International Ltd. | 1,835,033 | -322,500 | 4,624,283.16 | 0.0029 | 0.6521 | 03/31/2025 |
| 9 | BIT Capital GmbH | 1,569,011 | 69,516 | 3,953,907.72 | 0.2865 | 0.5576 | 03/31/2025 |
| 10 | BNP Paribas Financial Markets | 942,963 | 40,435 | 2,376,266.76 | 0.0016 | 0.3351 | 03/31/2025 |
| 11 | East Capital Financial Services AB | 854,294 | -29,163 | 2,152,820.88 | 0.1871 | 0.3036 | 05/30/2025 |
| 12 | Morgan Stanley & Co. LLC | 847,407 | -88,936 | 2,135,465.64 | 0.0007 | 0.3012 | 03/31/2025 |
| 13 | SSgA Funds Management, Inc. | 729,332 | 12,277 | 1,837,916.64 | 0.0001 | 0.2592 | 03/31/2025 |
| 14 | East Capital International AB (Russia) | 380,000 | 0 | 957,600 | 0.2097 | 0.135 | 05/30/2025 |
| 15 | Renaissance Technologies LLC | 347,500 | -260,200 | 875,700 | 0.0012 | 0.1235 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | BlackRock Strategic Fds. - Emerging Markets Equity Strategies | 2,540,916 | 1,469,427 | 6,403,108.32 | 0.8099 | 0.903 | 05/31/2025 |
| 2 | T Rowe Price Emerging Europe Fund | 1,710,733 | -446,800 | 4,311,047.16 | 6.0713 | 0.608 | 06/30/2025 |
| 3 | TRIGON - New Europe Fund | 1,033,491 | 0 | 2,604,397.32 | 0.606 | 0.3673 | 12/31/2024 |
| 4 | Trigon New Europe Fund | 1,033,491 | 0 | 2,604,397.32 | 0.606 | 0.3673 | 12/31/2024 |
| 5 | SPDR Portfolio Emerging Markets ETF | 640,160 | 69,524 | 1,613,203.2 | 0.0127 | 0.2275 | 06/30/2025 |
| 6 | East Capital - Global Emerging Markets Sustainable | 380,000 | 0 | 957,600 | 0.2085 | 0.135 | 05/30/2025 |
| 7 | East Capital - Balkans | 367,163 | -124,000 | 925,250.76 | 1.5567 | 0.1305 | 05/30/2025 |
| 8 | East Capital SICAV - New Europe | 300,794 | 163,737 | 758,000.88 | 0.7047 | 0.1069 | 05/30/2025 |
| 9 | East Capital - Eastern Europe | 186,337 | -68,900 | 469,569.24 | 0.8381 | 0.0662 | 02/28/2025 |
| 10 | Global X E-commerce ETF | 157,730 | 157,730 | 397,479.6 | 0.536 | 0.0561 | 06/30/2025 |
| 11 | Macquarie Emerging Markets Fund | 144,600 | 0 | 364,392 | 0.0056 | 0.0514 | 05/30/2025 |
| 12 | State Board of Administration of Florida Retirement System | 138,707 | 138,707 | 349,541.64 | 0.0003 | 0.0493 | 03/31/2025 |
| 13 | SPDR S&P Emerging Markets Small Cap ETF | 132,959 | -5,960 | 335,056.68 | 0.0458 | 0.0473 | 06/30/2025 |
| 14 | Amundi Funds - Emerging Europe Middle East & Africa | 127,655 | 0 | 321,690.6 | 0.2721 | 0.0454 | 03/31/2025 |
| 15 | Global Online Retail | 100,000 | 0 | 252,000 | 1.5242 | 0.0355 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | VR Advisory Services (USA) LLC | 12,413,583 | 9,667,225 | 31,282,229.16 | 8.023 | 4.4116 | 03/31/2025 |
| 2 | Brightlight Capital Management LP | 6,022,840 | 1,226,444 | 15,177,556.8 | 7.1603 | 2.1404 | 03/31/2025 |
| 3 | BlackRock Investment Management (UK) Ltd. | 1,887,357 | 815,868 | 4,756,139.64 | 0.0006 | 0.6707 | 03/31/2025 |
| 4 | Itau USA Asset Management, Inc. | 186,107 | 186,107 | 468,989.64 | 0.011 | 0.0661 | 03/31/2025 |
| 5 | Global X Management Co. LLC | 184,803 | 184,803 | 465,703.56 | 0.0007 | 0.0657 | 03/31/2025 |
| 6 | Millennium Management LLC | 164,132 | 164,132 | 413,612.64 | 0.0004 | 0.0583 | 03/31/2025 |
| 7 | Bosun Asset Management LLC | 144,578 | 144,578 | 364,336.56 | 0.1449 | 0.0514 | 03/31/2025 |
| 8 | Baader Bank AG (Investment Management) | 164,574 | 94,374 | 414,726.48 | 0.0233 | 0.0585 | 06/30/2025 |
| 9 | BIT Capital GmbH | 1,569,011 | 69,516 | 3,953,907.72 | 0.2865 | 0.5576 | 03/31/2025 |
| 10 | Parametric Portfolio Associates LLC | 105,519 | 49,446 | 265,907.88 | 0.0001 | 0.0375 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Evli Fund Management Co. Ltd. | 0 | -4,000,000 | 0 | 0 | 0 | |
| 2 | Luxor Capital Group LP | 3,603,784 | -1,053,944 | 9,081,535.68 | 0.7224 | 1.2807 | 03/31/2025 |
| 3 | Tekne Capital Management LLC | 5,855,103 | -344,897 | 14,754,859.56 | 4.2037 | 2.0808 | 03/31/2025 |
| 4 | T. Rowe Price International Ltd. | 1,835,033 | -322,500 | 4,624,283.16 | 0.0029 | 0.6521 | 03/31/2025 |
| 5 | Renaissance Technologies LLC | 347,500 | -260,200 | 875,700 | 0.0012 | 0.1235 | 03/31/2025 |
| 6 | OLP Capital Management Ltd. | 0 | -231,679 | 0 | 0 | 0 | |
| 7 | Marshall Wace LLP | 0 | -168,318 | 0 | 0 | 0 | |
| 8 | Hudson Bay Capital Management LP | 0 | -91,029 | 0 | 0 | 0 | |
| 9 | Morgan Stanley & Co. LLC | 847,407 | -88,936 | 2,135,465.64 | 0.0007 | 0.3012 | 03/31/2025 |
| 10 | Arrowstreet Capital LP | 162,359 | -87,305 | 409,144.68 | 0.0003 | 0.0577 | 03/31/2025 |
Data provided by FactSet Research Systems Inc.