| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Lingotto Investment Management LLP | 28,166,809 | 368,795 | 260,261,315.16 | 4.5169 | 3.9807 | 03/31/2025 |
| 2 | D. E. Shaw & Co. LP | 11,802,484 | 5,260,627 | 109,054,952.16 | 0.1123 | 1.668 | 03/31/2025 |
| 3 | Two Sigma Investments LP | 8,666,444 | 2,639,014 | 80,077,942.56 | 0.1538 | 1.2248 | 03/31/2025 |
| 4 | UBS Securities LLC | 8,331,718 | 4,278,148 | 76,985,074.32 | 0.0311 | 1.1775 | 03/31/2025 |
| 5 | Baker Steel Capital Managers LLP | 7,380,300 | 0 | 68,193,972 | 4.7456 | 1.043 | 12/31/2024 |
| 6 | Two Sigma Advisers LP | 6,090,500 | 2,715,300 | 56,276,220 | 0.1091 | 0.8607 | 03/31/2025 |
| 7 | Invesco Advisers, Inc. | 4,582,320 | 0 | 42,340,636.8 | 0.0173 | 0.6476 | 03/31/2025 |
| 8 | Condire Management LP | 3,790,555 | 0 | 35,024,728.2 | 4.037 | 0.5357 | 03/31/2025 |
| 9 | Goldman Sachs & Co. LLC (Private Banking) | 3,566,206 | 2,371,894 | 32,951,743.44 | 0.0167 | 0.504 | 03/31/2025 |
| 10 | Citadel Securities LLC | 3,329,195 | 2,392,433 | 30,761,761.8 | 0.0922 | 0.4705 | 03/31/2025 |
| 11 | Millennium Management LLC | 3,171,659 | 2,487,648 | 29,306,129.16 | 0.0252 | 0.4482 | 03/31/2025 |
| 12 | Cubist Systematic Strategies LLC | 2,914,873 | 2,241,026 | 26,933,426.52 | 0.3145 | 0.4119 | 03/31/2025 |
| 13 | UBS Switzerland AG (Investment Management) | 2,884,618 | 853,201 | 26,653,870.32 | 0.0707 | 0.4077 | 03/31/2025 |
| 14 | Goehring & Rozencwajg Associates LLC | 2,749,710 | 96,230 | 25,407,320.4 | 3.0734 | 0.3886 | 03/31/2025 |
| 15 | Marshall Wace LLP | 2,684,680 | 2,445,161 | 24,806,443.2 | 0.0282 | 0.3794 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Bakersteel Global Funds SICAV - Precious Metals Fund | 6,422,500 | 0 | 59,343,900 | 5.4158 | 0.9077 | 12/31/2024 |
| 2 | CREF Stock Account | 4,839,391 | 4,839,391 | 44,715,972.84 | 0.0334 | 0.6839 | 04/30/2025 |
| 3 | Invesco Gold and Special Minerals Fund | 4,442,587 | 0 | 41,049,503.88 | 1.494 | 0.6278 | 03/31/2025 |
| 4 | Nuveen Emerging Markets Equity Fund | 2,813,722 | 2,813,722 | 25,998,791.28 | 1.5057 | 0.3976 | 05/31/2025 |
| 5 | Goehring & Rozencwajg Resources Fund | 1,798,412 | 1,068,900 | 16,617,326.88 | 3.1154 | 0.2542 | 05/31/2025 |
| 6 | M&W Invest: M&W Privat | 1,700,000 | 0 | 15,708,000 | 4.4388 | 0.2403 | 12/30/2024 |
| 7 | Avantis Emerging Markets Equity ETF | 1,526,324 | 361,049 | 14,103,233.76 | 0.1269 | 0.2157 | 06/30/2025 |
| 8 | DFA Emerging Markets Core Equity 2 Portfolio | 991,853 | 0 | 9,164,721.72 | 0.0287 | 0.1402 | 03/31/2025 |
| 9 | Bakersteel Global Funds SICAV - Electrum Fund | 957,800 | 0 | 8,850,072 | 3.1709 | 0.1354 | 12/31/2024 |
| 10 | DFA Dimensional Emerging Markets Value Fund | 954,293 | 0 | 8,817,667.32 | 0.0706 | 0.1349 | 03/31/2025 |
| 11 | US Global GO GOLD & Precious Metal Miners ETF | 556,542 | 556,542 | 5,142,448.08 | 4.0957 | 0.0787 | 06/30/2025 |
| 12 | Lumyna - MW TOPS UCITS Fund | 443,977 | -142,900 | 4,102,347.48 | 0.1615 | 0.0627 | 03/31/2025 |
| 13 | Incrementum All Seasons Fund | 388,887 | -1 | 3,593,315.88 | 1.8965 | 0.055 | 06/30/2025 |
| 14 | Rydex Precious Metals Fund | 287,549 | -32,676 | 2,656,952.76 | 2.2004 | 0.0406 | 06/30/2025 |
| 15 | Avantis Emerging Markets Value ETF | 281,036 | 175,651 | 2,596,772.64 | 0.3406 | 0.0397 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | D. E. Shaw & Co. LP | 11,802,484 | 5,260,627 | 109,054,952.16 | 0.1123 | 1.668 | 03/31/2025 |
| 2 | UBS Securities LLC | 8,331,718 | 4,278,148 | 76,985,074.32 | 0.0311 | 1.1775 | 03/31/2025 |
| 3 | Two Sigma Advisers LP | 6,090,500 | 2,715,300 | 56,276,220 | 0.1091 | 0.8607 | 03/31/2025 |
| 4 | Two Sigma Investments LP | 8,666,444 | 2,639,014 | 80,077,942.56 | 0.1538 | 1.2248 | 03/31/2025 |
| 5 | Bank of America, NA (Private Banking) | 2,596,912 | 2,526,534 | 23,995,466.88 | 0.0079 | 0.367 | 03/31/2025 |
| 6 | Millennium Management LLC | 3,171,659 | 2,487,648 | 29,306,129.16 | 0.0252 | 0.4482 | 03/31/2025 |
| 7 | Marshall Wace LLP | 2,684,680 | 2,445,161 | 24,806,443.2 | 0.0282 | 0.3794 | 03/31/2025 |
| 8 | Citadel Securities LLC | 3,329,195 | 2,392,433 | 30,761,761.8 | 0.0922 | 0.4705 | 03/31/2025 |
| 9 | Goldman Sachs & Co. LLC (Private Banking) | 3,566,206 | 2,371,894 | 32,951,743.44 | 0.0167 | 0.504 | 03/31/2025 |
| 10 | Walleye Capital LLC | 2,342,772 | 2,342,772 | 21,647,213.28 | 0.1455 | 0.3311 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | MAK Capital One LLC | 0 | -3,569,317 | 0 | 0 | 0 | |
| 2 | Slate Path Capital LP | 0 | -3,079,000 | 0 | 0 | 0 | |
| 3 | Morgan Stanley & Co. LLC | 1,274,832 | -1,932,797 | 11,779,447.68 | 0.004 | 0.1802 | 03/31/2025 |
| 4 | Hamilton Capital Partners, Inc. | 0 | -1,155,724 | 0 | 0 | 0 | |
| 5 | Trek Financial LLC | 0 | -849,528 | 0 | 0 | 0 | |
| 6 | Parametric Portfolio Associates LLC | 331,790 | -444,558 | 3,065,739.6 | 0.0009 | 0.0469 | 03/31/2025 |
| 7 | ABC Arbitrage Asset Management SA | 0 | -403,490 | 0 | 0 | 0 | |
| 8 | Group One Trading LLC | 1,104,878 | -373,296 | 10,209,072.72 | 0.3203 | 0.1561 | 03/31/2025 |
| 9 | Voloridge Investment Management LLC | 800,478 | -350,323 | 7,396,416.72 | 0.0247 | 0.1131 | 03/31/2025 |
| 10 | IMC Chicago LLC | 0 | -278,530 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.