Holdings of the Fund as of 6/10/2025
Total Number of Holdings (excluding cash): 49
| Marfrig Global Foods S.A. |
MRFG3.BZ |
P64386116 |
Consumer Staples |
66,598 |
$304,807.82 |
4.40% |
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
31,030 |
$291,281.21 |
4.21% |
| Companhia de Saneamento do Parana (Unit) |
SAPR11.BZ |
P3R668101 |
Utilities |
40,812 |
$243,434.77 |
3.52% |
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
20,184 |
$238,684.41 |
3.45% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
63,574 |
$234,006.79 |
3.38% |
| Companhia de Saneamento de Minas Gerais (Copasa MG) |
CSMG3.BZ |
P28269101 |
Utilities |
54,474 |
$232,788.38 |
3.36% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
62,661 |
$227,720.89 |
3.29% |
| JBS NV |
JBSS32.BZ |
|
Other |
15,622 |
$214,020.93 |
3.09% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P2R268136 |
Utilities |
10,252 |
$211,782.60 |
3.06% |
| Energisa SA (Units) |
ENGI11.BZ |
P3769S114 |
Utilities |
24,872 |
$208,154.07 |
3.01% |
| PagSeguro Digital Ltd. (Class A) |
PAGS |
G68707101 |
Financials |
23,461 |
$200,826.16 |
2.90% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
20,791 |
$200,281.23 |
2.89% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
62,523 |
$198,143.38 |
2.86% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
13,821 |
$191,697.27 |
2.77% |
| Rede D'Or Sao Luiz S.A. |
RDOR3.BZ |
P79942101 |
Health Care |
26,770 |
$173,808.85 |
2.51% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
44,722 |
$172,725.62 |
2.50% |
| Isa Energia Brasil SA (Preference) |
ISAE4.BZ |
P30576113 |
Utilities |
39,432 |
$163,622.80 |
2.36% |
| Metalurgica Gerdau SA (Preference) |
GOAU4.BZ |
P4834C118 |
Materials |
88,520 |
$154,014.03 |
2.23% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
81,668 |
$151,770.48 |
2.19% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
29,100 |
$151,525.63 |
2.19% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P5887P427 |
Financials |
77,405 |
$148,712.65 |
2.15% |
| Centrais Eletricas Brasileiras S.A. (Electrobras) |
ELET3.BZ |
P22854122 |
Utilities |
19,938 |
$147,637.04 |
2.13% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
14,686 |
$140,522.00 |
2.03% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
25,071 |
$135,273.02 |
1.95% |
| WEG S.A. |
WEGE3.BZ |
P9832B129 |
Industrials |
17,194 |
$130,590.73 |
1.89% |
| Transmissora Alianca de Energia Electrica S.A. (Unit) |
TAEE11.BZ |
P9T5CD126 |
Utilities |
20,709 |
$127,094.36 |
1.84% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Energy |
42,852 |
$127,493.70 |
1.84% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
83,394 |
$123,682.98 |
1.79% |
| Lojas Renner S.A. |
LREN3.BZ |
P6332C102 |
Consumer Discretionary |
37,431 |
$123,059.42 |
1.78% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
P1R1WJ103 |
Financials |
18,809 |
$119,891.72 |
1.73% |
| Hypera S.A. |
HYPE3.BZ |
P5230A101 |
Health Care |
25,078 |
$119,730.93 |
1.73% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
49,581 |
$110,479.61 |
1.60% |
| Ambipar Participacoes e Empreendimentos S/A |
AMBP3.BZ |
P0R77M103 |
Industrials |
3,490 |
$107,782.67 |
1.56% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
16,239 |
$104,967.98 |
1.52% |
| Klabin SA (Unit) |
KLBN11.BZ |
P60933135 |
Materials |
29,332 |
$97,854.88 |
1.41% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
11,299 |
$86,365.18 |
1.25% |
| SLC Agricola SA |
SLCE3.BZ |
P8711D107 |
Consumer Staples |
25,924 |
$86,718.14 |
1.25% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
18,770 |
$72,594.72 |
1.05% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Consumer Discretionary |
210,029 |
$72,406.17 |
1.05% |
| Brava Energia |
BRAV3.BZ |
P0001U147 |
Energy |
19,288 |
$68,502.84 |
0.99% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
8,480 |
$62,351.23 |
0.90% |
| Smartfit Escola de Ginastica e Danca S.A. |
SMFT3.BZ |
P8T12R101 |
Consumer Discretionary |
13,375 |
$59,077.76 |
0.85% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
19,622 |
$55,772.39 |
0.81% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
8,279 |
$54,124.46 |
0.78% |
| Motiva Infraestrutura de Mobilidade SA |
MOTV3.BZ |
P2170M104 |
Industrials |
22,304 |
$53,663.96 |
0.78% |
| Allos S.A. |
ALOS3.BZ |
P0R6A1107 |
Real Estate |
12,525 |
$48,981.34 |
0.71% |
| Banco Santander (Brasil) S.A. (Unit) |
SANB11.BZ |
P1505Z160 |
Financials |
9,523 |
$49,296.22 |
0.71% |
| GPS Participacoes e Empreendimentos S.A. |
GGPS3.BZ |
P4R4AT137 |
Industrials |
16,225 |
$43,757.20 |
0.63% |
| Brazilian Real |
$BRL |
|
Other |
181,556 |
$32,570.28 |
0.47% |
| Raia Drogasil S.A. |
RADL3.BZ |
P7942C102 |
Consumer Staples |
10,311 |
$27,326.39 |
0.39% |
| US Dollar |
$USD |
|
Other |
18,389 |
$18,388.70 |
0.27% |
Holdings are subject to change.
The holdings information set forth above for the date indicated reflects creation and redemption transactions from the prior business day and may differ from the holdings information currently available from the Fund's custodian and accounting agent. With respect to the market value of the Fund's holdings set forth above, the pricing sources are generally third party vendors. The Fund ultimately relies on pricing information provided by the Fund's accounting agent.
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