Holdings of the Fund as of 6/30/2025
Total Number of Holdings (excluding cash): 49
| Porto Seguro S.A. |
PSSA3.BZ |
P7905C107 |
Financials |
30,779 |
$312,713.00 |
4.35% |
| Companhia de Saneamento do Parana (Unit) |
SAPR11.BZ |
P3R668101 |
Utilities |
40,481 |
$283,801.40 |
3.95% |
| Embraer SA |
EMBR3.BZ |
P3700H201 |
Industrials |
20,021 |
$283,782.25 |
3.95% |
| Companhia de Saneamento de Minas Gerais (Copasa MG) |
CSMG3.BZ |
P28269101 |
Utilities |
54,033 |
$278,165.89 |
3.87% |
| Marfrig Global Foods S.A. |
MRFG3.BZ |
P64386116 |
Consumer Staples |
66,057 |
$278,423.99 |
3.87% |
| TIM S.A. |
TIMS3.BZ |
P9153B104 |
Communication Services |
62,152 |
$252,241.19 |
3.51% |
| Vibra Energia SA |
VBBR3.BZ |
P9785J111 |
Consumer Discretionary |
63,058 |
$251,391.73 |
3.50% |
| PagSeguro Digital Ltd. (Class A) |
PAGS |
G68707101 |
Financials |
23,271 |
$224,332.44 |
3.12% |
| Cia. de Saneamento Basico do Estado de Sao Paulo - SABESP |
SBSP3.BZ |
P2R268136 |
Utilities |
10,169 |
$222,972.72 |
3.10% |
| JBS NV (Class A) (BDR) |
JBSS32.BZ |
|
Consumer Staples |
15,495 |
$223,052.04 |
3.10% |
| StoneCo Ltd. (Class A) |
STNE |
G85158106 |
Financials |
13,709 |
$219,892.36 |
3.06% |
| Energisa SA (Units) |
ENGI11.BZ |
P3769S114 |
Utilities |
24,670 |
$219,405.96 |
3.05% |
| Vale S.A. |
VALE3.BZ |
P9661Q155 |
Materials |
20,622 |
$199,839.58 |
2.78% |
| Gerdau S.A. (Preferred Shares) |
GGBR4.BZ |
P2867P113 |
Materials |
62,015 |
$182,628.72 |
2.54% |
| Rede D'Or Sao Luiz S.A. |
RDOR3.BZ |
P79942101 |
Health Care |
26,553 |
$173,106.95 |
2.41% |
| Isa Energia Brasil SA (Preference) |
ISAE4.BZ |
P30576113 |
Utilities |
39,112 |
$166,869.08 |
2.32% |
| BRF S.A. |
BRFS3.BZ |
P1905C100 |
Consumer Staples |
44,359 |
$164,434.72 |
2.29% |
| Telefonica Brasil S.A. |
VIVT3.BZ |
P9T369176 |
Communication Services |
28,864 |
$164,106.87 |
2.28% |
| Companhia Energetica de Minas Gerais-CEMIG (Preference) |
CMIG4.BZ |
P2577R110 |
Utilities |
81,005 |
$161,023.01 |
2.24% |
| Itausa S.A. (Preference Shares) |
ITSA4.BZ |
P5887P427 |
Financials |
76,777 |
$154,738.22 |
2.15% |
| Centrais Eletricas Brasileiras S.A. (Electrobras) |
ELET3.BZ |
P22854122 |
Utilities |
19,777 |
$146,404.63 |
2.04% |
| Metalurgica Gerdau SA (Preference) |
GOAU4.BZ |
P4834C118 |
Materials |
87,802 |
$144,313.93 |
2.01% |
| Petroleo Brasileiro S.A. (Petrobras) (Preference Shares) |
PETR4.BZ |
P78331140 |
Energy |
24,868 |
$143,630.31 |
2.00% |
| Suzano SA |
SUZB3.BZ |
P8T20U187 |
Materials |
14,567 |
$137,302.14 |
1.91% |
| Ultrapar Participacoes S.A. |
UGPA3.BZ |
P94396127 |
Energy |
42,505 |
$137,221.43 |
1.91% |
| Lojas Renner S.A. |
LREN3.BZ |
P6332C102 |
Consumer Discretionary |
37,127 |
$134,482.96 |
1.87% |
| WEG S.A. |
WEGE3.BZ |
P9832B129 |
Industrials |
17,054 |
$134,282.48 |
1.87% |
| Transmissora Alianca de Energia Electrica S.A. (Unit) |
TAEE11.BZ |
P9T5CD126 |
Utilities |
20,541 |
$132,060.37 |
1.84% |
| Hypera S.A. |
HYPE3.BZ |
P5230A101 |
Health Care |
24,875 |
$124,487.18 |
1.73% |
| BB Seguridade Participacoes S.A. |
BBSE3.BZ |
P1R1WJ103 |
Financials |
18,656 |
$122,928.87 |
1.71% |
| Companhia Paranaense de Energia-Copel (Preference B) |
CPLE6.BZ |
P30557139 |
Utilities |
49,178 |
$112,782.38 |
1.57% |
| Itau Unibanco Holding S.A. (Preference Shares) |
ITUB4.BZ |
P5968U113 |
Financials |
16,107 |
$109,542.20 |
1.52% |
| Ambipar Participacoes e Empreendimentos S/A |
AMBP3.BZ |
P0R77M103 |
Industrials |
3,461 |
$104,471.49 |
1.45% |
| Cosan SA |
CSAN3.BZ |
P31573101 |
Energy |
82,717 |
$104,441.05 |
1.45% |
| Klabin SA (Unit) |
KLBN11.BZ |
P60933135 |
Materials |
29,094 |
$98,798.91 |
1.37% |
| Petro Rio S.A. |
PRIO3.BZ |
P7S19Q109 |
Energy |
11,208 |
$87,467.42 |
1.22% |
| SLC Agricola SA |
SLCE3.BZ |
P8711D107 |
Consumer Staples |
25,713 |
$84,572.59 |
1.18% |
| Banco do Brasil S.A. |
BBAS3.BZ |
P11427112 |
Financials |
18,617 |
$75,693.36 |
1.05% |
| TOTVS S.A. |
TOTS3.BZ |
P92184103 |
Information Technology |
8,411 |
$65,345.45 |
0.91% |
| Raizen SA (Preference) |
RAIZ4.BZ |
P79857101 |
Consumer Discretionary |
208,325 |
$63,267.06 |
0.88% |
| Brava Energia |
BRAV3.BZ |
P0001U147 |
Energy |
19,132 |
$61,271.97 |
0.85% |
| Banco Bradesco S.A. (Preference Shares) |
BBDC4.BZ |
P1808G117 |
Financials |
19,463 |
$60,290.12 |
0.84% |
| Smartfit Escola de Ginastica e Danca S.A. |
SMFT3.BZ |
P8T12R101 |
Consumer Discretionary |
13,266 |
$60,651.83 |
0.84% |
| Motiva Infraestrutura de Mobilidade SA |
MOTV3.BZ |
P2170M104 |
Industrials |
22,123 |
$56,151.41 |
0.78% |
| Equatorial Energia SA |
EQTL3.BZ |
P3773H104 |
Utilities |
8,211 |
$54,346.06 |
0.76% |
| Allos S.A. |
ALOS3.BZ |
P0R6A1107 |
Real Estate |
12,424 |
$51,954.35 |
0.72% |
| Banco Santander (Brasil) S.A. (Unit) |
SANB11.BZ |
P1505Z160 |
Financials |
9,445 |
$51,613.64 |
0.72% |
| GPS Participacoes e Empreendimentos S.A. |
GGPS3.BZ |
P4R4AT137 |
Industrials |
16,094 |
$46,832.60 |
0.65% |
| Brazilian Real |
$BRL |
|
Other |
164,029 |
$30,197.40 |
0.42% |
| Raia Drogasil S.A. |
RADL3.BZ |
P7942C102 |
Consumer Staples |
10,227 |
$28,461.13 |
0.40% |
| US Dollar |
$USD |
|
Other |
6,641 |
$6,641.38 |
0.09% |
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.
|
|