# EDGAR Filing Document

**Accession Number:** 0001663865
**File Stem:** 0001663865-25-000002
**Filing Date:** 2025-11
**Character Count:** 18006
**Document Hash:** 93c95405f8170f79489e6685b7b790bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001663865-25-000002.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001663865-25-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orbis Allan Gray Ltd
- **CENTRAL INDEX KEY:** 0001663865

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17459
- **FILM NUMBER:** 251485022

**BUSINESS ADDRESS:**
- **STREET 1:** ORBIS HOUSE
- **STREET 2:** 25 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11
- **BUSINESS PHONE:** 1 (441) 232 7006

**MAIL ADDRESS:**
- **STREET 1:** ORBIS HOUSE
- **STREET 2:** 25 FRONT STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Orbis Allan Gray Ltd<br>**Address:** ORBIS HOUSE<br>25 FRONT STREET<br>HamiltoN, D0 HM 11

**Form 13F File Number:** 028-17459

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Matt Gaarder<br>**Title:** Attorney-in-fact<br>**Phone:** 415-489-3600

**Signature, Place, and Date of Signing:**

/s/ Matt Gaarder  San Francisco, CA  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 139

**Form 13F Information Table Value Total:** $23299761219

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                    | Form 13F File Number   |
|:---|:---|:---|
|  | ORBIS INVESTMENT MANAGEMENT LTD         | 028-04613              |
|  | Orbis Investment Management (U.S.) L.P. | 028-15939              |
|  | Allan Gray Bermuda Ltd                  | 028-23469              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AES CORP | COM | 00130H105 |  | 341291006 | 25933967 | SH |  | DFND | 1 | 25933967 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 1058376 | 2321 | SH |  | DFND |  | 2321 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 888580296 | 1948641 | SH |  | DFND | 1 | 1948641 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 30093574 | 427891 | SH |  | DFND | 3 | 427891 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 137590676 | 1044173 | SH |  | DFND | 1 | 1044173 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 4095365 | 124973 | SH |  | DFND |  | 124973 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 210883274 | 6435254 | SH |  | DFND | 1 | 6435254 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 8170636 | 105673 | SH |  | DFND | 1 | 105673 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 152523978 | 28249 | SH |  | DFND | 3 | 28249 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 415292 | 4155 | SH |  | DFND |  | 4155 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 19857166 | 198671 | SH |  | DFND | 1 | 198671 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 505381580 | 9521130 | SH |  | DFND | 1 | 9521130 | 0 | 0 |
| BRUKER CORP | COM | 116794108 |  | 23981226 | 738111 | SH |  | DFND | 2 | 738111 | 0 | 0 |
| BRUKER CORP | COM | 116794108 |  | 435168103 | 13393909 | SH |  | DFND | 1 | 13393909 | 0 | 0 |
| BRUKER CORP | COM | 116794108 |  | 437055 | 13452 | SH |  | DFND |  | 13452 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 108986253 | 9112563 | SH |  | DFND | 1 | 9112563 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 947938 | 79259 | SH |  | DFND |  | 79259 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 60443123 | 327836 | SH |  | DFND | 1 | 327836 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 813440 | 4412 | SH |  | DFND |  | 4412 | 0 | 0 |
| CALEDONIA MNG CORP PLC | SHS NEW | G1757E113 |  | 23324708 | 644151 | SH |  | DFND | 3 | 644151 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 1001645 | 18835 | SH |  | DFND |  | 18835 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 72949346 | 1371744 | SH |  | DFND | 1 | 1371744 | 0 | 0 |
| CARGURUS INC | COM CL A | 141788109 |  | 28510399 | 765791 | SH |  | DFND | 1 | 765791 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 54874424 | 1304050 | SH |  | DFND | 1 | 1304050 | 0 | 0 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 9570726 | 516499 | SH |  | DFND | 1 | 516499 | 0 | 0 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 313174363 | 34835858 | SH |  | DFND | 1 | 34835858 | 0 | 0 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 644187 | 71656 | SH |  | DFND |  | 71656 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 320502203 | 11438337 | SH |  | DFND | 1 | 11438337 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 1562507 | 55764 | SH |  | DFND |  | 55764 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 38941679 | 135186 | SH |  | DFND | 2 | 135186 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 340775 | 1183 | SH |  | DFND |  | 1183 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 1149862065 | 3991745 | SH |  | DFND | 1 | 3991745 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 322373041 | 4974125 | SH |  | DFND | 1 | 4974125 | 0 | 0 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 515888 | 7960 | SH |  | DFND |  | 7960 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 147547186 | 1546130 | SH |  | DFND | 1 | 1546130 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 420372323 | 3671374 | SH |  | DFND | 3 | 3671374 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 200334 | 620 | SH |  | DFND |  | 620 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 422478754 | 1307498 | SH |  | DFND | 1 | 1307498 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 38234523 | 58864 | SH |  | DFND | 1 | 58864 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 481959 | 742 | SH |  | DFND |  | 742 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 687719 | 13629 | SH |  | DFND |  | 13629 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 50218196 | 995208 | SH |  | DFND | 1 | 995208 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 247252972 | 1297984 | SH |  | DFND | 1 | 1297984 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 29755300 | 156204 | SH |  | DFND | 2 | 156204 | 0 | 0 |
| FORTUNE BRANDS INNOVATIONS I | COM | 34964C106 |  | 56540811 | 1059015 | SH |  | DFND | 1 | 1059015 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 305825164 | 1371967 | SH |  | DFND | 1 | 1371967 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 10343024 | 46400 | SH |  | DFND | 2 | 46400 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 567319 | 3389 | SH |  | DFND |  | 3389 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 50968111 | 304469 | SH |  | DFND | 1 | 304469 | 0 | 0 |
| GENMAB A/S | SPONSORED ADS | 372303206 |  | 339260437 | 11061638 | SH |  | DFND | 1 | 11061638 | 0 | 0 |
| GENMAB A/S | SPONSORED ADS | 372303206 |  | 502007 | 16368 | SH |  | DFND |  | 16368 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 8986745 | 214532 | SH |  | DFND | 1 | 214532 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 112022626 | 2669748 | SH |  | DFND | 1 | 2669748 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 13903406 | 262874 | SH |  | DFND | 2 | 262874 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 693713650 | 13116159 | SH |  | DFND | 1 | 13116159 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 464163 | 8776 | SH |  | DFND |  | 8776 | 0 | 0 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 37023133 | 1891831 | SH |  | DFND | 1 | 1891831 | 0 | 0 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 390539 | 19956 | SH |  | DFND |  | 19956 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 25857890 | 756964 | SH |  | DFND | 1 | 756964 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 812175 | 4641 | SH |  | DFND |  | 4641 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 723480975 | 4134177 | SH |  | DFND | 1 | 4134177 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 649105 | 19820 | SH |  | DFND |  | 19820 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 171022563 | 5222063 | SH |  | DFND | 1 | 5222063 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 468157501 | 3250868 | SH |  | DFND | 1 | 3250868 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 16629460 | 495662 | SH |  | DFND | 1 | 495662 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 470660 | 6840 | SH |  | DFND | 2 | 6840 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 656243172 | 9537032 | SH |  | DFND | 1 | 9537032 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 183487928 | 966031 | SH |  | DFND | 1 | 966031 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 286050 | 1506 | SH |  | DFND |  | 1506 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 611387318 | 83295275 | SH |  | DFND | 1 | 83295275 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 234161 | 31902 | SH |  | DFND |  | 31902 | 0 | 0 |
| KB FINL GROUP INC | SPONSORED ADR | 48241A105 |  | 30191511 | 364148 | SH |  | DFND | 1 | 364148 | 0 | 0 |
| KBR INC | COM | 48242W106 |  | 7702264 | 162873 | SH |  | DFND | 1 | 162873 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 4544491 | 160526 | SH |  | DFND |  | 160526 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 416836723 | 14724010 | SH |  | DFND | 1 | 14724010 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 52188760 | 1064208 | SH |  | DFND | 1 | 1064208 | 0 | 0 |
| MARCUS CORP DEL | COM | 566330106 |  | 379886 | 24493 | SH |  | DFND |  | 24493 | 0 | 0 |
| MARCUS CORP DEL | COM | 566330106 |  | 27145726 | 1750208 | SH |  | DFND | 1 | 1750208 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 80642902 | 309641 | SH |  | DFND | 3 | 309641 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 47786486 | 224550 | SH |  | DFND | 1 | 224550 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 478610 | 2249 | SH |  | DFND |  | 2249 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 294577 | 4587 | SH |  | DFND |  | 4587 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 23589547 | 367324 | SH |  | DFND | 1 | 367324 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 361177287 | 2158602 | SH |  | DFND | 1 | 2158602 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1328019 | 7937 | SH |  | DFND |  | 7937 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 24802036 | 47885 | SH |  | DFND | 1 | 47885 | 0 | 0 |
| MINISO GROUP HLDG LTD | SPONSORED ADS | 66981J102 |  | 40059113 | 1780405 | SH |  | DFND | 1 | 1780405 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 273651939 | 598421 | SH |  | DFND | 1 | 598421 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 26329844 | 57578 | SH |  | DFND | 2 | 57578 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 |  | 337109 | 74747 | SH |  | DFND |  | 74747 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 |  | 23591152 | 5230854 | SH |  | DFND | 1 | 5230854 | 0 | 0 |
| NAVIENT CORPORATION | COM | 63938C108 |  | 39269043 | 2986239 | SH |  | DFND | 1 | 2986239 | 0 | 0 |
| NAVIENT CORPORATION | COM | 63938C108 |  | 486116 | 36967 | SH |  | DFND |  | 36967 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 1435759618 | 12788453 | SH |  | DFND | 1 | 12788453 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 908264 | 8090 | SH |  | DFND |  | 8090 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 631895385 | 4157480 | SH |  | DFND | 1 | 4157480 | 0 | 0 |
| NEW ORIENTAL ED  TECHNOLOGY | SPON ADR | 647581206 |  | 31709219 | 597498 | SH |  | DFND | 1 | 597498 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 256049 | 3037 | SH |  | DFND |  | 3037 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 475072939 | 5634835 | SH |  | DFND | 1 | 5634835 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 23624245 | 338796 | SH |  | DFND | 3 | 338796 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 436527651 | 27265937 | SH |  | DFND | 1 | 27265937 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 489826 | 30595 | SH |  | DFND |  | 30595 | 0 | 0 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 17322268 | 693168 | SH |  | DFND | 1 | 693168 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 22535114 | 457009 | SH |  | DFND | 1 | 457009 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 300692 | 6098 | SH |  | DFND |  | 6098 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 917568946 | 6942339 | SH |  | DFND | 1 | 6942339 | 0 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 476352 | 17962 | SH |  | DFND |  | 17962 | 0 | 0 |
| PEABODY ENERGY CORP | COM | 704551100 |  | 131063988 | 4942081 | SH |  | DFND | 1 | 4942081 | 0 | 0 |
| PORTILLOS INC | COM CL A | 73642K106 |  | 267701 | 41504 | SH |  | DFND |  | 41504 | 0 | 0 |
| PORTILLOS INC | COM CL A | 73642K106 |  | 43847971 | 6798135 | SH |  | DFND | 1 | 6798135 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 384860 | 20192 | SH |  | DFND |  | 20192 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 1620372558 | 85014300 | SH |  | DFND | 1 | 85014300 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 27798896 | 1458494 | SH |  | DFND | 2 | 1458494 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 485727684 | 31581774 | SH |  | DFND | 1 | 31581774 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 430271 | 27976 | SH |  | DFND |  | 27976 | 0 | 0 |
| RXO INC | COMMON STOCK | 74982T103 |  | 14817215 | 963408 | SH |  | DFND | 2 | 963408 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 88701546 | 470216 | SH |  | DFND | 1 | 470216 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 11255864 | 302252 | SH |  | DFND | 1 | 302252 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 555093557 | 3105766 | SH |  | DFND | 1 | 3105766 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 100096793 | 1399368 | SH |  | DFND | 1 | 1399368 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 1490900 | 20843 | SH |  | DFND |  | 20843 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 806309686 | 18940796 | SH |  | DFND | 1 | 18940796 | 0 | 0 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 341880 | 8031 | SH |  | DFND |  | 8031 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 270776429 | 761742 | SH |  | DFND | 1 | 761742 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 9766538 | 27475 | SH |  | DFND |  | 27475 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 22689753 | 91698 | SH |  | DFND | 2 | 91698 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 504186961 | 2037613 | SH |  | DFND | 1 | 2037613 | 0 | 0 |
| SYNAPTICS INC | COM | 87157D109 |  | 95559959 | 1398302 | SH |  | DFND | 1 | 1398302 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1511517 | 5412 | SH |  | DFND | 1 | 5412 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 681875996 | 1974735 | SH |  | DFND | 1 | 1974735 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 921606 | 2669 | SH |  | DFND |  | 2669 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 147411414 | 13573795 | SH |  | DFND | 1 | 13573795 | 0 | 0 |
| VIPSHOP HLDGS LTD | SPONSORED ADS A | 92763W103 |  | 188300916 | 9587623 | SH |  | DFND | 1 | 9587623 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 256995 | 3335 | SH |  | DFND |  | 3335 | 0 | 0 |
| WESTLAKE CORPORATION | COM | 960413102 |  | 301387517 | 3911076 | SH |  | DFND | 1 | 3911076 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 114515660 | 1023924 | SH |  | DFND | 1 | 1023924 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 386180681 | 2987396 | SH |  | DFND | 1 | 2987396 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 21455330 | 165973 | SH |  | DFND | 2 | 165973 | 0 | 0 |
| YOUDAO INC | SPONSORED ADS | 98741T104 |  | 72377196 | 7281408 | SH |  | DFND | 1 | 7281408 | 0 | 0 |

---