# EDGAR Filing Document

**Accession Number:** 0001418329
**File Stem:** 0001140361-23-004781
**Filing Date:** 2023-2
**Character Count:** 23584
**Document Hash:** 55c558789ae04d27590c625a5a92a25e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-004781.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001140361-23-004781

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ninety One UK Ltd
- **CENTRAL INDEX KEY:** 0001418329
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12634
- **FILM NUMBER:** 23592641

**BUSINESS ADDRESS:**
- **STREET 1:** 55 GRESHAM STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2V 7EL
- **BUSINESS PHONE:** 020 7597 2000

**MAIL ADDRESS:**
- **STREET 1:** 55 GRESHAM STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2V 7EL

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Investec Asset Management LTD
- **DATE OF NAME CHANGE:** 20071114

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Ninety One UK Ltd<br>**Address:** 55 Gresham Street<br>London, X0 EC2V 7EL

**Form 13F File Number:** 028-12634

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:** Richard Brearley<br>**Title:** Head of Compliance<br>**Phone:** 44 20 3938 2513

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

/s/ Richard Brearley  London, X0  02-06-2023<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:** 0

**Form 13F Information Table Entry Total:** 187

**Form 13F Information Table Value Total:** $31190962471

      (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.]

**NONE**

### 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 |
| ABCAM PLC | ADR | 000380204 |  | 1350312 | 86781 | SH |  | SOLE |  | 86781 | 0 | 0 |
| ACCENTURE PLC | Common Stock | G1151C101 |  | 125126346 | 468919 | SH |  | SOLE |  | 468919 | 0 | 0 |
| ACTIVISION BLIZZARD INC | Common Stock | 00507V109 |  | 23614680 | 308487 | SH |  | SOLE |  | 308487 | 0 | 0 |
| ADIENT PLC | Common Stock | G0084W101 |  | 49559071 | 1428627 | SH |  | SOLE |  | 1428627 | 0 | 0 |
| ADOBE INC | Common Stock | 00724F101 |  | 22586884 | 67117 | SH |  | SOLE |  | 67117 | 0 | 0 |
| AERCAP HOLDINGS NV | Common Stock | N00985106 |  | 107805453 | 1848516 | SH |  | SOLE |  | 1848516 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | Common Stock | 00846U101 |  | 23600404 | 157704 | SH |  | SOLE |  | 157704 | 0 | 0 |
| AGNICO EAGLE MINES LTD | Common Stock | 008474108 |  | 103328797 | 1989843 | SH |  | SOLE |  | 1989843 | 0 | 0 |
| AIR PRODUCTS AND CHEMICALS INC | Common Stock | 009158106 |  | 132660308 | 430352 | SH |  | SOLE |  | 430352 | 0 | 0 |
| AIRBNB INC | Common Stock | 009066101 |  | 13380579 | 156498 | SH |  | SOLE |  | 156498 | 0 | 0 |
| ALCOA CORP | Common Stock | 013872106 |  | 13204852 | 290408 | SH |  | SOLE |  | 290408 | 0 | 0 |
| ALCON INC | Common Stock | H01301128 |  | 17839863 | 260246 | SH |  | SOLE |  | 260246 | 0 | 0 |
| ALIGN TECHNOLOGY INC | Common Stock | 016255101 |  | 11598445 | 54995 | SH |  | SOLE |  | 54995 | 0 | 0 |
| ALLEGION PLC | Common Stock | G0176J109 |  | 166739419 | 1584072 | SH |  | SOLE |  | 1584072 | 0 | 0 |
| ALPHABET INC | Common Stock | 02079K107 |  | 5012358 | 56490 | SH |  | SOLE |  | 56490 | 0 | 0 |
| ALPHABET INC | Common Stock | 02079K305 |  | 300947060 | 3410938 | SH |  | SOLE |  | 3410938 | 0 | 0 |
| ALTRIA GROUP INC | Common Stock | 02209S103 |  | 22834065 | 499542 | SH |  | SOLE |  | 499542 | 0 | 0 |
| AMAZON.COM INC | Common Stock | 023135106 |  | 47740896 | 568344 | SH |  | SOLE |  | 568344 | 0 | 0 |
| AMERICAN EXPRESS CO | Common Stock | 025816109 |  | 74274664 | 502705 | SH |  | SOLE |  | 502705 | 0 | 0 |
| AMERICAN TOWER CORP | REIT | 03027X100 |  | 51316941 | 242221 | SH |  | SOLE |  | 242221 | 0 | 0 |
| ANALOG DEVICES INC | Common Stock | 032654105 |  | 179245587 | 1092761 | SH |  | SOLE |  | 1092761 | 0 | 0 |
| ANGLOGOLD ASHANTI LTD | ADR | 035128206 |  | 1022910 | 52673 | SH |  | SOLE |  | 52673 | 0 | 0 |
| ANSYS INC | Common Stock | 03662Q105 |  | 216257356 | 895142 | SH |  | SOLE |  | 895142 | 0 | 0 |
| AON PLC | Common Stock | G0403H108 |  | 41913350 | 139646 | SH |  | SOLE |  | 139646 | 0 | 0 |
| APPLE INC | Common Stock | 037833100 |  | 449766857 | 3461609 | SH |  | SOLE |  | 3461609 | 0 | 0 |
| APPLIED MATERIALS INC | Common Stock | 038222105 |  | 4466236 | 45864 | SH |  | SOLE |  | 45864 | 0 | 0 |
| APTIV PLC | Common Stock | G6095L109 |  | 183576552 | 1971186 | SH |  | SOLE |  | 1971186 | 0 | 0 |
| ASML HOLDING NV | NY Reg Shrs | N07059210 |  | 21246218 | 38884 | SH |  | SOLE |  | 38884 | 0 | 0 |
| AUTODESK INC | Common Stock | 052769106 |  | 808871093 | 4328523 | SH |  | SOLE |  | 4328523 | 0 | 0 |
| AUTOMATIC DATA PROCESSING INC | Common Stock | 053015103 |  | 618317295 | 2588618 | SH |  | SOLE |  | 2588618 | 0 | 0 |
| AUTOZONE INC | Common Stock | 053332102 |  | 235263707 | 95396 | SH |  | SOLE |  | 95396 | 0 | 0 |
| B2GOLD CORP | Common Stock | 11777Q209 |  | 44819626 | 12625437 | SH |  | SOLE |  | 12625437 | 0 | 0 |
| BANK OF AMERICA CORP | Common Stock | 060505104 |  | 87337407 | 2636999 | SH |  | SOLE |  | 2636999 | 0 | 0 |
| BARRICK GOLD CORP | Common Stock | 067901108 |  | 240515087 | 13999714 | SH |  | SOLE |  | 13999714 | 0 | 0 |
| BECTON DICKINSON AND CO | Common Stock | 075887109 |  | 761874154 | 2995966 | SH |  | SOLE |  | 2995966 | 0 | 0 |
| BIG LOTS INC | Common Stock | 089302103 |  | 25688103 | 1747490 | SH |  | SOLE |  | 1747490 | 0 | 0 |
| BOOKING HOLDINGS INC | Common Stock | 09857L108 |  | 832403343 | 413046 | SH |  | SOLE |  | 413046 | 0 | 0 |
| BORGWARNER INC | Common Stock | 099724106 |  | 46098204 | 1145297 | SH |  | SOLE |  | 1145297 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | Common Stock | 101137107 |  | 266471105 | 5759047 | SH |  | SOLE |  | 5759047 | 0 | 0 |
| BRF SA | ADR | 10552T107 |  | 4083665 | 2584598 | SH |  | SOLE |  | 2584598 | 0 | 0 |
| BROADCOM INC | Common Stock | 11135F101 |  | 328648786 | 587786 | SH |  | SOLE |  | 587786 | 0 | 0 |
| BROADRIDGE FINANCIAL SOLUTIONS | Common Stock | 11133T103 |  | 81296327 | 606101 | SH |  | SOLE |  | 606101 | 0 | 0 |
| CADENCE DESIGN SYSTEMS INC | Common Stock | 127387108 |  | 31270504 | 194662 | SH |  | SOLE |  | 194662 | 0 | 0 |
| CAMECO CORP | Common Stock | 13321L108 |  | 4840340 | 213513 | SH |  | SOLE |  | 213513 | 0 | 0 |
| CARS.COM INC | Common Stock | 14575E105 |  | 45850217 | 3329718 | SH |  | SOLE |  | 3329718 | 0 | 0 |
| CHARLES SCHWAB CORP/THE | Common Stock | 808513105 |  | 580338852 | 6970200 | SH |  | SOLE |  | 6970200 | 0 | 0 |
| CHECK POINT SOFTWARE TECHNOLOG | Common Stock | M22465104 |  | 466502967 | 3697709 | SH |  | SOLE |  | 3697709 | 0 | 0 |
| CHEMED CORP | Common Stock | 16359R103 |  | 56950717 | 111574 | SH |  | SOLE |  | 111574 | 0 | 0 |
| CISCO SYSTEMS INC | Common Stock | 17275R102 |  | 11173295 | 234536 | SH |  | SOLE |  | 234536 | 0 | 0 |
| CITIGROUP INC | Common Stock | 172967424 |  | 51618285 | 1141240 | SH |  | SOLE |  | 1141240 | 0 | 0 |
| CLEVELAND-CLIFFS INC | Common Stock | 185899101 |  | 8858663 | 549886 | SH |  | SOLE |  | 549886 | 0 | 0 |
| CME GROUP INC | Common Stock | 12572Q105 |  | 37371038 | 222235 | SH |  | SOLE |  | 222235 | 0 | 0 |
| CNH INDUSTRIAL NV | Common Stock | N20944109 |  | 10859981 | 676213 | SH |  | SOLE |  | 676213 | 0 | 0 |
| COCA-COLA CO/THE | Common Stock | 191216100 |  | 18718387 | 294268 | SH |  | SOLE |  | 294268 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNERS | Common Stock | G25839104 |  | 281817616 | 5094317 | SH |  | SOLE |  | 5094317 | 0 | 0 |
| CONOCOPHILLIPS | Common Stock | 20825C104 |  | 26462798 | 224261 | SH |  | SOLE |  | 224261 | 0 | 0 |
| CONSTELLATION BRANDS INC | Common Stock | 21036P108 |  | 5655859 | 24405 | SH |  | SOLE |  | 24405 | 0 | 0 |
| CORTEVA INC | Common Stock | 22052L104 |  | 7122902 | 121179 | SH |  | SOLE |  | 121179 | 0 | 0 |
| COSTAR GROUP INC | Common Stock | 22160N109 |  | 16799976 | 217391 | SH |  | SOLE |  | 217391 | 0 | 0 |
| CROWN CASTLE INC | REIT | 22822V101 |  | 102826378 | 758083 | SH |  | SOLE |  | 758083 | 0 | 0 |
| DANAHER CORP | Common Stock | 235851102 |  | 21074879 | 79402 | SH |  | SOLE |  | 79402 | 0 | 0 |
| DEERE  CO | Common Stock | 244199105 |  | 39686026 | 92560 | SH |  | SOLE |  | 92560 | 0 | 0 |
| DENTSPLY SIRONA INC | Common Stock | 24906P109 |  | 24592420 | 772375 | SH |  | SOLE |  | 772375 | 0 | 0 |
| DIAGEO PLC | ADR | 25243Q205 |  | 10691 | 60 | SH |  | SOLE |  | 60 | 0 | 0 |
| DIGITAL REALTY TRUST INC | REIT | 253868103 |  | 14539150 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| DOLBY LABORATORIES INC | Common Stock | 25659T107 |  | 164130638 | 2326774 | SH |  | SOLE |  | 2326774 | 0 | 0 |
| EBAY INC | Common Stock | 278642103 |  | 173815699 | 4191360 | SH |  | SOLE |  | 4191360 | 0 | 0 |
| ELECTRONIC ARTS INC | Common Stock | 285512109 |  | 547589745 | 4481828 | SH |  | SOLE |  | 4481828 | 0 | 0 |
| ELEVANCE HEALTH INC | Common Stock | 036752103 |  | 288722600 | 562845 | SH |  | SOLE |  | 562845 | 0 | 0 |
| ELI LILLY  CO | Common Stock | 532457108 |  | 18709789 | 51142 | SH |  | SOLE |  | 51142 | 0 | 0 |
| EMBECTA CORP | Common Stock | 29082K105 |  | 8219 | 325 | SH |  | SOLE |  | 325 | 0 | 0 |
| EQUINIX INC | REIT | 29444U700 |  | 2699379 | 4121 | SH |  | SOLE |  | 4121 | 0 | 0 |
| ERO COPPER CORP | Common Stock | 296006109 |  | 30721711 | 2233175 | SH |  | SOLE |  | 2233175 | 0 | 0 |
| ESTEE LAUDER COS INC/THE | Common Stock | 518439104 |  | 682415390 | 2750455 | SH |  | SOLE |  | 2750455 | 0 | 0 |
| EXXON MOBIL CORP | Common Stock | 30231G102 |  | 589759210 | 5346865 | SH |  | SOLE |  | 5346865 | 0 | 0 |
| FACTSET RESEARCH SYSTEMS INC | Common Stock | 303075105 |  | 494805071 | 1233282 | SH |  | SOLE |  | 1233282 | 0 | 0 |
| FERGUSON PLC | Common Stock | G3421J106 |  | 7184597 | 56585 | SH |  | SOLE |  | 56585 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL IN | Common Stock | 31620R303 |  | 15452641 | 410756 | SH |  | SOLE |  | 410756 | 0 | 0 |
| FOX CORP | Common Stock | 35137L105 |  | 357799873 | 11781359 | SH |  | SOLE |  | 11781359 | 0 | 0 |
| FREEPORT-MCMORAN INC | Common Stock | 35671D857 |  | 154796838 | 4073601 | SH |  | SOLE |  | 4073601 | 0 | 0 |
| GAMING AND LEISURE PROPERTIES | REIT | 36467J108 |  | 74416920 | 1428622 | SH |  | SOLE |  | 1428622 | 0 | 0 |
| GENERAC HOLDINGS INC | Common Stock | 368736104 |  | 13544306 | 134555 | SH |  | SOLE |  | 134555 | 0 | 0 |
| GENERAL MOTORS CO | Common Stock | 37045V100 |  | 151717006 | 4510018 | SH |  | SOLE |  | 4510018 | 0 | 0 |
| GREENLIGHT CAPITAL RE LTD | Common Stock | G4095J109 |  | 8961911 | 1099621 | SH |  | SOLE |  | 1099621 | 0 | 0 |
| HDFC BANK LTD | ADR | 40415F101 |  | 136734077 | 1998744 | SH |  | SOLE |  | 1998744 | 0 | 0 |
| HECLA MINING CO | Common Stock | 422704106 |  | 11052902 | 1987932 | SH |  | SOLE |  | 1987932 | 0 | 0 |
| HESS CORP | Common Stock | 42809H107 |  | 194744388 | 1373180 | SH |  | SOLE |  | 1373180 | 0 | 0 |
| HOME DEPOT INC/THE | Common Stock | 437076102 |  | 25532227 | 80834 | SH |  | SOLE |  | 80834 | 0 | 0 |
| HUNTINGTON BANCSHARES INC/OH | Common Stock | 446150104 |  | 173740017 | 12321987 | SH |  | SOLE |  | 12321987 | 0 | 0 |
| ICON PLC | Common Stock | G4705A100 |  | 432222178 | 2225082 | SH |  | SOLE |  | 2225082 | 0 | 0 |
| IDEXX LABORATORIES INC | Common Stock | 45168D104 |  | 8894752 | 21803 | SH |  | SOLE |  | 21803 | 0 | 0 |
| INFOSYS LTD | ADR | 456788108 |  | 202528231 | 11245321 | SH |  | SOLE |  | 11245321 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE INC | Common Stock | 45866F104 |  | 314463792 | 3065248 | SH |  | SOLE |  | 3065248 | 0 | 0 |
| INTERCONTINENTAL HOTELS GROUP | ADR | 45857P806 |  | 11960 | 205 | SH |  | SOLE |  | 205 | 0 | 0 |
| INTUIT INC | Common Stock | 461202103 |  | 777523387 | 1997645 | SH |  | SOLE |  | 1997645 | 0 | 0 |
| IQVIA HOLDINGS INC | Common Stock | 46266C105 |  | 123501750 | 602771 | SH |  | SOLE |  | 602771 | 0 | 0 |
| ISHARES MSCI CHINA A ETF | ETP | 46434V514 |  | 1428752 | 45764 | SH |  | SOLE |  | 45764 | 0 | 0 |
| ISHARES MSCI INDIA ETF | ETP | 46429B598 |  | 23592283 | 565220 | SH |  | SOLE |  | 565220 | 0 | 0 |
| ISHARES MSCI SAUDI ARABIA ETF | ETP | 46434V423 |  | 8449318 | 224001 | SH |  | SOLE |  | 224001 | 0 | 0 |
| JACOBS SOLUTIONS INC | Common Stock | 46982L108 |  | 226254025 | 1884351 | SH |  | SOLE |  | 1884351 | 0 | 0 |
| JOHNSON  JOHNSON | Common Stock | 478160104 |  | 859876555 | 4867685 | SH |  | SOLE |  | 4867685 | 0 | 0 |
| JPMORGAN CHASE  CO | Common Stock | 46625H100 |  | 58856490 | 438900 | SH |  | SOLE |  | 438900 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | Common Stock | 49338L103 |  | 245169142 | 1433151 | SH |  | SOLE |  | 1433151 | 0 | 0 |
| KLA CORP | Common Stock | 482480100 |  | 24007762 | 63676 | SH |  | SOLE |  | 63676 | 0 | 0 |
| LAM RESEARCH CORP | Common Stock | 512807108 |  | 75005897 | 178458 | SH |  | SOLE |  | 178458 | 0 | 0 |
| LEAR CORP | Common Stock | 521865204 |  | 81193414 | 654680 | SH |  | SOLE |  | 654680 | 0 | 0 |
| M BANK CORP | Common Stock | 55261F104 |  | 162597754 | 1120900 | SH |  | SOLE |  | 1120900 | 0 | 0 |
| MAKEMYTRIP LTD | Common Stock | V5633W109 |  | 12331289 | 447272 | SH |  | SOLE |  | 447272 | 0 | 0 |
| MARATHON PETROLEUM CORP | Common Stock | 56585A102 |  | 15311803 | 131556 | SH |  | SOLE |  | 131556 | 0 | 0 |
| MARSH  MCLENNAN COS INC | Common Stock | 571748102 |  | 202773069 | 1225363 | SH |  | SOLE |  | 1225363 | 0 | 0 |
| MASTERCARD INC | Common Stock | 57636Q104 |  | 591697716 | 1701601 | SH |  | SOLE |  | 1701601 | 0 | 0 |
| MCKESSON CORP | Common Stock | 58155Q103 |  | 98456246 | 262466 | SH |  | SOLE |  | 262466 | 0 | 0 |
| MERCADOLIBRE INC | Common Stock | 58733R102 |  | 816622 | 965 | SH |  | SOLE |  | 965 | 0 | 0 |
| META PLATFORMS INC | Common Stock | 30303M102 |  | 61172432 | 508330 | SH |  | SOLE |  | 508330 | 0 | 0 |
| MICROSOFT CORP | Common Stock | 594918104 |  | 1677108744 | 6993198 | SH |  | SOLE |  | 6993198 | 0 | 0 |
| MONDELEZ INTERNATIONAL INC | Common Stock | 609207105 |  | 275031425 | 4126503 | SH |  | SOLE |  | 4126503 | 0 | 0 |
| MONSTER BEVERAGE CORP | Common Stock | 61174X109 |  | 17511082 | 172472 | SH |  | SOLE |  | 172472 | 0 | 0 |
| MOODY'S CORP | Common Stock | 615369105 |  | 967231002 | 3471506 | SH |  | SOLE |  | 3471506 | 0 | 0 |
| MORGAN STANLEY | Common Stock | 617446448 |  | 49322738 | 580131 | SH |  | SOLE |  | 580131 | 0 | 0 |
| MOSAIC CO/THE | Common Stock | 61945C103 |  | 48988795 | 1116681 | SH |  | SOLE |  | 1116681 | 0 | 0 |
| NETEASE INC | ADR | 64110W102 |  | 483396155 | 6655599 | SH |  | SOLE |  | 6655599 | 0 | 0 |
| NEWMONT CORP | Common Stock | 651639106 |  | 64401096 | 1364430 | SH |  | SOLE |  | 1364430 | 0 | 0 |
| NEXTERA ENERGY INC | Common Stock | 65339F101 |  | 301237970 | 3603325 | SH |  | SOLE |  | 3603325 | 0 | 0 |
| NEXTERA ENERGY PARTNERS LP | Common Stock | 65341B106 |  | 15805015 | 225496 | SH |  | SOLE |  | 225496 | 0 | 0 |
| NIKE INC | Common Stock | 654106103 |  | 95854475 | 819199 | SH |  | SOLE |  | 819199 | 0 | 0 |
| NOMAD FOODS LTD | Common Stock | G6564A105 |  | 24409461 | 1415862 | SH |  | SOLE |  | 1415862 | 0 | 0 |
| NOV INC | Common Stock | 62955J103 |  | 95416537 | 4567570 | SH |  | SOLE |  | 4567570 | 0 | 0 |
| NUTRIEN LTD | Common Stock | 67077M108 |  | 31899569 | 437248 | SH |  | SOLE |  | 437248 | 0 | 0 |
| NVIDIA CORP | Common Stock | 67066G104 |  | 384084856 | 2628198 | SH |  | SOLE |  | 2628198 | 0 | 0 |
| NVR INC | Common Stock | 62944T105 |  | 23782462 | 5156 | SH |  | SOLE |  | 5156 | 0 | 0 |
| NXP SEMICONDUCTORS NV | Common Stock | N6596X109 |  | 16295263 | 103115 | SH |  | SOLE |  | 103115 | 0 | 0 |
| O'REILLY AUTOMOTIVE INC | Common Stock | 67103H107 |  | 16342953 | 19363 | SH |  | SOLE |  | 19363 | 0 | 0 |
| PAN AMERICAN SILVER CORP | Common Stock | 697900108 |  | 33649125 | 2059310 | SH |  | SOLE |  | 2059310 | 0 | 0 |
| PEPSICO INC | Common Stock | 713448108 |  | 72985375 | 403993 | SH |  | SOLE |  | 403993 | 0 | 0 |
| PETROLEO BRASILEIRO SA | ADR | 71654V101 |  | 4947445 | 532556 | SH |  | SOLE |  | 532556 | 0 | 0 |
| PHILIP MORRIS INTERNATIONAL IN | Common Stock | 718172109 |  | 956452819 | 9450181 | SH |  | SOLE |  | 9450181 | 0 | 0 |
| PHILLIPS 66 | Common Stock | 718546104 |  | 22483153 | 216018 | SH |  | SOLE |  | 216018 | 0 | 0 |
| PIONEER NATURAL RESOURCES CO | Common Stock | 723787107 |  | 190876714 | 835749 | SH |  | SOLE |  | 835749 | 0 | 0 |
| PLATINUM GROUP METALS LTD | Common Stock | 72765Q882 |  | 765172 | 437969 | SH |  | SOLE |  | 437969 | 0 | 0 |
| PROCTER  GAMBLE CO/THE | Common Stock | 742718109 |  | 61806016 | 407799 | SH |  | SOLE |  | 407799 | 0 | 0 |
| PROLOGIS INC | REIT | 74340W103 |  | 22540476 | 199951 | SH |  | SOLE |  | 199951 | 0 | 0 |
| QORVO INC | Common Stock | 74736K101 |  | 42047624 | 463897 | SH |  | SOLE |  | 463897 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | Common Stock | 75513E101 |  | 208948098 | 2070433 | SH |  | SOLE |  | 2070433 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS INC | Common Stock | 767744105 |  | 37351242 | 647092 | SH |  | SOLE |  | 647092 | 0 | 0 |
| ROCKWELL AUTOMATION INC | Common Stock | 773903109 |  | 284139891 | 1103156 | SH |  | SOLE |  | 1103156 | 0 | 0 |
| ROYAL GOLD INC | Common Stock | 780287108 |  | 42053352 | 373078 | SH |  | SOLE |  | 373078 | 0 | 0 |
| RYANAIR HOLDINGS PLC | ADR | 783513203 |  | 82610 | 1105 | SH |  | SOLE |  | 1105 | 0 | 0 |
| S GLOBAL INC | Common Stock | 78409V104 |  | 545805831 | 1629563 | SH |  | SOLE |  | 1629563 | 0 | 0 |
| SABRE CORP | Common Stock | 78573M104 |  | 11990763 | 1940253 | SH |  | SOLE |  | 1940253 | 0 | 0 |
| SAP SE | ADR | 803054204 |  | 27964 | 271 | SH |  | SOLE |  | 271 | 0 | 0 |
| SEA LTD | ADR | 81141R100 |  | 591061 | 11360 | SH |  | SOLE |  | 11360 | 0 | 0 |
| SIMON PROPERTY GROUP INC | REIT | 828806109 |  | 5348160 | 45524 | SH |  | SOLE |  | 45524 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE C | ADR | 833635105 |  | 49281879 | 617258 | SH |  | SOLE |  | 617258 | 0 | 0 |
| SONY GROUP CORP | ADR | 835699307 |  | 15704679 | 205882 | SH |  | SOLE |  | 205882 | 0 | 0 |
| SPROTT PHYSICAL SILVER TRUST | Closed-End Fund | 85207K107 |  | 612389 | 74319 | SH |  | SOLE |  | 74319 | 0 | 0 |
| SSR MINING INC | Common Stock | 784730103 |  | 42825515 | 2732962 | SH |  | SOLE |  | 2732962 | 0 | 0 |
| STARBUCKS CORP | Common Stock | 855244109 |  | 90217638 | 909452 | SH |  | SOLE |  | 909452 | 0 | 0 |
| STATE STREET CORP | Common Stock | 857477103 |  | 182318356 | 2350372 | SH |  | SOLE |  | 2350372 | 0 | 0 |
| STRYKER CORP | Common Stock | 863667101 |  | 39311547 | 160790 | SH |  | SOLE |  | 160790 | 0 | 0 |
| SVB FINANCIAL GROUP | Common Stock | 78486Q101 |  | 105495255 | 458396 | SH |  | SOLE |  | 458396 | 0 | 0 |
| SYNOPSYS INC | Common Stock | 871607107 |  | 183637089 | 575142 | SH |  | SOLE |  | 575142 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFACTU | ADR | 874039100 |  | 311641578 | 4183670 | SH |  | SOLE |  | 4183670 | 0 | 0 |
| TAPESTRY INC | Common Stock | 876030107 |  | 234470441 | 6157312 | SH |  | SOLE |  | 6157312 | 0 | 0 |
| TE CONNECTIVITY LTD | Common Stock | H84989104 |  | 232638412 | 2026467 | SH |  | SOLE |  | 2026467 | 0 | 0 |
| TECK RESOURCES LTD | Common Stock | 878742204 |  | 26127493 | 690838 | SH |  | SOLE |  | 690838 | 0 | 0 |
| TERNIUM SA | ADR | 880890108 |  | 40919382 | 1338985 | SH |  | SOLE |  | 1338985 | 0 | 0 |
| TEXAS INSTRUMENTS INC | Common Stock | 882508104 |  | 72558346 | 439162 | SH |  | SOLE |  | 439162 | 0 | 0 |
| TEXAS ROADHOUSE INC | Common Stock | 882681109 |  | 64367134 | 707720 | SH |  | SOLE |  | 707720 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | Common Stock | 883556102 |  | 460692936 | 836574 | SH |  | SOLE |  | 836574 | 0 | 0 |
| TRADEWEB MARKETS INC | Common Stock | 892672106 |  | 12322480 | 189781 | SH |  | SOLE |  | 189781 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | Common Stock | G8994E103 |  | 465090742 | 2766915 | SH |  | SOLE |  | 2766915 | 0 | 0 |
| TRANSUNION | Common Stock | 89400J107 |  | 89054711 | 1569246 | SH |  | SOLE |  | 1569246 | 0 | 0 |
| TRIP.COM GROUP LTD | ADR | 89677Q107 |  | 58449762 | 1699121 | SH |  | SOLE |  | 1699121 | 0 | 0 |
| UNITEDHEALTH GROUP INC | Common Stock | 91324P102 |  | 518228682 | 977458 | SH |  | SOLE |  | 977458 | 0 | 0 |
| VALE SA | ADR | 91912E105 |  | 98183091 | 5785686 | SH |  | SOLE |  | 5785686 | 0 | 0 |
| VALERO ENERGY CORP | Common Stock | 91913Y100 |  | 34294191 | 270331 | SH |  | SOLE |  | 270331 | 0 | 0 |
| VENATOR MATERIALS PLC | Common Stock | G9329Z100 |  | 485093 | 898487 | SH |  | SOLE |  | 898487 | 0 | 0 |
| VENTAS INC | REIT | 92276F100 |  | 8761459 | 194483 | SH |  | SOLE |  | 194483 | 0 | 0 |
| VERISIGN INC | Common Stock | 92343E102 |  | 851114705 | 4142887 | SH |  | SOLE |  | 4142887 | 0 | 0 |
| VISA INC | Common Stock | 92826C839 |  | 1715592328 | 8257568 | SH |  | SOLE |  | 8257568 | 0 | 0 |
| WASTE MANAGEMENT INC | Common Stock | 94106L109 |  | 194372908 | 1238991 | SH |  | SOLE |  | 1238991 | 0 | 0 |
| WESTROCK CO | Common Stock | 96145D105 |  | 41339229 | 1175746 | SH |  | SOLE |  | 1175746 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | Common Stock | 962879102 |  | 41332024 | 1057626 | SH |  | SOLE |  | 1057626 | 0 | 0 |
| WORLD WRESTLING ENTERTAINMENT | Common Stock | 98156Q108 |  | 176697869 | 2578778 | SH |  | SOLE |  | 2578778 | 0 | 0 |
| WW INTERNATIONAL INC | Common Stock | 98262P101 |  | 1032044 | 267369 | SH |  | SOLE |  | 267369 | 0 | 0 |
| XTRACKERS HARVEST CSI 300 CHIN | ETP | 233051879 |  | 826842 | 29509 | SH |  | SOLE |  | 29509 | 0 | 0 |
| ZOETIS INC | Common Stock | 98978V103 |  | 12113676 | 82659 | SH |  | SOLE |  | 82659 | 0 | 0 |

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