# EDGAR Filing Document

**Accession Number:** 0001650135
**File Stem:** 0001650135-23-000001
**Filing Date:** 2023-2
**Character Count:** 18832
**Document Hash:** 89e8f07cd789a0a19f24a81e3c5f12e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001650135-23-000001.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001650135-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hosking Partners LLP
- **CENTRAL INDEX KEY:** 0001650135
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17007
- **FILM NUMBER:** 23615733

**BUSINESS ADDRESS:**
- **STREET 1:** 2 ST JAMES'S MARKET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1Y 4AH
- **BUSINESS PHONE:** 442070047850

**MAIL ADDRESS:**
- **STREET 1:** 2 ST JAMES'S MARKET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1Y 4AH

### 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:** Hosking Partners LLP<br>**Address:** 2 ST JAMES'S MARKET<br>LONDON, X0 SW1Y 4AH

**Form 13F File Number:** 028-17007

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:** Will Miller<br>**Title:** CCO<br>**Phone:** 00442070047834

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

Will Miller  London, X0  02-13-2023<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:** 141

**Form 13F Information Table Value Total:** $2470846248

      (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 |
| Alcoa Corporation | COM | 013872106 |  | 33018359 | 726157 | SH |  | SOLE | 0 | 533294 | 0 | 192863 |
| American Airlines Group Inc. | COM | 02376R102 |  | 16128629 | 1267974 | SH |  | SOLE | 0 | 930384 | 0 | 337590 |
| Advance Auto Parts Inc. | COM | 00751Y106 |  | 1269016 | 8631 | SH |  | SOLE | 0 | 6286 | 0 | 2345 |
| Adobe Incorporated | COM | 00724F101 |  | 3685004 | 10950 | SH |  | SOLE | 0 | 8073 | 0 | 2877 |
| Adient plc | COM | G0084W101 |  | 2592661 | 74738 | SH |  | SOLE | 0 | 54471 | 0 | 20267 |
| Autodesk Inc. | COM | 052769106 |  | 3978275 | 21289 | SH |  | SOLE | 0 | 15629 | 0 | 5660 |
| American International Group Inc. | COM | 026874784 |  | 80044765 | 1265730 | SH |  | SOLE | 0 | 929685 | 0 | 336045 |
| Applied Materials Inc. | COM | 038222105 |  | 7413150 | 76126 | SH |  | SOLE | 0 | 55907 | 0 | 20219 |
| America Movil SAB de CV Sponsored ADR Class L | COM | 02364W105 |  | 1576193 | 86604 | SH |  | SOLE | 0 | 64120 | 0 | 22484 |
| Amazon.com Inc. | COM | 023135106 |  | 53260284 | 634051 | SH |  | SOLE | 0 | 466059 | 0 | 167992 |
| APA Corp. | COM | 03743Q108 |  | 3730339 | 79913 | SH |  | SOLE | 0 | 58174 | 0 | 21739 |
| Altice USA Inc. Class A | COM | 02156K103 |  | 1715598 | 372956 | SH |  | SOLE | 0 | 275362 | 0 | 97594 |
| Broadcom Inc. | COM | 11135F101 |  | 21400701 | 38275 | SH |  | SOLE | 0 | 28206 | 0 | 10069 |
| American Express Company | COM | 025816109 |  | 64998919 | 439925 | SH |  | SOLE | 0 | 322708 | 0 | 117217 |
| Bank of America Corp | COM | 060505104 |  | 128254219 | 3872410 | SH |  | SOLE | 0 | 2858022 | 0 | 1014388 |
| Credicorp Ltd. | COM | G2519Y108 |  | 15085392 | 111200 | SH |  | SOLE | 0 | 81955 | 0 | 29245 |
| Liberty Media Corp. Series C Liberty Braves | COM | 531229888 |  | 201051 | 6238 | SH |  | SOLE | 0 | 4582 | 0 | 1656 |
| Bread Financial Holdings Inc. | COM | 018581108 |  | 398556 | 10583 | SH |  | SOLE | 0 | 7831 | 0 | 2752 |
| Bio-Rad Laboratories Inc. Class A | COM | 090572207 |  | 26512735 | 63052 | SH |  | SOLE | 0 | 46506 | 0 | 16546 |
| Booking Holdings Inc. | COM | 09857L108 |  | 45615863 | 22635 | SH |  | SOLE | 0 | 16665 | 0 | 5970 |
| TopBuild Corp. | COM | 89055F103 |  | 7223735 | 46161 | SH |  | SOLE | 0 | 34493 | 0 | 11668 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 3390932 | 47129 | SH |  | SOLE | 0 | 34504 | 0 | 12625 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 |  | 56219491 | 181999 | SH |  | SOLE | 0 | 134469 | 0 | 47530 |
| Peabody Energy Corporation | COM | 704551100 |  | 30228971 | 1144170 | SH |  | SOLE | 0 | 578535 | 0 | 565635 |
| Citigroup Inc. | COM | 172967424 |  | 64070421 | 1416547 | SH |  | SOLE | 0 | 1040349 | 0 | 376198 |
| Avis Budget Group Inc. | COM | 053774105 |  | 3139587 | 19152 | SH |  | SOLE | 0 | 13940 | 0 | 5212 |
| CBRE Group Inc. Class A | COM | 12504L109 |  | 64607381 | 839493 | SH |  | SOLE | 0 | 615959 | 0 | 223534 |
| Citizens Financial Group Inc. | COM | 174610105 |  | 20262873 | 514678 | SH |  | SOLE | 0 | 378218 | 0 | 136460 |
| Charter Communications Inc. Class A | COM | 16119P108 |  | 2310288 | 6813 | SH |  | SOLE | 0 | 5004 | 0 | 1809 |
| CME Group Inc. Class A | COM | 12572Q105 |  | 2891175 | 17193 | SH |  | SOLE | 0 | 12799 | 0 | 4394 |
| Centene Corporation | COM | 15135B101 |  | 7013413 | 85519 | SH |  | SOLE | 0 | 63348 | 0 | 22171 |
| Capital One Financial Corp | COM | 14040H105 |  | 26569176 | 285813 | SH |  | SOLE | 0 | 209902 | 0 | 75911 |
| ConocoPhillips | COM | 20825C104 |  | 52290638 | 443141 | SH |  | SOLE | 0 | 326083 | 0 | 117058 |
| Costco Wholesale Corporation | COM | 22160K105 |  | 107919339 | 236406 | SH |  | SOLE | 0 | 173359 | 0 | 63047 |
| Copa Holdings S.A. Class A | COM | P31076105 |  | 8900687 | 107018 | SH |  | SOLE | 0 | 78974 | 0 | 28044 |
| Corteva Inc | COM | 22052L104 |  | 3224436 | 54856 | SH |  | SOLE | 0 | 40395 | 0 | 14461 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 |  | 21422333 | 5289465 | SH |  | SOLE | 0 | 3734673 | 0 | 1554792 |
| Caesars Entertainment Inc | COM | 12769G100 |  | 7391571 | 177682 | SH |  | SOLE | 0 | 131320 | 0 | 46362 |
| Delta Air Lines Inc. | COM | 247361702 |  | 29607649 | 901024 | SH |  | SOLE | 0 | 661513 | 0 | 239511 |
| DuPont de Nemours Inc. | COM | 26614N102 |  | 3790847 | 55236 | SH |  | SOLE | 0 | 40579 | 0 | 14657 |
| DHT Holdings Inc. | COM | Y2065G121 |  | 38435837 | 4328360 | SH |  | SOLE | 0 | 3195104 | 0 | 1133256 |
| Walt Disney Company | COM | 254687106 |  | 13225916 | 152232 | SH |  | SOLE | 0 | 111799 | 0 | 40433 |
| NOW Inc. | COM | 67011P100 |  | 3360217 | 264584 | SH |  | SOLE | 0 | 196035 | 0 | 68549 |
| Dow Inc. | COM | 260557103 |  | 2952400 | 58591 | SH |  | SOLE | 0 | 43016 | 0 | 15575 |
| Diana Shipping Inc. | COM | Y2066G104 |  | 18167393 | 4658306 | SH |  | SOLE | 0 | 3429135 | 0 | 1229171 |
| DXC Technology Co. | COM | 23355L106 |  | 12197473 | 460282 | SH |  | SOLE | 0 | 338299 | 0 | 121983 |
| eBay Inc. | COM | 278642103 |  | 3189458 | 76910 | SH |  | SOLE | 0 | 56419 | 0 | 20491 |
| Elevance Health Inc. | COM | 036752103 |  | 56387201 | 109923 | SH |  | SOLE | 0 | 80969 | 0 | 28954 |
| EPAM Systems Inc. | COM | 29414B104 |  | 18189570 | 55500 | SH |  | SOLE | 0 | 40759 | 0 | 14741 |
| FirstCash Holdings Inc. | COM | 33768G107 |  | 7213530 | 83000 | SH |  | SOLE | 0 | 60938 | 0 | 22062 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 53103556 | 1397462 | SH |  | SOLE | 0 | 1026352 | 0 | 371110 |
| Liberty Media Corp. Series A Liberty Formula One | COM | 531229870 |  | 2160763 | 40441 | SH |  | SOLE | 0 | 28983 | 0 | 11458 |
| Liberty Media Corp. Series C Liberty Formula One | COM | 531229854 |  | 12455342 | 208353 | SH |  | SOLE | 0 | 153226 | 0 | 55127 |
| Graco Inc. | COM | 384109104 |  | 4481467 | 66629 | SH |  | SOLE | 0 | 48626 | 0 | 18003 |
| Golar LNG Limited | COM | G9456A100 |  | 15899785 | 697665 | SH |  | SOLE | 0 | 515550 | 0 | 182115 |
| Corning Inc | COM | 219350105 |  | 20435212 | 639800 | SH |  | SOLE | 0 | 470476 | 0 | 169324 |
| Alphabet Inc. Class C | COM | 02079K107 |  | 93763121 | 1056724 | SH |  | SOLE | 0 | 779364 | 0 | 277360 |
| Garmin Ltd. | COM | H2906T109 |  | 5251762 | 56905 | SH |  | SOLE | 0 | 41974 | 0 | 14931 |
| Ferroglobe PLC | COM | G33856108 |  | 19484215 | 5060835 | SH |  | SOLE | 0 | 3402023 | 0 | 1658812 |
| Huntington Bancshares Incorporated | COM | 446150104 |  | 1151547 | 81670 | SH |  | SOLE | 0 | 59924 | 0 | 21746 |
| Hanesbrands Inc. | COM | 410345102 |  | 1429041 | 224692 | SH |  | SOLE | 0 | 163980 | 0 | 60712 |
| Warrior Met Coal Inc. | COM | 93627C101 |  | 9866165 | 284820 | SH |  | SOLE | 0 | 210232 | 0 | 74588 |
| Hackett Group Inc. | COM | 404609109 |  | 5196061 | 255084 | SH |  | SOLE | 0 | 185728 | 0 | 69356 |
| D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso | COM | 23292B104 |  | 4017626 | 6087312 | SH |  | SOLE | 0 | 4531668 | 0 | 1555644 |
| Hewlett Packard Enterprise Co. | COM | 42824C109 |  | 1282673 | 80368 | SH |  | SOLE | 0 | 58710 | 0 | 21658 |
| HP Inc. | COM | 40434L105 |  | 2126062 | 79124 | SH |  | SOLE | 0 | 58506 | 0 | 20618 |
| iShares MSCI India ETF | COM | 46429B598 |  | 4144991 | 99305 | SH |  | SOLE | 0 | 99305 | 0 | 0 |
| International Seaways Inc. | COM | Y41053102 |  | 32567308 | 879722 | SH |  | SOLE | 0 | 650813 | 0 | 228909 |
| Intel Corporation | COM | 458140100 |  | 2527422 | 95627 | SH |  | SOLE | 0 | 69775 | 0 | 25852 |
| Gartner Inc. | COM | 366651107 |  | 13929305 | 41439 | SH |  | SOLE | 0 | 30371 | 0 | 11068 |
| Jefferies Financial Group Inc. | COM | 47233W109 |  | 28642414 | 835543 | SH |  | SOLE | 0 | 614694 | 0 | 220849 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 32037026 | 238904 | SH |  | SOLE | 0 | 176951 | 0 | 61953 |
| Jackson Financial Incorporation Class A | COM | 46817M107 |  | 537610 | 15453 | SH |  | SOLE | 0 | 11543 | 0 | 3910 |
| KLA Corporation | COM | 482480100 |  | 6852143 | 18174 | SH |  | SOLE | 0 | 13237 | 0 | 4937 |
| Kroger Co. | COM | 501044101 |  | 16031414 | 359610 | SH |  | SOLE | 0 | 264100 | 0 | 95510 |
| Loews Corporation | COM | 540424108 |  | 7891291 | 135287 | SH |  | SOLE | 0 | 99327 | 0 | 35960 |
| Lazard Ltd Class A | COM | G54050102 |  | 10117538 | 291824 | SH |  | SOLE | 0 | 214173 | 0 | 77651 |
| Liberty Broadband Corp. Class A | COM | 530307107 |  | 241279 | 3181 | SH |  | SOLE | 0 | 2410 | 0 | 771 |
| Liberty Broadband Corp. Class C | COM | 530307305 |  | 1080593 | 14168 | SH |  | SOLE | 0 | 10402 | 0 | 3766 |
| Liberty Global Plc Class A | COM | G5480U104 |  | 9590582 | 506634 | SH |  | SOLE | 0 | 371116 | 0 | 135518 |
| Liberty Global Plc Class C | COM | G5480U120 |  | 1389789 | 71528 | SH |  | SOLE | 0 | 51966 | 0 | 19562 |
| Lions Gate Entertainment Corp Class B | COM | 535919500 |  | 106292 | 19575 | SH |  | SOLE | 0 | 14419 | 0 | 5156 |
| Liberty Latin America Ltd. Class A | COM | G9001E102 |  | 761562 | 101137 | SH |  | SOLE | 0 | 74450 | 0 | 26687 |
| Liberty Latin America Ltd. Class C | COM | G9001E128 |  | 1039482 | 136774 | SH |  | SOLE | 0 | 100550 | 0 | 36224 |
| LivaNova Plc | COM | G5509L101 |  | 8092456 | 145705 | SH |  | SOLE | 0 | 106925 | 0 | 38780 |
| Louisiana-Pacific Corporation | COM | 546347105 |  | 15592274 | 263383 | SH |  | SOLE | 0 | 194656 | 0 | 68727 |
| Lam Research Corporation | COM | 512807108 |  | 8692645 | 20682 | SH |  | SOLE | 0 | 15198 | 0 | 5484 |
| Lesaka Technologies Inc. | COM | 64107N206 |  | 4939039 | 1085503 | SH |  | SOLE | 0 | 800983 | 0 | 284520 |
| Liberty Media Corp. Series A Liberty SiriusXM | COM | 531229409 |  | 1729601 | 43999 | SH |  | SOLE | 0 | 32338 | 0 | 11661 |
| Liberty Media Corp. Series C Liberty SiriusXM | COM | 531229607 |  | 2883764 | 73697 | SH |  | SOLE | 0 | 54173 | 0 | 19524 |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 |  | 9978 | 14902 | SH |  | SOLE | 0 | 11045 | 0 | 3857 |
| Lumen Technologies Inc. | COM | 550241103 |  | 2033300 | 389521 | SH |  | SOLE | 0 | 287152 | 0 | 102369 |
| LyondellBasell Industries NV | COM | N53745100 |  | 8715576 | 104969 | SH |  | SOLE | 0 | 77408 | 0 | 27561 |
| Masco Corporation | COM | 574599106 |  | 10504810 | 225087 | SH |  | SOLE | 0 | 166368 | 0 | 58719 |
| MBIA Inc. | COM | 55262C100 |  | 27517080 | 2141407 | SH |  | SOLE | 0 | 1575885 | 0 | 565522 |
| Microchip Technology Incorporated | COM | 595017104 |  | 7104874 | 101137 | SH |  | SOLE | 0 | 74891 | 0 | 26246 |
| MGM Resorts International | COM | 552953101 |  | 36403622 | 1085703 | SH |  | SOLE | 0 | 798032 | 0 | 287671 |
| Mohawk Industries Inc. | COM | 608190104 |  | 1994926 | 19516 | SH |  | SOLE | 0 | 14368 | 0 | 5148 |
| Altria Group Inc | COM | 02209S103 |  | 3738484 | 81787 | SH |  | SOLE | 0 | 39947 | 0 | 41840 |
| Marathon Petroleum Corporation | COM | 56585A102 |  | 25193547 | 216458 | SH |  | SOLE | 0 | 159920 | 0 | 56538 |
| Morgan Stanley | COM | 617446448 |  | 31617833 | 371887 | SH |  | SOLE | 0 | 273682 | 0 | 98205 |
| Microsoft Corporation | COM | 594918104 |  | 26195059 | 109228 | SH |  | SOLE | 0 | 80358 | 0 | 28870 |
| Micron Technology Inc. | COM | 595112103 |  | 41695965 | 834253 | SH |  | SOLE | 0 | 614039 | 0 | 220214 |
| Noble Corporation PLC Class A | COM | G65431127 |  | 17448002 | 462689 | SH |  | SOLE | 0 | 342395 | 0 | 120294 |
| Ingevity Corporation | COM | 45688C107 |  | 398409 | 5656 | SH |  | SOLE | 0 | 4058 | 0 | 1598 |
| NVIDIA Corporation | COM | 67066G104 |  | 5275946 | 36102 | SH |  | SOLE | 0 | 26585 | 0 | 9517 |
| Permian Basin Royalty Trust | COM | 714236106 |  | 12433050 | 493375 | SH |  | SOLE | 0 | 371337 | 0 | 122038 |
| Philip Morris International Inc. | COM | 718172109 |  | 11411124 | 112747 | SH |  | SOLE | 0 | 56806 | 0 | 55941 |
| PNC Financial Services Group Inc. | COM | 693475105 |  | 11682032 | 73965 | SH |  | SOLE | 0 | 54878 | 0 | 19087 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 26571470 | 373090 | SH |  | SOLE | 0 | 273441 | 0 | 99649 |
| QUALCOMM Incorporated | COM | 747525103 |  | 13233368 | 120369 | SH |  | SOLE | 0 | 89105 | 0 | 31264 |
| Qurate Retail Inc. Class A | COM | 74915M100 |  | 78564 | 48199 | SH |  | SOLE | 0 | 35472 | 0 | 12727 |
| RLX Technology Inc. Sponsored ADR Class A | COM | 74969N103 |  | 1936232 | 841840 | SH |  | SOLE | 0 | 429753 | 0 | 412087 |
| Raytheon Technologies Corporation | COM | 75513E101 |  | 7016362 | 69524 | SH |  | SOLE | 0 | 65498 | 0 | 4026 |
| Rackspace Technology Inc. | COM | 750102105 |  | 1718340 | 582488 | SH |  | SOLE | 0 | 428249 | 0 | 154239 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 |  | 31127223 | 416362 | SH |  | SOLE | 0 | 275803 | 0 | 140559 |
| Charles Schwab Corp | COM | 808513105 |  | 47793322 | 574025 | SH |  | SOLE | 0 | 422473 | 0 | 151552 |
| Sherwin-Williams Company | COM | 824348106 |  | 12905056 | 54376 | SH |  | SOLE | 0 | 39755 | 0 | 14621 |
| SL Green Realty Corp. | COM | 78440X887 |  | 11399181 | 338054 | SH |  | SOLE | 0 | 248569 | 0 | 89485 |
| Scotts Miracle-Gro Company Class A | COM | 810186106 |  | 1207753 | 24856 | SH |  | SOLE | 0 | 18142 | 0 | 6714 |
| Steel Dynamics Inc. | COM | 858119100 |  | 22338421 | 228643 | SH |  | SOLE | 0 | 168704 | 0 | 59939 |
| Scorpio Tankers Inc. | COM | Y7542C130 |  | 28390184 | 527993 | SH |  | SOLE | 0 | 389405 | 0 | 138588 |
| Seagate Technology Holdings PLC | COM | G7997R103 |  | 11226080 | 213383 | SH |  | SOLE | 0 | 156371 | 0 | 57012 |
| Synchrony Financial | COM | 87165B103 |  | 36686908 | 1116461 | SH |  | SOLE | 0 | 820415 | 0 | 296046 |
| Thor Industries Inc. | COM | 885160101 |  | 6171609 | 81754 | SH |  | SOLE | 0 | 60321 | 0 | 21433 |
| Texas Pacific Land Corporation | COM | 88262P102 |  | 4538429 | 1936 | SH |  | SOLE | 0 | 1438 | 0 | 498 |
| Tractor Supply Company | COM | 892356106 |  | 19499275 | 86675 | SH |  | SOLE | 0 | 63331 | 0 | 23344 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Spons | COM | 874039100 |  | 28526243 | 382954 | SH |  | SOLE | 0 | 280515 | 0 | 102439 |
| Texas Instruments Incorporated | COM | 882508104 |  | 9054552 | 54803 | SH |  | SOLE | 0 | 40568 | 0 | 14235 |
| Union Pacific Corporation | COM | 907818108 |  | 21031065 | 101565 | SH |  | SOLE | 0 | 74632 | 0 | 26933 |
| Visa Inc. Class A | COM | 92826C839 |  | 9505643 | 45753 | SH |  | SOLE | 0 | 33601 | 0 | 12152 |
| Valaris Ltd. | COM | G9460G101 |  | 18007206 | 266300 | SH |  | SOLE | 0 | 198996 | 0 | 67304 |
| Veeco Instruments Inc. | COM | 922417100 |  | 1880073 | 101188 | SH |  | SOLE | 0 | 75300 | 0 | 25888 |
| VICI Properties Inc | COM | 925652109 |  | 6295968 | 194320 | SH |  | SOLE | 0 | 143282 | 0 | 51038 |
| Vipshop Holdings Ltd Sponsored ADR | COM | 92763W103 |  | 9318261 | 683157 | SH |  | SOLE | 0 | 502255 | 0 | 180902 |
| Western Digital Corporation | COM | 958102105 |  | 1443160 | 45742 | SH |  | SOLE | 0 | 33374 | 0 | 12368 |
| Wells Fargo  Company | COM | 949746101 |  | 98642842 | 2389025 | SH |  | SOLE | 0 | 1773536 | 0 | 615489 |
| Wheaton Precious Metals Corp | COM | 962879102 |  | 7567099 | 193631 | SH |  | SOLE | 0 | 142163 | 0 | 51468 |
| WestRock Company | COM | 96145D105 |  | 9609228 | 273300 | SH |  | SOLE | 0 | 201490 | 0 | 71810 |
| Willis Towers Watson Public Limited Company | COM | G96629103 |  | 14557646 | 59521 | SH |  | SOLE | 0 | 43494 | 0 | 16027 |
| Yandex NV Class A | COM | N97284108 |  | 3 | 278906 | SH |  | SOLE | 0 | 221114 | 0 | 57792 |

---