# EDGAR Filing Document

**Accession Number:** 0002047540
**File Stem:** 0002047540-25-000006
**Filing Date:** 2025-7
**Character Count:** 40877
**Document Hash:** 30ca5b55c05b95c3c80299aa34e4f3a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002047540-25-000006.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0002047540-25-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**EFFECTIVENESS DATE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Generali Investments CEE, investicni spolecnost, a.s.
- **CENTRAL INDEX KEY:** 0002047540

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 2N
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24803
- **FILM NUMBER:** 251132784

**BUSINESS ADDRESS:**
- **STREET 1:** NA PANKRACI 1720/123
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 14021
- **BUSINESS PHONE:** 00420 281 044 198

**MAIL ADDRESS:**
- **STREET 1:** NA PANKRACI 1720/123
- **CITY:** PRAGUE
- **STATE:** 2N
- **ZIP:** 14021

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Generali Investments CEE investicni spolecnost a.s.<br>**Address:** NA PANKRACI 1720/123<br>PRAGUE, 2N 14021

**Form 13F File Number:** 028-24803

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:** Martin Broz<br>**Title:** COO<br>**Phone:** 00420603808409

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

Martin Broz Prague 18 July 2025  Prague, 2N  07-18-2025<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:** 0

**Form 13F Information Table Entry Total:** 383

**Form 13F Information Table Value Total:** $1216281968

      (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 |
| 3M Co | COM | 88579Y101 |  | 2400520 | 15768 | SH |  | SOLE |  | 15768 | 0 | 0 |
| ABB LTD. | COM | H0010V101 |  | 900899 | 15103 | SH |  | SOLE |  | 15103 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 3816168 | 28058 | SH |  | SOLE |  | 28058 | 0 | 0 |
| ABBVIE INC. | COM | 00287Y109 |  | 7148969 | 38514 | SH |  | SOLE |  | 38514 | 0 | 0 |
| ACCENTURE LTD | COM | G1151C101 |  | 3624639 | 12127 | SH |  | SOLE |  | 12127 | 0 | 0 |
| ADOBE SYSTEMS INC. | COM | 00724F101 |  | 3743064 | 9675 | SH |  | SOLE |  | 9675 | 0 | 0 |
| Advanced Micro Devices Inc | COM | 007903107 |  | 14573982 | 102706 | SH |  | SOLE |  | 102706 | 0 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 1943673 | 16343 | SH |  | SOLE |  | 16343 | 0 | 0 |
| Air Astana JSC | COM | 009063207 |  | 333635 | 60661 | SH |  | SOLE |  | 60661 | 0 | 0 |
| Air Liquide SA | COM | F01764103 |  | 1270865 | 6158 | SH |  | SOLE |  | 6158 | 0 | 0 |
| Airbnb Inc | COM CL A | 009066101 |  | 3043820 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| AIRBUS SE | COM | N0280G100 |  | 6207554 | 29722 | SH |  | SOLE |  | 29722 | 0 | 0 |
| ALAMOS GOLD INC. | COM CL A | 011532108 |  | 929600 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| Alibaba Group Holding Ltd | SPONSORED ADS | 01609W102 |  | 1933640 | 17050 | SH |  | SOLE |  | 17050 | 0 | 0 |
| ALLEGRO EU SA | COM | FDS1BLBC8 |  | 11226103 | 1169300 | SH |  | SOLE |  | 1169300 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 945661 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| ALPHABET INC. | CAP STK CL A | 02079K305 |  | 10364615 | 58813 | SH |  | SOLE |  | 58813 | 0 | 0 |
| ALPHABET INC. | CAP STK CL C | 02079K107 |  | 8567050 | 48295 | SH |  | SOLE |  | 48295 | 0 | 0 |
| Alstom SA | COM | F0259M475 |  | 302545 | 12969 | SH |  | SOLE |  | 12969 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 18454210 | 84116 | SH |  | SOLE |  | 84116 | 0 | 0 |
| Ambev SA | SPONSORED ADR | 02319V103 |  | 534417 | 221750 | SH |  | SOLE |  | 221750 | 0 | 0 |
| America Movil SAB de CV | SPON ADS RP CL B | 02390A101 |  | 925453 | 51586 | SH |  | SOLE |  | 51586 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 10228412 | 32066 | SH |  | SOLE |  | 32066 | 0 | 0 |
| American International Group Inc | COM NEW | 026874784 |  | 171180 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| AMERICAN TOWER CORP. | COM | 03027X100 |  | 2033384 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| AMERICAN WATER WORKS CO INC. | COM | 030420103 |  | 820749 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 3328183 | 11920 | SH |  | SOLE |  | 11920 | 0 | 0 |
| Amrize Ltd | COM | H2927K103 |  | 275994 | 5570 | SH |  | SOLE |  | 5570 | 0 | 0 |
| Anglogold Ashanti Plc | COM SHS | G0378L100 |  | 865830 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| APACHE CORP. | COM | 03743Q108 |  | 621860 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| Apple Inc | COM | 037833100 |  | 14130673 | 68873 | SH |  | SOLE |  | 68873 | 0 | 0 |
| Applied Materials Inc | COM | 038222105 |  | 637267 | 3481 | SH |  | SOLE |  | 3481 | 0 | 0 |
| Aptiv PLC | COM | G3265R107 |  | 230106 | 3373 | SH |  | SOLE |  | 3373 | 0 | 0 |
| Ares Capital Corp | COM | 04010L103 |  | 3908814 | 177997 | SH |  | SOLE |  | 177997 | 0 | 0 |
| AstraZeneca PLC | SPONSORED ADR | 046353108 |  | 1474468 | 21100 | SH |  | SOLE |  | 21100 | 0 | 0 |
| AT Inc. | COM | 00206R102 |  | 3901720 | 134821 | SH |  | SOLE |  | 134821 | 0 | 0 |
| Automatic Data Processing Inc | COM | 053015103 |  | 2775600 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| Axis Bank Ltd | COM | 05462W109 |  | 579490 | 8350 | SH |  | SOLE |  | 8350 | 0 | 0 |
| B2GOLD CORP. | COM | 11777Q209 |  | 487350 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| Baidu Inc | SPON ADR REP A | 056752108 |  | 977664 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| Baker Hughes Co | CL A | 05722G100 |  | 1334232 | 34800 | SH |  | SOLE |  | 34800 | 0 | 0 |
| Banco Bradesco SA | SP ADR PFD NEW | 059460303 |  | 820760 | 265618 | SH |  | SOLE |  | 265618 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 7663947 | 161960 | SH |  | SOLE |  | 161960 | 0 | 0 |
| Bank of China Ltd | COM | 06426M104 |  | 658385 | 45500 | SH |  | SOLE |  | 45500 | 0 | 0 |
| Bank Rakyat Indonesia Persero | COM | 69366X100 |  | 21091 | 1834 | SH |  | SOLE |  | 1834 | 0 | 0 |
| Barrick Mining Corp | COM | 06849F108 |  | 1522358 | 73120 | SH |  | SOLE |  | 73120 | 0 | 0 |
| BAXTER INTERNATIONAL INC | COM | 071813109 |  | 195306 | 6450 | SH |  | SOLE |  | 6450 | 0 | 0 |
| BECTON DICKINSON AND CO. | COM | 075887109 |  | 569286 | 3305 | SH |  | SOLE |  | 3305 | 0 | 0 |
| BERKSHIRE HATHAWAY INC | CL B NEW | 084670702 |  | 7134504 | 14687 | SH |  | SOLE |  | 14687 | 0 | 0 |
| BIOGEN INC. | COM | 09062X103 |  | 4867240 | 38755 | SH |  | SOLE |  | 38755 | 0 | 0 |
| BioNTech SE | SPONSORED ADS | 09075V102 |  | 340704 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| Blackrock Inc | COM | 09290D101 |  | 241328 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| Blackstone Secured Lending Fund | COMMON STOCK | 09261X102 |  | 1804441 | 58681 | SH |  | SOLE |  | 58681 | 0 | 0 |
| Blue Owl Capital Corp | COM | 69121K104 |  | 1887531 | 131627 | SH |  | SOLE |  | 131627 | 0 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 677341 | 117 | SH |  | SOLE |  | 117 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 2148200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BP PLC | COM | 055622104 |  | 119720 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 828591 | 17900 | SH |  | SOLE |  | 17900 | 0 | 0 |
| British American Tobacco PLC | COM | G1510J102 |  | 972152 | 20441 | SH |  | SOLE |  | 20441 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 12570743 | 45604 | SH |  | SOLE |  | 45604 | 0 | 0 |
| BYD Co Ltd | COM | 05606L100 |  | 1252042 | 13348 | SH |  | SOLE |  | 13348 | 0 | 0 |
| Capital Southwest Corp | COM | 140501107 |  | 278321 | 12628 | SH |  | SOLE |  | 12628 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 1008000 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 6327823 | 16300 | SH |  | SOLE |  | 16300 | 0 | 0 |
| Cemex SAB de CV | SPON ADR NEW | 151290889 |  | 1103172 | 159188 | SH |  | SOLE |  | 159188 | 0 | 0 |
| Cencora Inc | COM | 03073E105 |  | 272863 | 910 | SH |  | SOLE |  | 910 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 4116712 | 28750 | SH |  | SOLE |  | 28750 | 0 | 0 |
| China Construction Bank Corp | COM | 168919108 |  | 1408542 | 69592 | SH |  | SOLE |  | 69592 | 0 | 0 |
| China Merchants Bank Co Ltd | COM | 16950T102 |  | 370682 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| Chunghwa Telecom Co Ltd | SPON ADR NEW11 | 17133Q502 |  | 789061 | 16929 | SH |  | SOLE |  | 16929 | 0 | 0 |
| Cia de Minas Buenaventura SA | SPONSORED ADR | 204448104 |  | 878470 | 53500 | SH |  | SOLE |  | 53500 | 0 | 0 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | SPONSORED ADR | 20441A102 |  | 2416392 | 109986 | SH |  | SOLE |  | 109986 | 0 | 0 |
| Cia Energetica de Minas Gerais | SP ADR N-V PFD | 204409601 |  | 1589559 | 810999 | SH |  | SOLE |  | 810999 | 0 | 0 |
| CIGNA CORP | COM | 125523100 |  | 1685958 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| CISCO SYSTEMS INC/DELAWARE | COM | 17275R102 |  | 7391676 | 106539 | SH |  | SOLE |  | 106539 | 0 | 0 |
| Citigroup Inc | COM NEW | 172967424 |  | 3404800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| CLEAN HARBORS INC. | COM | 184496107 |  | 418436 | 1810 | SH |  | SOLE |  | 1810 | 0 | 0 |
| Coca-Cola CO/THE | COM | 191216100 |  | 4572431 | 64628 | SH |  | SOLE |  | 64628 | 0 | 0 |
| COEUR MINING INC. | COM NEW | 192108504 |  | 26509 | 2992 | SH |  | SOLE |  | 2992 | 0 | 0 |
| COLGATE - PALMOLIVE CO | COM | 194162103 |  | 2508840 | 27600 | SH |  | SOLE |  | 27600 | 0 | 0 |
| COMPAGNIE FINANCIER RICHEMONT SA | COM | H25662182 |  | 356891 | 1894 | SH |  | SOLE |  | 1894 | 0 | 0 |
| Compagnie Generale des Etablissements Michelin | COM | F61824870 |  | 1080198 | 29068 | SH |  | SOLE |  | 29068 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2212270 | 24652 | SH |  | SOLE |  | 24652 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 341190 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| Constellation Energy Corp | COM | 21037T109 |  | 3399631 | 10533 | SH |  | SOLE |  | 10533 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 4569563 | 4616 | SH |  | SOLE |  | 4616 | 0 | 0 |
| Covivio SA/France | COM | F3832Y172 |  | 1061090 | 16818 | SH |  | SOLE |  | 16818 | 0 | 0 |
| CVS Health Corp | COM | 126650100 |  | 793270 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| D.R. HORTON INC. | COM | 23331A109 |  | 1508364 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| Daimler Truck Holding AG | COM | D1T3RZ100 |  | 17839 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| Daqo New Energy Corp | SPNSRD ADS NEW | 23703Q203 |  | 37925 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| DEERE  COMPANY | COM | 244199105 |  | 1016980 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| DELL TECHNOLOGIES INC - VMware Inc | CL C | 24703L202 |  | 3678000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| DEUTSCHE BOERSE AG | COM | D1882G119 |  | 299531 | 919 | SH |  | SOLE |  | 919 | 0 | 0 |
| Deutsche Telekom AG | COM | 251566105 |  | 182950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| DEVON ENERGY CORP. | COM | 25179M103 |  | 442159 | 13900 | SH |  | SOLE |  | 13900 | 0 | 0 |
| Diageo PLC | SPON ADR NEW | 25243Q205 |  | 489074 | 4850 | SH |  | SOLE |  | 4850 | 0 | 0 |
| Digital Realty Trust Inc. | COM | 253868103 |  | 2736981 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| Dominion Energy Inc | COM | 25746U109 |  | 633024 | 11200 | SH |  | SOLE |  | 11200 | 0 | 0 |
| DUKE ENERGY CORP | COM NEW | 26441C204 |  | 1831478 | 15521 | SH |  | SOLE |  | 15521 | 0 | 0 |
| Duoyuan Global Water Inc | COM | 266043108 |  | 0 | 10900 | SH |  | SOLE |  | 10900 | 0 | 0 |
| E.ON SE | COM | D24914133 |  | 6681010 | 363962 | SH |  | SOLE |  | 363962 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 4769163 | 64050 | SH |  | SOLE |  | 64050 | 0 | 0 |
| EDP SA | COM | X67925119 |  | 2114362 | 487375 | SH |  | SOLE |  | 487375 | 0 | 0 |
| ELDORADO GOLD CORP | COM | 284902509 |  | 154584 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| Elevance Health Inc | COM | 036752103 |  | 1011296 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 8144529 | 10448 | SH |  | SOLE |  | 10448 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 |  | 862077 | 19022 | SH |  | SOLE |  | 19022 | 0 | 0 |
| ENDESA SA | COM | E41222113 |  | 463726 | 14637 | SH |  | SOLE |  | 14637 | 0 | 0 |
| Enel Chile SA | SPONSORED ADR | 29278D105 |  | 29040 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Enel SpA | COM | T3679P115 |  | 3986809 | 420023 | SH |  | SOLE |  | 420023 | 0 | 0 |
| Energy Transfer LP | COM UT LTD PTN | 29273V100 |  | 96633 | 5330 | SH |  | SOLE |  | 5330 | 0 | 0 |
| ENGIE SA | COM | F7629A107 |  | 2336692 | 99537 | SH |  | SOLE |  | 99537 | 0 | 0 |
| ENI SPA | COM | T3643A145 |  | 2892245 | 178400 | SH |  | SOLE |  | 178400 | 0 | 0 |
| Enphase Energy Inc | COM | 29355A107 |  | 91195 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| EOG Resources INC | COM | 26875P101 |  | 1566891 | 13100 | SH |  | SOLE |  | 13100 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 2084131 | 2620 | SH |  | SOLE |  | 2620 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 57500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Erste Group Bank AG | COM | A19494102 |  | 25124559 | 294924 | SH |  | SOLE |  | 294924 | 0 | 0 |
| EssilorLuxottica SA | COM | F31665106 |  | 2633277 | 9596 | SH |  | SOLE |  | 9596 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 165412 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| EXDS Inc | COM | 302088109 |  | 0 | 92 | SH |  | SOLE |  | 92 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 1372072 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| Expand Energy Corp | COM | 165167735 |  | 116940 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 5249860 | 48700 | SH |  | SOLE |  | 48700 | 0 | 0 |
| FACEBOOK INC. | CL A | 30303M102 |  | 9125745 | 12364 | SH |  | SOLE |  | 12364 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 5432709 | 23900 | SH |  | SOLE |  | 23900 | 0 | 0 |
| FERRARI NV | COM | N3167Y103 |  | 4199058 | 8565 | SH |  | SOLE |  | 8565 | 0 | 0 |
| FIRST MAJESTIC SILVER Corp. | COM | 32076V103 |  | 27101 | 3277 | SH |  | SOLE |  | 3277 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 480728 | 2904 | SH |  | SOLE |  | 2904 | 0 | 0 |
| Fomento Economico Mexicano SAB de CV | SPON ADR UNITS | 344419106 |  | 329536 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| FORD MOTOR Company | COM | 345370860 |  | 4557000 | 420000 | SH |  | SOLE |  | 420000 | 0 | 0 |
| FORTUNA SILVER MINES INC | COM NEW | 349942102 |  | 52320 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| FRANCO-NEVADA CORPORATION | COM | 351858105 |  | 895003 | 5460 | SH |  | SOLE |  | 5460 | 0 | 0 |
| Franklin Electric Co Inc | COM | 353514102 |  | 238798 | 2661 | SH |  | SOLE |  | 2661 | 0 | 0 |
| Fresenius Medical Care AG  Co KGaA | COM | D2734Z107 |  | 519355 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| FS KKR Capital Corp | COM | 302635206 |  | 1501283 | 72351 | SH |  | SOLE |  | 72351 | 0 | 0 |
| Galp Energia SGPS SA | COM | X3078L108 |  | 106045 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| Gen Digital Inc | COM | 668771108 |  | 4999441 | 170049 | SH |  | SOLE |  | 170049 | 0 | 0 |
| GENERAL ELECTRIC Co | COM NEW | 369604301 |  | 4942918 | 19204 | SH |  | SOLE |  | 19204 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 6486339 | 58504 | SH |  | SOLE |  | 58504 | 0 | 0 |
| Givaudan SA | COM | 37636P108 |  | 455148 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| Gold Fields Ltd | SPONSORED ADR | 38059T106 |  | 4923360 | 208000 | SH |  | SOLE |  | 208000 | 0 | 0 |
| Goldman Sachs BDC Inc | SHS | 38147U107 |  | 346320 | 30784 | SH |  | SOLE |  | 30784 | 0 | 0 |
| Goldman Sachs Group Inc/The | COM | 38141G104 |  | 5280523 | 7461 | SH |  | SOLE |  | 7461 | 0 | 0 |
| Golub Capital BDC Inc | COM | 38173M102 |  | 1005430 | 68630 | SH |  | SOLE |  | 68630 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 252752 | 2940 | SH |  | SOLE |  | 2940 | 0 | 0 |
| Groupon Inc | COM NEW | 399473206 |  | 4282302 | 128021 | SH |  | SOLE |  | 128021 | 0 | 0 |
| Grupo Financiero Banorte SAB de CV | COM | 40052P107 |  | 412200 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| Halliburton Co | COM | 406216101 |  | 1019000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| Halyk Savings Bank of Kazakhstan JSC | COM | 46627J302 |  | 7483797 | 304839 | SH |  | SOLE |  | 304839 | 0 | 0 |
| Hanesbrands Inc | COM | 410345102 |  | 73280 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Harmony Gold Mining Co Ltd | SPONSORED ADR | 413216300 |  | 62530 | 4476 | SH |  | SOLE |  | 4476 | 0 | 0 |
| HASBRO INC. | COM | 418056107 |  | 752964 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| HDFC Bank Ltd | SPONSORED ADS | 40415F101 |  | 7605664 | 99200 | SH |  | SOLE |  | 99200 | 0 | 0 |
| HEALTHCARE REALTY TRUST INC/MD | CL A COM | 42226K105 |  | 1298934 | 81900 | SH |  | SOLE |  | 81900 | 0 | 0 |
| HECLA MINING CO | COM | 422704106 |  | 137770 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| HERMES International | COM | F48051100 |  | 4336700 | 1601 | SH |  | SOLE |  | 1601 | 0 | 0 |
| HESS CORP. | COM | 42809H107 |  | 2258202 | 16300 | SH |  | SOLE |  | 16300 | 0 | 0 |
| Hewlett-Packard Enterprise Co. | COM | 42824C109 |  | 4908000 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| Hive Digital Technologies Ltd | COM NEW | 433921103 |  | 2239614 | 1244230 | SH |  | SOLE |  | 1244230 | 0 | 0 |
| Holcim AG | COM | H3816Q102 |  | 413648 | 5570 | SH |  | SOLE |  | 5570 | 0 | 0 |
| HOME DEPOT INC. | COM | 437076102 |  | 4669161 | 12735 | SH |  | SOLE |  | 12735 | 0 | 0 |
| Hon Hai Precision Industry Co Ltd | COM | 438090805 |  | 594000 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| Honda Motor Co Ltd | ADR ECH CNV IN 3 | 438128308 |  | 3338514 | 115800 | SH |  | SOLE |  | 115800 | 0 | 0 |
| HOST HOTELS AND RESORTS INC | COM | 44107P104 |  | 1259520 | 82000 | SH |  | SOLE |  | 82000 | 0 | 0 |
| HP Inc. | COM | 40434L105 |  | 1956800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| HSBC Holdings PLC | SPON ADR NEW | 404280406 |  | 6048605 | 99500 | SH |  | SOLE |  | 99500 | 0 | 0 |
| HUUUGE INC | COM | 44853H108 |  | 6054238 | 1205117 | SH |  | SOLE |  | 1205117 | 0 | 0 |
| IAMGOLD Corp | COM | 450913108 |  | 147000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Iberdrola SA | COM | E6165F166 |  | 6120941 | 318908 | SH |  | SOLE |  | 318908 | 0 | 0 |
| ICICI Bank Ltd | ADR | 45104G104 |  | 3946275 | 117309 | SH |  | SOLE |  | 117309 | 0 | 0 |
| Illumina Inc | COM | 452327109 |  | 572460 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| INDITEX SA | COM | E6282J125 |  | 6106914 | 117320 | SH |  | SOLE |  | 117320 | 0 | 0 |
| Industrial  Commercial Bank of China Ltd | COM | 455807107 |  | 888180 | 56500 | SH |  | SOLE |  | 56500 | 0 | 0 |
| Infosys Ltd | SPONSORED ADR | 456788108 |  | 5153193 | 278100 | SH |  | SOLE |  | 278100 | 0 | 0 |
| ING Groep NV | COM | N4578E595 |  | 4789138 | 218228 | SH |  | SOLE |  | 218228 | 0 | 0 |
| InPost SA | COM | L5125Z108 |  | 15943698 | 959697 | SH |  | SOLE |  | 959697 | 0 | 0 |
| Intel Corp | COM | 458140100 |  | 3248000 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| International Business Machines Corp | COM | 459200101 |  | 10064674 | 34143 | SH |  | SOLE |  | 34143 | 0 | 0 |
| Intesa Sanpaolo SpA | COM | T55067101 |  | 947522 | 164389 | SH |  | SOLE |  | 164389 | 0 | 0 |
| INTUIT INC | COM | 461202103 |  | 4319363 | 5484 | SH |  | SOLE |  | 5484 | 0 | 0 |
| Intuitive Surgical Inc | COM NEW | 46120E602 |  | 823810 | 1516 | SH |  | SOLE |  | 1516 | 0 | 0 |
| Invesco QQQ Trust Series 1 | UNIT SER 1 | 46090E103 |  | 20945219 | 37969 | SH |  | SOLE |  | 37969 | 0 | 0 |
| Invesco S 500 Equal Weight ETF | S EQL WGT | 46137V357 |  | 35253198 | 193976 | SH |  | SOLE |  | 193976 | 0 | 0 |
| iShares Core MSCI EMU ETF | CORE MSCI EMKT | 46434G103 |  | 8278137 | 137900 | SH |  | SOLE |  | 137900 | 0 | 0 |
| iShares Global Clean Energy ETF | GL CLEAN ENE ETF | 464288224 |  | 8115090 | 619000 | SH |  | SOLE |  | 619000 | 0 | 0 |
| iShares IBOXX High Yield Corporate Bond ETF | IBOXX HI YD ETF | 464288513 |  | 2016250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| iShares Nasdaq Biotechnology Index Fund | ISHARES BIOTECH | 464287556 |  | 14689708 | 116115 | SH |  | SOLE |  | 116115 | 0 | 0 |
| iShares S 500 Index FUND/USA | CORE S ETF | 464287200 |  | 16764300 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| ITAU UNIBANCO HOLDING S.A. | SPON ADR REP PFD | 465562106 |  | 1818355 | 267799 | SH |  | SOLE |  | 267799 | 0 | 0 |
| Ivanhoe Electric Inc / US | COM | 46578C108 |  | 96251 | 10612 | SH |  | SOLE |  | 10612 | 0 | 0 |
| JD.com Inc | SPON ADS CL A | 47215P106 |  | 1434854 | 43960 | SH |  | SOLE |  | 43960 | 0 | 0 |
| Jeronimo Martins SGPS SA | COM | X40338109 |  | 1986910 | 78500 | SH |  | SOLE |  | 78500 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 2723533 | 17830 | SH |  | SOLE |  | 17830 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 14248497 | 49148 | SH |  | SOLE |  | 49148 | 0 | 0 |
| K92 MINING INC | COM | 499113108 |  | 90080 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Kaspi.KZ JSC | SPONSORED ADS | 48581R205 |  | 14296665 | 168414 | SH |  | SOLE |  | 168414 | 0 | 0 |
| Kayne Anderson BDC Inc | COM SHS | 48662X105 |  | 277488 | 18184 | SH |  | SOLE |  | 18184 | 0 | 0 |
| KB Financial Group Inc | SPONSORED ADR | 48241A105 |  | 2881400 | 34888 | SH |  | SOLE |  | 34888 | 0 | 0 |
| KB HOME | COM | 48666K109 |  | 1509645 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| Kellanova | COM | 487836108 |  | 222684 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| KERING | COM | F5433L103 |  | 3647316 | 16773 | SH |  | SOLE |  | 16773 | 0 | 0 |
| Keysight Technologies Inc | COM | 49338L103 |  | 299864 | 1830 | SH |  | SOLE |  | 1830 | 0 | 0 |
| KIMCO REALTY CORP. | COM | 49446R109 |  | 1750966 | 83300 | SH |  | SOLE |  | 83300 | 0 | 0 |
| KINDER MORGAN INC. | COM | 49456B101 |  | 557424 | 18960 | SH |  | SOLE |  | 18960 | 0 | 0 |
| KINGSPAN GROUP PLC | COM | G52654103 |  | 340264 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 290202 | 18567 | SH |  | SOLE |  | 18567 | 0 | 0 |
| Koninklijke Philips NV | COM | N7637U112 |  | 3771153 | 156824 | SH |  | SOLE |  | 156824 | 0 | 0 |
| Korea Electric Power Corp | SPONSORED ADR | 500631106 |  | 686368 | 48200 | SH |  | SOLE |  | 48200 | 0 | 0 |
| KRAFT HEINZ CO. | COM | 500754106 |  | 4331899 | 167773 | SH |  | SOLE |  | 167773 | 0 | 0 |
| Kroger Co/The | COM | 501044101 |  | 179325 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| KT Corp | SPONSORED ADR | 48268K101 |  | 1028610 | 49500 | SH |  | SOLE |  | 49500 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 774270 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| Leonardo SpA | COM | T6S996112 |  | 598459 | 10630 | SH |  | SOLE |  | 10630 | 0 | 0 |
| LG Display Co Ltd | SPONS ADR REP | 50186V102 |  | 476331 | 139278 | SH |  | SOLE |  | 139278 | 0 | 0 |
| Li Ning Co Ltd | COM | 52989T102 |  | 217400 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| Linde PLC | SHS | G54950103 |  | 887689 | 1892 | SH |  | SOLE |  | 1892 | 0 | 0 |
| London Stock Exchange Group PLC | COM | G5689U103 |  | 713333 | 4884 | SH |  | SOLE |  | 4884 | 0 | 0 |
| LOWES COMPANIES INC. | COM | 548661107 |  | 2329635 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| Lululemon Athletica Inc | COM | 550021109 |  | 1943167 | 8179 | SH |  | SOLE |  | 8179 | 0 | 0 |
| Main Street Capital Corp | COM | 56035L104 |  | 1353981 | 22910 | SH |  | SOLE |  | 22910 | 0 | 0 |
| MARATHON PETROLEUM CORPORATION | COM | 56585A102 |  | 2939150 | 17694 | SH |  | SOLE |  | 17694 | 0 | 0 |
| Markel Corp | COM | 570535104 |  | 549274 | 275 | SH |  | SOLE |  | 275 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1106318 | 5060 | SH |  | SOLE |  | 5060 | 0 | 0 |
| MASTERCARD INC. | CL A | 57636Q104 |  | 9386084 | 16703 | SH |  | SOLE |  | 16703 | 0 | 0 |
| McDonald's Corp | COM | 580135101 |  | 6014904 | 20587 | SH |  | SOLE |  | 20587 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 967587 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| Meituan | COM | 58533E103 |  | 1187925 | 36915 | SH |  | SOLE |  | 36915 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 6586348 | 2520 | SH |  | SOLE |  | 2520 | 0 | 0 |
| Mercedes-Benz Group AG | COM | D1668R123 |  | 2324115 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| Merck  CO. INC. | COM | 58933Y105 |  | 2432428 | 30728 | SH |  | SOLE |  | 30728 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 20785272 | 41787 | SH |  | SOLE |  | 41787 | 0 | 0 |
| MidCap Financial Investment Corp | COM | 03761U502 |  | 304634 | 24139 | SH |  | SOLE |  | 24139 | 0 | 0 |
| Millrose Properties Inc | COM | 601137102 |  | 71275 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 350393 | 12700 | SH |  | SOLE |  | 12700 | 0 | 0 |
| Morgan Stanley | COM NEW | 617446448 |  | 4000424 | 28400 | SH |  | SOLE |  | 28400 | 0 | 0 |
| Morgan Stanley Direct Lending Fund | COM | 61774A103 |  | 410380 | 21922 | SH |  | SOLE |  | 21922 | 0 | 0 |
| Motorola Solutions Inc | COM | 620076307 |  | 136650 | 325 | SH |  | SOLE |  | 325 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 2335797 | 4050 | SH |  | SOLE |  | 4050 | 0 | 0 |
| NAC Kazatomprom JSC | COM | 63253R201 |  | 10160640 | 235200 | SH |  | SOLE |  | 235200 | 0 | 0 |
| Naspers Ltd | COM | 631512209 |  | 1500000 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| Neste Oyj | COM | X5688A109 |  | 1520789 | 112046 | SH |  | SOLE |  | 112046 | 0 | 0 |
| Nestle SA | COM | 641069406 |  | 2348918 | 23650 | SH |  | SOLE |  | 23650 | 0 | 0 |
| Nestle SA | COM | H57312649 |  | 2623652 | 26397 | SH |  | SOLE |  | 26397 | 0 | 0 |
| NetEase Inc | SPONSORED ADS | 64110W102 |  | 2321505 | 17250 | SH |  | SOLE |  | 17250 | 0 | 0 |
| NETFLIX INC. | COM | 64110L106 |  | 7579476 | 5660 | SH |  | SOLE |  | 5660 | 0 | 0 |
| New Gold Inc. | COM | 644535106 |  | 34813 | 7033 | SH |  | SOLE |  | 7033 | 0 | 0 |
| New Mountain Finance Corp | COM | 647551100 |  | 281390 | 26672 | SH |  | SOLE |  | 26672 | 0 | 0 |
| Newmont Corp | COM | 651639106 |  | 2384582 | 40930 | SH |  | SOLE |  | 40930 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 2202240 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| Nintendo Co Ltd | COM | 654445303 |  | 4323600 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| NIO Inc | SPON ADS | 62914V106 |  | 52822 | 15400 | SH |  | SOLE |  | 15400 | 0 | 0 |
| Nippon Telegraph  Telephone Corp | COM | 654624105 |  | 2274600 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| Nomura Holdings Inc | SPONSORED ADR | 65535H208 |  | 259910 | 39500 | SH |  | SOLE |  | 39500 | 0 | 0 |
| Nova Ljubljanska Banka dd | COM | 66980N203 |  | 2296639 | 64976 | SH |  | SOLE |  | 64976 | 0 | 0 |
| Novartis AG | COM | H5820Q150 |  | 2337191 | 19275 | SH |  | SOLE |  | 19275 | 0 | 0 |
| Novartis AG | SPONSORED ADR | 66987V109 |  | 1452120 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| NOVO NORDISK A/S-B | ADR | 670100205 |  | 1031297 | 14942 | SH |  | SOLE |  | 14942 | 0 | 0 |
| Nvidia Corp | COM | 67066G104 |  | 24472019 | 154896 | SH |  | SOLE |  | 154896 | 0 | 0 |
| Oaktree Specialty Lending Corp | COM | 67401P405 |  | 314453 | 23020 | SH |  | SOLE |  | 23020 | 0 | 0 |
| Occidental Petroleum Corp | COM | 674599105 |  | 655356 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| OceanaGold Corp | COM | 675222400 |  | 93924 | 6666 | SH |  | SOLE |  | 6666 | 0 | 0 |
| OMV AG | COM | A51460110 |  | 19217757 | 353192 | SH |  | SOLE |  | 353192 | 0 | 0 |
| OR Royalties Inc | COM | 68390D106 |  | 102840 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 6449585 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| ORMAT TECHNOLOGIES INC | COM | 686688102 |  | 225314 | 2690 | SH |  | SOLE |  | 2690 | 0 | 0 |
| PAN AMERICAN SILVER CORP | COM | 697900108 |  | 585864 | 20629 | SH |  | SOLE |  | 20629 | 0 | 0 |
| PAYPAL HOLDINGS INC. | COM | 70450Y103 |  | 5000993 | 67290 | SH |  | SOLE |  | 67290 | 0 | 0 |
| PDD Holdings Inc | SPONSORED ADS | 722304102 |  | 94194 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| PENTAIR PLC | SHS | G7S00T104 |  | 811014 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| PEPCO GROUP NV | COM | G6999C106 |  | 3019223 | 502437 | SH |  | SOLE |  | 502437 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 6998516 | 53003 | SH |  | SOLE |  | 53003 | 0 | 0 |
| Petroleo Brasileiro SA | SPONSORED ADR | 71654V408 |  | 1162179 | 92900 | SH |  | SOLE |  | 92900 | 0 | 0 |
| Pfizer Inc | COM | 717081103 |  | 1501668 | 61950 | SH |  | SOLE |  | 61950 | 0 | 0 |
| Philip Morris International Inc | COM | 718172109 |  | 5465357 | 30008 | SH |  | SOLE |  | 30008 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 2042416 | 17120 | SH |  | SOLE |  | 17120 | 0 | 0 |
| PLUG POWER INC. | COM NEW | 72919P202 |  | 26820 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| POSCO Holdings Inc | SPONSORED ADR | 693483109 |  | 551816 | 11380 | SH |  | SOLE |  | 11380 | 0 | 0 |
| PROCTER  GAMBLE Co | COM | 742718109 |  | 5249753 | 32951 | SH |  | SOLE |  | 32951 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 2908881 | 27672 | SH |  | SOLE |  | 27672 | 0 | 0 |
| Prospect Capital Corp | COM | 74348T102 |  | 369678 | 116251 | SH |  | SOLE |  | 116251 | 0 | 0 |
| Prosus NV | COM | N7163R103 |  | 795638 | 14224 | SH |  | SOLE |  | 14224 | 0 | 0 |
| Prysmian SpA | COM | T7630L105 |  | 162700 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 2156637 | 7350 | SH |  | SOLE |  | 7350 | 0 | 0 |
| PULTEGROUP INC. | COM | 745867101 |  | 2109200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 4361017 | 27383 | SH |  | SOLE |  | 27383 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 808335 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| Raytheon Technologies Corp | COM | 75513E101 |  | 992644 | 6798 | SH |  | SOLE |  | 6798 | 0 | 0 |
| REGENERON PHARMACEUTICALS INC. | COM | 75886F107 |  | 1139250 | 2170 | SH |  | SOLE |  | 2170 | 0 | 0 |
| Reliance Industries Ltd | COM | 759470107 |  | 2798980 | 40100 | SH |  | SOLE |  | 40100 | 0 | 0 |
| RELX PLC | COM | G7493L105 |  | 970855 | 17956 | SH |  | SOLE |  | 17956 | 0 | 0 |
| REPSOL YPF SA | COM | E8471S130 |  | 1976834 | 134927 | SH |  | SOLE |  | 134927 | 0 | 0 |
| REPUBLIC SERVICES INC | COM | 760759100 |  | 1580771 | 6410 | SH |  | SOLE |  | 6410 | 0 | 0 |
| Rheinmetall AG | COM | D65111102 |  | 6183761 | 2936 | SH |  | SOLE |  | 2936 | 0 | 0 |
| Roche Holding AG | COM | 771195104 |  | 366840 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| Roche Holding AG | COM | H69293217 |  | 2411906 | 7403 | SH |  | SOLE |  | 7403 | 0 | 0 |
| Rolls-Royce Holdings PLC | COM | G76225104 |  | 1123820 | 84571 | SH |  | SOLE |  | 84571 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 3683400 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| ROYAL GOLD Inc. | COM | 780287108 |  | 444600 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| RWE AG | COM | D6629K109 |  | 7052318 | 168658 | SH |  | SOLE |  | 168658 | 0 | 0 |
| S Global Inc | COM | 78409V104 |  | 683895 | 1297 | SH |  | SOLE |  | 1297 | 0 | 0 |
| Safran SA | COM | F4035A557 |  | 1281896 | 3943 | SH |  | SOLE |  | 3943 | 0 | 0 |
| SALESFORCE.COM INC. | COM | 79466L302 |  | 4342588 | 15925 | SH |  | SOLE |  | 15925 | 0 | 0 |
| Samsung Electronics Co Ltd | COM | 796050888 |  | 10193058 | 9258 | SH |  | SOLE |  | 9258 | 0 | 0 |
| Samsung SDI Co Ltd | COM | 796054203 |  | 99847 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| Sanofi SA | COM | F5548N101 |  | 2879006 | 29722 | SH |  | SOLE |  | 29722 | 0 | 0 |
| SAP SE | COM | D66992104 |  | 10984009 | 36140 | SH |  | SOLE |  | 36140 | 0 | 0 |
| Sarepta Therapeutics Inc | COM | 803607100 |  | 1801075 | 105326 | SH |  | SOLE |  | 105326 | 0 | 0 |
| Sasol Ltd | SPONSORED ADR | 803866300 |  | 1623006 | 367196 | SH |  | SOLE |  | 367196 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 1038336 | 30720 | SH |  | SOLE |  | 30720 | 0 | 0 |
| SCHNEIDER ELECTRIC SA | COM | F86921107 |  | 3763089 | 14144 | SH |  | SOLE |  | 14144 | 0 | 0 |
| SCIENT INC. | COM | 808649305 |  | 0 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| Sendas Distribuidora S/A | SPON ADS | 81689T104 |  | 213748 | 20692 | SH |  | SOLE |  | 20692 | 0 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 3495472 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| SIEMENS AG | COM | D69671218 |  | 11474263 | 44611 | SH |  | SOLE |  | 44611 | 0 | 0 |
| SIMON PROPERTY GROUP INC | COM | 828806109 |  | 3874638 | 24102 | SH |  | SOLE |  | 24102 | 0 | 0 |
| Sixth Street Specialty Lending Inc | COM | 83012A109 |  | 573440 | 24084 | SH |  | SOLE |  | 24084 | 0 | 0 |
| SK Hynix Inc | COM | 78392B107 |  | 2475213 | 11510 | SH |  | SOLE |  | 11510 | 0 | 0 |
| SK Telecom Co Ltd | SPONSORED ADR | 78440P306 |  | 263761 | 11296 | SH |  | SOLE |  | 11296 | 0 | 0 |
| Societatea Energetica Electrica SA | COM | 83367Y207 |  | 15053 | 1115 | SH |  | SOLE |  | 1115 | 0 | 0 |
| Societe Generale SA | COM | F8591M517 |  | 286008 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SoftBank Group Corp | COM | 83404D109 |  | 276868 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| SolarEdge Technologies Inc | COM | 83417M104 |  | 34476 | 1690 | SH |  | SOLE |  | 1690 | 0 | 0 |
| Sony Group Corp | SPONSORED ADR | 835699307 |  | 3793873 | 145750 | SH |  | SOLE |  | 145750 | 0 | 0 |
| Southern Co | COM | 842587107 |  | 1506012 | 16400 | SH |  | SOLE |  | 16400 | 0 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 1540414 | 15226 | SH |  | SOLE |  | 15226 | 0 | 0 |
| SPDR Trust Series 1 | TR UNIT | 78462F103 |  | 47450880 | 76800 | SH |  | SOLE |  | 76800 | 0 | 0 |
| Spectrum Brands Holdings Inc | COM | 84790A105 |  | 1325000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| Spotify Technology SA | SHS | L8681T102 |  | 5378286 | 7009 | SH |  | SOLE |  | 7009 | 0 | 0 |
| STARBUCKS CORP. | COM | 855244109 |  | 2703085 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| Sumitomo Mitsui Financial Group Inc | SPONSORED ADR | 86562M209 |  | 299178 | 19800 | SH |  | SOLE |  | 19800 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co Ltd | SPONSORED ADS | 874039100 |  | 8151601 | 35991 | SH |  | SOLE |  | 35991 | 0 | 0 |
| Takeda Pharmaceutical Co Ltd | SPONSORED ADS | 874060205 |  | 154600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Tapestry Inc | COM | 876030107 |  | 351240 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| Telefonica SA | COM | 879382109 |  | 4463923 | 849872 | SH |  | SOLE |  | 849872 | 0 | 0 |
| Telkom Indonesia Persero Tbk PT | SPONSORED ADR | 715684106 |  | 403172 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| Tencent Holdings Ltd | COM | 88032Q109 |  | 4888262 | 75787 | SH |  | SOLE |  | 75787 | 0 | 0 |
| Terna - Rete Elettrica Nazionale | COM | T9471R100 |  | 1441941 | 140248 | SH |  | SOLE |  | 140248 | 0 | 0 |
| TESLA MOTORS INC. | COM | 88160R101 |  | 5655936 | 17805 | SH |  | SOLE |  | 17805 | 0 | 0 |
| Teva Pharmaceutical Industries Ltd | SPONSORED ADS | 881624209 |  | 341904 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| TEXAS INSTRUMENTS INC | COM | 882508104 |  | 4755744 | 22906 | SH |  | SOLE |  | 22906 | 0 | 0 |
| THALES SA | COM | F9156M108 |  | 5958911 | 20263 | SH |  | SOLE |  | 20263 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC. | COM | 883556102 |  | 1522502 | 3755 | SH |  | SOLE |  | 3755 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 1141300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Toronto-Dominion Bank/The | COM NEW | 891160509 |  | 3892850 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| TOTALENERGIES SE | COM | F92124100 |  | 7684077 | 125177 | SH |  | SOLE |  | 125177 | 0 | 0 |
| Toyota Motor Corp | ADS | 892331307 |  | 5712486 | 33162 | SH |  | SOLE |  | 33162 | 0 | 0 |
| Trip.com Group Ltd | ADS | 89677Q107 |  | 506826 | 8643 | SH |  | SOLE |  | 8643 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5958978 | 63869 | SH |  | SOLE |  | 63869 | 0 | 0 |
| UCB SA | COM | B93562120 |  | 1636546 | 8320 | SH |  | SOLE |  | 8320 | 0 | 0 |
| UniCredit SpA | COM | T9T23L642 |  | 985512 | 14696 | SH |  | SOLE |  | 14696 | 0 | 0 |
| United Microelectronics Corp | SPON ADR NEW | 910873405 |  | 1306459 | 170779 | SH |  | SOLE |  | 170779 | 0 | 0 |
| United Parcel Service Inc | CL B | 911312106 |  | 1615040 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 4011935 | 12860 | SH |  | SOLE |  | 12860 | 0 | 0 |
| Vale SA | COM | 91912E105 |  | 408791 | 42100 | SH |  | SOLE |  | 42100 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 2728726 | 20300 | SH |  | SOLE |  | 20300 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | FTSE EMR MKT ETF | 922042858 |  | 8185630 | 165500 | SH |  | SOLE |  | 165500 | 0 | 0 |
| Veolia Environnement SA | COM | F9686M107 |  | 992438 | 27845 | SH |  | SOLE |  | 27845 | 0 | 0 |
| VERBUND AG | COM | A91460104 |  | 4452682 | 58004 | SH |  | SOLE |  | 58004 | 0 | 0 |
| VERIZON COMMUNICATION INC. | COM | 92343V104 |  | 4874885 | 112662 | SH |  | SOLE |  | 112662 | 0 | 0 |
| Vertex Pharmaceuticals Inc | COM | 92532F100 |  | 4670593 | 10491 | SH |  | SOLE |  | 10491 | 0 | 0 |
| Viatris Inc | COM | 92556V106 |  | 2498105 | 279743 | SH |  | SOLE |  | 279743 | 0 | 0 |
| VINCI SA | COM | F5879X108 |  | 778628 | 5282 | SH |  | SOLE |  | 5282 | 0 | 0 |
| VISA INC. | COM CL A | 92826C839 |  | 11311538 | 31859 | SH |  | SOLE |  | 31859 | 0 | 0 |
| Vodafone Group PLC | SPONSORED ADR | 92857W308 |  | 552263 | 51807 | SH |  | SOLE |  | 51807 | 0 | 0 |
| Vonovia SE | COM | D9581T100 |  | 14036889 | 397526 | SH |  | SOLE |  | 397526 | 0 | 0 |
| Wabtec Corp | COM | 929740108 |  | 209 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| Wal-Mart de Mexico SAB de CV | COM | 93114W107 |  | 296459 | 8900 | SH |  | SOLE |  | 8900 | 0 | 0 |
| Walmart Inc | COM | 931142103 |  | 4655110 | 47608 | SH |  | SOLE |  | 47608 | 0 | 0 |
| Walt Disney Co/The | COM | 254687106 |  | 11605104 | 93582 | SH |  | SOLE |  | 93582 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 4286 | 374 | SH |  | SOLE |  | 374 | 0 | 0 |
| WASTE CONNECTIONS LTD. | COM | 94106B101 |  | 1077561 | 5771 | SH |  | SOLE |  | 5771 | 0 | 0 |
| WASTE MANAGEMENT INC | COM | 94106L109 |  | 935874 | 4090 | SH |  | SOLE |  | 4090 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 3284920 | 41000 | SH |  | SOLE |  | 41000 | 0 | 0 |
| Welltower OP LLC | COM | 95040Q104 |  | 4857868 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| Wheaton Precious Metals Corp | COM | 962879102 |  | 1530910 | 17048 | SH |  | SOLE |  | 17048 | 0 | 0 |
| Wuxi Biologics Cayman Inc | COM | 98260N108 |  | 133972 | 21098 | SH |  | SOLE |  | 21098 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 1028412 | 7950 | SH |  | SOLE |  | 7950 | 0 | 0 |
| YUM CHINA HOLDINGS INC. | COM | 98850P109 |  | 301793 | 6750 | SH |  | SOLE |  | 6750 | 0 | 0 |
| Yum! Brands Inc | COM | 988498101 |  | 2370880 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Zabka Group SA | COM | L98969105 |  | 835746 | 139143 | SH |  | SOLE |  | 139143 | 0 | 0 |
| Zimmer Biomet  Holdings  Inc | COM | 98956P102 |  | 556381 | 6100 | SH |  | SOLE |  | 6100 | 0 | 0 |

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