# David Hoeft — Dodge & Cox Funds Portfolio USD 190,859,486,000 · 218 positions · 2026 Q2 · history from 2024 Q1. Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/DAC ## Positions (2026 Q2) | Ticker | Company | % of portfolio | Value | This quarter | Holders | |---|---|---:|---:|---|---:| | JCI | Johnson Controls Intl. plc | 4.3% | USD 8,149,432,000 | -3.01% | | | SCHW | Charles Schwab Corp. | 3.7% | USD 7,101,867,000 | +2.62% | | | RTX | RTX Corp. | 3.5% | USD 6,662,037,000 | -1.02% | | | CVS | CVS Health Corp. | 2.7% | USD 5,173,821,000 | -3.41% | | | MSFT | Microsoft Corp. | 2.5% | USD 4,788,170,000 | +7.33% | | | BKNG | Booking Holdings Inc. | 2.4% | USD 4,551,706,000 | +2.4% | | | HUM | Humana Inc. | 2.3% | USD 4,345,738,000 | -3.87% | | | GOOG | Alphabet Inc. CL C | 2.2% | USD 4,226,214,000 | -2.19% | | | MET | MetLife Inc. | 2.2% | USD 4,097,760,000 | -5.25% | | | SUNB | Sunbelt Rentals Holdings Inc | 2.2% | USD 4,096,716,000 | +3.13% | | | AMZN | Amazon.com Inc. | 2.1% | USD 3,982,307,000 | +10.58% | | | GOOGL | Alphabet Inc. | 2.0% | USD 3,809,157,000 | +0.32% | | | UNH | United Health Group Inc. | 2.0% | USD 3,770,703,000 | -4.17% | | | META | Meta Platforms Inc. | 1.9% | USD 3,655,332,000 | +29.41% | | | OXY | Occidental Petroleum | 1.9% | USD 3,534,193,000 | -1.78% | | | TEL | TE Connectivity plc | 1.8% | USD 3,421,097,000 | +15.52% | | | CI | Cigna Group | 1.8% | USD 3,356,094,000 | +5.35% | | | REGN | Regeneron Pharmaceuticals | 1.6% | USD 3,037,349,000 | +9.26% | | | GILD | Gilead Sciences | 1.6% | USD 2,991,424,000 | -2.36% | | | IFF | International Flavors & Fragrances Inc. | 1.5% | USD 2,931,697,000 | +1.46% | | | AON | Aon Plc | 1.5% | USD 2,850,260,000 | +5.88% | | | CMCSA | Comcast Corp. | 1.5% | USD 2,845,422,000 | +2.47% | | | APD | Air Products & Chemicals | 1.4% | USD 2,753,984,000 | +1.75% | | | FTV | Fortive Corp. | 1.4% | USD 2,686,724,000 | +1.91% | | | BN | Brookfield Corp. | 1.4% | USD 2,606,962,000 | +3.42% | | | WFC | Wells Fargo | 1.4% | USD 2,588,952,000 | +0.51% | | | GSK | GSK plc | 1.3% | USD 2,526,514,000 | -17.84% | | | FISV | Fiserv Inc. | 1.3% | USD 2,462,062,000 | -0.13% | | | BUD | Anheuser-Busch InBev | 1.3% | USD 2,428,933,000 | -0.7% | | | GEHC | GE HealthCare Technologies Inc. | 1.3% | USD 2,423,685,000 | +20.93% | | | BNY | Bank of New York Mellon Corp. | 1.3% | USD 2,401,736,000 | -29.03% | | | ROP | Roper Technologies Inc. | 1.3% | USD 2,389,231,000 | +111.16% | | | FDX | FedEx Corp. | 1.2% | USD 2,264,953,000 | -27.55% | | | SBAC | SBA Communications Corp. | 1.1% | USD 2,174,561,000 | +2.01% | | | AJG | Arthur J. Gallagher & Co. | 1.1% | USD 2,149,609,000 | +27.31% | | | CHTR | Charter Communications | 1.1% | USD 2,137,731,000 | +2.77% | | | WTW | Willis Towers Watson plc | 1.1% | USD 2,097,597,000 | +9.45% | | | ZBH | Zimmer Biomet Holdings | 1.1% | USD 2,076,898,000 | +2.47% | | | CARR | Carrier Global Corp. | 1.1% | USD 2,015,335,000 | +3.21% | | | BKR | Baker Hughes Co. | 1.0% | USD 1,934,424,000 | -2.84% | | | FIS | Fidelity National Information Services | 1.0% | USD 1,907,806,000 | -0.01% | | | V | Visa Inc. | 1.0% | USD 1,858,630,000 | +630554.95% | | | COF | Capital One Financial | 1.0% | USD 1,829,238,000 | +3.91% | | | TRU | TransUnion | 0.9% | USD 1,745,515,000 | +49.46% | | | UBS | UBS AG | 0.9% | USD 1,666,002,000 | -0.04% | | | ELAN | Elanco Animal Health Inc. | 0.9% | USD 1,658,641,000 | -2.24% | | | TMO | Thermo Fisher Scientific | 0.8% | USD 1,531,543,000 | +11767.36% | | | HLN | Haleon Plc ADR | 0.7% | USD 1,398,889,000 | +2.32% | | | SU | Suncor Energy Inc. | 0.7% | USD 1,361,677,000 | -3.41% | | | INCY | Incyte Corp. | 0.7% | USD 1,355,482,000 | -2.41% | | | LPLA | LPL Financial Holdings Inc. | 0.7% | USD 1,289,722,000 | +10.42% | | | CPNG | Coupang Inc. | 0.7% | USD 1,254,014,000 | +0.26% | | | D | Dominion Energy Inc. | 0.7% | USD 1,249,944,000 | -6.03% | | | BAX | Baxter International Inc. | 0.7% | USD 1,244,797,000 | +1.98% | | | SNY | Sanofi Aventis | 0.6% | USD 1,198,246,000 | -4.8% | | | AVTR | Avantor Inc. | 0.6% | USD 1,188,208,000 | +0.31% | | | AEP | American Electric Power | 0.6% | USD 1,186,739,000 | -0.75% | | | SUI | Sun Communities Inc. | 0.6% | USD 1,139,239,000 | -33.4% | | | FDXF | FedEx Freight Holding Co. | 0.6% | USD 1,084,598,000 | new | | | ADM | Archer-Daniels-Midland | 0.6% | USD 1,083,530,000 | -9.99% | | | TDY | Teledyne Technologies | 0.6% | USD 1,075,601,000 | +0.53% | | | TMUS | T-Mobile US Inc. | 0.6% | USD 1,062,701,000 | +2.89% | | | RAL | Ralliant Corp. | 0.5% | USD 1,031,203,000 | +1.87% | | | BAP | Credicorp Ltd. | 0.5% | USD 1,018,485,000 | -23.34% | | | NVO | Novo Nordisk A S | 0.5% | USD 977,837,000 | +5.5% | | | COP | ConocoPhillips | 0.5% | USD 963,323,000 | -3.94% | | | CX | Cemex | 0.5% | USD 962,252,000 | -5.92% | | | BABA | Alibaba Group Holdings | 0.5% | USD 955,766,000 | +0.41% | | | NBIX | Neurocrine Biosciences Inc. | 0.5% | USD 941,219,000 | +2.26% | | | HPQ | HP Inc. | 0.5% | USD 935,255,000 | +2.49% | | | BMRN | BioMarin Pharmaceutical Inc. | 0.5% | USD 849,427,000 | +1.94% | | | FCNCA | First Citizens Bancshares | 0.4% | USD 841,087,000 | +2.83% | | | NSC | Norfolk Southern Corp. | 0.4% | USD 789,032,000 | -59.92% | | | TIGO | Millicom Intl Cellular S.a. | 0.4% | USD 745,914,000 | +0.69% | | | TAP | Molson Coors Beverage Co. | 0.4% | USD 742,789,000 | +2.93% | | | KKR | KKR & Co. L.P. | 0.4% | USD 739,794,000 | new | | | CE | Celanese Corp. | 0.4% | USD 702,983,000 | -0.41% | | | LIN | Linde plc | 0.4% | USD 688,421,000 | hold | | | TSM | Taiwan Semiconductor S.A. | 0.4% | USD 688,067,000 | +1236.52% | | | ADBE | Adobe Inc. | 0.3% | USD 638,623,000 | +24.82% | | | MDT | Medtronic plc | 0.3% | USD 616,132,000 | +2.36% | | | GLPI | Gaming and Leisure Properties Inc. | 0.3% | USD 613,318,000 | +2.34% | | | ALNY | Alnylam Pharmaceuticals | 0.3% | USD 588,632,000 | +1.35% | | | FOXA | Fox Corporation | 0.3% | USD 585,397,000 | +2.99% | | | CTSH | Cognizant Technology Solutions | 0.3% | USD 563,231,000 | +1.89% | | | XP | XP Inc. | 0.3% | USD 529,496,000 | -0.5% | | | MCHP | Microchip Technology | 0.3% | USD 504,642,000 | -9.73% | | | AEG | Aegon Ltd | 0.2% | USD 376,721,000 | -11.71% | | | VFC | V.F. Corp. | 0.2% | USD 373,735,000 | -32.15% | | | PDD | Pinduoduo Inc. | 0.2% | USD 347,074,000 | +0.27% | | | BNTX | Biontech Se ADR | 0.2% | USD 342,200,000 | +0.02% | | | YUMC | Yum China Holdings Inc. | 0.2% | USD 341,901,000 | +0.17% | | | FOX | Fox Corporation CL B | 0.2% | USD 340,344,000 | +1.21% | | | TRP | TC Energy | 0.2% | USD 333,757,000 | -43.38% | | | NWSA | News Corp. | 0.2% | USD 311,323,000 | +2.3% | | | JD | JD.com Inc. | 0.2% | USD 310,720,000 | hold | | | NTES | NetEase.com Inc. | 0.2% | USD 277,100,000 | +0.25% | | | GE | GE Aerospace | 0.1% | USD 223,510,000 | -18.96% | | | COHR | Coherent Corp. | 0.1% | USD 214,655,000 | -2.64% | | | HDB | HDFC Bank Ltd. | 0.1% | USD 172,511,000 | +17.41% | | | VSNT | Versant Media Group Inc. | 0.1% | USD 161,050,000 | -0.86% | | | GEV | Ge Vernova Inc | 0.1% | USD 144,356,000 | -4.89% | | | GS | Goldman Sachs Group | 0.1% | USD 135,656,000 | -90.28% | | | NVS | Novartis AG | 0.1% | USD 119,009,000 | -89.1% | | | BAC | Bank of America Corp. | 0.1% | USD 99,257,000 | -4.26% | | | AXP | American Express | 0.1% | USD 91,760,000 | -2.24% | | | FMS | Fresenius Medical Care AG & Co KCaG | 0.1% | USD 86,526,000 | hold | | | CDNS | Cadence Design Systems | <0.1% | USD 85,577,000 | -1.25% | | | UNP | Union Pacific | <0.1% | USD 70,965,000 | -0.02% | | | WMB | Williams Cos. | <0.1% | USD 70,210,000 | -2.27% | | | FLUT | Flutter Entertainment Plc | <0.1% | USD 64,252,000 | hold | | | LLY | Eli Lilly & Co. | <0.1% | USD 49,486,000 | -1.79% | | | DHR | Danaher Corp. | <0.1% | USD 48,961,000 | +1462.55% | | | NESR | National Energy Services Reunited Corp. | <0.1% | USD 47,768,000 | -0.25% | | | CAT | Caterpillar Inc. | <0.1% | USD 41,961,000 | -1.48% | | | JPM | JPMorgan Chase & Co. | <0.1% | USD 38,340,000 | -1.12% | | | CVX | Chevron Corp. | <0.1% | USD 33,567,000 | -1.27% | | | TRV | Travelers Companies Inc. | <0.1% | USD 29,750,000 | -2.86% | | | LBTYA | Liberty Global Ltd CL A | <0.1% | USD 26,891,000 | +14.24% | | | DIS | Walt Disney Co. | <0.1% | USD 25,122,000 | -2.2% | | | KSPI | Jsc Kaspi.kz ADR | <0.1% | USD 21,905,000 | +20.26% | | | WMT | Walmart Inc. | <0.1% | USD 19,530,000 | -1.08% | | | MRK | Merck & Co. | <0.1% | USD 17,444,000 | -0.22% | | | ACMR | ACM Research Inc. | <0.1% | USD 14,769,000 | -2.92% | | | PG | Procter & Gamble | <0.1% | USD 13,301,000 | -0.06% | | | IBM | International Business Machines | <0.1% | USD 12,934,000 | -1.27% | | | TGT | Target Corp. | <0.1% | USD 12,491,000 | -1.06% | | | AZN | AstraZeneca PLC | <0.1% | USD 10,609,000 | -2.65% | | | CSCO | Cisco Systems | <0.1% | USD 10,385,000 | -15.9% | | | XOM | ExxonMobil Holdings Corp. | <0.1% | USD 10,098,000 | hold | | | AAPL | Apple Inc. | 0.0% | USD 9,081,000 | -0.71% | | | GLW | Corning Inc. | 0.0% | USD 8,854,000 | -4.57% | | | DE | Deere & Co. | 0.0% | USD 8,009,000 | hold | | | HD | Home Depot | 0.0% | USD 7,894,000 | -0.29% | | | ADI | Analog Devices | 0.0% | USD 7,630,000 | -4.05% | | | DELL | Dell Technologies Inc. | 0.0% | USD 7,443,000 | -8.73% | | | AVGO | Broadcom Inc. | 0.0% | USD 7,287,000 | hold | | | VMC | Vulcan Materials | 0.0% | USD 7,080,000 | hold | | | BRK.B | Berkshire Hathaway CL B | 0.0% | USD 5,724,000 | hold | | | STT | State Street Corp. | 0.0% | USD 5,651,920 | -99.05% | | | JNJ | Johnson & Johnson | 0.0% | USD 5,320,000 | hold | | | AMGN | Amgen | 0.0% | USD 4,641,000 | -4.11% | | | SLB | Schlumberger Ltd. | 0.0% | USD 4,575,732 | -10.38% | | | MSI | Motorola Solutions Inc. | 0.0% | USD 4,513,000 | -3.46% | | | SNPS | Synopsys Inc. | 0.0% | USD 4,505,004 | -0.98% | | | SHEL | Shell plc | 0.0% | USD 4,208,018 | -1.32% | | | TBBB | Bbb Foods Inc Class A | 0.0% | USD 3,778,562 | hold | | | BSX | Boston Scientific | 0.0% | USD 3,734,000 | -1.58% | | | KARO | Karooooo Ltd | 0.0% | USD 3,442,000 | +65.11% | | | PNC | PNC Financial Services | 0.0% | USD 3,436,952 | -0.29% | | | MELI | Mercadolibre Inc. | 0.0% | USD 3,373,000 | hold | | | BRK.A | Berkshire Hathaway CL A | 0.0% | USD 2,995,000 | hold | | | PM | Philip Morris Intl. | 0.0% | USD 2,985,000 | hold | | | BIDU | Baidu Inc. | 0.0% | USD 2,972,000 | -5.45% | | | HPE | Hewlett Packard Enterprise | 0.0% | USD 2,862,000 | -17.33% | | | JOYY | JOYY Inc. | 0.0% | USD 2,706,000 | -2.38% | | | ABBV | AbbVie Inc. | 0.0% | USD 2,615,000 | hold | | | VIPS | Vipshop Holdings Ltd | 0.0% | USD 2,529,968 | hold | | | PH | Parker-Hannifin | 0.0% | USD 2,445,000 | hold | | | BMY | Bristol-Myers Squibb | 0.0% | USD 2,441,000 | -99.08% | | | SE | Sea Ltd | 0.0% | USD 2,199,069 | new | | | SPGI | S&P Global Inc. | 0.0% | USD 2,118,012 | -3.7% | | | PFE | Pfizer Inc. | 0.0% | USD 2,115,000 | -0.85% | | | NEE | NextEra Energy Inc. | 0.0% | USD 2,019,000 | -2.54% | | | TCOM | Trip.com Group Ltd | 0.0% | USD 1,962,120 | hold | | | KO | Coca Cola Co. | 0.0% | USD 1,950,000 | hold | | | MCD | McDonald's Corp. | 0.0% | USD 1,737,000 | hold | | | CTVA | Corteva Inc. | 0.0% | USD 1,711,000 | -0.65% | | | ABT | Abbott Labs | 0.0% | USD 1,572,000 | hold | | | ZH | Zhihu Inc ADR | 0.0% | USD 1,568,418 | +4.16% | | | MO | Altria Group Inc. | 0.0% | USD 1,475,000 | hold | | | ATAT | Atour Lifestyle Holdings ADR | 0.0% | USD 1,452,000 | +62.16% | | | NUE | Nucor Corp. | 0.0% | USD 1,381,000 | hold | | | LVS | Las Vegas Sands Corp. | 0.0% | USD 1,302,000 | hold | | | CL | Colgate-Palmolive | 0.0% | USD 1,284,000 | hold | | | PAX | Patria Investments Ltd A | 0.0% | USD 1,270,000 | +119.96% | | | MMM | 3M Co. | 0.0% | USD 1,224,000 | -1.54% | | | CPA | Copa Holdings SA | 0.0% | USD 1,128,000 | +20.83% | | | Q | Qnity Electronics Inc. | 0.0% | USD 1,039,994 | -5.32% | | | IFS | Intercorp Financial Services | 0.0% | USD 991,000 | hold | | | LAUR | Laureate Education Inc. | 0.0% | USD 988,000 | +25.35% | | | TFC | Truist Financial Corp. | 0.0% | USD 953,911 | hold | | | ARCO | Arcos Dorados Holdings Inc. | 0.0% | USD 911,000 | hold | | | HON | Honeywell Int'l Inc. | 0.0% | USD 898,000 | -49.99% | | | DEO | Diageo ADR | 0.0% | USD 890,000 | hold | | | HONA | Honeywell Aerospace Inc | 0.0% | USD 886,000 | new | | | GPRK | Geopark Ltd | 0.0% | USD 847,000 | hold | | | ASR | Grupo Aeroportuario Sure SA de CV | 0.0% | USD 807,000 | +110.4% | | | DLO | DLocal Ltd | 0.0% | USD 799,000 | +37.58% | | | JBS | Jbs Nv A | 0.0% | USD 797,000 | +50.28% | | | ABEV | Ambev S.A. | 0.0% | USD 793,000 | -17.5% | | | AFYA | Afya Ltd | 0.0% | USD 761,000 | hold | | | AMP | Ameriprise Financial Inc. | 0.0% | USD 688,000 | hold | | | MDLZ | Mondelez International | 0.0% | USD 685,000 | hold | | | BLK | BlackRock Inc. | 0.0% | USD 684,000 | hold | | | NVDA | NVIDIA Corp. | 0.0% | USD 680,000 | hold | | | DD | DuPont de Nemours Inc. | 0.0% | USD 638,000 | -3.82% | | | APA | APA Corp. | 0.0% | USD 635,000 | -9.3% | | | ALL | Allstate Corp. | 0.0% | USD 617,000 | hold | | | MCO | Moody's Corp. | 0.0% | USD 549,000 | hold | | | GPC | Genuine Parts | 0.0% | USD 525,000 | -4.3% | | | ELV | Elevance Health Inc. | 0.0% | USD 503,000 | hold | | | PBR | Petroleo Brasileiro | 0.0% | USD 485,000 | -3.85% | | | PEP | PepsiCo Inc. | 0.0% | USD 416,000 | hold | | | LMT | Lockheed Martin Corp. | 0.0% | USD 395,000 | hold | | | FUTU | Futu Holdings Ltd | 0.0% | USD 394,000 | new | | | GIS | General Mills | 0.0% | USD 390,000 | hold | | | OTIS | Otis Worldwide Corp. | 0.0% | USD 373,000 | -13.31% | | | UL | Unilever PLC | 0.0% | USD 314,999 | hold | | | CTAS | Cintas Corp. | 0.0% | USD 306,000 | hold | | | MGM | MGM Resorts International | 0.0% | USD 287,000 | -7.69% | | | RIO | Rio Tinto plc | 0.0% | USD 285,000 | hold | | | LYV | Live Nation Inc. | 0.0% | USD 275,000 | hold | | | DOW | Dow Inc. | 0.0% | USD 249,000 | -6.17% | | | CB | Chubb Limited | 0.0% | USD 246,000 | hold | | | VZ | Verizon Communications | 0.0% | USD 232,980 | hold | | | VOO | Vanguard S&P 500 ETF | 0.0% | USD 206,001 | new | | | AMG | Affiliated Managers Group | 0.0% | USD 203,000 | new | | ## Moves this quarter (178) - JCI Johnson Controls Intl. plc: -3.01% (USD 8,149,432,000) - SCHW Charles Schwab Corp.: +2.62% (USD 7,101,867,000) - RTX RTX Corp.: -1.02% (USD 6,662,037,000) - CVS CVS Health Corp.: -3.41% (USD 5,173,821,000) - MSFT Microsoft Corp.: +7.33% (USD 4,788,170,000) - BKNG Booking Holdings Inc.: +2.4% (USD 4,551,706,000) - HUM Humana Inc.: -3.87% (USD 4,345,738,000) - GOOG Alphabet Inc. CL C: -2.19% (USD 4,226,214,000) - MET MetLife Inc.: -5.25% (USD 4,097,760,000) - SUNB Sunbelt Rentals Holdings Inc: +3.13% (USD 4,096,716,000) - AMZN Amazon.com Inc.: +10.58% (USD 3,982,307,000) - GOOGL Alphabet Inc.: +0.32% (USD 3,809,157,000) - UNH United Health Group Inc.: -4.17% (USD 3,770,703,000) - META Meta Platforms Inc.: +29.41% (USD 3,655,332,000) - OXY Occidental Petroleum: -1.78% (USD 3,534,193,000) - TEL TE Connectivity plc: +15.52% (USD 3,421,097,000) - CI Cigna Group: +5.35% (USD 3,356,094,000) - REGN Regeneron Pharmaceuticals: +9.26% (USD 3,037,349,000) - GILD Gilead Sciences: -2.36% (USD 2,991,424,000) - IFF International Flavors & Fragrances Inc.: +1.46% (USD 2,931,697,000) - AON Aon Plc: +5.88% (USD 2,850,260,000) - CMCSA Comcast Corp.: +2.47% (USD 2,845,422,000) - APD Air Products & Chemicals: +1.75% (USD 2,753,984,000) - FTV Fortive Corp.: +1.91% (USD 2,686,724,000) - BN Brookfield Corp.: +3.42% (USD 2,606,962,000) - WFC Wells Fargo: +0.51% (USD 2,588,952,000) - GSK GSK plc: -17.84% (USD 2,526,514,000) - FISV Fiserv Inc.: -0.13% (USD 2,462,062,000) - BUD Anheuser-Busch InBev: -0.7% (USD 2,428,933,000) - GEHC GE HealthCare Technologies Inc.: +20.93% (USD 2,423,685,000) - BNY Bank of New York Mellon Corp.: -29.03% (USD 2,401,736,000) - ROP Roper Technologies Inc.: +111.16% (USD 2,389,231,000) - FDX FedEx Corp.: -27.55% (USD 2,264,953,000) - SBAC SBA Communications Corp.: +2.01% (USD 2,174,561,000) - AJG Arthur J. Gallagher & Co.: +27.31% (USD 2,149,609,000) - CHTR Charter Communications: +2.77% (USD 2,137,731,000) - WTW Willis Towers Watson plc: +9.45% (USD 2,097,597,000) - ZBH Zimmer Biomet Holdings: +2.47% (USD 2,076,898,000) - CARR Carrier Global Corp.: +3.21% (USD 2,015,335,000) - BKR Baker Hughes Co.: -2.84% (USD 1,934,424,000) - FIS Fidelity National Information Services: -0.01% (USD 1,907,806,000) - V Visa Inc.: +630554.95% (USD 1,858,630,000) - COF Capital One Financial: +3.91% (USD 1,829,238,000) - TRU TransUnion: +49.46% (USD 1,745,515,000) - UBS UBS AG: -0.04% (USD 1,666,002,000) - ELAN Elanco Animal Health Inc.: -2.24% (USD 1,658,641,000) - TMO Thermo Fisher Scientific: +11767.36% (USD 1,531,543,000) - HLN Haleon Plc ADR: +2.32% (USD 1,398,889,000) - SU Suncor Energy Inc.: -3.41% (USD 1,361,677,000) - LYB LyondellBasell Industries: sold (USD 1,356,562,085) - INCY Incyte Corp.: -2.41% (USD 1,355,482,000) - LPLA LPL Financial Holdings Inc.: +10.42% (USD 1,289,722,000) - CPNG Coupang Inc.: +0.26% (USD 1,254,014,000) - D Dominion Energy Inc.: -6.03% (USD 1,249,944,000) - BAX Baxter International Inc.: +1.98% (USD 1,244,797,000) - SNY Sanofi Aventis: -4.8% (USD 1,198,246,000) - AVTR Avantor Inc.: +0.31% (USD 1,188,208,000) - AEP American Electric Power: -0.75% (USD 1,186,739,000) - SUI Sun Communities Inc.: -33.4% (USD 1,139,239,000) - FDXF FedEx Freight Holding Co.: new (USD 1,084,598,000) - ADM Archer-Daniels-Midland: -9.99% (USD 1,083,530,000) - TDY Teledyne Technologies: +0.53% (USD 1,075,601,000) - TMUS T-Mobile US Inc.: +2.89% (USD 1,062,701,000) - RAL Ralliant Corp.: +1.87% (USD 1,031,203,000) - BAP Credicorp Ltd.: -23.34% (USD 1,018,485,000) - NVO Novo Nordisk A S: +5.5% (USD 977,837,000) - COP ConocoPhillips: -3.94% (USD 963,323,000) - CX Cemex: -5.92% (USD 962,252,000) - BABA Alibaba Group Holdings: +0.41% (USD 955,766,000) - NBIX Neurocrine Biosciences Inc.: +2.26% (USD 941,219,000) - HPQ HP Inc.: +2.49% (USD 935,255,000) - BMRN BioMarin Pharmaceutical Inc.: +1.94% (USD 849,427,000) - FCNCA First Citizens Bancshares: +2.83% (USD 841,087,000) - NSC Norfolk Southern Corp.: -59.92% (USD 789,032,000) - TIGO Millicom Intl Cellular S.a.: +0.69% (USD 745,914,000) - TAP Molson Coors Beverage Co.: +2.93% (USD 742,789,000) - KKR KKR & Co. L.P.: new (USD 739,794,000) - CE Celanese Corp.: -0.41% (USD 702,983,000) - TSM Taiwan Semiconductor S.A.: +1236.52% (USD 688,067,000) - ADBE Adobe Inc.: +24.82% (USD 638,623,000) - MDT Medtronic plc: +2.36% (USD 616,132,000) - GLPI Gaming and Leisure Properties Inc.: +2.34% (USD 613,318,000) - ALNY Alnylam Pharmaceuticals: +1.35% (USD 588,632,000) - FOXA Fox Corporation: +2.99% (USD 585,397,000) - CTSH Cognizant Technology Solutions: +1.89% (USD 563,231,000) - XP XP Inc.: -0.5% (USD 529,496,000) - MCHP Microchip Technology: -9.73% (USD 504,642,000) - AEG Aegon Ltd: -11.71% (USD 376,721,000) - VFC V.F. Corp.: -32.15% (USD 373,735,000) - PDD Pinduoduo Inc.: +0.27% (USD 347,074,000) - BNTX Biontech Se ADR: +0.02% (USD 342,200,000) - YUMC Yum China Holdings Inc.: +0.17% (USD 341,901,000) - FOX Fox Corporation CL B: +1.21% (USD 340,344,000) - TRP TC Energy: -43.38% (USD 333,757,000) - NWSA News Corp.: +2.3% (USD 311,323,000) - NTES NetEase.com Inc.: +0.25% (USD 277,100,000) - GE GE Aerospace: -18.96% (USD 223,510,000) - COHR Coherent Corp.: -2.64% (USD 214,655,000) - HDB HDFC Bank Ltd.: +17.41% (USD 172,511,000) - VSNT Versant Media Group Inc.: -0.86% (USD 161,050,000) - GEV Ge Vernova Inc: -4.89% (USD 144,356,000) - GS Goldman Sachs Group: -90.28% (USD 135,656,000) - NVS Novartis AG: -89.1% (USD 119,009,000) - BAC Bank of America Corp.: -4.26% (USD 99,257,000) - AXP American Express: -2.24% (USD 91,760,000) - CDNS Cadence Design Systems: -1.25% (USD 85,577,000) - UNP Union Pacific: -0.02% (USD 70,965,000) - WMB Williams Cos.: -2.27% (USD 70,210,000) - LBTYK Liberty Global Ltd CL C: sold (USD 61,647,813) - LLY Eli Lilly & Co.: -1.79% (USD 49,486,000) - DHR Danaher Corp.: +1462.55% (USD 48,961,000) - NESR National Energy Services Reunited Corp.: -0.25% (USD 47,768,000) - CAT Caterpillar Inc.: -1.48% (USD 41,961,000) - JPM JPMorgan Chase & Co.: -1.12% (USD 38,340,000) - CVX Chevron Corp.: -1.27% (USD 33,567,000) - TRV Travelers Companies Inc.: -2.86% (USD 29,750,000) - LBTYA Liberty Global Ltd CL A: +14.24% (USD 26,891,000) - DIS Walt Disney Co.: -2.2% (USD 25,122,000) - KSPI Jsc Kaspi.kz ADR: +20.26% (USD 21,905,000) - WMT Walmart Inc.: -1.08% (USD 19,530,000) - MRK Merck & Co.: -0.22% (USD 17,444,000) - ACMR ACM Research Inc.: -2.92% (USD 14,769,000) - PG Procter & Gamble: -0.06% (USD 13,301,000) - IBM International Business Machines: -1.27% (USD 12,934,000) - TGT Target Corp.: -1.06% (USD 12,491,000) - AZN AstraZeneca PLC: -2.65% (USD 10,609,000) - CSCO Cisco Systems: -15.9% (USD 10,385,000) - AAPL Apple Inc.: -0.71% (USD 9,081,000) - GLW Corning Inc.: -4.57% (USD 8,854,000) - HD Home Depot: -0.29% (USD 7,894,000) - ADI Analog Devices: -4.05% (USD 7,630,000) - DELL Dell Technologies Inc.: -8.73% (USD 7,443,000) - STT State Street Corp.: -99.05% (USD 5,651,920) - AMGN Amgen: -4.11% (USD 4,641,000) - SLB Schlumberger Ltd.: -10.38% (USD 4,575,732) - MSI Motorola Solutions Inc.: -3.46% (USD 4,513,000) - SNPS Synopsys Inc.: -0.98% (USD 4,505,004) - SHEL Shell plc: -1.32% (USD 4,208,018) - BSX Boston Scientific: -1.58% (USD 3,734,000) - KARO Karooooo Ltd: +65.11% (USD 3,442,000) - PNC PNC Financial Services: -0.29% (USD 3,436,952) - BIDU Baidu Inc.: -5.45% (USD 2,972,000) - HPE Hewlett Packard Enterprise: -17.33% (USD 2,862,000) - JOYY JOYY Inc.: -2.38% (USD 2,706,000) - BMY Bristol-Myers Squibb: -99.08% (USD 2,441,000) - SE Sea Ltd: new (USD 2,199,069) - SPGI S&P Global Inc.: -3.7% (USD 2,118,012) - PFE Pfizer Inc.: -0.85% (USD 2,115,000) - NEE NextEra Energy Inc.: -2.54% (USD 2,019,000) - CTVA Corteva Inc.: -0.65% (USD 1,711,000) - ZH Zhihu Inc ADR: +4.16% (USD 1,568,418) - ATAT Atour Lifestyle Holdings ADR: +62.16% (USD 1,452,000) - PAX Patria Investments Ltd A: +119.96% (USD 1,270,000) - MMM 3M Co.: -1.54% (USD 1,224,000) - CPA Copa Holdings SA: +20.83% (USD 1,128,000) - EBAY eBay Inc.: sold (USD 1,069,015) - Q Qnity Electronics Inc.: -5.32% (USD 1,039,994) - LAUR Laureate Education Inc.: +25.35% (USD 988,000) - PSMT PriceSmart Inc.: sold (USD 925,986) - HON Honeywell Int'l Inc.: -49.99% (USD 898,000) - HONA Honeywell Aerospace Inc: new (USD 886,000) - ASR Grupo Aeroportuario Sure SA de CV: +110.4% (USD 807,000) - LOMA Loma Negra Argentina: sold (USD 799,777) - DLO DLocal Ltd: +37.58% (USD 799,000) - JBS Jbs Nv A: +50.28% (USD 797,000) - ABEV Ambev S.A.: -17.5% (USD 793,000) - DD DuPont de Nemours Inc.: -3.82% (USD 638,000) - APA APA Corp.: -9.3% (USD 635,000) - GPC Genuine Parts: -4.3% (USD 525,000) - PBR Petroleo Brasileiro: -3.85% (USD 485,000) - FUTU Futu Holdings Ltd: new (USD 394,000) - OTIS Otis Worldwide Corp.: -13.31% (USD 373,000) - MGM MGM Resorts International: -7.69% (USD 287,000) - DOW Dow Inc.: -6.17% (USD 249,000) - ISRG Intuitive Surgical Inc.: sold (USD 230,000) - HAL Halliburton Co.: sold (USD 214,005) - VOO Vanguard S&P 500 ETF: new (USD 206,001) - AMG Affiliated Managers Group: new (USD 203,000) ## Portfolio value by quarter - 2024 Q1: USD 172,410,622,837 (187 positions) - 2024 Q2: USD 166,684,111,025 (192 positions) - 2024 Q3: USD 176,906,101,417 (196 positions) - 2024 Q4: USD 171,868,359,916 (205 positions) - 2025 Q1: USD 175,582,039,814 (209 positions) - 2025 Q2: USD 177,960,892,982 (215 positions) - 2025 Q3: USD 185,271,413,112 (215 positions) - 2025 Q4: USD 185,229,362,867 (218 positions) - 2026 Q1: USD 181,924,021,257 (218 positions) - 2026 Q2: USD 190,859,486,000 (218 positions)