Ninety One North America, Inc.

The portfolio is moderately concentrated, with the top 10 positions accounting for roughly 65% of total assets. The manager employs a focused strategy, maintaining positions primarily in large-cap and mid-cap equities, with a growing allocation to ETFs for specific geographic or fixed-income exposure. The recent quarter was characterized by high turnover, evidenced by 13 new positions and 20 complete exits, signaling a tactical shift in the firm's investment outlook.

2. Key Holdings

The portfolio is anchored by high-quality, dominant players in the financial and technology sectors.