RWC ASSET ADVISORS (US) LLC

Key Holdings

The portfolio is anchored by three major positions, each representing a distinct geographic and thematic bet.

1. Alibaba Group (BABA): Remaining the largest holding at $86.24 million (19.30% of the portfolio), despite a reduction of $30.82 million in shares. This indicates a continued bullish stance on Chinese technology, though the firm appears to be managing risk or taking profits given the valuation.
2. NIO Inc (NIO): A massive new position and the second-largest holding at $79.76 million (17.85%). The acquisition of 10.47 million shares represents a significant capital deployment into the Chinese electric vehicle (EV) sector, signaling a strong view on a potential recovery or growth trajectory for the company.
3. Gold Fields Ltd (GFI): The third-largest position at $62.51 million (13.99%). While the firm reduced this stake by 54.6% ($15.14 million), it remains a core holding, suggesting a maintained but cautious exposure to gold as a defensive hedge or inflation play.

Other notable positions include Kanzhun Limited (BZ), a new technology position accounting for 12.25% of the portfolio, and Embraer S.A. (EMBJ), which saw a substantial increase of 81.7%. The top 10 holdings are all sizeable, with the smallest position among them (Coupa) still holding nearly 4% of the portfolio's weight.