AZVALOR MANAGERS, FI

Leaves the portfolio; it was 2.14% of weight.

Leaves the portfolio; it was 1.37% of weight.

Leaves the portfolio; it was 1.19% of weight.

Leaves the portfolio; it was 0.98% of weight.

Leaves the portfolio; it was 0.79% of weight.

Leaves the portfolio; it was 0.79% of weight.

Leaves the portfolio; it was 0.64% of weight.

Golar LNG Limited designs, converts, owns, and operates marine infrastructure for the liquefaction of natural gas. The company operates in two segments, FLNG, and Corporate and Other. It engages in the regasification, storage, and liquefied natural gas (LNG) carrier transportation operations; operation of floating liquefaction natural gas (FLNG) vessels or projects; transportation of LNG carriers; and vessel management activities. The company was founded in 1946 and is headquartered in Hamilton, Bermuda.

Leaves the portfolio; it was 0.40% of weight.

Leaves the portfolio; it was 0.39% of weight.

Canadian Natural Resources Limited engages in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids (NGLs) in Western Canada, the United Kingdom sector of the North Sea, and Offshore Africa. The company offers synthetic crude oil (SCO), mining bitumen, light and medium crude oil and NGLs, thermal bitumen, primary heavy crude oil and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose. The company was formerly known as AEX Minerals Corporation and changed its name to Canadian Natural Resources Limited in December 1975. Canadian Natural Resources Limited was incorporated in 1973 and is headquartered in Calgary, Canada.

Leaves the portfolio; it was 0.38% of weight.

Leaves the portfolio; it was 0.29% of weight.

Leaves the portfolio; it was 0.29% of weight.

Leaves the portfolio; it was 0.26% of weight.

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses in the People's Republic of China and internationally. It operates through the Alibaba China E-Commerce Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, and All Others segments. The Alibaba China E-commerce Group segment operates Taobao and Tmall, which are digital retail platforms; Taobao Instant Commerce, a local services and on-demand delivery platform; 1688.com, a domestic wholesale marketplace; and Xianyu, a consumer-to-consumer community and marketplace for idle goods. Its Alibaba International Digital Commerce Group segment includes AliExpress, a global e-commerce platform; Trendyol, an e-commerce platform in Turkey; Lazada, an e-commerce platform in Southeast Asia; Daraz, an e-commerce platform in South Asia, primarily in Pakistan and Bangladesh; and Alibaba.com, an integrated international online wholesale marketplace. The Cloud Intelligence Group segment offers a suite of cloud services based on infrastructure-as-a-service, platform-as-a-service, and model-as-a-service. Its All Others segment comprises Amap, a provider of mobile digital maps, navigation, and real-time traffic information in China; Cainiao, which provides logistics solutions; Youku, an online long-form video platform in China; Freshippo, a retail platform for groceries and fresh goods; and Alibaba Health, a pharmaceutical and healthcare services platform. Alibaba Group Holding Limited was incorporated in 1999 and is based in Hangzhou, China.

Leaves the portfolio; it was 0.25% of weight.

Leaves the portfolio; it was 0.25% of weight.

Tidewater Inc., together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of offshore marine service vessels worldwide. The company operates through five segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa. It offers phases of offshore crude oil and natural gas exploration, field development, production, maintenance, and windfarm development and maintenance activities; towing and anchor handling for mobile offshore drilling units; transportation of supplies and personnel necessary to sustain drilling, workover, and production operations; and field abandonment, dismantlement, and restoration activities. The company also provides offshore construction; seismic and subsea support; various other specialized services, such as pipe laying, cable laying, and geotechnical survey support for windfarm construction. Its vessels consist of anchor handling towing supply vessels, platform supply vessels, and other specialty vessels, as well as crew boats, utility vessels, and offshore tugs. The company serves integrated and independent oil and gas exploration, development, and production companies; mid-sized and smaller independent exploration and production companies; foreign government-owned or government-controlled organizations engaged in the exploration, development, and production of oil and gas; offshore drilling contractors; and other companies that provide services to the offshore energy industry comprising offshore construction companies, windfarm development companies, diving companies, and well stimulation companies. Tidewater Inc. was incorporated in 1956 and is headquartered in Houston, Texas.

Leaves the portfolio; it was 0.21% of weight.

Leaves the portfolio; it was 0.18% of weight.

Leaves the portfolio; it was 0.17% of weight.

Leaves the portfolio; it was 0.16% of weight.

Leaves the portfolio; it was 0.16% of weight.

Leaves the portfolio; it was 0.14% of weight.

Leaves the portfolio; it was 0.14% of weight.

Leaves the portfolio; it was 0.11% of weight.

Leaves the portfolio; it was 0.11% of weight.

Leaves the portfolio; it was 0.10% of weight.

Leaves the portfolio; it was 0.09% of weight.

Leaves the portfolio; it was 0.08% of weight.

Leaves the portfolio; it was 0.07% of weight.

Leaves the portfolio; it was 0.07% of weight.

Leaves the portfolio; it was 0.07% of weight.

Leaves the portfolio; it was 0.07% of weight.

Leaves the portfolio; it was 0.06% of weight.

Leaves the portfolio; it was 0.05% of weight.

Leaves the portfolio; it was 0.05% of weight.

Leaves the portfolio; it was 0.05% of weight.

Leaves the portfolio; it was 0.00% of weight.

Leaves the portfolio; it was 0.00% of weight.

Goes from 1.07% to 0.20%.

Goes from 0.66% to 0.22%.

Goes from 1.05% to 0.65%.

Goes from 1.03% to 0.63%.

Goes from 0.97% to 0.60%.

Goes from 0.65% to 0.31%.

Goes from 0.85% to 0.53%.

Goes from 0.73% to 0.47%.

Goes from 0.50% to 0.24%.

Goes from 0.59% to 0.35%.

Goes from 0.30% to 0.07%.

Goes from 0.38% to 0.16%.

Goes from 0.30% to 0.09%.

Goes from 0.26% to 0.05%.

Goes from 0.60% to 0.39%.

Fairfax India Holdings Corporation, together with its subsidiaries, operates as an investment holding company in India. It invests in public and private equity securities and debt instruments, as well as Indian businesses or other businesses with customers, suppliers, or business. The company was incorporated in 2014 and is headquartered in Toronto, Canada.

Goes from 0.49% to 0.29%.

Leaves the portfolio; it was 0.79% of weight.