| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 22.01% | 1,265,656 | $76.9M | No change |
| GGB Gerdau SA -Spon ADR | 15.93% | 19,069,112 | $55.7M | Reduce -0.8% |
| BUR Burford Capital Ltd. | 10.43% | 2,556,748 | $36.5M | Add +3.6% |
| VALE Vale SA-SP ADR | 9.87% | 3,551,171 | $34.5M | Reduce -3.7% |
| TX Ternium SA-Sponsored ADR | 8.55% | 992,413 | $29.9M | No change |
| ASTL Algoma Steel Group Inc. | 7.04% | 3,572,018 | $24.6M | No change |
| PBR Petroleo Brasileiro-Spon ADR | 6.90% | 1,928,173 | $24.1M | Reduce -50.6% |
| CNR Core Natural Resources Inc. | 4.37% | 219,243 | $15.3M | No change |
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | 3.72% | 16,000,000 | $13.0M | No change |
| EEX Emerald Holding Inc. | 1.09% | 783,862 | $3.8M | Reduce -4.3% |
| NCMI National Cinemedia Inc. | 1.03% | 739,899 | $3.6M | No change |
| BV Brightview Holdings Inc. | 0.98% | 206,566 | $3.4M | Add +1.0% |
| CZR Caesars Entertainment Inc. | 0.97% | 119,500 | $3.4M | No change |
| PCG P G & E Corp. | 0.80% | 200,000 | $2.8M | Add +33.3% |
| M Macy's Inc. | 0.67% | 200,000 | $2.3M | No change |
| SABR Sabre Corp. | 0.64% | 705,000 | $2.2M | No change |
| ADV Advantage Solutions Inc. | 0.61% | 1,611,140 | $2.1M | Add +11.0% |
| CNTY Century Casinos Inc. | 0.54% | 889,144 | $1.9M | No change |
| PBI Pitney Bowes Inc. | 0.50% | 160,000 | $1.7M | Reduce -11.1% |
| CCO Clear Channel Outdoor Holdin | 0.49% | 1,452,614 | $1.7M | No change |
| NE Noble Corp. PLC | 0.46% | 60,000 | $1.6M | No change |
| VAL Valaris Ltd. | 0.38% | 31,434 | $1.3M | No change |
| VNOM Viper Energy Inc. | 0.35% | 32,114 | $1.2M | No change |
| PRKS United Parks & Resorts Inc. | 0.30% | 22,500 | $1.1M | Add +4.7% |
| CLF Cleveland-Cliffs Inc. | 0.25% | 115,000 | $874K | No change |
| NATL NCR Atleos Corp. | 0.24% | 29,000 | $827K | Reduce -3.3% |
| VYX NCR Voyix Corp. | 0.16% | 47,000 | $551K | No change |
| SKIL Skillsoft Corp. | 0.16% | 34,500 | $551K | No change |
| MAT Mattel Inc. | 0.11% | 20,000 | $394K | Reduce -4.8% |
| AMBP Ardagh Metal Packaging SA | 0.11% | 90,000 | $385K | Reduce -40.0% |
| LESLIES INC | 0.11% | 887,112 | $372K | No change |
| MAGN Magnera Corp. | 0.10% | 28,000 | $338K | No change |
| ON On Semiconductor | 0.08% | 5,500 | $288K | New |
| MBC Masterbrand Inc. | 0.08% | 24,000 | $262K | Reduce -14.3% |