Investor: Rajiv Jain & Tim Carver
Number of Assets: 87
Reporting Period: Q4 - 2025
Holdings at Report: $60,716,698,512
Return Since Report: +$3,987,091,803
Return Since Report: +6.57%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| At&T Inc. (T) | Equity | -19.46% | 86,007,645 | 3.56% | $24.84 | $28.81 | $2,136,430,158 | $2,477,880,252 | +$341,450,094 | +15.98% |
| The Allstate Corp. (ALL) | Equity | +36.00% | 5,488,560 | 1.90% | $208.15 | $207.19 | $1,142,449,132 | $1,137,174,746 | -$5,274,386 | -0.46% |
| Altria Group Inc. (MO) | Equity | -2.66% | 25,058,437 | 2.41% | $57.66 | $65.91 | $1,444,870,608 | $1,651,601,583 | +$206,730,975 | +14.31% |
| Ambev S.A. (ABEV) | Equity | +9.13% | 172,969,655 | 0.71% | $2.47 | $2.92 | $427,235,048 | $504,206,544 | +$76,971,496 | +18.02% |
| American Electric Power Company Inc. (AEP) | Equity | -10.61% | 16,902,872 | 3.25% | $115.31 | $131.08 | $1,949,072,693 | $2,215,628,462 | +$266,555,769 | +13.68% |
| American International Group Inc. (AIG) | Equity | -16.09% | 15,492,942 | 2.21% | $85.55 | $75.15 | $1,325,423,082 | $1,164,294,591 | -$161,128,491 | -12.16% |
| American Water Works Company Inc. (AWK) | Equity | +64.24% | 6,493,161 | 1.41% | $130.50 | $135.96 | $847,360,695 | $882,810,170 | +$35,449,475 | +4.18% |
| Anheuser Busch Inbev NV (BUD) | Equity | +100% | 2,338,805 | 0.25% | $64.04 | $69.37 | $149,778,322 | $162,242,903 | +$12,464,581 | +8.32% |
| Astrazeneca PLC (AZN) | Equity | +16.38% | 102,372 | 0.02% | $91.93 | $196.48 | $9,411,568 | $20,114,051 | +$10,702,483 | +113.72% |
| Atmos Energy Corp. (ATO) | Equity | -2.22% | 703,592 | 0.20% | $167.63 | $184.69 | $117,946,497 | $129,947,814 | +$12,001,317 | +10.18% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | +100% | 1,997,793 | 1.67% | $502.66 | $479.11 | $1,004,203,238 | $957,162,604 | -$47,040,634 | -4.68% |
| British American Tobacco P.L.C. (BTI) | Equity | -1.72% | 28,062,747 | 2.65% | $56.62 | $58.41 | $1,588,913,012 | $1,639,004,739 | +$50,091,727 | +3.15% |
| The Cigna Group (CI) | Equity | +14.32% | 7,763,295 | 3.56% | $275.23 | $266.30 | $2,136,698,563 | $2,067,365,459 | -$69,333,104 | -3.24% |
| CME Group Inc. (CME) | Equity | -6.97% | 4,208,459 | 1.91% | $273.08 | $295.45 | $1,149,252,920 | $1,243,389,212 | +$94,136,292 | +8.19% |
| CMS Energy Corp. (CMS) | Equity | -16.63% | 4,519,921 | 0.53% | $69.93 | $77.54 | $316,078,493 | $350,461,115 | +$34,382,622 | +10.88% |
| CVS Health Corp. (CVS) | Equity | +100% | 31,518 | 0.00% | $79.36 | $71.82 | $2,501,269 | $2,263,465 | -$237,804 | -9.51% |
| Centerpoint Energy Inc. (CNP) | Equity | -9.39% | 5,681,646 | 0.36% | $38.34 | $43.17 | $217,834,966 | $245,248,250 | +$27,413,284 | +12.58% |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) | Equity | +13.22% | 20,874 | 0.00% | $9.16 | $9.75 | $191,206 | $203,522 | +$12,316 | +6.44% |
| Chevron Corp. (CVX) | Equity | -5.79% | 1,404,342 | 0.36% | $152.41 | $206.88 | $214,038,587 | $290,530,273 | +$76,491,686 | +35.74% |
| Cinc.Innati Financial Corp. (CINF) | Equity | -9.14% | 1,692,540 | 0.46% | $163.32 | $157.35 | $276,428,859 | $266,321,169 | -$10,107,690 | -3.66% |
| The Coca-Cola Company (KO) | Equity | +15.13% | 26,250,313 | 3.06% | $69.91 | $76.17 | $1,835,160,912 | $1,999,355,090 | +$164,194,178 | +8.95% |
| Cognizant Technology Solutions Corp. (CTSH) | Equity | +100% | 8,116,278 | 1.12% | $83.00 | $61.36 | $673,651,074 | $497,974,237 | -$175,676,837 | -26.08% |
| Colgate-Palmolive Company (CL) | Equity | -34.92% | 7,396,227 | 0.97% | $79.02 | $85.21 | $584,450,355 | $630,232,503 | +$45,782,148 | +7.83% |
| Diageo PLC (DEO) | Equity | -99.77% | 3,076 | 0.00% | $86.27 | $74.45 | $265,367 | $228,993 | -$36,374 | -13.71% |
| Duke Energy Corp. (DUK) | Equity | -7.59% | 9,543,071 | 1.86% | $117.21 | $130.56 | $1,118,546,141 | $1,245,943,350 | +$127,397,209 | +11.39% |
| Eni S.P.A. (E) | Equity | +24.36% | 175,726 | 0.01% | $37.94 | $56.40 | $6,667,044 | $9,910,946 | +$3,243,902 | +48.66% |
| Embraer S.A. (ERJ) | Equity | -0.86% | 8,004,535 | 0.86% | $64.37 | $64.37 | $515,251,918 | $515,251,918 | -$0 | -0.00% |
| Enbridge Inc. (ENB) | Equity | -3.84% | 80,353,458 | 6.41% | $47.91 | $54.02 | $3,849,695,956 | $4,340,292,034 | +$490,596,078 | +12.74% |
| Exelon Corp. (EXC) | Equity | -7.47% | 24,979,574 | 1.81% | $43.59 | $49.02 | $1,088,860,558 | $1,224,498,717 | +$135,638,159 | +12.46% |
| Exxon Mobil Corp. (XOM) | Equity | -26.10% | 8,715,556 | 1.75% | $120.34 | $169.19 | $1,048,832,509 | $1,474,541,342 | +$425,708,833 | +40.59% |
| Franco-Nevada Corp. (FNV) | Equity | +1.76% | 1,746,117 | 0.60% | $207.56 | $247.18 | $362,420,183 | $431,605,200 | +$69,185,017 | +19.09% |
| Grupo Financiero Galicia S.A. (GGAL) | Equity | -1.56% | 3,075,544 | 0.28% | $53.94 | $46.95 | $165,894,843 | $144,396,791 | -$21,498,052 | -12.96% |
| Grupo Aeroportuario Del Sureste S. A. B. De C. V. (ASR) | Equity | +8.43% | 32,785 | 0.02% | $323.40 | $338.81 | $10,602,669 | $11,107,722 | +$505,053 | +4.76% |
| HDFC Bank Limited (HDB) | Equity | +1.49% | 52,962,709 | 3.22% | $36.54 | $24.81 | $1,935,257,591 | $1,313,739,997 | -$621,517,594 | -32.12% |
| Huntington Ingalls Industries Inc. (HII) | Equity | -0.60% | 16,129 | 0.01% | $340.07 | $283.37 | $5,484,989 | $4,570,475 | -$914,514 | -16.67% |
| Icici Bank Limited (IBN) | Equity | -1.32% | 74,633,839 | 3.71% | $29.80 | $25.91 | $2,224,088,497 | $1,933,389,599 | -$290,698,898 | -13.07% |
| Infosys Limited (INFY) | Equity | +35.19% | 29,130,383 | 0.86% | $17.82 | $13.52 | $519,103,425 | $393,930,169 | -$125,173,256 | -24.11% |
| Itaú Unibanco Holding S.A. (ITUB) | C.Pref | +100% | 96,959,405 | N/A | $7.16 | N/A | $694,229,354 | N/A | N/A | N/A |
| Johnson & Johnson (JNJ) | Equity | +28.40% | 7,752,266 | 2.67% | $206.95 | $244.18 | $1,604,336,241 | $1,892,948,312 | +$288,612,071 | +17.99% |
| The Kroger Co. (KR) | Equity | +11.31% | 13,398,072 | 1.39% | $62.48 | $72.35 | $837,112,892 | $969,283,519 | +$132,170,627 | +15.79% |
| Merck & Co. Inc. (MRK) | Equity | +0.77% | 53,509 | 0.01% | $105.26 | $120.14 | $5,632,341 | $6,428,304 | +$795,963 | +14.13% |
| National Grid PLC (NGG) | Equity | +47.67% | 5,914 | 0.00% | $77.35 | $84.58 | $457,448 | $500,206 | +$42,758 | +9.35% |
| Nextera Energy Inc. (NEE) | Equity | -6.07% | 9,864,284 | 1.32% | $80.28 | $92.91 | $791,906,557 | $916,490,626 | +$124,584,069 | +15.73% |
| Novartis Ag (NVS) | Equity | +39.56% | 3,158,122 | 0.73% | $137.87 | $152.73 | $435,413,703 | $482,324,182 | +$46,910,479 | +10.77% |
| Old Republic International Corporation (ORI) | Equity | +100% | 3,417,166 | 0.26% | $45.64 | N/A | $155,960,271 | N/A | N/A | N/A |
| PPL Corp. (PPL) | Equity | -9.42% | 4,638,660 | 0.27% | $35.02 | $38.21 | $162,446,488 | $177,243,199 | +$14,796,711 | +9.11% |
| Petróleo Brasileiro S.A. - Petrobras (PBR) | Equity | -35.83% | 136,003,212 | 2.69% | $11.85 | $20.71 | $1,611,638,097 | $2,815,946,504 | +$1,204,308,407 | +74.73% |
| Pfizer Inc. (PFE) | Equity | -1.20% | 96,482 | 0.00% | $24.90 | $28.00 | $2,402,402 | $2,701,014 | +$298,612 | +12.43% |
| Philip Morris International Inc. (PM) | Equity | +0.21% | 55,096,316 | 14.72% | $160.40 | $165.49 | $8,837,452,408 | $9,117,889,335 | +$280,436,927 | +3.17% |
| The Procter & Gamble Company (PG) | Equity | +56.32% | 3,226,929 | 0.77% | $143.31 | $144.42 | $462,451,174 | $466,033,086 | +$3,581,912 | +0.77% |
| The Progressive Corp. (PGR) | Equity | +11.69% | 10,432,549 | 3.96% | $227.72 | $198.17 | $2,375,705,500 | $2,067,366,073 | -$308,339,427 | -12.98% |
| Royal Bank Of Canada (RY) | Equity | 0% | 3,059 | 0.00% | $170.49 | $161.49 | $521,529 | $493,998 | -$27,531 | -5.28% |
| Shell PLC (SHEL) | Equity | -12.80% | 7,307 | 0.00% | $73.48 | $92.71 | $536,884 | $677,395 | +$140,511 | +26.17% |
| Sanofi (SNY) | Equity | +41.04% | 120,946 | 0.01% | $48.46 | $48.14 | $5,861,316 | $5,822,340 | -$38,976 | -0.66% |
| Sap Se (SAP) | Equity | -3.15% | 1,750 | 0.00% | $242.87 | $171.17 | $425,016 | $299,548 | -$125,468 | -29.52% |
| The Southern Company (SO) | Equity | -1.01% | 53,863 | 0.01% | $87.20 | $96.51 | $4,696,894 | $5,198,318 | +$501,424 | +10.68% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -47.59% | 1,832,009 | 0.93% | $303.89 | $337.70 | $556,730,873 | $618,669,439 | +$61,938,566 | +11.13% |
| Unilever PLC | Equity | +100% | 9,018,850 | 0.98% | $65.40 | N/A | $589,832,790 | N/A | N/A | N/A |
| Vale S.A. (VALE) | Equity | +42.41% | 65,132,572 | 1.41% | $13.03 | $15.90 | $848,677,413 | $1,035,607,895 | +$186,930,482 | +22.03% |
| Valero Energy Corp. (VLO) | Equity | +0.36% | 33,886 | 0.01% | $162.79 | $246.05 | $5,516,302 | $8,337,481 | +$2,821,179 | +51.14% |
| Verizon Communications Inc. (VZ) | Equity | -17.22% | 43,866,695 | 2.98% | $40.73 | $50.18 | $1,786,691,129 | $2,201,230,755 | +$414,539,626 | +23.20% |
| Visa Inc. (V) | Equity | -99.68% | 8,307 | 0.00% | $350.71 | $301.42 | $2,913,374 | $2,503,854 | -$409,520 | -14.06% |
| Xcel Energy Inc. (XEL) | Equity | -5.65% | 12,334,556 | 1.52% | $73.86 | $79.44 | $911,032,054 | $979,857,129 | +$68,825,075 | +7.55% |
| Totalenergies Se | Equity | +100% | 228,150 | 0.02% | $65.33 | N/A | $14,906,081 | N/A | N/A | N/A |
| Arch Capital Group Ltd. (ACGL) | Equity | +95.58% | 1,693,629 | 0.27% | $95.92 | $95.97 | $162,452,894 | $162,537,575 | +$84,681 | +0.05% |
| Accenture PLC (ACN) | Equity | +100% | 835,404 | 0.37% | $268.31 | $197.43 | $224,143,732 | $164,929,635 | -$59,214,097 | -26.42% |
| Credicorp. Ltd. (BAP) | Equity | -0.61% | 949,184 | 0.45% | $287.00 | $338.07 | $272,415,808 | $320,890,635 | +$48,474,827 | +17.79% |
| Renaissancere Holdings Ltd. (RNR) | Equity | +100% | 386,876 | 0.18% | $281.17 | $298.15 | $108,779,517 | $115,347,079 | +$6,567,562 | +6.04% |
| Chubb Limited (CB) | Equity | +15.21% | 12,481,176 | 6.49% | $312.12 | $325.98 | $3,895,626,581 | $4,068,613,752 | +$172,987,171 | +4.44% |
| Ishares MSCI Acwi ETF (ACWI) | Equity | +236.34% | 54,789 | 0.01% | $141.49 | $138.30 | $7,752,240 | $7,577,319 | -$174,921 | -2.26% |
| Tc Energy Corp. (TRP) | Equity | +586.52% | 16,154,469 | 1.48% | $55.14 | $62.55 | $890,710,840 | $1,010,381,264 | +$119,670,424 | +13.44% |
| Alphabet Inc. (GOOG) | Equity | -50.29% | 1,279 | 0.00% | $313.81 | $286.39 | $401,368 | $366,293 | -$35,075 | -8.74% |
| Amazon.com Inc. (AMZN) | Equity | -32.70% | 3,269 | 0.00% | $230.83 | $208.30 | $754,594 | $680,933 | -$73,661 | -9.76% |
| Applovin Corp. (APP) | Equity | -18.36% | 2,174 | 0.00% | $673.77 | $398.48 | $1,464,768 | $866,296 | -$598,472 | -40.86% |
| Broadcom Inc. (AVGO) | Equity | -35.32% | 608 | 0.00% | $346.33 | $309.45 | $210,571 | $188,143 | -$22,428 | -10.65% |
| Eli Lilly And Company (LLY) | Equity | -22.69% | 620 | 0.00% | $1,074.45 | $917.56 | $666,162 | $568,887 | -$97,275 | -14.60% |
| The Goldman Sachs Group Inc. (GS) | Equity | -1.53% | 321 | 0.00% | $878.07 | $843.02 | $281,859 | $270,609 | -$11,250 | -3.99% |
| Ishares Russell 1000 ETF (IWB) | Equity | +359.55% | 17,826 | 0.01% | $373.46 | $357.13 | $6,657,335 | $6,366,199 | -$291,136 | -4.37% |
| Meta Platforms Inc. (META) | Equity | -99.97% | 518 | 0.00% | $660.22 | $570.25 | $341,995 | $295,390 | -$46,605 | -13.63% |
| Microsoft Corp. (MSFT) | Equity | -99.92% | 1,815 | 0.00% | $483.55 | $370.17 | $877,639 | $671,859 | -$205,780 | -23.45% |
| Netflix Inc. (NFLX) | Equity | +577.45% | 3,394 | 0.00% | $93.76 | $96.12 | $318,235 | $326,231 | +$7,996 | +2.51% |
| Nvidia Corp. (NVDA) | Equity | -37.49% | 4,064 | 0.00% | $186.51 | $174.21 | $757,964 | $707,989 | -$49,975 | -6.59% |
| Servicenow Inc. (NOW) | Equity | +388.10% | 2,338 | 0.00% | $153.20 | $104.54 | $358,186 | $244,403 | -$113,783 | -31.77% |
| SPDR S&P 500 ETF Trust (SPY) | Equity | +188.75% | 50,058 | 0.06% | $681.97 | $650.36 | $34,138,090 | $32,555,471 | -$1,582,619 | -4.64% |
| Vanguard Large Cap Index Fund (VV) | Equity | +3.38% | 1,497 | 0.00% | $314.75 | $307.21 | $471,182 | $459,893 | -$11,289 | -2.40% |
| Vanguard Total World Stock Index Fund ETF Shares (VT) | Equity | +100% | 4,245 | 0.00% | $141.05 | $138.21 | $598,764 | $586,701 | -$12,063 | -2.01% |
| Walmart Inc. (WMT) | Equity | -6.65% | 6,092 | 0.00% | $111.41 | $124.22 | $678,710 | $756,748 | +$78,038 | +11.50% |