Overview

Investment Objective

The Fund seeks to provide long-term capital appreciation.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including common stocks, preferred stocks, and fixed-income securities.

The Fund’s portfolio is comprised of securities identified through a bottom-up security selection process based on fundamental research. The Fund seeks to produce a minimum long-term rate of return by investing in securities priced at a discount to their intrinsic value.

Seafarer Overseas Value Fund

A Value Approach to Emerging Markets

Paul Espinosa describes the structural changes that have made it possible to realize a value strategy in emerging markets. He explains how the strategy’s research process is based on Seafarer’s framework of seven distinct sources of value in emerging markets.

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Gross expense ratio: ¹

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

Sources: ALPS Fund Services, Inc., Bloomberg, Morningstar, Seafarer.

Portfolio holdings are subject to change.

1. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15%, and 1.35% of the Fund’s average daily net assets for the Institutional, Investor, and Retail share classes, respectively. This agreement shall continue at least through August 31, 2026.
2. The 12b-1 Fee is included in the Gross Expense Ratio for SFVRX.
3. Shareholders who sign up for an Automatic Investment Plan can request a waiver of the Institutional Class investment minimum. View the waiver program criteria.
4. Calculated as a harmonic average of the underlying portfolio holdings.
5. Based on consensus earnings estimates for next year. Excludes securities for which consensus earnings estimates are not available.
6. © Morningstar, Inc. All rights reserved. The Active Share data is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Performance

• Total Returns
• Return Characteristics

Total Returns

As of (Prior Month)

43	NAV / Index Level ()					Annualized					Cumulative	Inception Date	Net Expense Ratio2	Gross Expense Ratio2
		YTD	1 Mo	3 Mo	1 Yr	3 Yr	5 Yr	7 Yr	10 Yr	Since Inception1	Since Inception1

Gross expense ratio: ²

As of (Prior Quarter)

43	NAV / Index Level ()					Annualized					Cumulative	Inception Date	Net Expense Ratio2	Gross Expense Ratio2
		YTD	1 Mo	3 Mo	1 Yr	3 Yr	5 Yr	7 Yr	10 Yr	Since Inception1	Since Inception1

Gross expense ratio: ²

The rates of return are hypothetical and do not represent the returns of any particular investment.

Fund performance is presented in U.S. dollar terms, with U.S. jurisdiction distributions reinvested on a gross (pre-tax) basis. For the Bloomberg and Morningstar indices, performance is calculated to reflect the reinvestment of dividends, capital gains, and other corporate actions net of foreign jurisdiction withholding taxes. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

Source: ALPS Fund Services, Inc.

1. “Since Inception” returns for the Bloomberg and Morningstar indices are as of the inception date of the Fund’s Institutional and Investor share classes.
2. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15%, and 1.35% of the Fund’s average daily net assets for the Institutional, Investor, and Retail share classes, respectively. This agreement shall continue at least through August 31, 2026.
3. Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
4. The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar Emerging Markets Net Return U.S. Dollar Index to track general equity market performance of emerging markets.
5. As of 5/31/16.
6. © Morningstar, Inc. All rights reserved. The data in the Return Characteristics table is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Composition

30-Day SEC Yield: ()

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

Due to rounding, percentage values may not sum to 100%. Values less than 0.5% may be rounded to 0%.

1. Yield = dividend yield for common and preferred stocks and yield to maturity for bonds.
2. Based on consensus earnings estimates for next year.
3. Consensus estimates for earnings and EPS growth are not available for this security.
4. Consensus EPS Growth forecasts (produced by research arms of investment banks) suggest that this company's earnings will improve, leading to substantial percentage growth in profits; however, such consensus forecasts are subject to a very high degree of uncertainty.
5. As of February 6, 2025, “Lion Finance Group PLC” is the new name of the company formerly known as “Bank of Georgia Group PLC.”
6. Calculated as a harmonic average of the underlying portfolio holdings.
7. Based on consensus earnings estimates. Excludes securities for which consensus earnings estimates are not available.

Distributions

Estimates for the Fund’s year-end distributions will be available on this page the week of November 24, 2025. To be notified when the estimates are available, sign up for Seafarer email updates.

For more information on the Fund’s distribution policies, please see the “Dividends and Distributions” section of the Prospectus.

Past performance is no guarantee of future results. There is no guarantee that the Fund will pay or continue to pay distributions.

Portfolio Review

During the third quarter of 2025, the Seafarer Overseas Value Fund returned 8.82%.¹² The Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 11.20% and 9.53%, respectively. By way of broader comparison, the S&P 500 Index returned 8.12%.

The Fund began the quarter with a net asset value of $15.65 per share. It paid no distributions during the quarter and finished the period with a value of $17.03 per share.³

Performance

After a strong second quarter, the Value Fund and its emerging markets benchmarks continued to appreciate in the third quarter of 2025. Improving market sentiment towards Chinese equities was a common driver of positive performance for the Fund and the benchmarks in the quarter. For reference, a broad China index, the Bloomberg China Large, Mid, and Small Cap Net Return USD Index, gained over 20% in U.S. dollar terms during the period. This broad-based market rally came despite lingering uncertainty over U.S.-China tariffs and trade policy. The Fund’s emerging markets benchmarks also gained from growing optimism towards artificial intelligence (AI), which boosted the valuations of index heavyweights including TSMC, Alibaba, Tencent, and Samsung Electronics.

While lacking direct exposure to such AI-related stocks,⁴ the Fund still notched a strong positive quarterly performance with gains broadly concentrated in two groups: 1) China holdings that benefited from the country’s broader sentiment shift, which seemed to outpace changes in their underlying fundamentals, and 2) holdings that were driven by incremental improvements in their capital allocation, with a focus on capital recycling, including increasing returns of capital to shareholders through dividends and buybacks.

In the first group – Chinese stocks that appeared to appreciate primarily on improving sentiment – the Fund saw large positive contributions to quarterly performance from Melco International (Asset Productivity and Deleveraging; the “source of value” for a Fund holding is hereafter referenced in parentheses), a Macau casino owner and operator, China Foods (Asset Productivity), a China-based Coca-Cola bottler, and Pacific Basin (Asset Productivity), a dry bulk shipping company headquartered in Hong Kong. Of these, Melco International had the biggest impact with the stock up 57.08% in U.S. dollar terms during the quarter. While the company’s first half 2025 operating results did show a continued recovery towards its pre-pandemic revenue levels and a return to profitability after losses in the prior year, the magnitude of the share price movement seemed to outpace this change in fundamentals.

The quarterly share price gains in China Foods and Pacific Basin, up 44.92% and 26.16% in U.S. dollar terms, respectively, came with even less support from underlying business improvements. China Foods reported a meager 2.2% growth in its earnings per share for the first half of 2025 compared to the same period in 2024; Pacific Basin reported an earnings per share contraction. While I doubt that the market was pricing in a sudden bullish forward-looking bet on Chinese Coca-Cola consumption growth or dry bulk shipping demand, perhaps the value on offer in these holdings was noticed in the broader rally. As of June 30, 2025, China Foods traded at a high single digit price to earnings multiple and an even lower multiple of free cash flow while Pacific Basin traded at 0.7x its equity book value. China Foods also gained access to a new pool of capital during the quarter after it was added to Hong Kong’s Hang Seng Composite Index and made eligible for the Hong Kong Southbound Stock Connect, an investment channel that allows mainland China investors to purchase and sell stocks listed on the Hong Kong Stock Exchange.⁵

In the second group – holdings driven primarily by their capital allocation and shareholder returns – the Fund also saw positive performance contributions from China-related holdings. In particular, the Fund had meaningful gains from its holding in Jardine Matheson (Breakup Value and Management Change), an Asian conglomerate, as well as from holdings in two of the company’s listed subsidiaries, DFI Retail (Management Change and Asset Productivity), a multiformat retailer, and Hongkong Land (Breakup Value and Management Change), a commercial real estate owner and operator. While all three are listed in Singapore, each is headquartered in Hong Kong with operations in Hong Kong, mainland China, and Southeast Asia. DFI Retail led the three, up 35.43% in U.S. dollar terms in the quarter, much of which came after the company announced a special dividend in July, which equated to a 14% special dividend yield based on the closing share price prior to the announcement. This special dividend followed the divestment of a minority stake in a Philippines retailer in the second quarter – a non-core asset monetization aligned with Jardine Matheson’s group focus on capital efficiency. Hongkong Land followed suit. It announced the divestment of its Singapore and Malaysia property development business in September with a portion of the proceeds allocated to its ongoing share buyback program. With this divestment, Hongkong Land is half of the way to its capital recycling target of $4 billion by 2027, as announced in the fourth quarter of 2024. Such incremental capital allocation improvements by each of Jardine Matheson’s subsidiaries has helped unlock value at the parent company. Jardine Matheson has a new CEO with a private equity background who will take the helm in December 2025 and, I suspect, help the group continue its ongoing asset transformation in the years to come. While its corporate history dates to the 1830s, the group’s approach to capital allocation in 2025 seems as modern as ever.

The Fund saw gains driven by returns of capital to shareholders in other geographies as well. Georgia Capital (Breakup Value and Segregated Market), a conglomerate in the Republic of Georgia, increased its ongoing share buyback after it received the proceeds from the divestment of its remaining stake in a water utility business in the prior quarter. The company reports that it repurchased 10% of its issued share capital from January 1, 2025 through October 27, 2025. Likewise, the Fund saw strong returns in the quarter from Moneta Money Bank (Asset Productivity and Segregated Market), a leading bank in the Czech Republic, and Credicorp (Asset Productivity), the largest bank in Peru. Both banks have steadily earned high returns on equity in recent years and have shared the excess capital generated with investors through dividends.

On the negative side of the ledger, there were a handful of stocks that detracted from performance. The Fund saw negative returns from Mondi (Structural Shift), a multinational paper and packaging company with a large presence in Eastern Europe. Europe’s paper and packaging industry has faced weak demand relative to its installed capacity base, which has led to pricing pressure across paper grades. Mondi’s niche production focuses of kraft paper bags (it claims to be the world’s largest producer) and virgin containerboard have fared better than the larger and more-oversupplied recycled paper industry, but have still faced slow demand and weaker profit margins. Mondi’s low-cost asset base and track record of disciplined capital allocation still bode well for its resiliency and long-term cash flow generation through the cycle even as the near-term picture looks murky.

Several of the Fund’s Latin America-focused consumer companies also declined in the quarter. Anheuser-Busch InBev (Deleveraging and Asset Productivity), the world’s largest brewer (deriving about half of its revenue from Latin America), Coca-Cola Femsa (Structural Shift and Management Change), a Latin America focused Coca-Cola bottler, and Arcos Dorados (Asset Productivity), a Latin America McDonald’s franchise operator, saw soft patches of consumption in their geographic footprints negatively impact their latest quarterly results. Weak demand in Brazil impacted beer volumes sold for Anheuser-Busch InBev and restaurant visits for Arcos Dorados. For Coca-Cola Femsa, Mexico was the key weak point for consumer demand. As long-term investors, the ebbing and flowing of quarterly results tends to be a lesser concern than long-term cash flow generation and capital allocation. To this end, Anheuser-Busch InBev’s ongoing deleveraging and the capital expenditure programs by Coca-Cola Femsa and Arcos Dorados are much more relevant and developments that will impact the companies, for better or worse, over time periods measured in years not quarters.

Allocation

The Fund made no deletions in the quarter but established a position in one new holding: ADNOC Gas.

ADNOC Gas (Segregated Market) is the publicly-listed midstream gas processing arm of the Abu Dhabi National Oil Company (ADNOC), the state energy company of the United Arab Emirates (UAE). Our attraction to ADNOC Gas stems from its balance of growth, stability, and yield. The company expects to grow its gas processing capacity by around 30% by the year 2029 as the UAE expands its upstream natural gas output. Despite being an OPEC member, the UAE has relied on imports of natural gas from Qatar through a long-term supply contract that expires in 2032. ADNOC Gas stands to benefit from the upstream oil and gas development by its parent company to supplant UAE’s gas imports, meet growing domestic demand, and provide additional gas for liquified natural gas exports. While operating in a commodity industry, ADNOC Gas’s supply and offtake agreements provide a high degree of stability to the business. Its gas feedstock supply is secured under long-term contracts at advantageous prices, and its sales are structured in a manner that dampens the company’s exposure to the underlying energy prices of its outputs. As of September 30, 2025, the stock offered a dividend yield of approximately 5% and the company has committed to increasing its dividend progressively in absolute terms in the coming years.

Outlook

Big swings in market sentiment are nothing new in the emerging markets. Often there are some markets booming while other markets are declining. Indeed, the impressive rallies in equities in China and South Korea this year come as markets like the Philippines have fallen. China’s performance this year comes in the context of two other similar surges and swoons in just the past three years – one following the end of draconian Covid-19 lockdown measures in the fourth quarter of 2022 (which failed to produce a V-shaped recovery in consumption) and another following the announcements of government stimulus in the third quarter of 2024 (which failed to live up to the initial fanfare). Likewise, South Korea’s market has rallied, in part, on hopes that efforts to reform corporate governance will succeed in improving the capital efficiency and shareholder returns of large, listed corporations (tangible results are largely still to be seen). Such forward-looking price movements often exceed the change in corporate fundamentals. As has happened in China and South Korea in 2025, metrics like price to earnings ratios increased with prices advancing faster than reported earnings.

The market excitement for AI appears to be a whole different sort of animal (or animal spirits, as it were). With the potential to transform modern life as profoundly as the steam engine, electricity, the automobile, or the internet, AI has captured investors’ imaginations. The excitement has been supercharged in 2025 on the heels of AI-related capital expenditure spending announcements by large technology companies. U.S. technology firms are expected to invest $400 billion in AI infrastructure in 2025; estimates of global investments in data centers by 2028 are in the trillions of dollars.⁶ Demand expectations for advanced computer chips have sent stocks in the semiconductor value chain in Taiwan and South Korea soaring, while several Chinese technology stocks have appreciated strongly on the heels of rising investment plans for their own AI infrastructure and models. The upshift in sentiment towards AI has outshined the lingering uncertainty of U.S. tariff policy and the potential knock-on effects to economic growth.

As the largest capitalization stocks have been some of the biggest beneficiaries of this phenomenon, indices weighted by market capitalization (often adjusted by free float) have seen ever increasing weightings to AI-related stocks. Five stocks – chipmakers TSMC, Samsung Electronics, and SK Hynix, and Chinese internet giants Alibaba and Tencent – collectively represented close to 16% and 22% of the Fund’s Bloomberg and Morningstar EM benchmark indices, respectively, as of October 28, 2025.⁷ For investors turning to the emerging markets as a means of diversification, increasingly they may find themselves loading up on a similar risk exposure to U.S. equity markets, where the so-called Magnificent Seven have ballooned to represent close to 37% of the S&P 500 as of October 28, 2025 on the back of the same AI excitement.⁸ For better or worse, the bet on AI will likely drive global equity returns, at least on an index level, for the years to come.

What is a value investor to do through such a period of exuberance? The short answer for the Seafarer Value Team is not much different than what we’ve been doing all along. Our approach remains focused on finding individual undervalued stocks in each of the seven sources of emerging markets value. My colleague, Paul Espinosa, detailed his thoughts on TSMC in the Fund’s Second Quarter 2024 Portfolio Review, highlighting that the stock offered a source of risk that is uncharacteristic of the type of risk the Value Fund specializes in pricing. Put differently, there are likely other investors better equipped than the Seafarer Value Team to opine on the right quantum of data center growth over the next decade needed to justify upside in many of today’s high-flying AI-related stocks.

Thankfully, there is more than one way to cook an egg. As the AI fervor intensified in the first three quarters of 2025, the Fund still derived meaningful positive returns from more mundane drivers. Take the aforementioned holdings in the Jardine Matheson group – the parent company (Jardine Matheson) and its listed subsidiaries (DFI Retail and Hongkong Land). From December 31, 2024 to September 30, 2025, these three holdings collectively contributed close to 500 basis points of positive return to the Fund. Over the same period, TSMC, Alibaba, and Tencent likewise collectively contributed close to 500 basis points of positive return to the Bloomberg EM benchmark. While the performance outcomes over this short period were similar, the nature of their returns (incremental changes in capital allocation at a 190-year-old conglomerate versus rising growth expectations linked to a new technology) couldn’t be further apart. Both were omelets worth eating in the first nine months of 2025.

That there are emerging markets stocks participating in the wave of market excitement for AI is itself noteworthy. It highlights a maturation that has occurred in the asset class. Emerging markets companies capable of producing cutting-edge technology – chips, components, and software integral to AI – is a testament to the operational sophistication, human capital, and research and development prowess that now exists within the emerging markets.

Such operational capability is not the only maturation that has occurred in the emerging markets in recent decades. The change occurring at a staid conglomerate like Jardine Matheson highlights the maturation of how a subset of emerging markets companies are run. The existence of companies that think carefully about how their balance sheets are managed, how their corporate capital is allocated, how management incentives are aligned, and how resources are shared with minority shareholders through dividends and buybacks speaks to a corporate sophistication not common in the emerging markets of yesteryear. While not universal (plenty of value traps still exist), increasing corporate sophistication has given rise to the opportunity sets within each of the seven sources of value that the Fund targets.

A key aspect of this second type of maturation is that the change predominantly occurs at the company level. It is idiosyncratic in nature rather than dependent on an external technological advancement or macroeconomic condition. Whether the pendulum of sentiment swings yet higher for AI or not, such corporate evolution can continue. And it is here where our focus as value investors remains.

Thank you for entrusting us with your capital. We are honored to serve as your investment adviser in the emerging markets.

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

As of September 30, 2025, securities mentioned in the portfolio review comprised the following weights in the Seafarer Overseas Value Fund: Melco International Development, Ltd. (4.9%), China Foods, Ltd. (3.5%), Pacific Basin Shipping, Ltd. (2.3%), Jardine Matheson Holdings, Ltd. (3.3%), DFI Retail Group Holdings, Ltd. (2.9%), Hongkong Land Holdings, Ltd. (3.7%), Georgia Capital PLC (5.1%), Moneta Money Bank AS (3.4%), Credicorp, Ltd. (2.9%), Mondi PLC (2.5%), Anheuser-Busch InBev SA ADR (2.5%), Coca-Cola Femsa SAB de CV ADR (1.9%), Arcos Dorados Holdings, Inc. (2.1%), ADNOC Gas PLC (2.1%), Samsung C&T Corp. (2.5%), and Samsung C&T Corp., Pfd. (0.1%). The Fund did not own shares in Taiwan Semiconductor Manufacturing Co., Ltd., Alibaba Group Holding, Ltd., Tencent Holdings, Ltd., Samsung Electronics, Co., Ltd., Coca-Cola Co., McDonald’s Corp., SK Hynix, Inc., or Samsung Biologics Co., Ltd.. View the Fund’s Top 10 Holdings. Holdings are subject to change.

Sources: ALPS Fund Services, Inc. and Bloomberg.

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar Emerging Markets Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

1. References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIVLX). The Investor share class (ticker: SFVLX) returned 8.79% during the quarter. The Retail share class (ticker: SFVRX) returned 8.74% during the quarter. All returns are measured inclusive of Fund distributions paid (in relation to Fund performance) or dividends paid (in relation to index performance), reinvested in full (exclusive of any U.S. taxation) on the pertinent ex-date.
2. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.
3. The Fund’s Investor share class began the quarter with a net asset value of $15.58 per share; and it finished the quarter with a value of $16.95 per share. The Fund’s Retail share class began the quarter with a net asset value of $15.56 per share; and it finished the quarter with a value of $16.92 per share.
4. As of September 30, 2025, the Value Fund owned both the common and preferred shares of Samsung C&T Corp., a South Korean construction and engineering company and the de facto holding company for the Samsung Group. Most of the company’s value resides on its balance sheet with ownership stakes in listed companies including Samsung Electronics and Samsung Biologics. The Fund therefore had indirect exposure to Samsung Electronics.
5. Sources: “Shenzhen Stock Exchange”; and “Hang Seng Indexes Company Announces Index Review Results.” Hang Seng Indexes Company, August 22, 2025.
6. “What If the $5trn AI Investment Boom Goes Wrong?.” The Economist, September 11, 2025.
7. The index weightings for Samsung Electronics include both the weightings of the common shares and the preferred shares.
8. Emily Bary and Isabel Wang, “The ‘Magnificent Seven’ Have Never Been this Important to the Stock Market — and a Big Test Lies Ahead.” MarketWatch, October 28, 2025.