Veredus Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M CO	CS	88579Y101	1,096	7,360	SH		SOLE	0	6,560	0	800
ABBVIE	CS	00287Y109	55,540	342,605	SH		SOLE	0	42,518	0	300,087
AEGON NV-ORD AMERICAN REGD	CS	007924103	3,075	581,300	SH		SOLE	0	0	0	581,300
AERCAP HOLDINGS NV	CS	N00985106	5,299	106,096	SH		DFND	0	105,745	0	351
AERCAP HOLDINGS NV	CS	N00985106	21,948	436,525	SH		SOLE	0	157,995	0	278,530
AGNICO EAGLE MINES	CS	008474108	4,077	66,575	SH		SOLE	0	0	0	66,575
AISIN CORP ADR	CS	00956Q106	2,816	81,800	SH		SOLE	0	0	0	81,800
AKAMAI TECHNOLGIES	CS	00971T101	30,366	254,340	SH		SOLE	0	24,811	0	229,529
ALIBABA GROUP HOLDING	CS	01609W102	9,781	89,899	SH		SOLE	0	32,279	0	57,620
ALLIANZ SE	CS	018820100	1,054	44,343	SH		SOLE	0	44,343	0	0
ALPHABET INC	CS	02079K305	78,729	28,306	SH		SOLE	0	1,901	0	26,405
ALTRIA GROUP INC COM	CS	02209S103	2,384	22,055	SH		DFND	0	21,984	0	71
ALTRIA GROUP INC COM	CS	02209S103	26,875	514,359	SH		SOLE	0	56,886	0	457,473
AMDOCS LTD	CS	G02602103	5,710	69,904	SH		DFND	0	69,679	0	225
AMDOCS LTD	CS	G02602103	28,442	345,963	SH		SOLE	0	108,963	0	237,000
AMERICAN EXPRESS CO	CS	025816109	38,889	207,960	SH		SOLE	0	20,210	0	187,750
AMERIPRISE FINANCIAL INC	CS	03076C106	67,262	223,939	SH		SOLE	0	14,644	0	209,295
AMGEN INC	CS	031162100	32,837	135,794	SH		SOLE	0	13,288	0	122,506
ANGLO AMERICAN PLC ADR	CS	03485P300	5,184	198,849	SH		DFND	0	198,211	0	638
ANGLO AMERICAN PLC ADR	CS	03485P300	21,618	823,863	SH		SOLE	0	294,863	0	529,000
ANTHEM, INC	CS	036752103	36,967	75,255	SH		SOLE	0	6,629	0	68,626
AON CORP.	CS	G0403H108	5,667	17,520	SH		DFND	0	17,462	0	58
AON CORP.	CS	G0403H108	24,204	74,330	SH		SOLE	0	25,753	0	48,577
AP MOLLER MAERSK	CS	00202F102	2,991	199,250	SH		SOLE	0	0	0	199,250
APPLE COMPUTER INC	CS	037833100	42,277	242,125	SH		SOLE	0	26,841	0	215,284
APTIV PLC ORDINARY	CS	G6095L109	351	2,929	SH		SOLE	0	0	0	2,929
ARISTA NETWORKS	CS	040413106	22,502	161,905	SH		SOLE	0	705	0	161,200
ASHLAND GLOBAL HOLDINGS INC	CS	044209104	220	2,240	SH		SOLE	0	2,240	0	0
ASHTEAD GROUP PLC UNSP	CS	045055100	6,212	24,399	SH		DFND	0	24,318	0	81
ASHTEAD GROUP PLC UNSP	CS	045055100	25,712	100,313	SH		SOLE	0	36,123	0	64,190
ASTELLAS PHARMA INC	CS	04623U102	3,153	202,400	SH		SOLE	0	0	0	202,400
AUTOZONE INC	CS	053332102	63,597	31,105	SH		SOLE	0	2,140	0	28,965
AVERY DENNINSON	CS	053611109	17,687	101,664	SH		SOLE	0	9,684	0	91,980
AXA- SPONS ADR	CS	054536107	3,973	137,067	SH		DFND	0	136,635	0	432
AXA- SPONS ADR	CS	054536107	16,842	577,353	SH		SOLE	0	208,693	0	368,660
B A S F A G	CS	055262505	2,928	207,603	SH		DFND	0	206,904	0	699
B A S F A G	CS	055262505	13,947	982,142	SH		SOLE	0	394,542	0	587,600
BAE SYSTEMS PLC ADR	CS	05523R107	1,238	32,865	SH		SOLE	0	32,865	0	0
BAIDU INC	CS	056752108	3,497	26,602	SH		DFND	0	26,519	0	83
BAIDU INC	CS	056752108	15,042	113,695	SH		SOLE	0	40,475	0	73,220
BANCO SANTANDER SA ADS	CS	05964H105	4,912	1,462,366	SH		DFND	0	1,457,759	0	4,607
BANCO SANTANDER SA ADS	CS	05964H105	20,665	6,113,854	SH		SOLE	0	2,191,854	0	3,922,000
BANK NOVA SCOTIA HALIFAX	CS	064149107	4,574	63,777	SH		SOLE	0	17,977	0	45,800
BANK OF AMERICA CORPORATION	CS	060505104	42,963	1,042,284	SH		SOLE	0	101,882	0	940,402
BANK OF MONTREAL	CS	063671101	8,063	68,817	SH		DFND	0	68,584	0	233
BANK OF MONTREAL	CS	063671101	34,512	292,549	SH		SOLE	0	104,529	0	188,020
BARCLAYS ADR	CS	06738E204	3,891	495,757	SH		DFND	0	494,126	0	1,631
BARCLAYS ADR	CS	06738E204	17,166	2,172,935	SH		SOLE	0	778,935	0	1,394,000
BAUSCH HEALTH COMPANIES	CS	071734107	211	9,251	SH		SOLE	0	9,251	0	0
BEST BUY INC COM	CS	086516101	44,887	493,801	SH		SOLE	0	27,575	0	466,226
BLACKROCK INC	CS	09247X101	403	528	SH		SOLE	0	318	0	210
BNP PARIBAS PA ADR	CS	05565A202	5,343	188,608	SH		DFND	0	188,011	0	597
BNP PARIBAS PA ADR	CS	05565A202	23,293	817,012	SH		SOLE	0	290,922	0	526,090
BP PLC	CS	055622104	3,050	104,421	SH		DFND	0	104,080	0	341
BP PLC	CS	055622104	13,415	456,271	SH		SOLE	0	164,271	0	292,000
BRASKEM SA	CS	105532105	3,458	185,500	SH		SOLE	0	0	0	185,500
BRISTOL MYERS SQUIBB CO	CS	110122108	35,955	492,333	SH		SOLE	0	44,096	0	448,237
BRITISH AMERN TOB PLC ADR	CS	110448107	3,274	78,168	SH		DFND	0	77,913	0	255
BRITISH AMERN TOB PLC ADR	CS	110448107	11,111	263,544	SH		SOLE	0	50,264	0	213,280
BROADCOM LTD	CS	11135F101	47,209	74,973	SH		SOLE	0	9,905	0	65,068
BROWN FORMAN CL B	CS	115637209	220	3,279	SH		SOLE	0	937	0	2,342
CANADIAN IMPERIAL BANK	CS	136069101	3,103	25,500	SH		SOLE	0	0	0	25,500
CANADIAN NATL RY CO	CS	136375102	2,967	22,275	SH		DFND	0	22,197	0	78
CANADIAN NATL RY CO	CS	136375102	13,826	103,072	SH		SOLE	0	36,762	0	66,310
CAPGEMINI SE	CS	13961R100	7,583	171,691	SH		DFND	0	171,162	0	529
CAPGEMINI SE	CS	13961R100	32,226	725,135	SH		SOLE	0	258,915	0	466,220
CAPRI HOLDINGS LTD	CS	G1890L107	2,985	58,080	SH		SOLE	0	0	0	58,080
CAREFOUR SA SPON ADR	CS	144430204	3,686	839,700	SH		SOLE	0	0	0	839,700
CF INDUSTRIES	CS	125269100	33,361	323,708	SH		SOLE	0	1,408	0	322,300
CHARTER COMMUNICATIONS INC DEL	CS	16119P108	19,669	36,056	SH		SOLE	0	156	0	35,900
CHEVRON CORP NEW COM	CS	166764100	40,971	251,619	SH		SOLE	0	32,616	0	219,003
CHUGAI PHARMA UNSUP ADR	CS	171269103	3,587	215,300	SH		SOLE	0	0	0	215,300
CIGNA CORP	CS	125523100	24,129	100,702	SH		SOLE	0	439	0	100,263
CISCO SYS INC COM	CS	17275R102	369	6,626	SH		SOLE	0	336	0	6,290
CITIZENS FINANCIAL GROUP INC	CS	174610105	48,871	1,078,125	SH		SOLE	0	124,684	0	953,441
COMPAGNIE DE SAINT GOB	CS	204280309	2,958	250,617	SH		DFND	0	249,808	0	809
COMPAGNIE DE SAINT GOB	CS	204280309	12,570	1,058,048	SH		SOLE	0	380,048	0	678,000
CONOCOPHILLIPS	CS	20825C104	42,483	424,829	SH		SOLE	0	40,800	0	384,029
CRH PLC ADR	CS	12626K203	5,369	134,907	SH		DFND	0	134,470	0	437
CRH PLC ADR	CS	12626K203	22,644	565,271	SH		SOLE	0	203,141	0	362,130
DAIWA HOUSE INDUSTRY	CS	234062206	1,480	57,281	SH		DFND	0	57,095	0	186
DAIWA HOUSE INDUSTRY	CS	234062206	6,652	255,807	SH		SOLE	0	90,807	0	165,000
DAVITA INC	CS	23918K108	55,133	487,434	SH		SOLE	0	28,659	0	458,775
DBS GROUP HOLDINGS LTD	CS	23304Y100	6,984	67,432	SH		DFND	0	67,207	0	225
DBS GROUP HOLDINGS LTD	CS	23304Y100	31,189	299,139	SH		SOLE	0	107,059	0	192,080
DELL TECHNOLOGIES, INC	CS	24703L202	23,603	470,270	SH		SOLE	0	41,272	0	428,998
DEUTSCHE POST AG SPON	CS	25157Y202	1,368	28,774	SH		DFND	0	28,688	0	86
DEUTSCHE POST AG SPON	CS	25157Y202	5,645	118,009	SH		SOLE	0	42,009	0	76,000
DEVON ENERGY CORP	CS	25179M103	30,621	517,858	SH		SOLE	0	2,258	0	515,600
DIAMONDBACK ENERGY INC	CS	25278X109	28,391	207,109	SH		SOLE	0	909	0	206,200
DIGITAL REALTY TRUST INC	CS	253868103	8,585	60,540	SH		SOLE	0	5,688	0	54,852
EASTMAN CHEMICAL CO	CS	277432100	31,910	284,764	SH		SOLE	0	26,227	0	258,537
EATON VANCE MUNICIPAL BD	CS	27827X101	263	22,829	SH		SOLE	0	22,829	0	0
EBAY INC	CS	278642103	20,169	352,244	SH		SOLE	0	984	0	351,260
ELECTROLUX	CS	010198208	623	20,324	SH		SOLE	0	20,324	0	0
ELI LILLY & CO	CS	532457108	286	1,000	SH		SOLE	0	0	0	1,000
EMERSON ELEC CO COM	CS	291011104	286	2,918	SH		SOLE	0	0	0	2,918
EQUINOR ASA	CS	29446M102	7,928	212,732	SH		DFND	0	212,044	0	688
EQUINOR ASA	CS	29446M102	71,687	1,911,157	SH		SOLE	0	421,043	0	1,490,114
EXXON MOBIL	CS	30231G102	1,813	21,946	SH		SOLE	0	17,578	0	4,368
F5 NETWORKS	CS	315616102	37,416	179,069	SH		SOLE	0	17,414	0	161,655
FIFTH THIRD BANCORP	CS	316773100	57,796	1,342,841	SH		SOLE	0	80,336	0	1,262,505
FORTESCUE METAL GROUP	CS	34959A206	3,496	113,500	SH		SOLE	0	0	0	113,500
FUJIFILM HOLDINGS CORP	CS	35958N107	5,551	91,357	SH		DFND	0	91,068	0	289
FUJIFILM HOLDINGS CORP	CS	35958N107	22,170	362,537	SH		SOLE	0	130,367	0	232,170
FUJITSU LIMITED ADR	CS	359590304	2,359	79,058	SH		DFND	0	78,812	0	246
FUJITSU LIMITED ADR	CS	359590304	12,466	415,263	SH		SOLE	0	111,053	0	304,210
GENERAL MILLS	CS	370334104	1,948	28,763	SH		SOLE	0	24,629	0	4,134
GILEAD SCIENCES INC	CS	375558103	930	15,648	SH		SOLE	0	15,648	0	0
HCA HEALTHCARE INC	CS	40412C101	22,996	91,755	SH		SOLE	0	255	0	91,500
HDFC BANK LTD	CS	40415F101	5,425	89,025	SH		DFND	0	88,743	0	282
HDFC BANK LTD	CS	40415F101	22,251	362,807	SH		SOLE	0	130,547	0	232,260
HOME DEPOT	CS	437076102	26,481	88,465	SH		SOLE	0	8,733	0	79,732
HONDA MOTOR LTD AMERN SHS	CS	438128308	4,611	164,209	SH		DFND	0	163,685	0	524
HONDA MOTOR LTD AMERN SHS	CS	438128308	43,720	1,547,033	SH		SOLE	0	327,328	0	1,219,705
HORIZON THERAPEUTICS INC.	CS	G46188101	5,588	53,463	SH		DFND	0	53,286	0	177
HORIZON THERAPEUTICS INC.	CS	G46188101	53,050	504,232	SH		SOLE	0	110,248	0	393,984
HP INC	CS	40434L105	22,257	613,154	SH		SOLE	0	2,674	0	610,480
HUNTINGTON BANCSHARES INC	CS	446150104	863	59,055	SH		SOLE	0	59,055	0	0
ICON PLC - AMERICAN DEPOSITARY	CS	G4705A100	3,097	12,808	SH		DFND	0	12,770	0	38
ICON PLC - AMERICAN DEPOSITARY	CS	G4705A100	13,853	56,958	SH		SOLE	0	20,468	0	36,490
ILLINOIS TOOL WKS INC COM	CS	452308109	16,807	80,261	SH		SOLE	0	7,915	0	72,346
INCYTE CORP	CS	45337C102	25,255	317,990	SH		SOLE	0	1,390	0	316,600
INFOSYS TECHNOLOGIES LTD	CS	456788108	5,566	225,290	SH		DFND	0	224,454	0	836
INFOSYS TECHNOLOGIES LTD	CS	456788108	23,382	939,416	SH		SOLE	0	336,306	0	603,110
ING GROUP N V	CS	456837103	4,556	439,719	SH		DFND	0	438,290	0	1,429
ING GROUP N V	CS	456837103	19,408	1,860,821	SH		SOLE	0	662,841	0	1,197,980
INTEL CORP	CS	458140100	388	7,821	SH		SOLE	0	346	0	7,475
INTL. BUSINESS MACHS CO	CS	459200101	821	6,315	SH		SOLE	0	6,315	0	0
IQVIA HOLDINGS INC	CS	46266C105	34,363	148,625	SH		SOLE	0	14,457	0	134,168
ISHARE MSCI ACWI EX US ETF	ETF	464288240	2,096	40,108	SH		DFND	0	40,108	0	0
ISHARES BARCLAYS TIPS BOND FUN	BF	464287176	256	2,060	SH		SOLE	0	2,060	0	0
ISHARES NATIONAL MUNI BOND ETF	BF	464288414	724	6,625	SH		SOLE	0	0	0	6,625
ITAU UNIBANCO HOLDINGS SA	CS	465562106	4,781	842,859	SH		DFND	0	840,137	0	2,722
ITAU UNIBANCO HOLDINGS SA	CS	465562106	20,660	3,618,193	SH		SOLE	0	1,308,493	0	2,309,700
ITOCHU CORPORATION	CS	465717106	6,569	97,664	SH		DFND	0	97,344	0	320
ITOCHU CORPORATION	CS	465717106	27,840	411,215	SH		SOLE	0	147,945	0	263,270
J P MORGAN CHASE & CO	CS	46625H100	36,392	266,960	SH		SOLE	0	28,187	0	238,773
JACOBS ENGINEERING GROUP	CS	469814107	47,576	345,232	SH		SOLE	0	33,899	0	311,333
JAZZ PHARMACEUTICALS INC	CS	G50871105	489	3,143	SH		SOLE	0	1,311	0	1,832
JOHNSON & JOHNSON COM	CS	478160104	583	3,288	SH		SOLE	0	800	0	2,488
JULIUS BAER GROUP LTD ADR	CS	48137C108	4,160	363,860	SH		DFND	0	362,656	0	1,204
JULIUS BAER GROUP LTD ADR	CS	48137C108	32	2,760	SH		SOLE	0	2,760	0	0
KB FINANCIAL GROUP INC	CS	48241A105	5,081	104,739	SH		DFND	0	104,395	0	344
KB FINANCIAL GROUP INC	CS	48241A105	21,884	448,173	SH		SOLE	0	161,173	0	287,000
KERING UNSPONSORED ADR	CS	492089107	482	7,622	SH		SOLE	0	7,622	0	0
KIRIN HOLDINGS	CS	497350306	3,142	209,770	SH		SOLE	0	0	0	209,770
KLA -Tencor	CS	482480100	19,786	54,050	SH		SOLE	0	150	0	53,900
KOMATSU LTD	CS	500458401	4,053	169,705	SH		DFND	0	169,177	0	528
KOMATSU LTD	CS	500458401	16,434	683,903	SH		SOLE	0	245,823	0	438,080
KONINKLIJKE	CS	500467501	4,173	130,384	SH		DFND	0	129,971	0	413
KONINKLIJKE	CS	500467501	17,571	545,501	SH		SOLE	0	193,061	0	352,440
KT CORPORATION	CS	48268K101	3,617	252,200	SH		SOLE	0	0	0	252,200
LAZARD LTD	CS	G54050102	17,029	493,599	SH		SOLE	0	175,969	0	317,630
LINCOLN NATIONAL CORP	CS	534187109	30,520	466,945	SH		SOLE	0	44,849	0	422,096
LKQ CORP.	CS	501889208	17,582	387,177	SH		SOLE	0	1,077	0	386,100
LOGITECH INTERNATIONAL S.A.	CS	H50430232	3,086	41,830	SH		SOLE	0	0	0	41,830
LUMENTUM HOLDINGS INC	CS	55024U109	28,918	296,295	SH		SOLE	0	28,564	0	267,731
LVMH Moet Hennessy	CS	502441306	4,165	29,409	SH		DFND	0	29,312	0	97
LVMH Moet Hennessy	CS	502441306	16,744	117,435	SH		SOLE	0	39,655	0	77,780
LYONDELLBASELL INDUSTRIES	CS	N53745100	6,267	61,343	SH		DFND	0	61,147	0	196
LYONDELLBASELL INDUSTRIES	CS	N53745100	27,317	265,676	SH		SOLE	0	103,286	0	162,390
MAGNA INTERNATIONAL INC	CS	559222401	2,461	38,528	SH		DFND	0	38,397	0	131
MAGNA INTERNATIONAL INC	CS	559222401	10,202	158,646	SH		SOLE	0	57,316	0	101,330
MANULIFE FINANACIAL CORP	CS	56501R106	989	46,300	SH		SOLE	0	46,300	0	0
MASCO CORP	CS	574599106	43,416	851,294	SH		SOLE	0	49,584	0	801,710
MCDONALDS CORP	CS	580135101	1,167	4,718	SH		SOLE	0	2,557	0	2,161
MCKESSON CORP COM	CS	58155Q103	29,403	96,049	SH		SOLE	0	264	0	95,785
METLIFE INC.	CS	59156R108	1,298	18,463	SH		SOLE	0	18,463	0	0
MICROSOFT CORP	CS	594918104	3,860	12,519	SH		SOLE	0	8,406	0	4,113
MITSUBISHI UFJ FINL GROUP ADR	CS	606822104	4,163	676,976	SH		DFND	0	674,776	0	2,200
MITSUBISHI UFJ FINL GROUP ADR	CS	606822104	18,433	2,977,807	SH		SOLE	0	1,073,897	0	1,903,910
MORGAN STANLEY COM NEW	CS	617446448	45,202	517,183	SH		SOLE	0	48,961	0	468,222
MOSAIC COMPANY	CS	61945C103	38,531	579,413	SH		SOLE	0	1,613	0	577,800
NASPERS LIMITED ADR	CS	631512209	3,614	161,141	SH		DFND	0	160,628	0	513
NASPERS LIMITED ADR	CS	631512209	14,880	659,259	SH		SOLE	0	236,749	0	422,510
NATIONAL GRID TRANSCO PLC ADR	CS	636274409	1,113	14,481	SH		SOLE	0	14,481	0	0
NATWEST GR	CS	639057108	2,788	490,900	SH		SOLE	0	0	0	490,900
NETAPP	CS	64110D104	20,883	251,603	SH		SOLE	0	703	0	250,900
NETEASE INC. ADR	CS	64110W102	2,569	28,837	SH		DFND	0	28,738	0	99
NETEASE INC. ADR	CS	64110W102	11,146	124,270	SH		SOLE	0	44,680	0	79,590
NIPPON TELEG & TEL CORP	CS	654624105	5,049	174,608	SH		DFND	0	174,033	0	575
NIPPON TELEG & TEL CORP	CS	654624105	22,666	778,637	SH		SOLE	0	280,747	0	497,890
NUCOR CORP	CS	670346105	29,619	199,256	SH		SOLE	0	556	0	198,700
NVIDIA CORP	CS	67066g104	1,171	4,290	SH		SOLE	0	0	0	4,290
NVR INC	CS	62944T105	34,487	7,720	SH		SOLE	0	709	0	7,011
NXP SEMICONDUCTORS NV	CS	N6596X109	7,195	39,130	SH		DFND	0	39,002	0	128
NXP SEMICONDUCTORS NV	CS	N6596X109	30,298	163,704	SH		SOLE	0	58,764	0	104,940
O REILLY AUTOMOTIVE INC	CS	67103H107	22,771	33,244	SH		SOLE	0	144	0	33,100
OMEGA HEALTHCARE INVS	CS	681936100	1,058	33,938	SH		SOLE	0	33,938	0	0
ON SEMICONDUCTOR CORP	CS	682189105	49,302	787,444	SH		SOLE	0	75,457	0	711,987
OPEN TEXT CORPORATION	CS	683715106	3,144	74,633	SH		DFND	0	74,391	0	242
OPEN TEXT CORPORATION	CS	683715106	32,003	754,784	SH		SOLE	0	156,876	0	597,908
ORANGE	CS	684060106	868	73,427	SH		SOLE	0	73,427	0	0
ORIX CORP ADR	CS	686330101	4,827	48,652	SH		DFND	0	48,497	0	155
ORIX CORP ADR	CS	686330101	24,403	244,392	SH		SOLE	0	77,002	0	167,390
OSHKOSH CORPORATION	CS	688239201	30,997	307,972	SH		SOLE	0	29,942	0	278,030
PANASONIC CORPORATION	CS	69832A205	219	22,611	SH		SOLE	0	22,611	0	0
PARKER HANNIFIN CORP	CS	701094104	34,745	122,447	SH		SOLE	0	11,844	0	110,603
PETROLEO BRASILERO	CS	71654V408	3,469	235,943	SH		DFND	0	235,170	0	773
PETROLEO BRASILERO	CS	71654V408	15,096	1,019,954	SH		SOLE	0	368,954	0	651,000
PFIZER INC	CS	717081103	1,617	31,227	SH		SOLE	0	31,227	0	0
PHILIP MORRIS INTL INC COM	CS	718172109	1,815	19,319	SH		SOLE	0	15,360	0	3,959
PHILLIPS 66	CS	718546104	22,249	257,538	SH		SOLE	0	24,863	0	232,675
PING AN INSURANCE GROUP	CS	72341E304	3,602	260,310	SH		DFND	0	259,434	0	876
PING AN INSURANCE GROUP	CS	72341E304	15,352	1,102,074	SH		SOLE	0	398,424	0	703,650
REPSOL S.A.	CS	76026T205	6,062	463,618	SH		DFND	0	462,138	0	1,480
REPSOL S.A.	CS	76026T205	30,561	2,322,262	SH		SOLE	0	779,402	0	1,542,860
RIO TINTO PLC ADR	CS	767204100	7,271	91,045	SH		DFND	0	90,740	0	305
RIO TINTO PLC ADR	CS	767204100	74,881	931,350	SH		SOLE	0	190,799	0	740,551
ROCHE HLDG LTD	CS	771195104	2,654	54,068	SH		DFND	0	53,892	0	176
ROCHE HLDG LTD	CS	771195104	10,976	222,129	SH		SOLE	0	76,749	0	145,380
ROSS STORES INC COM	CS	778296103	321	3,544	SH		SOLE	0	0	0	3,544
SANOFI AVENTIS	CS	80105N105	3,208	62,913	SH		DFND	0	62,702	0	211
SANOFI AVENTIS	CS	80105N105	13,852	269,812	SH		SOLE	0	94,812	0	175,000
SASOL LTD ADR	CS	803866300	3,942	163,020	SH		SOLE	0	0	0	163,020
SEAGATE TECHNOLOGY HOLDINGS PL	CS	G7997R103	21,359	237,587	SH		SOLE	0	897	0	236,690
SEMPRA ENERGY	CS	816851109	12,912	76,802	SH		SOLE	0	7,386	0	69,416
SENSATA TECHNOLOGIES HOLDING P	CS	G8060N102	3,220	63,756	SH		DFND	0	63,543	0	213
SENSATA TECHNOLOGIES HOLDING P	CS	G8060N102	13,678	268,987	SH		SOLE	0	97,327	0	171,660
SHELL PLC	CS	780259305	8,526	156,241	SH		DFND	0	155,728	0	513
SHELL PLC	CS	780259305	74,196	1,350,741	SH		SOLE	0	298,864	0	1,051,877
SHIONOGI & CO LTD UNSP	CS	824667109	3,407	223,396	SH		DFND	0	222,648	0	748
SHIONOGI & CO LTD UNSP	CS	824667109	15,488	1,008,633	SH		SOLE	0	348,783	0	659,850
SONY GROUP CORPORATION	CS	835699307	6,944	68,031	SH		DFND	0	67,817	0	214
SONY GROUP CORPORATION	CS	835699307	28,601	278,460	SH		SOLE	0	98,360	0	180,100
STANDARD BANK GROUP LTD	CS	853118206	3,779	303,772	SH		DFND	0	302,785	0	987
PORSCHE AUTOMOBILE HOLDINGS	CS	73328P106	3,205	334,560	SH		SOLE	0	0	0	334,560
PROCTER & GAMBLE	CS	742718109	645	4,219	SH		SOLE	0	1,465	0	2,754
PROGRESSIVE CORP OHIO	CS	743315103	36,266	318,149	SH		SOLE	0	28,105	0	290,044
PULTEGROUP INC.	CS	745867101	28,665	684,131	SH		SOLE	0	65,368	0	618,763
QORVO, INC	CS	74736K101	27,221	219,348	SH		SOLE	0	20,627	0	198,721
QUALCOMM INC	CS	747525103	65,975	431,719	SH		SOLE	0	30,597	0	401,122
QUANTA SERVICES INC	CS	74762E102	317	2,406	SH		SOLE	0	0	0	2,406
RAYTHEON TECHNOLOGIES CORP	CS	75513E101	10,513	106,116	SH		SOLE	0	10,717	0	95,399
STANDARD BANK GROUP LTD	CS	853118206	16,295	1,301,571	SH		SOLE	0	470,571	0	831,000
STELLANTIS NV	CS	NL0015000	2,510	154,260	SH		SOLE	0	0	0	154,260
SUN LIFE FINANCIAL	CS	866796105	5,330	96,112	SH		DFND	0	95,793	0	319
SUN LIFE FINANCIAL	CS	866796105	23,674	424,021	SH		SOLE	0	164,851	0	259,170
SWISS LIFE HOLDINGS UNSP	CS	87089E100	3,302	100,200	SH		SOLE	0	0	0	100,200
TAIWAN SEMICONDUCTOR MFG CO AD	CS	874039100	4,644	44,824	SH		DFND	0	44,682	0	142
TAIWAN SEMICONDUCTOR MFG CO AD	CS	874039100	19,450	186,553	SH		SOLE	0	67,523	0	119,030
TAPESTRY	CS	876030107	30,409	818,561	SH		SOLE	0	26,357	0	792,204
TARGET CORP COM	CS	87612E106	51,972	244,894	SH		SOLE	0	14,752	0	230,142
TE CONNECTIVITY LTD.	CS	H84989104	33,368	254,750	SH		SOLE	0	25,724	0	229,026
TECHTRONIC INDUSTRIES CO	CS	87873R101	2,840	36,015	SH		DFND	0	35,903	0	112
TECHTRONIC INDUSTRIES CO	CS	87873R101	10,515	132,510	SH		SOLE	0	47,620	0	84,890
TECK RESOURCES LIMITED	CS	878742204	3,930	97,300	SH		SOLE	0	0	0	97,300
TERNIUM SA ADR	CS	880890108	3,290	72,060	SH		SOLE	0	0	0	72,060
TEXAS ROADHOUSE	CS	882681109	3,457	41,282	SH		SOLE	0	41,282	0	0
TOKYO ELECTRON LTD	CS	889110102	7,154	56,045	SH		DFND	0	55,862	0	183
TOKYO ELECTRON LTD	CS	889110102	29,720	231,317	SH		SOLE	0	83,557	0	147,760
TOTALENERGIES, SE	CS	89151E109	6,932	138,054	SH		DFND	0	137,603	0	451
TOTALENERGIES, SE	CS	89151E109	71,860	1,421,834	SH		SOLE	0	307,210	0	1,114,624
UBS GROUP AG	CS	H42097107	8,587	442,268	SH		DFND	0	440,852	0	1,416
UBS GROUP AG	CS	H42097107	36,016	1,843,179	SH		SOLE	0	656,559	0	1,186,620
UNILEVER	CS	904767704	3,872	84,971	SH		SOLE	0	84,971	0	0
UNION PAC CORP COM	CS	907818108	21,790	79,755	SH		SOLE	0	9,161	0	70,594
UNITED HEALTHCARE CORP	CS	91324p102	45,528	89,274	SH		SOLE	0	8,376	0	80,898
UNITED RENTALS INC	CS	911363109	57,403	161,602	SH		SOLE	0	15,715	0	145,887
VALE SA	CS	91912E105	6,120	308,131	SH		DFND	0	307,135	0	996
VALE SA	CS	91912E105	59,813	2,992,151	SH		SOLE	0	606,568	0	2,385,583
VANGUARD BD INDEX FD INC	BF	921937827	549	7,050	SH		SOLE	0	7,050	0	0
VANGUARD S&P 500 ETF	ETF	922908363	2,290	5,516	SH		SOLE	0	5,516	0	0
VEOLIA ENVIRONMENT	CS	92334N103	3,440	108,342	SH		DFND	0	107,989	0	353
VEOLIA ENVIRONMENT	CS	92334N103	14,245	445,700	SH		SOLE	0	157,580	0	288,120
VERIZON COMMUNICATIONS	CS	92343V104	16,968	333,109	SH		SOLE	0	48,482	0	284,627
VERTEX PHARMACEUTICALS	CS	92532F100	27,609	105,794	SH		SOLE	0	294	0	105,500
VIPSHOP HOLDINGS LTD ADS	CS	92763W103	1,775	198,371	SH		DFND	0	197,806	0	565
VIPSHOP HOLDINGS LTD ADS	CS	92763W103	10,921	1,213,496	SH		SOLE	0	302,466	0	911,030
W.W. GRAINGER INC.	CS	384802104	23,448	45,460	SH		SOLE	0	197	0	45,263
YARA INTL ASA ADR	CS	984851204	3,110	124,200	SH		SOLE	0	0	0	124,200
ZIONS BANCORPORATION	CS	989701107	31,489	480,315	SH		SOLE	0	43,544	0	436,771
ZTO EXPRESS INC	CS	98980A105	5,058	203,544	SH		DFND	0	202,939	0	605
ZTO EXPRESS INC	CS	98980A105	22,467	898,646	SH		SOLE	0	320,276	0	578,370