| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 47,582,626 | 16,341,078 | 525,312,191.04 | 18.6519 | 5.0665 | 07/30/2025 |
| 2 | Greenwoods Investments SG Pte Ltd. | 28,794,527 | 2,774,724 | 317,891,578.08 | 10.5336 | 3.066 | 06/30/2025 |
| 3 | Fidelity Management & Research Co. LLC | 25,516,680 | 23,498,440 | 281,704,147.2 | 0.0161 | 2.717 | 06/30/2025 |
| 4 | The Vanguard Group, Inc. | 24,293,545 | 2,172,831 | 268,200,736.8 | 0.0037 | 2.5867 | 06/30/2025 |
| 5 | FIL Investments International | 23,649,650 | 609,531 | 261,092,136 | 0.1951 | 2.5182 | 06/30/2025 |
| 6 | Invesco Asset Management Ltd. | 23,575,281 | -3,914,826 | 260,271,102.24 | 0.2961 | 2.5103 | 06/30/2025 |
| 7 | Krane Funds Advisors LLC | 22,284,925 | 1,008,788 | 246,025,572 | 2.6562 | 2.3729 | 06/30/2025 |
| 8 | WFM Asia (HK) Ltd. | 18,809,184 | -1,466,000 | 207,653,391.36 | 12.879 | 2.0028 | 06/30/2025 |
| 9 | OLP Capital Management Ltd. | 16,758,766 | 1,053,422 | 185,016,776.64 | 14.969 | 1.7844 | 06/30/2025 |
| 10 | JPMorgan Investment Management, Inc. | 15,906,875 | -5,774,570 | 175,611,900 | 0.0188 | 1.6937 | 06/30/2025 |
| 11 | Morgan Stanley Investment Management, Inc. | 15,682,941 | -731,542 | 173,139,668.64 | 0.1778 | 1.6699 | 06/30/2025 |
| 12 | Kontiki Capital Management (HK) Ltd. | 15,548,399 | 15,548,399 | 171,654,324.96 | 9.8064 | 1.6556 | 06/30/2025 |
| 13 | Alkeon Capital Management LLC | 14,698,535 | 776,965 | 162,271,826.4 | 0.7124 | 1.5651 | 06/30/2025 |
| 14 | Baillie Gifford & Co. | 14,486,413 | -557,284 | 159,929,999.52 | 0.0803 | 1.5425 | 06/30/2025 |
| 15 | FIL Investment Management (Singapore) Ltd. | 13,787,734 | 375,733 | 152,216,583.36 | 1.0861 | 1.4681 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Government Pension Fund - Global (The) | 43,836,713 | 0 | 483,957,311.52 | 0.0311 | 4.6677 | 12/31/2024 |
| 2 | KraneShares CSI China Internet ETF | 23,511,324 | 3,908,225 | 259,565,016.96 | 3.2035 | 2.5034 | 07/31/2025 |
| 3 | Morgan Stanley Invt. Fds. - Asia Opportunity Fund | 13,855,460 | -322,523 | 152,964,278.4 | 4.2248 | 1.4753 | 03/31/2025 |
| 4 | Vanguard International Growth Fund | 12,227,700 | 0 | 134,993,808 | 0.2884 | 1.302 | 05/31/2025 |
| 5 | Vanguard Total International Stock Index Fund | 11,563,261 | 1,095,642 | 127,658,401.44 | 0.0237 | 1.2312 | 07/31/2025 |
| 6 | Vanguard Emerging Markets Stock Index Fund | 10,499,639 | 963,734 | 115,916,014.56 | 0.0854 | 1.118 | 07/31/2025 |
| 7 | Strategic Advisers Fidelity Emerging Markets Fund | 10,201,250 | 4,932,950 | 112,621,800 | 0.4005 | 1.0862 | 06/30/2025 |
| 8 | Fidelity Funds SICAV - Global Technology Fund | 8,268,540 | -2,136,376 | 91,284,681.6 | 0.322 | 0.8804 | 06/30/2025 |
| 9 | JPMorgan Emerging Markets Equity Fund | 8,142,316 | -1,470,350 | 89,891,168.64 | 1.2573 | 0.867 | 06/30/2025 |
| 10 | Fidelity Advisor Focused Emerging Markets Fund | 7,713,889 | 7,713,889 | 85,161,334.56 | 0.9558 | 0.8214 | 06/30/2025 |
| 11 | Baron Emerging Markets Fund | 6,889,149 | -357,576 | 76,056,204.96 | 1.8267 | 0.7335 | 06/30/2025 |
| 12 | ACAP Strategic Fund | 6,813,072 | -58,728 | 75,216,314.88 | 0.7236 | 0.7254 | 03/31/2025 |
| 13 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,958,133 | 669,051 | 65,777,788.32 | 0.0239 | 0.6344 | 06/30/2025 |
| 14 | Invesco Funds - Asian Equity Fund | 5,468,501 | -158,834 | 60,372,251.04 | 1.8673 | 0.5823 | 06/30/2025 |
| 15 | BlackRock Emerging Markets Fund, Inc. | 5,248,748 | 40,338 | 57,946,177.92 | 1.3892 | 0.5589 | 04/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Fidelity Management & Research Co. LLC | 25,516,680 | 23,498,440 | 281,704,147.2 | 0.0161 | 2.717 | 06/30/2025 |
| 2 | First Beijing Investment Ltd. | 47,582,626 | 16,341,078 | 525,312,191.04 | 18.6519 | 5.0665 | 07/30/2025 |
| 3 | Kontiki Capital Management (HK) Ltd. | 15,548,399 | 15,548,399 | 171,654,324.96 | 9.8064 | 1.6556 | 06/30/2025 |
| 4 | FIAM LLC | 12,370,920 | 8,922,449 | 136,574,956.8 | 0.0775 | 1.3172 | 06/30/2025 |
| 5 | Pinpoint Asset Management (Singapore) Pte Ltd. | 7,148,859 | 7,148,859 | 78,923,403.36 | 14.2515 | 0.7612 | 06/30/2025 |
| 6 | Davis Selected Advisers LP | 11,635,925 | 6,235,534 | 128,460,612 | 0.5801 | 1.239 | 06/30/2025 |
| 7 | Invesco Advisers, Inc. | 8,247,464 | 6,220,270 | 91,052,002.56 | 0.038 | 0.8782 | 06/30/2025 |
| 8 | Driehaus Capital Management LLC | 5,947,088 | 5,947,088 | 65,655,851.52 | 0.3802 | 0.6332 | 06/30/2025 |
| 9 | First Sentier Investors (Hong Kong) Ltd. | 4,718,195 | 4,718,195 | 52,088,872.8 | 0.356 | 0.5024 | 06/30/2025 |
| 10 | Alpine Investment Management Ltd. | 4,598,038 | 4,598,038 | 50,762,339.52 | 23.4209 | 0.4896 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Farallon Capital Management LLC | 1,550,598 | -15,034,497 | 17,118,601.92 | 0.0816 | 0.1651 | 06/30/2025 |
| 2 | Voloridge Investment Management LLC | 0 | -7,164,914 | 0 | 0 | 0 | |
| 3 | Morgan Stanley & Co. International Plc | 111,100 | -6,412,759 | 1,226,544 | 0.0133 | 0.0118 | 06/30/2025 |
| 4 | Pinpoint Asset Management Ltd. | 0 | -6,287,153 | 0 | 0 | 0 | |
| 5 | JPMorgan Investment Management, Inc. | 15,906,875 | -5,774,570 | 175,611,900 | 0.0188 | 1.6937 | 06/30/2025 |
| 6 | Sylebra Capital LLC | 2,248,977 | -4,260,238 | 24,828,706.08 | 1.1986 | 0.2395 | 06/30/2025 |
| 7 | Morgan Stanley & Co. LLC | 11,617,315 | -4,110,169 | 128,255,157.6 | 0.0453 | 1.237 | 06/30/2025 |
| 8 | Invesco Asset Management Ltd. | 23,575,281 | -3,914,826 | 260,271,102.24 | 0.2961 | 2.5103 | 06/30/2025 |
| 9 | UBS Securities LLC | 1,353,982 | -2,704,725 | 14,947,961.28 | 0.0065 | 0.1442 | 06/30/2025 |
| 10 | Nomura Asset Management Co., Ltd. | 944,862 | -2,461,342 | 10,431,276.48 | 0.0029 | 0.1006 | 06/30/2025 |
Data provided by FactSet Research Systems Inc.