| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Baillie Gifford & Co. | 34,372,712 | -3,686,631 | 4,369,115,422.32 | 2.199 | 2.475 | 06/30/2025 |
| 2 | The Vanguard Group, Inc. | 23,226,705 | 2,282,495 | 2,952,346,472.55 | 0.0404 | 1.6725 | 06/30/2025 |
| 3 | BlackRock Fund Advisors | 20,106,983 | 801,432 | 2,555,798,609.13 | 0.059 | 1.4478 | 06/30/2025 |
| 4 | SSgA Funds Management, Inc. | 11,728,573 | 200,610 | 1,490,818,914.03 | 0.0518 | 0.8445 | 06/30/2025 |
| 5 | Fidelity Management & Research Co. LLC | 10,314,891 | -9,844,235 | 1,311,125,795.01 | 0.0757 | 0.7427 | 06/30/2025 |
| 6 | Goldman Sachs & Co. LLC (Private Banking) | 9,615,056 | 4,315,063 | 1,222,169,768.16 | 0.5164 | 0.6923 | 06/30/2025 |
| 7 | Norges Bank Investment Management | 9,199,172 | 824,640 | 1,169,306,752.92 | 0.0797 | 0.6624 | 06/30/2025 |
| 8 | H&H International Investment LLC | 8,662,694 | 1,433,994 | 1,101,115,034.34 | 8.6722 | 0.6238 | 06/30/2025 |
| 9 | Sanders Capital LLC | 8,526,610 | 3,371,732 | 1,083,817,397.1 | 1.3474 | 0.614 | 06/30/2025 |
| 10 | HHLR Advisors Ltd. | 7,758,604 | 5,028,329 | 986,196,154.44 | 7.7102 | 0.5587 | 06/30/2025 |
| 11 | Assenagon Asset Management SA (Germany) | 7,394,211 | 3,571,197 | 939,878,160.21 | 1.3149 | 0.5324 | 06/30/2025 |
| 12 | BlackRock Advisors (UK) Ltd. | 7,161,086 | 973,622 | 910,245,641.46 | 0.1094 | 0.5156 | 06/30/2025 |
| 13 | Vanguard Fiduciary Trust Co. | 6,547,905 | 782,977 | 832,304,204.55 | 0.8365 | 0.4715 | 06/30/2025 |
| 14 | Geode Capital Management LLC | 6,226,538 | 431,643 | 791,455,245.18 | 0.0443 | 0.4483 | 06/30/2025 |
| 15 | Orbis Investment Management Ltd. | 5,647,728 | 5,550,075 | 717,882,706.08 | 1.9981 | 0.4067 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Invesco QQQ Trust | 13,704,642 | 75,814 | 1,741,997,044.62 | 0.477 | 0.9868 | 07/31/2025 |
| 2 | Vanguard Total International Stock Index Fund | 11,016,643 | 1,090,825 | 1,400,325,491.73 | 0.2587 | 0.7933 | 07/31/2025 |
| 3 | Vanguard Emerging Markets Stock Index Fund | 10,068,948 | 1,030,325 | 1,279,863,980.28 | 0.9468 | 0.725 | 07/31/2025 |
| 4 | iShares Core MSCI Emerging Markets ETF | 6,612,977 | 547,012 | 840,575,506.47 | 0.8257 | 0.4762 | 07/31/2025 |
| 5 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,689,160 | 670,473 | 723,149,127.6 | 0.2635 | 0.4097 | 07/31/2025 |
| 6 | Vanguard International Growth Fund | 5,396,238 | -3,003,516 | 685,915,812.18 | 1.4575 | 0.3886 | 05/31/2025 |
| 7 | KraneShares CSI China Internet ETF | 5,128,077 | 1,378,298 | 651,829,867.47 | 7.9522 | 0.3693 | 07/31/2025 |
| 8 | Scottish Mortgage Investment Trust Plc | 4,797,928 | -978,951 | 609,864,628.08 | 2.9585 | 0.3455 | 06/30/2025 |
| 9 | E Fund CSI Overseas China Internet 50 ETF | 3,103,498 | -757,131 | 394,485,630.78 | 7.7786 | 0.2235 | 06/30/2025 |
| 10 | Fidelity Inv. Trust - Emerging Markets Opportunities Fund | 2,700,881 | -1,148,225 | 343,308,983.91 | 1.3953 | 0.1945 | 06/30/2025 |
| 11 | American Funds EuroPacific Growth Fund | 2,346,689 | 632,981 | 298,287,638.79 | 0.2272 | 0.169 | 06/30/2025 |
| 12 | Strategic Advisers Fidelity Emerging Markets Fund | 2,215,513 | 142,804 | 281,613,857.43 | 1.0013 | 0.1595 | 06/30/2025 |
| 13 | Invesco NASDAQ 100 ETF | 2,122,494 | 354,359 | 269,790,212.34 | 0.477 | 0.1528 | 07/31/2025 |
| 14 | iShares Tr. - MSCI China ETF | 1,859,958 | 214,438 | 236,419,261.38 | 3.1975 | 0.1339 | 07/31/2025 |
| 15 | iShares plc - Core MSCI Emerging Markets IMI UCITS ETF | 1,848,465 | 30,023 | 234,958,386.15 | 0.8266 | 0.1331 | 07/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Orbis Investment Management Ltd. | 5,647,728 | 5,550,075 | 717,882,706.08 | 1.9981 | 0.4067 | 06/30/2025 |
| 2 | HHLR Advisors Ltd. | 7,758,604 | 5,028,329 | 986,196,154.44 | 7.7102 | 0.5587 | 06/30/2025 |
| 3 | Himalaya Capital Management LLC | 4,608,000 | 4,608,000 | 585,722,880 | 15.852 | 0.3318 | 06/30/2025 |
| 4 | Goldman Sachs & Co. LLC (Private Banking) | 9,615,056 | 4,315,063 | 1,222,169,768.16 | 0.5164 | 0.6923 | 06/30/2025 |
| 5 | Assenagon Asset Management SA (Germany) | 7,394,211 | 3,571,197 | 939,878,160.21 | 1.3149 | 0.5324 | 06/30/2025 |
| 6 | Sanders Capital LLC | 8,526,610 | 3,371,732 | 1,083,817,397.1 | 1.3474 | 0.614 | 06/30/2025 |
| 7 | UBS Asset Management Switzerland AG | 4,234,819 | 3,352,524 | 538,287,843.09 | 0.1225 | 0.3049 | 06/30/2025 |
| 8 | UBS Asset Management (Americas) LLC | 2,865,650 | 2,865,650 | 364,252,771.5 | 0.2688 | 0.2063 | 06/30/2025 |
| 9 | The Vanguard Group, Inc. | 23,226,705 | 2,282,495 | 2,952,346,472.55 | 0.0404 | 1.6725 | 06/30/2025 |
| 10 | Vanguard Asset Management Ltd. | 2,105,250 | 2,105,250 | 267,598,327.5 | 0.1922 | 0.1516 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Fidelity Management & Research Co. LLC | 10,314,891 | -9,844,235 | 1,311,125,795.01 | 0.0757 | 0.7427 | 06/30/2025 |
| 2 | Baillie Gifford & Co. | 34,372,712 | -3,686,631 | 4,369,115,422.32 | 2.199 | 2.475 | 06/30/2025 |
| 3 | Appaloosa LP | 2,000,000 | -3,356,132 | 254,220,000 | 3.6774 | 0.144 | 06/30/2025 |
| 4 | FIL Investments International | 668,994 | -3,333,591 | 85,035,827.34 | 0.063 | 0.0482 | 06/30/2025 |
| 5 | Tiger Global Management LLC | 0 | -2,628,681 | 0 | 0 | 0 | |
| 6 | FIL Investment Management (Singapore) Ltd. | 405,889 | -1,832,170 | 51,592,550.79 | 0.3698 | 0.0292 | 06/30/2025 |
| 7 | T. Rowe Price Singapore Pte Ltd. | 12,640 | -1,823,439 | 1,606,670.4 | 0.8072 | 0.0009 | 06/30/2025 |
| 8 | Vanguard Global Advisers LLC | 0 | -1,796,854 | 0 | 0 | 0 | |
| 9 | Greenwoods Investments SG Pte Ltd. | 3,219,839 | -1,415,680 | 409,273,735.29 | 13.1243 | 0.2318 | 06/30/2025 |
| 10 | Whale Rock Capital Management LLC | 0 | -1,370,266 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.