| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Baillie Gifford & Co. | 40,047,278 | 3,930,826 | 4,709,960,365.58 | 2.4444 | 2.8836 | 03/31/2025 |
| 2 | Mirae Asset Global Investments (Hong Kong) Ltd. | 39,398,005 | 39,104,919 | 4,633,599,368.05 | 27.7621 | 2.8369 | 03/31/2025 |
| 3 | Fidelity Management & Research Co. LLC | 22,201,245 | 5,448,251 | 2,611,088,424.45 | 0.1642 | 1.5986 | 03/31/2025 |
| 4 | The Vanguard Group, Inc. | 21,085,665 | 211,393 | 2,479,885,060.65 | 0.0371 | 1.5183 | 03/31/2025 |
| 5 | BlackRock Fund Advisors | 19,318,603 | 865,615 | 2,272,060,898.83 | 0.0562 | 1.3911 | 03/31/2025 |
| 6 | SSgA Funds Management, Inc. | 11,534,755 | -129,952 | 1,356,602,535.55 | 0.0511 | 0.8306 | 03/31/2025 |
| 7 | Norges Bank Investment Management | 8,374,532 | -1,956,741 | 984,928,708.52 | 0.0727 | 0.603 | 12/31/2024 |
| 8 | H&H International Investment LLC | 7,753,900 | 3,846,300 | 911,936,179 | 7.9203 | 0.5583 | 03/31/2025 |
| 9 | Sanders Capital LLC | 7,018,165 | 7,018,165 | 825,406,385.65 | 1.137 | 0.5054 | 03/31/2025 |
| 10 | BlackRock Advisors (UK) Ltd. | 7,007,210 | 1,117,815 | 824,117,968.1 | 0.1084 | 0.5046 | 03/31/2025 |
| 11 | HHLR Advisors Ltd. | 6,562,576 | 1,795,796 | 771,824,563.36 | 7.7513 | 0.4725 | 03/31/2025 |
| 12 | Geode Capital Management LLC | 5,985,911 | 1,299,406 | 704,002,992.71 | 0.0435 | 0.431 | 03/31/2025 |
| 13 | Vanguard Fiduciary Trust Co. | 5,943,988 | 315,260 | 699,072,428.68 | 0.7741 | 0.428 | 03/31/2025 |
| 14 | Goldman Sachs & Co. LLC (Private Banking) | 5,405,845 | -1,593,983 | 635,781,430.45 | 0.3434 | 0.3893 | 03/31/2025 |
| 15 | BNP Paribas Financial Markets | 5,340,634 | 947,960 | 628,111,964.74 | 0.4508 | 0.3846 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Invesco QQQ Trust | 13,638,908 | 706,954 | 1,604,071,969.88 | 0.4895 | 0.9821 | 04/30/2025 |
| 2 | Vanguard Total International Stock Index Fund | 10,054,511 | 187,748 | 1,182,511,038.71 | 0.2426 | 0.724 | 04/30/2025 |
| 3 | Vanguard Emerging Markets Stock Index Fund | 9,047,123 | -120,735 | 1,064,032,136.03 | 0.8944 | 0.6514 | 04/30/2025 |
| 4 | Vanguard International Growth Fund | 7,831,665 | 484,122 | 921,082,120.65 | 1.9849 | 0.5639 | 02/28/2025 |
| 5 | iShares Core MSCI Emerging Markets ETF | 6,283,307 | 139,937 | 738,979,736.27 | 0.8312 | 0.4524 | 04/30/2025 |
| 6 | Scottish Mortgage Investment Trust Plc | 5,776,879 | 940,455 | 679,418,739.19 | 3.4359 | 0.416 | 03/31/2025 |
| 7 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,167,105 | 234,639 | 607,703,219.05 | 0.2404 | 0.3721 | 03/31/2025 |
| 8 | E Fund CSI Overseas China Internet 50 ETF | 3,860,629 | -255,622 | 454,048,576.69 | 7.3563 | 0.278 | 12/31/2024 |
| 9 | KraneShares CSI China Internet ETF | 3,736,661 | 144,925 | 439,468,700.21 | 6.8778 | 0.2691 | 04/30/2025 |
| 10 | Fidelity Global Innovators Investment Trust | 3,559,200 | 2,546,200 | 418,597,512 | 2.3162 | 0.2563 | 02/28/2025 |
| 11 | Fidelity Inv. Trust - Emerging Markets Opportunities Fund | 3,241,681 | -479,258 | 381,254,102.41 | 1.6175 | 0.2334 | 03/31/2025 |
| 12 | Strategic Advisers Fidelity Emerging Markets Fund | 2,034,874 | 319,938 | 239,321,531.14 | 0.9706 | 0.1465 | 03/31/2025 |
| 13 | Invesco NASDAQ 100 ETF | 1,918,508 | 410,341 | 225,635,725.88 | 0.4888 | 0.1381 | 04/30/2025 |
| 14 | Fidelity Funds SICAV - Global Technology Fund | 1,895,779 | 1,895,779 | 222,962,568.19 | 0.8644 | 0.1365 | 03/31/2025 |
| 15 | iShares plc - Core MSCI Emerging Markets IMI UCITS ETF | 1,818,442 | 35,729 | 213,866,963.62 | 0.8236 | 0.1309 | 04/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Mirae Asset Global Investments (Hong Kong) Ltd. | 39,398,005 | 39,104,919 | 4,633,599,368.05 | 27.7621 | 2.8369 | 03/31/2025 |
| 2 | Sanders Capital LLC | 7,018,165 | 7,018,165 | 825,406,385.65 | 1.137 | 0.5054 | 03/31/2025 |
| 3 | Fidelity Management & Research Co. LLC | 22,201,245 | 5,448,251 | 2,611,088,424.45 | 0.1642 | 1.5986 | 03/31/2025 |
| 4 | Tiger Global Management LLC | 4,415,681 | 4,415,681 | 519,328,242.41 | 1.7056 | 0.318 | 03/31/2025 |
| 5 | Baillie Gifford & Co. | 40,047,278 | 3,930,826 | 4,709,960,365.58 | 2.4444 | 2.8836 | 03/31/2025 |
| 6 | H&H International Investment LLC | 7,753,900 | 3,846,300 | 911,936,179 | 7.9203 | 0.5583 | 03/31/2025 |
| 7 | Capital Research & Management Co. (International Investors) | 2,747,063 | 2,747,063 | 323,082,079.43 | 0.057 | 0.1978 | 03/31/2025 |
| 8 | Orbis Investment Management Ltd. | 2,397,312 | 2,397,312 | 281,947,864.32 | 0.8825 | 0.1726 | 03/31/2025 |
| 9 | FIL Investments International | 3,445,168 | 2,147,487 | 405,186,208.48 | 0.3232 | 0.2481 | 03/31/2025 |
| 10 | Vanguard Asset Management Ltd. | 1,889,186 | 1,889,186 | 222,187,165.46 | 0.2565 | 0.136 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Arrowstreet Capital LP | 43,563 | -9,433,892 | 5,123,444.43 | 0.0037 | 0.0031 | 03/31/2025 |
| 2 | Tairen Capital Ltd. | 0 | -5,515,377 | 0 | 0 | 0 | |
| 3 | UBS Asset Management (Americas) LLC | 0 | -4,786,804 | 0 | 0 | 0 | |
| 4 | UBS Asset Management Switzerland AG | 882,295 | -4,744,673 | 103,766,714.95 | 0.03 | 0.0635 | 12/31/2024 |
| 5 | Morgan Stanley & Co. LLC | 3,800,325 | -4,117,187 | 446,956,223.25 | 0.1638 | 0.2736 | 03/31/2025 |
| 6 | UBS Asset Management (UK) Ltd. | 0 | -2,661,301 | 0 | 0 | 0 | |
| 7 | Coatue Management LLC | 0 | -2,587,536 | 0 | 0 | 0 | |
| 8 | Norges Bank Investment Management | 8,374,532 | -1,956,741 | 984,928,708.52 | 0.0727 | 0.603 | 12/31/2024 |
| 9 | Vanguard Global Advisers LLC | 0 | -1,741,895 | 0 | 0 | 0 | |
| 10 | AllianceBernstein LP | 22,339 | -1,603,184 | 2,627,289.79 | 0.0008 | 0.0016 | 03/31/2025 |
Data provided by FactSet Research Systems Inc.