# Holder Name Position Position Change $ Market Value % Port % O/S Rpt Date
1 Baillie Gifford & Co. 40,047,278 1,987,935 4,163,715,493.66 2.0982 2.8836 03/31/2025
2 Mirae Asset Global Investments (Hong Kong) Ltd. 39,398,005 39,235,346 4,096,210,579.85 26.8901 2.8369 03/31/2025
3 Fidelity Management & Research Co. LLC 22,201,245 2,042,119 2,308,263,442.65 0.1374 1.5986 03/31/2025
4 The Vanguard Group, Inc. 21,085,665 141,455 2,192,276,590.05 0.0314 1.5183 03/31/2025
5 BlackRock Fund Advisors 19,318,603 13,052 2,008,555,153.91 0.0478 1.3911 03/31/2025
6 SSgA Funds Management, Inc. 11,534,755 6,792 1,199,268,477.35 0.0434 0.8306 03/31/2025
7 Norges Bank Investment Management 8,374,532 0 870,700,092.04 0.0616 0.603 12/31/2024
8 H&H International Investment LLC 7,753,900 525,200 806,172,983 7.1012 0.5583 03/31/2025
9 Sanders Capital LLC 7,018,165 1,863,287 729,678,615.05 0.9414 0.5054 03/31/2025
10 BlackRock Advisors (UK) Ltd. 7,007,210 819,746 728,539,623.7 0.0911 0.5046 03/31/2025
11 HHLR Advisors Ltd. 6,562,576 3,832,301 682,311,026.72 6.1621 0.4725 03/31/2025
12 Geode Capital Management LLC 5,985,911 191,016 622,355,166.67 0.0368 0.431 03/31/2025
13 Vanguard Fiduciary Trust Co. 5,943,988 179,060 617,996,432.36 0.6525 0.428 03/31/2025
14 Goldman Sachs & Co. LLC (Private Banking) 5,405,845 105,852 562,045,704.65 0.2912 0.3893 03/31/2025
15 BNP Paribas Financial Markets 5,340,634 576,785 555,265,716.98 0.3799 0.3846 03/31/2025
# Holder Name Position Position Change $ Market Value % Port % O/S Rpt Date
1 Invesco QQQ Trust 13,781,302 232,812 1,432,841,968.94 0.4063 0.9923 06/30/2025
2 Vanguard Total International Stock Index Fund 10,115,665 196,427 1,051,725,690.05 0.2008 0.7284 05/31/2025
3 Vanguard Emerging Markets Stock Index Fund 9,062,930 30,214 942,272,832.1 0.7433 0.6526 05/31/2025
4 Vanguard International Growth Fund 7,831,665 -568,089 814,258,210.05 1.7049 0.5639 02/28/2025
5 iShares Core MSCI Emerging Markets ETF 6,431,731 398,923 668,707,072.07 0.6957 0.4631 06/30/2025
6 Scottish Mortgage Investment Trust Plc 5,776,879 0 600,622,109.63 3.0174 0.416 04/30/2025
7 Vanguard Institutional Total Intl. Stock Market Index Tr. II 5,195,913 177,226 540,219,074.61 0.2082 0.3741 04/30/2025
8 KraneShares CSI China Internet ETF 4,439,517 1,894,968 461,576,582.49 7.3109 0.3197 06/30/2025
9 E Fund CSI Overseas China Internet 50 ETF 3,860,629 0 401,389,597.13 6.7202 0.278 12/31/2024
10 Fidelity Inv. Trust - Emerging Markets Opportunities Fund 3,081,481 -599,925 320,381,579.57 1.3332 0.2219 05/31/2025
11 Invesco NASDAQ 100 ETF 2,057,047 397,171 213,871,176.59 0.4066 0.1481 06/30/2025
12 Strategic Advisers Fidelity Emerging Markets Fund 2,020,992 24,083 210,122,538.24 0.7893 0.1455 05/31/2025
13 iShares plc - Core MSCI Emerging Markets IMI UCITS ETF 1,828,682 12,427 190,128,067.54 0.6991 0.1317 06/30/2025
14 American Funds EuroPacific Growth Fund 1,795,620 81,912 186,690,611.4 0.1388 0.1293 03/31/2025
15 iShares Tr. - MSCI China ETF 1,756,982 -20,548 182,673,418.54 2.8734 0.1265 06/30/2025
# Holder Name Position Position Change $ Market Value % Port % O/S Rpt Date
1 Mirae Asset Global Investments (Hong Kong) Ltd. 39,398,005 39,235,346 4,096,210,579.85 26.8901 2.8369 03/31/2025
2 HHLR Advisors Ltd. 6,562,576 3,832,301 682,311,026.72 6.1621 0.4725 03/31/2025
3 UBS Asset Management Switzerland AG 4,307,134 3,424,839 447,812,721.98 0.121 0.3101 03/31/2025
4 UBS Asset Management (Americas) LLC 2,407,479 2,407,479 250,305,591.63 0.1918 0.1734 03/31/2025
5 Orbis Investment Management Ltd. 2,397,312 2,299,659 249,248,528.64 0.7459 0.1726 03/31/2025
6 Krane Funds Advisors LLC 5,036,389 2,211,286 523,633,364.33 6.1478 0.3627 03/31/2025
7 UBS Asset Management (UK) Ltd. 2,204,319 2,204,319 229,183,046.43 0.1103 0.1587 03/31/2025
8 Fidelity Management & Research Co. LLC 22,201,245 2,042,119 2,308,263,442.65 0.1374 1.5986 03/31/2025
9 Baillie Gifford & Co. 40,047,278 1,987,935 4,163,715,493.66 2.0982 2.8836 03/31/2025
10 Vanguard Asset Management Ltd. 1,889,186 1,889,186 196,418,668.42 0.2107 0.136 03/31/2025
# Holder Name Position Position Change $ Market Value % Port % O/S Rpt Date
1 Morgan Stanley & Co. LLC 3,800,325 -1,978,936 395,119,790.25 0.1386 0.2736 03/31/2025
2 Vanguard Global Advisers LLC 0 -1,796,854 0 0 0
3 UBS Securities LLC 2,895,207 -1,256,483 301,014,671.79 0.1246 0.2085 03/31/2025
4 Whale Rock Capital Management LLC 199,016 -1,171,250 20,691,693.52 0.2639 0.0143 03/31/2025
5 TIAA-CREF Investment Management LLC 685,075 -1,081,072 71,227,247.75 0.0279 0.0493 03/31/2025
6 Appaloosa LP 4,370,000 -986,132 454,348,900 7.3742 0.3147 03/31/2025
7 E Fund Management Co., Ltd. 3,474,551 -802,310 361,249,067.47 0.3065 0.2502 03/31/2025
8 NBC Global Finance Ltd. 200,000 -774,032 20,794,000 0.0936 0.0144 03/31/2025
9 Tairen Capital Ltd. 0 -712,134 0 0 0
10 UBS Switzerland AG (Investment Management) 98,479 -678,064 10,238,861.63 0.0282 0.0071 03/31/2025

Data provided by FactSet Research Systems Inc.