| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 41,036,045 | 17,661,160 | 96,024,345.3 | 3.9314 | 4.2618 | 03/31/2025 |
| 2 | The Vanguard Group, Inc. | 21,179,337 | -40,027 | 49,559,648.58 | 0.0007 | 2.1996 | 03/31/2025 |
| 3 | Wildcat Capital Management LLC | 18,046,195 | 0 | 42,228,096.3 | 22.6099 | 1.8742 | 03/31/2025 |
| 4 | Bright Valley Capital Ltd. | 9,605,371 | 671,639 | 22,476,568.14 | 13.3254 | 0.9976 | 03/31/2025 |
| 5 | Perseverance Asset Management LP | 8,745,994 | -2,756,790 | 20,465,625.96 | 0.8723 | 0.9083 | 03/31/2025 |
| 6 | Goldman Sachs & Co. LLC (Private Banking) | 8,410,328 | -8,251,628 | 19,680,167.52 | 0.0102 | 0.8734 | 03/31/2025 |
| 7 | BlackRock Fund Advisors | 6,397,207 | -269,414 | 14,969,464.38 | 0.0004 | 0.6644 | 03/31/2025 |
| 8 | Barclays Bank Plc (Private Banking) | 6,345,399 | 658,966 | 14,848,233.66 | 0.0087 | 0.659 | 03/31/2025 |
| 9 | Vanguard Fiduciary Trust Co. | 5,993,015 | 175,620 | 14,023,655.1 | 0.0148 | 0.6224 | 03/31/2025 |
| 10 | Oasis Management (Hong Kong) LLC | 5,722,665 | 130,000 | 13,391,036.1 | 3.2586 | 0.5943 | 03/31/2025 |
| 11 | Nomura Global Financial Products, Inc. | 5,555,303 | 1,954,316 | 12,999,409.02 | 0.1115 | 0.5769 | 03/31/2025 |
| 12 | Morgan Stanley & Co. LLC | 5,467,129 | 936,550 | 12,793,081.86 | 0.0045 | 0.5678 | 03/31/2025 |
| 13 | D. E. Shaw & Co. LP | 4,449,929 | 2,347,483 | 10,412,833.86 | 0.011 | 0.4621 | 03/31/2025 |
| 14 | SSgA Funds Management, Inc. | 3,625,924 | -1,656,358 | 8,484,662.16 | 0.0003 | 0.3766 | 03/31/2025 |
| 15 | Millennium Management LLC | 2,981,171 | -478,789 | 6,975,940.14 | 0.0061 | 0.3096 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Vanguard Total International Stock Index Fund | 10,137,501 | -109,464 | 23,721,752.34 | 0.0045 | 1.0528 | 05/31/2025 |
| 2 | Vanguard Emerging Markets Stock Index Fund | 9,140,875 | 76,297 | 21,389,647.5 | 0.0169 | 0.9493 | 05/31/2025 |
| 3 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,220,651 | 128,084 | 12,216,323.34 | 0.0047 | 0.5422 | 04/30/2025 |
| 4 | iShares Core MSCI Emerging Markets ETF | 3,385,282 | -151,187 | 7,921,559.88 | 0.0082 | 0.3516 | 06/30/2025 |
| 5 | Vanguard FTSE All World (ex-US) Index Fund | 1,498,147 | 57,471 | 3,505,663.98 | 0.0051 | 0.1556 | 05/31/2025 |
| 6 | SPDR Portfolio Emerging Markets ETF | 1,054,403 | 126,675 | 2,467,303.02 | 0.02 | 0.1095 | 06/30/2025 |
| 7 | Schwab Emerging Markets Equity ETF | 866,827 | 83,413 | 2,028,375.18 | 0.0195 | 0.09 | 06/30/2025 |
| 8 | Vanguard Institutional Total Intl. Stock Market Index Trust | 772,364 | 47,536 | 1,807,331.76 | 0.0048 | 0.0802 | 04/30/2025 |
| 9 | iShares Tr. - Core MSCI Total International Stock ETF | 761,861 | 38,650 | 1,782,754.74 | 0.0039 | 0.0791 | 06/30/2025 |
| 10 | iShares plc - Core MSCI Emerging Markets IMI UCITS ETF | 612,594 | 4,743 | 1,433,469.96 | 0.0053 | 0.0636 | 06/30/2025 |
| 11 | Invesco Golden Dragon China ETF | 550,002 | -21,653 | 1,287,004.68 | 0.926 | 0.0571 | 06/30/2025 |
| 12 | Vanguard Total World Stock Index Fund | 467,145 | 0 | 1,093,119.3 | 0.0017 | 0.0485 | 05/31/2025 |
| 13 | BlackRock CIF - iShares Emerging Markets Equity Index Fund UK | 441,122 | -89,246 | 1,032,225.48 | 0.0193 | 0.0458 | 04/30/2025 |
| 14 | Franklin LibertyShares ICAV - FTSE China UCITS ETF | 420,255 | 155,295 | 983,396.7 | 0.0574 | 0.0436 | 06/30/2025 |
| 15 | Vanguard Funds Plc - FTSE All World UCITS ETF | 357,940 | 0 | 837,579.6 | 0.002 | 0.0372 | 05/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 41,036,045 | 17,661,160 | 96,024,345.3 | 3.9314 | 4.2618 | 03/31/2025 |
| 2 | Canada Pension Plan Investment Board | 2,474,784 | 2,474,779 | 5,790,994.56 | 0.0031 | 0.257 | 03/31/2025 |
| 3 | D. E. Shaw & Co. LP | 4,449,929 | 2,347,483 | 10,412,833.86 | 0.011 | 0.4621 | 03/31/2025 |
| 4 | Bank of America, NA (Private Banking) | 1,988,953 | 1,988,953 | 4,654,150.02 | 0.0016 | 0.2066 | 03/31/2025 |
| 5 | Nomura Global Financial Products, Inc. | 5,555,303 | 1,954,316 | 12,999,409.02 | 0.1115 | 0.5769 | 03/31/2025 |
| 6 | Hosking Partners LLP | 2,093,781 | 1,112,248 | 4,899,447.54 | 0.1532 | 0.2174 | 03/31/2025 |
| 7 | Morgan Stanley & Co. LLC | 5,467,129 | 936,550 | 12,793,081.86 | 0.0045 | 0.5678 | 03/31/2025 |
| 8 | Jane Street Capital LLC | 1,493,881 | 846,523 | 3,495,681.54 | 0.0054 | 0.1551 | 03/31/2025 |
| 9 | Vanguard Asset Management Ltd. | 736,157 | 736,157 | 1,722,607.38 | 0.0018 | 0.0765 | 03/31/2025 |
| 10 | Bright Valley Capital Ltd. | 9,605,371 | 671,639 | 22,476,568.14 | 13.3254 | 0.9976 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs & Co. LLC (Private Banking) | 8,410,328 | -8,251,628 | 19,680,167.52 | 0.0102 | 0.8734 | 03/31/2025 |
| 2 | JPMorgan Securities LLC (Investment Management) | 2,689,113 | -2,767,441 | 6,292,524.42 | 0.0032 | 0.2793 | 03/31/2025 |
| 3 | Perseverance Asset Management LP | 8,745,994 | -2,756,790 | 20,465,625.96 | 0.8723 | 0.9083 | 03/31/2025 |
| 4 | Citadel Advisors LLC | 931,950 | -2,349,649 | 2,180,763 | 0.0027 | 0.0968 | 03/31/2025 |
| 5 | SSgA Funds Management, Inc. | 3,625,924 | -1,656,358 | 8,484,662.16 | 0.0003 | 0.3766 | 03/31/2025 |
| 6 | Mariner LLC | 25,747 | -1,646,093 | 60,247.98 | 0.0001 | 0.0027 | 03/31/2025 |
| 7 | Point72 Asset Management LP | 1,508,132 | -1,626,717 | 3,529,028.88 | 0.0076 | 0.1566 | 03/31/2025 |
| 8 | Numeric Investors LLC | 1,625,373 | -1,540,265 | 3,803,372.82 | 0.0163 | 0.1688 | 03/31/2025 |
| 9 | State Street Global Advisors Ltd. | 123,357 | -1,178,978 | 288,655.38 | 0.0002 | 0.0128 | 06/30/2025 |
| 10 | Citadel Securities LLC | 1,763,155 | -787,961 | 4,125,782.7 | 0.0127 | 0.1831 | 03/31/2025 |
Data provided by FactSet Research Systems Inc.