| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | OLP Capital Management Ltd. | 7,577,023 | -14,745 | 307,172,512.42 | 22.71 | 4.6543 | 12/31/2024 |
| 2 | Krane Funds Advisors LLC | 7,032,927 | 1,135,526 | 285,114,860.58 | 3.1597 | 4.3201 | 03/31/2025 |
| 3 | Acadian Asset Management LLC | 5,752,959 | 1,315,609 | 233,224,957.86 | 0.5767 | 3.5338 | 12/31/2024 |
| 4 | Morgan Stanley Investment Management, Inc. | 4,744,984 | -80,295 | 192,361,651.36 | 0.2286 | 2.9147 | 12/31/2024 |
| 5 | The Vanguard Group, Inc. | 3,299,381 | -118,489 | 133,756,905.74 | 0.0021 | 2.0267 | 12/31/2024 |
| 6 | BlackRock Fund Advisors | 2,988,604 | 6,599 | 121,158,006.16 | 0.0032 | 1.8358 | 12/31/2024 |
| 7 | Greenwoods Investments SG Pte Ltd. | 2,688,992 | -728,130 | 109,011,735.68 | 3.4628 | 1.6518 | 12/31/2024 |
| 8 | SSgA Funds Management, Inc. | 2,511,585 | 186,754 | 101,819,655.9 | 0.0041 | 1.5428 | 12/31/2024 |
| 9 | AQR Capital Management LLC | 2,432,131 | 258,586 | 98,598,590.74 | 0.1146 | 1.494 | 12/31/2024 |
| 10 | AllianceBernstein LP | 2,400,993 | 2,400,993 | 97,336,256.22 | 0.0329 | 1.4748 | 12/31/2024 |
| 11 | Morgan Stanley & Co. LLC | 2,053,191 | 570,261 | 83,236,363.14 | 0.0335 | 1.2612 | 12/31/2024 |
| 12 | Mirae Asset Global Investments (Hong Kong) Ltd. | 2,038,779 | 2,000,422 | 82,652,100.66 | 0.5278 | 1.2524 | 03/31/2025 |
| 13 | Dimensional Fund Advisors LP | 1,852,829 | -54,592 | 75,113,687.66 | 0.0138 | 1.1381 | 12/31/2024 |
| 14 | Arrowstreet Capital LP | 1,478,319 | 134,326 | 59,931,052.26 | 0.0472 | 0.9081 | 12/31/2024 |
| 15 | Causeway Capital Management LLC | 1,377,475 | 4,137 | 55,842,836.5 | 0.1437 | 0.8461 | 12/31/2024 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | KraneShares CSI China Internet ETF | 6,542,659 | 1,119,563 | 265,239,395.86 | 3.5783 | 4.0189 | 03/31/2025 |
| 2 | Morgan Stanley Invt. Fds. - Asia Opportunity Fund | 4,084,213 | 0 | 165,573,995.02 | 4.7772 | 2.5088 | 12/31/2024 |
| 3 | Vanguard Total International Stock Index Fund | 1,540,703 | -38,889 | 62,460,099.62 | 0.0132 | 0.9464 | 03/31/2025 |
| 4 | Vanguard Emerging Markets Stock Index Fund | 1,395,357 | -76,871 | 56,567,772.78 | 0.05 | 0.8571 | 03/31/2025 |
| 5 | BOCOM Schroder CSI Overseas China Internet Index Fund | 1,094,825 | -124,141 | 44,384,205.5 | 3.1718 | 0.6725 | 12/31/2024 |
| 6 | iShares Core MSCI Emerging Markets ETF | 1,081,446 | 17,224 | 43,841,820.84 | 0.0525 | 0.6643 | 03/31/2025 |
| 7 | DFA Emerging Markets Core Equity Portfolio | 1,029,222 | 0 | 41,724,659.88 | 0.1497 | 0.6322 | 12/31/2024 |
| 8 | Swedbank Robur Global Emerging Markets | 994,800 | 240,500 | 40,329,192 | 3.2644 | 0.6111 | 03/31/2025 |
| 9 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 795,028 | 4,018 | 32,230,435.12 | 0.0132 | 0.4884 | 03/31/2025 |
| 10 | E Fund CSI Overseas China Internet 50 ETF | 719,317 | -65,759 | 29,161,111.18 | 0.5021 | 0.4419 | 12/31/2024 |
| 11 | Sanford C Bernstein Fund - Emerging Markets Portfolio | 577,104 | 577,104 | 23,395,796.16 | 2.0531 | 0.3545 | 02/28/2025 |
| 12 | Principal Life Style - Hong Kong Equity Fund | 502,010 | 0 | 20,351,485.4 | 1.0118 | 0.3084 | 06/30/2024 |
| 13 | KraneShares ICAV - CSI China Internet UCITS ETF | 489,626 | 15,821 | 19,849,438.04 | 3.4932 | 0.3008 | 03/31/2025 |
| 14 | Fidelity SAI Emerging Markets Value Index Fund | 441,361 | 1,083 | 17,892,774.94 | 0.2852 | 0.2711 | 01/31/2025 |
| 15 | Avantis Emerging Markets Equity ETF | 424,134 | 59,011 | 17,194,392.36 | 0.2197 | 0.2605 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | AllianceBernstein LP | 2,400,993 | 2,400,993 | 97,336,256.22 | 0.0329 | 1.4748 | 12/31/2024 |
| 2 | Mirae Asset Global Investments (Hong Kong) Ltd. | 2,038,779 | 2,000,422 | 82,652,100.66 | 0.5278 | 1.2524 | 03/31/2025 |
| 3 | Acadian Asset Management LLC | 5,752,959 | 1,315,609 | 233,224,957.86 | 0.5767 | 3.5338 | 12/31/2024 |
| 4 | Krane Funds Advisors LLC | 7,032,927 | 1,135,526 | 285,114,860.58 | 3.1597 | 4.3201 | 03/31/2025 |
| 5 | Candriam Belgium SA | 708,300 | 708,300 | 28,714,482 | 0.0867 | 0.4351 | 12/31/2024 |
| 6 | Artemis Investment Management LLP | 598,432 | 598,432 | 24,260,433.28 | 0.0872 | 0.3676 | 03/31/2025 |
| 7 | Morgan Stanley & Co. LLC | 2,053,191 | 570,261 | 83,236,363.14 | 0.0335 | 1.2612 | 12/31/2024 |
| 8 | Marshall Wace LLP | 1,351,277 | 544,666 | 54,780,769.58 | 0.0712 | 0.83 | 12/31/2024 |
| 9 | MY.Alpha Management (HK) Advisors Ltd. | 463,593 | 463,593 | 18,794,060.22 | 8.252 | 0.2848 | 12/31/2024 |
| 10 | NS Partners Ltd. | 447,547 | 447,547 | 18,143,555.38 | 0.5288 | 0.2749 | 12/31/2024 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Bank of America, NA (Private Banking) | 166,080 | -2,997,154 | 6,732,883.2 | 0.0033 | 0.102 | 12/31/2024 |
| 2 | Serenity Capital Management Pte Ltd. | 1,050,997 | -1,085,815 | 42,607,418.38 | 29.1689 | 0.6456 | 12/31/2024 |
| 3 | Robeco Institutional Asset Management BV | 339,820 | -1,029,458 | 13,776,302.8 | 0.0162 | 0.2087 | 03/31/2025 |
| 4 | Norges Bank Investment Management | 1,213,619 | -788,980 | 49,200,114.26 | 0.0038 | 0.7455 | 12/31/2024 |
| 5 | Yunqi Capital Ltd. | 879,630 | -780,000 | 35,660,200.2 | 22.6026 | 0.5403 | 12/31/2024 |
| 6 | First Beijing Investment Ltd. | 0 | -763,509 | 0 | 0 | 0 | |
| 7 | Greenwoods Investments SG Pte Ltd. | 2,688,992 | -728,130 | 109,011,735.68 | 3.4628 | 1.6518 | 12/31/2024 |
| 8 | Teacher Retirement System of Texas | 0 | -537,874 | 0 | 0 | 0 | |
| 9 | Voloridge Investment Management LLC | 88,311 | -379,303 | 3,580,127.94 | 0.0132 | 0.0542 | 12/31/2024 |
| 10 | Walleye Capital LLC | 10,055 | -357,834 | 407,629.7 | 0.0028 | 0.0062 | 12/31/2024 |
Data provided by FactSet Research Systems Inc.