| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Baillie Gifford & Co. | 31,799,003 | -2,573,709 | 3,605,688,950.17 | 1.9715 | 2.2399 | 09/30/2025 |
| 2 | The Vanguard Group, Inc. | 23,404,462 | 177,757 | 2,653,831,946.18 | 0.0356 | 1.6486 | 09/30/2025 |
| 3 | BlackRock Fund Advisors | 21,132,781 | 1,025,798 | 2,396,246,037.59 | 0.0521 | 1.4886 | 09/30/2025 |
| 4 | Fidelity Management & Research Co. LLC | 12,157,619 | 1,842,728 | 1,378,552,418.41 | 0.0763 | 0.8564 | 09/30/2025 |
| 5 | SSgA Funds Management, Inc. | 12,103,482 | 374,909 | 1,372,413,823.98 | 0.0449 | 0.8526 | 09/30/2025 |
| 6 | HHLR Advisors Ltd. | 9,396,654 | 1,638,050 | 1,065,486,597.06 | 7.8897 | 0.6619 | 09/30/2025 |
| 7 | Norges Bank Investment Management | 9,199,172 | 0 | 1,043,094,113.08 | 0.0681 | 0.648 | 06/30/2025 |
| 8 | Goldman Sachs & Co. LLC (Private Banking) | 9,133,228 | -481,828 | 1,035,616,722.92 | 0.4507 | 0.6433 | 09/30/2025 |
| 9 | HSBC Bank Plc (Broker) | 8,726,187 | 8,211,834 | 989,462,343.93 | 1.7674 | 0.6147 | 09/30/2025 |
| 10 | H&H International Investment LLC | 8,574,194 | -88,500 | 972,227,857.66 | 6.4487 | 0.604 | 09/30/2025 |
| 11 | BlackRock Advisors (UK) Ltd. | 8,154,131 | 993,045 | 924,596,914.09 | 0.1006 | 0.5744 | 09/30/2025 |
| 12 | Sanders Capital LLC | 8,133,290 | -393,320 | 922,233,753.1 | 1.0279 | 0.5729 | 09/30/2025 |
| 13 | Orbis Investment Management Ltd. | 6,942,339 | 1,294,611 | 787,191,819.21 | 1.9796 | 0.489 | 09/30/2025 |
| 14 | Vanguard Fiduciary Trust Co. | 6,636,974 | 89,069 | 752,566,481.86 | 0.1771 | 0.4675 | 09/30/2025 |
| 15 | Geode Capital Management LLC | 6,399,859 | 173,321 | 725,680,012.01 | 0.0376 | 0.4508 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Invesco QQQ Trust | 14,002,370 | 221,068 | 1,587,728,734.3 | 0.3962 | 0.9863 | 11/28/2025 |
| 2 | Vanguard Total International Stock Index Fund | 11,099,179 | 90,644 | 1,258,535,906.81 | 0.2141 | 0.7818 | 11/30/2025 |
| 3 | Vanguard Emerging Markets Stock Index Fund | 10,255,101 | 305,254 | 1,162,825,902.39 | 0.7692 | 0.7224 | 11/30/2025 |
| 4 | iShares Core MSCI Emerging Markets ETF | 7,196,302 | 764,571 | 815,988,683.78 | 0.6836 | 0.5069 | 11/28/2025 |
| 5 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,767,664 | 77,982 | 653,995,420.96 | 0.2163 | 0.4063 | 11/30/2025 |
| 6 | KraneShares CSI China Internet ETF | 5,741,741 | 1,302,224 | 651,056,011.99 | 7.4548 | 0.4044 | 11/28/2025 |
| 7 | Vanguard International Growth Fund | 4,838,216 | -558,022 | 548,605,312.24 | 1.1698 | 0.3408 | 08/31/2025 |
| 8 | Scottish Mortgage Investment Trust Plc | 4,145,252 | -652,676 | 470,030,124.28 | 2.4147 | 0.292 | 10/31/2025 |
| 9 | E Fund CSI Overseas China Internet 50 ETF | 3,103,498 | 0 | 351,905,638.22 | 6.8289 | 0.2186 | 06/30/2025 |
| 10 | Fidelity Inv. Trust - Emerging Markets Opportunities Fund | 2,696,778 | -4,103 | 305,787,657.42 | 1.1286 | 0.19 | 11/30/2025 |
| 11 | Strategic Advisers Fidelity Emerging Markets Fund | 2,542,855 | 327,342 | 288,334,328.45 | 0.9022 | 0.1791 | 11/30/2025 |
| 12 | Invesco NASDAQ 100 ETF | 2,433,636 | 376,589 | 275,949,986.04 | 0.3959 | 0.1714 | 11/28/2025 |
| 13 | American Funds EuroPacific Growth Fund | 2,332,507 | -14,182 | 264,482,968.73 | 0.189 | 0.1643 | 09/30/2025 |
| 14 | Invesco China Technology ETF | 2,159,584 | 1,316,106 | 244,875,229.76 | 8.2934 | 0.1521 | 11/28/2025 |
| 15 | iShares MSCI China ETF | 1,956,743 | 199,761 | 221,875,088.77 | 2.8374 | 0.1378 | 11/28/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | HSBC Bank Plc (Broker) | 8,726,187 | 8,608,931 | 989,462,343.93 | 1.7674 | 0.6147 | 09/30/2025 |
| 2 | Jane Street Capital LLC | 4,608,000 | 4,608,000 | 530,169,572.31 | 0.6139 | 0.3294 | 09/30/2025 |
| 3 | Temasek Holdings Pte Ltd. (Investment Management) | 6,942,339 | 4,545,027 | 493,047,727.33 | 1.1364 | 0.3063 | 09/30/2025 |
| 4 | Susquehanna Financial Group LLLP | 4,675,629 | 4,301,888 | 367,295,949.53 | 0.5677 | 0.2282 | 09/30/2025 |
| 5 | FIL Investments International | 9,133,228 | 3,727,383 | 296,273,329.3 | 0.2013 | 0.1841 | 09/30/2025 |
| 6 | Fidelity Management & Research Co. LLC | 4,348,247 | 3,215,262 | 1,378,552,418.41 | 0.0763 | 0.8564 | 09/30/2025 |
| 7 | HHLR Advisors Ltd. | 9,396,654 | 2,834,078 | 1,065,486,597.06 | 7.8897 | 0.6619 | 09/30/2025 |
| 8 | Point72 Asset Management LP | 23,404,462 | 2,318,797 | 248,468,558.86 | 0.4514 | 0.1544 | 09/30/2025 |
| 9 | Arrowstreet Capital LP | 6,168,721 | 2,311,498 | 168,697,786.74 | 0.0989 | 0.1048 | 09/30/2025 |
| 10 | Altimeter Capital Management LP | 3,239,227 | 2,043,015 | 155,534,795.2 | 2.1584 | 0.0966 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Assenagon Asset Management SA (Germany) | 1,658,082 | -5,736,129 | 188,009,917.98 | 0.2471 | 0.1168 | 09/30/2025 |
| 2 | UBS Asset Management Switzerland AG | 839,779 | -3,395,040 | 95,222,540.81 | 0.0208 | 0.0592 | 06/30/2025 |
| 3 | UBS Asset Management (Americas) LLC | 0 | -2,865,650 | 0 | 0 | 0 | |
| 4 | Baillie Gifford & Co. | 31,799,003 | -2,573,709 | 3,605,688,950.17 | 1.9715 | 2.2399 | 09/30/2025 |
| 5 | UBS Asset Management (UK) Ltd. | 0 | -2,093,635 | 0 | 0 | 0 | |
| 6 | SRS Investment Management LLC | 2,654,394 | -1,409,987 | 300,981,735.66 | 3.5467 | 0.187 | 09/30/2025 |
| 7 | NBC Global Finance Ltd. | 378,700 | -1,257,200 | 42,940,793 | 0.1885 | 0.0267 | 09/30/2025 |
| 8 | Keywise Capital Management (HK) Ltd. | 219,850 | -1,105,200 | 24,928,791.5 | 1.946 | 0.0155 | 09/30/2025 |
| 9 | IMC Chicago LLC | 0 | -1,085,536 | 0 | 0 | 0 | |
| 10 | Walleye Capital LLC | 139,076 | -906,470 | 15,769,827.64 | 0.0837 | 0.0098 | 09/30/2025 |
Data provided by FactSet Research Systems Inc.