| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Baillie Gifford & Co. | 31,032,323 | -3,340,389 | 3,111,921,350.44 | 1.8313 | 2.1859 | 12/31/2025 |
| 2 | The Vanguard Group, Inc. | 23,730,389 | 503,684 | 2,379,683,408.92 | 0.0309 | 1.6716 | 12/31/2025 |
| 3 | BlackRock Fund Advisors | 22,888,017 | 2,781,034 | 2,295,210,344.76 | 0.0476 | 1.6122 | 12/31/2025 |
| 4 | SSgA Funds Management, Inc. | 12,257,360 | 528,787 | 1,229,168,060.8 | 0.0391 | 0.8634 | 12/31/2025 |
| 5 | Fidelity Management & Research Co. LLC | 12,157,619 | 1,842,728 | 1,219,166,033.32 | 0.0663 | 0.8564 | 09/30/2025 |
| 6 | HHLR Advisors Ltd. | 9,396,654 | 1,638,050 | 942,296,463.12 | 6.8857 | 0.6619 | 09/30/2025 |
| 7 | Norges Bank Investment Management | 9,396,292 | 197,120 | 942,260,161.76 | 0.0574 | 0.6619 | 12/31/2025 |
| 8 | BlackRock Advisors (UK) Ltd. | 8,879,527 | 1,718,441 | 890,438,967.56 | 0.0922 | 0.6255 | 12/31/2025 |
| 9 | HSBC Bank Plc (Broker) | 8,726,187 | 8,211,834 | 875,062,032.36 | 1.5758 | 0.6147 | 09/30/2025 |
| 10 | H&H International Investment LLC | 8,574,194 | -88,500 | 859,820,174.32 | 5.943 | 0.604 | 09/30/2025 |
| 11 | Sanders Capital LLC | 8,112,327 | -414,283 | 813,504,151.56 | 0.8715 | 0.5714 | 12/31/2025 |
| 12 | Goldman Sachs & Co. LLC (Private Banking) | 7,997,671 | -1,617,385 | 802,006,447.88 | 0.3525 | 0.5634 | 12/31/2025 |
| 13 | Orbis Investment Management Ltd. | 6,942,339 | 1,294,611 | 696,177,754.92 | 1.6267 | 0.489 | 09/30/2025 |
| 14 | Geode Capital Management LLC | 6,759,780 | 533,242 | 677,870,738.4 | 0.0338 | 0.4762 | 12/31/2025 |
| 15 | Assenagon Asset Management SA (Germany) | 6,728,909 | -665,302 | 674,774,994.52 | 0.9403 | 0.474 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Invesco QQQ Trust | 14,550,427 | 845,785 | 1,459,116,819.56 | 0.3659 | 1.0249 | 01/30/2026 |
| 2 | Vanguard Total International Stock Index Fund | 11,112,171 | 95,528 | 1,114,328,507.88 | 0.174 | 0.7827 | 12/31/2025 |
| 3 | Vanguard Emerging Markets Stock Index Fund | 10,247,838 | 178,890 | 1,027,653,194.64 | 0.6485 | 0.7219 | 12/31/2025 |
| 4 | iShares Core MSCI Emerging Markets ETF | 7,754,303 | 1,141,326 | 777,601,504.84 | 0.5422 | 0.5462 | 01/30/2026 |
| 5 | KraneShares CSI China Internet ETF | 5,771,083 | 643,006 | 578,724,203.24 | 7.1969 | 0.4065 | 01/30/2026 |
| 6 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,756,217 | 67,057 | 577,233,440.76 | 0.1772 | 0.4055 | 12/31/2025 |
| 7 | Vanguard International Growth Fund | 4,688,128 | -708,110 | 470,125,475.84 | 1.0074 | 0.3302 | 11/30/2025 |
| 8 | Scottish Mortgage Investment Trust Plc | 4,068,403 | -475,073 | 407,979,452.84 | 2.0287 | 0.2866 | 12/31/2025 |
| 9 | E Fund CSI Overseas China Internet 50 ETF | 3,103,498 | 0 | 311,218,779.44 | 6.3062 | 0.2186 | 06/30/2025 |
| 10 | American Funds EuroPacific Growth Fund | 3,009,131 | 662,442 | 301,755,656.68 | 0.2129 | 0.212 | 12/31/2025 |
| 11 | Dodge & Cox International Stock Fund | 3,004,100 | 3,004,100 | 301,251,148 | 0.4562 | 0.2116 | 12/31/2025 |
| 12 | Invesco NASDAQ 100 ETF | 2,591,470 | 468,976 | 259,872,611.6 | 0.3657 | 0.1825 | 01/30/2026 |
| 13 | Fidelity Inv. Trust - Emerging Markets Opportunities Fund | 2,552,378 | -700,203 | 255,952,465.84 | 0.8732 | 0.1798 | 12/31/2025 |
| 14 | Invesco China Technology ETF | 2,357,727 | 1,460,266 | 236,432,863.56 | 7.8169 | 0.1661 | 01/30/2026 |
| 15 | Strategic Advisers Fidelity Emerging Markets Fund | 2,229,051 | -197,362 | 223,529,234.28 | 0.5997 | 0.157 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | HSBC Bank Plc (Broker) | 8,726,187 | 8,211,834 | 875,062,032.36 | 1.5758 | 0.6147 | 09/30/2025 |
| 2 | Dodge & Cox | 4,439,800 | 4,439,800 | 445,223,144 | 0.1735 | 0.3127 | 12/31/2025 |
| 3 | SG Americas Securities LLC | 3,238,126 | 3,138,674 | 324,719,275.28 | 0.4237 | 0.2281 | 12/31/2025 |
| 4 | Marshall Wace LLP | 4,512,664 | 3,111,123 | 452,529,945.92 | 0.4304 | 0.3179 | 12/31/2025 |
| 5 | Temasek Holdings Pte Ltd. (Investment Management) | 4,348,247 | 2,896,293 | 436,042,209.16 | 0.9885 | 0.3063 | 09/30/2025 |
| 6 | BlackRock Fund Advisors | 22,888,017 | 2,781,034 | 2,295,210,344.76 | 0.0476 | 1.6122 | 12/31/2025 |
| 7 | Susquehanna Financial Group LLLP | 3,239,227 | 2,151,487 | 324,829,683.56 | 0.5032 | 0.2282 | 09/30/2025 |
| 8 | FIL Investments International | 2,612,870 | 1,943,876 | 262,018,603.6 | 0.1721 | 0.1841 | 09/30/2025 |
| 9 | Fidelity Management & Research Co. LLC | 12,157,619 | 1,842,728 | 1,219,166,033.32 | 0.0663 | 0.8564 | 09/30/2025 |
| 10 | Schroder Investment Management Ltd. | 1,836,371 | 1,836,371 | 184,151,283.88 | 0.0703 | 0.1294 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | UBS Asset Management Switzerland AG | 0 | -4,234,819 | 0 | 0 | 0 | |
| 2 | Baillie Gifford & Co. | 31,032,323 | -3,340,389 | 3,111,921,350.44 | 1.8313 | 2.1859 | 12/31/2025 |
| 3 | UBS Asset Management (Americas) LLC | 392 | -2,865,258 | 39,309.76 | 0 | 0 | 12/31/2025 |
| 4 | UBS Asset Management (UK) Ltd. | 0 | -2,093,635 | 0 | 0 | 0 | |
| 5 | Jane Street Capital LLC | 55,066 | -1,685,740 | 5,522,018.48 | 0.0063 | 0.0039 | 12/31/2025 |
| 6 | Goldman Sachs & Co. LLC (Private Banking) | 7,997,671 | -1,617,385 | 802,006,447.88 | 0.3525 | 0.5634 | 12/31/2025 |
| 7 | SRS Investment Management LLC | 2,654,394 | -1,409,987 | 266,182,630.32 | 3.315 | 0.187 | 09/30/2025 |
| 8 | NBC Global Finance Ltd. | 378,700 | -1,257,200 | 37,976,036 | 0.1692 | 0.0267 | 09/30/2025 |
| 9 | Keywise Capital Management (HK) Ltd. | 219,850 | -1,105,200 | 22,046,558 | 1.888 | 0.0155 | 09/30/2025 |
| 10 | Morgan Stanley & Co. International Plc | 789,007 | -924,917 | 79,121,621.96 | 0.7304 | 0.0556 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.