Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRVL	MARVELL TECHNOLOGY INC	171,033	$16.94M	1.0%	$81.07	0.0%	COM	573874104
VIPS	VIPSHOP HLDGS LTD	124,700	$1.96M	0.1%	$15.72	—	SPONSORED ADS A	92763W103
INTC	INTEL CORP	28,970	$1.278M	0.1%	$46.43	0.0%	COM	458140100
NVDA	NVIDIA CORPORATION	6,610	$1.153M	0.1%	$186.63	0.0%	COM	67066G104
LITE	LUMENTUM HLDGS INC	1,500	$1.054M	0.1%	$467.14	0.0%	COM	55024U109
GLW	CORNING INC	7,700	$1.047M	0.1%	$111.68	0.0%	COM	219350105
COHR	COHERENT CORP	4,275	$1.018M	0.1%	$213.35	0.0%	COM	19247G107
DDL	DINGDONG CAYMAN LTD	354,500	$911K	0.1%	$2.57	—	ADS	25445D101
EWW	ISHARES INC	8,800	$662K	0.0%	$75.23	—	MSCI MEXICO ETF	464286822

Increased Positions (2)

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.3%

Value $5.245M (+52.7%) Shares 15,520 (+37.3%) Est. Cost $313.15 Unrealized —

VNET VNET GROUP INC 0.0%

Value $546K (+21.6%) Shares 65,100 (+22.6%) Est. Cost $8.45 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	15,520 (+37.3%)	$5.245M (+52.7%)	0.3%	$313.15	—	SPONSORED ADS	874039100
VNET	VNET GROUP INC	65,100 (+22.6%)	$546K (+21.6%)	0.0%	$8.45	—	SPONSORED ADS A	90138A103

Exited Positions (4)

GOOGL ALPHABET INC 0.1%

Value $2.285M Shares 7,300 Est. Cost $285.60 Unrealized +13.2%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $1.753M Shares 35,300 Est. Cost $49.65 Unrealized —

MCO MOODYS CORP 0.1%

Value $1.475M Shares 2,888 Est. Cost $439.57 Unrealized +11.4%

AXIA/PC CENTRAIS ELET BRAS SA 0.0%

Value $219K Shares 25,390 Est. Cost $8.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	7,300	$2.285M	0.1%	$285.60	+13.2%	—	02079K305
IBIT	ISHARES BITCOIN TRUST ETF	35,300	$1.753M	0.1%	$49.65	—	—	46438F101
MCO	MOODYS CORP	2,888	$1.475M	0.1%	$439.57	+11.4%	—	615369105
AXIA/PC	CENTRAIS ELET BRAS SA	25,390	$219K	0.0%	$8.62	—	—	15236F100

Decreased Positions (6)

PDD PDD HOLDINGS INC 25.4%

Value $426M (-65.0%) Shares 4,165,029 (-61.2%) Est. Cost $113.43 Unrealized —

BABA ALIBABA GROUP HLDG LTD 18.4%

Value $308M (-61.3%) Shares 2,453,657 (-54.8%) Est. Cost $146.39 Unrealized —

FUTU FUTU HLDGS LTD 11.6%

Value $194M (-27.5%) Shares 1,419,483 (-12.9%) Est. Cost $95.37 Unrealized —

BULL WEBULL CORP 0.4%

Value $7.2M (-84.5%) Shares 1,500,000 (-74.9%) Est. Cost $14.98 Unrealized -52.3%

MAZE MAZE THERAPEUTICS INC 0.7%

Value $10.93M (-42.4%) Shares 366,028 (-20.0%) Est. Cost $12.04 Unrealized +265.8%

AXIA CENTRAIS ELET BRAS SA 0.0%

Value $712K (-19.6%) Shares 63,100 (-34.7%) Est. Cost $9.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD HOLDINGS INC	4,165,029 (-61.2%)	$426M (-65.0%)	25.4%	$113.43	—	SPONSORED ADS	722304102
BABA	ALIBABA GROUP HLDG LTD	2,453,657 (-54.8%)	$308M (-61.3%)	18.4%	$146.39	—	SPONSORED ADS	01609W102
FUTU	FUTU HLDGS LTD	1,419,483 (-12.9%)	$194M (-27.5%)	11.6%	$95.37	—	SPON ADS CL A	36118L106
BULL	WEBULL CORP	1,500,000 (-74.9%)	$7.2M (-84.5%)	0.4%	$14.98	-52.3%	ORD SHS	G9572D103
MAZE	MAZE THERAPEUTICS INC	366,028 (-20.0%)	$10.93M (-42.4%)	0.7%	$12.04	+265.8%	COM	578784100
AXIA	CENTRAIS ELET BRAS SA	63,100 (-34.7%)	$712K (-19.6%)	0.0%	$9.16	—	SPONSORED ADR	15234Q207

Unchanged Positions (21)

LEGN LEGEND BIOTECH CORP 6.5%

Value $108M Shares 5,984,550 Est. Cost $51.94 Unrealized —

GOSS GOSSAMER BIO INC 0.1%

Value $1.634M Shares 4,974,041 Est. Cost $18.52 Unrealized -87.8%

AVBP ARRIVENT BIOPHARMA INC 5.4%

Value $90.64M Shares 3,929,117 Est. Cost $19.88 Unrealized +11.0%

NBP NOVABRIDGE BIOSCIENCES 0.9%

Value $14.71M Shares 5,980,568 Est. Cost $50.06 Unrealized —

ONC BEONE MEDICINES LTD 18.4%

Value $307M Shares 1,034,306 Est. Cost $136.90 Unrealized —

CTKB CYTEK BIOSCIENCES INC 1.7%

Value $29.09M Shares 6,657,030 Est. Cost $23.52 Unrealized -79.0%

YSG YATSEN HLDG LTD 0.9%

Value $15.05M Shares 4,885,873 Est. Cost $2.11 Unrealized —

BEKE KE HLDGS INC 3.8%

Value $63.42M Shares 4,236,278 Est. Cost $22.42 Unrealized —

API AGORA INC 0.4%

Value $7.429M Shares 2,098,553 Est. Cost $4.16 Unrealized —

CTNM CONTINEUM THERAPEUTICS INC 0.5%

Value $8.742M Shares 669,337 Est. Cost $16.10 Unrealized -17.1%

CWAN CLEARWATER ANALYTICS HLDGS I 1.9%

Value $32.31M Shares 1,365,971 Est. Cost $23.01 Unrealized +3.6%

PACB PACIFIC BIOSCIENCES CALIF IN 0.1%

Value $1.213M Shares 918,892 Est. Cost $11.43 Unrealized -82.3%

SGMT SAGIMET BIOSCIENCES INC 0.2%

Value $3.787M Shares 724,800 Est. Cost $13.31 Unrealized -56.4%

TUYA TUYA INC 0.2%

Value $3.614M Shares 1,564,400 Est. Cost $21.14 Unrealized —

GE GE AEROSPACE 0.2%

Value $2.85M Shares 10,043 Est. Cost $191.62 Unrealized +66.1%

ALGS ALIGOS THERAPEUTICS INC 0.0%

Value $567K Shares 76,247 Est. Cost $12.44 Unrealized -36.4%

MOGU MOGU INC 0.1%

Value $1.89M Shares 847,510 Est. Cost $3.52 Unrealized —

B BARRICK MNG CORP 0.1%

Value $1.036M Shares 25,400 Est. Cost $25.15 Unrealized +92.1%

RDGT RIDGETECH INC 0.0%

Value $657 Shares 20,167 Est. Cost $3.61 Unrealized -42.0%

EQX EQUINOX GOLD CORP 0.1%

Value $1.164M Shares 80,500 Est. Cost $7.95 Unrealized +95.2%

UXIN UXIN LTD 0.0%

Value $58,809 Shares 19,156 Est. Cost $2.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LEGN	LEGEND BIOTECH CORP	5,984,550	$108M	6.5%	$51.94	—	SPONSORED ADS	52490G102
GOSS	GOSSAMER BIO INC	4,974,041	$1.634M	0.1%	$18.52	-87.8%	COM	38341P102
AVBP	ARRIVENT BIOPHARMA INC	3,929,117	$90.64M	5.4%	$19.88	+11.0%	COM	04272N102
NBP	NOVABRIDGE BIOSCIENCES	5,980,568	$14.71M	0.9%	$50.06	—	SPONSORED ADS	44975P103
ONC	BEONE MEDICINES LTD	1,034,306	$307M	18.4%	$136.90	—	SPONSORED ADS	07725L102
CTKB	CYTEK BIOSCIENCES INC	6,657,030	$29.09M	1.7%	$23.52	-79.0%	COM	23285D109
YSG	YATSEN HLDG LTD	4,885,873	$15.05M	0.9%	$2.11	—	SPONSORED ADS	985194208
BEKE	KE HLDGS INC	4,236,278	$63.42M	3.8%	$22.42	—	SPONSORED ADS	482497104
API	AGORA INC	2,098,553	$7.429M	0.4%	$4.16	—	ADS	00851L103
CTNM	CONTINEUM THERAPEUTICS INC	669,337	$8.742M	0.5%	$16.10	-17.1%	CL A	21217B100
CWAN	CLEARWATER ANALYTICS HLDGS I	1,365,971	$32.31M	1.9%	$23.01	+3.6%	CL A	185123106
PACB	PACIFIC BIOSCIENCES CALIF IN	918,892	$1.213M	0.1%	$11.43	-82.3%	COM	69404D108
SGMT	SAGIMET BIOSCIENCES INC	724,800	$3.787M	0.2%	$13.31	-56.4%	COM SER A	786700104
TUYA	TUYA INC	1,564,400	$3.614M	0.2%	$21.14	—	SPONSERED ADS	90114C107
GE	GE AEROSPACE	10,043	$2.85M	0.2%	$191.62	+66.1%	COM NEW	369604301
ALGS	ALIGOS THERAPEUTICS INC	76,247	$567K	0.0%	$12.44	-36.4%	COM NEW	01626L204
MOGU	MOGU INC	847,510	$1.89M	0.1%	$3.52	—	SPON ADS	608012308
B	BARRICK MNG CORP	25,400	$1.036M	0.1%	$25.15	+92.1%	COM SHS	06849F108
RDGT	RIDGETECH INC	20,167	$657	0.0%	$3.61	-42.0%	SHS NEW	G2124G120
EQX	EQUINOX GOLD CORP	80,500	$1.164M	0.1%	$7.95	+95.2%	COM	29446Y502
UXIN	UXIN LTD	19,156	$58,809	0.0%	$2.12	—	SPONSORED ADS	91818X306