OPTIMAS CAPITAL Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	Taiwan Semiconductor Manufacturing Ltd	60,300	$18,325	20.3%	—	—	CALL	874039100
LVS	Las Vegas Sands Corp	262,500	$17,086	19.0%	$39.23	+56.0%	CALL	517834107
GLW	Corning Inc	59,100	$5,175	5.7%	$85.98	0.0%	COM	219350105
GOOGL	Alphabet Inc	13,200	$4,132	4.6%	$285.60	0.0%	CAP STK CL A	02079K305
ZTO	ZTO Express Cayman Inc	191,700	$4,005	4.4%	$20.89	—	SPONSORED ADS A	98980A105
BZ	Kanzhun Ltd	193,200	$3,937	4.4%	$20.38	—	SPONSORED ADS	48553T106
AVGO	Broadcom Inc	7,360	$2,547	2.8%	$357.00	0.0%	COM	11135F101
AMD	Advanced Micro Devices Inc	9,300	$1,992	2.2%	$224.60	0.0%	COM	007903107
IBN	ICICI Bank Ltd	55,000	$1,639	1.8%	$29.80	—	ADR	45104G104

Increased Positions (1)

PDD PDD Holdings Inc 15.1%

Value ($000) $13,636 (+217.0%) Shares 120,256 (+269.5%) Est. Cost $118.47 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PDD	PDD Holdings Inc	120,256 (+269.5%)	$13,636 (+217.0%)	15.1%	$118.47	—	SPONSORED ADS	722304102

Exited Positions (22)

LVS Las Vegas Sands Corp 16.6%

Value ($000) $14,952 Shares 277,964 Est. Cost $39.23 Unrealized +56.0%

BMY Bristol-Myers Squibb Co 12.8%

Value ($000) $11,523 Shares 255,500 Est. Cost $45.51 Unrealized +4.4%

MRK Merck & Co Inc 11.4%

Value ($000) $10,265 Shares 122,300 Est. Cost $81.01 Unrealized +15.1%

TME Tencent Music Entertainment Group 10.2%

Value ($000) $9,150 Shares 392,042 Est. Cost $23.34 Unrealized —

MFC Manulife Financial Corp 8.9%

Value ($000) $8,021 Shares 257,500 Est. Cost $30.84 Unrealized +10.1%

WYNN Wynn Resorts Ltd 8.7%

Value ($000) $7,888 Shares 61,492 Est. Cost $115.07 Unrealized +7.4%

NVDA NVIDIA Corp 7.8%

Value ($000) $7,034 Shares 37,700 Est. Cost $115.77 Unrealized +60.8%

YMM Full Truck Alliance Co Ltd 7.2%

Value ($000) $6,458 Shares 497,885 Est. Cost $12.97 Unrealized —

PFE Pfizer Inc 6.2%

Value ($000) $5,626 Shares 220,800 Est. Cost $24.14 Unrealized +3.7%

IQV IQVIA Holdings Inc 4.4%

Value ($000) $4,008 Shares 21,100 Est. Cost $181.84 Unrealized +19.7%

NFLX Netflix Inc 4.3%

Value ($000) $3,837 Shares 3,200 Est. Cost $122.05 Unrealized -11.7%

AAPL Apple Inc 3.3%

Value ($000) $3,005 Shares 11,800 Est. Cost $201.41 Unrealized +33.2%

TER Teradyne Inc 2.8%

Value ($000) $2,519 Shares 18,300 Est. Cost $109.09 Unrealized +57.2%

MSFT Microsoft Corp 2.6%

Value ($000) $2,331 Shares 4,500 Est. Cost $508.71 Unrealized -1.6%

NKE NIKE Inc 2.4%

Value ($000) $2,148 Shares 30,800 Est. Cost $62.85 Unrealized +3.3%

LRCX Lam Research Corp 2.3%

Value ($000) $2,035 Shares 15,200 Est. Cost $105.52 Unrealized +47.2%

EDU New Oriental Education & Technology Group Inc 2.2%

Value ($000) $1,974 Shares 37,200 Est. Cost $53.07 Unrealized —

EA Electronic Arts Inc 2.0%

Value ($000) $1,815 Shares 9,000 Est. Cost $165.25 Unrealized +22.1%

MRVL Marvell Technology Inc 1.2%

Value ($000) $1,127 Shares 13,400 Est. Cost $73.50 Unrealized +19.0%

TAL TAL Education Group 1.2%

Value ($000) $1,040 Shares 92,900 Est. Cost $11.20 Unrealized —

MMYT MakeMyTrip Ltd 1.1%

Value ($000) $950 Shares 10,150 Est. Cost $100.86 Unrealized -18.7%

LX LexinFintech Holdings Ltd 1.0%

Value ($000) $938 Shares 176,000 Est. Cost $5.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LVS	Las Vegas Sands Corp	277,964	$14,952	16.6%	$39.23	+56.0%	—	517834107
BMY	Bristol-Myers Squibb Co	255,500	$11,523	12.8%	$45.51	+4.4%	—	110122108
MRK	Merck & Co Inc	122,300	$10,265	11.4%	$81.01	+15.1%	—	58933Y105
TME	Tencent Music Entertainment Group	392,042	$9,150	10.2%	$23.34	—	—	88034P109
MFC	Manulife Financial Corp	257,500	$8,021	8.9%	$30.84	+10.1%	—	56501R106
WYNN	Wynn Resorts Ltd	61,492	$7,888	8.7%	$115.07	+7.4%	—	983134107
NVDA	NVIDIA Corp	37,700	$7,034	7.8%	$115.77	+60.8%	—	67066G104
YMM	Full Truck Alliance Co Ltd	497,885	$6,458	7.2%	$12.97	—	—	35969L108
PFE	Pfizer Inc	220,800	$5,626	6.2%	$24.14	+3.7%	—	717081103
IQV	IQVIA Holdings Inc	21,100	$4,008	4.4%	$181.84	+19.7%	—	46266C105
NFLX	Netflix Inc	3,200	$3,837	4.3%	$122.05	-11.7%	—	64110L106
AAPL	Apple Inc	11,800	$3,005	3.3%	$201.41	+33.2%	—	037833100
TER	Teradyne Inc	18,300	$2,519	2.8%	$109.09	+57.2%	—	880770102
MSFT	Microsoft Corp	4,500	$2,331	2.6%	$508.71	-1.6%	—	594918104
NKE	NIKE Inc	30,800	$2,148	2.4%	$62.85	+3.3%	—	654106103
LRCX	Lam Research Corp	15,200	$2,035	2.3%	$105.52	+47.2%	—	512807306
EDU	New Oriental Education & Technology Group Inc	37,200	$1,974	2.2%	$53.07	—	—	647581206
EA	Electronic Arts Inc	9,000	$1,815	2.0%	$165.25	+22.1%	—	285512109
MRVL	Marvell Technology Inc	13,400	$1,127	1.2%	$73.50	+19.0%	—	573874104
TAL	TAL Education Group	92,900	$1,040	1.2%	$11.20	—	—	874080104
MMYT	MakeMyTrip Ltd	10,150	$950	1.1%	$100.86	-18.7%	—	V5633W109
LX	LexinFintech Holdings Ltd	176,000	$938	1.0%	$5.33	—	—	528877103

Decreased Positions (5)

BABA Alibaba Group Holding Ltd 4.1%

Value ($000) $3,723 (-80.7%) Shares 25,400 (-76.4%) Est. Cost $178.73 Unrealized —

NTES NetEase Inc 4.7%

Value ($000) $4,194 (-55.6%) Shares 30,477 (-50.9%) Est. Cost $110.61 Unrealized —

JOYY JOYY Inc 1.2%

Value ($000) $1,075 (-71.7%) Shares 16,600 (-74.3%) Est. Cost $58.61 Unrealized —

META Meta Platforms Inc 4.2%

Value ($000) $3,748 (-35.4%) Shares 5,678 (-28.1%) Est. Cost $743.23 Unrealized -10.2%

SPOT Spotify Technology SA 1.6%

Value ($000) $1,487 (-56.5%) Shares 2,560 (-47.8%) Est. Cost $699.24 Unrealized -10.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	Alibaba Group Holding Ltd	25,400 (-76.4%)	$3,723 (-80.7%)	4.1%	$178.73	—	SPONSORED ADS	01609W102
NTES	NetEase Inc	30,477 (-50.9%)	$4,194 (-55.6%)	4.7%	$110.61	—	SPONSORED ADS	64110W102
JOYY	JOYY Inc	16,600 (-74.3%)	$1,075 (-71.7%)	1.2%	$58.61	—	ADS REPSTG	46591M109
META	Meta Platforms Inc	5,678 (-28.1%)	$3,748 (-35.4%)	4.2%	$743.23	-10.2%	CL A	30303M102
SPOT	Spotify Technology SA	2,560 (-47.8%)	$1,487 (-56.5%)	1.6%	$699.24	-10.6%	SHS	L8681T102

Unchanged Positions (1)

BIDU Baidu Inc 3.8%

Value ($000) $3,449 Shares 26,400 Est. Cost $131.77 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIDU	Baidu Inc	26,400	$3,449	3.8%	$131.77	—	SPON ADR REP A	056752108