Ovata Capital Management Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Ionis Pharmaceuticals Inc	37,723,000	$51,861	6.3%	$1.37	—	NOTE 4/0	462222AD2
—	Snowflake Inc	32,500,000	$48,454	5.9%	$1.49	—	NOTE 10/0	833445AB5
—	Cloudflare Inc	33,245,000	$38,990	4.7%	$1.17	—	NOTE 8/1	18915MAC1
—	Pinnacle West Capital Corp	28,000,000	$29,956	3.6%	$1.07	—	NOTE 4.750% 6/1	723484AK7
—	Jazz Investments I Ltd	24,677,000	$28,626	3.5%	$1.16	—	NOTE 2.000% 6/1	472145AF8
—	CyberArk Software Ltd	36,280	$16,183	2.0%	$446.06	—	SHS	M2682V108
—	WEC Energy Group Inc	13,500,000	$15,292	1.9%	$1.13	—	NOTE 4.375% 6/0	92939UAP1
—	Southern Co/The	10,000,000	$10,695	1.3%	$1.07	—	NOTE 4.500% 6/1	842587DZ7
—	FirstEnergy Corp	10,000,000	$10,232	1.2%	$1.02	—	NOTE 4.000% 5/0	337932AR8
HDB	HDFC Bank Ltd	277,332	$10,022	1.2%	$36.14	—	SPONSORED ADS	40415F101
CWAN	Clearwater Analytics Holdings Inc	282,380	$6,811	0.8%	$20.03	0.0%	CL A	185123106
IBN	ICICI Bank Ltd	144,100	$4,306	0.5%	$29.88	—	ADR	45104G104
—	Starwood Property Trust Inc	3,500,000	$3,633	0.4%	$1.04	—	NOTE 6.750% 7/1	85571BBA2
SUNC	Sunococorp LLC	52,200	$2,572	0.3%	$49.49	0.0%	COM SHS LLC	86765Q106
WBD	Warner Bros Discovery Inc	11,807	$2,572	0.3%	$23.37	0.0%	COM SER A	934423104
MMYT	MakeMyTrip Ltd	8,400	$2,373	0.3%	$82.03	0.0%	SHS	V5633W109
DBRG	DigitalBridge Group Inc	101,560	$1,558	0.2%	$12.01	0.0%	CL A NEW	25401T603
SNPS	Synopsys Inc	2,600	$1,221	0.1%	$444.23	0.0%	COM	871607107
TM	Toyota Motor Corp	4,500	$964	0.1%	$214.25	—	ADS	892331307
SEE	Sealed Air Corp	22,773	$943	0.1%	$38.57	0.0%	COM	81211K100
ZS	Zscaler Inc	3,880	$873	0.1%	$282.25	0.0%	COM	98980G102
—	Beyond Meat Inc	405,000	$316	0.0%	$0.78	—	DEBT 7.000%10/1	08862EAD1
AGEN	Agenus Inc	30,800	$97	0.0%	$3.98	0.0%	COM NEW	00847G804

Increased Positions (10)

— Spotify USA Inc 12.1%

Value ($000) $99,623 (+185.2%) Shares 87,500,000 (+243.1%) Est. Cost $1.21 Unrealized —

RYAAY Ryanair Holdings PLC 8.7%

Value ($000) $71,969 (+343.2%) Shares 981,383 (+262.7%) Est. Cost $69.03 Unrealized —

— Ford Motor Co 4.4%

Value ($000) $36,335 (+79.2%) Shares 35,000,000 (+75.0%) Est. Cost $1.02 Unrealized —

JBS JBS NV 0.9%

Value ($000) $7,210 (+1661.9%) Shares 499,983 (+1724.2%) Est. Cost $13.76 Unrealized -0.1%

— Coinbase Global Inc 2.7%

Value ($000) $22,498 (+38.7%) Shares 22,500,000 (+54.1%) Est. Cost $1.07 Unrealized —

FOX Fox Corp 1.4%

Value ($000) $11,464 (+79.4%) Shares 176,555 (+58.3%) Est. Cost $54.73 Unrealized +6.7%

INFY Infosys Ltd 0.5%

Value ($000) $4,012 (+69.9%) Shares 218,082 (+50.3%) Est. Cost $18.76 Unrealized —

TCOM Trip.com Group Ltd 1.0%

Value ($000) $7,930 (+25.7%) Shares 111,412 (+35.3%) Est. Cost $73.84 Unrealized —

BHP BHP Group Ltd 0.3%

Value ($000) $2,806 (+120.0%) Shares 46,187 (+103.6%) Est. Cost $55.44 Unrealized —

BEP Brookfield Renewable Partners LP 0.6%

Value ($000) $4,876 (+8.1%) Shares 180,781 (+3.3%) Est. Cost $25.83 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Spotify USA Inc	87,500,000 (+243.1%)	$99,623 (+185.2%)	12.1%	$1.21	—	NOTE 3/1	84921RAB6
RYAAY	Ryanair Holdings PLC	981,383 (+262.7%)	$71,969 (+343.2%)	8.7%	$69.03	—	SPONSORED ADR	783513203
—	Ford Motor Co	35,000,000 (+75.0%)	$36,335 (+79.2%)	4.4%	$1.02	—	NOTE 3/1	345370CZ1
JBS	JBS NV	499,983 (+1724.2%)	$7,210 (+1661.9%)	0.9%	$13.76	-0.1%	CL A SHS	N4732M103
—	Coinbase Global Inc	22,500,000 (+54.1%)	$22,498 (+38.7%)	2.7%	$1.07	—	NOTE 0.500% 6/0	19260QAB3
FOX	Fox Corp	176,555 (+58.3%)	$11,464 (+79.4%)	1.4%	$54.73	+6.7%	CL B COM	35137L204
INFY	Infosys Ltd	218,082 (+50.3%)	$4,012 (+69.9%)	0.5%	$18.76	—	SPONSORED ADR	456788108
TCOM	Trip.com Group Ltd	111,412 (+35.3%)	$7,930 (+25.7%)	1.0%	$73.84	—	ADS	89677Q107
BHP	BHP Group Ltd	46,187 (+103.6%)	$2,806 (+120.0%)	0.3%	$55.44	—	SPONSORED ADS	088606108
BEP	Brookfield Renewable Partners LP	180,781 (+3.3%)	$4,876 (+8.1%)	0.6%	$25.83	—	PARTNERSHIP UNIT	G16258108

Exited Positions (11)

— Uber Technologies Inc 4.5%

Value ($000) $37,253 Shares 30,530,000 Est. Cost $1.22 Unrealized —

— Trip.com Group Ltd 1.6%

Value ($000) $12,764 Shares 10,000,000 Est. Cost $1.15 Unrealized —

— PDD Holdings Inc 0.4%

Value ($000) $2,975 Shares 3,000,000 Est. Cost $0.99 Unrealized —

IAC IAC Inc 0.3%

Value ($000) $2,388 Shares 70,098 Est. Cost $36.39 Unrealized -3.8%

MIR Mirion Technologies Inc 0.3%

Value ($000) $2,326 Shares 100,000 Est. Cost $21.62 Unrealized +15.4%

HEI HEICO Corp 0.2%

Value ($000) $1,270 Shares 5,000 Est. Cost $276.67 Unrealized +14.2%

ARM ARM Holdings PLC 0.1%

Value ($000) $1,076 Shares 7,605 Est. Cost $141.49 Unrealized —

HOLX Hologic Inc 0.1%

Value ($000) $533 Shares 7,894 Est. Cost $59.94 Unrealized +21.9%

— Beyond Meat Inc 0.1%

Value ($000) $457 Shares 2,300,000 Est. Cost $0.61 Unrealized —

CHA Chagee Holdings Ltd 0.1%

Value ($000) $455 Shares 27,500 Est. Cost $24.37 Unrealized —

SANA Sana Biotechnology Inc 0.0%

Value ($000) $355 Shares 100,000 Est. Cost $3.62 Unrealized +23.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Uber Technologies Inc	30,530,000	$37,253	4.5%	$1.22	—	—	90353TAJ9
—	Trip.com Group Ltd	10,000,000	$12,764	1.6%	$1.15	—	—	89677QAB3
—	PDD Holdings Inc	3,000,000	$2,975	0.4%	$0.99	—	—	722304AC6
IAC	IAC Inc	70,098	$2,388	0.3%	$36.39	-3.8%	—	44891N208
MIR	Mirion Technologies Inc	100,000	$2,326	0.3%	$21.62	+15.4%	—	60471A101
HEI	HEICO Corp	5,000	$1,270	0.2%	$276.67	+14.2%	—	422806109
ARM	ARM Holdings PLC	7,605	$1,076	0.1%	$141.49	—	—	042068205
HOLX	Hologic Inc	7,894	$533	0.1%	$59.94	+21.9%	—	436440101
—	Beyond Meat Inc	2,300,000	$457	0.1%	$0.61	—	—	08862EAB5
CHA	Chagee Holdings Ltd	27,500	$455	0.1%	$24.37	—	—	15743P104
SANA	Sana Biotechnology Inc	100,000	$355	0.0%	$3.62	+23.9%	—	799566104

Decreased Positions (8)

BABA Alibaba Group Holding Ltd 1.9%

Value ($000) $15,867 (-39.4%) Shares 102,096 (-29.0%) Est. Cost $123.57 Unrealized —

— H World Group Ltd 0.9%

Value ($000) $7,656 (-56.9%) Shares 6,000,000 (-62.5%) Est. Cost $1.12 Unrealized —

ASX ASE Technology Holding Co Ltd 0.7%

Value ($000) $5,785 (-44.2%) Shares 352,320 (-62.8%) Est. Cost $9.68 Unrealized —

NTES NetEase Inc 0.1%

Value ($000) $937 (-75.7%) Shares 6,800 (-73.1%) Est. Cost $136.78 Unrealized —

— Weibo Corp 0.4%

Value ($000) $3,482 (-40.5%) Shares 3,000,000 (-33.3%) Est. Cost $1.10 Unrealized —

RIO Rio Tinto PLC 1.0%

Value ($000) $8,089 (-12.8%) Shares 100,371 (-28.7%) Est. Cost $66.13 Unrealized —

SONY Sony Group Corp 0.1%

Value ($000) $514 (-33.9%) Shares 20,000 (-25.9%) Est. Cost $28.78 Unrealized —

GOOG Alphabet Inc 0.2%

Value ($000) $2,003 (-11.6%) Shares 6,400 (-31.2%) Est. Cost $199.30 Unrealized +43.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BABA	Alibaba Group Holding Ltd	102,096 (-29.0%)	$15,867 (-39.4%)	1.9%	$123.57	—	SPONSORED ADS	01609W102
—	H World Group Ltd	6,000,000 (-62.5%)	$7,656 (-56.9%)	0.9%	$1.12	—	NOTE 3.000% 5/0	44332NAB2
ASX	ASE Technology Holding Co Ltd	352,320 (-62.8%)	$5,785 (-44.2%)	0.7%	$9.68	—	SPONSORED ADS	00215W100
NTES	NetEase Inc	6,800 (-73.1%)	$937 (-75.7%)	0.1%	$136.78	—	SPONSORED ADS	64110W102
—	Weibo Corp	3,000,000 (-33.3%)	$3,482 (-40.5%)	0.4%	$1.10	—	NOTE 1.375%12/0	948596AJ0
RIO	Rio Tinto PLC	100,371 (-28.7%)	$8,089 (-12.8%)	1.0%	$66.13	—	SPONSORED ADR	767204100
SONY	Sony Group Corp	20,000 (-25.9%)	$514 (-33.9%)	0.1%	$28.78	—	SPONSORED ADR	835699307
GOOG	Alphabet Inc	6,400 (-31.2%)	$2,003 (-11.6%)	0.2%	$199.30	+43.7%	CAP STK CL C	02079K107

Unchanged Positions (12)

IBIT iShares Bitcoin Trust ETF 6.9%

Value ($000) $56,596 Shares 1,142,805 Est. Cost $48.43 Unrealized —

— Alibaba Group Holding Ltd 5.9%

Value ($000) $48,199 Shares 31,000,000 Est. Cost $1.27 Unrealized —

TSM Taiwan Semiconductor Manufacturing Co Ltd 8.2%

Value ($000) $67,273 Shares 218,258 Est. Cost $168.18 Unrealized —

FBTC Fidelity Wise Origin Bitcoin Fund 2.7%

Value ($000) $22,491 Shares 295,558 Est. Cost $93.83 Unrealized —

CAS Simplify China A Shares PLUS Income ETF 1.1%

Value ($000) $8,912 Shares 360,000 Est. Cost $30.21 Unrealized —

— NIO Inc 0.9%

Value ($000) $7,758 Shares 8,500,000 Est. Cost $0.88 Unrealized —

BITB Bitwise Bitcoin ETF 0.2%

Value ($000) $1,897 Shares 39,977 Est. Cost $58.47 Unrealized —

LI Li Auto Inc 0.1%

Value ($000) $483 Shares 29,000 Est. Cost $25.78 Unrealized —

UAA Under Armour Inc 0.8%

Value ($000) $6,952 Shares 1,398,745 Est. Cost $5.83 Unrealized -20.5%

HMC Honda Motor Co Ltd 0.1%

Value ($000) $414 Shares 14,062 Est. Cost $31.04 Unrealized —

BIDU Baidu Inc 0.1%

Value ($000) $676 Shares 5,000 Est. Cost $136.97 Unrealized —

NOTE/WS FiscalNote Holdings Inc 0.0%

Value ($000) $6 Shares 194,545 Est. Cost $0.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	iShares Bitcoin Trust ETF	1,142,805	$56,596	6.9%	$48.43	—	SHS BEN INT	46438F101
—	Alibaba Group Holding Ltd	31,000,000	$48,199	5.9%	$1.27	—	NOTE 0.500% 6/0	01609WBG6
TSM	Taiwan Semiconductor Manufacturing Co Ltd	218,258	$67,273	8.2%	$168.18	—	SPONSORED ADS	874039100
FBTC	Fidelity Wise Origin Bitcoin Fund	295,558	$22,491	2.7%	$93.83	—	SHS	315948109
CAS	Simplify China A Shares PLUS Income ETF	360,000	$8,912	1.1%	$30.21	—	CHINA A SHS PLUS	82889N384
—	NIO Inc	8,500,000	$7,758	0.9%	$0.88	—	NOTE 4.625%10/1	62914VAK2
BITB	Bitwise Bitcoin ETF	39,977	$1,897	0.2%	$58.47	—	SHS BEN INT	09174C104
LI	Li Auto Inc	29,000	$483	0.1%	$25.78	—	SPONSORED ADR	50202M102
UAA	Under Armour Inc	1,398,745	$6,952	0.8%	$5.83	-20.5%	CL A	904311107
HMC	Honda Motor Co Ltd	14,062	$414	0.1%	$31.04	—	ADR ECH CNV IN 3	438128308
BIDU	Baidu Inc	5,000	$676	0.1%	$136.97	—	SPON ADR REP A	056752108
NOTE/WS	FiscalNote Holdings Inc	194,545	$6	0.0%	$0.85	—	*W EXP 07/29/202	337655112