NAN FUNG TRINITY (HK) LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MBB	ISHARES TR	349,200	$33,251	2.6%	$95.22	—	MBS ETF	464288588
KT	KT CORP	1,492,440	$28,312	2.2%	$18.97	—	SPONSORED ADR	48268K101
FCX	FREEPORT-MCMORAN INC	341,700	$17,355	1.4%	$43.31	0.0%	CL B	35671D857
UNH	UNITEDHEALTH GROUP INC	52,435	$17,309	1.4%	$337.21	0.0%	COM	91324P102
—	CIDARA THERAPEUTICS INC	77,100	$17,031	1.3%	$220.89	—	COM NEW	171757206
BRKR	BRUKER CORP	355,300	$16,738	1.3%	$42.23	0.0%	COM	116794108
HD	HOME DEPOT INC	46,959	$16,159	1.3%	$364.59	0.0%	COM	437076102
XHB	SPDR SERIES TRUST	155,040	$15,963	1.3%	$102.96	—	STATE STREET SPD	78464A888
WBD	WARNER BROS DISCOVERY INC	497,266	$14,331	1.1%	$23.37	0.0%	COM SER A	934423104
MP	MP MATERIALS CORP	283,050	$14,300	1.1%	$63.41	0.0%	COM CL A	553368101
SVRA	SAVARA INC	1,688,500	$10,182	0.8%	$4.90	0.0%	COM	805111101
META	META PLATFORMS INC	15,200	$10,033	0.8%	$667.32	0.0%	CL A	30303M102
BBIO	BRIDGEBIO PHARMA INC	110,100	$8,422	0.7%	$65.64	0.0%	COM	10806X102
CELC	CELCUITY INC	80,775	$8,056	0.6%	$82.21	0.0%	COM	15102K100
SLG	SL GREEN RLTY CORP	135,823	$6,230	0.5%	$45.87	—	COM	78440X887
AVTX	AVALO THERAPEUTICS INC	189,000	$3,432	0.3%	$16.88	0.0%	COM NEW	05338F306
QURE	UNIQURE NV	115,494	$2,764	0.2%	$38.59	0.0%	SHS	N90064101
DOC	HEALTHPEAK PROPERTIES INC	165,064	$2,654	0.2%	$17.46	0.0%	COM	42250P103

Increased Positions (32)

AMD ADVANCED MICRO DEVICES INC 2.7%

Value ($000) $34,630 (+193.2%) Shares 161,700 (+121.5%) Est. Cost $196.06 Unrealized +14.6%

EIDO ISHARES TR 1.8%

Value ($000) $22,846 (+106.9%) Shares 1,221,700 (+94.2%) Est. Cost $18.11 Unrealized —

DHR DANAHER CORPORATION 1.8%

Value ($000) $22,572 (+92.6%) Shares 98,600 (+66.8%) Est. Cost $206.85 Unrealized +6.1%

TRVI TREVI THERAPEUTICS INC 0.9%

Value ($000) $11,486 (+1301.5%) Shares 917,450 (+924.2%) Est. Cost $11.16 Unrealized +3.6%

SRRK SCHOLAR ROCK HLDG CORP 0.9%

Value ($000) $11,596 (+727.2%) Shares 263,245 (+599.3%) Est. Cost $37.14 Unrealized +1.0%

MSFT MICROSOFT CORP 2.5%

Value ($000) $31,528 (+39.9%) Shares 65,192 (+49.8%) Est. Cost $450.82 Unrealized +11.0%

IMNM IMMUNOME INC 1.2%

Value ($000) $15,349 (+121.4%) Shares 714,553 (+20.7%) Est. Cost $9.91 Unrealized +77.2%

KURA KURA ONCOLOGY INC 0.8%

Value ($000) $10,025 (+390.6%) Shares 964,880 (+317.9%) Est. Cost $9.69 Unrealized +8.3%

AMZN AMAZON COM INC 3.3%

Value ($000) $42,173 (+21.9%) Shares 182,708 (+15.9%) Est. Cost $226.69 Unrealized +0.9%

APD AIR PRODS & CHEMS INC 1.9%

Value ($000) $23,882 (+42.9%) Shares 96,680 (+57.7%) Est. Cost $254.24 Unrealized -1.0%

ABVX ABIVAX SA 1.2%

Value ($000) $15,288 (+77.6%) Shares 113,365 (+11.8%) Est. Cost $90.19 Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 1.4%

Value ($000) $17,969 (+56.9%) Shares 227,479 (+45.6%) Est. Cost $53.85 Unrealized +33.3%

PTGX PROTAGONIST THERAPEUTICS INC 1.3%

Value ($000) $15,780 (+63.9%) Shares 180,670 (+24.7%) Est. Cost $55.18 Unrealized +48.3%

NVDA NVIDIA CORPORATION 2.9%

Value ($000) $36,300 (+18.6%) Shares 194,640 (+18.7%) Est. Cost $144.28 Unrealized +29.0%

KRC KILROY RLTY CORP 0.6%

Value ($000) $7,878 (+140.9%) Shares 210,800 (+172.4%) Est. Cost $39.16 Unrealized —

XENE XENON PHARMACEUTICALS INC 0.8%

Value ($000) $10,173 (+59.7%) Shares 226,965 (+43.1%) Est. Cost $35.44 Unrealized +18.5%

REPL REPLIMUNE GROUP INC 0.4%

Value ($000) $5,594 (+186.8%) Shares 575,527 (+23.6%) Est. Cost $8.68 Unrealized -2.1%

BIDU BAIDU INC 2.8%

Value ($000) $35,764 (+10.1%) Shares 273,721 (+11.1%) Est. Cost $117.46 Unrealized —

Z ZILLOW GROUP INC 1.7%

Value ($000) $21,308 (+17.4%) Shares 312,340 (+32.6%) Est. Cost $55.99 Unrealized +29.3%

ARE ALEXANDRIA REAL ESTATE EQ IN 0.9%

Value ($000) $11,696 (-20.2%) Shares 238,981 (+35.8%) Est. Cost $72.53 Unrealized -20.0%

PCVX VAXCYTE INC 0.5%

Value ($000) $6,595 (+75.6%) Shares 142,930 (+37.1%) Est. Cost $36.01 Unrealized +24.2%

TGT TARGET CORP 0.7%

Value ($000) $8,534 (+48.6%) Shares 87,300 (+36.4%) Est. Cost $105.96 Unrealized -13.5%

DOW DOW INC 1.4%

Value ($000) $17,970 (+17.8%) Shares 768,600 (+15.6%) Est. Cost $33.07 Unrealized -31.1%

ORCL ORACLE CORP 1.0%

Value ($000) $12,786 (-16.4%) Shares 65,600 (+20.6%) Est. Cost $251.42 Unrealized -5.3%

ABEO ABEONA THERAPEUTICS INC 0.4%

Value ($000) $5,042 (+70.3%) Shares 956,770 (+70.6%) Est. Cost $5.42 Unrealized -7.1%

JD JD.COM INC 1.5%

Value ($000) $18,646 (+10.9%) Shares 649,700 (+35.2%) Est. Cost $33.35 Unrealized —

PPG PPG INDS INC 2.2%

Value ($000) $27,616 (+5.9%) Shares 269,534 (+8.6%) Est. Cost $119.37 Unrealized -16.1%

BXP BXP INC 0.7%

Value ($000) $8,227 (+21.3%) Shares 121,924 (+33.7%) Est. Cost $67.67 Unrealized +4.0%

IDV ISHARES TR 0.2%

Value ($000) $2,111 (+113.9%) Shares 53,500 (+98.1%) Est. Cost $37.99 Unrealized —

SPYD SPDR SERIES TRUST 0.2%

Value ($000) $1,972 (+101.0%) Shares 45,600 (+104.5%) Est. Cost $43.62 Unrealized —

VNO VORNADO RLTY TR 0.4%

Value ($000) $4,786 (+20.4%) Shares 143,800 (+46.6%) Est. Cost $36.31 Unrealized —

HON HONEYWELL INTL INC 1.3%

Value ($000) $16,368 (-2.3%) Shares 83,900 (+5.4%) Est. Cost $198.24 Unrealized -1.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	161,700 (+121.5%)	$34,630 (+193.2%)	2.7%	$196.06	+14.6%	COM	007903107
EIDO	ISHARES TR	1,221,700 (+94.2%)	$22,846 (+106.9%)	1.8%	$18.11	—	MSCI INDONIA ETF	46429B309
DHR	DANAHER CORPORATION	98,600 (+66.8%)	$22,572 (+92.6%)	1.8%	$206.85	+6.1%	COM	235851102
TRVI	TREVI THERAPEUTICS INC	917,450 (+924.2%)	$11,486 (+1301.5%)	0.9%	$11.16	+3.6%	COM	89532M101
SRRK	SCHOLAR ROCK HLDG CORP	263,245 (+599.3%)	$11,596 (+727.2%)	0.9%	$37.14	+1.0%	COM	80706P103
MSFT	MICROSOFT CORP	65,192 (+49.8%)	$31,528 (+39.9%)	2.5%	$450.82	+11.0%	COM	594918104
IMNM	IMMUNOME INC	714,553 (+20.7%)	$15,349 (+121.4%)	1.2%	$9.91	+77.2%	COM	45257U108
KURA	KURA ONCOLOGY INC	964,880 (+317.9%)	$10,025 (+390.6%)	0.8%	$9.69	+8.3%	COM	50127T109
AMZN	AMAZON COM INC	182,708 (+15.9%)	$42,173 (+21.9%)	3.3%	$226.69	+0.9%	COM	023135106
APD	AIR PRODS & CHEMS INC	96,680 (+57.7%)	$23,882 (+42.9%)	1.9%	$254.24	-1.0%	COM	009158106
ABVX	ABIVAX SA	113,365 (+11.8%)	$15,288 (+77.6%)	1.2%	$90.19	—	SPONSORED ADS	00370M103
MIRM	MIRUM PHARMACEUTICALS INC	227,479 (+45.6%)	$17,969 (+56.9%)	1.4%	$53.85	+33.3%	COM	604749101
PTGX	PROTAGONIST THERAPEUTICS INC	180,670 (+24.7%)	$15,780 (+63.9%)	1.3%	$55.18	+48.3%	COM	74366E102
NVDA	NVIDIA CORPORATION	194,640 (+18.7%)	$36,300 (+18.6%)	2.9%	$144.28	+29.0%	COM	67066G104
KRC	KILROY RLTY CORP	210,800 (+172.4%)	$7,878 (+140.9%)	0.6%	$39.16	—	COM	49427F108
XENE	XENON PHARMACEUTICALS INC	226,965 (+43.1%)	$10,173 (+59.7%)	0.8%	$35.44	+18.5%	COM	98420N105
REPL	REPLIMUNE GROUP INC	575,527 (+23.6%)	$5,594 (+186.8%)	0.4%	$8.68	-2.1%	COM	76029N106
BIDU	BAIDU INC	273,721 (+11.1%)	$35,764 (+10.1%)	2.8%	$117.46	—	SPON ADR REP A	056752108
Z	ZILLOW GROUP INC	312,340 (+32.6%)	$21,308 (+17.4%)	1.7%	$55.99	+29.3%	CL C CAP STK	98954M200
ARE	ALEXANDRIA REAL ESTATE EQ IN	238,981 (+35.8%)	$11,696 (-20.2%)	0.9%	$72.53	-20.0%	COM	015271109
PCVX	VAXCYTE INC	142,930 (+37.1%)	$6,595 (+75.6%)	0.5%	$36.01	+24.2%	COM	92243G108
TGT	TARGET CORP	87,300 (+36.4%)	$8,534 (+48.6%)	0.7%	$105.96	-13.5%	COM	87612E106
DOW	DOW INC	768,600 (+15.6%)	$17,970 (+17.8%)	1.4%	$33.07	-31.1%	COM	260557103
ORCL	ORACLE CORP	65,600 (+20.6%)	$12,786 (-16.4%)	1.0%	$251.42	-5.3%	COM	68389X105
ABEO	ABEONA THERAPEUTICS INC	956,770 (+70.6%)	$5,042 (+70.3%)	0.4%	$5.42	-7.1%	COM NEW	00289Y206
JD	JD.COM INC	649,700 (+35.2%)	$18,646 (+10.9%)	1.5%	$33.35	—	SPON ADS CL A	47215P106
PPG	PPG INDS INC	269,534 (+8.6%)	$27,616 (+5.9%)	2.2%	$119.37	-16.1%	COM	693506107
BXP	BXP INC	121,924 (+33.7%)	$8,227 (+21.3%)	0.7%	$67.67	+4.0%	COM	101121101
IDV	ISHARES TR	53,500 (+98.1%)	$2,111 (+113.9%)	0.2%	$37.99	—	INTL SEL DIV ETF	464288448
SPYD	SPDR SERIES TRUST	45,600 (+104.5%)	$1,972 (+101.0%)	0.2%	$43.62	—	STATE STREET SPD	78468R788
VNO	VORNADO RLTY TR	143,800 (+46.6%)	$4,786 (+20.4%)	0.4%	$36.31	—	SH BEN INT	929042109
HON	HONEYWELL INTL INC	83,900 (+5.4%)	$16,368 (-2.3%)	1.3%	$198.24	-1.6%	COM	438516106

Exited Positions (11)

KRE SPDR SERIES TRUST 2.7%

Value ($000) $33,663 Shares 531,800 Est. Cost $56.85 Unrealized —

KBE SPDR SERIES TRUST 1.8%

Value ($000) $23,085 Shares 388,500 Est. Cost $52.96 Unrealized —

CCK CROWN HLDGS INC 1.3%

Value ($000) $16,034 Shares 166,000 Est. Cost $82.91 Unrealized +17.4%

— MERUS N V 1.1%

Value ($000) $14,154 Shares 150,338 Est. Cost $52.60 Unrealized —

BXSL BLACKSTONE SECD LENDING FD 1.1%

Value ($000) $13,662 Shares 524,068 Est. Cost $28.26 Unrealized -7.7%

ARCC ARES CAPITAL CORP 1.0%

Value ($000) $12,328 Shares 604,000 Est. Cost $20.11 Unrealized -1.6%

— TOURMALINE BIO INC 0.9%

Value ($000) $10,862 Shares 227,090 Est. Cost $15.99 Unrealized —

— VERONA PHARMA PLC 0.6%

Value ($000) $8,144 Shares 76,320 Est. Cost $94.58 Unrealized —

— AKERO THERAPEUTICS INC 0.4%

Value ($000) $5,254 Shares 110,650 Est. Cost $53.36 Unrealized —

IQ IQIYI INC 0.4%

Value ($000) $4,612 Shares 1,801,450 Est. Cost $5.95 Unrealized —

EXEL EXELIXIS INC 0.1%

Value ($000) $1,412 Shares 34,200 Est. Cost $39.97 Unrealized +3.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRE	SPDR SERIES TRUST	531,800	$33,663	2.7%	$56.85	—	—	78464A698
KBE	SPDR SERIES TRUST	388,500	$23,085	1.8%	$52.96	—	—	78464A797
CCK	CROWN HLDGS INC	166,000	$16,034	1.3%	$82.91	+17.4%	—	228368106
—	MERUS N V	150,338	$14,154	1.1%	$52.60	—	—	N5749R100
BXSL	BLACKSTONE SECD LENDING FD	524,068	$13,662	1.1%	$28.26	-7.7%	—	09261X102
ARCC	ARES CAPITAL CORP	604,000	$12,328	1.0%	$20.11	-1.6%	—	04010L103
—	TOURMALINE BIO INC	227,090	$10,862	0.9%	$15.99	—	—	89157D105
—	VERONA PHARMA PLC	76,320	$8,144	0.6%	$94.58	—	—	925050106
—	AKERO THERAPEUTICS INC	110,650	$5,254	0.4%	$53.36	—	—	00973Y108
IQ	IQIYI INC	1,801,450	$4,612	0.4%	$5.95	—	—	46267X108
EXEL	EXELIXIS INC	34,200	$1,412	0.1%	$39.97	+3.5%	—	30161Q104

Decreased Positions (3)

INTC INTEL CORP 1.1%

Value ($000) $14,181 (-36.4%) Shares 384,300 (-42.2%) Est. Cost $21.22 Unrealized +77.9%

THD ISHARES INC 1.8%

Value ($000) $22,251 (-11.7%) Shares 372,900 (-12.9%) Est. Cost $54.53 Unrealized —

BCAX BICARA THERAPEUTICS INC 0.5%

Value ($000) $6,267 (+3.1%) Shares 372,385 (-3.2%) Est. Cost $11.84 Unrealized +44.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	384,300 (-42.2%)	$14,181 (-36.4%)	1.1%	$21.22	+77.9%	COM	458140100
THD	ISHARES INC	372,900 (-12.9%)	$22,251 (-11.7%)	1.8%	$54.53	—	MSCI THAILND ETF	464286624
BCAX	BICARA THERAPEUTICS INC	372,385 (-3.2%)	$6,267 (+3.1%)	0.5%	$11.84	+44.3%	COM	055477103

Unchanged Positions (25)

EWY ISHARES INC 7.1%

Value ($000) $89,520 Shares 920,800 Est. Cost $61.37 Unrealized —

ZLAB ZAI LAB LTD 0.4%

Value ($000) $4,762 Shares 269,975 Est. Cost $34.97 Unrealized —

SLNO SOLENO THERAPEUTICS INC 0.5%

Value ($000) $5,734 Shares 123,850 Est. Cost $74.73 Unrealized -26.6%

BZ KANZHUN LIMITED 1.3%

Value ($000) $16,589 Shares 814,000 Est. Cost $13.80 Unrealized —

PYPL PAYPAL HLDGS INC 1.3%

Value ($000) $16,271 Shares 278,700 Est. Cost $72.60 Unrealized -10.7%

GEHC GE HEALTHCARE TECHNOLOGIES I 2.0%

Value ($000) $25,344 Shares 309,000 Est. Cost $74.54 Unrealized +4.5%

PDD PDD HOLDINGS INC 1.0%

Value ($000) $12,257 Shares 108,100 Est. Cost $104.66 Unrealized —

JOYY JOYY INC 1.4%

Value ($000) $17,984 Shares 277,700 Est. Cost $50.91 Unrealized —

EWZ ISHARES INC 5.0%

Value ($000) $63,699 Shares 2,005,000 Est. Cost $30.09 Unrealized —

ACN ACCENTURE PLC IRELAND 1.2%

Value ($000) $15,347 Shares 57,200 Est. Cost $302.88 Unrealized -16.1%

ZM ZOOM COMMUNICATIONS INC 2.0%

Value ($000) $24,653 Shares 285,700 Est. Cost $79.69 Unrealized +5.6%

CLYM CLIMB BIO INC 0.1%

Value ($000) $1,855 Shares 463,654 Est. Cost $1.24 Unrealized +93.0%

ESRT EMPIRE ST RLTY TR INC 0.4%

Value ($000) $5,224 Shares 801,300 Est. Cost $8.09 Unrealized —

INTU INTUIT 2.1%

Value ($000) $25,881 Shares 39,070 Est. Cost $624.92 Unrealized +5.7%

BAH BOOZ ALLEN HAMILTON HLDG COR 0.3%

Value ($000) $4,176 Shares 49,500 Est. Cost $105.15 Unrealized -15.8%

— AMCOR PLC 3.1%

Value ($000) $38,622 Shares 4,630,880 Est. Cost $9.25 Unrealized -10.8%

KALV KALVISTA PHARMACEUTICALS INC 0.2%

Value ($000) $2,496 Shares 154,522 Est. Cost $12.23 Unrealized +8.3%

AMX AMERICA MOVIL SAB DE CV 2.3%

Value ($000) $29,639 Shares 1,433,900 Est. Cost $20.32 Unrealized —

DBVT DBV TECHNOLOGIES S A 0.1%

Value ($000) $711 Shares 37,095 Est. Cost $9.16 Unrealized —

IJH ISHARES TR 1.9%

Value ($000) $23,694 Shares 359,000 Est. Cost $58.48 Unrealized —

AKR ACADIA RLTY TR 0.7%

Value ($000) $9,409 Shares 458,100 Est. Cost $20.93 Unrealized —

GERN GERON CORP 0.1%

Value ($000) $1,813 Shares 1,373,550 Est. Cost $1.42 Unrealized -11.5%

RXRX RECURSION PHARMACEUTICALS IN 0.0%

Value ($000) $284 Shares 69,323 Est. Cost $5.25 Unrealized -5.7%

FRT FEDERAL RLTY INVT TR NEW 0.5%

Value ($000) $6,451 Shares 64,000 Est. Cost $103.32 Unrealized -5.8%

ALXO ALX ONCOLOGY HLDGS INC 0.0%

Value ($000) $47 Shares 41,950 Est. Cost $0.50 Unrealized +200.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWY	ISHARES INC	920,800	$89,520	7.1%	$61.37	—	MSCI STH KOR ETF	464286772
ZLAB	ZAI LAB LTD	269,975	$4,762	0.4%	$34.97	—	ADR	98887Q104
SLNO	SOLENO THERAPEUTICS INC	123,850	$5,734	0.5%	$74.73	-26.6%	COM	834203309
BZ	KANZHUN LIMITED	814,000	$16,589	1.3%	$13.80	—	SPONSORED ADS	48553T106
PYPL	PAYPAL HLDGS INC	278,700	$16,271	1.3%	$72.60	-10.7%	COM	70450Y103
GEHC	GE HEALTHCARE TECHNOLOGIES I	309,000	$25,344	2.0%	$74.54	+4.5%	COMMON STOCK	36266G107
PDD	PDD HOLDINGS INC	108,100	$12,257	1.0%	$104.66	—	SPONSORED ADS	722304102
JOYY	JOYY INC	277,700	$17,984	1.4%	$50.91	—	ADS REPSTG COM A	46591M109
EWZ	ISHARES INC	2,005,000	$63,699	5.0%	$30.09	—	MSCI BRAZIL ETF	464286400
ACN	ACCENTURE PLC IRELAND	57,200	$15,347	1.2%	$302.88	-16.1%	SHS CLASS A	G1151C101
ZM	ZOOM COMMUNICATIONS INC	285,700	$24,653	2.0%	$79.69	+5.6%	CL A	98980L101
CLYM	CLIMB BIO INC	463,654	$1,855	0.1%	$1.24	+93.0%	COM	28658R106
ESRT	EMPIRE ST RLTY TR INC	801,300	$5,224	0.4%	$8.09	—	CL A	292104106
INTU	INTUIT	39,070	$25,881	2.1%	$624.92	+5.7%	COM	461202103
BAH	BOOZ ALLEN HAMILTON HLDG COR	49,500	$4,176	0.3%	$105.15	-15.8%	CL A	099502106
—	AMCOR PLC	4,630,880	$38,622	3.1%	$9.25	-10.8%	ORD	G0250X107
KALV	KALVISTA PHARMACEUTICALS INC	154,522	$2,496	0.2%	$12.23	+8.3%	COM	483497103
AMX	AMERICA MOVIL SAB DE CV	1,433,900	$29,639	2.3%	$20.32	—	SPON ADS RP CL B	02390A101
DBVT	DBV TECHNOLOGIES S A	37,095	$711	0.1%	$9.16	—	SPONSORED ADS	23306J309
IJH	ISHARES TR	359,000	$23,694	1.9%	$58.48	—	CORE S&P MCP ETF	464287507
AKR	ACADIA RLTY TR	458,100	$9,409	0.7%	$20.93	—	COM SH BEN INT	004239109
GERN	GERON CORP	1,373,550	$1,813	0.1%	$1.42	-11.5%	COM	374163103
RXRX	RECURSION PHARMACEUTICALS IN	69,323	$284	0.0%	$5.25	-5.7%	CL A	75629V104
FRT	FEDERAL RLTY INVT TR NEW	64,000	$6,451	0.5%	$103.32	-5.8%	SH BEN INT NEW	313745101
ALXO	ALX ONCOLOGY HLDGS INC	41,950	$47	0.0%	$0.50	+200.0%	COM	00166B105