YOUDAO INC

Ticker: DAO CUSIP: 98741T104 Class: ADR

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
Orbis Allan Gray Ltd6,943,858$69,994
NetEase, Inc.2,898,293$29,215
VANGUARD GROUP INC1,040,574$10,489
ACADIAN ASSET MANAGEMENT LLC431,966$4
Connor, Clark & Lunn Investment Management Ltd.243,446$2,454
GSA CAPITAL PARTNERS LLP73,111$1
RENAISSANCE TECHNOLOGIES LLC62,000$625
Qube Research & Technologies Ltd57,838$583
MARSHALL WACE, LLP38,387$387
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM37,087$374
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO29,286$295
Invesco Ltd.27,797$280
MORGAN STANLEY23,546$237
UBS Group AG14,877$150
Vident Advisory, LLC10,794$109
BANK OF AMERICA CORP /DE/6,352$64
Mirae Asset Global Investments Co., Ltd.2,535$26
Compagnie Lombard Odier SCmA2,000$20
RHUMBLINE ADVISERS1,019$10
EverSource Wealth Advisors, LLC913$9
NewEdge Advisors, LLC576$6
Smartleaf Asset Management LLC509$5
GROUP ONE TRADING, L.P.123$1
ROYAL BANK OF CANADA96$1
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO87$1
CoreCap Advisors, LLC61$1
HARBOUR INVESTMENTS, INC.50$1
Tower Research Capital LLC (TRC)30$0
PNC Financial Services Group, Inc.2$0
OSAIC HOLDINGS, INC.1$0
SBI Securities Co., Ltd.1$0
Total (31 institutions)11,947,215$115,342