MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
YUMC	Sell	YUM CHINA HLDGS INC	$150,844,850	-11.9%	2,707,194	-10.6%	18.25%	-9.0%
BEKE	Buy	KE HLDGS INCsponsored ads	$123,683,738	+17.1%	7,969,313	+12.0%	14.96%	+20.9%
PDD	Buy	PDD HOLDINGS INCsponsored ads	$107,508,061	+57.2%	1,096,238	+10.9%	13.00%	+62.3%
LEGN	Buy	LEGEND BIOTECH CORPsponsored ads	$75,487,527	-2.7%	1,123,828	+0.0%	9.13%	+0.5%
YMM	Buy	FULL TRUCK ALLIANCE CO LTDsponsored ads	$64,201,484	+59.0%	9,119,529	+40.5%	7.77%	+64.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$33,730,235	-41.1%	388,150	-31.6%	4.08%	-39.2%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$29,303,981	-21.8%	337,837	-24.8%	3.54%	-19.2%
TCOM	Buy	TRIP COM GROUP LTDads	$28,737,996	+52.9%	821,790	+53.0%	3.48%	+57.9%
ZH	Buy	ZHIHU INCads	$26,801,639	+63.1%	25,770,807	+77.2%	3.24%	+68.4%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$21,830,127	+119.9%	3,421,650	+154.3%	2.64%	+127.0%
AVGO	Buy	BROADCOM INC	$16,511,100	+32.6%	19,879	+38.5%	2.00%	+37.0%
MNSO	New	MINISO GROUP HLDG LTDsponsored ads	$14,502,601	–	559,946	–	1.75%	–
ACMR	Sell	ACM RESH INC	$13,508,159	+33.9%	746,101	-3.3%	1.63%	+38.2%
NTES	Sell	NETEASE INCsponsored ads	$13,297,141	-15.8%	132,759	-18.8%	1.61%	-13.1%
SE	Sell	SEA LTDsponsored ads	$12,837,619	-32.5%	292,096	-10.8%	1.55%	-30.3%
BZ	Buy	KANZHUN LIMITEDsponsored ads	$12,484,258	+18.6%	822,957	+17.7%	1.51%	+22.5%
MLCO	Buy	MELCO RESORTS AND ENTMNT LTDadr	$11,809,046	+181.1%	1,194,039	+247.0%	1.43%	+190.2%
BGNE	Sell	BEIGENE LTDsponsored adr	$10,952,284	-51.9%	60,890	-52.3%	1.32%	-50.3%
NVDA	Sell	NVIDIA CORPORATION	$8,574,958	-57.7%	19,713	-58.9%	1.04%	-56.3%
BIDU	Sell	BAIDU INCspon adr rep a	$7,665,877	-3.9%	57,059	-2.1%	0.93%	-0.7%
MU	Sell	MICRON TECHNOLOGY INC	$6,634,218	-3.2%	97,519	-10.2%	0.80%	-0.1%
ASML	Sell	ASML HOLDING N V	$4,993,014	-73.5%	8,482	-67.4%	0.60%	-72.6%
LRCX	Sell	LAM RESEARCH CORP	$4,443,173	-12.5%	7,089	-10.2%	0.54%	-9.7%
ZTO	Sell	ZTO EXPRESS CAYMAN INCsponsored ads a	$3,273,633	-20.1%	135,442	-17.1%	0.40%	-17.5%
HDB	Buy	HDFC BANK LTDsponsored ads	$3,067,930	+3.6%	51,990	+22.4%	0.37%	+6.9%
IBN	Buy	ICICI BANK LIMITEDadr	$2,400,180	+10.2%	103,814	+10.0%	0.29%	+13.7%
TTE	Buy	TOTALENERGIES SEsponsored ads	$2,395,505	+28.3%	36,428	+12.5%	0.29%	+32.4%
INFY	Buy	INFOSYS LTDsponsored adr	$2,241,889	+19.9%	131,028	+12.6%	0.27%	+23.7%
GLOB	Buy	GLOBANT S A	$1,853,063	+28.9%	9,366	+17.0%	0.22%	+33.3%
AMAT	Buy	APPLIED MATLS INC	$1,740,732	+8.2%	12,573	+12.9%	0.21%	+11.6%
HTHT	Sell	H WORLD GROUP LTDsponsored ads	$1,621,125	-86.7%	41,114	-86.9%	0.20%	-86.2%
	Sell	NU HLDGS LTD	$1,540,893	-17.8%	212,537	-10.6%	0.19%	-15.5%
VINP	Buy	VINCI PARTNERS INVTS LTD	$1,472,207	+18.1%	144,334	+7.9%	0.18%	+21.9%
CPNG	Sell	COUPANG INCcl a	$1,399,644	-7.1%	82,332	-4.9%	0.17%	-4.0%
ASR	Buy	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$1,221,179	+0.3%	4,970	+13.3%	0.15%	+3.5%
VALE	Buy	VALE S Asponsored ads	$1,218,583	+8.7%	90,939	+8.9%	0.15%	+12.2%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$923,077	+8.2%	24,754	+16.1%	0.11%	+12.0%
	New	SK TELECOM LTDsponsored adr	$29,980	–	1,397	–	0.00%	–
	Exit	TDCX INCads	$0	–	-39,070	–	-0.04%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-269,675	–	-0.48%	–
STAA	Exit	STAAR SURGICAL CO	$0	–	-101,938	–	-0.63%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-16,520	–	-0.73%	–
ALGM	Exit	ALLEGRO MICROSYSTEMS INC	$0	–	-147,339	–	-0.78%	–
MPWR	Exit	MONOLITHIC PWR SYS INC	$0	–	-13,982	–	-0.88%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-6,397	–	-0.89%	–
V	Exit	VISA INC	$0	–	-43,939	–	-1.22%	–
NFLX	Exit	NETFLIX INC	$0	–	-28,352	–	-1.46%	–

Q2 2023

			Value		Shares		↓ Weighting
YUMC	New	YUM CHINA HLDGS INC	$171,166,863	–	3,029,502	–	20.05%	–
BEKE	New	KE HLDGS INCsponsored ads	$105,634,926	–	7,113,463	–	12.38%	–
LEGN	New	LEGEND BIOTECH CORPsponsored ads	$77,568,459	–	1,123,692	–	9.09%	–
PDD	New	PDD HOLDINGS INCsponsored ads	$68,371,094	–	988,879	–	8.01%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$57,294,605	–	567,723	–	6.71%	–
YMM	New	FULL TRUCK ALLIANCE CO LTDsponsored ads	$40,370,313	–	6,490,404	–	4.73%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$37,461,908	–	449,453	–	4.39%	–
BGNE	New	BEIGENE LTDsponsored adr	$22,775,507	–	127,737	–	2.67%	–
NVDA	New	NVIDIA CORPORATION	$20,271,541	–	47,921	–	2.38%	–
SE	New	SEA LTDsponsored ads	$19,016,284	–	327,641	–	2.23%	–
ASML	New	ASML HOLDING N V	$18,838,427	–	25,993	–	2.21%	–
TCOM	New	TRIP COM GROUP LTDads	$18,794,125	–	536,975	–	2.20%	–
ZH	New	ZHIHU INCads	$16,434,111	–	14,543,461	–	1.92%	–
NTES	New	NETEASE INCsponsored ads	$15,799,243	–	163,401	–	1.85%	–
NFLX	New	NETFLIX INC	$12,488,772	–	28,352	–	1.46%	–
AVGO	New	BROADCOM INC	$12,449,355	–	14,352	–	1.46%	–
HTHT	New	H WORLD GROUP LTDsponsored ads	$12,147,176	–	313,233	–	1.42%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$10,522,403	–	699,163	–	1.23%	–
V	New	VISA INC	$10,434,634	–	43,939	–	1.22%	–
ACMR	New	ACM RESH INC	$10,086,995	–	771,177	–	1.18%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$9,928,890	–	1,345,378	–	1.16%	–
BIDU	New	BAIDU INCspon adr rep a	$7,976,650	–	58,262	–	0.93%	–
MELI	New	MERCADOLIBRE INC	$7,577,886	–	6,397	–	0.89%	–
MPWR	New	MONOLITHIC PWR SYS INC	$7,553,496	–	13,982	–	0.88%	–
MU	New	MICRON TECHNOLOGY INC	$6,856,144	–	108,638	–	0.80%	–
ALGM	New	ALLEGRO MICROSYSTEMS INC	$6,650,882	–	147,339	–	0.78%	–
LULU	New	LULULEMON ATHLETICA INC	$6,252,820	–	16,520	–	0.73%	–
STAA	New	STAAR SURGICAL CO	$5,358,881	–	101,938	–	0.63%	–
LRCX	New	LAM RESEARCH CORP	$5,077,308	–	7,898	–	0.60%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$4,201,339	–	344,090	–	0.49%	–
ZTO	New	ZTO EXPRESS CAYMAN INCsponsored ads a	$4,099,025	–	163,438	–	0.48%	–
BILI	New	BILIBILI INCspons ads rep z	$4,072,093	–	269,675	–	0.48%	–
HDB	New	HDFC BANK LTDsponsored ads	$2,961,065	–	42,483	–	0.35%	–
IBN	New	ICICI BANK LIMITEDadr	$2,178,637	–	94,395	–	0.26%	–
	New	NU HLDGS LTD	$1,874,980	–	237,640	–	0.22%	–
TTE	New	TOTALENERGIES SEsponsored ads	$1,866,671	–	32,385	–	0.22%	–
INFY	New	INFOSYS LTDsponsored adr	$1,870,484	–	116,396	–	0.22%	–
AMAT	New	APPLIED MATLS INC	$1,609,453	–	11,135	–	0.19%	–
CPNG	New	COUPANG INCcl a	$1,506,057	–	86,555	–	0.18%	–
GLOB	New	GLOBANT S A	$1,438,119	–	8,002	–	0.17%	–
VINP	New	VINCI PARTNERS INVTS LTD	$1,246,168	–	133,709	–	0.15%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$1,217,671	–	4,385	–	0.14%	–
VALE	New	VALE S Asponsored ads	$1,120,704	–	83,510	–	0.13%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$852,840	–	21,321	–	0.10%	–
	New	TDCX INCads	$309,044	–	39,070	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
HHR	Exit	HEADHUNTER GROUP PLCsponsored ads	$0	–	-15,800	–	0.00%	–
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-6,538	–	-0.04%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-1,044	–	-0.06%	–
GLOB	Exit	GLOBANT S A	$0	–	-2,073	–	-0.06%	–
NICE	Exit	NICE LTDsponsored adr	$0	–	-2,205	–	-0.06%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-35,381	–	-0.06%	–
	Exit	EXCELERATE ENERGY INC	$0	–	-20,118	–	-0.07%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-43,772	–	-0.08%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-3,012	–	-0.09%	–
VINP	Exit	VINCI PARTNERS INVTS LTD	$0	–	-66,683	–	-0.10%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-47,129	–	-0.12%	–
	Exit	TDCX INCads	$0	–	-85,604	–	-0.12%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-39,902	–	-0.12%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-17,950	–	-0.15%	–
	Exit	PINDUODUO INCnote 12/0	$0	–	-2,200,000	–	-0.29%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-45,103	–	-0.33%	–
	Exit	IQIYI INCnote 2.000% 4/0	$0	–	-3,700,000	–	-0.47%	–
	Exit	NIO INCnote 0.500% 2/0	$0	–	-4,500,000	–	-0.50%	–
	Exit	SEA LTDnote 0.250% 9/1	$0	–	-5,500,000	–	-0.56%	–
ZH	Exit	ZHIHU INCads	$0	–	-4,158,868	–	-0.64%	–
BZ	Exit	KANZHUN LIMITEDsponsored ads	$0	–	-567,648	–	-1.39%	–
HTHT	Exit	H WORLD GROUP LTDsponsored ads	$0	–	-310,696	–	-1.51%	–
	Exit	GRAB HOLDINGS LIMITED	$0	–	-3,986,110	–	-1.52%	–
ACMR	Exit	ACM RESH INC	$0	–	-870,050	–	-1.58%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-753,824	–	-1.68%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-160,220	–	-1.86%	–
YMM	Exit	FULL TRUCK ALLIANCE CO LTDsponsored ads	$0	–	-1,983,723	–	-1.89%	–
CPNG	Exit	COUPANG INC	$0	–	-805,682	–	-1.95%	–
TEAM	Exit	ATLASSIAN CORP PLCcl a	$0	–	-75,000	–	-2.30%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-374,765	–	-3.05%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-162,500	–	-3.18%	–
AVGO	Exit	BROADCOM INC	$0	–	-50,300	–	-3.24%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-308,100	–	-3.38%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-594,786	–	-5.92%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-3,296,104	–	-8.39%	–
LEGN	Exit	LEGEND BIOTECH CORPsponsored ads	$0	–	-1,466,453	–	-8.69%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-3,002,616	–	-20.65%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-2,626,503	–	-23.88%	–

Q3 2022

			Value		Shares		↓ Weighting
PDD	Buy	PINDUODUO INCsponsored ads	$164,367,000	+75.7%	2,626,503	+73.5%	23.88%	+77.8%
YUMC	Sell	YUM CHINA HLDGS INC	$142,114,000	-6.4%	3,002,616	-4.1%	20.65%	-5.3%
LEGN	Buy	LEGEND BIOTECH CORPsponsored ads	$59,831,000	-11.0%	1,466,453	+20.0%	8.69%	-9.9%
BEKE	Buy	KE HLDGS INCsponsored ads	$57,748,000	+186.2%	3,296,104	+193.3%	8.39%	+189.6%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$40,779,000	-26.0%	594,786	-11.7%	5.92%	-25.1%
BGNE	Sell	BEIGENE LTDsponsored adr	$21,908,000	-23.8%	162,500	-8.5%	3.18%	-22.9%
SE	Buy	SEA LTDsponsored ads	$21,006,000	+3.9%	374,765	+23.9%	3.05%	+5.1%
TEAM	Sell	ATLASSIAN CORP PLCcl a	$15,794,000	+2.8%	75,000	-8.5%	2.30%	+4.0%
CPNG	Buy	COUPANG INC	$13,431,000	+421.0%	805,682	+298.5%	1.95%	+427.6%
YMM	Buy	FULL TRUCK ALLIANCE CO LTDsponsored ads	$12,993,000	-17.7%	1,983,723	+13.8%	1.89%	-16.7%
BILI	Sell	BILIBILI INCspons ads rep z	$11,549,000	-46.6%	753,824	-10.8%	1.68%	-46.0%
ACMR	Sell	ACM RESH INC	$10,841,000	-26.9%	870,050	-1.3%	1.58%	-26.1%
	New	GRAB HOLDINGS LIMITED	$10,483,000	–	3,986,110	–	1.52%	–
HTHT	Sell	H WORLD GROUP LTDsponsored ads	$10,421,000	-32.7%	310,696	-23.6%	1.51%	-31.9%
BZ	Buy	KANZHUN LIMITEDsponsored ads	$9,582,000	-14.3%	567,648	+33.5%	1.39%	-13.3%
ZH	Buy	ZHIHU INCads	$4,408,000	-8.3%	4,158,868	+54.8%	0.64%	-7.2%
	Buy	SEA LTDnote 0.250% 9/1	$3,823,000	+18.5%	5,500,000	+25.0%	0.56%	+19.9%
	New	NIO INCnote 0.500% 2/0	$3,437,000	–	4,500,000	–	0.50%	–
MU	Buy	MICRON TECHNOLOGY INC	$2,260,000	-6.0%	45,103	+3.7%	0.33%	-4.9%
	Sell	PINDUODUO INCnote 12/0	$2,000,000	-6.8%	2,200,000	-10.2%	0.29%	-5.5%
HDB	Sell	HDFC BANK LTDsponsored ads	$1,049,000	-3.1%	17,950	-8.9%	0.15%	-1.9%
IBN	Sell	ICICI BANK LIMITEDadr	$837,000	+13.4%	39,902	-4.1%	0.12%	+15.1%
	Buy	TDCX INCads	$802,000	+6.4%	85,604	+5.0%	0.12%	+8.3%
INFY	Sell	INFOSYS LTDsponsored adr	$800,000	-26.9%	47,129	-20.3%	0.12%	-26.1%
VINP	Buy	VINCI PARTNERS INVTS LTD	$685,000	+66.3%	66,683	+73.2%	0.10%	+69.5%
ASR	Sell	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$591,000	-5.9%	3,012	-5.9%	0.09%	-4.4%
VALE	Sell	VALE S Asponsored ads	$583,000	-12.2%	43,772	-3.6%	0.08%	-10.5%
	Buy	EXCELERATE ENERGY INC	$471,000	+35.7%	20,118	+15.6%	0.07%	+36.0%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$437,000	-25.4%	35,381	-29.5%	0.06%	-25.0%
NICE	Sell	NICE LTDsponsored adr	$415,000	-25.6%	2,205	-24.0%	0.06%	-25.0%
LRCX	Sell	LAM RESEARCH CORP	$382,000	-36.0%	1,044	-25.4%	0.06%	-34.9%
GLOB	Buy	GLOBANT S A	$388,000	+11.5%	2,073	+3.6%	0.06%	+12.0%
TTE	Buy	TOTALENERGIES SEsponsored ads	$304,000	+17.8%	6,538	+33.4%	0.04%	+18.9%
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-50,400	–	-0.03%	–
	Exit	GOGORO INCordinary shares	$0	–	-38,100	–	-0.04%	–
ADAG	Exit	ADAGENE INCads	$0	–	-364,955	–	-0.10%	–
SDGR	Exit	SCHRODINGER INC	$0	–	-203,700	–	-0.77%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-951,100	–	-8.77%	–

Q2 2022

			Value		Shares		↓ Weighting
YUMC	New	YUM CHINA HLDGS INC	$151,834,000	–	3,130,601	–	21.80%	–
PDD	New	PINDUODUO INCsponsored ads	$93,554,000	–	1,513,818	–	13.43%	–
LEGN	New	LEGEND BIOTECH CORPsponsored ads	$67,229,000	–	1,222,342	–	9.65%	–
JD	New	JD.COM INCspon adr cl a	$61,080,000	–	951,100	–	8.77%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$55,081,000	–	673,779	–	7.91%	–
NTES	New	NETEASE INCsponsored ads	$28,764,000	–	308,100	–	4.13%	–
BGNE	New	BEIGENE LTDsponsored adr	$28,743,000	–	177,592	–	4.13%	–
AVGO	New	BROADCOM INC	$24,436,000	–	50,300	–	3.51%	–
BILI	New	BILIBILI INCspons ads rep z	$21,640,000	–	845,300	–	3.11%	–
SE	New	SEA LTDsponsored ads	$20,226,000	–	302,506	–	2.90%	–
BEKE	New	KE HLDGS INCsponsored ads	$20,174,000	–	1,123,900	–	2.90%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$18,214,000	–	160,220	–	2.62%	–
YMM	New	FULL TRUCK ALLIANCE CO LTDsponsored ads	$15,788,000	–	1,742,563	–	2.27%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$15,491,000	–	406,600	–	2.22%	–
TEAM	New	ATLASSIAN CORP PLCcl a	$15,367,000	–	82,000	–	2.21%	–
ACMR	New	ACM RESH INC	$14,834,000	–	881,400	–	2.13%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$11,177,000	–	425,300	–	1.60%	–
SDGR	New	SCHRODINGER INC	$5,380,000	–	203,700	–	0.77%	–
ZH	New	ZHIHU INCads	$4,809,000	–	2,686,800	–	0.69%	–
	New	SEA LTDnote 0.250% 9/1	$3,227,000	–	4,400,000	–	0.46%	–
	New	IQIYI INCnote 2.000% 4/0	$2,979,000	–	3,700,000	–	0.43%	–
CPNG	New	COUPANG INC	$2,578,000	–	202,200	–	0.37%	–
MU	New	MICRON TECHNOLOGY INC	$2,405,000	–	43,500	–	0.34%	–
	New	PINDUODUO INCnote 12/0	$2,147,000	–	2,450,000	–	0.31%	–
INFY	New	INFOSYS LTDsponsored adr	$1,094,000	–	59,100	–	0.16%	–
HDB	New	HDFC BANK LTDsponsored ads	$1,083,000	–	19,700	–	0.16%	–
	New	TDCX INCads	$754,000	–	81,500	–	0.11%	–
IBN	New	ICICI BANK LIMITEDadr	$738,000	–	41,600	–	0.11%	–
ADAG	New	ADAGENE INCads	$734,000	–	364,955	–	0.10%	–
VALE	New	VALE S Asponsored ads	$664,000	–	45,400	–	0.10%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$628,000	–	3,200	–	0.09%	–
LRCX	New	LAM RESEARCH CORP	$597,000	–	1,400	–	0.09%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$586,000	–	50,200	–	0.08%	–
NICE	New	NICE LTDsponsored adr	$558,000	–	2,900	–	0.08%	–
VINP	New	VINCI PARTNERS INVTS LTD	$412,000	–	38,500	–	0.06%	–
GLOB	New	GLOBANT S A	$348,000	–	2,000	–	0.05%	–
	New	EXCELERATE ENERGY INC-A	$347,000	–	17,400	–	0.05%	–
	New	GOGORO INCordinary shares	$291,000	–	38,100	–	0.04%	–
TTE	New	TOTALENERGIES SEsponsored ads	$258,000	–	4,900	–	0.04%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$216,000	–	50,400	–	0.03%	–
HHR	New	HEADHUNTER GROUP PLCsponsored ads	$0	–	15,800	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
NIU	Exit	NIU TECHNOLOGIESads	$0	–	-2,500	–	-0.00%	–
PAQC	Exit	PROVIDENT ACQUISITION CORPcl a	$0	–	-17,000	–	-0.01%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-200	–	-0.02%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-224,700	–	-0.03%	–
GLOB	Exit	GLOBANT S A	$0	–	-1,900	–	-0.03%	–
ASR	Exit	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$0	–	-5,000	–	-0.06%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-71,200	–	-0.06%	–
NICE	Exit	NICE LTDsponsored adr	$0	–	-4,600	–	-0.08%	–
	Exit	PINDUODUO INCnote 12/0	$0	–	-1,500,000	–	-0.08%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-19,100	–	-0.08%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-64,400	–	-0.09%	–
YMM	Exit	FULL TRUCK ALLIANCE CO LTDsponsored ads	$0	–	-171,200	–	-0.16%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-47,300	–	-0.20%	–
	Exit	IQIYI INCnote 2.000% 4/0	$0	–	-4,400,000	–	-0.23%	–
OZON	Exit	OZON HLDGS PLCsponsored ads	$0	–	-90,000	–	-0.28%	–
TPTX	Exit	TURNING POINT THERAPEUTICS I	$0	–	-135,900	–	-0.55%	–
TERN	Exit	TERNS PHARMACEUTICALS INC	$0	–	-875,068	–	-0.55%	–
	Exit	BAOZUN INCnote 1.625% 5/0	$0	–	-11,250,000	–	-0.63%	–
ADAG	Exit	ADAGENE INCads	$0	–	-811,600	–	-0.71%	–
FUTU	Exit	FUTU HLDGS LTDspon ads cl a	$0	–	-171,000	–	-0.94%	–
QFIN	Exit	360 DIGITECH INCamerican dep	$0	–	-866,200	–	-1.07%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-988,600	–	-1.09%	–
SDGR	Exit	SCHRODINGER INC	$0	–	-392,000	–	-1.30%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-185,220	–	-1.66%	–
ASML	Exit	ASML HOLDING N V	$0	–	-42,600	–	-1.92%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-381,400	–	-1.98%	–
ACMR	Exit	ACM RESH INC	$0	–	-306,200	–	-2.04%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-743,500	–	-2.07%	–
AVGO	Exit	BROADCOM INC	$0	–	-71,800	–	-2.11%	–
BNR	Exit	BURNING ROCK BIOTECH LTDsponsored ads	$0	–	-1,990,408	–	-2.16%	–
ABNB	Exit	AIRBNB INC	$0	–	-241,700	–	-2.46%	–
MNSO	Exit	MINISO GROUP HLDG LTDsponsored ads	$0	–	-2,790,700	–	-2.58%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-590,400	–	-3.24%	–
LEGN	Exit	LEGEND BIOTECH CORPsponsored ads	$0	–	-1,356,542	–	-4.16%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-1,012,300	–	-4.43%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-244,492	–	-5.38%	–
XPEV	Exit	XPENG INCads	$0	–	-2,634,133	–	-5.68%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-1,343,679	–	-9.10%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-2,358,392	–	-9.46%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-3,071,901	–	-10.82%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-1,060,113	–	-20.48%	–

Q3 2021

			Value		Shares		↓ Weighting
SE	Sell	SEA LTDsponsored ads	$337,890,000	+1.8%	1,060,113	-12.3%	20.48%	+48.3%
YUMC	Buy	YUM CHINA HLDGS INC	$178,508,000	-9.8%	3,071,901	+2.8%	10.82%	+31.3%
BILI	Sell	BILIBILI INCspons ads rep z	$156,055,000	-54.7%	2,358,392	-16.7%	9.46%	-34.1%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$150,022,000	-7.6%	1,343,679	-0.6%	9.10%	+34.5%
XPEV	Buy	XPENG INCads	$93,617,000	-6.7%	2,634,133	+16.6%	5.68%	+35.9%
BGNE	Buy	BEIGENE LTDsponsored adr	$88,751,000	+6.1%	244,492	+0.3%	5.38%	+54.5%
JD	Sell	JD.COM INCspon adr cl a	$73,129,000	-45.9%	1,012,300	-40.3%	4.43%	-21.2%
LEGN	Buy	LEGEND BIOTECH CORPsponsored ads	$68,587,000	+24.5%	1,356,542	+1.1%	4.16%	+81.3%
PDD	New	PINDUODUO INCsponsored ads	$53,532,000	–	590,400	–	3.24%	–
MNSO	Sell	MINISO GROUP HLDG LTDsponsored ads	$42,530,000	-30.6%	2,790,700	-5.3%	2.58%	+1.0%
ABNB	New	AIRBNB INC	$40,545,000	–	241,700	–	2.46%	–
AVGO	Sell	BROADCOM INC	$34,818,000	-26.2%	71,800	-27.4%	2.11%	+7.5%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$34,097,000	+22.1%	743,500	+40.6%	2.07%	+77.7%
ACMR	New	ACM RESH INC	$33,682,000	–	306,200	–	2.04%	–
NTES	Sell	NETEASE INCsponsored ads	$32,572,000	-28.4%	381,400	-3.4%	1.98%	+4.3%
ASML	New	ASML HOLDING N V	$31,742,000	–	42,600	–	1.92%	–
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$27,422,000	-53.5%	185,220	-28.7%	1.66%	-32.2%
BEKE	Buy	KE HLDGS INCsponsored ads	$18,052,000	-19.2%	988,600	+111.0%	1.09%	+17.6%
QFIN	Sell	360 DIGITECH INCamerican dep	$17,601,000	-57.6%	866,200	-12.8%	1.07%	-38.3%
ADAG	Sell	ADAGENE INCads	$11,768,000	+3.5%	811,600	-3.2%	0.71%	+50.7%
	Buy	BAOZUN INCnote 1.625% 5/0	$10,398,000	+195.3%	11,250,000	+226.1%	0.63%	+328.6%
TERN	Sell	TERNS PHARMACEUTICALS INC	$9,118,000	-30.6%	875,068	-18.3%	0.55%	+1.1%
OZON	Buy	OZON HLDGS PLCsponsored ads	$4,541,000	+17.9%	90,000	+37.0%	0.28%	+71.9%
	Buy	IQIYI INCnote 2.000% 4/0	$3,857,000	+74.7%	4,400,000	+83.3%	0.23%	+154.3%
MU	Buy	MICRON TECHNOLOGY INC	$3,357,000	-0.2%	47,300	+19.4%	0.20%	+45.7%
YMM	Sell	FULL TRUCK ALLIANCE CO LTDsponsored ads	$2,624,000	-43.5%	171,200	-24.8%	0.16%	-17.6%
INFY	Buy	INFOSYS LTDsponsored adr	$1,433,000	+10.7%	64,400	+5.4%	0.09%	+61.1%
HDB	Sell	HDFC BANK LTDsponsored ads	$1,396,000	-5.5%	19,100	-5.4%	0.08%	+39.3%
	Sell	PINDUODUO INCnote 12/0	$1,390,000	-93.8%	1,500,000	-93.0%	0.08%	-90.9%
NICE	Buy	NICE LTDsponsored adr	$1,307,000	+25.8%	4,600	+9.5%	0.08%	+83.7%
VALE	Buy	VALE S Asponsored ads	$993,000	-25.1%	71,200	+22.5%	0.06%	+9.1%
GLOB	New	GLOBANT S A	$534,000	–	1,900	–	0.03%	–
EDU	Buy	NEW ORIENTAL ED & TECHNOLOGYspon adr	$461,000	-51.5%	224,700	+93.5%	0.03%	-30.0%
MELI	New	MERCADOLIBRE INC	$336,000	–	200	–	0.02%	–
PAQC	Sell	PROVIDENT ACQUISITION CORPcl a	$170,000	-88.7%	17,000	-88.7%	0.01%	-84.1%
NIU	Sell	NIU TECHNOLOGIESads	$58,000	-99.5%	2,500	-99.2%	0.00%	-99.1%
DLO	Exit	DLOCAL LTD	$0	–	-4,047	–	-0.01%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-137,030	–	-0.03%	–
BZ	Exit	KANZHUN LIMITEDsponsored ads	$0	–	-53,000	–	-0.09%	–
CD	Exit	CHINDATA GROUP HLDGS LTDads	$0	–	-672,400	–	-0.42%	–
VNET	Exit	21VIANET GROUP INCsponsored ads a	$0	–	-515,100	–	-0.49%	–
DQ	Exit	DAQO NEW ENERGY CORPspnsrd ads new	$0	–	-183,200	–	-0.50%	–
ICLK	Exit	ICLICK INTERACTIVE ASIA GROUsponsored adr	$0	–	-1,089,100	–	-0.50%	–
KC	Exit	KINGSOFT CLOUD HLDGS LTDads	$0	–	-475,100	–	-0.67%	–
YSG	Exit	YATSEN HLDG LTDads	$0	–	-2,860,300	–	-1.12%	–
TUYA	Exit	TUYA INCsponsered ads	$0	–	-1,361,912	–	-1.39%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-1,115,600	–	-1.65%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-261,000	–	-1.92%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-1,823,862	–	-2.69%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-967,200	–	-8.21%	–

Q2 2021

			Value		Shares		↓ Weighting
BILI	New	BILIBILI INCspons ads rep z	$344,860,000	–	2,830,432	–	14.36%	–
SE	New	SEA LTDsponsored ads	$331,803,000	–	1,208,313	–	13.82%	–
YUMC	New	YUM CHINA HLDGS INC	$197,929,000	–	2,987,601	–	8.24%	–
BIDU	New	BAIDU INCspon adr rep a	$197,212,000	–	967,200	–	8.21%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$162,358,000	–	1,351,179	–	6.76%	–
JD	New	JD.COM INCspon adr cl a	$135,225,000	–	1,694,339	–	5.63%	–
XPEV	New	XPENG INCads	$100,333,000	–	2,258,733	–	4.18%	–
BGNE	New	BEIGENE LTDsponsored adr	$83,633,000	–	243,692	–	3.48%	–
TCOM	New	TRIP COM GROUP LTDads	$64,674,000	–	1,823,862	–	2.69%	–
MNSO	New	MINISO GROUP HLDG LTDsponsored ads	$61,293,000	–	2,948,200	–	2.55%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$58,945,000	–	259,920	–	2.45%	–
BNR	New	BURNING ROCK BIOTECH LTDsponsored ads	$58,637,000	–	1,990,408	–	2.44%	–
LEGN	New	LEGEND BIOTECH CORPsponsored ads	$55,107,000	–	1,342,442	–	2.29%	–
AVGO	New	BROADCOM INC	$47,159,000	–	98,900	–	1.96%	–
ZLAB	New	ZAI LAB LTDadr	$46,194,000	–	261,000	–	1.92%	–
NTES	New	NETEASE INCsponsored ads	$45,489,000	–	394,700	–	1.89%	–
QFIN	New	360 DIGITECH INCamerican dep	$41,539,000	–	992,800	–	1.73%	–
BZUN	New	BAOZUN INCsponsored adr	$39,537,000	–	1,115,600	–	1.65%	–
TUYA	New	TUYA INCsponsered ads	$33,367,000	–	1,361,912	–	1.39%	–
FUTU	New	FUTU HLDGS LTDspon ads cl a	$30,624,000	–	171,000	–	1.28%	–
SDGR	New	SCHRODINGER INC	$29,639,000	–	392,000	–	1.23%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$27,921,000	–	528,700	–	1.16%	–
YSG	New	YATSEN HLDG LTDads	$26,801,000	–	2,860,300	–	1.12%	–
BEKE	New	KE HLDGS INCsponsored ads	$22,338,000	–	468,500	–	0.93%	–
	New	PINDUODUO INCnote 12/0	$22,240,000	–	21,480,000	–	0.93%	–
KC	New	KINGSOFT CLOUD HLDGS LTDads	$16,120,000	–	475,100	–	0.67%	–
TERN	New	TERNS PHARMACEUTICALS INC	$13,136,000	–	1,071,421	–	0.55%	–
ICLK	New	ICLICK INTERACTIVE ASIA GROUsponsored adr	$12,024,000	–	1,089,100	–	0.50%	–
DQ	New	DAQO NEW ENERGY CORPspnsrd ads new	$11,912,000	–	183,200	–	0.50%	–
VNET	New	21VIANET GROUP INCsponsored ads a	$11,822,000	–	515,100	–	0.49%	–
ADAG	New	ADAGENE INCads	$11,370,000	–	838,500	–	0.47%	–
NIU	New	NIU TECHNOLOGIESads	$10,631,000	–	325,602	–	0.44%	–
TPTX	New	TURNING POINT THERAPEUTICS I	$10,603,000	–	135,900	–	0.44%	–
CD	New	CHINDATA GROUP HLDGS LTDads	$10,147,000	–	672,400	–	0.42%	–
YMM	New	FULL TRUCK ALLIANCE CO LTDsponsored ads	$4,643,000	–	227,800	–	0.19%	–
OZON	New	OZON HLDGS PLCsponsored ads	$3,851,000	–	65,700	–	0.16%	–
	New	BAOZUN INCnote 1.625% 5/0	$3,521,000	–	3,450,000	–	0.15%	–
MU	New	MICRON TECHNOLOGY INC	$3,365,000	–	39,600	–	0.14%	–
	New	IQIYI INCnote 2.000% 4/0	$2,208,000	–	2,400,000	–	0.09%	–
BZ	New	KANZHUN LIMITEDsponsored ads	$2,101,000	–	53,000	–	0.09%	–
PAQC	New	PROVIDENT ACQUISITION CORPcl a	$1,505,000	–	150,000	–	0.06%	–
HDB	New	HDFC BANK LTDsponsored ads	$1,477,000	–	20,200	–	0.06%	–
VALE	New	VALE S Asponsored ads	$1,325,000	–	58,100	–	0.06%	–
INFY	New	INFOSYS LTDsponsored adr	$1,295,000	–	61,100	–	0.05%	–
NICE	New	NICE LTDsponsored adr	$1,039,000	–	4,200	–	0.04%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$951,000	–	116,100	–	0.04%	–
ASR	New	GRUPO AEROPORTUARIO DEL SUREspon adr ser b	$925,000	–	5,000	–	0.04%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$703,000	–	137,030	–	0.03%	–
DLO	New	DLOCAL LTD	$213,000	–	4,047	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-6,000	–	-0.02%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-28,800	–	-0.02%	–
STAA	Exit	STAAR SURGICAL CO	$0	–	-5,500	–	-0.02%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-26,500	–	-0.02%	–
BAP	Exit	CREDICORP LTD	$0	–	-2,700	–	-0.02%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-4,900	–	-0.02%	–
PAGS	Exit	PAGSEGURO DIGITAL LTD	$0	–	-10,800	–	-0.03%	–
GLOB	Exit	GLOBANT S A	$0	–	-2,400	–	-0.03%	–
YNDX	Exit	YANDEX N V	$0	–	-8,400	–	-0.04%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-15,900	–	-0.05%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-22,600	–	-0.13%	–
ADCT	Exit	ADC THERAPEUTICS SA	$0	–	-239,500	–	-0.53%	–
FREQ	Exit	FREQUENCY THERAPEUTICS INC	$0	–	-476,465	–	-0.62%	–
TPTX	Exit	TURNING POINT THERAPEUTICS I	$0	–	-118,000	–	-0.70%	–
SDGR	Exit	SCHRODINGER INC	$0	–	-279,700	–	-0.90%	–
YY	Exit	JOYY INC	$0	–	-200,899	–	-1.09%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-281,320	–	-1.16%	–
	Exit	BAOZUN INCnote 1.625% 5/0	$0	–	-28,718,000	–	-1.81%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-912,000	–	-2.00%	–
LEGN	Exit	LEGEND BIOTECH CORPsponsored ads	$0	–	-968,862	–	-2.02%	–
BNR	Exit	BURNING ROCK BIOTECH LTDsponsored ads	$0	–	-1,382,269	–	-2.34%	–
CD	Exit	CHINDATA GROUP HLDGS LTDads	$0	–	-2,440,500	–	-2.67%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-285,900	–	-2.88%	–
AVGO	Exit	BROADCOM INC	$0	–	-126,500	–	-3.10%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-658,500	–	-3.37%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-687,539	–	-3.60%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-122,600	–	-3.76%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-215,592	–	-4.16%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-410,300	–	-4.26%	–
XPEV	Exit	XPENG INCads	$0	–	-4,226,500	–	-5.72%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-6,337,100	–	-6.31%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-2,645,401	–	-9.44%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-3,450,044	–	-9.67%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-1,930,879	–	-10.55%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-856,844	–	-16.97%	–

Q3 2020

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$251,895,000	+23.2%	856,844	-9.6%	16.97%	+6.8%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$156,536,000	+116.5%	1,930,879	+51.6%	10.55%	+87.7%
BILI	Buy	BILIBILI INCspons ads rep z	$143,522,000	+9.4%	3,450,044	+21.8%	9.67%	-5.2%
YUMC	Sell	YUM CHINA HLDGS INC	$140,074,000	+5.5%	2,645,401	-4.2%	9.44%	-8.5%
TME	Sell	TENCENT MUSIC ENTMT GROUPspon ads	$93,599,000	+5.5%	6,337,100	-3.9%	6.31%	-8.6%
XPEV	New	XPENG INCads	$84,826,000	–	4,226,500	–	5.72%	–
SE	Buy	SEA LTDsponsored ads	$63,203,000	+50.2%	410,300	+4.6%	4.26%	+30.2%
BGNE	Sell	BEIGENE LTDsponsored adr	$61,754,000	+32.4%	215,592	-12.9%	4.16%	+14.8%
NTES	Sell	NETEASE INCsponsored ads	$55,743,000	-6.1%	122,600	-11.3%	3.76%	-18.6%
JD	Sell	JD.COM INCspon adr cl a	$53,360,000	-36.2%	687,539	-50.5%	3.60%	-44.7%
TAL	Buy	TAL EDUCATION GROUPsponsored ads	$50,072,000	+42.9%	658,500	+28.5%	3.37%	+23.9%
AVGO	Sell	BROADCOM INC	$46,086,000	-4.5%	126,500	-17.3%	3.10%	-17.2%
EDU	Buy	NEW ORIENTAL ED & TECHNOLOGYspon adr	$42,742,000	+56.9%	285,900	+36.7%	2.88%	+36.0%
CD	New	CHINDATA GROUP HLDGS LTDads	$39,609,000	–	2,440,500	–	2.67%	–
BNR	Sell	BURNING ROCK BIOTECH LTDsponsored ads	$34,667,000	-29.2%	1,382,269	-23.7%	2.34%	-38.6%
LEGN	Sell	LEGEND BIOTECH CORPsponsored ads	$29,909,000	-41.4%	968,862	-19.2%	2.02%	-49.2%
BZUN	Sell	BAOZUN INCsponsored adr	$29,631,000	-17.5%	912,000	-2.3%	2.00%	-28.4%
	Buy	BAOZUN INCnote 1.625% 5/0	$26,851,000	+334.0%	28,718,000	+355.8%	1.81%	+276.1%
BEKE	New	KE HLDGS INCsponsored ads	$17,245,000	–	281,320	–	1.16%	–
YY	Buy	JOYY INC	$16,207,000	-7.1%	200,899	+2.0%	1.09%	-19.5%
ZLAB	Sell	ZAI LAB LTDadr	$1,880,000	-91.0%	22,600	-91.1%	0.13%	-92.2%
MU	Buy	MICRON TECHNOLOGY INC	$747,000	+1.4%	15,900	+11.2%	0.05%	-12.3%
YNDX	New	YANDEX N V	$548,000	–	8,400	–	0.04%	–
GLOB	New	GLOBANT S A	$430,000	–	2,400	–	0.03%	–
PAGS	New	PAGSEGURO DIGITAL LTD	$407,000	–	10,800	–	0.03%	–
BAP	New	CREDICORP LTD	$335,000	–	2,700	–	0.02%	–
RDY	New	DR REDDYS LABS LTDadr	$341,000	–	4,900	–	0.02%	–
AMX	New	AMERICA MOVIL SAB DE CV	$331,000	–	26,500	–	0.02%	–
STAA	Sell	STAAR SURGICAL CO	$311,000	-69.2%	5,500	-66.5%	0.02%	-73.1%
VALE	Buy	VALE S Asponsored ads	$305,000	+165.2%	28,800	+157.1%	0.02%	+133.3%
HDB	New	HDFC BANK LTDsponsored ads	$300,000	–	6,000	–	0.02%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-3,900	–	-0.02%	–
OLED	Exit	UNIVERSAL DISPLAY CORP	$0	–	-1,800	–	-0.02%	–
	Exit	WEIBO CORPnote 1.250%11/1	$0	–	-1,268,000	–	-0.09%	–
RVMD	Exit	REVOLUTION MEDICINES INC	$0	–	-93,307	–	-0.23%	–
ZYME	Exit	ZYMEWORKS INC	$0	–	-129,700	–	-0.36%	–
NXTC	Exit	NEXTCURE INC	$0	–	-253,300	–	-0.42%	–
ORIC	Exit	ORIC PHARMACEUTICALS INC	$0	–	-191,568	–	-0.50%	–
OYST	Exit	OYSTER PT PHARMA INC	$0	–	-225,000	–	-0.50%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-439,100	–	-1.15%	–
KC	Exit	KINGSOFT CLOUD HLDGS LTDads	$0	–	-1,099,467	–	-2.69%	–

Q2 2020

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$204,419,000	–	947,699	–	15.89%	–
YUMC	New	YUM CHINA HLDGS INC	$132,769,000	–	2,761,985	–	10.32%	–
BILI	New	BILIBILI INCspons ads rep z	$131,194,000	–	2,832,344	–	10.20%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$88,758,000	–	6,594,193	–	6.90%	–
JD	New	JD.COM INCspon adr cl a	$83,595,000	–	1,389,079	–	6.50%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$72,295,000	–	1,273,479	–	5.62%	–
NTES	New	NETEASE INCsponsored ads	$59,340,000	–	138,200	–	4.61%	–
LEGN	New	LEGEND BIOTECH CORPsponsored ads	$51,007,000	–	1,198,483	–	3.96%	–
BNR	New	BURNING ROCK BIOTECH LTDsponsored ads	$48,957,000	–	1,812,569	–	3.80%	–
AVGO	New	BROADCOM INC	$48,257,000	–	152,900	–	3.75%	–
BGNE	New	BEIGENE LTDsponsored adr	$46,646,000	–	247,592	–	3.63%	–
SE	New	SEA LTDsponsored ads	$42,081,000	–	392,400	–	3.27%	–
BZUN	New	BAOZUN INCsponsored adr	$35,897,000	–	933,600	–	2.79%	–
TAL	New	TAL EDUCATION GROUPsponsored ads	$35,045,000	–	512,500	–	2.72%	–
KC	New	KINGSOFT CLOUD HLDGS LTDads	$34,655,000	–	1,099,467	–	2.69%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$27,244,000	–	209,200	–	2.12%	–
SDGR	New	SCHRODINGER INC	$25,612,000	–	279,700	–	1.99%	–
ZLAB	New	ZAI LAB LTDadr	$20,894,000	–	254,400	–	1.62%	–
YY	New	JOYY INC	$17,444,000	–	196,999	–	1.36%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$14,771,000	–	439,100	–	1.15%	–
ADCT	New	ADC THERAPEUTICS	$11,211,000	–	239,500	–	0.87%	–
FREQ	New	FREQUENCY THERAPEUTICS INC	$11,078,000	–	476,465	–	0.86%	–
TPTX	New	TURNING POINT THERAPEUTICS I	$7,622,000	–	118,000	–	0.59%	–
OYST	New	OYSTER PT PHARMA INC	$6,498,000	–	225,000	–	0.50%	–
ORIC	New	ORIC PHARMACEUTICALS INC	$6,462,000	–	191,568	–	0.50%	–
	New	BAOZUN INCnote 1.625% 5/0	$6,187,000	–	6,300,000	–	0.48%	–
NXTC	New	NEXTCURE INC	$5,431,000	–	253,300	–	0.42%	–
ZYME	New	ZYMEWORKS INC	$4,678,000	–	129,700	–	0.36%	–
RVMD	New	REVOLUTION MEDICINES INC	$2,946,000	–	93,307	–	0.23%	–
	New	WEIBO CORPnote 1.250%11/1	$1,189,000	–	1,268,000	–	0.09%	–
STAA	New	STAAR SURGICAL CO	$1,009,000	–	16,400	–	0.08%	–
MU	New	MICRON TECHNOLOGY INC	$737,000	–	14,300	–	0.06%	–
OLED	New	UNIVERSAL DISPLAY CORP	$269,000	–	1,800	–	0.02%	–
AMAT	New	APPLIED MATLS INC	$236,000	–	3,900	–	0.02%	–
VALE	New	VALE S Asponsored ads	$115,000	–	11,200	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
CHU	Exit	CHINA UNICOM (HONG KONG) LTDsponsored adr	$0	–	-49,800	–	-0.02%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-30,700	–	-0.06%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-81,600	–	-0.12%	–
TPTX	Exit	TURNING POINT THERAPEUTICS I	$0	–	-118,000	–	-0.20%	–
SE	Exit	SEA LTDsponsored ads	$0	–	-278,900	–	-0.38%	–
TAL	Exit	TAL EDUCATION GROUPsponsored ads	$0	–	-259,800	–	-0.40%	–
SINA	Exit	SINA CORPord	$0	–	-252,300	–	-0.44%	–
NXTC	Exit	NEXTCURE INC	$0	–	-417,695	–	-0.58%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-143,700	–	-0.59%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-122,300	–	-0.60%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-176,600	–	-0.66%	–
CTRP	Exit	CTRIP COM INTL LTDsponsored ads	$0	–	-504,500	–	-0.66%	–
	Exit	WEIBO CORPnote 1.250%11/1	$0	–	-16,700,000	–	-0.70%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-372,700	–	-0.82%	–
MOMO	Exit	MOMO INCadr	$0	–	-668,311	–	-0.92%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-1,527,100	–	-0.96%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-188,103	–	-1.03%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-663,537	–	-1.13%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-987,930	–	-1.46%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,418,179	–	-1.78%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-162,000	–	-1.92%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-1,020,500	–	-1.94%	–
AVGO	Exit	BROADCOM INC	$0	–	-166,700	–	-2.05%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-2,019,557	–	-2.71%	–
TME	Exit	TENCENT MUSIC ENTMT GROUPspon ads	$0	–	-5,256,200	–	-2.99%	–
MLCO	Exit	MELCO RESORTS AND ENTMT LTDadr	$0	–	-3,472,700	–	-3.01%	–
LN	Exit	LINE CORPsponsored adr	$0	–	-2,433,300	–	-3.90%	–
IQ	Exit	IQIYI INCsponsored ads	$0	–	-5,493,400	–	-3.95%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-2,528,579	–	-5.24%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-4,564,351	–	-8.43%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-5,338,910	–	-10.82%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-4,166,943	–	-11.20%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-3,795,656	–	-28.31%	–

Q3 2019

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$634,748,000	+18.0%	3,795,656	+19.5%	28.31%	+16.3%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$251,121,000	-9.5%	4,166,943	-4.8%	11.20%	-10.8%
YUMC	Sell	YUM CHINA HLDGS INC	$242,547,000	-4.4%	5,338,910	-2.8%	10.82%	-5.8%
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$188,964,000	-22.0%	4,564,351	-14.7%	8.43%	-23.1%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$117,528,000	+16.6%	2,528,579	-1.7%	5.24%	+14.9%
IQ	Buy	IQIYI INCsponsored ads	$88,609,000	-10.6%	5,493,400	+14.4%	3.95%	-11.9%
LN	Sell	LINE CORPsponsored adr	$87,453,000	+23.4%	2,433,300	-3.4%	3.90%	+21.6%
MLCO	Sell	MELCO RESORTS AND ENTMT LTDadr	$67,405,000	-11.9%	3,472,700	-1.4%	3.01%	-13.1%
TME	Buy	TENCENT MUSIC ENTMT GROUPspon ads	$67,122,000	+145.7%	5,256,200	+188.4%	2.99%	+142.0%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$60,809,000	-1.3%	2,019,557	-4.1%	2.71%	-2.7%
AVGO	Sell	BROADCOM INC	$46,021,000	-13.4%	166,700	-9.7%	2.05%	-14.7%
BZUN	Sell	BAOZUN INCsponsored adr	$43,575,000	-15.4%	1,020,500	-1.2%	1.94%	-16.6%
NTES	Sell	NETEASE INCsponsored ads	$43,121,000	-0.1%	162,000	-4.0%	1.92%	-1.6%
JD	Buy	JD COM INCspon adr cl a	$40,007,000	+142.0%	1,418,179	+159.8%	1.78%	+138.6%
HTHT	Sell	HUAZHU GROUP LTDsponsored ads	$32,621,000	-24.2%	987,930	-16.7%	1.46%	-25.3%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$25,394,000	-9.1%	663,537	-0.8%	1.13%	-10.4%
BGNE	Sell	BEIGENE LTDsponsored adr	$23,035,000	-38.1%	188,103	-37.4%	1.03%	-39.0%
BILI	Buy	BILIBILI INCspons ads rep z	$21,563,000	+20.3%	1,527,100	+38.7%	0.96%	+18.6%
MOMO	Buy	MOMO INCadr	$20,704,000	+17.0%	668,311	+35.2%	0.92%	+15.4%
WUBA	Buy	58 COM INCspon adr rep a	$18,378,000	-18.3%	372,700	+3.0%	0.82%	-19.4%
CTRP	Buy	CTRIP COM INTL LTDsponsored ads	$14,777,000	-16.6%	504,500	+5.1%	0.66%	-17.8%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$13,546,000	+13.8%	122,300	-0.8%	0.60%	+12.1%
TIF	New	TIFFANY & CO NEW	$13,311,000	–	143,700	–	0.59%	–
NXTC	Sell	NEXTCURE INC	$12,886,000	+91.2%	417,695	-7.2%	0.58%	+88.5%
SINA	Buy	SINA CORPord	$9,888,000	+23.8%	252,300	+36.2%	0.44%	+21.8%
TAL	New	TAL EDUCATION GROUPsponsored ads	$8,896,000	–	259,800	–	0.40%	–
SE	New	SEA LTDsponsored ads	$8,632,000	–	278,900	–	0.38%	–
TPTX	New	TURNING POINT THERAPEUTICS I	$4,437,000	–	118,000	–	0.20%	–
ZLAB	Buy	ZAI LAB LTDadr	$2,640,000	+24.9%	81,600	+34.7%	0.12%	+22.9%
GDS	Sell	GDS HLDGS LTDsponsored ads	$1,230,000	-30.0%	30,700	-34.4%	0.06%	-31.2%
CHU	New	CHINA UNICOM (HONG KONG) LTDsponsored adr	$522,000	–	49,800	–	0.02%	–
QTT	Exit	QUTOUTIAO INC	$0	–	-439,900	–	-0.08%	–
GHG	Exit	GREENTREE HOSPITALITY GROUP Lsponsored ads	$0	–	-371,077	–	-0.22%	–
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-91,800	–	-0.28%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-59,700	–	-0.32%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-123,000	–	-0.42%	–
YY	Exit	YY INCsponsored ads a	$0	–	-155,600	–	-0.49%	–
AABA	Exit	ALTABA INC	$0	–	-171,200	–	-0.54%	–

Q2 2019

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$538,047,000	–	3,175,256	–	24.36%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$277,395,000	–	4,376,000	–	12.56%	–
YUMC	New	YUM CHINA HLDGS INC	$253,722,000	–	5,491,810	–	11.48%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$242,268,000	–	5,349,251	–	10.97%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$100,764,000	–	2,572,479	–	4.56%	–
IQ	New	IQIYI INCsponsored ads	$99,134,000	–	4,800,700	–	4.49%	–
MLCO	New	MELCO RESORTS AND ENTMT LTDadr	$76,470,000	–	3,520,700	–	3.46%	–
LN	New	LINE CORPsponsored adr	$70,862,000	–	2,518,200	–	3.21%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$61,584,000	–	2,106,157	–	2.79%	–
AVGO	New	BROADCOM INC	$53,168,000	–	184,700	–	2.41%	–
BZUN	New	BAOZUN INCsponsored adr	$51,520,000	–	1,033,300	–	2.33%	–
NTES	New	NETEASE INCsponsored adr	$43,174,000	–	168,800	–	1.95%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$43,014,000	–	1,186,600	–	1.95%	–
BGNE	New	BEIGENE LTDsponsored adr	$37,184,000	–	300,303	–	1.68%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$27,921,000	–	668,937	–	1.26%	–
TME	New	TENCENT MUSIC ENTMT GROUPspon ads	$27,323,000	–	1,822,765	–	1.24%	–
WUBA	New	58 COM INCspon adr rep a	$22,499,000	–	361,900	–	1.02%	–
BILI	New	BILIBILI INCspons ads rep z	$17,918,000	–	1,101,300	–	0.81%	–
CTRP	New	CTRIP COM INTL LTDsponsored ads	$17,713,000	–	479,900	–	0.80%	–
MOMO	New	MOMO INCadr	$17,696,000	–	494,300	–	0.80%	–
JD	New	JD COM INCspon adr cl a	$16,535,000	–	545,879	–	0.75%	–
	New	WEIBO CORPnote 1.250%11/1	$15,798,000	–	16,700,000	–	0.72%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$15,120,000	–	176,600	–	0.68%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$11,908,000	–	123,300	–	0.54%	–
AABA	New	ALTABA INC	$11,876,000	–	171,200	–	0.54%	–
YY	New	YY INCsponsored ads a	$10,844,000	–	155,600	–	0.49%	–
JOBS	New	51JOB INCsponsored ads	$9,287,000	–	123,000	–	0.42%	–
SINA	New	SINA CORPord	$7,988,000	–	185,200	–	0.36%	–
BIDU	New	BAIDU INCspon adr rep a	$7,006,000	–	59,700	–	0.32%	–
NXTC	New	NEXTCURE INC	$6,741,000	–	450,000	–	0.30%	–
SNP	New	CHINA PETE & CHEM CORP	$6,261,000	–	91,800	–	0.28%	–
GHG	New	GREENTREE HOSPITALITY GROUP Lsponsored ads	$4,824,000	–	371,077	–	0.22%	–
ZLAB	New	ZAI LAB LTDadr	$2,113,000	–	60,600	–	0.10%	–
GDS	New	GDS HLDGS LTDsponsored ads	$1,758,000	–	46,800	–	0.08%	–
QTT	New	QUTOUTIAO INC	$1,733,000	–	439,900	–	0.08%	–

Q4 2018

			Value		Shares		↓ Weighting
QCOM	Exit	QUALCOMM INC	$0	–	-3,300	–	-0.01%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-33,900	–	-0.02%	–
HDB	Exit	HDFC BANK LTD	$0	–	-8,422	–	-0.04%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-94,500	–	-0.17%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-48,600	–	-0.17%	–
KN	Exit	KNOWLES CORP	$0	–	-247,700	–	-0.20%	–
	Exit	VIPSHOP HLDGS LTDnote 1.500% 3/1	$0	–	-4,250,000	–	-0.20%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-313,200	–	-0.20%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-152,100	–	-0.20%	–
	Exit	58 COM INCspon adr rep a	$0	–	-69,700	–	-0.25%	–
YY	Exit	YY INC	$0	–	-83,200	–	-0.30%	–
GHG	Exit	GREENTREE HOSPITALITY GROUP Lsponsored ads	$0	–	-525,177	–	-0.32%	–
AABA	Exit	ALTABA INC	$0	–	-101,500	–	-0.33%	–
SINA	Exit	SINA CORPord	$0	–	-120,900	–	-0.40%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-335,479	–	-0.42%	–
	Exit	CTRIP COM INTL LTDnote 1.250% 9/1	$0	–	-8,950,000	–	-0.42%	–
JOBS	Exit	51JOB INC	$0	–	-123,500	–	-0.46%	–
LN	Exit	LINE CORPsponsored adr	$0	–	-245,000	–	-0.50%	–
MOMO	Exit	MOMO INCadr	$0	–	-278,700	–	-0.58%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-214,900	–	-0.80%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-1,067,840	–	-1.25%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-814,300	–	-1.26%	–
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-265,000	–	-1.28%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-207,103	–	-1.71%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-1,041,200	–	-2.42%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-224,000	–	-2.45%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-1,614,804	–	-3.41%	–
AVGO	Exit	BROADCOM INC	$0	–	-345,200	–	-4.08%	–
FANH	Exit	FANHUA INCsponsored adr	$0	–	-3,864,714	–	-5.01%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-2,888,279	–	-6.12%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-4,743,910	–	-7.99%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-3,612,700	–	-13.36%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-5,817,851	–	-13.65%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,313,670	–	-14.40%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,977,455	–	-15.62%	–

Q3 2018

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$325,805,000	-15.2%	1,977,455	-4.5%	15.62%	-8.8%
BIDU	Sell	BAIDU INCspon adr rep a	$300,410,000	-19.0%	1,313,670	-13.9%	14.40%	-12.8%
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$284,667,000	+5.8%	5,817,851	-4.1%	13.65%	+13.8%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$278,720,000	+12.7%	3,612,700	+15.4%	13.36%	+21.2%
YUMC	Buy	YUM CHINA HLDGS INC	$166,559,000	+8.4%	4,743,910	+18.8%	7.99%	+16.7%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$127,546,000	+20.3%	2,888,279	-0.4%	6.12%	+29.4%
FANH	Buy	FANHUA INCsponsored adr	$104,425,000	+9.2%	3,864,714	+15.2%	5.01%	+17.5%
AVGO	New	BROADCOM INC	$85,171,000	–	345,200	–	4.08%	–
HSBC	Sell	HSBC HLDGS PLCspon adr new	$71,035,000	-29.4%	1,614,804	-24.4%	3.41%	-24.1%
NTES	Sell	NETEASE INCsponsored adr	$51,128,000	-26.0%	224,000	-18.0%	2.45%	-20.4%
BZUN	Sell	BAOZUN INCsponsored adr	$50,581,000	-29.0%	1,041,200	-20.1%	2.42%	-23.7%
BGNE	Buy	BEIGENE LTDsponsored adr	$35,667,000	+32.7%	207,103	+18.4%	1.71%	+42.7%
HTHT	Buy	HUAZHU GROUP LTDsponsored ads	$26,302,000	-5.4%	814,300	+22.9%	1.26%	+1.7%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$26,141,000	-60.4%	1,067,840	-57.9%	1.25%	-57.4%
ATHM	New	AUTOHOME INCsp adr rp cl a	$16,635,000	–	214,900	–	0.80%	–
MOMO	New	MOMO INCadr	$12,207,000	–	278,700	–	0.58%	–
JOBS	Buy	51JOB INC	$9,508,000	-11.0%	123,500	+12.9%	0.46%	-4.2%
	Sell	CTRIP COM INTL LTDnote 1.250% 9/1	$8,790,000	-7.7%	8,950,000	-3.5%	0.42%	-0.9%
JD	Sell	JD COM INCspon adr cl a	$8,753,000	-59.6%	335,479	-39.6%	0.42%	-56.5%
SINA	Sell	SINA CORPord	$8,400,000	-22.6%	120,900	-5.7%	0.40%	-16.7%
AABA	Sell	ALTABA INC	$6,914,000	-33.1%	101,500	-28.1%	0.33%	-28.0%
GHG	Buy	GREENTREE HOSPITALITY GROUP Lsponsored ads	$6,670,000	-20.8%	525,177	+12.8%	0.32%	-14.7%
YY	Sell	YY INC	$6,233,000	-29.7%	83,200	-5.7%	0.30%	-24.3%
	New	58 COM INCspon adr rep a	$5,130,000	–	69,700	–	0.25%	–
SKM	Sell	SK TELECOM LTDsponsored adr	$4,241,000	+11.2%	152,100	-7.0%	0.20%	+19.4%
BILI	Sell	BILIBILI INCspons ads rep z	$4,222,000	-13.0%	313,200	-9.7%	0.20%	-6.5%
	Sell	VIPSHOP HLDGS LTDnote 1.500% 3/1	$4,168,000	-11.3%	4,250,000	-10.5%	0.20%	-4.3%
KN	Sell	KNOWLES CORP	$4,117,000	-14.0%	247,700	-20.8%	0.20%	-7.5%
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$3,597,000	–	48,600	–	0.17%	–
CTRP	Sell	CTRIP COM INTL LTD	$3,513,000	-52.8%	94,500	-39.5%	0.17%	-49.4%
NWS	Sell	NEWS CORP NEWcl b	$461,000	-31.1%	33,900	-19.7%	0.02%	-26.7%
QCOM	Sell	QUALCOMM INC	$238,000	-63.4%	3,300	-71.6%	0.01%	-62.1%
GSHHY	Exit	GUANGSHEN RY LTDsponsored adr	$0	–	-15,000	–	-0.02%	–
QD	Exit	QUDIAN INCadr	$0	–	-470,300	–	-0.19%	–
TAL	Exit	TAL ED GROUPsponsored ads	$0	–	-183,200	–	-0.30%	–
TARO	Exit	TARO PHARMACEUTICAL INDS LTD	$0	–	-144,612	–	-0.75%	–
AVGO	Exit	BROADCOM LTD	$0	–	-352,100	–	-3.81%	–

Q2 2018

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$384,206,000	–	2,070,855	–	17.12%	–
BIDU	New	BAIDU INCspon adr rep a	$370,661,000	–	1,525,354	–	16.52%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$269,157,000	–	6,063,451	–	12.00%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$247,326,000	–	3,131,100	–	11.02%	–
YUMC	New	YUM CHINA HLDGS INC	$153,606,000	–	3,993,910	–	6.85%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$105,994,000	–	2,899,179	–	4.72%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$100,636,000	–	2,134,837	–	4.48%	–
FANH	New	FANHUA INCsponsored adr	$95,631,000	–	3,355,464	–	4.26%	–
AVGO	New	BROADCOM LTD	$85,434,000	–	352,100	–	3.81%	–
BZUN	New	BAOZUN INCsponsored adr	$71,287,000	–	1,303,241	–	3.18%	–
NTES	New	NETEASE INCsponsored adr	$69,055,000	–	273,300	–	3.08%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$65,933,000	–	2,534,900	–	2.94%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$27,814,000	–	662,400	–	1.24%	–
BGNE	New	BEIGENE LTDsponsored adr	$26,888,000	–	174,903	–	1.20%	–
SNP	New	CHINA PETE & CHEM CORP	$23,808,000	–	265,000	–	1.06%	–
JD	New	JD COM INCspon adr cl a	$21,644,000	–	555,679	–	0.96%	–
TARO	New	TARO PHARMACEUTICAL INDS LTD	$16,730,000	–	144,612	–	0.75%	–
SINA	New	SINA CORPord	$10,857,000	–	128,200	–	0.48%	–
JOBS	New	51JOB INC	$10,682,000	–	109,400	–	0.48%	–
AABA	New	ALTABA INC	$10,330,000	–	141,100	–	0.46%	–
LN	New	LINE CORPsponsored adr	$10,062,000	–	245,000	–	0.45%	–
	New	CTRIP COM INTL LTDnote 1.250% 9/1	$9,525,000	–	9,270,000	–	0.42%	–
YY	New	YY INC	$8,861,000	–	88,200	–	0.40%	–
GHG	New	GREENTREE HOSPITALITY GROUP Lsponsored ads	$8,421,000	–	465,505	–	0.38%	–
CTRP	New	CTRIP COM INTL LTD	$7,440,000	–	156,200	–	0.33%	–
TAL	New	TAL ED GROUPsponsored ads	$6,742,000	–	183,200	–	0.30%	–
BILI	New	BILIBILI INC	$4,855,000	–	347,000	–	0.22%	–
KN	New	KNOWLES CORP	$4,786,000	–	312,800	–	0.21%	–
	New	VIPSHOP HLDGS LTDnote 1.500% 3/1	$4,698,000	–	4,750,000	–	0.21%	–
QD	New	QUDIAN INCadr	$4,167,000	–	470,300	–	0.19%	–
SKM	New	SK TELECOM LTDsponsored adr	$3,815,000	–	163,600	–	0.17%	–
HDB	New	HDFC BANK LTD	$884,000	–	8,422	–	0.04%	–
NWS	New	NEWS CORP NEWcl b	$669,000	–	42,200	–	0.03%	–
QCOM	New	QUALCOMM INC	$651,000	–	11,600	–	0.03%	–
GSHHY	New	GUANGSHEN RY LTDsponsored adr	$422,000	–	15,000	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
QCOM	Exit	QUALCOMM INC	$0	–	-5,600	–	-0.01%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-25,400	–	-0.01%	–
SOHU	Exit	SOHU COM INC	$0	–	-6,500	–	-0.02%	–
GSHHY	Exit	GUANGSHEN RY LTDsponsored adr	$0	–	-15,000	–	-0.02%	–
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-5,500	–	-0.02%	–
MOMO	Exit	MOMO INCadr	$0	–	-52,200	–	-0.07%	–
KT	Exit	KT CORPsponsored adr	$0	–	-225,800	–	-0.13%	–
	Exit	TARENA INTL INCadr	$0	–	-254,900	–	-0.15%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-41,400	–	-0.16%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-159,000	–	-0.16%	–
	Exit	CTRIP COM INTL LTDnote 1.250% 9/1	$0	–	-3,600,000	–	-0.16%	–
FANH	Exit	FANHUA INCsponsored adr	$0	–	-324,400	–	-0.17%	–
	Exit	HSBC HLDGS PLCnote 6.375%12/3	$0	–	-3,950,000	–	-0.18%	–
GSUM	Exit	GRIDSUM HLDG INCadr repsg cl b	$0	–	-467,447	–	-0.20%	–
TAL	Exit	TAL ED GROUPsponsored ads	$0	–	-156,600	–	-0.22%	–
BITA	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-126,100	–	-0.23%	–
OCLR	Exit	OCLARO INC	$0	–	-772,100	–	-0.28%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-273,600	–	-0.31%	–
LN	Exit	LINE CORPsponsored adr	$0	–	-214,400	–	-0.32%	–
RYB	Exit	RYB ED INCadr	$0	–	-357,300	–	-0.42%	–
BEST	Exit	BEST INCsponsored ads	$0	–	-913,000	–	-0.45%	–
AABA	Exit	ALTABA INC	$0	–	-185,200	–	-0.51%	–
JOBS	Exit	51JOB INC	$0	–	-203,324	–	-0.51%	–
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-177,400	–	-0.56%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-308,100	–	-0.67%	–
HDB	Exit	HDFC BANK LTD	$0	–	-206,922	–	-0.82%	–
SINA	Exit	SINA CORPord	$0	–	-192,200	–	-0.91%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-608,779	–	-0.96%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-198,800	–	-0.98%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-527,900	–	-1.31%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-1,082,541	–	-1.47%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-1,396,404	–	-1.97%	–
RMD	Exit	RESMED INC	$0	–	-797,400	–	-2.54%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-1,769,910	–	-2.93%	–
TARO	Exit	TARO PHARMACEUTICAL INDS LTD	$0	–	-654,200	–	-3.05%	–
AVGO	Exit	BROADCOM LTD	$0	–	-328,100	–	-3.29%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-309,460	–	-3.38%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-2,641,500	–	-3.75%	–
YUM	Exit	YUM BRANDS INC	$0	–	-1,305,310	–	-3.98%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,657,737	–	-5.43%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-3,757,503	–	-5.84%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-4,600,831	–	-9.63%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-3,722,400	–	-11.17%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,992,555	–	-14.24%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,600,870	–	-16.41%	–

Q3 2017

			Value		Shares		↓ Weighting
BIDU	Buy	BAIDU INCspon adr rep a	$396,519,000	+38.7%	1,600,870	+0.2%	16.41%	+26.4%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$344,134,000	+23.6%	1,992,555	+0.9%	14.24%	+12.6%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$270,023,000	+6.1%	3,722,400	-2.9%	11.17%	-3.4%
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$232,664,000	-24.4%	4,600,831	-20.7%	9.63%	-31.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$141,094,000	+1.1%	3,757,503	-5.8%	5.84%	-7.9%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$131,319,000	+1.4%	2,657,737	-4.8%	5.43%	-7.6%
YUM	Sell	YUM BRANDS INC	$96,084,000	-1.1%	1,305,310	-0.9%	3.98%	-9.9%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$90,603,000	-1.8%	2,641,500	-3.6%	3.75%	-10.6%
NTES	Buy	NETEASE INCsponsored adr	$81,639,000	+160.7%	309,460	+197.1%	3.38%	+137.4%
AVGO	Buy	BROADCOM LTD	$79,577,000	+22.6%	328,100	+17.8%	3.29%	+11.6%
TARO	Sell	TARO PHARMACEUTICAL INDS LTD	$73,722,000	-18.4%	654,200	-18.8%	3.05%	-25.6%
YUMC	Sell	YUM CHINA HLDGS INC	$70,743,000	+0.7%	1,769,910	-0.6%	2.93%	-8.2%
RMD	Sell	RESMED INC	$61,368,000	-5.6%	797,400	-4.5%	2.54%	-14.0%
CHT	Sell	CHUNGHWA TELECOM CO LTDspon adr new11	$47,631,000	-20.2%	1,396,404	-17.6%	1.97%	-27.3%
BZUN	Sell	BAOZUN INCsponsored adr	$35,464,000	-1.0%	1,082,541	-33.0%	1.47%	-9.8%
ATHM	Sell	AUTOHOME INCsp adr rp cl a	$31,716,000	+16.1%	527,900	-12.4%	1.31%	+5.8%
HTHT	Sell	CHINA LODGING GROUP LTDsponsored adr	$23,621,000	-11.3%	198,800	-39.8%	0.98%	-19.2%
JD	Buy	JD COM INCspon adr cl a	$23,255,000	+42.0%	608,779	+45.8%	0.96%	+29.3%
HDB	Sell	HDFC BANK LTD	$19,941,000	+2.1%	206,922	-7.9%	0.82%	-7.0%
CTRP	Sell	CTRIP COM INTL LTD	$16,249,000	-23.4%	308,100	-21.7%	0.67%	-30.2%
SNP	Sell	CHINA PETE & CHEM CORP	$13,440,000	-3.9%	177,400	-0.3%	0.56%	-12.6%
JOBS	Buy	51JOB INC	$12,323,000	+3994.0%	203,324	+2923.9%	0.51%	+3542.9%
AABA	New	ALTABA INC	$12,268,000	–	185,200	–	0.51%	–
BEST	New	BEST INCsponsored ads	$10,929,000	–	913,000	–	0.45%	–
RYB	New	RYB ED INCadr	$10,183,000	–	357,300	–	0.42%	–
LN	Sell	LINE CORPsponsored adr	$7,761,000	+3.2%	214,400	-0.9%	0.32%	-6.1%
HCM	Buy	HUTCHISON CHINA MEDITECH LTDsponsored adr	$7,461,000	+27.5%	273,600	+9.0%	0.31%	+16.2%
OCLR	Buy	OCLARO INC	$6,663,000	+11.5%	772,100	+20.6%	0.28%	+1.5%
BITA	New	BITAUTO HLDGS LTDsponsored ads	$5,634,000	–	126,100	–	0.23%	–
TAL	Buy	TAL ED GROUPsponsored ads	$5,279,000	+36.6%	156,600	+395.6%	0.22%	+23.9%
	Sell	HSBC HLDGS PLCnote 6.375%12/3	$4,237,000	-9.2%	3,950,000	-10.2%	0.18%	-17.5%
FANH	Buy	FANHUA INCsponsored adr	$4,078,000	+113.3%	324,400	+45.2%	0.17%	+94.3%
	New	CTRIP COM INTL LTDnote 1.250% 9/1	$3,903,000	–	3,600,000	–	0.16%	–
CBPO	Buy	CHINA BIOLOGIC PRODS INC	$3,820,000	+8.6%	41,400	+33.1%	0.16%	-1.2%
	Buy	TARENA INTL INCadr	$3,709,000	-4.4%	254,900	+17.7%	0.15%	-13.1%
KT	Buy	KT CORPsponsored adr	$3,132,000	-14.6%	225,800	+2.5%	0.13%	-22.2%
MOMO	New	MOMO INCadr	$1,636,000	–	52,200	–	0.07%	–
AEIS	New	ADVANCED ENERGY INDS	$444,000	–	5,500	–	0.02%	–
SOHU	Sell	SOHU COM INC	$354,000	-20.6%	6,500	-34.3%	0.02%	-25.0%
NWS	Buy	NEWS CORP NEWcl b	$347,000	+14.5%	25,400	+18.7%	0.01%	0.0%
QCOM	New	QUALCOMM INC	$290,000	–	5,600	–	0.01%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-19,220	–	-0.06%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-317,634	–	-0.26%	–

Q2 2017

			Value		Shares		↓ Weighting
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$307,953,000	–	5,800,588	–	13.99%	–
BIDU	New	BAIDU INCspon adr rep a	$285,837,000	–	1,598,107	–	12.98%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$278,356,000	–	1,975,555	–	12.65%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$254,617,000	–	3,834,600	–	11.57%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$139,497,000	–	3,990,180	–	6.34%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$129,448,000	–	2,790,437	–	5.88%	–
YUM	New	YUM BRANDS INC	$97,121,000	–	1,316,710	–	4.41%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$92,276,000	–	2,740,600	–	4.19%	–
TARO	New	TARO PHARMACEUTICAL INDS LTD	$90,298,000	–	805,800	–	4.10%	–
YUMC	New	YUM CHINA HLDGS INC	$70,237,000	–	1,781,310	–	3.19%	–
RMD	New	RESMED INC	$64,990,000	–	834,600	–	2.95%	–
AVGO	New	BROADCOM LTD	$64,928,000	–	278,600	–	2.95%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$59,709,000	–	1,695,304	–	2.71%	–
BZUN	New	BAOZUN INCsponsored adr	$35,828,000	–	1,616,041	–	1.63%	–
NTES	New	NETEASE INCsponsored adr	$31,314,000	–	104,160	–	1.42%	–
ATHM	New	AUTOHOME INCsp adr rp cl a	$27,320,000	–	602,300	–	1.24%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$26,624,000	–	330,000	–	1.21%	–
CTRP	New	CTRIP COM INTL LTD	$21,205,000	–	393,700	–	0.96%	–
HDB	New	HDFC BANK LTD	$19,533,000	–	224,591	–	0.89%	–
JD	New	JD COM INCspon adr cl a	$16,374,000	–	417,479	–	0.74%	–
SINA	New	SINA CORPord	$16,331,000	–	192,200	–	0.74%	–
SNP	New	CHINA PETE & CHEM CORP	$13,991,000	–	178,000	–	0.64%	–
LN	New	LINE CORPsponsored adr	$7,523,000	–	216,300	–	0.34%	–
OCLR	New	OCLARO INC	$5,978,000	–	640,000	–	0.27%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$5,851,000	–	251,000	–	0.27%	–
CYD	New	CHINA YUCHAI INTL LTD	$5,784,000	–	317,634	–	0.26%	–
	New	HSBC HLDGS PLCnote 6.375%12/3	$4,667,000	–	4,400,000	–	0.21%	–
SKM	New	SK TELECOM LTDsponsored adr	$4,082,000	–	159,000	–	0.18%	–
GSUM	New	GRIDSUM HLDG INCadr repsg cl b	$4,001,000	–	467,447	–	0.18%	–
TAL	New	TAL ED GROUP	$3,865,000	–	31,600	–	0.18%	–
	New	TARENA INTL INCadr	$3,879,000	–	216,600	–	0.18%	–
KT	New	KT CORPsponsored adr	$3,667,000	–	220,400	–	0.17%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$3,517,000	–	31,100	–	0.16%	–
FANH	New	FANHUA INCsponsored adr	$1,912,000	–	223,400	–	0.09%	–
WB	New	WEIBO CORPsponsored adr	$1,278,000	–	19,220	–	0.06%	–
SOHU	New	SOHU COM INC	$446,000	–	9,900	–	0.02%	–
GSHHY	New	GUANGSHEN RY LTDsponsored adr	$373,000	–	15,000	–	0.02%	–
JOBS	New	51JOB INC	$301,000	–	6,724	–	0.01%	–
NWS	New	NEWS CORP NEWcl b	$303,000	–	21,400	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
GSUM	Exit	GRIDSUM HLDG INCadr repsg cl b	$0	–	-15,000	–	-0.01%	–
SOHU	Exit	SOHU COM INC	$0	–	-5,600	–	-0.01%	–
GSHHY	Exit	GUANGSHEN RY LTDsponsored adr	$0	–	-14,700	–	-0.02%	–
JOBS	Exit	51JOB INC	$0	–	-13,724	–	-0.02%	–
TOUR	Exit	TUNIU CORPsponsored ads cl	$0	–	-48,500	–	-0.02%	–
WB	Exit	WEIBO CORPsponsored adr	$0	–	-20,980	–	-0.04%	–
	Exit	VIPSHOP HLDGS LTDnote 1.500% 3/1	$0	–	-1,090,000	–	-0.05%	–
KT	Exit	KT CORPsponsored adr	$0	–	-127,400	–	-0.08%	–
ZPIN	Exit	ZHAOPIN LTDsponsored adr	$0	–	-141,763	–	-0.09%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-45,000	–	-0.09%	–
TAL	Exit	TAL ED GROUP	$0	–	-38,500	–	-0.11%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-61,400	–	-0.12%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-141,300	–	-0.13%	–
	Exit	HSBC HLDGS PLCnote 6.375%12/3	$0	–	-4,200,000	–	-0.17%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-35,600	–	-0.18%	–
	Exit	CTRIP COM INTL LTDnote 1.000% 7/0	$0	–	-4,300,000	–	-0.19%	–
YY	Exit	YY INC	$0	–	-132,400	–	-0.29%	–
EHIC	Exit	EHI CAR SVCS LTDspon ads cl a	$0	–	-771,435	–	-0.32%	–
BITA	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-306,400	–	-0.37%	–
LN	Exit	LINE CORPsponsored adr	$0	–	-221,700	–	-0.44%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-798,829	–	-0.48%	–
ATHM	Exit	AUTOHOME INCsp adr rep cl a	$0	–	-542,300	–	-0.54%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-180,568	–	-0.59%	–
SINA	Exit	SINA CORPord	$0	–	-209,800	–	-0.64%	–
HDB	Exit	HDFC BANK LTD	$0	–	-228,091	–	-0.67%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-1,150,541	–	-0.71%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-387,500	–	-0.72%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-435,400	–	-0.83%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,075,679	–	-1.15%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-165,760	–	-1.64%	–
RMD	Exit	RESMED INC	$0	–	-1,159,500	–	-3.09%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,006,037	–	-3.10%	–
TARO	Exit	TARO PHARMACEUTICAL INDS LTD	$0	–	-701,900	–	-3.19%	–
QCOM	Exit	QUALCOMM INC	$0	–	-1,981,700	–	-5.58%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-4,935,780	–	-6.21%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-2,303,652	–	-6.26%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-5,490,652	–	-7.91%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,967,155	–	-8.56%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-4,477,800	–	-8.78%	–
YUM	Exit	YUM BRANDS INC	$0	–	-2,473,400	–	-9.23%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,591,806	–	-11.92%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-6,106,715	–	-15.44%	–

Q3 2016

			Value		Shares		↓ Weighting
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$375,685,000	+3.7%	6,106,715	-2.4%	15.44%	-2.5%
BIDU	New	BAIDU INCspon adr rep a	$289,820,000	–	1,591,806	–	11.92%	–
YUM	Sell	YUM BRANDS INC	$224,609,000	+7.2%	2,473,400	-2.1%	9.23%	+0.8%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$213,636,000	+24.9%	4,477,800	+49.9%	8.78%	+17.5%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$208,105,000	+32.2%	1,967,155	-0.6%	8.56%	+24.3%
CHT	Sell	CHUNGHWA TELECOM CO LTDspon adr new11	$192,338,000	-14.7%	5,490,652	-11.6%	7.91%	-19.8%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$152,225,000	-19.0%	2,303,652	-24.7%	6.26%	-23.9%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$150,986,000	-6.1%	4,935,780	-19.5%	6.21%	-11.7%
QCOM	Buy	QUALCOMM INC	$135,746,000	+28.0%	1,981,700	+0.1%	5.58%	+20.4%
TARO	Buy	TARO PHARMACEUTICAL INDS LTD	$77,567,000	+0.5%	701,900	+32.4%	3.19%	-5.5%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$75,447,000	+10.0%	2,006,037	-8.5%	3.10%	+3.4%
RMD	Sell	RESMED INC	$75,124,000	-3.0%	1,159,500	-5.3%	3.09%	-8.7%
NTES	Sell	NETEASE INCsponsored adr	$39,912,000	-17.1%	165,760	-33.4%	1.64%	-22.0%
JD	Sell	JD COM INCspon adr cl a	$28,064,000	+9.5%	1,075,679	-10.9%	1.15%	+2.9%
CTRP	Sell	CTRIP COM INTL LTD	$20,277,000	+8.3%	435,400	-4.2%	0.83%	+1.8%
HTHT	Buy	CHINA LODGING GROUP LTDsponsored adr	$17,472,000	+55.5%	387,500	+25.6%	0.72%	+46.2%
BZUN	New	BAOZUN INCsponsored adr	$17,362,000	–	1,150,541	–	0.71%	–
SINA	New	SINA CORPord	$15,490,000	–	209,800	–	0.64%	–
MJN	Sell	MEAD JOHNSON NUTRITION CO	$14,267,000	-13.2%	180,568	-0.3%	0.59%	-18.2%
ATHM	Buy	AUTOHOME INCsp adr rep cl a	$13,151,000	+143.3%	542,300	+101.7%	0.54%	+129.2%
VIPS	Sell	VIPSHOP HLDGS LTDsponsored adr	$11,719,000	+7.4%	798,829	-18.2%	0.48%	+1.0%
LN	New	LINE CORPsponsored adr	$10,730,000	–	221,700	–	0.44%	–
BITA	New	BITAUTO HLDGS LTDsponsored ads	$8,910,000	–	306,400	–	0.37%	–
EHIC	Sell	EHI CAR SVCS LTDspon ads cl a	$7,907,000	-4.1%	771,435	-5.4%	0.32%	-10.0%
YY	New	YY INC	$7,054,000	–	132,400	–	0.29%	–
	New	CTRIP COM INTL LTDnote 1.000% 7/0	$4,706,000	–	4,300,000	–	0.19%	–
CBPO	Buy	CHINA BIOLOGIC PRODS INC	$4,431,000	+24.4%	35,600	+6.3%	0.18%	+16.7%
	Buy	HSBC HLDGS PLCnote 6.375%12/3	$4,201,000	+10.1%	4,200,000	+5.0%	0.17%	+3.6%
SKM	Sell	SK TELECOM LTDsponsored adr	$3,193,000	-21.2%	141,300	-27.1%	0.13%	-26.0%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$2,847,000	-6.2%	61,400	-15.3%	0.12%	-12.0%
TAL	New	TAL ED GROUP	$2,727,000	–	38,500	–	0.11%	–
WUBA	New	58 COM INCspon adr rep a	$2,145,000	–	45,000	–	0.09%	–
KT	Sell	KT CORPsponsored adr	$2,045,000	-19.0%	127,400	-28.0%	0.08%	-23.6%
WB	New	WEIBO CORPsponsored adr	$1,052,000	–	20,980	–	0.04%	–
TOUR	Buy	TUNIU CORPsponsored ads cl	$491,000	+52.5%	48,500	+27.0%	0.02%	+42.9%
JOBS	Sell	51JOB INC	$458,000	-94.7%	13,724	-95.4%	0.02%	-95.0%
GSUM	New	GRIDSUM HLDG INCadr repsg cl b	$253,000	–	15,000	–	0.01%	–
SOHU	New	SOHU COM INC	$248,000	–	5,600	–	0.01%	–
	Exit	SOUFUN HLDGS LTDnote 2.000%12/1	$0	–	-650,000	–	-0.03%	–
	Exit	QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1	$0	–	-1,700,000	–	-0.07%	–
DL	Exit	CHINA DISTANCE ED HLDGS LTDspons adr	$0	–	-728,700	–	-0.33%	–
	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-383,600	–	-0.45%	–
	Exit	BAIDU INCspon adr rep a	$0	–	-1,658,106	–	-11.97%	–

Q2 2016

			Value		Shares		↓ Weighting
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$362,333,000	–	6,257,915	–	15.84%	–
	New	BAIDU INCspon adr rep a	$273,836,000	–	1,658,106	–	11.97%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$225,468,000	–	6,211,252	–	9.86%	–
YUM	New	YUM BRANDS INC	$209,597,000	–	2,527,700	–	9.16%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$188,022,000	–	3,059,252	–	8.22%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$171,027,000	–	2,987,900	–	7.48%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$160,829,000	–	6,131,480	–	7.03%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$157,458,000	–	1,979,855	–	6.88%	–
QCOM	New	QUALCOMM INC	$106,026,000	–	1,979,200	–	4.64%	–
RMD	New	RESMED INC	$77,412,000	–	1,224,300	–	3.38%	–
TARO	New	TARO PHARMACEUTICAL INDS LTD	$77,183,000	–	530,100	–	3.37%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$68,614,000	–	2,191,437	–	3.00%	–
NTES	New	NETEASE INCsponsored adr	$48,121,000	–	249,050	–	2.10%	–
JD	New	JD COM INCspon adr cl a	$25,631,000	–	1,207,307	–	1.12%	–
CTRP	New	CTRIP COM INTL LTD	$18,730,000	–	454,600	–	0.82%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$16,432,000	–	181,068	–	0.72%	–
HDB	New	HDFC BANK LTD	$15,134,000	–	228,091	–	0.66%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$11,239,000	–	308,500	–	0.49%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$10,909,000	–	976,629	–	0.48%	–
	New	BITAUTO HLDGS LTDsponsored ads	$10,342,000	–	383,600	–	0.45%	–
JOBS	New	51JOB INC	$8,691,000	–	296,524	–	0.38%	–
EHIC	New	EHI CAR SVCS LTDspon ads cl a	$8,248,000	–	815,835	–	0.36%	–
DL	New	CHINA DISTANCE ED HLDGS LTDspons adr	$7,535,000	–	728,700	–	0.33%	–
ATHM	New	AUTOHOME INCsp adr rep cl a	$5,406,000	–	268,800	–	0.24%	–
SKM	New	SK TELECOM LTDsponsored adr	$4,052,000	–	193,700	–	0.18%	–
	New	HSBC HLDGS PLCnote 6.375%12/2	$3,814,000	–	4,000,000	–	0.17%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$3,562,000	–	33,500	–	0.16%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$3,036,000	–	72,500	–	0.13%	–
KT	New	KT CORPsponsored adr	$2,524,000	–	177,000	–	0.11%	–
ZPIN	New	ZHAOPIN LTDsponsored adr	$2,060,000	–	141,763	–	0.09%	–
	New	QIHOO 360 TECHNOLOGY CO LTDnote 1.750% 8/1	$1,655,000	–	1,700,000	–	0.07%	–
	New	VIPSHOP HLDGS LTDnote 1.500% 3/1	$1,080,000	–	1,090,000	–	0.05%	–
	New	SOUFUN HLDGS LTDnote 2.000%12/1	$637,000	–	650,000	–	0.03%	–
GSHHY	New	GUANGSHEN RY LTDsponsored adr	$349,000	–	14,700	–	0.02%	–
TOUR	New	TUNIU CORPsponsored ads cl	$322,000	–	38,200	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
HMIN	Exit	HOMEINNS HOTEL GROUPsponsored adr	$0	–	-8,150	–	-0.01%	–
RMD	Exit	RESMED INC	$0	–	-6,500	–	-0.02%	–
TAL	Exit	TAL ED GROUP	$0	–	-11,200	–	-0.02%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-49,500	–	-0.03%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-72,400	–	-0.06%	–
QUNR	Exit	QUNAR CAYMAN IS LTDspns adr cl b	$0	–	-86,200	–	-0.12%	–
ZPIN	Exit	ZHAOPIN LTDsponsored adr	$0	–	-215,063	–	-0.12%	–
KT	Exit	KT CORPsponsored adr	$0	–	-241,200	–	-0.14%	–
HDB	Exit	HDFC BANK LTD	$0	–	-60,391	–	-0.16%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-220,900	–	-0.20%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-246,900	–	-0.27%	–
EHIC	Exit	EHI CAR SVCS LTDspon ads cl a	$0	–	-613,396	–	-0.32%	–
	Exit	PHOENIX NEW MEDIA LTDsponsored ads	$0	–	-1,696,472	–	-0.33%	–
ATHM	Exit	AUTOHOME INCsp adr rep cl a	$0	–	-268,800	–	-0.39%	–
JOBS	Exit	51JOB INC	$0	–	-349,424	–	-0.42%	–
BITA	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-340,300	–	-0.45%	–
DL	Exit	CHINA DISTANCE ED HLDGS LTDspons adr	$0	–	-872,353	–	-0.50%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-482,900	–	-0.52%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-136,854	–	-0.55%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-182,168	–	-0.57%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-214,500	–	-0.60%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-1,036,142	–	-0.77%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,005,500	–	-1.16%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-332,650	–	-1.77%	–
TARO	Exit	TARO PHARMACEUTICAL INDS LTD	$0	–	-563,700	–	-3.58%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-2,432,037	–	-4.09%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,784,355	–	-4.67%	–
QCOM	Exit	QUALCOMM INC	$0	–	-2,000,000	–	-4.77%	–
WX	Exit	WUXI PHARMATECH CAYMAN INC	$0	–	-2,694,589	–	-5.17%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-6,725,380	–	-6.19%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-3,994,752	–	-6.32%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-2,685,200	–	-7.46%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-6,461,752	–	-8.67%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,826,506	–	-11.14%	–
YUM	Exit	YUM BRANDS INC	$0	–	-3,451,600	–	-12.25%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-6,142,215	–	-16.22%	–

Q3 2015

			Value		Shares		↓ Weighting
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$365,462,000	-19.1%	6,142,215	-12.8%	16.22%	+3.6%
YUM	Sell	YUM BRANDS INC	$275,955,000	-17.1%	3,451,600	-6.6%	12.25%	+6.2%
BIDU	Sell	BAIDU INCspon adr rep a	$250,980,000	-33.5%	1,826,506	-3.6%	11.14%	-14.9%
CHT	Sell	CHUNGHWA TELECOM CO LTDspon adr new11	$195,274,000	-11.0%	6,461,752	-6.0%	8.67%	+13.9%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$168,120,000	-0.5%	2,685,200	-2.9%	7.46%	+27.3%
TLK	Sell	P T TELEKOMUNIKASI INDONESIAsponsored adr	$142,413,000	-20.1%	3,994,752	-2.8%	6.32%	+2.3%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$139,552,000	-21.6%	6,725,380	-14.2%	6.19%	+0.3%
WX	Sell	WUXI PHARMATECH CAYMAN INC	$116,433,000	+0.2%	2,694,589	-2.0%	5.17%	+28.3%
QCOM	Sell	QUALCOMM INC	$107,460,000	-17.8%	2,000,000	-4.2%	4.77%	+5.2%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$105,223,000	-38.3%	1,784,355	-13.9%	4.67%	-21.0%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$92,126,000	-52.3%	2,432,037	-43.6%	4.09%	-38.9%
TARO	Sell	TARO PHARMACEUTICAL INDS LTD	$80,547,000	-1.8%	563,700	-1.2%	3.58%	+25.7%
NTES	Sell	NETEASE INCsponsored adr	$39,958,000	-25.8%	332,650	-10.5%	1.77%	-5.0%
JD	Buy	JD COM INCspon adr cl a	$26,203,000	+293.0%	1,005,500	+414.3%	1.16%	+403.5%
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$17,407,000	–	1,036,142	–	0.77%	–
CTRP	Buy	CTRIP COM INTL LTD	$13,552,000	+147.8%	214,500	+184.9%	0.60%	+216.3%
MJN	Buy	MEAD JOHNSON NUTRITION CO	$12,825,000	+2130.4%	182,168	+2760.7%	0.57%	+2745.0%
CBPO	Sell	CHINA BIOLOGIC PRODS INC	$12,292,000	-41.8%	136,854	-25.4%	0.55%	-25.4%
HTHT	Sell	CHINA LODGING GROUP LTDsponsored adr	$11,749,000	-1.4%	482,900	-1.0%	0.52%	+26.2%
DL	Sell	CHINA DISTANCE ED HLDGS LTDspons adr	$11,149,000	-22.2%	872,353	-2.3%	0.50%	-0.4%
BITA	Buy	BITAUTO HLDGS LTDsponsored ads	$10,131,000	+18.9%	340,300	+103.9%	0.45%	+52.5%
JOBS	Sell	51JOB INC	$9,574,000	-42.0%	349,424	-29.7%	0.42%	-25.8%
	New	PHOENIX NEW MEDIA LTDsponsored ads	$7,431,000	–	1,696,472	–	0.33%	–
EHIC	New	EHI CAR SVCS LTDspon ads cl a	$7,109,000	–	613,396	–	0.32%	–
SKM	Buy	SK TELECOM LTDsponsored adr	$6,024,000	+22.8%	246,900	+24.8%	0.27%	+57.1%
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$4,464,000	-78.5%	220,900	-73.9%	0.20%	-72.5%
HDB	Sell	HDFC BANK LTD	$3,689,000	-70.9%	60,391	-71.1%	0.16%	-62.6%
KT	Sell	KT CORPsponsored adr	$3,152,000	-1.6%	241,200	-4.6%	0.14%	+26.1%
ZPIN	Buy	ZHAOPIN LTDsponsored adr	$2,774,000	+5.1%	215,063	+25.3%	0.12%	+33.7%
QUNR	Buy	QUNAR CAYMAN IS LTDspns adr cl b	$2,592,000	-5.3%	86,200	+34.9%	0.12%	+21.1%
LFC	Buy	CHINA LIFE INS CO LTDspon adr rep h	$1,258,000	+52.1%	72,400	+90.5%	0.06%	+93.1%
RMD	New	RESMED INC	$331,000	–	6,500	–	0.02%	–
HMIN	Sell	HOMEINNS HOTEL GROUPsponsored adr	$234,000	-98.9%	8,150	-98.8%	0.01%	-98.7%
GSHHY	Exit	GUANGSHEN RY LTDsponsored adr	$0	–	-38,800	–	-0.04%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-60,682	–	-0.07%	–
SONY	Exit	SONY CORPadr new	$0	–	-111,400	–	-0.11%	–
VNET	Exit	21VIANET GROUP INCsponsored adr	$0	–	-156,000	–	-0.11%	–
JMEI	Exit	JUMEI INTL HLDG LTDsponsored adr	$0	–	-275,200	–	-0.22%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-606,500	–	-0.50%	–
SINA	Exit	SINA CORPord	$0	–	-280,650	–	-0.52%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-126,366	–	-0.59%	–

Q2 2015

			Value		Shares		↓ Weighting
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$451,538,000	–	7,045,369	–	15.66%	–
BIDU	New	BAIDU INCspon adr rep a	$377,338,000	–	1,895,407	–	13.08%	–
YUM	New	YUM BRANDS INC	$332,756,000	–	3,694,000	–	11.54%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$219,430,000	–	6,874,365	–	7.61%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$193,110,000	–	4,309,528	–	6.70%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$178,234,000	–	4,107,716	–	6.18%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$178,034,000	–	7,839,441	–	6.17%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$170,419,000	–	2,071,455	–	5.91%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$168,999,000	–	2,766,400	–	5.86%	–
QCOM	New	QUALCOMM INC	$130,734,000	–	2,087,400	–	4.53%	–
WX	New	WUXI PHARMATECH CAYMAN INC	$116,181,000	–	2,749,189	–	4.03%	–
TARO	New	TARO PHARMACEUTICAL INDS LTD	$82,004,000	–	570,700	–	2.84%	–
NTES	New	NETEASE INCsponsored adr	$53,825,000	–	371,550	–	1.87%	–
HMIN	New	HOMEINNS HOTEL GROUPsponsored adr	$21,573,000	–	697,696	–	0.75%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$21,127,000	–	183,454	–	0.73%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$20,768,000	–	847,000	–	0.72%	–
TM	New	TOYOTA MOTOR CORP	$16,901,000	–	126,366	–	0.59%	–
JOBS	New	51JOB INC	$16,518,000	–	496,942	–	0.57%	–
SINA	New	SINA CORPord	$15,033,000	–	280,650	–	0.52%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$14,574,000	–	606,500	–	0.50%	–
DL	New	CHINA DISTANCE ED HLDGS LTDspons adr	$14,323,000	–	892,960	–	0.50%	–
ATHM	New	AUTOHOME INCsp adr rep cl a	$13,585,000	–	268,800	–	0.47%	–
HDB	New	HDFC BANK LTD	$12,668,000	–	209,291	–	0.44%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$11,912,000	–	487,800	–	0.41%	–
BITA	New	BITAUTO HLDGS LTDsponsored ads	$8,520,000	–	166,900	–	0.30%	–
JD	New	JD COM INCspon adr cl a	$6,667,000	–	195,500	–	0.23%	–
JMEI	New	JUMEI INTL HLDG LTDsponsored adr	$6,286,000	–	275,200	–	0.22%	–
CTRP	New	CTRIP COM INTL LTD	$5,468,000	–	75,300	–	0.19%	–
SKM	New	SK TELECOM LTDsponsored adr	$4,906,000	–	197,900	–	0.17%	–
KT	New	KT CORPsponsored adr	$3,204,000	–	252,900	–	0.11%	–
VNET	New	21VIANET GROUP INCsponsored adr	$3,201,000	–	156,000	–	0.11%	–
SONY	New	SONY CORPadr new	$3,163,000	–	111,400	–	0.11%	–
QUNR	New	QUNAR CAYMAN IS LTDspns adr cl b	$2,738,000	–	63,900	–	0.10%	–
ZPIN	New	ZHAOPIN LTDsponsored adr	$2,640,000	–	171,663	–	0.09%	–
TTM	New	TATA MTRS LTDsponsored adr	$2,092,000	–	60,682	–	0.07%	–
GSHHY	New	GUANGSHEN RY LTDsponsored adr	$1,061,000	–	38,800	–	0.04%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$972,000	–	49,500	–	0.03%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$827,000	–	38,000	–	0.03%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$575,000	–	6,368	–	0.02%	–
TAL	New	TAL ED GROUP	$395,000	–	11,200	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-5,768	–	-0.03%	–
DL	Exit	CHINA DISTANCE ED HLDGS LTDspons adr	$0	–	-48,860	–	-0.03%	–
GSHHY	Exit	GUANGSHEN RY LTDsponsored adr	$0	–	-46,000	–	-0.04%	–
PKX	Exit	POSCOsponsored adr	$0	–	-13,100	–	-0.05%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-28,700	–	-0.05%	–
TAL	Exit	TAL ED GROUP	$0	–	-30,600	–	-0.05%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-46,200	–	-0.06%	–
TOUR	Exit	TUNIU CORPsponsored ads cl	$0	–	-87,800	–	-0.07%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-73,200	–	-0.09%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-41,100	–	-0.11%	–
	Exit	HOME INNS & HOTELS MGMT INCnote 2.000%12/1	$0	–	-2,800,000	–	-0.13%	–
	Exit	SINA CORPdebt 1.000%12/0	$0	–	-3,000,000	–	-0.13%	–
KT	Exit	KT CORPsponsored adr	$0	–	-244,600	–	-0.18%	–
WX	Exit	WUXI PHARMATECH CAYMAN INC	$0	–	-153,200	–	-0.25%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-171,100	–	-0.33%	–
JMEI	Exit	JUMEI INTL HLDG LTDsponsored adr	$0	–	-364,700	–	-0.40%	–
HDB	Exit	HDFC BANK LTD	$0	–	-212,791	–	-0.46%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-238,282	–	-0.48%	–
JOBS	Exit	51JOB INC	$0	–	-350,142	–	-0.49%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-370,700	–	-0.52%	–
ATHM	Exit	AUTOHOME INCsp adr rep cl a	$0	–	-291,100	–	-0.57%	–
SINA	Exit	SINA CORPord	$0	–	-369,250	–	-0.71%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-733,500	–	-0.77%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-748,800	–	-0.90%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-861,702	–	-0.93%	–
HMIN	Exit	HOME INNS & HOTELS MGMT INCspon adr	$0	–	-812,746	–	-1.09%	–
MR	Exit	MINDRAY MEDICAL INTL LTDspon adr	$0	–	-981,518	–	-1.38%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-542,250	–	-2.16%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,822,200	–	-3.79%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-950,000	–	-3.92%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-8,851,941	–	-8.30%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-3,949,414	–	-8.82%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-6,409,269	–	-8.92%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-4,130,428	–	-9.76%	–
YUM	Exit	YUM BRANDS INC	$0	–	-3,492,769	–	-11.68%	–
	Exit	BAIDU INCspon adr rep a	$0	–	-1,316,107	–	-13.34%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-6,981,169	–	-19.05%	–

Q3 2014

			Value		Shares		↓ Weighting
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$410,144,000	+22.5%	6,981,169	+1.4%	19.05%	+2.0%
	Buy	BAIDU INCspon adr rep a	$287,214,000	+18.1%	1,316,107	+1.1%	13.34%	-1.7%
YUM	Buy	YUM BRANDS INC	$251,410,000	+43.1%	3,492,769	+61.5%	11.68%	+19.2%
HSBC	Sell	HSBC HLDGS PLCspon adr new	$210,156,000	-1.6%	4,130,428	-1.7%	9.76%	-18.1%
CHT	Sell	CHUNGHWA TELECOM CO LTDspon adr new11	$192,086,000	-9.0%	6,409,269	-2.7%	8.92%	-24.3%
TLK	Buy	P T TELEKOMUNIKASI INDONESIAsponsored adr	$189,967,000	+15.6%	3,949,414	+0.1%	8.82%	-3.7%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$178,632,000	-5.4%	8,851,941	+0.3%	8.30%	-21.2%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$84,408,000	–	950,000	–	3.92%	–
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$81,580,000	+3770.0%	1,822,200	+4127.8%	3.79%	+3111.0%
NTES	Sell	NETEASE INCsponsored adr	$46,449,000	+8.3%	542,250	-0.9%	2.16%	-9.8%
MR	Sell	MINDRAY MEDICAL INTL LTDspon adr	$29,603,000	-8.2%	981,518	-4.1%	1.38%	-23.6%
HMIN	Buy	HOME INNS & HOTELS MGMT INCspon adr	$23,562,000	-14.0%	812,746	+1.5%	1.09%	-28.4%
EDU	Buy	NEW ORIENTAL ED & TECH GRP Ispon adr	$19,991,000	-1.7%	861,702	+12.6%	0.93%	-18.2%
HTHT	Buy	CHINA LODGING GROUP LTDsponsored adr	$19,297,000	+3.8%	748,800	+1.1%	0.90%	-13.6%
HOLI	Buy	HOLLYSYS AUTOMATION TECHNOLO	$16,496,000	-7.0%	733,500	+1.3%	0.77%	-22.5%
SINA	Buy	SINA CORPord	$15,191,000	-15.7%	369,250	+2.0%	0.71%	-29.8%
ATHM	Sell	AUTOHOME INCsp adr rep cl a	$12,229,000	+21.0%	291,100	-0.9%	0.57%	+0.7%
JOBS	Buy	51JOB INC	$10,480,000	+4.1%	350,142	+129.4%	0.49%	-13.3%
TTM	Sell	TATA MTRS LTDsponsored adr	$10,415,000	-3.3%	238,282	-13.6%	0.48%	-19.5%
JMEI	Buy	JUMEI INTL HLDG LTDsponsored adr	$8,563,000	+95.4%	364,700	+126.4%	0.40%	+63.1%
LFC	Buy	CHINA LIFE INS CO LTDspon adr rep h	$7,135,000	+7.4%	171,100	+1.0%	0.33%	-10.5%
WX	Buy	WUXI PHARMATECH CAYMAN INC	$5,365,000	+9.8%	153,200	+3.0%	0.25%	-8.8%
KT	Buy	KT CORPsponsored adr	$3,965,000	+54.9%	244,600	+44.7%	0.18%	+28.7%
	Buy	SINA CORPdebt 1.000%12/0	$2,775,000	+201.3%	3,000,000	+200.0%	0.13%	+152.9%
JD	New	JD COM INCspon adr cl a	$1,890,000	–	73,200	–	0.09%	–
TOUR	New	TUNIU CORPsponsored ads cl	$1,506,000	–	87,800	–	0.07%	–
MLCO	Buy	MELCO CROWN ENTMT LTDadr	$1,215,000	-1.4%	46,200	+33.9%	0.06%	-18.8%
TAL	Sell	TAL ED GROUP	$1,069,000	+9.2%	30,600	-14.0%	0.05%	-9.1%
PKX	Buy	POSCOsponsored adr	$994,000	+5.2%	13,100	+3.1%	0.05%	-13.2%
DL	Buy	CHINA DISTANCE ED HLDGS LTDspons adr	$685,000	+71.7%	48,860	+105.3%	0.03%	+45.5%
MJN	Buy	MEAD JOHNSON NUTRITION CO	$555,000	+43.0%	5,768	+38.4%	0.03%	+18.2%
VNET	Exit	21VIANET GROUP INCsponsored adr	$0	–	-11,300	–	-0.02%	–

Q2 2014

			Value		Shares		↓ Weighting
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$334,790,000	–	6,887,269	–	18.68%	–
	New	BAIDU INCspon adr rep a	$243,191,000	–	1,301,807	–	13.56%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$213,534,000	–	4,203,428	–	11.91%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$211,153,000	–	6,586,169	–	11.78%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$188,731,000	–	8,823,341	–	10.53%	–
YUM	New	YUM BRANDS INC	$175,666,000	–	2,163,369	–	9.80%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$164,316,000	–	3,944,214	–	9.17%	–
NTES	New	NETEASE INCsponsored adr	$42,883,000	–	547,250	–	2.39%	–
MR	New	MINDRAY MEDICAL INTL LTDspon adr	$32,244,000	–	1,023,618	–	1.80%	–
HMIN	New	HOME INNS & HOTELS MGMT INCspon adr	$27,410,000	–	800,746	–	1.53%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$20,337,000	–	765,402	–	1.13%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$18,594,000	–	740,800	–	1.04%	–
SINA	New	SINA CORPord	$18,024,000	–	362,150	–	1.00%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$17,733,000	–	724,100	–	0.99%	–
TTM	New	TATA MTRS LTDsponsored adr	$10,768,000	–	275,682	–	0.60%	–
ATHM	New	AUTOHOME INCsp adr rep cl a	$10,109,000	–	293,600	–	0.56%	–
JOBS	New	51JOB INC	$10,067,000	–	152,621	–	0.56%	–
HDB	New	HDFC BANK LTD	$9,963,000	–	212,791	–	0.56%	–
SKM	New	SK TELECOM LTDsponsored adr	$9,616,000	–	370,700	–	0.54%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$6,642,000	–	169,400	–	0.37%	–
WX	New	WUXI PHARMATECH CAYMAN INC	$4,886,000	–	148,700	–	0.27%	–
JMEI	New	JUMEI INTL HLDG LTDsponsored adr	$4,382,000	–	161,100	–	0.24%	–
	New	HOME INNS & HOTELS MGMT INCnote 2.000%12/1	$2,772,000	–	2,800,000	–	0.16%	–
CTRP	New	CTRIP COM INTL LTD	$2,632,000	–	41,100	–	0.15%	–
KT	New	KT CORPsponsored adr	$2,559,000	–	169,000	–	0.14%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$2,108,000	–	43,100	–	0.12%	–
WUBA	New	58 COM INCspon adr rep a	$1,552,000	–	28,700	–	0.09%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$1,232,000	–	34,500	–	0.07%	–
TAL	New	TAL ED GROUP	$979,000	–	35,600	–	0.06%	–
PKX	New	POSCOsponsored adr	$945,000	–	12,700	–	0.05%	–
	New	SINA CORPdebt 1.000%12/0	$921,000	–	1,000,000	–	0.05%	–
GSHHY	New	GUANGSHEN RY LTDsponsored adr	$857,000	–	46,000	–	0.05%	–
DL	New	CHINA DISTANCE ED HLDGS LTDspons adr	$399,000	–	23,800	–	0.02%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$388,000	–	4,168	–	0.02%	–
VNET	New	21VIANET GROUP INCsponsored adr	$339,000	–	11,300	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
VNET	Exit	21VIANET GROUP INCsponsored adr	$0	–	-26,300	–	-0.02%	–
TAL	Exit	TAL ED GROUP	$0	–	-40,800	–	-0.03%	–
PKX	Exit	POSCOsponsored adr	$0	–	-9,300	–	-0.04%	–
GSHHY	Exit	GUANGSHEN RY LTDsponsored adr	$0	–	-41,800	–	-0.06%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-20,500	–	-0.09%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-27,968	–	-0.11%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-113,283	–	-0.18%	–
WX	Exit	WUXI PHARMATECH CAYMAN INC	$0	–	-154,300	–	-0.22%	–
JOBS	Exit	51JOB INC	$0	–	-61,304	–	-0.22%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-184,082	–	-0.25%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-169,400	–	-0.34%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-299,400	–	-0.35%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-333,700	–	-0.42%	–
HDB	Exit	HDFC BANK LTD	$0	–	-432,391	–	-0.68%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-727,700	–	-0.70%	–
HMIN	Exit	HOME INNS & HOTELS MGMT INCspon adr	$0	–	-834,346	–	-1.41%	–
SINA	Exit	SINA CORPord	$0	–	-473,250	–	-1.96%	–
MR	Exit	MINDRAY MEDICAL INTL LTDspon adr	$0	–	-996,018	–	-1.98%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-613,350	–	-2.27%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-3,155,714	–	-5.85%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-9,017,041	–	-7.80%	–
YUM	Exit	YUM BRANDS INC	$0	–	-2,290,529	–	-8.34%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,307,607	–	-10.36%	–
CHT	Exit	CHUNGHWA TELECOM CO LTDspon adr new11	$0	–	-7,105,469	–	-11.45%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-6,563,728	–	-18.17%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-9,274,533	–	-26.71%	–

Q3 2013

			Value		Shares		↓ Weighting
CHL	Buy	CHINA MOBILE LIMITEDsponsored adr	$523,362,000	+12.7%	9,274,533	+3.4%	26.71%	+2.9%
HSBC	Buy	HSBC HLDGS PLCspon adr new	$356,148,000	+8.1%	6,563,728	+3.4%	18.17%	-1.4%
CHT	Buy	CHUNGHWA TELECOM CO LTDspon adr new11	$224,391,000	+3.9%	7,105,469	+5.6%	11.45%	-5.2%
BIDU	New	BAIDU INCspon adr rep a	$202,914,000	–	1,307,607	–	10.36%	–
YUM	Buy	YUM BRANDS INC	$163,521,000	+7.5%	2,290,529	+4.4%	8.34%	-1.9%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$152,929,000	-5.6%	9,017,041	+2.0%	7.80%	-13.8%
TLK	Buy	P T TELEKOMUNIKASI INDONESIAsponsored adr	$114,584,000	-13.9%	3,155,714	+1.3%	5.85%	-21.5%
NTES	Sell	NETEASE INCsponsored adr	$44,535,000	-0.7%	613,350	-13.6%	2.27%	-9.3%
MR	Sell	MINDRAY MEDICAL INTL LTDspon adr	$38,735,000	-8.5%	996,018	-11.9%	1.98%	-16.5%
SINA	Sell	SINA CORPord	$38,414,000	+18.2%	473,250	-18.8%	1.96%	+7.9%
HMIN	Sell	HOME INNS & HOTELS MGMT INCspon adr	$27,700,000	-3.1%	834,346	-22.1%	1.41%	-11.6%
HTHT	Buy	CHINA LODGING GROUP LTDsponsored adr	$13,819,000	+19.7%	727,700	+0.8%	0.70%	+9.1%
HDB	Sell	HDFC BANK LTD	$13,309,000	-21.4%	432,391	-7.5%	0.68%	-28.3%
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$8,309,000	–	333,700	–	0.42%	–
SKM	Sell	SK TELECOM LTDsponsored adr	$6,796,000	+6.8%	299,400	-4.3%	0.35%	-2.5%
TTM	Buy	TATA MTRS LTDsponsored adr	$4,900,000	+38.9%	184,082	+22.3%	0.25%	+26.9%
WX	Buy	WUXI PHARMATECH CAYMAN INC	$4,228,000	+37.1%	154,300	+5.0%	0.22%	+24.9%
MJN	Buy	MEAD JOHNSON NUTRITION CO	$2,077,000	+848.4%	27,968	+910.4%	0.11%	+783.3%
PKX	Sell	POSCOsponsored adr	$685,000	-67.3%	9,300	-71.1%	0.04%	-70.1%
EJ	Exit	E HOUSE CHINA HLDGS LTDadr	$0	–	-278,000	–	-0.07%	–
	Exit	BAIDU INCspon adr rep a	$0	–	-1,277,307	–	-6.75%	–

Q2 2013

			Value		Shares		↓ Weighting
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$464,206,000	–	8,966,693	–	25.96%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$329,561,000	–	6,349,928	–	18.43%	–
CHT	New	CHUNGHWA TELECOM CO LTDspon adr new11	$216,022,000	–	6,727,569	–	12.08%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$161,944,000	–	8,839,741	–	9.06%	–
YUM	New	YUM BRANDS INC	$152,108,000	–	2,193,652	–	8.51%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$133,119,000	–	3,114,614	–	7.44%	–
	New	BAIDU INCspon adr rep a	$120,744,000	–	1,277,307	–	6.75%	–
NTES	New	NETEASE INCsponsored adr	$44,835,000	–	709,750	–	2.51%	–
MR	New	MINDRAY MEDICAL INTL LTDspon adr	$42,342,000	–	1,130,618	–	2.37%	–
SINA	New	SINA CORPord	$32,493,000	–	583,050	–	1.82%	–
HMIN	New	HOME INNS & HOTELS MGMT INCspon adr	$28,597,000	–	1,070,646	–	1.60%	–
HDB	New	HDFC BANK LTD	$16,938,000	–	467,391	–	0.95%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$11,547,000	–	721,700	–	0.65%	–
SKM	New	SK TELECOM LTDsponsored adr	$6,363,000	–	313,000	–	0.36%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$5,909,000	–	169,400	–	0.33%	–
IBN	New	ICICI BK LTDadr	$4,333,000	–	113,283	–	0.24%	–
JOBS	New	51JOB INC	$4,139,000	–	61,304	–	0.23%	–
TTM	New	TATA MTRS LTDsponsored adr	$3,527,000	–	150,482	–	0.20%	–
WX	New	WUXI PHARMATECH CAYMAN INC	$3,085,000	–	146,900	–	0.17%	–
PKX	New	POSCOsponsored adr	$2,096,000	–	32,200	–	0.12%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,284,000	–	20,500	–	0.07%	–
EJ	New	E HOUSE CHINA HLDGS LTDadr	$1,207,000	–	278,000	–	0.07%	–
GSHHY	New	GUANGSHEN RY LTDsponsored adr	$839,000	–	41,800	–	0.05%	–
TAL	New	TAL ED GROUP	$428,000	–	40,800	–	0.02%	–
VNET	New	21VIANET GROUP INCsponsored adr	$298,000	–	26,300	–	0.02%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$219,000	–	2,768	–	0.01%	–

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