# EDGAR Filing Document

**Accession Number:** 0001970465
**File Stem:** 0001970465-25-000012
**Filing Date:** 2025-11
**Character Count:** 27569
**Document Hash:** 20d06d1382ae07ba31e019599691cbf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001970465-25-000012.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001970465-25-000012

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Polymer Capital Management (HK) LTD
- **CENTRAL INDEX KEY:** 0001970465

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23815
- **FILM NUMBER:** 251480306

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 2401-06, 24/F, THREE PACIFIC PLACE,
- **STREET 2:** 1 QUEEN'S ROAD EAST
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** HKG
- **BUSINESS PHONE:** 852 3719 6333

**MAIL ADDRESS:**
- **STREET 1:** NO. 2401-06, 24/F, THREE PACIFIC PLACE,
- **STREET 2:** 1 QUEEN'S ROAD EAST
- **CITY:** HONG KONG
- **STATE:** K3
- **ZIP:** HKG

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Polymer Capital Management (HK) LTD<br>**Address:** NO. 2401-06 24/F THREE PACIFIC PLACE<br>1 QUEEN'S ROAD EAST<br>HONG KONG, K3 HKG

**Form 13F File Number:** 028-23815

**CRD Number (if applicable):** 000308190

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Angus Yuk Chi Wai<br>**Title:** Director<br>**Phone:** 852-3719-6333

**Signature, Place, and Date of Signing:**

Angus Yuk Chi Wai  Hong Kong, K3  11-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 246

**Form 13F Information Table Value Total:** $725326303

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 6098836 | 37696 | SH |  | SOLE |  | 37696 | 0 | 0 |
| AGREE RLTY CORP | COM | 008492100 |  | 305969 | 4307 | SH |  | SOLE |  | 4307 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 2914080 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 250437 | 3005 | SH |  | SOLE |  | 3005 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 19115710 | 106953 | SH |  | SOLE |  | 106953 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 13178400 | 28900 | SH |  | SOLE |  | 28900 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2579534 | 10611 | SH |  | SOLE |  | 10611 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 25913476 | 106399 | SH |  | SOLE |  | 106399 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 284925 | 580 | SH |  | SOLE |  | 580 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 322608 | 1716 | SH |  | SOLE |  | 1716 | 0 | 0 |
| AMKOR TECHNOLOGY INC | COM | 031652100 |  | 309446 | 10896 | SH |  | SOLE |  | 10896 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 12524740 | 49188 | SH |  | SOLE |  | 49188 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 255799 | 9865 | SH |  | SOLE |  | 9865 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 5866161 | 8164 | SH |  | SOLE |  | 8164 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 522079 | 3583 | SH |  | SOLE |  | 3583 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 |  | 554500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 294480 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 391600 | 2000 | SH | Call | SOLE |  | 2000 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 12134118 | 61972 | SH |  | SOLE |  | 61972 | 0 | 0 |
| ATOUR LIFESTYLE HLDGS LTD | SPONSORED ADS | 04965M106 |  | 892236 | 23736 | SH |  | SOLE |  | 23736 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 335536 | 1737 | SH |  | SOLE |  | 1737 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 360666 | 2224 | SH |  | SOLE |  | 2224 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 2225595 | 16890 | SH |  | SOLE |  | 16890 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 274014 | 12034 | SH |  | SOLE |  | 12034 | 0 | 0 |
| BELITE BIO INC | SPONSORED ADS | 07782B104 |  | 537684 | 7266 | SH |  | SOLE |  | 7266 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 255895 | 509 | SH |  | SOLE |  | 509 | 0 | 0 |
| BILIBILI INC | SPONS ADS REP Z | 090040106 |  | 10825914 | 385401 | SH |  | SOLE |  | 385401 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 112518 | 39900 | SH |  | SOLE |  | 39900 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 1906631 | 22545 | SH |  | SOLE |  | 22545 | 0 | 0 |
| BLUE RIDGE BANKSHARES INC VA | COM | 095825105 |  | 44305 | 10474 | SH |  | SOLE |  | 10474 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1129870 | 5235 | SH |  | SOLE |  | 5235 | 0 | 0 |
| BOK FINL CORP | COM NEW | 05561Q201 |  | 244834 | 2197 | SH |  | SOLE |  | 2197 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 206640 | 3893 | SH |  | SOLE |  | 3893 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 11989259 | 36341 | SH |  | SOLE |  | 36341 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 251580 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 3469200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 543330 | 9101 | SH |  | SOLE |  | 9101 | 0 | 0 |
| CARVANA CO | CL A | 146869102 |  | 612261 | 1623 | SH |  | SOLE |  | 1623 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 3103607 | 5490 | SH |  | SOLE |  | 5490 | 0 | 0 |
| CCC INTELLIGENT SOLUTIONS HL | COM | 12510Q100 |  | 198990 | 21843 | SH |  | SOLE |  | 21843 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 1749298 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| CHAGEE HLDGS LTD | SPONSORED ADS | 15743P104 |  | 182050 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| CHINA YUCHAI INTL LTD | COM | G21082105 |  | 296788 | 7174 | SH |  | SOLE |  | 7174 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 271242 | 961 | SH |  | SOLE |  | 961 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 3172110 | 21776 | SH |  | SOLE |  | 21776 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 1640678 | 12375 | SH |  | SOLE |  | 12375 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 220337 | 1787 | SH |  | SOLE |  | 1787 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 117874 | 10864 | SH |  | SOLE |  | 10864 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 591442 | 8918 | SH |  | SOLE |  | 8918 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 5966288 | 55387 | SH |  | SOLE |  | 55387 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 2284470 | 6769 | SH |  | SOLE |  | 6769 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 503600 | 16028 | SH |  | SOLE |  | 16028 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 6165745 | 7472 | SH |  | SOLE |  | 7472 | 0 | 0 |
| CONFLUENT INC | CLASS A COM | 20717M103 |  | 556994 | 28131 | SH |  | SOLE |  | 28131 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 540010 | 3946 | SH |  | SOLE |  | 3946 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 9517506 | 65363 | SH |  | SOLE |  | 65363 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 287027 | 8083 | SH |  | SOLE |  | 8083 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 3557343 | 6552 | SH |  | SOLE |  | 6552 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 268444 | 1354 | SH |  | SOLE |  | 1354 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1822204 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 242404 | 1453 | SH |  | SOLE |  | 1453 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 3096016 | 40545 | SH |  | SOLE |  | 40545 | 0 | 0 |
| ELBIT SYS LTD | ORD | M3760D101 |  | 305880 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 448167 | 1387 | SH |  | SOLE |  | 1387 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 36559145 | 47915 | SH |  | SOLE |  | 47915 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 221432 | 1688 | SH |  | SOLE |  | 1688 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 914292 | 59563 | SH |  | SOLE |  | 59563 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 204984 | 3377 | SH |  | SOLE |  | 3377 | 0 | 0 |
| ERMENEGILDO ZEGNA N V | ORD SHS | N30577105 |  | 101748 | 10767 | SH |  | SOLE |  | 10767 | 0 | 0 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 209997 | 1713 | SH |  | SOLE |  | 1713 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 3598799 | 9870 | SH |  | SOLE |  | 9870 | 0 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 286606 | 2829 | SH |  | SOLE |  | 2829 | 0 | 0 |
| FERROGLOBE PLC | SHS | G33856108 |  | 68427 | 15039 | SH |  | SOLE |  | 15039 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 454953 | 2063 | SH |  | SOLE |  | 2063 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 3849092 | 66398 | SH |  | SOLE |  | 66398 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 548386 | 2159 | SH |  | SOLE |  | 2159 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 536294 | 10947 | SH |  | SOLE |  | 10947 | 0 | 0 |
| FTAI AVIATION LTD | SHS | G3730V105 |  | 612209 | 3669 | SH |  | SOLE |  | 3669 | 0 | 0 |
| FTI CONSULTING INC | COM | 302941109 |  | 360156 | 2228 | SH |  | SOLE |  | 2228 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | SPONSORED ADS | 35969L108 |  | 300243 | 23149 | SH |  | SOLE |  | 23149 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 11479799 | 66010 | SH |  | SOLE |  | 66010 | 0 | 0 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 203080 | 4357 | SH |  | SOLE |  | 4357 | 0 | 0 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 464400 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 381125 | 7559 | SH |  | SOLE |  | 7559 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 620431 | 10176 | SH |  | SOLE |  | 10176 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 9801840 | 169582 | SH |  | SOLE |  | 169582 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 1800281 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 7873341 | 1307864 | SH |  | SOLE |  | 1307864 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 352839 | 4153 | SH |  | SOLE |  | 4153 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 241099 | 253 | SH |  | SOLE |  | 253 | 0 | 0 |
| GUIDEWIRE SOFTWARE INC | COM | 40171V100 |  | 1703263 | 7410 | SH |  | SOLE |  | 7410 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 215105 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 |  | 255511 | 4081 | SH |  | SOLE |  | 4081 | 0 | 0 |
| HAYWARD HLDGS INC | COM | 421298100 |  | 178582 | 11811 | SH |  | SOLE |  | 11811 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 205428 | 482 | SH |  | SOLE |  | 482 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 439635 | 6624 | SH |  | SOLE |  | 6624 | 0 | 0 |
| HESAI GROUP | SPONSORED ADS | 428050108 |  | 783990 | 27900 | SH |  | SOLE |  | 27900 | 0 | 0 |
| HIMAX TECHNOLOGIES INC | SPONSORED ADR | 43289P106 |  | 211920 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 302896 | 1861 | SH |  | SOLE |  | 1861 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 904055 | 3467 | SH |  | SOLE |  | 3467 | 0 | 0 |
| INMODE LTD | SHS | M5425M103 |  | 198751 | 13339 | SH |  | SOLE |  | 13339 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 6396348 | 44416 | SH |  | SOLE |  | 44416 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 2056280 | 61290 | SH |  | SOLE |  | 61290 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 2838963 | 41258 | SH |  | SOLE |  | 41258 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | CHINA TECHNLGY | 46138E800 |  | 1073982 | 18200 | SH |  | SOLE |  | 18200 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 4182778 | 6967 | SH |  | SOLE |  | 6967 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 6003700 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| IONQ INC | COM | 46222L108 |  | 2716578 | 44172 | SH |  | SOLE |  | 44172 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 71012 | 27739 | SH |  | SOLE |  | 27739 | 0 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 5554447 | 118356 | SH |  | SOLE |  | 118356 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 919975 | 10294 | SH |  | SOLE |  | 10294 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2944920 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 2917251 | 10760 | SH |  | SOLE |  | 10760 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1679202 | 6940 | SH |  | SOLE |  | 6940 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 209880 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 224358 | 1210 | SH |  | SOLE |  | 1210 | 0 | 0 |
| JOYY INC | ADS REPSTG COM A | 46591M109 |  | 360217 | 6146 | SH |  | SOLE |  | 6146 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 770833 | 32998 | SH |  | SOLE |  | 32998 | 0 | 0 |
| KE HLDGS INC | SPONSORED ADS | 482497104 |  | 7600000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 207641 | 9503 | SH |  | SOLE |  | 9503 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 4088829 | 13388 | SH |  | SOLE |  | 13388 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 267253 | 931 | SH |  | SOLE |  | 931 | 0 | 0 |
| LANDSTAR SYS INC | COM | 515098101 |  | 229677 | 1874 | SH |  | SOLE |  | 1874 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 2023203 | 37613 | SH |  | SOLE |  | 37613 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 5296516 | 162420 | SH |  | SOLE |  | 162420 | 0 | 0 |
| LGI HOMES INC | COM | 50187T106 |  | 383998 | 7426 | SH |  | SOLE |  | 7426 | 0 | 0 |
| LI AUTO INC | SPONSORED ADS | 50202M102 |  | 2545656 | 100460 | SH |  | SOLE |  | 100460 | 0 | 0 |
| LISTED FDS TR | ROUNDHILL MAGNIF | 53656G498 |  | 19503402 | 300700 | SH |  | SOLE |  | 300700 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 218666 | 7160 | SH |  | SOLE |  | 7160 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 291934 | 2908 | SH |  | SOLE |  | 2908 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 6772316 | 41622 | SH |  | SOLE |  | 41622 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 681716 | 30973 | SH |  | SOLE |  | 30973 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 281739 | 1398 | SH |  | SOLE |  | 1398 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1976217 | 2691 | SH |  | SOLE |  | 2691 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 223882 | 2718 | SH |  | SOLE |  | 2718 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4040010 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| MINISO GROUP HLDG LTD | SPONSORED ADS | 66981J102 |  | 5600408 | 248907 | SH |  | SOLE |  | 248907 | 0 | 0 |
| MONGODB INC | CL A | 60937P106 |  | 626968 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 210201 | 906 | SH |  | SOLE |  | 906 | 0 | 0 |
| MSA SAFETY INC | COM | 553498106 |  | 380275 | 2210 | SH |  | SOLE |  | 2210 | 0 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 233851 | 2538 | SH |  | SOLE |  | 2538 | 0 | 0 |
| MUELLER INDS INC | COM | 624756102 |  | 593415 | 5869 | SH |  | SOLE |  | 5869 | 0 | 0 |
| NAVIENT CORPORATION | COM | 63938C108 |  | 287919 | 21895 | SH |  | SOLE |  | 21895 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 315142 | 2807 | SH |  | SOLE |  | 2807 | 0 | 0 |
| NELNET INC | CL A | 64031N108 |  | 364480 | 2907 | SH |  | SOLE |  | 2907 | 0 | 0 |
| NETEASE INC | SPONSORED ADS | 64110W102 |  | 3267785 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 328672 | 6826 | SH |  | SOLE |  | 6826 | 0 | 0 |
| NEW ORIENTAL ED  TECHNOLOGY | SPON ADR | 647581206 |  | 5008057 | 94367 | SH |  | SOLE |  | 94367 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 2316570 | 33222 | SH |  | SOLE |  | 33222 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 1226820 | 161000 | SH |  | SOLE |  | 161000 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 3448200 | 140000 | SH |  | SOLE |  | 140000 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 251154 | 18955 | SH |  | SOLE |  | 18955 | 0 | 0 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 544218 | 58898 | SH |  | SOLE |  | 58898 | 0 | 0 |
| NUSCALE PWR CORP | CL A COM | 67079K100 |  | 598644 | 16629 | SH |  | SOLE |  | 16629 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 38377827 | 205691 | SH |  | SOLE |  | 205691 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 249074 | 31 | SH |  | SOLE |  | 31 | 0 | 0 |
| OKLO INC | COM CL A | 02156V109 |  | 3394557 | 30409 | SH |  | SOLE |  | 30409 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 7141269 | 168625 | SH |  | SOLE |  | 168625 | 0 | 0 |
| ONTO INNOVATION INC | COM | 683344105 |  | 923535 | 7147 | SH |  | SOLE |  | 7147 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1493947 | 5312 | SH |  | SOLE |  | 5312 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 24079259 | 182184 | SH |  | SOLE |  | 182184 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 206757 | 1029 | SH |  | SOLE |  | 1029 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 297357 | 959 | SH |  | SOLE |  | 959 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 386748 | 3768 | SH |  | SOLE |  | 3768 | 0 | 0 |
| PRIMERICA INC | COM | 74164M108 |  | 202086 | 728 | SH |  | SOLE |  | 728 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 269963 | 1757 | SH |  | SOLE |  | 1757 | 0 | 0 |
| PROSHARES TR | PSHS ULTRUSS2000 | 74347R842 |  | 417240 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 252503 | 2434 | SH |  | SOLE |  | 2434 | 0 | 0 |
| QFIN HOLDINGS INC | AMERICAN DEP | 88557W101 |  | 582306 | 20233 | SH |  | SOLE |  | 20233 | 0 | 0 |
| QUANTASING GROUP LTD | ADS | 74767N107 |  | 171777 | 19044 | SH |  | SOLE |  | 19044 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 253662 | 1331 | SH |  | SOLE |  | 1331 | 0 | 0 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 5596105 | 17847 | SH |  | SOLE |  | 17847 | 0 | 0 |
| RELIANCE INC | COM | 759509102 |  | 222137 | 791 | SH |  | SOLE |  | 791 | 0 | 0 |
| RLX TECHNOLOGY INC | SPONSORED ADS | 74969N103 |  | 259844 | 98800 | SH |  | SOLE |  | 98800 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 3252763 | 22718 | SH |  | SOLE |  | 22718 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 7590065 | 54794 | SH |  | SOLE |  | 54794 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 612391 | 1228 | SH |  | SOLE |  | 1228 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 286829 | 1430 | SH |  | SOLE |  | 1430 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 722278 | 1484 | SH |  | SOLE |  | 1484 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 10441669 | 93063 | SH |  | SOLE |  | 93063 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 2570137 | 14380 | SH |  | SOLE |  | 14380 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 236060 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 249035 | 2935 | SH |  | SOLE |  | 2935 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 3491943 | 39086 | SH |  | SOLE |  | 39086 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 3504944 | 65063 | SH |  | SOLE |  | 65063 | 0 | 0 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 |  | 1619415 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 2636040 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 2938875 | 37500 | SH |  | SOLE |  | 37500 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 1603269 | 18384 | SH |  | SOLE |  | 18384 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 1888462 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| SERVICETITAN INC | SHS CL A | 81764X103 |  | 321043 | 3184 | SH |  | SOLE |  | 3184 | 0 | 0 |
| SITIME CORP | COM | 82982T106 |  | 1561991 | 5184 | SH |  | SOLE |  | 5184 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 394938 | 1751 | SH |  | SOLE |  | 1751 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 5495319 | 11850 | SH |  | SOLE |  | 11850 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 25465515 | 71639 | SH |  | SOLE |  | 71639 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 6947591 | 10429 | SH |  | SOLE |  | 10429 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI HIGH YLD | 78468R606 |  | 2394000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1454632 | 2084 | SH |  | SOLE |  | 2084 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 360786 | 18626 | SH |  | SOLE |  | 18626 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 532744 | 57039 | SH |  | SOLE |  | 57039 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 322210 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 315329 | 853 | SH |  | SOLE |  | 853 | 0 | 0 |
| SUMMIT THERAPEUTICS INC | COM | 86627T108 |  | 16884922 | 817276 | SH |  | SOLE |  | 817276 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 2374193 | 4812 | SH |  | SOLE |  | 4812 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 9672371 | 34632 | SH |  | SOLE |  | 34632 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2332784 | 5484 | SH |  | SOLE |  | 5484 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 15623001 | 137988 | SH |  | SOLE |  | 137988 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 317377 | 13598 | SH |  | SOLE |  | 13598 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 8190956 | 59510 | SH |  | SOLE |  | 59510 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 19888323 | 44721 | SH |  | SOLE |  | 44721 | 0 | 0 |
| TEXTRON INC | COM | 883203101 |  | 229052 | 2711 | SH |  | SOLE |  | 2711 | 0 | 0 |
| THE CAMPBELLS COMPANY | COM | 134429109 |  | 241082 | 7634 | SH |  | SOLE |  | 7634 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 3424586 | 23693 | SH |  | SOLE |  | 23693 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 356799 | 7804 | SH |  | SOLE |  | 7804 | 0 | 0 |
| UNDER ARMOUR INC | CL C | 904311206 |  | 129029 | 26714 | SH |  | SOLE |  | 26714 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 485740 | 2055 | SH |  | SOLE |  | 2055 | 0 | 0 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 244619 | 6574 | SH |  | SOLE |  | 6574 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 13444601 | 38936 | SH |  | SOLE |  | 38936 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 223543 | 5583 | SH |  | SOLE |  | 5583 | 0 | 0 |
| UP FINTECH HLDG LTD | SPONSORED ADS | 91531W106 |  | 2637923 | 247228 | SH |  | SOLE |  | 247228 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 5916951 | 77447 | SH |  | SOLE |  | 77447 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 1564674 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 554812 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| VANECK ETF TRUST | VANECK VIETNAM | 92189F817 |  | 2077771 | 116467 | SH |  | SOLE |  | 116467 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 |  | 298615 | 2801 | SH |  | SOLE |  | 2801 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 2735357 | 309780 | SH |  | SOLE |  | 309780 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 460012 | 1829 | SH |  | SOLE |  | 1829 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 744513 | 16940 | SH |  | SOLE |  | 16940 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 393594 | 2609 | SH |  | SOLE |  | 2609 | 0 | 0 |
| VIPSHOP HLDGS LTD | SPONSORED ADS A | 92763W103 |  | 11491364 | 585100 | SH |  | SOLE |  | 585100 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1205413 | 3531 | SH |  | SOLE |  | 3531 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 2942511 | 284851 | SH |  | SOLE |  | 284851 | 0 | 0 |
| VOR BIOPHARMA INC | COM NEW | 929033207 |  | 1035203 | 21248 | SH |  | SOLE |  | 21248 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 183200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 19517194 | 162562 | SH |  | SOLE |  | 162562 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 386069 | 48319 | SH |  | SOLE |  | 48319 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 221697 | 8943 | SH |  | SOLE |  | 8943 | 0 | 0 |
| WILLSCOT HLDGS CORP | COM CL A | 971378104 |  | 226067 | 10709 | SH |  | SOLE |  | 10709 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 581867 | 20345 | SH |  | SOLE |  | 20345 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 240020 | 3004 | SH |  | SOLE |  | 3004 | 0 | 0 |
| XPENG INC | ADS | 98422D105 |  | 373034 | 15928 | SH |  | SOLE |  | 15928 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 1545120 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ZAI LAB LTD | ADR | 98887Q104 |  | 471139 | 13902 | SH |  | SOLE |  | 13902 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 318978 | 2180 | SH |  | SOLE |  | 2180 | 0 | 0 |
| ZOOM COMMUNICATIONS INC | CL A | 98980L101 |  | 324473 | 3933 | SH |  | SOLE |  | 3933 | 0 | 0 |
| ZTO EXPRESS CAYMAN INC | SPONSORED ADS A | 98980A105 |  | 1085856 | 56555 | SH |  | SOLE |  | 56555 | 0 | 0 |

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