# EDGAR Filing Document

**Accession Number:** 0001771122
**File Stem:** 0001104659-25-078540
**Filing Date:** 2025-8
**Character Count:** 86283
**Document Hash:** 190f9912ae5d53b99b75743d0a53b34f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-078540.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001104659-25-078540

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rings Capital Management LLC
- **CENTRAL INDEX KEY:** 0001771122

**ORGANIZATION NAME:**
- **EIN:** 461596382
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19446
- **FILM NUMBER:** 251218385

**BUSINESS ADDRESS:**
- **STREET 1:** 5100 N. RAVENSWOOD AVENUE
- **STREET 2:** SUITE 109
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60640
- **BUSINESS PHONE:** 773-654-3526

**MAIL ADDRESS:**
- **STREET 1:** 5100 N. RAVENSWOOD AVENUE
- **STREET 2:** SUITE 109
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60640

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001771122

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Rings Capital Management LLC

**Address:** 5100 N. RAVENSWOOD AVENUE, CHICAGO, IL 60640

**Telephone number:** 773-654-3526

**Name of agent for service:** Vcorp Agent Services, Inc.

**Agent Address:** 108 W. 13th Street, Wilmington, DE 19801

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-19446

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                       | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                    | VOTE CATEGORY                           |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Amend and restate the company's memo and articles of association                                                                                                                                                                                                                                    | INVESTMENT COMPANY MATTERS              |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | General mandate to the Board re additional oridnary shares                                                                                                                                                                                                                                          | INVESTMENT COMPANY MATTERS              |        4640000 |                0 | ABSTAIN     |                                  4640000 | AGAINST                     |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Mandate to repurchase ordinary shares                                                                                                                                                                                                                                                               | INVESTMENT COMPANY MATTERS              |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Adopt 2024 Equity Incentive Plan                                                                                                                                                                                                                                                                    | INVESTMENT COMPANY MATTERS              |        4640000 |                0 | ABSTAIN     |                                  4640000 | AGAINST                     |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Adopt 2024 Equity Incentive Plan, service providers sub-limit                                                                                                                                                                                                                                       | INVESTMENT COMPANY MATTERS              |        4640000 |                0 | ABSTAIN     |                                  4640000 | AGAINST                     |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Joseph Tsai                                                                                                                                                                                                                                                                                         | DIRECTOR ELECTIONS                      |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | J. Michael Evans                                                                                                                                                                                                                                                                                    | DIRECTOR ELECTIONS                      |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Weijian Shan                                                                                                                                                                                                                                                                                        | DIRECTOR ELECTIONS                      |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Irene Yun-Lien Lee                                                                                                                                                                                                                                                                                  | DIRECTOR ELECTIONS                      |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Alibaba Group Holdings Ltd. HK       | G01719114 | 08/22/2024     | Ratify auditor                                                                                                                                                                                                                                                                                      | AUDIT-RELATED                           |        4640000 |                0 | FOR         |                                  4640000 | FOR                         |  |
| Silk Road Medical Inc. - re Merger   | 82710M100 | 09/05/2024     | Adopt the "merger agreement"                                                                                                                                                                                                                                                                        | EXTRAORDINARY TRANSACTIONS              |         860004 |                0 | FOR         |                                   860004 | FOR                         |  |
| Silk Road Medical Inc.               | 82710M100 | 09/05/2024     | Approve compensation related to merger agreement                                                                                                                                                                                                                                                    | COMPENSATION                            |         860004 |                0 | FOR         |                                   860004 | FOR                         |  |
| Silk Road Medical Inc.               | 82710M100 | 09/05/2024     | Adjourn special meeting to later date, if needed, re merger agreement proxy votes                                                                                                                                                                                                                   | EXTRAORDINARY TRANSACTIONS              |         860004 |                0 | FOR         |                                   860004 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Election of Director - Ms Leslie Frank                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Re-election of Director: Mr Garry Hounsell                                                                                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Re-election of Director: Ms Colleen Jay                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Re-election of Director: Ms Antonia Korsanos                                                                                                                                                                                                                                                        | DIRECTOR ELECTIONS                      |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Re-election of Director: Mr John Mullen                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Re-election of Director: Ms Lauri Shanahan                                                                                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Remuneration Report                                                                                                                                                                                                                                                                                 | CORPORATE GOVERNANCE                    |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Grant of performance rights to the Chief Executive Officer                                                                                                                                                                                                                                          | CORPORATE GOVERNANCE                    |          45000 |                0 | FOR         |                                    45000 | FOR                         |  |
| Treasury Wines                       | Q9194S107 | 10/17/2024     | Spill Resolution                                                                                                                                                                                                                                                                                    | CORPORATE GOVERNANCE                    |          45000 |                0 | AGAINST     |                                    45000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | To increase the size of the Board of Directors to ten members                                                                                                                                                                                                                                       | INVESTMENT COMPANY MATTERS              |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Gil Shwed                                                                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Nadav Zafrir                                                                                                                                                                                                                                                                  | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Tzipi Ozer-Armon                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Dr. Tal Shavit                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Jill D. Smith                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Jerry Ungerman                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Director: Shai Weiss                                                                                                                                                                                                                                                                    | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Outside Director: Yoav Z. Chelouche                                                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | Election of Outside Director: Dafna Gruber                                                                                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | To ratify the appointment and compensation of Kost, Forer, Gabbay  Kasierer, a member of Ernst  Young Global, as the independent registered public accounting firm for 2024.                                                                                                                        | AUDIT-RELATED                           |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | To approve the compensation for Check Point's new Chief Executive Officer                                                                                                                                                                                                                           | COMPENSATION                            |         225000 |                0 | AGAINST     |                                   225000 | AGAINST                     |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | To approve the compensation for Check Point's new Executive Chair of the Board                                                                                                                                                                                                                      | COMPENSATION                            |         225000 |                0 | ABSTAIN     |                                   225000 | AGAINST                     |  |
| Check Point Software Technologies    | M22465104 | 10/31/2024     | To approve the compensation for the new Lead Independent Director                                                                                                                                                                                                                                   | COMPENSATION                            |         225000 |                0 | FOR         |                                   225000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Sean H. Cohan                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director:Robert A. Gerard                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Anuradha Gupta                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Richard A. Johnson                                                                                                                                                                                                                                                            | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Jeffrey J. Jones                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Mia F. Mends                                                                                                                                                                                                                                                                  | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Victoria J. Reich                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Election of Director: Matthew E. Winter                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Ratification of the appointment of Deloitte  Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2025.                                                                                                                                    | AUDIT-RELATED                           |         328000 |                0 | FOR         |                                   328000 | FOR                         |  |
| H Block Inc.                         | 093671105 | 11/06/2024     | Advisory approval of the Company's named executive officer compensation                                                                                                                                                                                                                             | COMPENSATION                            |         328000 |                0 | ABSTAIN     |                                   328000 | AGAINST                     |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Reid G. Hoffman                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Hugh F. Johnston                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Electtion of Director: Teri L. List                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Catherine MacGregor                                                                                                                                                                                                                                                           | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Mark A. L. Mason                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Satya Nadella                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Sandra E. Peterson                                                                                                                                                                                                                                                            | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Penny S. Pritzker                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Carlos A. Rodriguez                                                                                                                                                                                                                                                           | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Charles W. Scharf                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: John W. Stanton                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Election of Director: Emma N. Walmsley                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Advisory vote to approve named executive office compensation                                                                                                                                                                                                                                        | COMPENSATION                            |          83000 |                0 | ABSTAIN     |                                    83000 | AGAINST                     |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Ratification of the selection of D as independent auditor for FY 2025                                                                                                                                                                                                                               | AUDIT-RELATED                           |          83000 |                0 | FOR         |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Report on risks of weapons development                                                                                                                                                                                                                                                              | CORPORATE GOVERNANCE                    |          83000 |                0 | AGAINST     |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Assessment of investing in bitcoin                                                                                                                                                                                                                                                                  | CORPORATE GOVERNANCE                    |          83000 |                0 | AGAINST     |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Report on data operations in human rights hotspots                                                                                                                                                                                                                                                  | HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE |          83000 |                0 | AGAINST     |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Report on AI and maching learning tools for oil  gas development and production                                                                                                                                                                                                                     | CORPORATE GOVERNANCE                    |          83000 |                0 | AGAINST     |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Report on AI misinformation and disinformation                                                                                                                                                                                                                                                      | CORPORATE GOVERNANCE                    |          83000 |                0 | AGAINST     |                                    83000 | FOR                         |  |
| Microsoft Corporation                | 594918104 | 12/10/2024     | Report on AI data sourcing accountability                                                                                                                                                                                                                                                           | CORPORATE GOVERNANCE                    |          83000 |                0 | AGAINST     |                                    83000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Accept financial statements and statutory reports                                                                                                                                                                                                                                                   | INVESTMENT COMPANY MATTERS              |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Approve renumeration report                                                                                                                                                                                                                                                                         | INVESTMENT COMPANY MATTERS              |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Approve final dividend                                                                                                                                                                                                                                                                              | INVESTMENT COMPANY MATTERS              |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Therese Esperdy as Director                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Stefan Bomhard as Director                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Susan Clark as Director                                                                                                                                                                                                                                                                    | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Ngozi Edozien as Director                                                                                                                                                                                                                                                                  | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Andrew Gilchrist as Director                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Alan Johnson as Director                                                                                                                                                                                                                                                                   | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | RE-elect Robert Kunze-Concewitz as Director                                                                                                                                                                                                                                                         | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Lukas Paravicini as Director                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Re-elect Jonathan Stanton as Director                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Elect Julie Hamilton as Director                                                                                                                                                                                                                                                                    | DIRECTOR ELECTIONS                      |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Reappoint Ernst  Young LLP as auditors                                                                                                                                                                                                                                                              | AUDIT-RELATED                           |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Authorise the audit committee to fix renumeration of auditors                                                                                                                                                                                                                                       | AUDIT-RELATED                           |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Authorise UK political donations and expendatures                                                                                                                                                                                                                                                   | CORPORATE GOVERNANCE                    |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Authorise issue of equity                                                                                                                                                                                                                                                                           | CORPORATE GOVERNANCE                    |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Authorise issue of equity without pre-emptive rights                                                                                                                                                                                                                                                | CORPORATE GOVERNANCE                    |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Authorise market purchase of ordinary shares                                                                                                                                                                                                                                                        | CORPORATE GOVERNANCE                    |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Imperial Brands Plc.                 | G4720C107 | 01/15/2025     | Authorise the company to call general meeting with 2 weeks notice                                                                                                                                                                                                                                   | CORPORATE GOVERNANCE                    |        1200000 |                0 | FOR         |                                  1200000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/14/2025     | Election of Director: Jorge A. Bermudez                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Therese Esperdy                                                                                                                                                                                                                                                               | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Robert Fauber                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Vincent A. Forlenza                                                                                                                                                                                                                                                           | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Lloyd W. Howell, Jr.                                                                                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Jose M. Minaya                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Leslie F. Seidman                                                                                                                                                                                                                                                             | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Zig Serafin                                                                                                                                                                                                                                                                   | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Election of Director: Bruce Van Saun                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Ratification of the appointment of KPMG LLP as accounting firm for 2025                                                                                                                                                                                                                             | AUDIT-RELATED                           |         120000 |                0 | FOR         |                                   120000 | FOR                         |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Advisory resolution approving executive compensation                                                                                                                                                                                                                                                | COMPENSATION                            |         120000 |                0 | ABSTAIN     |                                   120000 | AGAINST                     |  |
| Moody's Corporation                  | 615369105 | 04/15/2025     | Stockholder proposal requesting stockholder ratification of executive severence arrangements                                                                                                                                                                                                        | CORPORATE GOVERNANCE                    |         120000 |                0 | AGAINST     |                                   120000 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Approval of the statutory annual accounts                                                                                                                                                                                                                                                           | INVESTMENT COMPANY MATTERS              |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Dischare to the Directors                                                                                                                                                                                                                                                                           | INVESTMENT COMPANY MATTERS              |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Discharge to the statutory auditor                                                                                                                                                                                                                                                                  | INVESTMENT COMPANY MATTERS              |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Upon proposal by the restricted shareholders, renewing the appointment as restricted share director of Mr. Martin J. Barrington, for a period of one year ending at the end of the shareholders meeting which will be asked to approve the accounts for the year 2025.                              | DIRECTOR ELECTIONS                      |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Upon proposal by the restricted shareholders, renewing the appointment as restricted share director of Mr. Salvatore Mancuso, for a period of one year ending at the end of the shareholders meeting which will be asked to approve the accounts for the year 2025.                                 | DIRECTOR ELECTIONS                      |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Upon proposal by the restricted shareholders, renewing the appointment as restricted share director of Mr. Alejandro Santo, for a period of one year ending at the end of the shareholders meeting which will be asked to approve the accounts for the year 2025.                                   | DIRECTOR ELECTIONS                      |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Reappointment statutory auditor and remuneration                                                                                                                                                                                                                                                    | CORPORATE GOVERNANCE                    |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Remuneration report                                                                                                                                                                                                                                                                                 | CORPORATE GOVERNANCE                    |         124843 |                0 | ABSTAIN     |                                   124843 | AGAINST                     |  |
| Anheuser-Busch InBev SA/NV           | 03524A108 | 04/30/2025     | Without prejudice to other delegations of powers to the extent applicable, granting powers to Jan Vandermeersch, Global Legal Director Corporate, with power to substitute, to proceed any filings and publication formalities in relation to the above resolutions.                                | CORPORATE GOVERNANCE                    |         124843 |                0 | FOR         |                                   124843 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Tracy A. Atkinson                                                                                                                                                                                                                                                                                   | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Christopher T. Calio                                                                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Leanne G. Caret                                                                                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Bernard A. Harris, Jr.                                                                                                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Gregory J. Hayes                                                                                                                                                                                                                                                                                    | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Ellen Pawlikowski                                                                                                                                                                                                                                                                                   | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Denise L. Ramos                                                                                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Fredric G. Reynolds                                                                                                                                                                                                                                                                                 | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Brian C. Rogers                                                                                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | James A. Winnefeld                                                                                                                                                                                                                                                                                  | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Robert O. Work                                                                                                                                                                                                                                                                                      | DIRECTOR ELECTIONS                      |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Approve Executive Compensation                                                                                                                                                                                                                                                                      | COMPENSATION                            |         240000 |                0 | ABSTAIN     |                                   240000 | AGAINST                     |  |
| RTX                                  | 75513E101 | 05/01/2025     | Appoint PWC as Auditor                                                                                                                                                                                                                                                                              | AUDIT-RELATED                           |         240000 |                0 | FOR         |                                   240000 | FOR                         |  |
| RTX                                  | 75513E101 | 05/01/2025     | Shareowner Proposal Requesting a Lobbying Transparency Report                                                                                                                                                                                                                                       | CORPORATE GOVERNANCE                    |         240000 |                0 | AGAINST     |                                   240000 | FOR                         |  |
| Hong Kong Exchanges and Clearing ltd | Y3506N139 | 04/30/2025     | To receive the audited financial statements for the year ended Dec 2024 with reports of the directors and auditor thereon                                                                                                                                                                           | INVESTMENT COMPANY MATTERS              |         391500 |                0 | FOR         |                                   391500 | FOR                         |  |
| Hong Kong Exchanges and Clearing ltd | Y3506N139 | 04/30/2025     | To elect Peter Wilhelm Hubert Brien as director                                                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         391500 |                0 | FOR         |                                   391500 | FOR                         |  |
| Hong Kong Exchanges and Clearing ltd | Y3506N139 | 04/30/2025     | To re-appoint PWC as the auditor                                                                                                                                                                                                                                                                    | AUDIT-RELATED                           |         391500 |                0 | FOR         |                                   391500 | FOR                         |  |
| Hong Kong Exchanges and Clearing ltd | Y3506N139 | 04/30/2025     | To grant general mandate to buy back shares of HKEK not exceeding 10%...                                                                                                                                                                                                                            | CORPORATE GOVERNANCE                    |         391500 |                0 | FOR         |                                   391500 | FOR                         |  |
| Hong Kong Exchanges and Clearing ltd | Y3506N139 | 04/30/2025     | To grant general mandate to the directors to allot, issue and deal with additional shares..                                                                                                                                                                                                         | CORPORATE GOVERNANCE                    |         391500 |                0 | FOR         |                                   391500 | FOR                         |  |
| Hong Kong Exchanges and Clearing ltd | Y3506N139 | 04/30/2025     | To approve the adoption of the new articles of assn in substitution for, and to the exclusion of, the existing articles of association of HKEX                                                                                                                                                      | CORPORATE GOVERNANCE                    |         391500 |                0 | FOR         |                                   391500 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To receive and consider the audited financiall statements, the directors report and the indep. Auditors report for the year ended December 2024.                                                                                                                                                    | INVESTMENT COMPANY MATTERS              |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To delcare a final dividend                                                                                                                                                                                                                                                                         | INVESTMENT COMPANY MATTERS              |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To re-elect Mr. Li Dong Sheng as Director                                                                                                                                                                                                                                                           | DIRECTOR ELECTIONS                      |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To re-elect mr. Yan Suu Shun as Director                                                                                                                                                                                                                                                            | DIRECTOR ELECTIONS                      |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To authorise the board of directors to fix the directors remuneration                                                                                                                                                                                                                               | AUDIT-RELATED                           |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To re-appoint auditor and authorse the board of directors to fix their remuneration                                                                                                                                                                                                                 | AUDIT-RELATED                           |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To grant a general mandate to the directors to issue new shares                                                                                                                                                                                                                                     | CORPORATE GOVERNANCE                    |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Tencent Holdings Ltd.                | G87572163 | 05/14/2025     | To grant a general mandate to the Directors to repurchase shares                                                                                                                                                                                                                                    | CORPORATE GOVERNANCE                    |        2610000 |                0 | FOR         |                                  2610000 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To receive and adopt the audited consolidated financial statements of the company for the year ended December 31, 2024 and the reports of the Directors of the Company and Independent Auditor.                                                                                                     | INVESTMENT COMPANY MATTERS              |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To re-elect M. Leng Xuesong as an independent non-executive director                                                                                                                                                                                                                                | DIRECTOR ELECTIONS                      |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To re-elect Dr. Shum Heung Yeung Harry as an independent non-executive director                                                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To authorize the Board of Directors to fix the remuneration of the Directors                                                                                                                                                                                                                        | AUDIT-RELATED                           |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To grant a general mandate to the Direcors, exercisable on their behalf by Mr. Wang Xing, to issue, allot and deal with additional class B shares of the Company as at the date of passing of this resolution.                                                                                      | CORPORATE GOVERNANCE                    |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To grant a general mandate to the Directors, exercisable on their behalf by Mr. Wang Xing, to repurchase shares of the Company not exceeding 10% of the total number of issued shares of the Company.                                                                                               | CORPORATE GOVERNANCE                    |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To re-appoint PriceWaterhouseCoopers as auditor of the Company to hold office until the conclusion of the next general annual meeting of the Company and to authorize the Board to fix their remuneration for the year ending December 31, 2025                                                     | AUDIT-RELATED                           |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Meituan                              |  | 06/09/2025     | To approve the proposed amendments to the existing articles of association of the Company and to adopt the ninth amendment and restated memorandum of association and articles of association of the Company and the ancillary authorization to the Directors and Company Secretary of the Company. | CORPORATE GOVERNANCE                    |          70500 |                0 | FOR         |                                    70500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholder Meeting: Peter J. Bensen                                                                                                                                                                                           | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Sona Chawla                                                                                                                                                                                              | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Thomas J. Folliard                                                                                                                                                                                       | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Shira Goodman                                                                                                                                                                                            | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: David W. McCreight                                                                                                                                                                                       | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: William D. Nash                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Mark F. O'Neill                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Pietro Satriano                                                                                                                                                                                          | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Marcella Shinder                                                                                                                                                                                         | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | Election of Director for a one year term expiring at the 2026 Annual Shareholders Meeting: Mitchell D. Steenrod                                                                                                                                                                                     | DIRECTOR ELECTIONS                      |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | To ratify the appointment of KPMG LLP as independent registered public accounting firm.                                                                                                                                                                                                             | AUDIT-RELATED                           |         740500 |                0 | FOR         |                                   740500 | FOR                         |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers.                                                                                                                                                                                                    | COMPENSATION                            |         740500 |                0 | ABSTAIN     |                                   740500 | AGAINST                     |  |
| Carmax Inc.                          | 143130102 | 06/24/2025     | To vote on a shareholder proposal regarding a shareholder special meeting right.                                                                                                                                                                                                                    | INVESTMENT COMPANY MATTERS              |         740500 |                0 | AGAINST     |                                   740500 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Rings Capital Management LLC

**By (Signature):** Dan Juran

**By (Printed Signature):** Dan Juran

**By (Title):** Managing Member

**Date:** 08/08/2025