Global capital markets diverged significantly in March 2026 under the strain of the Iran conflict.In the United States, the S&P 500 declined approximately 3% for the month - though a 2.9%rally on the final trading day, driven by ceasefire hopes, meaningfully cushioned the drawdown.The Nasdag fell roughly 8%, with the technology sector recording its fifth consecutive month oflosses - the longest such streak since 2002.

During the month, we maintained a high level of exposure, with key allocations acrosssemiconductors, advanced manufacturing, internet platforms, fintech, and consumer sectors.

One of the most important macro developments to watch is the potential repositioning of theFederal Reserve under the possible appointment of Kevin Warsh as Chair. Should thisappointment materialize, the Fed may gradually shift toward a more traditional policyparadigm-insure the system, not asset prices.

Global equity markets delivered broadly positive performance in 2025, Major indices includingthe S&P 500, the Hang Seng Index, and the CSl 300 rose by 16.4%, 27.8%, and 17.7%,respectively.

Our portfolio exposure decreased slightly in November and is currently at a high level. Our core investment focus remains unchanged-we continue to concentrate onsemiconductors, internet, cloud computing, consumer, and fintech sectors.Al continues to be a key cross-sector theme, spanning across internet, semiconductor, andcloud industries. Our investments are primarily focused on leading companies in Alapplications,infrastructure, and chip manufacturing.

In October, our overall equity exposure increased and is now at a relatively high level. Our key investment directions remain unchanged, focusing on semiconductors, internet, cloud computing, consumer, and fintech sectors.

In September, our position level increased slightly and remained at a medium-to-high level overall.

In August, our net exposure increased and remained at a medium-to-high level. Our focus areaswere unchanged: internet, semiconductors, cloud computing, consumer, and fintech. Within Al,we primarily invested in Al applications, cloud infrastructure, and leading chip manufacturers.

In July, we maintained a medium-to-high portfolio exposure, with positioning largely unchanged. Our core investment themes were unchanged, with continued focus on internet, semiconductors, cloud computing, consumer sectors, and fintech. Within AI, we concentrated on AI applications, cloud infrastructure, and leading chip manufacturers.

Market valuations have increased while the composite discount rate has declined, now belowthe median level seen between 2002 and 2024.

In May, the U.S. stock market saw significant gains, prompting us to reduce our holdings based on risk-reward considerations. Our current portfolio maintains a moderately high allocation. Key investments focus on internet, semiconductors, cloud computing, consumer goods, and financial technology.

Following the tariff "black swan" event in early April, markets experienced a panic-driven decline.during which we made modest portfolio increases. As markets subsequently recovered, our totalposition remains roughly the same as last month, at a relatively reasonable level.

The total portfolio position was slightly reduced in March, but the overall position remainsrelatively high. Key investment areas included the internet, semiconductors, cloud computingconsumer goods, and financial technology.

In February, we maintained a high position level. Key investment areas included the internet,semiconductors, cloud computing, consumer goods, and fintech, with continued increases ininvestments in fintech and emerging markets.

In January, the company maintained a high position, focusing on investments in the Internet, semiconductors, cloud computing, consumption an

In 2024, we maintained a high position, focusing on sectors such as internet, semiconductors, cloud computing, consumer goods, and fintech.

In November, we maintained a high portfolio position and increased investments in AI applications and emerging market Super Apps.

In October, we maintained a high position, focusing on the internet, cloud computing,semiconductors, consumer sectors, and financial te...

In September, we maintained a high position, focusing on the internet, cloud computing,semiconductors, consumer sectors, and financial ...

In August, we maintained a high position, focusing on the internet, cloud computing,semiconductors, consumer sectors, and financial techn..