MUFG Bank, Ltd.

2. Key Holdings

The portfolio is dominated by three positions, with a massive skew toward the top holding:

• Grab Holdings Limited (89.54%): This is the standout position, valued at $860.34 million, comprising 142.91 million shares. This represents an overwhelming concentration of capital in a single Southeast Asian technology company. The size of the stake suggests MUFG is not merely a passive investor but likely holds a strategic or significant institutional interest in the firm.
• SPDR S&P 500 ETF Trust (SPY) (9.62%): The second largest holding is a passive index fund valued at $92.40 million (139,000 shares). This likely serves as a liquidity buffer or a broad market hedge, providing immediate exposure to the U.S. equity market outside of the firm's specific single-name bets.
• CME Group Inc. (0.84%): The smallest position is in CME Group ($8.11 million), a global derivatives marketplace. This allocation is nominal relative to the rest of the portfolio and may be a legacy holding or a tactical play on the financial services sector.