SHEN NEIL NANPENG

Key Holdings

The portfolio is dominated by a single large-cap technology position, Full Truck Alliance Co. Ltd (YMM), which accounts for $79,490 or 89.85% of the total assets. This position consists of 7,000 shares and represents a new addition to the portfolio during the quarter. The second holding, Burning Rock Biotech Ltd, represents the remaining 10.15% ($8,980) with 885 shares. This position remained unchanged during the quarter. The heavy weighting toward YMM suggests that the filer’s performance for the period will be almost entirely correlated with the price movement of this single stock.