Tal Education Group- ADRTAL
13F holders, Q2 2024 (June 30)241holders +1
30new positions
28sold out
8famous investors
$10.67avg. 13F price*
At the end of Q2 2024, 241 institutions reported holding Tal Education Group- ADR (TAL) in their 13F filings, up 1 from Q1 2024. 30 opened new positions and 28 sold out. The largest holders were Morgan Stanley ($236.8M), Krane Funds Advisors LLC ($206.3M) and BlackRock Inc. ($204.8M). 8 famous investors held it, including Steve Cohen (0.1% of Point72 Asset Management's portfolio), Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio) and Israel Englander (0.0% of Millennium Management's portfolio).
- Company
- Tal Education Group- ADR
- CUSIP
- 874080104
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q1 2024 → Q2 2024
| Institutions | Total Value | |
|---|---|---|
| New Positions | 30 | $241.1M |
| Exits | 28 | $111.0M |
All 13F filers, Q1 2024 → Q2 2024: 46,082,055 shares bought and 47,214,553 shares sold, net −1,132,498 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 241 holders
| Morgan Stanley | 0.02% | Add +38.5% | 22,190,057 | $236.8M |
| Krane Funds Advisors LLC | 8.71% | Add +9.9% | 19,333,575 | $206.3M |
| BlackRock Inc. | 0.00% | Reduce -0.6% | 19,194,573 | $204.8M |
| Vanguard Group Inc. | 0.00% | Add +0.1% | 15,910,542 | $169.8M |
| Aspex Management (HK) Ltd | 2.59% | New | 11,351,592 | $121.1M |
| Goldman Sachs Group Inc. | 0.02% | Add +4.6% | 9,454,472 | $100.9M |
| Tiger Pacific Capital LP | 28.03% | Add +10.4% | 9,113,394 | $97.2M |
| Bank of America Corp. | 0.01% | Reduce -24.5% | 8,601,715 | $91.8M |
| Norges Bank | 0.01% | Add +93.3% | 7,934,243 | $84.7M |
| State Street Corp. | 0.00% | Add +4.9% | 7,482,639 | $79.8M |
| HCEP Management Ltd | 14.31% | No change | 5,000,000 | $53.4M |
| Healthcare of Ontario Pension Plan Trust Fund | 0.13% | Add +8.3% | 4,209,800 | $44.9M |
| Manufacturers Life Insurance Company, The | 0.04% | Add +20.4% | 4,187,028 | $44.7M |
| HSBC Holdings PLC | 0.03% | Reduce -19.1% | 3,939,338 | $42.0M |
| UBS Group AG | 0.01% | Add +0.4% | 3,931,508 | $41.9M |
| Discerene Group LP | 6.32% | Reduce -0.7% | 3,859,787 | $41.2M |
| TT International Asset Management LTD | 5.13% | New | 3,849,844 | $41.1M |
| Harvest Fund Management Co., Ltd | 2.90% | Add +8.4% | 3,759,687 | $40.1M |
| Amundi | 0.01% | Add +93.0% | 3,477,025 | $37.6M |
| Point72 Hong Kong Ltd | 2.16% | New | 3,320,472 | $35.4M |
| Greenwoods Asset Management Hong Kong Ltd. | 0.91% | Add +9.7% | 3,252,897 | $34.7M |
| Millennium Management | 0.03% | Add +12.4% | 3,129,301 | $33.4M |
| E Fund Management Co., Ltd. | 1.67% | Reduce -4.4% | 2,836,928 | $30.3M |
| Legal & General Group Plc | 0.01% | Reduce -2.5% | 2,560,173 | $27.3M |
| National Bank of Canada | 0.04% | Reduce -21.8% | 2,546,900 | $26.7M |
| Geode Capital Management, LLC | 0.00% | Add +2.4% | 2,471,530 | $26.2M |
| Renaissance Technologies | 0.04% | No change | 2,259,400 | $24.1M |
| 53 House LLP | 5.70% | Reduce -3.3% | 2,249,906 | $24.0M |
| Cederberg Capital Ltd | 7.89% | Reduce -15.1% | 2,248,587 | $24.0M |
| WT Asset Management Ltd | 2.26% | Reduce -33.2% | 2,151,755 | $23.0M |
| Balyasny Asset Management L.P. | 0.06% | Reduce -27.8% | 2,133,700 | $22.8M |
| Pictet Asset Management Holding SA | 0.02% | Add +17.9% | 2,004,071 | $21.4M |
| Yiheng Capital Management, L.P. | 2.91% | No change | 1,935,718 | $20.7M |
| Connor, Clark & Lunn Investment Management Ltd. | 0.08% | Reduce -15.0% | 1,826,237 | $19.5M |
| Acadian Asset Management LLC | 0.05% | Reduce -59.9% | 1,649,104 | $17.6M |
| Point72 Asset Management | 0.06% | New | 1,637,900 | $17.5M |
| BNP Paribas Financial Markets | 0.02% | Add +52.0% | 1,598,827 | $17.1M |
| Broad Peak Investment Advisers Pte Ltd | 3.87% | — | 1,541,190 | $16.4M |
| JPMorgan Chase & Co. | 0.00% | Add +158.6% | 1,474,061 | $15.7M |
| Farallon Capital Management, L.L.C. | 0.09% | No change | 1,365,000 | $14.6M |
| Qube Research & Technologies Ltd | 0.03% | Reduce -34.5% | 1,341,677 | $14.3M |
| Capitolis Liquid Global Markets LLC | 0.17% | No change | 1,315,000 | $14.0M |
| Voloridge Investment Management, LLC | 0.04% | Add +35.9% | 1,132,998 | $12.1M |
| Macquarie Group Ltd. | 0.01% | Reduce -3.4% | 1,126,323 | $12.0M |
| Keystone Investors Pte Ltd. | 1.01% | Reduce -18.7% | 1,124,042 | $12.0M |
| T. Rowe Price Associates Inc. | 0.00% | Add +32.2% | 1,091,581 | $11.6M |
| Citadel Advisors | 0.01% | Add +83.5% | 1,026,191 | $10.9M |
| Deutsche Bank AG | 0.00% | Add +31.3% | 1,018,265 | $10.9M |
| Sumitomo Mitsui Trust Group, Inc. | 0.01% | Reduce -1.0% | 1,007,568 | $10.8M |
| FIL Ltd | 0.01% | Add +15.9% | 994,695 | $10.6M |
| Swiss National Bank | 0.01% | Reduce -0.2% | 988,219 | $10.5M |
| Think Investments LP | 2.02% | Reduce -41.8% | 919,693 | $9.8M |
| Monolith Management Ltd | 4.45% | No change | 904,967 | $9.7M |
| Nuveen Asset Management, LLC | 0.00% | Reduce -60.5% | 889,521 | $9.5M |
| Man Group plc | 0.03% | New | 874,414 | $9.3M |
| CANADA LIFE ASSURANCE Co | 0.02% | Reduce -6.7% | 771,300 | $8.2M |
| AI-Squared Management Ltd | 7.39% | Add +60.9% | 758,442 | $8.1M |
| Prudential PLC | 0.05% | Add +360.1% | 684,204 | $7.3M |
| Two Sigma Investments, LP | 0.02% | Reduce -53.0% | 681,552 | $7.3M |
| Northern Trust Corp. | 0.00% | Reduce -1.7% | 646,365 | $6.9M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Reduce -96.0% | 612,583 | $6.5M |
| California Public Employees Retirement System | 0.00% | Reduce -11.2% | 608,724 | $6.5M |
| American Century Companies Inc. | 0.00% | Reduce -17.8% | 571,939 | $6.1M |
| Dnca Finance | 0.53% | — | 563,300 | $6.0M |
| TB Alternative Assets Ltd. | 1.35% | Reduce -19.9% | 545,000 | $5.8M |
| Allianz Asset Management GmbH | 0.01% | Add +7.1% | 515,626 | $5.5M |
| Bank of New York Mellon Corp | 0.00% | Add +22.6% | 513,213 | $5.5M |
| Barclays PLC | 0.00% | Add +19.4% | 509,758 | $5.4M |
| Russell Investments Group, Ltd. | 0.01% | Reduce -22.9% | 484,487 | $5.2M |
| Charles Schwab Investment Management Inc. | 0.00% | Reduce -0.8% | 477,680 | $5.1M |
| Citigroup Inc. | 0.00% | Reduce -48.1% | 466,426 | $5.0M |
| Beck Bode, LLC | 1.00% | Add +81.2% | 464,197 | $5.0M |
| Cubist Systematic Strategies, LLC | 0.08% | Add +103.6% | 448,763 | $4.8M |
| Bridgewater Associates | 0.03% | Reduce -22.4% | 448,342 | $4.8M |
| Carmignac Gestion | 0.08% | Reduce -3.4% | 430,412 | $4.6M |
| Sumitomo Mitsui DS Asset Management Company, Ltd | 0.05% | Add +4.3% | 428,231 | $4.6M |
| Oasis Management Co Ltd. | 1.49% | New | 410,100 | $4.4M |
| Marshall Wace, LLP | 0.01% | Reduce -37.1% | 409,384 | $4.4M |
| Trexquant Investment LP | 0.07% | Reduce -17.2% | 408,681 | $4.4M |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.01% | — | 405,956 | $4.3M |
| Hel Ved Capital Management Ltd | 1.47% | Reduce -64.2% | 395,800 | $4.2M |
| Pinebridge Investments, L.P. | 0.03% | Add +5.4% | 392,167 | $4.2M |
| Invesco Ltd. | 0.00% | Reduce -3.9% | 391,994 | $4.2M |
| Edmond DE Rothschild Holding S.A. | 0.07% | Add +2.2% | 377,540 | $4.0M |
| Jane Street Group, LLC | 0.00% | Add +52.5% | 369,006 | $3.9M |
| Mirae Asset Global Investments Co., Ltd. | 0.02% | Reduce -80.0% | 362,323 | $3.9M |
| Wellington Management Group LLP | 0.00% | Add +693.9% | 358,462 | $3.8M |
| E Fund Management (Hong Kong) Co., Ltd. | 2.31% | Add +2.1% | 353,729 | $3.8M |
| Pinpoint Asset Management Ltd | 0.52% | Add +155.0% | 344,466 | $3.7M |
| Polymer Capital Management (HK) LTD | 0.73% | Add +27.8% | 339,000 | $3.6M |
| Walleye Capital LLC | 0.04% | Reduce -8.3% | 338,365 | $3.6M |
| Korea Investment CORP | 0.01% | Add +0.9% | 320,711 | $3.4M |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | Add +18.1% | 315,614 | $3.4M |
| Taikang Asset Management (Hong Kong) Co Ltd | 0.51% | Add +121.1% | 310,327 | $3.3M |
| SG Americas Securities, LLC | 0.02% | Reduce -4.9% | 298,467 | $3.2M |
| Aviva PLC | 0.01% | No change | 298,151 | $3.2M |
| Storebrand Asset Management As | 0.01% | Reduce -6.3% | 286,040 | $3.1M |
| Perpetual Ltd | 0.03% | Reduce -5.1% | 270,605 | $2.9M |
| AQR Capital Management | 0.00% | Add +1.3% | 253,624 | $2.7M |
| Thrivent Financial for Lutherans | 0.01% | No change | 252,268 | $2.7M |
| Perseverance Asset Management International | 0.34% | Reduce -60.9% | 242,860 | $2.6M |
| All-Stars Investment Ltd | 0.89% | Reduce -64.6% | 235,000 | $2.5M |
| Squarepoint Ops LLC | 0.01% | Add +26.9% | 206,985 | $2.2M |
| ExodusPoint Capital Management, LP | 0.02% | New | 200,317 | $2.1M |
| Aberdeen Group plc | 0.00% | Add +6.8% | 191,527 | $2.0M |
| Mitsubishi UFJ Trust & Banking Corp | 0.00% | Reduce -24.8% | 175,467 | $1.9M |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | 0.01% | No change | 175,100 | $1.9M |
| Seven Eight Capital, LP | 0.19% | Reduce -36.8% | 173,182 | $1.8M |
| Quadrature Capital Ltd | 0.03% | Add +224.4% | 170,698 | $1.8M |
| Franklin Resources Inc. | 0.00% | Add +47.6% | 169,888 | $1.8M |
| D. E. Shaw & Co. | 0.00% | Add +45.0% | 168,772 | $1.8M |
| Susquehanna International Group, LLP | 0.00% | Add +1.9% | 163,646 | $1.7M |
| Public Sector Pension Investment Board | 0.01% | Add +1.6% | 149,682 | $1.6M |
| New York State Common Retirement Fund | 0.00% | Reduce -52.4% | 142,579 | $1.5M |
| Sei Investments Co. | 0.00% | Reduce -60.9% | 138,827 | $1.5M |
| California State Teachers Retirement System | 0.00% | Add +39.5% | 137,274 | $1.5M |
| National Pension Service | 0.00% | No change | 135,482 | $1.4M |
| Driehaus Capital Management LLC | 0.01% | New | 131,850 | $1.4M |
| Robeco Institutional Asset Management B.V. | 0.00% | New | 127,722 | $1.4M |
| Cetera Investment Advisers | 0.00% | Reduce -0.9% | 127,071 | $1.4M |
| Two Sigma Advisers, LP | 0.00% | Reduce -42.1% | 120,000 | $1.3M |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | No change | 118,753 | $1.3M |
| OMERS ADMINISTRATION Corp | 0.01% | New | 111,300 | $1.2M |
| Resona Asset Management Co.,Ltd. | 0.01% | Reduce -15.5% | 107,976 | $1.2M |
| Nomura Holdings Inc. | 0.01% | Reduce -19.5% | 106,626 | $1.1M |
| Centiva Capital, LP | 0.05% | Reduce -1.1% | 104,158 | $1.1M |
| Quantbot Technologies LP | 0.05% | Reduce -62.2% | 97,235 | $1.0M |
| IMC-Chicago, LLC | 0.03% | Add +304.5% | 96,781 | $1.0M |
| China Universal Asset Management Co., Ltd. | 0.14% | Add +2241.5% | 96,000 | $1.0M |
| Gsa Capital Partners LLP | 0.07% | Add +46.9% | 95,571 | $1.0M |
| Schonfeld Strategic Advisors LLC | 0.01% | Add +110.4% | 93,100 | $993K |
| Polunin Capital Partners Ltd | 0.17% | No change | 92,426 | $986K |
| Headlands Technologies LLC | 0.10% | Reduce -10.5% | 91,022 | $971K |
| Ameriprise Financial Inc. | 0.00% | Reduce -11.1% | 81,514 | $870K |
| RWC Asset Management LLP | 0.07% | Reduce -0.9% | 79,328 | $846K |
| Scientech Research LLC | 0.17% | New | 78,126 | $834K |
| Leonteq Securities AG | 0.11% | Add +115.1% | 73,826 | $788K |
| Alberta Investment Management Corp | 0.01% | No change | 72,500 | $774K |
| Oppenheimer & Co. Inc. | 0.01% | New | 68,083 | $726K |
| GTS Securities LLC | 0.01% | Reduce -28.1% | 65,197 | $696K |
| Danske Bank A/S | 0.00% | Add +10.8% | 63,747 | $680K |
| CenterBook Partners LP | 0.04% | New | 62,965 | $672K |
| Skandinaviska Enskilda Banken AB (publ) | 0.00% | Add +11.1% | 60,063 | $641K |
| Rhumbline Advisers | 0.00% | Reduce -14.3% | 57,129 | $610K |
| Asset Management One Co., Ltd. | 0.00% | Reduce -4.1% | 55,806 | $595K |
| LMR Partners LLP | 0.02% | Add +160.0% | 53,540 | $571K |
| Natixis | 0.00% | Add +42.8% | 52,564 | $561K |
| Nomura Asset Management Co. Ltd. | 0.00% | No change | 51,900 | $554K |
| US Bancorp \de | 0.00% | Reduce -2.6% | 51,086 | $545K |
| Numerai GP LLC | 0.20% | New | 50,796 | $542K |
| Handelsbanken Fonder AB | 0.00% | No change | 50,000 | $534K |
| Corient Private Wealth LP | 0.00% | Add +0.2% | 49,808 | $531K |
| Los Angeles Capital Management LLC | 0.00% | New | 49,010 | $523K |
| Laird Norton Wetherby Wealth Management, LLC | 0.02% | Reduce -1.3% | 46,517 | $496K |
| Brilliance Asset Management Ltd. | 0.12% | New | 45,375 | $484K |
| Ensign Peak Advisors, Inc | 0.00% | No change | 44,950 | $480K |
| PEAK6 Investments LLC | 0.02% | Add +28.5% | 44,836 | $478K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | Add +84.1% | 40,462 | $432K |
| NewEdge Advisors, LLC | 0.00% | Add +279.3% | 36,254 | $387K |
| Profund Advisors LLC | 0.01% | Reduce -1.0% | 34,531 | $368K |
| Royal Bank of Canada | 0.00% | Add +62.3% | 33,889 | $362K |
| Tudor Investment Corporation | 0.00% | New | 32,926 | $351K |
| DNB Asset Management AS | 0.00% | Reduce -76.7% | 32,385 | $346K |
| Walleye Trading LLC | 0.01% | New | 31,834 | $340K |
| Simplex Trading, LLC | 0.01% | Reduce -47.0% | 31,633 | $337K |
| Greenleaf Trust | 0.00% | No change | 31,028 | $331K |
| Caption Management, LLC | 0.03% | Reduce -78.3% | 30,000 | $320K |
| HighVista Strategies LLC | 0.12% | Reduce -11.5% | 29,900 | $319K |
| SIH Partners, LLLP | 0.30% | New | 29,300 | $313K |
| Gulf International Bank (UK) Ltd | 0.01% | No change | 28,991 | $309K |
| Serenity Capital Management Pte. LTD. | 0.19% | No change | 28,955 | $309K |
| MBB Public Markets I LLC | 0.01% | New | 28,900 | $308K |
| Engineers Gate Manager LP | 0.01% | Reduce -64.5% | 27,897 | $298K |
| West Family Investments, Inc. | 0.08% | No change | 26,192 | $279K |
| Voya Investment Management LLC | 0.00% | No change | 24,647 | $263K |
| Osaic Holdings, Inc. | 0.00% | Reduce -51.5% | 24,177 | $258K |
| Vontobel Holding Ltd. | 0.00% | New | 23,936 | $255K |
| IFM Investors Pty Ltd | 0.00% | No change | 23,583 | $252K |
| Signaturefd, LLC | 0.01% | Reduce -0.3% | 23,377 | $249K |
| Arete Wealth Advisors, LLC | 0.02% | Add +14.5% | 22,920 | $243K |
| Vident Advisory, LLC | 0.01% | New | 22,240 | $237K |
| Daiwa Securities Group Inc. | 0.00% | Add +2.4% | 21,575 | $230K |
| KBC Group NV | 0.00% | No change | 20,337 | $217K |
| Compagnie Lombard Odier SCmA | 0.00% | No change | 20,000 | $213K |
| Aigen Investment Management, LP | 0.04% | Add +9.5% | 19,344 | $206K |
| DekaBank Deutsche Girozentrale | 0.00% | Add +6.0% | 19,184 | $202K |
| Tobam | 0.03% | Reduce -92.2% | 17,586 | $188K |
| Envestnet Asset Management Inc. | 0.00% | Reduce -73.3% | 17,512 | $187K |
| Crossmark Global Holdings, Inc. | 0.00% | Reduce -19.2% | 17,235 | $184K |
| Ethic Inc. | 0.00% | New | 17,224 | $184K |
| Quadrant Capital Group LLC | 0.01% | No change | 17,070 | $182K |
| Credit Agricole S A | 0.00% | New | 16,329 | $174K |
| Pathstone Holdings, LLC | 0.00% | Add +5.2% | 16,150 | $172K |
| O'shaughnessy Asset Management, LLC | 0.00% | Reduce -13.8% | 15,342 | $164K |
| Vanguard Personalized Indexing Management, LLC | 0.00% | Add +2.8% | 15,163 | $162K |
| Yousif Capital Management, LLC | 0.00% | Add +18.0% | 15,097 | $161K |
| Parallel Advisors, LLC | 0.00% | Reduce -1.7% | 14,714 | $157K |
| Intech Investment Management LLC | 0.00% | Reduce -5.2% | 14,545 | $155K |
| Abn Amro Investment Solutions | 0.00% | New | 13,777 | $147K |
| Parallax Volatility Advisers, L.P. | 0.00% | Reduce -92.2% | 13,226 | $141K |
| Sequoia Financial Advisors, LLC | 0.00% | Add +1.0% | 13,073 | $139K |
| QRG Capital Management, Inc. | 0.00% | Add +0.7% | 12,389 | $132K |
| PNC Financial Services Group, Inc. | 0.00% | Add +8.5% | 11,528 | $123K |
| Panagora Asset Management Inc. | 0.00% | No change | 11,142 | $119K |
| Diversified Trust Co. | 0.00% | Reduce -23.5% | 10,796 | $115K |
| CIBC Asset Management Inc | 0.00% | No change | 10,615 | $113K |
| Capital Markets Trading UK LLP | 0.08% | New | 10,442 | $111K |
| Mariner, LLC | 0.00% | Reduce -23.8% | 10,127 | $108K |
| IPG Investment Advisors LLC | 0.02% | No change | 10,000 | $107K |
| FMR LLC | 0.00% | Reduce -99.6% | 8,785 | $94K |
| Corebridge Financial, Inc. | 0.00% | — | 5,319 | $57K |
| Lindbrook Capital, LLC | 0.01% | No change | 5,205 | $56K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +93.8% | 4,517 | $45K |
| Wells Fargo & Company | 0.00% | Reduce -17.9% | 4,169 | $44K |
| Blue Trust, Inc. | 0.00% | Add +569.8% | 3,282 | $37K |
| Federation des caisses Desjardins du Quebec | 0.00% | No change | 3,168 | $34K |
| Cwm, LLC | 0.00% | Add +1.1% | 2,020 | $22K |
| AXA S.A. | 0.00% | No change | 1,600 | $17K |
| Avior Wealth Management, LLC | 0.00% | Add +158.1% | 1,337 | $14K |
| Banque Cantonale Vaudoise | 0.00% | Reduce -42.4% | 1,087 | $12K |
| Bull Oak Capital, LLC | 0.01% | No change | 1,000 | $11K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -94.6% | 828 | $9K |
| Allworth Financial LP | 0.00% | Add +9.6% | 872 | $9K |
| Concourse Financial Group Securities, Inc. | 0.00% | No change | 721 | $8K |
| UMB Bank, n.a. | 0.00% | No change | 578 | $6K |
| Farther Finance Advisors, LLC | 0.00% | Reduce -10.3% | 540 | $6K |
| CIBC Private Wealth Group LLC | 0.00% | Reduce -96.0% | 330 | $3K |
| Nisa Investment Advisors, LLC | 0.00% | New | 300 | $3K |
| Bell Investment Advisors, Inc | 0.00% | No change | 220 | $2K |
| Smartleaf Asset Management LLC | 0.00% | New | 215 | $2K |
| Pinnacle Bancorp, Inc. | 0.00% | No change | 173 | $2K |
| Mather Group, Llc. | 0.00% | No change | 148 | $2K |
| Ridgewood Investments LLC | 0.00% | New | 98 | $1K |
| Lazard Asset Management LLC | 0.00% | No change | 116 | $1K |
| Principal Securities, Inc. | 0.00% | Reduce -81.7% | 29 | $309 |
| AdvisorNet Financial, Inc | 0.00% | No change | 29 | $309 |
| Raffa Wealth Management, LLC | 0.00% | No change | 21 | $224 |
| Abound Wealth Management | 0.00% | No change | 16 | $171 |
| Creekmur Asset Management LLC | 0.00% | New | 16 | $171 |
| Canada Pension Plan Investment Board | 0.00% | Reduce -100.0% | 10 | $107 |
| Point72 Asia (Singapore) Pte. Ltd. | 0.00% | Reduce -100.0% | 1 | $11 |
"% of holder's portfolio" is TAL's weight in each manager's 13F, not the share of Tal Education Group- ADR the manager owns.