" Alibaba Group Holding Limited is the largest retailer and e-commerce company in China. Alibaba operates shopping platforms Taobao and T-Mall and owns 33% of Ant Group, which operates Alipay, China's largest thirdparty online payment provider. Shares of Alibaba were down given crackdowns by Chinese regulators on various aspects of digital technology and consumer data, as President Xi and the Chinese Communist Party seek to seize greater control of social discourse and consumer data and curb monopolistic behavior. We decreased our Alibaba weighting in light of this uncertainty. Despite the uncertain environment, we do retain conviction that Alibaba will benefit from rapid growth in cloud services, logistics, and digital retail."