SOCL’s Quasi and Non-Social Holdings
Though the companies listed above can be easily categorized as social media companies, not all of SOCL’s portfolio fits into this definition. NutriSystem, for example, is a weight loss product and service provider––not exactly a social media platform.

Six of the stocks can be categorized as “diversified Internet” companies as they offer a wide array of services. Tencent (the fund’s largest allocation) is one of these firms, since its product and service lineup includes instant messaging, online media, wireless internet and internet value-added services, interactive entertainments, games, and online advertising.

Other companies that fit into this “diversified category” are (note that some of these companies do offer products that could be labeled as “social media,” but it is not the sole focus of the company):

▪ Yandex (YNDX): This Russian internet company operates the largest search engine in Russia. It is essentially the Russian version of Google, providing email services, cloud storage, news, video, etc.

▪ Google (GOOG): In addition to operating one of the largest search engines in the world, Google also offers online advertising technologies, cloud computing, social networking (Google+), and an office suite.

▪ DeNa Co.. Ltd (2432.TYO): This Japanese company develops and operates a broad range of mobile and online services including games, e-commerce and entertainment content distribution.

▪ NeTease.com Inc ADR (NTES): This Chinese company provides online services centered around content, community, communication and commerce, as well as online games, email services, and advertising services.

▪ Mail.Ru Group-GDR: This Russian internet company develops internet communication and entertainment services, including email services, search engine, instant messaging, blogging, social networks, online games, and e-commerce.

SOCL also invests in five companies that primarily focus on online and mobile gaming: Gree Inc., Changyou.com, Nexon Co, Zynga (ZNGA), and King Digital Entertainment.

Online business ratings and review companies Angie’s List (ANGI) and Yelp (YELP) also make it into SOCL’s portfolio. Internet TV company Youku.com (YOKU), and internet radio firm Pandora (P) are also included.