Youdao, Inc. - Depositary Receipt (Common Stock)
US ˙ NYSE ˙ US98741T1043

SecurityDAO / Youdao, Inc. - Depositary Receipt (Common Stock)
InstitutionMorgan Stanley
Latest Disclosed Ownership22,174 shares
Latest Disclosed Value $ 217,970
Morgan Stanley reports 5.83% decrease in ownership of DAO / Youdao, Inc. - Depositary Receipt (Common Stock)

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 22,174 shares of Youdao, Inc. - Depositary Receipt (Common Stock) (US:DAO) valued at $217,970 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 23,546 shares of Youdao, Inc. - Depositary Receipt (Common Stock). This represents a change in shares of -5.83% during the quarter. The current value of the position is $255,888 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F YOUDAO SPONSORED ADS 98741T104 22,174 -1,372 -5.83 218 -8.44 0.0000
2026-05-27 2025-12-31 13F/A-1 YOUDAO SPONSORED ADS 98741T104 23,546 139 0.59 237 2.16 0.0000
2026-02-13 2025-12-31 13F YOUDAO SPONSORED ADS 98741T104 23,546 139 237 0.0000
2026-05-27 2025-09-30 13F/A-1 YOUDAO SPONSORED ADS 98741T104 23,407 2,191 10.33 233 27.47 0.0000
2025-11-14 2025-09-30 13F YOUDAO SPONSORED ADS 98741T104 23,407 2,191 233 0.0000
2025-08-15 2025-06-30 13F YOUDAO SPONSORED ADS 98741T104 21,216 -2,515 -10.60 182 0.55 0.0000
2025-05-15 2025-03-31 13F YOUDAO SPONSORED ADS 98741T104 23,731 3,039 14.69 181 18.30 0.0000
2025-05-15 2024-12-31 13F/A-1 YOUDAO SPONSORED ADS 98741T104 20,692 -14,419 -41.07 153 5.52 0.0000
2025-02-14 2024-12-31 13F YOUDAO SPONSORED ADS 98741T104 20,692 -14,419 153 0.0000
2025-05-14 2024-09-30 13F/A-2 YOUDAO SPONSORED ADS 98741T104 35,111 -220 -0.62 146 5.07 0.0000
2025-02-14 2024-09-30 13F/A-1 YOUDAO SPONSORED ADS 98741T104 35,111 -220 146 0.0000
2024-11-14 2024-09-30 13F YOUDAO SPONSORED ADS 98741T104 35,111 -220 146 0.0000
2025-05-14 2024-06-30 13F/A-2 YOUDAO SPONSORED ADS 98741T104 35,331 -22,360 -38.76 138 -40.26 0.0000
2024-10-17 2024-06-30 13F/A-1 YOUDAO SPONSORED ADS 98741T104 35,331 -22,360 138 0.0000
2024-08-14 2024-06-30 13F YOUDAO SPONSORED ADS 98741T104 35,331 -22,360 138 0.0000
2024-10-17 2024-03-31 13F/A-2 YOUDAO SPONSORED ADS 98741T104 57,691 -5,116 -8.15 232 -6.48 0.0000
2024-08-16 2024-03-31 13F/A-1 YOUDAO SPONSORED ADS 98741T104 57,691 -5,116 232 0.0000
2024-05-15 2024-03-31 13F YOUDAO SPONSORED ADS 98741T104 57,691 -5,116 232 0.0000
2024-08-16 2023-12-31 13F/A-1 YOUDAO SPONSORED ADS 98741T104 62,807 4,786 8.25 247 6.01 0.0000
2024-02-13 2023-12-31 13F YOUDAO SPONSORED ADS 98741T104 62,807 4,786 247 0.0000
2023-11-15 2023-09-30 13F YOUDAO SPONSORED ADS 98741T104 58,021 33,881 140.35 233 100.86 0.0000
2023-08-14 2023-06-30 13F YOUDAO SPONSORED ADS 98741T104 24,140 -12,114 -33.41 116 -62.34 0.0000
2023-05-15 2023-03-31 13F YOUDAO SPONSORED ADS 98741T104 36,254 9,700 36.53 308 116.90 0.0000
2023-02-14 2022-12-31 13F YOUDAO SPONSORED ADS 98741T104 26,554 -17,762 -40.08 143 -18.86 0.0000
2022-11-14 2022-09-30 13F YOUDAO SPONSORED ADS 98741T104 44,316 -28,465 -39.11 175 -50.98 0.0000
2022-10-27 2022-06-30 13F/A-1 YOUDAO SPONSORED ADS 98741T104 72,781 55,563 322.70 357 190.24 0.0000
2022-08-15 2022-06-30 13F YOUDAO SPONSORED ADS 98741T104 72,781 55,563 357 0.0000
2022-10-27 2022-03-31 13F/A-1 YOUDAO SPONSORED ADS 98741T104 17,218 -16,245 -48.55 123 -70.50 0.0000
2022-05-13 2022-03-31 13F YOUDAO SPONSORED ADS 98741T104 17,218 -16,245 123 0.0000
2022-02-14 2021-12-31 13F YOUDAO SPONSORED ADS 98741T104 33,463 -136,333 -80.29 417 -79.68 0.0001
2021-11-15 2021-09-30 13F YOUDAO SPONSORED ADS 98741T104 169,796 65,723 63.15 2,052 -14.61 0.0003
2021-08-23 2021-06-30 13F/A-1 YOUDAO SPONSORED ADS 98741T104 104,073 98,462 1,754.80 2,403 1,706.77 0.0003
2021-08-16 2021-06-30 13F YOUDAO SPONSORED ADS 98741T104 104,073 98,462 2,403 0.0001
2021-05-17 2021-03-31 13F YOUDAO SPONSORED ADS 98741T104 5,611 -328,369 -98.32 133 -98.50 0.0000
2021-02-16 2020-12-31 13F YOUDAO SPONSORED ADS 98741T104 333,980 316,879 1,852.99 8,861 1,904.75 0.0014
2020-11-13 2020-09-30 13F YOUDAO SPONSORED ADS 98741T104 17,101 -27,833 -61.94 442 -73.77 0.0001
2020-08-14 2020-06-30 13F YOUDAO SPONSORED ADS 98741T104 44,934 18,482 69.87 1,685 203.06 0.0004
2020-05-26 2020-03-31 13F/A-1 YOUDAO SPONSORED ADS 98741T104 26,452 21,252 408.69 556 661.64 0.0002
2020-05-15 2020-03-31 13F YOUDAO SPONSORED ADS 98741T104 26,452 556
2020-02-14 2019-12-31 13F YOUDAO SPONSORED ADS 98741T104 5,200 5,200 73 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.