Full Year 2025 Results and Thoughts

Markets and Life are both unpredictable.

Dear Investors,

Below is the return summary for 2025 (including dividends), as well as the breakdown of top holdings:

The Fund returned 10.6% in 2025. Though this is a relatively commendable performance in absolute terms, but it paled considerably if we compared to the indices (20% for MSCI World and 29% for MSCI China All Shares). This marks my 3rd anniversary of tracking my performance vs. the benchmark and I must say I have been disappointed with the performance so far. Nevertheless, my timescale is a 5-year period. If at the 5-year (Q4 2027) mark, I still underperform against the benchmark indices, I will seriously consider dropping active stock picking and switch to the good old advice from Buffett - buying low cost indexes as a way to compound my wealth. Let’s see what happens.

New Developments

Unfortunately, something happened recently in my personal life and I have decided to scale down on my writings on this substack post. Going forward, I will just post my half yearly return results and portfolio holdings. When I have more time, I may come back to share more thoughts in writing.

Thank you.