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.