Below are excerpts from the quarterly report of a private family office we manage. As previously mentioned (link), we have liquidated our previously managed portfolios and consolidated our assets in an investment vehicle. Results are only audited on an annual basis.
September 30, 2015
To the Shareholders of TwinPeak:
Here are all the ideas presented at the 2020 Robin Hood Investors Conference
As usual, the Robin Hood Investors Conference has brought several new investment ideas from some of the top minds in the wealth management business. Investors heard from Sachem Head's Barnes Hauptfuhrer, One Tusk Investment Partners' Vivian Lau, Lone Pine's Mala Gaonkar, Lakewood Capital's Anthony Bozza, CAS Investment Partners' Clifford Sosin, Teca Capital's Fernando Vigil and Read More
TwinPeak’s NAV (the “TWIN”) increased 0.05% versus a 10.93% loss for the iShares Core MSCI Pacific ETF (the “MSCI Pacific”) for the 3-month period that ended September 30, 2015. The following table compares the TWIN’s unaudited performance (after fees) with that of the MSCI Pacific for various periods ending September 30, 2015.
At September 30, 2015, the value of a SG$10,000.00 hypothetical investment in the company at its inception is worth SG$10,005 compared to SG$8,907 for the MSCI Pacific.
Recently, much furor has been made regarding the slowdown of Emerging Markets. It is not hard to see why, with the impending slowdown in China, instability in Thailand, corruption scandal in Malaysia and poor economic outlook in other countries.
The slowdown in China also presents major concern for many investors. While the signals from China, whose woes triggered this most recent correction, are not encouraging, they seem somewhat overblown to us.
“Bull markets are born on pessimism, grown on scepticism, mature on optimism and die on euphoria.”
With such volatility, many are adopting a ‘sell first and hold cash’ strategy, waiting for markets to really bottom out. We do not know where or when the bottom of this correction is going to be. Nobody does. Every day, however, we seek to take advantage of dislocations in the small-cap market to build strong absolute long-term returns. Overall, we find stocks within Asia are relatively cheap across the board and have begun deploying the cash we have.