NAV per share: 0.9902
Performance since inception: -1.7%

Market took a dump last week amid scares over AI valuation and stronger-than-expected labour data, dampening hopes of
another rate cut this coming FOMC meeting. Our Asia Pacific position got stopped out last week.

Markets seem to be choppy and moving sideways in the last few weeks. There seem to be more short candidates now, notably China tech, US small caps, and US long term Treasuries. Our total positions are also reduced as momentum fades.

We’ve added Singapore, South Korea, and Taiwan ETF into the portfolio during this rebalancing.