NAV: 390163.39
Total Shares Outstanding: 363418
NAV per share: 1.0736
Performance since inception: 6.58%

No rebalancing this week with a quick update. This will be the last weekly update as I’ll be transitioning to a monthly update in the form of a report. I look forward to this improvement, and I hope you like it too. Additionally, our monthly rebalancing will commence next Wednesday (04/03/2026) instead of our usual Fridays as I’ll be overseas.

Last week saw the SCOTUS President Trump’s IEEPA tariffs, which provided a boost to U.S. markets. President Trump quickly pivoted, announcing a temporary 15% global tariff as an interim measure. Whether refund obligations will be required remains undecided. NVIDIA also reported earnings during the week but failed to meaningfully impress investors. The S&P 500 ended the week broadly flat.

Our Korean equities and copper positions were the top performers for the week. The KOSPI has had a remarkable YTD run, rising approximately 45%. AI-driven semiconductor momentum, a narrowing of the “Korean discount,” and a stable policy backdrop have likely contributed to its strong performance.