NAV: 379,307.13
Total Shares Outstanding: 363,418
NAV per share: 1.0437
Performance since inception: 3.62%

Last month was a rollercoaster for our portfolio, starting with a hotter-than-expected US jobs report during the first week, which sparked fears of a rate hike. On top of that, the AI bubble narrative was also reassessed following Broadcom missing its second quarter revenue expectations, raising questions about whether the billions of dollars poured into infrastructure would actually yield returns. In addition, the US and Iran exchanged ‘deterrent’ military strikes after Iran fired warning shots, citing US harassment of shipping, vessel seizures, and blockade enforcement. The US military then carried out retaliatory strikes on Iranian radar sites, describing them as a defensive action.

Global markets recovered following the electronic signing of the MoU between the US and Iran. Trump stated at the G7 meeting that the current Iranian regime is rational, smart, and easy to deal with, which stood in stark contrast to what Israel had led the world and the US to believe — that the Iranian regime is ideological, irrational, and suicidal. That said, it is increasingly clear that Israel is no longer hiding the fact that it is actively trying to sabotage the treaty through its constant bombardment of Southern Lebanon. Ship transits through the Strait of Hormuz also increased, while the UN reached out to help evacuate hundreds of vessels stranded in the strait since the start of the conflict. Oil prices plunged, with WTI futures dropping to below US$70. The real test is whether new tankers will enter the region to load and ship oil back out — in other words, whether companies are confident enough to deploy additional vessels amid these fragile peace talks.

Shortly after, global markets were hit with another round of tech sell-offs, this time originating from South Korea, after its market regulators admitted that they had been too hasty in approving leveraged funds tied to semiconductor stocks and that the sector is overheated. Overseas investors have since taken profits and initiated the sell-off. It is worth noting that domestic retail investors account for a large portion of the daily trading volume of the KOSPI, and that borrowed investments by retail investors rose by 71% since the end of 2025, from 17 to 29 trillion won, both of this could explain the significant volatility experienced. We have seen whipsaws like this occur this year, only for markets to rebound quickly as euphoria picks up again.

Finally, in the last week of June, a trilateral deal was reached between the US, Israel, and Lebanon. This is a separate agreement from the US-Iran MoU and appears aimed at undermining it. This is because the US-Iran MoU demands an immediate and permanent cessation of military operations on all fronts, explicitly including Lebanon. However, the trilateral agreement permits the Israeli military to maintain an active ‘security zone’ in Southern Lebanon and grants the IDF full operational freedom to eliminate imminent threats within that zone, which effectively allows Israel to continue bombarding Lebanon while ‘technically’ adhering to the agreement. The trilateral agreement also turns Israel’s withdrawal from a straightforward commitment into a performance-based one, stipulating that Israel will only withdraw if Hezbollah is disarmed. Lastly, the signing of the MoU was a seen as a bilateral victory for Iran and demonstrated that it is the key protector of Lebanon, the trilateral agreement aims to separate Lebanon from Iran by creating a distinct diplomatic track, effectively seeking to erode Iran’s principal regional asset — Hezbollah.

Our portfolio did not experience any stop-outs despite the significant volatility, owing to the widening of the stop-loss gap, which I believe was a step in the right direction. That said, amid a brewing AI bubble, fragile US-Iran peace talks, and a hawkish Fed, I believe we are in for a period of heightened volatility ahead, so please stay the course and let the technical indicators guide us along the way.

June’s factsheet can be downloaded here.