Dear all,

The Partnership Fund has broken out from the previous high achieved in May, and is on its way up.

The latest report from BCA indicates a strong swing towards Asian Equities, which we have 4 position in Indonesia, Korea and indirectly thru DBS Shenton Twin City: Singapore & HK, indirectly thru BRIC: China and India, which is probably a good representation of the current state of Asian Equities. Combined Asian Eq exposure is abt 55-60%.

Also, our USD/EUR positions have been more or less neutralized by strengthening EUR and weakening USD.

We still anticipate a reasonable run-up till the 1st Quarter of next year, but expect a bumpy ride.

We strongly suggest a top-up when the market dips, and we’ll be asking for more subscription then.

Cheers.
Brendan Yong