Mar 2006 is a rough month for the markets. Its like a roller coaster ride.

We reckon that our current portfolio exposure was a bit high on the risk side in Thailand, Indonesia and China. So we liquidated the FTF Asian Eq and bought DBS Shenton Twin City Sing/HK) to lower the beta (Sing and HK hs greater stability). With so much into Asia, we diversifed into Europe which started looking attractive. Perhaps we can look forward to some upside for Euro too. In addition Healthcare appears on a healthy trend upwards.

Let's see how this unfolds in Mar, as Bernanke reveals his inflation fighting cards.

Current Holdings

Fund	Invested Amt from Switch	Current Value	% of Portfolio	Profit/Loss since switch	% Profit since switch
Aberdeen Indonesia Equity	2,786.80	3,596.55	16%	809.75	29.1%
Aberdeen Thailand Equity	2,774.49	3,405.11	15%	630.62	22.7%
DBS Enhanced Income SGD	3,478.44	3,484.03	15%	5.59	0.2%
DBS Shenton Twin City	2,472.30	2,570.60	11%	98.30	4.0%
HSBC Chinese Growth	2,759.13	3,598.24	16%	839.11	30.4%
Infinity European Stock Index	2,472.30	2,517.70	11%	45.40	1.8%
UOB United Global Healthcare Fund	3,482.02	3,493.60	15%	11.58	0.3%

NAV Mar 2006

Current NAV: 1.2561 as at 24 Mar 06

Month	2005	2006
Jan		7.78%
Feb		0.39%
Mar	-0.41%	1.36%
Apr	-1.53%
May	-0.91%
Jun	1.40%
Jul	2.44%
Aug	2.87%
Sep	3.11%
Oct	1.69%
Nov	2.54%
Dec	2.60%