Our Holdings as of now

Dear Friends,

This is our holdings as of now. We are back in black now with the US stock market soaring to new highs. Some of the Asia countries have not recovered from the May correction yet. However, most of our holdings have more or last recovered to its previous high. Indonesia and Hong Kong are the 2 exceptional countries that have made much higher new highs. Our position will stay as how it is now and we expect the rally to come hard and fast till next year.

Performance for Sept 2006

Aberdeen Indonesia & DBS Twin City continues its sterling performance with falling oil prices & commodities. This should be nicely hedged with our exposure to Latin America through the fidelity and schroder BRIC funds (via Russia, Latin which are net exporters of commodities). We maintain our long-term view for korea given attractive valuations, though the recent N.Korea nuclear threat creates a “resistance” for the KOSPI.

Portfolio did a nice 2.49% in Sep.

There could be a slight drop in October, which will be a healthy correction given the last 4 months of bullishness. I will be advising of the opening of a possible investing tranche in October.


Current NAV as at 30 Sep 2006: $1.294