Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Singapore’s favorite child, now experiencing an industry downturn
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Micro-Mechanics (MMH SP - US$147 million) is a manufacturer of precision tools used in the back-end processes of semiconductor chip manufacturing.
The company’s founder, Chris Borch, is an American who was sent to Singapore as an expat working for a semiconductor equipment maker. After two years, he left his job and used his US$600 of savings to build a precision manufacturing company in the back of a hat factory in suburban Singapore.
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