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Portfolio update

The portfolio up +0.8% over the past month and now +1.9% since inception in October last year.

Jardine Cycle & Carriage, Multi Bintang, Delfi and Ichigo Hotel REIT all increased in price while tech stock Sony dropped in line with NASDAQ. The exposure to Indonesian stocks has helped.

What stands out to me is the incredible weakness in the Japanese Yen, which depreciated 11% in just over a month. This depreciation has been a clear negative for the portfolio. But it also opens up opportunities, especially in Japanese low-margin exporters, as I’ve pointed out in the past.

I have not purchased or sold a single share over the past month.

Here is the portfolio as it stands as of 26 April 2022. The cash balance remains 0.7% and is held in US Dollars and Malaysian Ringgit.