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Portfolio update

Finally, some sail in the wind. The portfolio rebounded sharply in November, up +7.8% month-on-month and up +6.5% since inception in October 2021 in US Dollar terms.

A primary contributor to last month’s performance was MAP Aktif (MAPA IJ - US$768 million), which reported solid 3Q2022 numbers and with analyst estimates trying to catch up with reality. Small position VTech (303 HK - US$1.6 billion) also rebounded after its late October 2022 crash. Sony’s (6758 JP - US$102 billion) stock price went up after reports of the PlayStation 5 finally becoming available to consumers.

The US Dollar has also come off with DXY topping out, causing currency gains for the portfolio. The market is pricing in an earlier end to Fed’s rate hike cycle than previously expected. That’s also the reason why bond yields have come down and why many Asian bond proxies rebounded in November.

Here is my Asian portfolio as of 30 November 2022: