End January 2014 (against 31st December 2012) Style 1: +11.39% (annualised +10.51% p.a.) Style 2: +9.38% (annualised +8.66% p.a.)Style 1 is calculated by first converting the various currencies of my Initial Capital (which was never converted into any other currency) into USD equivalent based on the CURRENT month-end FX rate and the result compared against the current month-end USD Net Portfolio Value. Style 2 is calculated by first converting the various currencies of my Initial Capital into USD equivalent based on the PORTFOLIO INCEPTION FX rate and the result compared against the current month-end USD Net Portfolio Value. The above figures have incorporated a manual adjustment for SGD500k of loans that were switched into USD loans to take advantage of lower USD loan rates. I had simultaneously switched USD loans into SGD loans in my main portfolio. Although this has no ...