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Initial Net Asset Value (per unit): $10,000

Net Asset Value as of April 2014 (per unit): $12,386

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For the first quarter of 2014, the fund has returned 3.91%, translating to an outperformance of the STI by 4.84%. Going forward, I would not be including the holdings here but rather create a separate page for my current holdings. Within the first quarter, I have sold my stake in Silverlake Axis at $0.92 and ComfortDelgro Corporation at $2.01. Having identified new undervalued stocks, I have deployed the cash into buying HupSteel at $0.21 and New Toyo at $0.305. I believe 2014 would definitely be an interesting year for the fund.

Given how KTIS (An associate of KingWan Corporation) has finalised its IPO date (click here), it has resulted in King Wan’s price to start normalising. Furthermore, with the owners of New Toyo indicating interest of …