Below are excerpts from the quarterly report of a private family office we manage. Results are only audited on an annual basis.

(Excerpt)

March 31, 2016

To the Shareholders of TwinPeak Capital:

TwinPeak Capital NAV (the “TWIN”) increased 3.77% versus a 8.28% loss for the iShares Core MSCI Pacific ETF (the “MSCI Pacific”) for the 9-month period that ended March 31, 2016. The following table compares the TWIN’s unaudited performance (after fees) with that of the MSCI Pacific for various periods ending March 31, 2016.

At March 31, 2016, the value of a SG$10,000.00 hypothetical investment in the TwinPeak Capital at its inception is worth SG$10,377 compared to SG$9,172 for the MSCI Pacific.

Market Commentary:

More than $2.3 trillion was wiped off global stocks as China’s slowing economy and currency depreciation spooked investors around the world, leading to the worst start to a year for markets in at least two ...