In terms of specific securities within this quarter, we have entered and exited Koyo International, making a decent return of approximately 17%. On 18 January 2016, the share price of Koyo International crashed by more than 80% due to SGX releasing a statement, urging investors to trade with caution. For the past year, a group of investors have been responsible for the majority of volume traded, pushing the share price up from SGD0.05 to SGD0.40. Having been familiar with Koyo International’s fundamentals, we saw the recent collapse in price a good opportunity to initiate a position. At such valuations, the company trades at a discount to net current asset value with minimal debt. The key issue here is, does being slapped with a ‘Trade With Caution’ alert by SGX warrant a significant selldown of more than 80%? ...