I think it has been a good first quarter in 2021 for most local investors. Singapore equities finally showed some signs of life. Despite venturing out to the US and HK market, I still have the biggest exposure to the Singapore market. So needless to say, I have also benefited from the rising Singapore tide. Here’s the 15HWW Investment Portfolio: Annualised Return: 9.8% p.a. (Nov 2010 to Apr 2021) It does appear that funds are starting to rotate out of sexy and story stocks and into the laggards. Some of my holdings like DBS and Haw Par climbed >10% since the previous update three months ago. They joined Berkshire B and Facebook as stellar performers. This helped to offset some of the pain in my HK holdings. Chinese tech giants, starting with Alibaba, are realising the need to kneel, as the CCP waves its whips around. Basically, you are screwed if you ever put profits before the well-being of the state....