April 2021 Returns: 10.33% (Returns driven by general uptrend in the porfolio, notably Hanwell and Propnex) Year to Date Returns: 36.48% % Change since 9 September 2020 (Inception): 50.65% Year to Date the STI ETF returned about 13.2% Thoughts on Current Portfolio Is the market in a bubble? -Its hard to quantify it a bubble as earnings recovery are in place. However if earnings disruption could occur and hence this could drive a downturn in the market. Alternatively failing to replicate the good performance in 1Q in some sectors e.g banking could result in a general market downtrend. Is there changes needed to be made in the portfolio? -Construction Sector seems to be facing even more headwinds again, putting some pressure on KSH, however its a play for the real long run with Gaobeidian thesis. Hence its likely to stay there for some time unless it starts losing its ground in Singapore...