May 2021 Returns: 9.59% (Returns driven by Tuan Sing, Ifast and Propnex)

Year to Date Returns: 49.58%

% Change since 9 September 2020 (Inception): 65.10%

Year to Date the STI ETF returned about 11.97%

Thoughts on Current Portfolio

Results Release of KSH and Powermatic Data

Powermatic Data

-Satisfactory Results. Good Growth on Revenue. Dividend declared however remains on the low side.

-Worth noting that the company has an unprecedented level of inventory that is highest among the past few years. While if that signals an uptick in demand in the upcoming months it remains to be seen. In previous results this trend seems to have held.

-Macro trend of weakening of USD affects the company

-Setting up a subsidiary for its property rental segment. Signaling a disposal?

-Fair Value for Property Increased, a good sign for book value.

-‘In recent days, a major European Union member country have applied our latest 11x (Wi-Fi 6) products to a public project