December 2021 Returns: -1.20% 2021 Returns: 54.42% Since Inception (9 Sept 2020) Returns: 63.79% Changes Made (Please see below) Removals Hong Leong Finance - Too slow moving and not reactive to rate hikes OTS Holdings - Results and FA Research did not seem to fit. Yanlord Land - Precautionary rotation to prevent any further impact from China Property Saga that is likely to unravel in January and onwards as bond expires. Additions Q&M Dental - Covid Play, Trace, Test, Vaccinate Policy in Singapore. Q&M Dental with its recent approval via Acumen now can offer pcr testing up to 100 sites in Singapore hence testing will likely play a bigger part in top and bottom-line. My view is that covid is unlikely to go away as well in 2022. TC Auto - Inflation play and a play on demand will increase when chip shortage is slowly alleviated. Valuation cheaper than Hkex listed peers....