PM Commentary:

Our portfolio is overweight BYD because we have been following this company for four years; we knew the business well and we have high conviction of its future success. We have trouble finding companies with similar risk & return profiles in US Equities market. However, if US market correction continues and investment opportunities appear, we will not hesitate to increase our position back to US Equities.

The idea of a “venture” allocation: Some ideas like Roadrunner and Matterport have limited insights but outsized returns if we got it right. Therefore, we would allocate a less than 10% portfolio to these venture opportunities as they come along.