Long Term Payday Loans: chrissie chau

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KPJ - Revisited

KPJ did well for the last few days. In fact, it did very well for the whole of 2009. The company is soundly managed with good fundamentals, as was stated in my previous posting on KPJ.

http://malaysiafinance.blogspot.com/2009/12/why-i-like-kpj-healthcare-lot.html

Timing was correct, took me by surprise that it announced the ex-all date so soon. Here comes the interesting bit. The ex-all date is 6 January 2010. If you take the remaining days left:

30 Dec Wed
31 Dec Thu
4 Jan Mon
5 Jan Tue
6 Jan Wed
7 Jan Thu

Technically, the savvy traders who did not want to pick up shares but get a slice of the bonus / splits / free warrants, could buy on Thursday 31 Dec and would just make the ex-all date of 6 Jan. However, the company has also announced that the shares will be suspended on Monday, 4 Jan to make way for the split first. If we were to understand this correctly, why would you suspend 2 days before the ex-all? Does it mean that on Tuesday 5 Jan the shares would trade on a split basis (i.e. if shares were at RM6.40 before Monday 4 Jan, it will trade at RM3.20 on 5 Jan Tuesday?

Just read the announcement: "Please be advised that the trading of KPJ shares will be suspended with effect from 9.00 a.m., Monday, 4 January 2010 in order to facilitate the Share Split. The suspension will continue until the completion of the same." The last phrase that the suspension will continue until the completion of the same, can be read as indefinite. If they take longer than one day, they can.

What the announcement was not clear is whether the shares will only be suspended for that ONE day on Monday 4 Jan. It could be that the shares could go suspended till 6 Jan for the ex-all. If that is the case then the last two days to buy to get the "loot" will be today and tomorrow only!!!

If its the first scenario, whereby the shares come back on 5 Jan on a split basis at RM3.20 ... who do you think will be SELLING? Nobody, that's who! Why would you want to hold for the split only to sell after the split - when everybody knows the real action is in the bonus shares and free warrants. Hold another day for the 1-for-4 bonus and 1-for-4 free warrants. Which means on the Tuesday 5 Jan, KPJ share price could be in for another jump, if this scenario holds true.

http://i737.photobucket.com/albums/xx18/sgdaily10/chrissiechau18.jpg

I don't know for sure which scenario will play out but it will be very interesting to watch. Bursa, please make sure companies make announcement properly, if its suspended for ONE day, say so. If its indefinite, say so. Btw, holders of KPJ should be sleeping soundly and be ready for a great start to the new year. The free warrants are looking mighty attractive now and should trade around RM1.00 after ex-all.

Subject

KPJ - NOTICE OF BOOK CLOSURE

Contents

as from : [ 6 January 2010 ]

1/3

20%

1/3

Subject

KPJ-Suspension of trading arising from proposed share split of each ordinary share of RM1.00 in KPJ into two (2) ordinary shares of RM0.50 each ("Share Split")

Contents

Please be advised that the trading of KPJ shares will be suspended with effect from 9.00 a.m., Monday, 4 January 2010 in order to facilitate the Share Split. The suspension will continue until the completion of the same.

p/s photos: Chrissie Chau

New York Roadshow By JP Morgan

J.P. Morgan's Malaysia Corporate Access Days

November 5-6 (Thu-Fri)

Grand Hyatt New York, 109 East 42nd Street at Grand Central Terminal, New York

Roundtable discussions, presentations and Q&A sessions with Malaysian government officials and regulators
1x1 meetings with participating Malaysian corporates

Senator Tan Sri Amirsham Abdul Aziz, Chairman - National Economic Advisory Council
Dato' Ooi Sang Kuang, Deputy Governor, Bank Negara Malaysia
Dato' Yusli Mohamed Yusoff, CEO, Bursa Malaysia

Participating Corporates

Air Asia (AIRA MK) - Dato Kamarudin Meranun, Group Deputy CEO

Axiata Group (AXIATA MK) - 1. Dato' Sri Jamaludin Ibrahim, President & Chief Executive Officer / 2. Dato’ Yusof Annuar Yaacob, Group Chief Financial Officer

Bursa Malaysia (BURSA MK) - Puan Nadzirah Abd Rashid, CFO

IJM Corporation (IJM MK) - Datuk Krishnan Tan Boon Seng, Chief Executive Officer & Managing Director

Public Bank (PBK MK) - Mr. Leong Kwok Nyem, Chief Operating Officer

Sime Darby (SIME MK) - 1. Azhar bin Abdul Hamid, EVP, Plantation / 2. Mohamad Hishammudin bin Hamdan, Group Head, Strategy & GBD / 3. Shariman Alwani bin Mohamed Nordin, Gp Head, Value Mgt & IR

S P Setia (SPSB MK) - 1. Ms. Wong Sheue Yann, Head, Corporate Services - Group Corporate Services / 2. Mr. Cheong Heng Leong - Manager, Investor Relations - Group Corporate & Finance Division

YTL Corp Berhad (YTL MK) - Tan Sri Dato' Dr Francis Yeoh, Group Managing Director

p/s photo: Chrissie Chau

Why I Like Success Transformers (A Lot)

I used to cringe a lot whenever I come across the Cina-apek named companies, literally translated from Chinese into English. Things that sounded OK in Chinese does not translate well into English - remember Wonderful Wire & Cable... Now we have Success Transformers... how not to do well, Success and Transformers the movie... Success Transformers, through its subsidiaries, manufactures and markets electrical and industrial lighting products.The company's products include high-intensity discharge (HID) lighting luminaries, low voltage transformer, automatic voltage stabilizers, battery charger and tester.

It also offers energy saving lumens regulator, phase monitoring relay, reactor and running light controllers.The company primarily operates in Malaysia, where it is headquartered in Sungai Buloh.

The company's key products include the following:
High-intensity discharge (HID) lighting luminaries
Low voltage transformer
Automatic voltage stabilizers
Battery charger and tester
Energy saving lumens regulator
Phase monitoring relay
Reactor
Running light controller

Catalyst #1: Success Transformer Corp Bhd is proposing to list its wholly-owned subsidiary, Seremban Engineering Bhd, on the main market of Bursa Malaysia. In a filing on behalf of the company, RHB Investment Bank Bhd said Success Transformer’s board had approved the proposed flotation comprising several proposals to facilitate the listing exercise. Can reasonably expect some free shares since its a 100% company that is being listed.

Success Transformer Corporation Bhd’s (STC) subsidiary, Seremban Engineering Bhd (SEB), has entered into a cooperation agreement with Affcom Resources Sdn Bhd towards forming a joint venture (JV) company in the oil and gas (O&G) industry. STC said the objective was to incorporate a JV company to undertake the design and fabrication of equipment, refinery, lube oil plant and engineering and any other related activities.

Malaysia-incorporated Affcom is an affiliate to an independent integrated oil company and its activities cover trading, marketing, refining, and O&G fabrication in Malaysia and abroad.

SEB is mainly involved in the manufacturing and fabrication of process equipment such as unfired pressure vessels, heat exchangers, tanks, silos and other machinery or parts, including mechanical works, maintenance and shutdown works. STC said Affcom would provide the expertise in management, consultancy, market information, and any other contribution in the best interest of the mutual business cooperation.

Catalyst #2: Success Transformer Corp Bhd (STC) says its engineering unit currently has some RM30mil worth of projects in hand and is bidding for new jobs worth about RM40mil. Palm oil and waste management industries remain Seremban Engineering Sdn Bhd’s (SESB) main contributors. SESB has started construction work on its seventh factory by end-September. The new factory will focus on the fabrication of process equipment for the food and pharmaceutical industries. SESB’s factory expansions are on track with the 5th factory being operational and the 6th expected to be operational on 2H FY09. On top of that, Seremban Engineering is in the process of setting up another factory to specifically serve the food industry.Seremban’s current workflow consists of pressure vessels for palm oil refineries.

Key customer, a Singapore based design house is farming substantial business to SESB given the latter’s strong execution capabilities. Visibility is seemingly positive with the key customer guiding for constant workflow till the end of the year. With Plant 5 now fully onstream, capacity is further enhanced by 20%.

Catalyst #3: Earnings visibility and sustainability. The company recorded revenues of RM185 million in the fiscal year ended December 2008. Its net profit was RM23.6 million in fiscal 2008. 1H09 revenue was RM97.4m, while RM12.9m was its net profit. Annualise that, the company is making at least 22 sen a share.

Catalyst #4: Operating margins 18%. For a company that has been making EPS in the 15-28 sen region for the past 3 years (on an uptrend), expanding its facility, and operating at that margins, to trade at low single digit PERs is unbelievable. Obviously many investors have not wised up to this company. Taking the free IPO shares in Seremban Engineering, this should be worth RM1.70-1.90 easy.

NOTE: The above opinion is not an invitation to buy or sell. It serves as a blogging activity of my investing thoughts and ideas, this does not represent an investment advisory service as I charge no subscription or management fees (donations are welcomed though). The content on this site is provided as general information only and should not be taken as investment advice. All site content, shall not be construed as a recommendation to buy or sell any security or financial instrument. The ideas expressed are solely the opinions of the author. Any action that you take as a result of information, analysis, or commentary on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.

p/s photo: Chrissie Chau

Hedge Funds Reexamined

Hedge funds have taken a lot of criticism over the last 2 years for pumping up markets and/or leveraging their capital to make big momentum bets. Naturally when the markets corrected, which took a lot of hedge funds down with it, many of the critics were rubbing their hands with glee - sometimes, we just love to see tall poppies being hacked, or misery happen to the rich and successful ... Hedge funds took the blame for much of last year's financial havoc, but the fact is that they have played a much more benign role than is commonly thought.

Plenty of funds went under with the market plunge: a record 1,471 in 2008 out of a total of 6,845, according to the Chicago tracking firm Hedge Fund Research. But the government didn't bail out a single one. That's the way capitalism is supposed to work: incompetents go out of business, smart guys clean up. How about that, hedge funds NEVER GOT ONE CENT from any government. You fail, you close shop. you lose money, you take it on the chin and walk away to do something else.

The hedge-fund industry has shown remarkable resiliency, turning in a gain of more than 12 percent for the first seven months of 2009. The firms that caused most of the trouble on Wall Street were not hedge funds but big investment banks and insurance companies trying to act like hedge funds. They did a lot of risky proprietary trading with other people's money, and they failed. The key is betting using "other people's money" or your own capital. Funnily, firms that bet using their own capital have generally performed a lot, lot, lot better. This is the one big lesson all regulators, investors and senior management need to know by now.

Wall Street's most successful long-term model has been companies like Brown Brothers Harriman or Goldman Sachs, where firms bet the owners' own capital. Such a structure ensures careful risk assessment. Similarly, many hedge-fund managers have a lot of net worth invested in their own funds. Former Fed chairman Paul Volcker has proposed that federally insured banks be barred from proprietary trading. Maybe only hedge funds have earned the right to be the big risk takers of the future.

While many will continue to sneer and hope that more hedge funds will find troubled waters in the future ... much of it is envy and the inability to accept their compensation schemes. Most hedge funds charge an annual 1%-2% fee, plus a 20% cut of any positive returns. Some funds may have a minimum hurdle return rate (e.g. 5%) before the 20% share kicks in. All you need is a couple of good years before one can retire comfortably. Say a team of 3 runs a US$100m hedge fund. They have US$1.5m in fees to cover costs. If their fund gets a return of 18% for the year, technically they will get US$3.6m in performance profit share. You can do the math if one person manages US$100m or more. You can also do the math if you can leverage that capital 100% and double your return to 36%, thus doubling your profit share to US$7.2m. In a good run, not many investors will care about the leverage or risk that you took to get the returns as long as they were spectacular. In a down market, only then will investors and fund of funds start asking hard questions about leverage, reporting frequency, the ability to take money out at regular intervals without penalty, the amount a fund pays in commission, the percentage of portfolio that was turned over in a year, the alpha and beta and the gamma (no, we are not talking about radioactive rays).

My view is that hedge funds are here to stay. I would want to pay somebody a 20% bonus if they make me more money. I am sure the managers' interest is aligned with mine. What an investor has to be careful is that the compensation structure encourages big bets. The structure also encourages to bet aggressively to notch super normal returns as losses are not the end of the world - many dubious players will close the funds when they have one or two years of negative returns (you would then have to make up the deficit before getting the 20% profit share again)... only to reemerge somewhere else again with a new fund and new partners. Thus investing in hedge funds mean you have to know a bit about the people running the funds. You also have to know their strategy and leverage, and if you are rich enough to invest in hedge funds, spread it among a few funds, with differing investing strategies, and a decent track record.

There are many who will be starting afresh hedge funds, calling for subscribers. They are not as dangerous as one might think. They offer a fresh start, always judge them on what they had done before and what they want to achieve. New funds are more agreeable with "anytime withdrawals" and lower fees. Bear in mind that there is a danger when funds get too big. It gets that much harder to perform when its starts getting close to the US1bn mark, unless the hedge funds is based solely on quant models and program trades.

p/s photos: Chrissie Chau

Asset Class Returns As At 31 July 2009

The month of July was a very exciting month. Things really moved! Emerging markets continued to defy most expert predictions by surging headlong, led by China. It wasn't just emerging markets but developed markets surged as well. The funny thing is that when emerging markets moved, we always get the nasty and critical pieces on how and why emerging markets are too risky and have no reason to outperform the developed markets - hello... how the fuck do you think we got into this current mess, thanks to the fucked up brilliant greedy financial experts in developed markets!!!

REITs is a very interesting vehicle as they will only attract buyers when investors can see a genuine bottoming in the real estate space. Although the REITs are mainly representative of the US sector, it does indicate some vibrancy - despite its 10.4% gain last month, REITs as a whole is still down 41.3% year to date, an indication that there is still a long road to recovery. Another way to look at them is that it is time to really buy aggressively those REITs that currently yields very well (low teens) in Grade A or even Grade B offices. Wait another two months, and it won't be so attractive anymore.

Despite the concerns over commodity price gains in recent weeks, its pretty clear that the gains have not been excessive. As a group it is only up 3.2% and on a year to date basis, it is still down by 38%.

p/s photos: Chrissie Chau

Amanah Saham 1Malaysia - The Facts & Implications

Possibly the most searched phrase in Google by Malaysian users over the past few days had to be "Amanah Saham 1Malaysia". The authorities have gave out quite a bit of information but the general public still have some unanswered issues that they wish to be clarified. I have a few as well. I have to say here that I think the fund is "good in essence", however, we all should be aware of how it works:

Facts

a) Amanah Saham 1Malaysia (AS 1Malaysia), an all-Malaysian fund managed by Permodalan Nasional Bhd (PNB). As of end-2008, PNB’s AUM of RM120 billion amounted to 18.1% of the total market capitalisation of Bursa Malaysia.

b) Amanah Saham 1Malaysia is a fixed price products sell at 1ringgit per unit, like ASB/ASW/ASM, it is an equity fund with around 70% or more (of fund size) exposure to equity.

c) The fund will be invested in Malaysian companies with its yield benchmark according to 5-year Malaysian government yields which currently hovers around 3.7 to 4.0 percent.

d) AS1M will not be the biggest fund under PNB. ASB is the biggest fund so far with RM62bil fund in circulation (as per its annual report ended 31/12/08), even ASW has the approved fund size of RM14 billion. e) ASM and ASW2020 give out dividends based on the returns of their investment portfolios, which are 95% equity and 5% others. Their returns have been consistently above 6% over the years. However, this does not mean that it cannot go lower than 6%.

f) To my knowledge it is not capital guaranteed. The Securities Commission guidelines has it clearly defined that if its a GUARANTEED FUND - (1) A guaranteed fund is one which guarantees investors will get back the capital invested, with some returns (if any), or guarantees investors a certain investment return payable at a pre-determined date in the future. (2) The word “guarantee” must appear in the fund’s name. Where a fund does not comply with the requirements in this appendix, it must not use the word “guarantee”, or any other name which may imply some form of guarantee, in its name or in its promotional materials. Such a fund is prohibited from holding itself out as a guaranteed fund.

Then there is the nuanced terminology, the Capital Protected Fund (taken from the ASN site): A capital protected fund is one whose primary objective is to protect and return investors’ capital at a pre-determined date in the future, with some returns (if any). This fund will try and protect the capital but there is no guarantee, which makes it different from a guaranteed fund. I don't know about you but I found the phrase "this fund will try and protect the capital but there is no guarantee" very very uncomfortable. Might as well don't say it is capital protected.

From the prospectus it is clear that it is not a guaranteed fund, but I am not sure if its a Capital Protected Fund. Clarification please. The Capital Guarantee cannot be implied. You can only say it is Capital Guaranteed if capital can be returned at a pre-determined date, ... and ASM, ASW and AS1M all do not have maturity dates!!??

However, in the lexicon of PNB, the last few funds (including AS1M), they are referred to as "fixed priced funds".

Hence if the fixed priced funds will always have a NAV of RM1, then its actually better than Capital Protected, because even in a Capital Protected fund, you can lose out if you redeem too early) . In the case of fixed-price funds, there appears to be no downside risk whatsoever as the NAV is constantly fixed at RM1, along with the relatively high historical and stable returns. These funds have the backing of the government to create long-term and steady returns for their investors. These fixed-price funds are not to be confused with capital guaranteed funds.So there it is, its not a Guaranteed Fund, but its better than a Capital Protected Fund.

Closing Comments:

My biggest concern is when you invest 70%-90% of your NAV in local equities, shouldn't the performance be benchmarked against the FBM Composite Index rather than KLIBOR and MGS? The fact that the fund is benchmarked against KLIBOR and MGS indicate that it is primarily a "dividend based fund". The prime objective is to payout at least the benchmark or a little above that. Even so, how can you manage a fund that is 70%-90% in equities with that kind of "promised return". Equities can give you 10%-20% a year or could wipe out 10%-20% of your capital a year. Unless you manage the fund like EPF whereby you invest at least 60%-80% of your funds in MGS, then you can say you benchmark it to KLIBOR and MGS.

This would also hint at the strategy to be adopted by AS1M: the fund will be looking primarily at: proven companies with a "vocal dividend policy" (e.g. telling all that they will pay out 40% of profits as dividends every year); and they will be looking at consistent dividend policies over at least a 5 year period.

Just on what I have just mentioned, a shrewd local fund manager should consider picking up the following shares in the following order (without chasing them so high as the entry price will diminish your dividend yield):

1) Mah Sing

2) Public Bank

3) B Toto

4) Amway

5) Carlsberg

6) BAT

7) DIGI

8) The Star Publications

p/s photo: Chrissie Chau

Hot Enough For You?!!

Readers of this blog will be aware that I have been saying the unbridled lending in China will need to find its way into assets, be it property of stocks. While I am concerned that this will end tearfully, I do think they will have a rambunctious party time before the sobering after effects. I only see things getting out of hand or collapsing sometime 2H 2010. Now we are seeing definite signs of this liquidity typhoon. Its rearing its ugly head viciously in HK's IPO markets.

That is one part of the equation, the other is the massive amount of liquidity resting by the sidelines for most of the past 12 months, and the equally massive stimulus programs, injections of liquidity and free printing press in the US and Europe ... all tipping their toes into the markets now. What we have been seeing are stock prices running ahead of fundamentals and recovery status.

Most analysts are trumpeting the same mantra: sell into strength, and being proven wrong royally (me included). Sometimes we can be wrong, but can we argue against momentum? We all have some sort of a "model" for valuing what is "fair price". So called experts (analysts, strategists, fund managers) have a more sophisticated model, in that we take into account in varying degrees ... interest rates, growth rates, bad debt levels, inventory levels, investment into R&D and purchasing, employment outlook, PE bands, breakeven levels for products, etc... many others have their own version, or heck, just when it feels right, its good enough.

The massive diversion of funds away from stocks into cash and T-bills 9 months ago has come back to haunt us in a different way. Just a sprinkling of monies back into funds (including international funds) will cause many fund managers to need to deploy into the markets. Especially if you are managing Asian based funds because the last thing you want is to try and time the market as you could MISS OUT.

Imagine if you were managing an Asian fund of just $150m as at April 2009, then suddenly over the last 4 weeks you see these feeder funds, these feeder channels plowing $50m of fresh funds into your fund each week. What are you to do? You have a strategy and market direction that thinks that stock prices may have run a bit ahead of fundamentals, but you now have an additional $200m added to your $150m, you run the risk of underperforming the Asian benchmark massively if you miss out - heads will roll and your company will suffer. If you put the $200m to work, and Asian markets correct a couple of months later - hey, you will still have a job, you are still marked to your Asian benchmarks. That's the craziness of being a fund manager.

Thats the same kind of craziness we are witnessing in this "hot money" flow. Can criticise them but don't stand in the way. In recent months, flows of hot money into China have accelerated. As a result, China's foreign reserves surged to a record high of $2.13trillion in June, even though it had only enjoyed a smallish second quarter trade surplus of $34.8 billion. Apart from hot money, massive lending by mainland banks is creating abundant liquidity, causing the Shanghai stock market to surge by 88.8per cent this year. In the first half of this year, mainland banks rushed to extend 7.37 trillion yuan in fresh loans. It sparked fears that fresh asset bubbles in China might be forming, as the money was diverted to stocks and property. To cope with such a surge of liquidity, Morgan Stanley said China may 'simply be allowing more hot money outflow indirectly into the Hong Kong stock market'.

Even Malaysia has benefited despite not being the center of the liquidity inflow. Just check out how the big indexed stocks have been performing over the last 3 weeks, and you have a very good idea that many international funds are parking in big index stocks so that they won't miss out: Tanjong, Commerz, Genting, Axiata, Sime Darby, AMMB, Parksons (even), B Toto, KLK, IOI etc.

In the unofficial market yesterday, the mainland cement maker surged 62.38 percent to HK$10.36 from an offer price of HK$6.38. Back to the HK's IPO: new Hong Kong listing BBMG Corp became this year's best performing player on the gray market as it soared more than 60 percent yesterday ahead of its stock exchange debut today. Based on its gray market price, BBMG was also the most profitable initial public offering stock as investors earned a paper gain of HK$1,990 per board lot of 500 shares.

Amber Energy, which saw a rise of 36 percent on the gray market, rose 63 percent on its debut early this month. BaWang International, which increased nearly 29 percent on the gray market, climbed 27 percent on its debut.

A total of more than 404,000 applications were filed by retail investors, worth HK$461 billion. BBMG's shares were oversubscribed 773.6 times. Investors who subscribed for 12 lots of BBMG shares are guaranteed one lot. The company reaped net proceeds of HK$5.575 billion from the global offering.

Meanwhile, mainland firm Sany Heavy Equipment plans to raise at least $200 million (HK$1.56 billion) in the Hong Kong listing market in the fourth quarter. For the mainland market, automaker Great Wall Motor is considering resurrecting plans for a domestic A-share IPO. China State Construction Engineering will list on the Shanghai bourse today after raising more than 50 billion yuan (HK$56.7 billion) as the world's largest IPO this year.

You know things are really getting hot when both Las Vegas Sands (Macau) and Wynn's (Macau) both are filing for IPOs in HK already. Iron is hot, iron is very hot... Las Vegas Sands Corp, controlled by billionaire Sheldon Adelson, plans to apply in Hong Kong for an initial public offering of shares in its Macau casinos in early August. The Las Vegas-based casino operator also seeks amendments to its bank borrowings in Macau, including covenant relief and permission to sell as much as $1.5 billion in new debt, said the person, declining to be identified as the plans aren’t public. Wynn Resorts has submitted an application to list its Macau unit on the Hong Kong stock exchange, hoping to raise between $500 million and $1 billion.

The following are some of the major companies planning initial public offerings
on the Hong Kong stock exchange:
China National Pharmaceutical Group (raising HK$1.3bn)
China Metallurgical Group (raising HK$1.3bn)
China Minsheng Bank (raising HK$2.93bn)
Agricultural Bank of China (raising HK$35 billion) in IPOs
split equally between Hong Kong and Shanghai.

p/s photos: Chrissie Chau

Marketocracy Portfolio Updated

For the period ended 31 March 2009, my Marketocracy fund beat 97.8% of the participants. Thankfully, the record for the period ended 30 June 2009 saw my fund improving further to beat 99.5% of the participating funds.

The last 3 months saw S&P500 rising by 13.71%, my fund rose by 23.99%. The last 6 months saw S&P500 rising by 19.29%, my fund rose by 77.88%.

Sigh... I should really get back to fund mgmt ... ok head hunters, email me at malaysiafinance@gmail.com

Rankings Report for salvadordali's Mutual Fund

July 27, 2009

my fund rankings

For the six month period ending June 30, 2009 your fund outperformed 99.5% of the other funds on our site.

price history


SMF	m100	S&P 500	DJIA	Nasdaq

recent returns vs. major indexes

	Today	YTD
SMF	0.71%	58.73%
S&P 500	-0.21%	10.02%
DOW	-0.22%	3.61%
Nasdaq	-0.40%	24.66%

recent returns

RETURNS

Last Week	3.99%
Last Month	5.91%
Last 3 Months	23.99%
Last 6 Months	74.88%

S&P500 RETURNS

Last Week	4.16%
Last Month	8.85%
Last 3 Months	13.71%
Last 6 Months	19.29%

RETURNS VS S&P500

Last Week	-0.16%
Last Month	-2.95%
Last 3 Months	10.28%
Last 6 Months	55.59%

alpha/beta vs. S&P500

Alpha	45.75%
Beta	1.22
R-Squared	0.81

turnover

Last Month	21.90%
Last 3 Months	82.87%
Last 6 Months	298.38%
Last 12 Months	371.48%

Symbol	Price	Shares	Portion of Fund	Inception Return
BAC	$13.02	6,000	6.78%	28.77%
STT	$49.25	2,000	8.57%	42.52%
ACTG	$8.10	12,000	8.45%	36.81%
MGM	$7.81	14,000	9.47%	21.77%
F	$6.99	20,000	12.10%	17.38%
BDD	$10.15	11,000	9.71%	13.35%
QSII	$54.85	1,500	7.17%	11.52%
LVLT	$1.70	40,000	5.91%	10.78%
WFR	$18.63	6,000	9.66%	5.69%
SXE	$30.69	3,000	8.00%	4.67%
JEC	$43.02	1,500	5.59%	2.92%
STAR	$23.88	3,500	7.27%	-0.07%

p/s photo: Chrissie Chau

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